Option to Expand Leased Premises Sample Clauses

Option to Expand Leased Premises. Upon Tenant's occupying the -------------------------------- unfinished shell referenced in Section 3.1, and thereafter; Tenant shall have the right, upon written notice to Landlord, to expand the Leased Premises up to 30,000 square feet which landlord shall construct according to Tenant's specifications consistent with the specification of the Leased Premises ("expanded area"). The expanded area shall be contiguous to and connected with the Leased premises. From the date of issuance of a Certificate of Occupancy by the City of Urbandale on the expanded area, Tenant shall pay Annual Rent and Additional Rent as defined in Article III above, at a rate not exceeding 115% of the existing rate if the Certificate of Occupancy is issued by the City of Urbandale within the first 5 years of this Lease Agreement, and 125% of the existing rate if the Certificate of Occupancy is issued during the second 5 years of this Lease Agreement. Tenant's option to renew pursuant to Section 2.5 shall apply to space occupied in the unfinished shell and the expanded area as opted by Tenant. The Annual Rent on the expanded area shall be fixed for a period of 10 years or for such additional time so that the term hereof and the renewal term under paragraph 2.5 coincide. EXHIBIT A [DIAGRAM OF BUILDING SHOWING LEASED PREMISES] EXHIBIT B [LIST OF WORK TO BE PERFORMED BY LANDLORD PRIOR TO TENANT'S OCCUPANCY]
Sample 1
AutoNDA by SimpleDocs
Option to Expand Leased Premises. The Lessor has granted to Lessee an option to expand the Leased Premises by approximately three hundred (300) square feet contiguous to the Leased Premises.
Sample 1
Option to Expand Leased Premises 
Sample 1

Related to Option to Expand Leased Premises

  • Option to Extend Lease Term At the expiration of the original Lease Term, Tenant may extend this Lease as to the entire Premises or a portion of the Premises for two (2) extended terms of five (5) years each (each an “Extended Term”) by giving Landlord written notice (the “Option Notice”) of its intention to do so not later than twelve (12) months prior to the expiration of the original Lease Term, and thereafter twelve (12) months prior to the expiration of the applicable Extended Term; provided, however, that Tenant is not in material default beyond any applicable notice and cure period under the Lease on the date of giving such notice or on the date of commencement of such Extended Term. The Option Notice shall set forth Tenant’s election to extend the Lease for all or a portion of the Premises. If Tenant elects to extend the Lease for only a portion of the Premises, the portion of the Premises for which Tenant elects not to extend the Lease shall be: (i) either located entirely on one floor of the Premises or located on one entire floor and a portion of the other floor; (ii) a minimum of 15,000 RSF; (iii) adjacent to a window line and easily accessible; and (iv) shall be in a readily marketable and leasable location. Landlord shall be responsible for any and all costs to separate the portion of the Premises for which Tenant elects not to extend the Lease from the remainder of the Premises such that the space is a separate easily accessible and readily marketable space promptly following the commencement of the applicable Extended Term. Any termination of the entire Lease shall result in automatic termination of this option. Tenant’s right to extend the Lease Term provided herein is personal to Tenant and may not be assigned or otherwise transferred except in connection with a permitted assignment of this Lease, including to a Tenant’s Affiliate. The Extended Term shall be upon all of the terms and conditions of this Lease, except that the following rights of Tenant during the original Lease Term shall not apply during such Extended Term unless granted as part of the Fair Market Rental: (a) any right to rent-free possession; (b) any right to further extension of the Lease Term beyond the Extended Terms set forth herein above; (c) any right to continue to pay the same Base Rent; (d) any right to additional Tenant Allowance; (e) any right to terminate the Extended Term early; (f) any right to continue to exclude HVAC Capital Expenditures; (g) cost of security for the Building; and (h) the right to the continuation of any cap on Controllable Operating Expenses from the previous year (it being understood that the Operating Expenses for the first twelve (12) months of each new Extended Term shall be the actual Operating Expenses without any cap and thereafter the cap set forth in Section 4.2(e) shall apply). Landlord and Tenant hereby acknowledge and agree that the Base Rent during each Extended Term shall be equal to ninety-five (95%) of the Base Rent component of the “Fair Market Rental” and one hundred percent (100%) of the economic concessions, including without limitation, free rent, improvement allowance, base year and other monetary concessions, component of the Fair Market Rental for the Premises, as determined by as follows:

  • Leased Premises Lessor hereby leases to Lessee, and Lessee leases and takes from Lessor, the Leased Premises subject to the conditions of this Lease.

  • Adjacent Premises If the Premises are part of a larger building, or of a group of buildings owned by Lessor which are adjacent to the Premises, the Lessee shall pay for any increase in the premiums for the property insurance of such building or buildings if said increase is caused by Lessee's acts, omissions, use or occupancy of the Premises.

Time is Money Join Law Insider Premium to draft better contracts faster.