Common use of Option to Expand Clause in Contracts

Option to Expand. On or before expiration of the sixth (6th) month of the term, Tenant shall be required to lease the remainder 3,942 square feet of Rentable Space on the third (3rd) floor, at the same rental rate then being paid for the initial Premises. In addition, Tenant will have the right to expand during the first 6 months by leasing the approximately 15,165 square feet of Rental Space on the fourth (4th) floor (the “4th Floor Space”) as identified on Exhibit “B-1” attached to this Lease and incorporated herein by reference at the same rental rate then being paid in the initial Premises; provided, however, Landlord will continue to keep the 4th Floor Space available for lease to Tenant for one additional period of three (3) months (a total of nine months following the commencement date), but if Tenant elects to lease the 4th Floor Space between the expiration of the sixth (6) month and commencement of the ninth (9th) month following commencement of the Lease, the rental rate shall be increased by twenty-five cents (.25¢) per square foot, and Tenant improvements dollars will decline on a pro rata basis based on the remaining length of the term. If the Tenant does not elect to lease the fourth (4th) floor space during the initial nine (9) months following commencement of the Lease, Tenant shall have the right of first refusal to lease the 4th Floor Space in the event that Landlord receives an offer to lease the space, and any such right of first refusal shall be on the exact terms received and approved by Landlord from a third party offering to lease the 4th Floor Space. Tenant shall have the option to lease at then current market rental rates any additional space which is available in 5,000 rsf increments consisting of the area which is available on the second (2nd) and fifth (5th) floors designated and referred to as the “Expansion Space”, at any time during the lease term (the “Effective Date”) and ending on the expiration of the Lease Term (unless sooner terminated pursuant to the terms of this Lease, and subject to any rights of extension contained in this Lease) by delivering written notice to Landlord, provided that at the time of such notice and on the Effective Date, no event of default, as defined in Paragraph 25 of this Lease, shall have occurred and remain uncured beyond any applicable cure period. Once Tenant shall exercise an expansion option, Tenant may not thereafter revoke such exercise. Tenant’s failure to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Space.

Appears in 4 contracts

Samples: Lease Agreement (Elevate Credit, Inc.), Lease Agreement (Elevate Credit, Inc.), Lease Agreement (Elevate Credit, Inc.)

AutoNDA by SimpleDocs

Option to Expand. On or before expiration of During the sixth period from the Sublease Start Date through the eighteenth (6th18th) month of following the term, Tenant shall be required to lease the remainder 3,942 square feet of Rentable Space on the third (3rd) floor, at the same rental rate then being paid for the initial Premises. In addition, Tenant will have the right to expand during the first 6 months by leasing the approximately 15,165 square feet of Rental Space on the fourth (4th) floor Sublease Start Date (the “4th Floor SpaceExpansion Option Period”), Subtenant shall have an option to expand (the “Expansion Option”) as identified on Exhibit “B-1” attached to this Lease and incorporated herein by reference at into the same rental rate then being paid in the initial Premises; provided, however, Landlord will continue to keep the 4th Floor Space available for lease to Tenant for one additional period remainder of three (3) months (a total Sublandlord’s Premises which consists of nine months following the commencement date), but if Tenant elects to lease the 4th Floor Space between the expiration of the sixth (6) month and commencement of the ninth (9th) month following commencement of the Lease, the rental rate shall be increased by twenty-five cents (.25¢) per approximately 12,314 square foot, and Tenant improvements dollars will decline feet located on a pro rata basis based on the remaining length portion of the term. If the Tenant does not elect to lease the fourth (4th) floor space during the initial nine (9) months following commencement of the Lease, Tenant shall have the right of first refusal to lease the 4th Floor Space in the event that Landlord receives an offer to lease the space, and any such right of first refusal shall be on the exact terms received and approved by Landlord from a third party offering to lease the 4th Floor Space. Tenant shall have the option to lease at then current market rental rates any additional space which is available in 5,000 rsf increments consisting of the area which is available on the second (2nd) floor of the Cascade Building and fifth approximately 17,062 square feet located on a portion of the second (5th2nd) floors designated and referred to as floor of the Xxxx Building (collectively, the “Expansion Space”), at any time during the lease term (the “Effective Date”) and ending provided that on the expiration date Subtenant exercises its Expansion Option, Subtenant itself (and not an assignee or sub-subtenant) occupies the entire Subleased Premises and provided further, that no Event of the Lease Term Default has occurred and is continuing. Subtenant shall exercise its Expansion Option upon six (unless sooner terminated pursuant 6) months prior written notice to Sublandlord and according to the terms set forth herein. If Subtenant exercises its Expansion Option, the Term of this LeaseSublease shall be extended so that the Sublease Expiration Date will become May 31, 2008 and subject the parties agree to any rights of extension contained in enter into an amendment to this Lease) by delivering written notice Sublease, which amendment shall provide for the Expansion Space to Landlord, provided that at be incorporated into the time of such notice and on the Effective Date, no event of default, as defined in Paragraph 25 of this Lease, shall have occurred and remain uncured beyond any applicable cure period. Once Tenant shall exercise an expansion option, Tenant may not thereafter revoke such exerciseSubleased Premises. Tenant’s failure to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option Proportionate Share shall be subject modified to a determination by Landlord, reflect the inclusion of the Expansion space and the Base Rent shall be modified as set forth in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered SpaceSections 3b and 3c.

Appears in 2 contracts

Samples: Agreement of Sublease (Under Armour, Inc.), Agreement of Sublease (Under Armour, Inc.)

Option to Expand. On or before expiration of the sixth (6th) month of the term, Landlord shall use reasonable efforts to assist Tenant shall be required to lease the remainder 3,942 square feet of Rentable Space on the third (3rd) floor, at the same rental rate then being paid for the initial Premiseswith its expansion needs. In addition, Tenant will have the right to expand during the first 6 months by leasing the approximately 15,165 square feet of Rental Space on the fourth (4th) floor (the “4th Floor Space”) as identified on Exhibit “B-1” attached to this Lease and incorporated herein by reference at the same rental rate then being paid in the initial Premises; provided, however, Landlord will continue to keep the 4th Floor Space available for lease to Tenant for one additional period of three (3) months (a total of nine months following the commencement date), but if Tenant elects to lease the 4th Floor Space between the expiration of the sixth (6) month and commencement of the ninth (9th) month following commencement of the Lease, the rental rate shall be increased by twenty-five cents (.25¢) per square foot, and Tenant improvements dollars will decline on a pro rata basis based on the remaining length of the term. If the Tenant does not elect to lease the fourth (4th) floor space during the initial nine (9) months following commencement of the Lease, Tenant shall have the right of first refusal to lease the 4th Floor Space in the event that Landlord receives an offer to lease the space, and any such right of first refusal shall be on the exact terms received and approved by Landlord from a third party offering to lease the 4th Floor Space. Tenant shall have the option to lease at then current market rental rates any additional space which is available in 5,000 rsf increments consisting of the area which is available on the second (2nd) and fifth (5th) floors designated and referred to as the “Expansion Space”If, at any time during the lease term Term, Landlord shall solicit or receive a bona fide offer in writing (the Effective DateOffer”) and ending from a third party to lease all or any portion of space on the expiration second floor of the Lease Term (unless sooner terminated pursuant Building contiguous to the terms Premises (“Expansion Space”), Tenant (but not any assignee or sublessee of this Lease, and subject to any rights Tenant other than an assignee under Section 12.02 of extension contained in this the Lease) by delivering shall have a right of first refusal (“Right of First Refusal”) to lease the Expansion Space upon the same terms and conditions as set forth in the Offer. Landlord, promptly following Landlord’s receipt of the Offer, shall deliver written notice to Landlord, provided that at Tenant specifying the time of such notice terms and on conditions contained in the Effective Date, no event of default, as defined in Paragraph 25 of this Lease, shall have occurred and remain uncured beyond any applicable cure periodOffer. Once Tenant shall exercise its Right of First Refusal by providing Landlord with written notice of its exercise within five (5) business days after the date of receipt of Landlord’s notice regarding the Offer. If Tenant exercises its Right of First Refusal within the five (5) business-day period, Landlord and Tenant promptly shall execute an expansion optionamendment to the Lease relating to the Expansion Space, which includes the terms and conditions set forth in the Offer. If Tenant may affirmatively elects not thereafter revoke to exercise such exerciseRight of First Refusal within the five (5) business day period, or fails to provide Landlord with its written notice of exercise within the five (5) business day period, then Tenant shall be deemed to have elected not to exercise its Right of First Refusal with respect to the particular Offer at issue. Notwithstanding the foregoing, if Landlord negotiates with the proposed tenant lease terms materially more favorable than those offered to Tenant but rejected, Landlord shall be required to submit the more favorable terms to Tenant for its review. (For purposes hereof, “materially more favorable” means (i) a base rent more than 7% lower than that set forth in the Offer; or (ii) a finish-out allowance more than 7% greater than that set forth in the Offer.) Tenant shall have three (3) business days after receipt of the more favorable terms to accept or reject the Expansion Space. If Tenant rejects the more favorable terms, Landlord shall be free to enter a lease with the proposed tenant. Tenant’s failure to timely exercise an expansion option for any reason whatsoever Right of First Refusal shall conclusively be deemed a waiver of such expansion optioncontinuous during the Term. Notwithstanding anything to the contrary contained herein, Tenant’s option rejection of any particular Offer shall be subject not relieve Landlord of its obligation to a determination by Landlord, in Landlord’s discretion, again offer any Expansion Space to Tenant at any time during the Term that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Space.Expansion Space subsequently becomes available

Appears in 2 contracts

Samples: Lease Agreement (Peloton Therapeutics, Inc.), Lease Agreement (Peloton Therapeutics, Inc.)

Option to Expand. On or before expiration of (a) During the sixth initial sixty nine (6th69) month term of this Lease (but not during any extension of the term, Tenant shall be required to lease the remainder 3,942 square feet of Rentable Space on the third (3rd) floor, at the same rental rate then being paid for the initial Premises. In addition, Tenant will have the right to expand during the first 6 months by leasing the approximately 15,165 square feet of Rental Space on the fourth (4th) floor (the “4th Floor Space”) as identified on Exhibit “B-1” attached to this Lease and incorporated herein by reference at the same rental rate then being paid in the initial Premises; provided, however, Landlord will continue to keep the 4th Floor Space available for lease to Tenant for one additional period of three (3) months (a total of nine months following the commencement date), but if Tenant elects to lease the 4th Floor Space between the expiration of the sixth (6) month and commencement of the ninth (9th) month following commencement of the Lease, the rental rate shall be increased by twenty-five cents (.25¢) per square foot, and Tenant improvements dollars will decline on a pro rata basis based on the remaining length of the term. If the Tenant does not elect to lease the fourth (4th) floor space during the initial nine (9) months following commencement of the Lease, Tenant shall have the one time right of first refusal offer (“Right of Offer”) to lease any space which becomes vacant on the 4th Floor Space in first floor of the event Building or which Landlord determines will become vacant on the first floor of the Building, after Tenant occupies the Premises (the “Additional Premises”). Tenant’s rights with respect to any portion of the Additional Premises that is vacant as of the date of this Lease shall not apply until after Landlord receives an offer has entered into a final and binding lease agreement for such portion of the Additional Premises. Prior to leasing any portion of the Additional Premises, Landlord shall give Tenant written notice of its intent to lease such portion the space, and any such right of first refusal shall be on the exact terms received and approved by Additional Premises (a “Landlord from a third party offering to lease the 4th Floor SpaceNotice”). Tenant shall have the option thirty (30) days after Landlord has given a Landlord Notice in which to provide Landlord with written notice (an “Election Notice”) of its election to exercise its right to lease at then current market rental rates any additional space which is available in 5,000 rsf increments consisting all of the area which is available on offered portion of the second Additional Premises (2nd) and fifth (5th) floors designated and referred Tenant shall not have the right to as elect to lease part of the offered portion of the Additional Premises). Tenant shall pay Base Rent for the Additional Premises at the “Expansion Space”Market Rate” (as defined below). If Tenant timely and properly delivers and Election Notice (a) the commencement date of Tenant’s lease of such portion of the Additional Premises shall be the date on which Landlord offers to tender possession to Tenant; (b) possession shall be delivered in “as is” condition, at without representation or warranty, and Landlord shall not be required to make any time during modifications or alterations to the lease term Additional Premises or provide Tenant with a tenant improvement allowance; (c) such portion of the Additional Premises shall be automatically added to the “Effective Date”Premises” and be a part thereof for all purposes under this Lease other than Landlord’s obligation to make improvements pursuant to Exhibit C; (d) and ending on the expiration term of the Lease (i) for the Additional Premises shall be coterminous with the Term (unless sooner terminated pursuant for the Premises if no tenant improvement allowance for the Additional Premises is provided by Landlord and if Landlord is not required to perform any tenant improvements to the terms Additional Premises; or (ii) shall be extended such that the expiration date of this Lease, and subject the Lease is the last day of the sixtieth (60th) full calendar month after the Additional Premises commencement date if Landlord provides a tenant improvement allowance for the Additional Premises or is required to perform any rights of extension contained in this Lease) by delivering written notice to Landlord, provided that at the time of such notice and on the Effective Date, no event of default, as defined in Paragraph 25 of this Lease, shall have occurred and remain uncured beyond any applicable cure period. Once Tenant shall exercise an expansion option, Tenant may not thereafter revoke such exercise. Tenant’s failure to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything tenant improvements to the contrary contained hereinAdditional Premises; (e) as of the Additional Premises commencement date, Tenant’s option Share and Tenant’s Allocated Parking Stalls shall be subject appropriately adjusted to a determination reflect the addition of the Additional Premises; and (f) concurrently with Tenant’s delivery of the Election Notice Tenant shall pay Landlord (i) prepaid rent for the first month of its lease of the Additional Premises; plus (ii) an additional security deposit, which shall be added to the Security Deposit (as defined below), such that the total Security Deposit held by Landlord is an amount equal to one hundred percent (100%) of the last calendar month of the Lease term (as extended pursuant to this Section). All of the other terms and conditions pertaining to the lease of the Additional Premises shall be agreed to by Landlord and Tenant within ten (10) business days after Landlord receives Tenant’s written notice. If Landlord and Tenant are unable to agree on such terms and conditions within the ten (10) business day period, Tenant’s right to lease the Additional Premises shall automatically expire and Tenant shall have no further right to lease the Additional Premises. All of the terms and conditions for the lease of the Additional Premises shall be satisfactory to Landlord, in Landlord’s sole discretion. If Tenant does not give Landlord written notice of its election to lease such portion of the Additional Premises within thirty (30) days after delivery of a Landlord Notice, Landlord shall thereafter be free to lease such portion of the Additional Premises to a third party on any terms and conditions that Landlord shall select, with no further obligation (except for notice as provided below) to Tenant related to such portion of the Additional Premises. In the event that Landlord offers any space to Tenant pursuant to this right of offer and Tenant does not lease the space, the space so offered shall no longer be subject to this right of offer and thereafter Landlord shall not be obligated to offer said space to Tenant. Landlord shall attempt to provide Tenant with courtesy notice upon obtaining a third party offer for such Additional Premises that is acceptable to Landlord. Notwithstanding the foregoing, Landlord’s financial condition failure to provide such notice shall not provide Tenant with any rights or recourse and Tenant shall not have any right to the Additional Premises resulting from such courtesy notice. Tenant shall not have the right to exercise the right of offer granted in this section, at any time that Tenant has subleased all or any portion of the Premises or at any time it makes such election Tenant is sufficient in default (beyond any applicable notice and cure period) as defined in the Lease. This right of offer shall be subject to meet the prior and existing rights of the other tenants in the Project to lease any portion of the Additional Premises, including, but not limited to, any tenant who has the legal right or option to renew or extend its financial obligation associated with the Offered Spacelease.

Appears in 2 contracts

Samples: Office Lease (Arteris, Inc.), Office Lease (Arteris, Inc.)

Option to Expand. On (A) Tenant shall have a continuous first right to lease any or before expiration all of the sixth (6th) month remaining space on the second floor of the termBuilding ("Second Floor Expansion Space"). If Tenant exercises its expansion option pursuant to this Section 26.23 and the commencement date of such leasing of the additional space is (a) within 365 days of the Effective Date, all the terms and conditions of this Lease (including Base Rent (calculated on a square foot basis), the Base Operating Expenses and Base Real Estate Taxes ) shall apply to the Second Floor Expansion Space; or (b) Three Hundred Sixty-Five (365) days or more after the Effective Date the terms and conditions, including rent, will be at market rate. Landlord shall notify Tenant of any bonafide offer to lease all or a portion of the Second Floor Expansion Space and deliver to Tenant a copy of any such written bonafide offer together with an amendment to this Lease whereby such Second Floor Expansion Space is included within the definition of Premises herein. Tenant shall within five (5) business days of receipt of such notice, either (i) notify Landlord that Tenant is not exercising its right to expand into the Second Floor Expansion Space or (ii) sign an amendment to this Lease that provides for Tenant to expand into the Second Floor Expansion Space pursuant to the terms and conditions set forth herein and commence paying rent no later than the commencement date in the bonafide offer. In the event Tenant notifies Landlord that it is not exercising its right to lease the Second Floor Expansion Space, Landlord may lease all or a portion of the Second Floor Expansion Space pursuant to such bonafide offer. If Tenant does not notify Landlord pursuant to (i), above, or sign an amendment pursuant to (ii), above, Tenant shall be required deemed to have notified Landlord that it is not exercising its expansion right pursuant to this Section and Landlord may lease such space pursuant to the bonafide offer. Notwithstanding the foregoing, if there is no bonafide offer for any such space from a third party, Tenant still has the first right to lease all of the remainder 3,942 square feet of Rentable Space remaining space on the third (3rd) floorsecond floor of the Building, at the same rental rate then being paid for the initial Premises. In addition, but Tenant will shall not have the right right, absent a third party offer, to expand during lease less than all of the first 6 months by leasing the approximately 15,165 square feet of Rental Space remaining space on the fourth (4th) floor (the “4th Floor Space”) as identified on Exhibit “B-1” attached to this Lease and incorporated herein by reference at the same rental rate then being paid in the initial Premises; provided, however, Landlord will continue to keep the 4th Floor Space available for lease to Tenant for one additional period of three (3) months (a total of nine months following the commencement date), but if Tenant elects to lease the 4th Floor Space between the expiration of the sixth (6) month and commencement of the ninth (9th) month following commencement of the Lease, the rental rate shall be increased by twenty-five cents (.25¢) per square foot, and Tenant improvements dollars will decline on a pro rata basis based on the remaining length of the termsecond floor. If the Tenant does not elect to lease the fourth (4th) floor space during the initial nine (9) months following commencement of the Leasethere is a bonafide third party offer, Tenant shall have the right to either (i) lease all of first refusal to the remaining space on the second floor, or (ii) lease the 4th Floor Space in space covered by the event third party offer. Additionally, the parties agree that Landlord receives an offer to lease the space, and any such right executed letter of first refusal shall be on the exact terms received and approved by Landlord intent from a third party offering to lease the 4th Floor Space. Tenant shall have the option to lease at then current market rental rates any additional space which is available in 5,000 rsf increments consisting of the area which is available on the second (2nd) and fifth (5th) floors designated and referred to as the “Expansion Space”, at any time during the lease term (the “Effective Date”) and ending on the expiration of the Lease Term (unless sooner terminated pursuant to setting forth the terms of this Lease, and subject to any rights a proposed leasing shall constitute a bonafide offer but other forms of extension contained in this Lease) written submissions by delivering written notice to Landlord, provided that at the time of such notice and on the Effective Date, no event of default, as defined in Paragraph 25 of this Lease, shall have occurred and remain uncured beyond any applicable cure period. Once Tenant shall exercise an expansion option, Tenant third parties or their brokers may not thereafter revoke such exercise. Tenant’s failure to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Spacealso constitute bonafide offers.

Appears in 2 contracts

Samples: Office Lease (Mercator Software Inc), Office Lease (Mercator Software Inc)

Option to Expand. On or before expiration Provided LESSEE is not then in default of the sixth (6th) month terms of the term, Tenant shall be required to lease the remainder 3,942 square feet of Rentable Space on the third (3rd) floor, at the same rental rate then being paid for the initial Premises. In addition, Tenant will have the right to expand during the first 6 months by leasing the approximately 15,165 square feet of Rental Space on the fourth (4th) floor (the “4th Floor Space”) as identified on Exhibit “B-1” attached to this Lease and incorporated herein by reference at the same rental rate then being paid in the initial Premises; provided, however, Landlord will continue to keep the 4th Floor Space available for lease to Tenant for one additional period of three (3) months (a total of nine months following the commencement date), but if Tenant elects to lease the 4th Floor Space between the expiration of the sixth (6) month and commencement of the ninth (9th) month following commencement of the Lease, the rental rate shall be increased by twenty-five cents (.25¢) per square foot, and Tenant improvements dollars will decline on a pro rata basis based on the remaining length of the term. If the Tenant does not elect to lease the fourth (4th) floor space during the initial nine (9) months following commencement of the Lease, Tenant shall have the right of first refusal to lease the 4th Floor Space in the event that Landlord receives an offer to lease the space, and any such right of first refusal shall be on the exact terms received and approved by Landlord from a third party offering to lease the 4th Floor Space. Tenant LESSEE shall have the option to lease at then current market rental rates any additional space which is available on the third floor in 5,000 rsf increments consisting the Building, (15,383 square feet now occupied by Inscribe or 24,150 currently unoccupied - (hereinafter Option Space) on the terms and conditions as set forth in this Lease except that the Base Rent shall be the fair Market Rent for the Option Space. In the event LESSEE properly exercises its option to lease the Option Space, the Option Space shall automatically be included in and become a part of the area Leased Premises from and after the date on which the Option Space is available on included within the second (2nd) and fifth (5th) floors designated and referred to as the “Expansion Space”, at any time during the lease term (the “Effective Date”) and ending on the expiration Leased Premises; all of the Lease Term (unless sooner terminated pursuant to the terms of this Leaseterms, provisions, conditions and subject to any rights of extension covenants contained in this Leaselease shall apply thereto, except with respect to Base Rent for the Option Space and further, all of the terms defined in this Lease shall then be automatically adjusted accordingly (including appropriate CAO calculations), so that, for example, the term "Leased Premises" whenever used herein shall then and thereafter apply to such Option space. LESSEE acknowledges that some portion of the Option Space is currently under written lease agreement and that the existing tenant has some rights with respect to such Option Space (which rights are summarized on Exhibit F attached hereto) by delivering and that LESSEE's rights hereunder are subject to the rights of tenants currently occupying a portion of the Option Space. If the current tenant does not exercise its rights with respect to a portion of the Option Space, LESSOR agrees that prior to accepting any proposal for lease of the now occupied portion of the Option Space or the remainder of the Option Space, LESSOR shall give LESSEE written notice to LandlordLESSEE of the proposed terms for rental of the then available Option Space. LESSEE shall have fourteen (14) business days following receipt of LESSOR's notice, provided that at to elect by written notice received by LESSOR within said fourteen (14) business days of the time receipt of such notice and on the Effective Date, no event of default, as defined in Paragraph 25 of this Lease, shall have occurred and remain uncured beyond any applicable cure period. Once Tenant shall exercise an expansion option, Tenant may not thereafter revoke to add such exercise. Tenant’s failure to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything space to the contrary contained hereinLeased Premises. In the event LESSEE fails to properly exercise its option to lease the Option Space, Tenant’s such option shall thereafter terminate and LESSOR shall thereafter be subject free to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at lease the time it makes such election is sufficient Option Space to meet its financial obligation associated with the Offered Spaceother parties.

Appears in 1 contract

Samples: Lease (Interliant Inc)

Option to Expand. On or before expiration of the sixth (6th) month of the term, Tenant shall be required to lease the remainder 3,942 square feet of Rentable Space on the third (3rd) floor, at the same rental rate then being paid for the initial Premises. In addition, Tenant will have the right to expand during the first 6 months by leasing the approximately 15,165 square feet of Rental Space on the fourth (4th) floor (the “4th Floor Space”) as identified on Exhibit “B-1” attached to this Lease and incorporated herein by reference at the same rental rate then being paid in the initial Premises; provided, however, Landlord will continue to keep the 4th Floor Space available for lease to Tenant for one additional period of three (3) months (a total of nine months following the commencement date), but if Tenant elects to lease the 4th Floor Space between the expiration of the sixth (6) month and commencement of the ninth (9th) month following commencement of the Lease, the rental rate shall be increased by twenty-five cents (.25¢) per square foot, and Tenant improvements dollars will decline on a pro rata basis based on the remaining length of the term. If the Tenant does not elect to lease the fourth (4th) floor space during the initial nine (9) months following commencement of the Lease, Tenant shall have the right of first refusal to lease the 4th Floor Space in the event that Landlord receives an offer to lease the space, and any such right of first refusal shall be on the exact terms received and approved by Landlord from a third party offering to lease the 4th Floor Space. Tenant shall have the option to lease at then current market rental rates any additional space which is available in 5,000 rsf increments consisting of the area which is available on the second (2nd) and fifth (5th) floors designated and referred to as the “Expansion Space”, at any time during the lease term (the “Effective Date”) and ending on the expiration of the Lease Term (unless sooner terminated pursuant Subject to the terms of this option (the "Expansion Option"), Tenant shall have a one time right to lease the entire (but not a portion of) the eighteenth floor of the Building (the "18th Floor Space") in an "as is" condition, on the same terms and provisions then in effect under the Lease, except that (a) the rentable square footage of the 18th Floor Space shall be added to the rentable square footage of the Premises for the purposes of calculating Base Rate and Tenant's Prorata Share as of the Expansion Commencement Date (as defined below), and (b) Landlord shall reimburse Tenant for the cost of tenant improvements installed in the 18th Floor Space and the 17th Floor Space (as defined in Article 38) by Tenant, and the cost of related space planning, moving and consulting fees, up to an amount equal to the sum of $25.00 per square foot of rentable area of the 18th Floor Space multiplied by a fraction, the numerator of which shall be the number of full calendar months remaining in the Term as of the date Tenant takes possession of the 18th Floor Space for the purpose of occupying the same, up to a maximum of 60 and the denominator of which shall be 60. Such reimbursement shall be subject to any rights the terms of extension a work agreement to be executed by Landlord and Tenant, which work agreement shall be similar in all material respects to the Work Agreement attached hereto as Exhibit B. This Expansion Option may be exercised only by giving Landlord irrevocable and unconditional written notice (the "Expansion Notice") thereof no later than October 1, 2001. The Expansion Notice shall specify the date on which Tenant desires to take possession of the 18th Floor Space, which date shall be no earlier than June 1, 2002 and no later than November 1, 2002. Landlord shall deliver the 18th Floor Space to Tenant no later than the date specified in the Expansion Notice, provided, however, that if no such date is specified in the Expansion Notice, or the date specified does not meet the criteria set forth above, then Landlord shall deliver possession of the 18th Floor Space to Tenant on the date Landlord reasonably determines based on the information contained in this Lease) the Expansion Notice, which date shall be binding upon Tenant. If the 18th Floor Space is not occupied by delivering written notice to Landlord, provided that a third party tenant at the time of the Expansion Notice (or thereafter prior to the Expansion Commencement Date), Landlord shall make the 18th Floor Space available for Tenant's performance of leasehold improvement work (without the imposition of Rent, unless Tenant opens for business in the Expansion Space prior to the Expansion Space Commencement Date, in which event Tenant's obligation to pay Rent for the Expansion Space shall commence as of the date it opens for business in the Expansion Space), subject to the condition that Tenant's inability to complete such notice and work prior to the Expansion Commencement Date shall not delay that date. The Lease as to the 18th Floor Space shall commence on the Effective later of the date Landlord delivers possession of the 18th Floor Space to Tenant, or the date specified by Tenant in the Expansion Notice (the "Expansion Commencement Date"), no event and shall continue for the duration of defaultthe Term of the Lease. The 18th Floor Space shall be added to the Premises as of the Expansion Commencement Date. After Tenant validly exercises the expansion right provided herein, as defined in Paragraph 25 of this the parties shall execute an amendment to the Lease, adding the 18th Floor Space, or a new lease for the 18th Floor Space, or such other documentation as Landlord shall have occurred and remain uncured beyond any applicable cure period. Once Tenant require, promptly after Landlord shall exercise an expansion optionprepare the same, Tenant may not thereafter revoke such exercise. Tenant’s failure in order to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver confirm the leasing of such 18th Floor Space to Tenant, but an otherwise valid exercise of the expansion option. Notwithstanding anything to the contrary rights contained herein, Tenant’s option herein shall be subject fully effective, whether or not such confirmatory documentation is executed. The provisions set forth above as to a determination by Landlord, calculation of Landlord reimbursement of Tenant expenses shall take into account (in Landlord’s discretion, that Tenant’s financial condition determining any pro-ration) the Extension Period if Tenant has exercised its rights under Article 36 at the time any such allowance or reimbursement is to be paid. The amount to be paid or reimbursed shall equal the sum of $25.00 per rentable square foot (subject to pro-ration) even if Tenant does not expend that full sum on the 18th Floor Space, it makes being the intention of the parties that allowances or reimbursement amounts provided by Landlord with regard to the 18th Floor Space or the 17th Floor Space shall be made available to pay or reimburse costs incurred by Tenant with regard to the improvement of any portion of the 18th Floor Space and the 17th Floor Space or design, consulting, moving, cabling, or other costs applicable thereto. Landlord shall have no obligation to disburse such election is sufficient allowance or reimbursement funds until Tenant has executed a binding amendment to meet its financial obligation associated the Lease committing to occupancy of the applicable space, but otherwise such amounts shall be disbursed within thirty (30) days of application by Tenant with supporting documentation indicating the Offered Spaceincurring of costs reimbursable under the Lease. To the extent that Tenant does not fully expend all of the amounts to be provided by Landlord hereunder, the excess (up to a maximum of $2.00 per rentable square foot) shall be applied to the next accruing payments of Rent payable under the Lease.

Appears in 1 contract

Samples: Lease Agreement (Capella Education Co)

Option to Expand. On or before expiration Provided LESSEE is not then in default of the sixth (6th) month terms of the term, Tenant shall be required to lease the remainder 3,942 square feet of Rentable Space on the third (3rd) floor, at the same rental rate then being paid for the initial Premises. In addition, Tenant will have the right to expand during the first 6 months by leasing the approximately 15,165 square feet of Rental Space on the fourth (4th) floor (the “4th Floor Space”) as identified on Exhibit “B-1” attached to this Lease and incorporated herein by reference at the same rental rate then being paid in the initial Premises; provided, however, Landlord will continue to keep the 4th Floor Space available for lease to Tenant for one additional period of three (3) months (a total of nine months following the commencement date), but if Tenant elects to lease the 4th Floor Space between the expiration of the sixth (6) month and commencement of the ninth (9th) month following commencement of the Lease, the rental rate shall be increased by twenty-five cents (.25¢) per square foot, and Tenant improvements dollars will decline on a pro rata basis based on the remaining length of the term. If the Tenant does not elect to lease the fourth (4th) floor space during the initial nine (9) months following commencement of the Lease, Tenant shall have the right of first refusal to lease the 4th Floor Space in the event that Landlord receives an offer to lease the space, and any such right of first refusal shall be on the exact terms received and approved by Landlord from a third party offering to lease the 4th Floor Space. Tenant LESSEE shall have the option to lease at then current market rental rates any additional space which is available on the third floor in 5,000 rsf increments consisting the Building, (15,383 square feet now occupied by Inscribe or 24,150 currently unoccupied - hereinafter Option Space) on the terms and conditions as set forth in this Lease except that the Base Rent shall be the fair Market Rent for the Option Space. In the event LESSEE properly exercises its option to lease the Option Space, the Option Space shall automatically be included in and become a part of the area Leased Premises from and after the date on which the Option Space is available on included within the second (2nd) and fifth (5th) floors designated and referred to as the “Expansion Space”, at any time during the lease term (the “Effective Date”) and ending on the expiration Leased Premises; all of the Lease Term (unless sooner terminated pursuant to the terms of this Leaseterms, provisions, conditions and subject to any rights of extension covenants contained in this Leaselease shall apply thereto, except with respect to Base Rent for the Option Space and further, all of the terms defined in this Lease shall then be automatically adjusted accordingly (including appropriate CAO calculations), so that, for example, the term "Leased Premises" whenever used herein shall then and thereafter apply to such Option space. LESSEE acknowledges that some portion of the Option Space is currently under written lease agreement and that the existing tenant has some rights with respect to such Option Space (which rights are summarized on Exhibit F attached hereto) by delivering and that LESSEE's rights 41 -41- hereunder are subject to the rights of tenants currently occupying a portion of the Option Space. If the current tenant does not exercise its rights with respect to a portion of the Option Space, LESSOR agrees that prior to accepting any proposal for lease of the now occupied portion of the Option Space or the remainder of the Option Space, LESSOR shall give LESSEE written notice to LandlordLESSEE of the proposed terms for rental of the then available Option Space. LESSEE shall have fourteen (14) business days following receipt of LESSOR's notice, provided that at to elect by written notice received by LESSOR within said fourteen (14) business days of the time receipt of such notice and on the Effective Date, no event of default, as defined in Paragraph 25 of this Lease, shall have occurred and remain uncured beyond any applicable cure period. Once Tenant shall exercise an expansion option, Tenant may not thereafter revoke to add such exercise. Tenant’s failure to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything space to the contrary contained hereinLeased Premises. In the event LESSEE fails to properly exercise its option to lease the Option Space, Tenant’s such option shall thereafter terminate and LESSOR shall thereafter be subject free to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at lease the time it makes such election is sufficient Option Space to meet its financial obligation associated with the Offered Spaceother parties.

Appears in 1 contract

Samples: Leukosite Inc

Option to Expand. On or before expiration Section 32.1 of the sixth Lease Agreement shall be replaced in its entirety with the following: Landlord hereby grants Tenant an option to expand the Premises by no less than 3,500 rsf or more than 5,000 rsf on JULY 1, 1998 (6th) month the "Fourth Anniversary of the termlease") and on JULY 1, 1999 (the "Fifth Anniversary of the lease"), provided (i) Tenant gives written notice to Landlord of Tenant's election to exercise such expansion option and specifies the requested size of the expansion space ("Expansion Notice") no later than two hundred ten (210) days prior to the anniversary date of the Lease as stated above; (ii) an uncured event of default at the time of Tenant's notice to Landlord does not exist under this Lease, and no event has occurred which with the passage of time or the giving of notice (or both) would be deemed an event of default if not cured within the applicable cure period, if any; and (iii) Tenant has not assigned its interest in this Lease or sublet more than fifty percent (50%) of the Premises, except to an affiliate defined in Section 10.1 of the Lease Agreement. Tenant's failure to exercise an option in any one year neither increases nor decreases the amount of expansion space available to Tenant in subsequent years. The actual location and size of each annual expansion space, and the date on which such space becomes a part of the Premises, shall be required at Landlord's discretion provided such space is above grade and is suitable for general office use. Following receipt of Tenant's Expansion Notice, Landlord shall have up to lease one hundred eighty (180) days to notify Tenant in writing of the remainder 3,942 square feet location, size and commencement date for the expansion space. The commencement date for all such expansion space may be any time during the period commencing ninety (90) days before and ending one hundred eighty (180) days after the annual anniversary of Rentable Space the commencement date. From and after each such commencement date, the expansion space shall become part of the Premises, and Tenant's proportionate share of additional rent shall be increased. A new base year for operating expenses and real estate taxes shall be established for the expansion space as follows: Fourth Anniversary Expansion: Base Year Operating Expenses - 1998 Base Year Real Estate Taxes - 1998-1999 Fifth Anniversary Expansion Base Year Operating Expenses - 1999 Base Year Real Estate Taxes - 1999-2000 The annual Base Rent for the expansion space shall be equal to one hundred percent (100%) of the Current Fair Market Rental Rate. If the parties cannot agree on the third (3rd) floorCurrent Market Rental Rate, at the same rental rate then being paid for the initial Premises. In addition, Tenant will have the right to expand during the first 6 months Base rent shall be determined by leasing the approximately 15,165 square feet of Rental Space on the fourth (4th) floor (the “4th Floor Space”) as identified on Exhibit “B-1” attached to this Lease and incorporated herein by reference at the same rental rate then being paid in the initial Premises; provided, however, Landlord will continue to keep the 4th Floor Space available for lease to Tenant for one additional period of three (3) months (a total of nine months following licensed real estate brokers in accordance with the commencement date), but if Tenant elects to lease the 4th Floor Space between the expiration of the sixth (6procedures set forth in Section 31.1(c) month and commencement of the ninth (9th) month following commencement of the Lease, the rental rate shall be increased by twenty-five cents (.25¢) per square foot, and Tenant improvements dollars will decline on a pro rata basis based on the remaining length of the term. If the Tenant does not elect to lease the fourth (4th) floor space during the initial nine (9) months following commencement of the Lease, Tenant shall have the right of first refusal to lease the 4th Floor Space in the event that Landlord receives an offer to lease the space, and any such right of first refusal shall be on the exact terms received and approved by Landlord from a third party offering to lease the 4th Floor Space. Tenant shall have the option to lease at then current market rental rates any additional space which is available in 5,000 rsf increments consisting of the area which is available on the second (2nd) and fifth (5th) floors designated and referred to as the “Expansion Space”, at any time during the lease term (the “Effective Date”) and ending on the expiration of the Lease Term (unless sooner terminated pursuant to Agreement, but in no event shall the terms of this Lease, and subject to any rights of extension contained in this Lease) by delivering written notice to Landlord, provided that rent be less than the rent for the Tenant's existing space at the time of such notice and on the Effective Date, no event expansion. For each exercise of default, as defined in Paragraph 25 of this Lease, shall have occurred and remain uncured beyond any applicable cure period. Once Tenant shall exercise an Tenant's expansion option, Tenant's obligation to pay rent to Landlord shall begin on the earlier of the date on which Tenant may not thereafter revoke such exercisetakes possession of the expansion space or the date of substantial completion of the tenant improvement work for the expansion space. Tenant shall provide to Landlord the schematic plans for Tenant’s failure to timely exercise an 's expansion option for any reason whatsoever shall conclusively be deemed a waiver space no later than sixty (60) days following receipt of such expansion optionLandlord's notice. Notwithstanding anything to the contrary contained herein, Tenant’s option The plans shall be subject to a determination Landlord's written approval, which shall not be unreasonably withheld. Final plans and construction documents shall be prepared by Landlord's architect. Landlord shall provide a tenant improvement allowance, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Space.including space planning services (consisting of one scheme and one revision thereof) and construction documents for building standard improvements equal to

Appears in 1 contract

Samples: Cfi Proservices Inc

Option to Expand. On or before expiration of the sixth (6th) month of the term, Provided that Tenant shall be required to lease the remainder 3,942 square feet of Rentable Space on the third (3rd) floor, at the same rental rate is not then being paid for the initial Premises. In addition, Tenant will have the right to expand during the first 6 months by leasing the approximately 15,165 square feet of Rental Space on the fourth (4th) floor (the “4th Floor Space”) as identified on Exhibit “B-1” attached to this Lease and incorporated herein by reference at the same rental rate then being paid in the initial Premises; provided, however, Landlord will continue to keep the 4th Floor Space available for lease to Tenant for one additional default beyond any applicable cure period of three (3) months (a total of nine months following the commencement date), but if Tenant elects to lease the 4th Floor Space between the expiration of the sixth (6) month and commencement of the ninth (9th) month following commencement of the Lease, the rental rate shall be increased by twenty-five cents (.25¢) per square foot, and Tenant improvements dollars will decline on a pro rata basis based on the remaining length of the term. If the Tenant does not elect to lease the fourth (4th) floor space during the initial nine (9) months following commencement of the Leaseunder Section 24, Tenant shall have the right to expand the Premises by up to 7,853 square feet on the first floor, 000 X Xxxxxx Xxxx (the “First Floor Expansion Space”), at the same terms and conditions under this Lease (except for Base Rent as provided below) commencing any time after 12/31/2013 with one hundred eighty (180) day prior notice. If Tenant exercises its right to expand (gives notice) within the first eighteen (18) months of first refusal the Lease Term, Landlord shall provide a tenant improvement allowance of twenty-four and 77/100 dollars ($24.77) per square foot for the upfit of the First Floor Expansion Space and any additional upfit will be at Tenant’s expense. Base Rent for the First Floor Expansion Space shall be equal to lease $7.65 per rentable square foot escalated at two percent (2%) per annum with the 4th escalation being calculated from the original Commencement Date of the Lease. Tenant’s option to expand into the First Floor Expansion Space is subject to Landlord’s right to terminate as outlined in the event existing Tenant’s current lease (AquaMost, Inc.) (the “AquaMost Lease”), which reads as follows: “Landlord reserves the right, provided the effective date of such termination is not before December 31, 2013, to relocate Tenant to substitute premises of comparable size within the Project Landlord shall provide Tenant with written notice by either: 1) 180 day notice, in which case Landlord will pay Tenant’s out of pocket costs incurred with moving its furniture and equipment, or 2) 120 day notice, in which case Landlord will pay Tenant $25,000 in addition to moving expenses described above (such additional fee shall not be paid if Landlord provides replacement property on terms acceptable to Tenant). If Landlord does not offer a suitable substitute location or if Tenant does not agree on the substitute location within thirty (30) days after receipt of Landlord’s notice, this Lease shall terminate at the end of either the one hundred eighty (180) or one hundred twenty (120) day period following Landlord’s notice. Should Tenant elect to expand into the First Floor Expansion Space and Landlord is obligated under the AquaMost Lease to pay the $25,000 and/or moving expense, Exact Sciences (Tenant) shall pay the actual, reasonable out of pocket expense to relocate AquaMost, Inc. Notwithstanding the foregoing, Tenant recognizes Landlord’s desire to accommodate its other tenants in the building to the extent possible. To that end, Tenant agrees to work in good faith with Landlord to minimize negative impacts to such other tenants as a result of exercising its expansion rights. This may include, to the extent practical, Tenant first exercising expansion rights in other areas of the building such as vacant space or the second floor space now occupied by Alexander Co. Further, Tenant agrees in good faith to provide notice whether formal or informal as early as possible giving Landlord as much time as possible to accommodate its other tenants. In addition, provided that Landlord receives an offer has not leased (subject to lease the space, and any such Tenant’s right of first refusal refusal) the space to a 3rd party other than the Alexander Company, Tenant shall have the right to expand into 5,810 square feet (145 E Badger Road, Suite 200) on the second floor (the “Second Floor Expansion Space”) “as is” by giving written notice to Landlord within the first eighteen (18) months of the Lease. Base rent for the Second Floor Expansion Space shall be on $13 / rsf NNN escalated at two percent (2%) per annum with the exact terms received escalation being calculated from the original Commencement Date of the Lease. Landlord shall provide new paint and approved by Landlord from a third party offering to lease carpet as part of this expansion into the 4th Second Floor Expansion Space. Tenant shall provide a one hundred twenty (120) day prior notice prior to the effective date of such expansion into the Second Floor Expansion Space. If Tenant expands into either the First Floor Expansion Space or the Second Floor Expansion Space, Tenant shall extend the term of this Lease for a period of five (5) years from the effective date of the expansion, and such extension shall not be deemed an exercise of the Extension Option by Tenant. In addition, Tenant shall have the option right to lease at then current market rental rates any additional space which expand into 3,189 square feet, if such room is available not included in 5,000 rsf increments consisting of the area which is available such square footage total, (145 E Badger Road, Suite 102) on the second first floor (2nd) and fifth (5th) floors designated and referred to as the “Suite 102 Expansion Space”, at any time during the lease term (the “Effective Date”) and ending on the expiration of the Lease Term (unless sooner terminated pursuant to the terms of this Lease, and subject to any rights of extension contained in this Lease) by delivering giving written notice to Landlord, provided that Landlord within the first twelve (12) months of the Lease. Base rent for the Suite 102 Expansion Space shall be $13 / rsf NNN escalated at two percent (2%) per annum with the time escalation being calculated from the original Commencement Date of such notice the Lease. Landlord shall provide a tenant improvement allowance of four and on 00/100 dollars ($4.00) per square foot per remaining lease year (including any pro-rata amount for any partial year remaining) for the Effective Date, no event upfit of default, as defined in Paragraph 25 of this Lease, shall have occurred the Suite 102 Expansion Space and remain uncured beyond any applicable cure periodadditional upfit will be at Tenant’s expense. Once Tenant shall exercise an expansion option, provide sixty (60) days prior notice of its desire to expand into the Suite 102 Expansion Space to allow Landlord to prepare such space for delivery to Tenant may not thereafter revoke and such exercisespace shall be added to the Premises no later than one hundred eighty (180) days after such notice. Tenant’s failure to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to into the contrary contained herein, Tenant’s option Suite 102 Expansion Space shall be subject to Landlord’s ability to terminate the lease of any existing tenant in such space or relocate such tenant which Landlord shall use all reasonable efforts to do if Tenant exercises its right to expand into the Suite 102 Expansion Space. Further, Tenant shall have the right to expand into the existing campus common conference room on the first floor of the building (the “Conference Room”) by giving written notice to Landlord within the first twelve (12) months of the Lease. Base rent for the Conference Room shall be $13 / rsf NNN escalated at two percent (2%) per annum with the escalation being calculated from the original Commencement Date of the Lease. Landlord shall provide a determination by tenant improvement allowance of four and 00/100 dollars ($4.00) per square foot per remaining lease year (including any pro-rata amount for any partial year remaining) for the upfit of the Conference Room and any additional upfit will be at Tenant’s expense. Tenant shall provide sixty (60) days prior notice of its desire to expand into the Conference Room to allow Landlord to prepare such space for delivery to Tenant and such space shall be added to the Premises no later than one hundred eighty (180) days after such notice. Tenant’s expansion into the Conference Room shall be subject to Landlord, ’s ability to replace the Conference Room in another building in the Novation Campus at such time as suitable space becomes available at Landlord’s discretion. If Tenant expands into the Suite 102 Expansion Space or the Conference Room, that Tenant’s financial condition at Tenant shall not be required to extend the time it makes such election is sufficient term of this Lease unless expressly required to meet its financial obligation associated with do so under the Offered Spaceterms of the other expansion options described in this Section.

Appears in 1 contract

Samples: Lease (Exact Sciences Corp)

Option to Expand. On or before expiration of the sixth (6th) month of the term, Tenant shall be required to lease the remainder 3,942 square feet of Rentable Space Commencing on the third Sublease Commencement Date and for a period of eight (3rd) floor8) months thereafter, at the same rental rate then being paid for the initial Premises. In addition, Tenant will Subtenant shall have the right to exercise an option ("Expansion Option") to expand during into the first 6 months balance of the 9th floor of the Building ("Expansion Space") by leasing providing written notice to Sublandlord. If Subtenant timely exercises its Expansion Option, then the approximately 15,165 square feet balance of Rental Space on the fourth 9th floor of the Building shall be added to the Subleased Premises effective 120 days from the effective date of Subtenant's notice (4th) floor (the “4th Floor Space”) as identified on Exhibit “B-1” attached "Expansion Effective Date"). The parties will promptly sign an amendment to this Lease Sublease adding the Expansion Space to the Subleased Premises as of the Expansion Effective Date. Subtenant's sublease of the Expansion Space will be co-terminous with its sublease of the initial Subleased Premises. The amendment will provide for the Expansion Space to be included as part of the Subleased Premises and incorporated herein by reference all terms and conditions of this Sublease will apply to the Expansion Space, except that (a) the Subtenant Improvement Allowance for the Expansion Space will be a prorated portion of the Subtenant Improvement Allowance provided pursuant to Section 6.1 below stated on a per square foot basis, based upon the total number of months that the Expansion Space will be a part of the Subleased Premises as compared to the total number of months of the Sublease Term, and (b) there will be no abatements in Base Rent for past time periods. The following example is for purposes of clarification of the manner in which the Subtenant Improvement Allowance will be calculated for the Expansion Space: Assuming that the Expansion Space is 4,000 Square Feet of Rentable Area and that it becomes a part of the Subleased Premises at the same rental rate then being paid in the initial Premises; provided, however, Landlord will continue to keep the 4th Floor Space available for lease to Tenant for one additional period of three (3) months (a total of nine months following the commencement date), but if Tenant elects to lease the 4th Floor Space between the expiration of the sixth (6) month and commencement of the ninth (9th) 8th month following commencement of the LeaseSublease Term, and assuming that the rental rate shall be increased by twenty-five cents (.25¢) Sublease Term is 93 months, then the total available allowance stated on a per square foot, and Tenant improvements dollars will decline on a pro rata foot basis based on the remaining length of the term. If the Tenant does not elect to lease the fourth (4th) floor space during the initial nine (9) months following commencement of the Lease, Tenant shall have the right of first refusal to lease the 4th Floor Space in the event that Landlord receives an offer to lease the space, and any such right of first refusal shall would be on the exact terms received and approved by Landlord from a third party offering to lease the 4th Floor Space. Tenant shall have the option to lease at then current market rental rates any additional space which is available in 5,000 rsf increments consisting of the area which is available on the second (2nd) and fifth (5th) floors designated and referred to as the “Expansion Space”, at any time during the lease term 86/93 times $58.50 (the “Effective Date”) and ending on the expiration of the Lease Term (unless sooner terminated pursuant to the terms of this Lease, and subject to any rights of extension contained Subtenant Improvement Allowance stated in this Lease) by delivering written notice to Landlord, provided that at the time of such notice and on the Effective Date, no event of default, as defined in Paragraph 25 of this Lease, shall have occurred and remain uncured beyond any applicable cure period. Once Tenant shall exercise an expansion option, Tenant may not thereafter revoke such exercise. Tenant’s failure to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered SpaceSection 6.1).

Appears in 1 contract

Samples: Office Lease Agreement (Blue Nile Inc)

Option to Expand. On 15. As long as no Event of Default exists or before expiration of the sixth (6th) month of the term, Tenant shall be required to lease the remainder 3,942 square feet of Rentable Space on the third (3rd) floor, at the same rental rate then being paid for the initial Premises. In addition, Tenant will have the right to expand during the first 6 months by leasing the approximately 15,165 square feet of Rental Space on the fourth (4th) floor (the “4th Floor Space”) as identified on Exhibit “B-1” attached to is continuing under this Lease and incorporated herein by reference at the same rental rate then being paid in the initial Premises; provided, however, Landlord will continue to keep the 4th Floor Space available for lease to Tenant for one additional period of three (3) months (a total of nine months following the commencement date), but if Tenant elects to lease the 4th Floor Space between the expiration of the sixth (6) month and commencement of the ninth (9th) month following commencement of the Lease, the rental rate shall be increased by twenty-five cents (.25¢) per square foot, and Tenant improvements dollars will decline on a pro rata basis based on the remaining length of the term. If the Tenant does not elect to lease the fourth (4th) floor space during the initial nine (9) months following commencement of the LeaseSublease, Tenant shall have the an on going right of first refusal (“ROFR”) throughout the Term to lease the 3rd and 4th Floor Space in the event that Landlord receives an offer to lease the space, and any such right of first refusal shall be on the exact terms received and approved by Landlord from a third party offering to lease the 4th Floor Space. Tenant shall have the option to lease at then current market rental rates any additional floor space which is available in 5,000 rsf increments consisting of the area which is available on the second (2nd) and fifth (5th) floors designated and referred to as the “Expansion Space”, at any time during the lease term Building (the “Effective DateROFR”). Upon Landlord’s receipt of a bona fide written offer from a prospect (“Offer Prospect”) and ending on the expiration to lease all or a portion of the Lease Term space subject to the ROFR (unless sooner terminated pursuant to the “Offer Space”), Landlord will deliver the terms of this Leasebona fide offer to Tenant in writing (“Offer Notice”). The terms of the Offer Notice shall contain (a) the base rental rate, (b) tenant improvement allowance, (c) other concessions provided in the bona fide offer, (d) the lease commencement and subject expiration and (f) the delineation and amount of the Offer Space. Tenant must respond to any rights Landlord on or within ten (10) business days of extension contained in receipt of the Offer Notice of its intent to accept the terms thereunder. If Tenant declines to accept the terms of the Offer Notice, Landlord is free to lease the Offer Space to the Offer Prospect on the same terms and conditions as the Offer Notice and Tenant waives its right to such Offer Space, except as provided herein. In the event Landlord does not lease the Offer Space to the Offer Prospect within ninety (90) days after the expiration of such ten (10) business day period, the Tenant’s right hereunder shall be restored as to the Offer Space. In the event Tenant accepts said Offer Notice, Tenant shall have thirty (30) days to obtain financial and legal approval and shall amend this Lease) by delivering written notice Sublease to Landlordinclude the Offer Space, provided that the Base Rent on such Offer Space shall be at the time of such notice and on rate set forth in the Effective Date, no event of default, as defined in Paragraph 25 of this Lease, shall have occurred and remain uncured beyond any applicable cure period. Once Tenant shall exercise an expansion option, Tenant may not thereafter revoke such exercise. Tenant’s failure to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered SpaceOffer Notice.

Appears in 1 contract

Samples: Sublease Agreement (GTX Inc /De/)

Option to Expand. On or before expiration During the period beginning on the Commencement Date and continuing for a period of the sixth eight (6th) month of the term8) weeks thereafter (“Option Period”), Tenant shall have an option (“Expansion Option”) to expand the Premises to include all or a portion of the area highlighted in green and labeled “Xxxx Motors on Exhibit “A-4” attached hereto (“Expansion Space”). The Expansion Space shall be required provided by Landlord to lease Tenant in its then “as-is, there is” condition. Base Rent for the remainder 3,942 Expansion Space shall be payable at the rate of $3.00 per square foot for the first 1,000,000 square feet of Rentable the Premises (as amended to include the Expansion Space) and $1.00 per square foot for any portion of the Premises (as amended to include the Expansion Space) in excess of 1,000,000 square feet. Base Rent for the Expansion Space shall be payable in time and manner, and subject to the same terms and conditions, as the Base Rent set forth in Paragraph 3.1 herein. In addition to Base Rent, Tenant shall also pay Additional Rent on the third (3rd) floorExpansion Space leased by Tenant as set forth herein. Accordingly, at Tenant’s Share, the same rental rate then being paid for Rentable Area of the initial PremisesBuilding and the Rentable Area of the Premises shall each be adjusted as set forth in Paragraph 5.1 herein. In additionconnection with the foregoing, Tenant will have the right shall give written notice to expand during the first 6 months by leasing the approximately 15,165 square feet of Rental Space Landlord on the fourth (4th) floor (the “4th Floor Space”) as identified on Exhibit “B-1” attached to this Lease and incorporated herein by reference at the same rental rate then being paid in the initial Premises; provided, however, Landlord will continue to keep the 4th Floor Space available for lease to Tenant for one additional period of three (3) months (a total of nine months following the commencement date), but if Tenant elects to lease the 4th Floor Space between or before the expiration of the sixth (6) month and commencement Option Period as to what portion of the ninth (9th) month following commencement of the Lease, the rental rate shall be increased by twenty-five cents (.25¢) per square foot, and Expansion Space that Tenant improvements dollars will decline on a pro rata basis based on the remaining length of the term. If the Tenant does not elect wishes to lease the fourth (4th) floor space during the initial nine (9) months following commencement of the Lease“Expansion Notice”). Thereafter, Tenant shall have five (5) business days thereafter to execute a lease amendment with Landlord incorporating the right of first refusal to lease the 4th Floor Space in the event that Landlord receives an offer to lease the space, and any such right of first refusal shall be on the exact terms received and approved by Landlord from a third party offering to lease the 4th Floor Spaceset forth herein (“Lease Amendment”). Tenant shall have the option to lease at then current market rental rates any additional space which Time is available in 5,000 rsf increments consisting of the area which is available on the second (2nd) and fifth (5th) floors designated and referred essence with regard to as the “Expansion Space”, at any time during the lease term (the “Effective Date”) and ending on the expiration of the Lease Term (unless sooner terminated pursuant to the terms of this Lease, and subject to any rights of extension contained in this Lease) by delivering written notice to Landlord, provided that at the time of such notice and on the Effective Date, no event of default, as defined in Paragraph 25 of this Lease, shall have occurred and remain uncured beyond any applicable cure period. Once Tenant shall exercise an expansion option, Tenant may not thereafter revoke such exercise. Tenant’s failure to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion optionobligations hereunder. Notwithstanding anything to Accordingly, if Landlord does not receive the contrary contained Expansion Notice or the executed Lease Amendment from Tenant within the express time periods set forth herein, Tenant’s option Expansion Option shall be subject terminated and Landlord shall be free to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at lease the time it makes such election is sufficient Expansion Space to meet its financial obligation associated with the Offered Spaceanother tenant.

Appears in 1 contract

Samples: Lease Agreement (Elio Motors, Inc.)

Option to Expand. On or before expiration (a) Subject to the terms of this Paragraph 58 and Paragraph 60, entitled "Options," Landlord hereby grants to Tenant the sixth option (6th"Expansion Option ") month of to amend the term, Tenant shall be required Lease to lease expand the remainder 3,942 Premises to include not less than 2,000 nor more than 4,000 rentable square feet of Rentable Space on the third (3rd) floor, at the same rental rate then being paid for the initial Premises. In addition, Tenant will have the right to expand during the first 6 months by leasing the approximately 15,165 square feet of Rental Space located on the fourth (4th) floor or eighth (8th) floors (the “4th Floor "Expansion Space"). To the extent the location of the Expansion Space is not specifically designated above, Tenant's "Expansion Notice" (as defined below) as shall specify the area and size of space (within the foregoing parameters) into which Tenant would like to expand the Premises. After considering Tenant's desires, the exact location and size of the Expansion Space shall be selected by Landlord, in its discretion, within the foregoing parameters and identified on Exhibit “B-1” attached to this Lease and incorporated herein by reference at the same rental rate then being paid in the initial Premises; provided, however, Landlord will continue to keep the 4th Floor Space available for lease to Tenant for one additional period in writing delivered to Tenant by Landlord ("Landlord's Notice") within thirty (30) days following Landlord's receipt of three (3) months (a total of nine months following Tenant's Expansion Notice. Only if and to the commencement date), but if Tenant elects to lease extent the 4th Floor Space between the expiration location of the sixth (6) month and commencement of the ninth (9th) month following commencement of the Lease, the rental rate shall be increased by twenty-five cents (.25¢) per square foot, and Tenant improvements dollars will decline on a pro rata basis based on the remaining length of the term. If the Tenant does Expansion Space is not elect to lease the fourth (4th) floor space during the initial nine (9) months following commencement of the Leasespecifically designed above, Tenant shall have the right right, within five (5) days following receipt of first refusal Landlord's Notice, to lease deliver a writing to Landlord rescinding Tenant's Expansion Notice with respect to the 4th Floor Expansion Space in the event that Landlord receives an offer to lease the space, not specifically designated above and any such right of first refusal shall be on the exact terms received and approved designated by Landlord from a third party offering to lease the 4th Floor Space. Tenant shall have the option to lease at then current market rental rates any additional space which is available in 5,000 rsf increments consisting of the area which is available on the second (2nd) and fifth (5th) floors designated and referred to as the “Expansion Space”, at any time during the lease term (the “Effective Date”) and ending on the expiration of the Lease Term (unless sooner terminated pursuant to the terms of this Lease, and subject to any rights of extension contained in this Lease) by delivering written notice to Landlord, provided that at the time of such notice and on the Effective Date, no event of default, as defined in Paragraph 25 of this Lease, shall have occurred and remain uncured beyond any applicable cure period. Once Tenant shall exercise an expansion option, Tenant may not thereafter revoke such exercise's Notice. Tenant’s 's failure to timely exercise an expansion option for any reason whatsoever deliver such a rescission to Landlord shall conclusively be deemed a waiver to be Tenant's satisfaction with the location and size of the Expansion Space as designated by Landlord in Landlord's Notice. The Expansion Option is subject to the condition that Landlord receive from Tenant. written notice ("Expansion Notice") of Tenant's election to exercise the Expansion Option no earlier than the last day of the thirtieth (30th) month of the Term and no later than the last day of the thirty-sixth (36th) month of the Term. If Tenant properly exercises the Expansion Option, the Expansion Space will be added to the Premises currently leased by Tenant under the Lease effective as of the date the Expansion Space is delivered to Tenant in the condition described below, which date shall be between the thirty-sixth (36th) and sixtieth (60th) months of the Term. Landlord's Notice shall contain Landlord's good-faith estimate of the date the Expansion Space will be delivered to Tenant in the condition described below. Landlord's Notice shall in any event specify the approximate number of rentable square feet of the Expansion Space. All terms and conditions for said option space shall remain in place, except that the rent for the space shall be at the then fair market value. The fair market value for the Premises shall be an amount equal to the fair market rental value of the Premises, as determined herein, but shall in no event be less than the Annual Basic Rental payable for the last month of the then current year of the Lease. Landlord shall determine the fair market rental value of the Premises by using its best good faith judgment. Such fair market rental value shall be determined by Landlord in accordance with the projected (to the commencement of such expansion option. Notwithstanding anything Option to Extend) prevailing market rentals for similar space in Class "A" commercial office buildings in the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Space.Orange County

Appears in 1 contract

Samples: Letter Agreement (2themart Com Inc)

Option to Expand. On or before expiration of the sixth (6th) month of the termAt any time after July 21, Tenant shall be required to lease the remainder 3,942 square feet of Rentable Space on the third (3rd) floor, at the same rental rate then being paid for the initial Premises. In addition, Tenant will have the right to expand during the first 6 months by leasing the approximately 15,165 square feet of Rental Space on the fourth (4th) floor 2003 (the “4th Floor SpaceOption Date”) as identified on Exhibit “B-1” attached to this Lease and incorporated herein by reference at for the same rental rate then being paid in the initial Premises; provided, however, Landlord will continue to keep the 4th Floor Space available for lease to Tenant for one additional period of three (3) months (a total of nine months following the commencement date), but if Tenant elects to lease the 4th Floor Space between the expiration remainder of the sixth (6) month and commencement term of the ninth (9th) month following commencement of the Leasethis Sublease Agreement, the rental rate shall be increased by twenty-five cents (.25¢) per square foot, and Tenant improvements dollars will decline on a pro rata basis based on the remaining length of the term. If the Tenant does not elect to lease the fourth (4th) floor space during the initial nine (9) months following commencement of the Lease, Tenant shall have the right of first refusal to lease the 4th Floor Space in the event that Landlord receives an offer to lease the space, and any such right of first refusal shall be on the exact terms received and approved by Landlord from a third party offering to lease the 4th Floor Space. Tenant Subtenant shall have the option to lease at then current market rental rates any additional space which is available in 5,000 rsf increments consisting of expand (“Option to Expand”) the area which is available Sublease Premises to include Sublandlord’s premises on the second floor of the Building (2ndSuite 203) consisting of 2,870 rentable square feet and fifth Sublandlord’s premises on the fourth floor of the Building (5thSuite 400) floors designated and referred to as consisting of 14,679 square feet (collectively, the “Expansion SpacePremises, at any time during ) provided that: (i) Subtenant provides Sublandlord with a minimum of six months written notice prior to date of occupancy of the lease term Expansion Premises (the “Effective Date”); (ii) Subtenant subleases all, and ending on the expiration not less than all, of the Lease Term Expansion Premises; (unless sooner terminated pursuant iii) the Effective Date does not occur prior to the terms Option Date nor on any day which is either up to and including 21 days prior to, or up to and including 21 days after, the commencement of this Leasean accounting quarter (specifically, January 1, April 1, July 1, and subject October 1 of each year during the Sublease term); (iv) Subtenant provides Sublandlord with an Option to any rights Expand fee of extension contained in this Lease) by delivering written notice $87,745.00 to Landlord, provided that be paid at the time the Option to Expand notice is provided; (v) subject to the exceptions specifically noted in (vi) and (vii) below, the expansion space shall be occupied by Subtenant under the same terms and conditions of such notice this Sublease Agreement inclusive of Base Rent (at the then applicable rates under this Sublease Agreement), Operating Expenses (at the then applicable rates under the Master Lease), and Security Deposit (to be increased on the Effective Date by an amount equal to the first months’ Base Rent due for the Expansion Premises); (vi) Sublandlord shall not be required to provide Subtenant with a tenant improvement allowance; and (vii) Sublandlord shall not be required to pay a brokerage commission to any representative of Subtenant in connection with the exercise of the Option to Expand. If, prior to the Option Date, no event of defaultSublandlord intends to sublease the Expansion Premises (or any portion thereof), as defined Subtenant shall have the option to sublease such space on the terms and conditions set forth herein, except that Subtenant shall not be required to pay the fee set forth in Paragraph 25 subparagraph (iv) of this Leaseparagraph. In the event Sublandlord so elects to put any or all of the Expansion Premises on the market for sublease at any time after the Option Date, the Option to Expand shall have occurred and remain uncured beyond any applicable cure period. Once Tenant shall exercise an expansion optionin effect, Tenant however, Subtenant may not thereafter revoke such exercise. Tenant’s failure elect instead to timely exercise an expansion option negotiate terms for any reason whatsoever shall conclusively space marketed for sublease by Sublandlord on terms other than those specified in this paragraph, such other terms to be deemed a waiver mutually agreed upon by the parties. In the event Subtenant declines to exercise its expansion options under this Paragraph 9 and Sublandlord subsequently subleases all or any of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject Expansion Premises to a determination by Landlordthird party, in LandlordSubtenant’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Spaceexpansion options under this Paragraph 9 shall terminate and be of no further force or effect.

Appears in 1 contract

Samples: Sublease Agreement (Pixelworks Inc)

Option to Expand. On or before expiration Provided that Tenant is not then in default under any provision of the sixth (6th) month of the term, Tenant shall be required to lease the remainder 3,942 square feet of Rentable Space on the third (3rd) floor, at the same rental rate then being paid for the initial Premises. In addition, Tenant will have the right to expand during the first 6 months by leasing the approximately 15,165 square feet of Rental Space on the fourth (4th) floor (the “4th Floor Space”) as identified on Exhibit “B-1” attached to this Lease and incorporated herein by reference at the same rental rate then being paid in the initial Premises; provided, however, Landlord will continue to keep the 4th Floor Space available for lease to Tenant for one additional period of three (3) months (a total of nine months following the commencement date), but if Tenant elects to lease the 4th Floor Space between the expiration of the sixth (6) month and commencement of the ninth (9th) month following commencement of the Lease, the rental rate shall be increased by twenty-five cents (.25¢) per square foot, and Tenant improvements dollars will decline on a pro rata basis based on the remaining length of the term. If the Tenant does not elect to lease the fourth (4th) floor space during the initial nine (9) months following commencement of the Lease, Tenant shall have the right to lease all of first refusal the space which is not then leased by Tenant on the ninth floor (comprising approximately 23,840 rentable square feet) of the Building (the "Option Space") in accordance with and subject to the provisions of this Section 2.5. Tenant shall deliver written notice to Landlord of its irrevocable commitment to lease the 4th Floor Expansion Space in at any time prior to June 1, 2000 (the event that "Expansion Commitment"). If Tenant fails to timely deliver the Expansion Commitment, Landlord receives an offer shall be free thereafter to lease the spaceOption Space to one or more third parties, and any such right of first refusal subject to Section 2.4 above. The Option Space shall be on the exact terms received and approved by Landlord from a third party offering subject to lease the 4th Floor Space. Tenant shall have the option to lease at then current market rental rates any additional space which is available in 5,000 rsf increments consisting all of the area which is available on the second (2nd) and fifth (5th) floors designated and referred to as the “Expansion Space”, at any time during the lease term (the “Effective Date”) and ending on the expiration of the Lease Term (unless sooner terminated pursuant to the terms of this Lease, and except that (i) subject to any Landlord's rights in the event of extension contained "Tenant Delays" as described in Exhibit X hereto, the term shall be coterminous with this LeaseLease commencing on the date Landlord has substantially completed the tenant improvements for the Option Space, which date shall be on the earliest possible date agreed to by Landlord and Tenant, but in no event later than August 31, 2001; (ii) the Basic Rent for the Option Space shall be at the prevailing market rental rate (including periodic adjustments) for comparable and similarly improved space within the Building and the adjacent building at 8105 Xxxxxx Xxxxxx Xxxxx (xxe "8105 Building") as of the commencement of the Term of the Option Space, based on a reasonable extrapolation of leasing rates actually achieved in recent transactions in the Building and the 8105 Building and, if Tenant is not then being represented by delivering written notice a broker, giving greater weight to transactions in which no third party brokerage commission was paid; (iii) Landlord shall provide Tenant with five (5) employee parking spaces for every one thousand (1,000) usable square feet of the Option Space, which allotment shall include a limited number of reserved spaces equal to one (1) reserved stall for every four thousand (4,000) usable square feet of the Option Space; and (iv) Landlord shall cause to be constructed tenant improvements for the Expansion Space consistent with those provided for the initial Premises pursuant to Exhibit X hereto, which improvements shall be completed in accordance with a space plan approved by the parties. Landlord agrees that in the event the tenant improvement work requested by Tenant for the Expansion Space exceeds the amount of the Landlord's tenant improvement contribution therefor, then Landlord shall, at Tenant's request, submit the tenant improvement work for the Expansion Space to a competitive bidding process involving Landlord-approved contractors. Landlord further agrees that should the Expansion Space comprise the entire rentable area of the ninth floor, then as part of the approved tenant improvement work, Tenant shall have the right to remove the existing corridor space and to convert such space to usable office space, provided that at the time of such notice reconfiguration is in compliance with all building codes and on the Effective Date, no event of default, as defined in Paragraph 25 of this Lease, shall have occurred other legal requirements and remain uncured beyond any applicable cure period. Once Tenant shall exercise an expansion option, provided further that Tenant may not thereafter revoke such exercise. Tenant’s failure to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination required by Landlord, in concurrently with Landlord’s discretion's approval of Tenant's final construction drawings, that Tenant’s financial to restore the corridor to a Building standard condition at the time it makes such election is sufficient end of the Term. Should the parties be unable to meet agree upon the rental rate for the Option Space within thirty (30) days following delivery of the Expansion Commitment, then either party may cause the rate to be determined by arbitration pursuant to Section 14.7(b). Tenant understands and agrees that Landlord's obligation to deliver certain suites on the ninth floor of the Building shall be contingent upon Landlord's ability to relocate the existing tenants thereof at a reasonable cost (which cost shall be funded by Tenant); should Landlord be unable to do so despite its financial obligation associated good faith efforts, then Landlord shall so notify Tenant and the Option Space shall be deemed to exclude those applicable suites. Upon Tenant's exercise of its rights under this Section 2.5 and the determination of the final economic terms for Tenant's lease of the Option Space, Landlord shall prepare an appropriate amendment to this Lease respecting same and Tenant shall execute and deliver the amendment to Landlord within ten (10) days after receipt. Tenant's rights under this Section 2.5 shall belong solely to Quest Software, Inc., a California corporation, and may not otherwise be assigned or transferred except in connection with the Offered Spacean assignment of this Lease to a Tenant Affiliate. Any other attempted assignment or transfer shall be void and of no force or effect.

Appears in 1 contract

Samples: Quest Software Inc

Option to Expand. On or before expiration of the sixth (6tha) month of the term, Tenant shall be required have the one-time right of first offer to lease the remainder 3,942 square feet of Rentable Space any additional space on the third (3rd) floor, at the same rental rate then being paid 400 Level of C Building that becomes available for the initial Premises. In addition, Tenant will have the right to expand during the first 6 months by leasing the approximately 15,165 square feet of Rental Space on the fourth (4th) floor occupancy (the “4th Floor Available Space”) as identified on Exhibit “B-1” attached during the Term, subject to and in accordance with the terms and conditions set forth in this Lease Section 2.03. If at any time from and incorporated herein by reference at after the same rental rate then being paid in the initial Premises; provided, however, Landlord will continue Term Commencement Date and prior to keep the 4th Floor Space available for lease to Tenant for one additional period of three (3) months (a total of nine months following the commencement date), but if Tenant elects to lease the 4th Floor Space between the expiration of the sixth Term any Available Space shall become available, Landlord shall notify Tenant thereof in writing (6) month and commencement of “Landlord’s Available Space Notice”), which notice shall include the ninth (9th) month following commencement of anticipated estimated date upon which such Available Space shall become available for occupancy by Tenant along with a floor plan showing the Lease, the rental rate shall be increased by twenty-five cents (.25¢) per approximate rentable square foot, and Tenant improvements dollars will decline on a pro rata basis based on the remaining length of the termfootage thereof. If the Tenant does not elect to lease the fourth (4th) floor space during the initial nine (9) months following commencement of the Lease, Tenant shall have the right to lease all such Available Space described in Landlord’s Available Space Notice only by giving written notice to Landlord within fourteen (14) days after Tenant receives Landlord’s Available Space Notice, time being of the essence. If Tenant so elects to lease the applicable Available Space, such Available Space shall be and become part of the Premises hereunder upon the delivery of such Available Space to Tenant and shall be leased upon the same terms and conditions contained in this Lease, except that: (x) the Base Rent for such space shall be equal to the Market Rent therefor determined in accordance with Section 3.03(d), below (made applicable hereto by such changes and modifications as are required given the application hereof, mutatis mutandis), (y) it is understood and agreed that the applicable Available Space shall be leased by Tenant in its then “as-is”, “where-is” condition, without warranty or representation by Landlord and Landlord shall have no obligation to complete any work to prepare the applicable Available Space for Tenant’s use and occupancy or provide any allowance or contribution therefor, and (z) there shall be at least five (5) full Lease Years remaining in the Term from and after the delivery of such Available Space (which five (5) Lease Year period may include Tenant’s early exercise of any remaining extension term). Following such election by Xxxxxx, and effective as of the delivery of the applicable Available Space and for the balance of the Term and any extension thereof: (i) the “Premises”, as used in this Lease, shall include the applicable Available Space; (ii) the rentable square footage of the Premises shall be increased to include the rentable square footage of the applicable Available Space (and any Additional Rent, charges and expenses due under this Lease shall be re-calculated to reflect the inclusion of the Available Space); and (iii) the Base Rent shall equal the sum of the then current Base Rent provided for in this Lease plus the Base Rent for the applicable Available Space as determined above. To confirm the inclusion of the applicable Available Space as set forth above, Landlord shall prepare, and Tenant and Landlord shall promptly execute and deliver, an amendment to this Lease reflecting the foregoing terms and incorporation of the applicable Available Space. For the purposes hereof, space shall be deemed “available for occupancy” only when and after the existing lease thereon (including any available extension periods) has expired or is due to expire within six (6) months, and Landlord has elected not to renew the lease of the present tenant (including at Landlord’s discretion beyond the existing terms and conditions of such lease), and Landlord is free to lease such space to third parties without restriction or Landlord has entered into, or reasonably anticipates entering into, an agreement with the present tenant for the early surrender of such space within the next six (6) months. For clarity, Xxxxxx understands that all vacant space in C Building as of the date hereof is not “available for occupancy” and will only become “available for occupancy” from and after the time such space has first been leased and then meets the definition for “available for occupancy” hereunder. Tenant acknowledges and agrees that its rights hereunder are and shall be subject and subordinate to any extension rights, expansion rights, options to lease or any rights of first negotiation, first offer or first refusal to lease the 4th Floor Space in the event that Landlord receives an offer granted to lease the space, and any such right of first refusal shall be on the exact terms received and approved by Landlord from a third party offering to lease the 4th Floor Space. Tenant shall have the option to lease at then current market rental rates any additional space which is available in 5,000 rsf increments consisting other tenants or occupants of the area which is available on Property prior to the second (2nd) date of execution and fifth (5th) floors designated and referred to as the “Expansion Space”delivery of this Lease, at any time during the lease term (the “Effective Date”) and ending on the expiration of the Lease Term (unless sooner terminated pursuant or to the terms of this Leaseany leases, including extension and subject expansion rights, existing prior to any rights of extension contained in this Lease) by delivering written notice to Landlord, provided that at the time of such notice execution and on the Effective Date, no event of default, as defined in Paragraph 25 delivery of this Lease. TENANT SPECIFICALLY ACKNOWLEDGES AND AGREES THAT THE RIGHT OF FIRST OFFER PROVIDED HEREIN IS NOT INTENDED AS, shall have occurred and remain uncured beyond any applicable cure period. Once Tenant shall exercise an expansion optionNOR SHALL THE SAME BE INTERPRETED OR CONSTRUED TO BE, Tenant may not thereafter revoke such exercise. Tenant’s failure to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered SpaceA RIGHT OF FIRST REFUSAL.

Appears in 1 contract

Samples: Commencement Date Agreement (Curis Inc)

Option to Expand. On Section 26.01. Provided there shall not have occurred and be continuing an “Event of Default” (as defined in Article XV hereof) and there has been no assignment of this Lease (other than a Permitted Transfer as defined in Article VIII), then, at any time on or before expiration prior to September 30, 2014, Tenant shall have the right to lease all (or as provided in Section 26.02, a portion) of the sixth “Expansion Space” (6thas indicated on Exhibit “A” attached hereto) month pursuant to the terms and conditions of this Lease, including Base Rent and Additional Rent set forth herein; provided, however, the termExpansion Space shall be tendered to, and accepted by, Tenant on an “as-is” basis. If Tenant elects to expand into the Expansion Space, Tenant shall be required to lease the remainder 3,942 square feet of Rentable Space on the third (3rd) floorentire Expansion Space, at the same rental rate then being paid for the initial Premisesexcept as provided in Section 26.02. In addition, the event Tenant will have the right to expand during the first 6 months by leasing the approximately 15,165 square feet of Rental Space on the fourth (4th) floor (the “4th Floor Space”) as identified on Exhibit “B-1” attached to this Lease and incorporated herein by reference at the same rental rate then being paid in the initial Premises; provided, however, Landlord will continue to keep the 4th Floor Space available for lease to Tenant for one additional period of three (3) months (a total of nine months following the commencement date), but if Tenant elects desires to lease the 4th Floor Expansion Space between the expiration of the sixth (6) month and commencement of the ninth (9th) month following commencement of the Lease, the rental rate shall be increased by twenty-five cents (.25¢) per square foot, and Tenant improvements dollars will decline on a pro rata basis based on the remaining length of the term. If the Tenant does not elect to lease the fourth (4th) floor space during the initial nine (9) months following commencement of the Lease, Tenant shall have the right of first refusal to lease the 4th Floor Space in the event that Landlord receives an offer to lease the space, and any such right of first refusal shall be on the exact terms received and approved by Landlord from a third party offering to lease the 4th Floor Space. Tenant shall have the option to lease at then current market rental rates any additional space which is available in 5,000 rsf increments consisting of the area which is available on the second (2nd) and fifth (5th) floors designated and referred to as the “Expansion Space”, at any time during the lease term (the “Effective Date”) and ending on the expiration of the Lease Term (unless sooner terminated pursuant to the terms of this LeaseSection 26.01, Tenant shall notify Landlord on or before September 30, 2014 of its election (“Expansion Notice”). Time is of the essence. In the event Landlord does not receive Tenant’s Expansion Notice on or before September 30, 2014, then this Article XXVI shall be rendered null and void and of no further force or effect. Upon receipt by Landlord of Tenant’s Expansion Notice, Landlord shall submit to Tenant a lease amendment incorporating the Expansion Space (or applicable portion thereof) into the Leased Premises upon the terms and conditions set forth in this Article XXVI, and subject Tenant shall execute and deliver to any rights of extension contained in this Lease) by delivering written notice to Landlord, provided that at the time Landlord signed counterparts of such notice lease amendment within ten (10) days following receipt thereof by Tenant. Time is of the essence. In the event Tenant fails to execute the aforesaid amendment and on the Effective Datereturn same to Landlord within such ten (10) day period, no event of default, as defined in Paragraph 25 of this Lease, shall have occurred and remain uncured beyond any applicable cure period. Once then Tenant shall exercise an expansion option, Tenant may not thereafter revoke such exercise. Tenant’s failure to timely exercise an expansion option for any reason whatsoever shall conclusively will be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option have waived its rights under this Article XXVI and this Article XXVI shall be subject to a determination by Landlord, in Landlord’s discretion, rendered null and void. Such amendment shall provide that Tenant’s financial condition obligation to pay rental attributable to the Expansion Space shall commence thirty (30) days following the date upon which Landlord tenders possession of the Expansion Space to Tenant (“Tender Date”). In the event Tenant exercises its rights herein granted, the Expansion Space shall be tendered to Tenant and accepted by Tenant on an “as is” basis and shall become part of the Leased Premises, subject to all of the terms and provisions of this Lease as of the Tender Date. Tenant shall be responsible for all costs and expenses in connection with any construction required to combine the Leased Premises and the Expansion Space, and all construction performed at the time it makes such election Expansion Space shall be performed in full compliance with all applicable governmental laws, regulations and ordinances, in a good and workmanlike manner and based upon plans and specifications approved by Landlord (which approval by Landlord shall not be unreasonably withheld, delayed or conditioned). Upon the Tender Date, “Tenant’s Share” (as said term is sufficient used in Article XXI) shall be calculated by using as the numerator the total number of square feet then contained in the Leased Premises after adding thereto the Expansion Space. The term of this Lease with respect to meet its financial obligation associated any Expansion Space shall be co-terminous with that of the Offered Spaceoriginal Leased Premises.

Appears in 1 contract

Samples: Industrial Lease Commission Agreement (Francesca's Holdings CORP)

Option to Expand. On or before expiration Provided that Sublessee has not been in Default of ---------------- any its obligations under this Sublease Agreement beyond the applicable cure period and that Sublessor has not given more than four (4) notices of Default to Sublessee prior to the date of the sixth (6th) month exercise of the termoption, Tenant and provided further that Sublessee does not thereafter default under any of its obligations under this Sublease Agreement, Sublessee shall be required have the option to lease sublease from Sublessor the remainder 3,942 remaining portion of Sublessor's space on the 4th floor of the Building, comprising approximately 10,000 rentable square feet of Rentable space ("Option Space") effective January 31, 2002 ("Option Space Date") for the remainder of the Sublease Term. This option shall be exercised by written notice given by Sublessee to Sublessor no less than 180 days prior to the Option Space Date. If Sublessee fails to exercise the option in that manner and by that date, the option shall expire and have no further force or effect. If Sublessee timely exercises the option in the manner just described, then the Option Space shall become a part of the Subleased Premises on the Option Space Date, the monthly installment of Base Rent due under this Sublease shall be increased on that date by the number of rentable square feet of the Option Space multiplied by the annual Base Rent then in effect (and shall be increased as and to the extent that Base Rent is increased for the remaining Subleased Space from time to time), and Sublessee's Share for purposes of calculating Additional Rent shall be adjusted according to the formula set forth in paragraph 3.2. Sublessee shall accept the Option Space "AS IS," in its then-existing condition, and subject to the provisions of paragraph 9.1 of this Sublease Agreement. If Sublessor has not previously constructed or caused to be constructed tenant improvements in the Option Space, then Sublessor shall provide to Sublessee an allowance for construction of tenant improvements equal to $23.00 per rentable square foot of the Option Space on the third same terms and conditions as Sublessor's Allowance as described in Exhibit C concerning Sublessee Improvements. Sublessor agrees that if it subleases the Option Space to any other person or entity (3rd"Other Option Space Subtenant") floorfor any period prior to the Option Space Date, then Sublessee shall have the right, at its election, to review the same rental rate then being paid proposed space plan for construction of tenant improvements to the Option Space for the initial Premisesbenefit of the Other Option Space Subtenant (collectively, "Space Plan"). In additionWithin ten (10) days after receipt of a copy of the Space Plan, Tenant will Sublessee shall have the right to expand during give written notice to Sublessor that it exercises its option to take the first 6 months by leasing Option Space early, in which case the approximately 15,165 square feet Option Space shall become a part of Rental Space the Subleased Premises on the fourth (4th) floor (thirtieth day following its receipt of the “4th Floor Space”) as identified on Exhibit “B-1” attached Space Plan. If Sublessee does not timely exercise its option to this Lease and incorporated herein by reference at take the same rental rate then being paid Option Space early in the initial Premisesmanner just described, then Sublessor shall have the right to proceed with construction of tenant improvements to benefit the Other Option Space Subtenant substantially in accordance with the Space Plan; provided, however, Landlord will continue that if Sublessor expends less than $23.00 per rentable square foot of the Option Space for the construction of tenant improvements to keep the 4th Floor Space available for lease to Tenant for one additional period of three (3) months (a total of nine months following the commencement date)Option Space, but and if Tenant elects Sublessee properly exercises its option to lease the 4th Floor Option Space thereafter, then upon exercise of its option Sublessee shall be entitled to have the difference between the expiration $23.00 per rentable square foot of the sixth (6) month Option Space and commencement the amount actually spent by Sublessor for construction of tenant improvements to the ninth (9th) month following commencement Option Space as an allowance for construction of its improvements to the Lease, the rental rate shall be increased by twenty-five cents (.25¢) per square foot, and Tenant improvements dollars will decline on a pro rata basis based Option Space on the remaining length of the term. If the Tenant does not elect to lease the fourth (4th) floor space during the initial nine (9) months following commencement of the Lease, Tenant shall have the right of first refusal to lease the 4th Floor Space same terms and conditions as Sublessor's Allowance described in the event that Landlord receives an offer to lease the space, and any such right of first refusal shall be on the exact terms received and approved by Landlord from a third party offering to lease the 4th Floor Space. Tenant shall have the option to lease at then current market rental rates any additional space which is available in 5,000 rsf increments consisting of the area which is available on the second (2nd) and fifth (5th) floors designated and referred to as the “Expansion Space”, at any time during the lease term (the “Effective Date”) and ending on the expiration of the Lease Term (unless sooner terminated pursuant to the terms of this Lease, and subject to any rights of extension contained in this Lease) by delivering written notice to Landlord, provided that at the time of such notice and on the Effective Date, no event of default, as defined in Paragraph 25 of this Lease, shall have occurred and remain uncured beyond any applicable cure period. Once Tenant shall exercise an expansion option, Tenant may not thereafter revoke such exercise. Tenant’s failure to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Space.Exhibit C.

Appears in 1 contract

Samples: Office Lease Agreement (Drugstore Com Inc)

Option to Expand. On or before expiration Between the end of the sixth (6th) 60th month and the end of the 72nd month of the Lease term, Tenant Lessor shall be required to lease notify Lessee in writing of the remainder 3,942 location in the Office Complex of approximately 20,000 rentable square feet of Rentable Space space into which Lessee shall have an option to expand adjacent to the Premises and of an effective date for the expansion area (which effective date shall be approximately months after Lessor's notice), and such addition to the Premises shall be governed by the provisions of this Lease (including provisions relating to renewals), to the extent the same are not inconsistent with the following terms of this Article. In the event Lessee needs such additional expansion space in the Complex, Lessee shall notify Lessor on or before fifteen (15) days after Lessor's notice that Lessee exercises its expansion rights to such space designated by Lessor. In the event Lessee so notifies Lessor, Lessor shall deliver to Lessee an amendment of this Lease adding such additional space to the Premises demised hereunder, such space being added on the third effective date designated therefor in Lessor's notice, for the balance of the term of this Lease (3rdas the same may be extended pursuant to Article XXV ("Option to Extend") floorhereof. Additional annual Base Rent shall be payable for the additional area in the amount of said area multiplied by the then current (as of the effective date) fair market annual Base Rent (considering tenant improvements and duration of term) for such Premises payable monthly, in advance, at the rate of one-twelfth (1/12th) of said annual fair market Base Rent per month. The "percent" for Lessee's Pro Rata Share of Excess Operating Expenses for such additional space shall be a "percent" equal to the rentable area of the additional space and divided by the rentable office area of the Complex subject to adjustment as provided in Article II ("Additional Rent") hereof. Such change in the Base Rent and such percent shall be applicable from and after the effective date as to the additional area as designated by Lessor. All redecorating of each respective space shall be done after the effective date and shall be Lessee's responsibility. If any portion thereof has not been theretofore fitted up for occupancy, Lessor will install therein (at Lessor's sole cost and expense) Lessor's then building standard improvements. Lessee shall designate its layout for same rental rate then being paid so as not to delay occupancy of such space by the said effective date. Lessee shall execute and redeliver to Lessor the appropriate amendment of Lease promptly after receipt and so as to not delay any tenant improvements. The fair market Base Rent for such applicable space shall be determined in relation to comparable (in quality and location) office space located in the initial Premisesrelevant market area (considering tenant improvements and duration of term). In addition, Tenant will have The fair market Base Rent of the right additional space shall be determined as of the effective date of the expansion. If Lessor and Lessee fail to agree within thirty (30) days after exercise by Lessee of its rights to expand during the first 6 months by leasing Premises, upon the approximately 15,165 square feet of Rental Space on fair market Base Rent for such expansion area, the fourth (4th) floor (the “4th Floor Space”) as identified on Exhibit “B-1” attached to this Lease and incorporated herein by reference at the same rental rate then being paid in the initial Premises; provided, however, Landlord will continue to keep the 4th Floor Space available for lease to Tenant for one additional period of three (3) months (a total of nine months following the commencement date), but if Tenant elects to lease the 4th Floor Space between the expiration amount of the sixth (6) month and commencement of the ninth (9th) month following commencement of the Lease, the rental rate fair market Base Rent for such area shall be increased determined by twenty-five cents appraisal in accordance with the provisions of Article XXXII (.25¢"Appraisal") per square foot, and Tenant improvements dollars will decline on a pro rata basis hereof. The fair market Base Rent shall be based on the remaining length assumption that the use of said expansion area shall be comparable to Lessee's then existing use of the term. If Premises and to the Tenant does not elect to lease the fourth (4th) floor space during the initial nine (9) months following commencement use of the Lease, Tenant shall have the right of first refusal to lease the 4th Floor Space other leasable area in the event that Landlord receives an offer to lease the space, and any such right of first refusal shall be on the exact terms received and approved by Landlord from a third party offering to lease the 4th Floor Space. Tenant shall have the option to lease at then current market rental rates any additional space which is available in 5,000 rsf increments consisting of the area which is available on the second (2nd) and fifth (5th) floors designated and referred to as the “Expansion Space”, at any time during the lease term (the “Effective Date”) and ending on the expiration of the Lease Term (unless sooner terminated pursuant to the terms of this Lease, and subject to any rights of extension contained in this Lease) by delivering written notice to Landlord, provided that at the time of such notice and on the Effective Date, no event of default, as defined in Paragraph 25 of this Lease, shall have occurred and remain uncured beyond any applicable cure period. Once Tenant shall exercise an expansion option, Tenant may not thereafter revoke such exercise. Tenant’s failure to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered SpaceComplex.

Appears in 1 contract

Samples: Lease (Syntellect Inc)

AutoNDA by SimpleDocs

Option to Expand. On Landlord grants to Tenant the option to expand ---------------- the Premises by a building or before expiration buildings to be constructed by Landlord on the Property. The Tenant may choose to have the expansion performed in one or several increments of at least [*] m/2/. ------------ *CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. Tenant may only exercise the option to expand if the Lease term is at least still 10 (ten) years at the time that the Tenant exercises the option - if necessary by exercising an option to extend the term pursuant to Sec. 7 (b) Lease Summary -. The parties expect that up to [*] m/2/ additional space can be constructed on the Property. Upon Tenant's exercise of the sixth option, the Option Space shall be constructed by Landlord at Landlord's expense pursuant to the Work Letter for Option Space (6thExhibit D) month within 18 (eighteen) months after the exercise of the term, option by ---------- Tenant and submission of the preliminary design criteria which are sufficient for the Landlord to carry out the above and below-ground-construction work complying with the Hesse Building Code and shall be required leased to lease Tenant pursuant to the remainder 3,942 provisions of this Lease. The Parties shall cooperate to clear any design discrepancies. Rent for the Option Space shall be the Rent per square feet meter of Rentable Space on the third (3rd) floor, Area in effect under this Lease at the same rental rate then being paid for commencement of Tenant's occupancy of the initial PremisesOption Space. In addition, Tenant will have This additional rent shall be payable after the right to expand during end of the first 6 [*] months by leasing rent-free period after the approximately 15,165 square feet of Rental Space on the fourth (4th) floor (the “4th Floor Space”) as identified on Exhibit “B-1” attached to handover in question. The Rent payable under this Lease and incorporated herein by reference at the same rental rate then being paid in the initial Premises; provided, however, Landlord will continue to keep the 4th Floor Space available for lease to Tenant for one additional period of three (3) months (a total of nine months following the commencement date), but if Tenant elects to lease the 4th Floor Space between the expiration of the sixth (6) month and commencement of the ninth (9th) month following commencement of the Lease, the rental rate shall be increased by twenty-five cents (.25¢) per square foot, and Tenant improvements dollars will decline on a pro rata basis based on the remaining length amount of Rent attributable to the Option Space that is leased by Tenant. The parties shall immediately execute an amendment to this Lease stating the addition of the termOption Space to the Premises. If Upon receipt of Tenant's notice to exercise the Tenant does not elect to lease option, Landlord shall design and construct such space in accordance with the fourth (4th) floor space during the initial nine (9) months following commencement terms set forth in Exhibit D. ---------- The Rentable Area of the Lease, Tenant shall have the right of first refusal to lease the 4th Floor Option Space in the event that Landlord receives an offer to lease the space, and any such right of first refusal shall be on the exact terms received and approved by Landlord from a third party offering to lease the 4th Floor Space. Tenant shall have the option to lease at then current market rental rates any additional space which is available in 5,000 rsf increments consisting of the area which is available on the second (2nd) and fifth (5th) floors designated and referred to as the “Expansion Space”, at any time during the lease term (the “Effective Date”) and ending on the expiration of the Lease Term (unless sooner terminated pursuant to the terms of this Lease, and subject to any rights of extension contained in this Lease) by delivering written notice to Landlord, provided that at the time of such notice and on the Effective Date, no event of default, as defined in Paragraph 25 of this Lease, shall have occurred and remain uncured beyond any applicable cure period. Once Tenant shall exercise an expansion option, Tenant may not thereafter revoke such exercise. Tenant’s failure to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, verification as provided in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Space.Section 1.3.2. --------------

Appears in 1 contract

Samples: Equinix Inc

Option to Expand. On Lessee shall have an option to expand the Premises effective September 15, 1996 into the approximately 12,832 square foot space indicated on Exhibit A as the "Expansion Space. In the event Lessee needs such additional expansion space in the Office/Warehouse Complex, Lessee shall notify Lessor on or before expiration July 31, 1996, that Lessee exercises its rights to such Expansion Space. In the event Lessee so notifies Lessor, Lessor shall deliver to Lessee an amendment of this Lease adding the sixth (6th) month of Expansion Space to the term, Tenant Premises demised hereunder. Additional Base Rent shall be required to lease the remainder 3,942 square feet of Rentable Space on the third (3rd) floor, at the same rental rate then being paid payable for the initial Premises. In addition, Tenant will have the right to expand during the first 6 months by leasing the approximately 15,165 square feet of Rental Space on the fourth (4th) floor (the “4th Floor Space”) as identified on Exhibit “B-1” attached to this Lease and incorporated herein by reference at the same rental rate then being paid in the initial Premises; provided, however, Landlord will continue to keep the 4th Floor Space available for lease to Tenant for one additional period of three (3) months (a total of nine months following the commencement date), but if Tenant elects to lease the 4th Floor Space between the expiration of the sixth (6) month and commencement of the ninth (9th) month following commencement of the Lease, the rental rate shall be increased by twenty-five cents (.25¢) per square foot, and Tenant improvements dollars will decline on a pro rata basis based on the remaining length of the term. If the Tenant does not elect to lease the fourth (4th) floor space during the initial nine (9) months following commencement of the Lease, Tenant shall have the right of first refusal to lease the 4th Floor Expansion Space in the event that Landlord receives an offer to lease the spaceamount of Fifty-seven Thousand Seven Hundred Forty-four and 00/100 Dollars ($57,744.00) per annum, payable monthly, in advance, in equal installments of Four Thousand Eight Hundred Twelve and 00/100 Dollars ($4,812.00), and any such right the "percents" for Lessee's Pro Rata Share of first refusal Excess Real Estate Taxes and for Lessee's Pro Rata Share of Excess Operating Expenses shall each be escalated by six and 29/lOOths percent (6.29%). In the event Lessee exercises its expansion rights herein, Lessor shall fit up the Expansion Space with the Tenant Improvements indicated on the exact terms received Specifications attached hereto as Exhibit 0 and approved by Landlord from a third party offering Lessee shall pay Lessor the amount of Thirty-eight Thousand Five Hundred and 00/100 Dollars ($38,500.00) upon substantial completion of such Exhibit 0 Tenant Improvements as its share of the costs of such improvements. Further, in the event Lessee elects to lease the 4th Floor Space. Tenant shall have Lessor provide an additional man door and to have the option to lease at then current market rental rates any additional space which is available in 5,000 rsf increments consisting west side of the area which is available on the second demising wall sheetrocked and painted, Lessee shall pay an additional Three Thousand Two Hundred and 00/100 Dollars (2nd$3,200.00) and fifth (5th) floors designated and referred to as the “Expansion Space”, at any time during the lease term (the “Effective Date”) and ending on the expiration of the Lease Term (unless sooner terminated pursuant to the terms of this Lease, and subject to any rights of extension contained in this Lease) by delivering written notice to Landlord, provided that at the time Lessor upon substantial completion of such notice Tenant Improvements. Lessee shall execute and on redeliver to Lessor the Effective Date, no event appropriate amendment of default, Lease promptly after receipt and so as defined in Paragraph 25 of this Lease, shall have occurred and remain uncured beyond not to delay any applicable cure period. Once Tenant shall exercise an expansion option, Tenant may not thereafter revoke such exercise. Tenant’s failure to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Spacetenant improvements.

Appears in 1 contract

Samples: Fargo Electronics Inc

Option to Expand. On Provided that (i) Tenant has not been in Default beyond any applicable cure periods at any time during the Lease Term, (ii) the creditworthiness of Tenant is materially the same as or before expiration better than on the Commencement Date, (iii) Tenant named herein remains in possession of and has been continuously operating in substantially the entire Leased Premises throughout the Lease Term and (iv) the current use of the sixth (6th) month of Leased Premises is consistent with the term, Tenant shall be required to lease the remainder 3,942 square feet of Rentable Space on the third (3rd) floor, at the same rental rate then being paid for the initial Premises. In addition, Tenant will have the right to expand during the first 6 months by leasing the approximately 15,165 square feet of Rental Space on the fourth (4th) floor (the “4th Floor Space”) as identified on Exhibit “B-1” attached to this Lease and incorporated herein by reference at the same rental rate then being paid in the initial Premises; provided, however, Landlord will continue to keep the 4th Floor Space available for lease to Tenant for one additional period of three (3) months (a total of nine months following the commencement date), but if Tenant elects to lease the 4th Floor Space between the expiration of the sixth (6) month and commencement of the ninth (9th) month following commencement of the Lease, the rental rate shall be increased by twenty-five cents (.25¢) per square footPermitted Use hereunder, and Tenant improvements dollars will decline on a pro rata basis based on subject to the remaining length availability of the term. If the Tenant does not elect to lease the fourth (4th) floor space during the initial nine (9) months following commencement of the Lease, Tenant shall have the right of first refusal to lease the 4th Floor Space in the event that Landlord receives an offer to lease the space, and any such right of first refusal shall be on the exact terms received and approved by Landlord from a third party offering to lease the 4th Floor Space. Tenant shall have the option to lease at then current market rental rates any additional expand the Leased Premises into a space which is available in 5,000 rsf increments consisting containing a minimum of one hundred twenty-five percent (125%) time the rentable square feet of the area which is available on the second Leased Premises (2nd) and fifth (5th) floors designated and referred to as the “Expansion Space”), at any time located in another building within the Park which is owned by Landlord. In the event Tenant elects to exercise its Expansion Option, Landlord and Tenant hereby agree that (A) Tenant shall provide Landlord with ninety (90) days written notice of its desire to expand; and (B) if said Expansion Space is available for lease to Tenant, (I) the term for the Expansion Space shall be for a minimum of five (5) years, and (II) the Minimum Rent for the Expansion Space shall be equal to the rate which is then being quoted by Landlord to prospective new tenants for the Expansion Space; provided, however, Tenant’s minimum annual rent per square foot for the Expansion Space shall not be less than the highest Minimum Annual Rent per square foot payable during the lease term (the “Effective Date”) and ending on the expiration of the Lease Term (unless sooner terminated pursuant to for the Leased Premises. Landlord and Tenant shall execute a new lease incorporating the terms provided above, which new lease shall provide for the termination of this Lease, and subject to any rights of extension contained in this Lease) by delivering written notice to Landlord, provided that at the time of such notice and on the Effective Date, no event of default, as defined in Paragraph 25 of this Lease, shall have occurred and remain uncured beyond any applicable cure period. Once Tenant shall exercise an expansion option, Tenant may not thereafter revoke such exercise. Lease upon Tenant’s failure occupancy of the Expansion Space. In the event Landlord notifies Tenant that the Expansion Space is not available for lease to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s sole discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Spacethis Expansion Option shall thereafter be null and void and this Lease shall remain in full force and effect.

Appears in 1 contract

Samples: Lease Agreement (Wells Real Estate Fund Xiv Lp)

Option to Expand. On or before expiration of The Lessee shall have the sixth (6th) month of option to expand at any time between June 1st, 1999 and February 28, 2000. The expansion shall take place into the term, Tenant area marked for that purpose on Schedule “A” and shall be required up to lease the remainder 3,942 approximately 17,989 square feet of Usable Area, with the Rentable Area thereof being determined by calculating the Usable Area in accordance with BOMA standards for office space measurements and adding thereto 15% for common areas (hereinafter referred to as the “CNX Expansion Space”). The Usable Area shall be calculated by the Lessor’s architect before the commencement date. The right to expand shall be exercised by increments of at least four thousand (4000) square feet of Usable Area each, beginning with the areas closest to the CNX area at the corner of St-Antoine and University of the Building cross-hatched in green on Schedule “A” and referred to as the Additional CNX area of 25,740 square feet of Usable Area and expanding westward therefrom, and shall be subject to the ratio and configuration conditions expressed in section 38.2 of the this Lease. In order to exercise said right to expand, the Lessee shall provide the Lessor with a minimum thirty (30) days prior written notice stipulating the area required, the proposed fixturing period and the commencement date. The commencement date for this CNX Expansion Space on shall be no more than 90 days following such written notice and shall in no event be later than May 1, 2000. During such fixturing period and up to the third commencement date for the CNX Expansion Space, the Lessee shall have access to the CNX Expansion Space but it shall not pay for any Minimum Rent or Additional Rent, it being understood however, that utilities (3rdsuch as electricity and chilled water) floorconsumed in the space during such period shall be paid for by Lessee. Representatives of both the Lessee and the Lessor shall have concurrent access to the CNX Expansion Space during said build-out periods in order to plan and execute their respective construction, fixturing and related tasks, the parties hereto hereby undertaking to be fully co-operative with each other so as to facilitate the accomplishment of such tasks. This right to expand shall be exercised one or more times until such CNX Expansion Space has been entirely occupied or, at the same rental rate then being paid for the initial Premises. In additionlatest, Tenant will have the by February 28, 2000, after which date said right to expand during shall cease to apply. It is understood that the first 6 months by leasing term for the approximately 15,165 square feet CNX Expansion Space shall be co-terminus with the Premises as provided in section 3.1 of Rental this Lease. Except as otherwise provided herein, the CNX Expansion Space on the fourth (4th) floor (the “4th Floor Space”) as identified on Exhibit “B-1” attached shall be subject to this Lease and incorporated herein by reference at the same rental rate then being paid rates, terms and conditions as contained in the initial Premises; provided, however, Landlord will continue to keep the 4th Floor Space available for lease to Tenant for one additional period of three (3) months (a total of nine months following the commencement date), but if Tenant elects to lease the 4th Floor Space between the expiration of the sixth (6) month and commencement of the ninth (9th) month following commencement of the this Lease, including the rental rate shall be increased by twenty-five Leasehold Improvement Allowance of TWENTY SIX dollars and EIGHTY FIVE cents (.25¢$26.85) per square footfoot of Usable Area. Should this right to expand be exercised after October 1, and Tenant improvements dollars will decline on a pro rata basis 1999, then such amount of 26.85$ per square foot of Usable Area shall be prorated based on the remaining length of the termTerm. If the Tenant does not elect to lease the fourth (4th) floor space during the initial nine (9) months following commencement of the Lease, Tenant shall have the right of first refusal to lease the 4th Floor Space in In the event that Landlord receives an offer to lease the spaceentire amount set in the Improvement Allowance is not spent once the CNX Expansion Space is completed, and any then such right of first refusal amount shall be deducted from the Minimum Rent using a 9% factor applied on the exact terms received and approved by Landlord from a third party offering per square foot basis to lease the 4th Floor Space. Tenant shall have the option to lease at then current market rental rates any additional space which is available in 5,000 rsf increments consisting of the area for which is available on the second (2nd) and fifth (5th) floors designated and referred to as the “Expansion Space”, at any time during the lease term (the “Effective Date”) and ending on the expiration of the Lease Term (unless sooner terminated pursuant to the terms of this Lease, and subject to any rights of extension contained in this Lease) by delivering written notice to Landlord, provided that at the time of such notice and on the Effective Date, no event of default, as defined in Paragraph 25 of this Lease, shall have occurred and remain uncured beyond any applicable cure period. Once Tenant shall exercise an expansion option, Tenant may not thereafter revoke such exercise. Tenant’s failure to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Spaceapplies.

Appears in 1 contract

Samples: Agreement of Lease (Microcell Telecommunications Inc)

Option to Expand. On or before expiration Provided that (i) no Event of the sixth Default exists under this Lease, (6thii) month of the term, Tenant shall be required to lease the remainder 3,942 square feet of Rentable Space on the third (3rd) floor, at the same rental rate then being paid for the initial Premises. In addition, Tenant will have the right to expand during the first 6 months by leasing the approximately 15,165 square feet of Rental Space on the fourth (4th) floor (the “4th Floor Space”) as identified on Exhibit “B-1” attached to this Lease is in full force and incorporated herein by reference at effect, (iii) Tenant has not assigned this Lease (excluding transfers not requiring Landlord's consent hereunder) and (iv) the same rental rate then being paid in the initial Premises; providedExpansion Area referred to below has not been leased to a third party following Tenant's failure to timely exercise its right of first refusal pursuant to Article 33 below, however, Landlord will continue to keep the 4th Floor Space available for lease to Tenant for one additional period of three (3) months (a total of nine months following the commencement date), but if Tenant elects to lease the 4th Floor Space between the expiration of the sixth (6) month and commencement of the ninth (9th) month following commencement of the Lease, the rental rate shall be increased by twenty-five cents (.25¢) per square footthen, and Tenant improvements dollars will decline on a pro rata basis based on the remaining length of the term. If the Tenant does not elect to lease the fourth (4th) floor space during the initial nine (9) months following commencement of the Leaseonly then, Tenant shall have an option, pursuant to the right terms and conditions of first refusal this Article 32, but subject to Landlord's rights under Article 33 below, to lease the 4th Floor Space in entire third floor of the event that Landlord receives an offer to lease Building (the space"Expansion Area"), and any not a portion of such right of first refusal shall be on the exact terms received and approved by Landlord from a third party offering to lease the 4th Floor Spacefloor. Tenant shall have may exercise the option to lease at then current market rental rates any additional space which is available in 5,000 rsf increments consisting of the area which is available on the second (2nd) and fifth (5th) floors designated and referred to as the “Expansion Space”, at any time during the lease term (the “Effective Date”) and ending on the expiration of the Lease Term (unless sooner terminated Area pursuant to the terms of this LeaseArticle 32 at any time prior to November 1, 2002, by delivering to Landlord its irrevocable written notice of such exercise. To be valid, Tenant's exercise of its option to expand must be unqualified and unconditional, and subject once timely exercised, may not be rescinded by Tenant. Time is of the essence with respect to any rights of extension contained in this Lease) by delivering the time period during which Tenant must deliver to Landlord its written notice of exercise of the expansion option. If Tenant fails to Landlorddeliver written notice of its exercise of the expansion option to Landlord prior to November 1, provided 2002, then the expansion option shall expire and be of no further force and effect and Landlord shall be free to lease the Expansion Area or applicable portion thereof to third parties. If Tenant timely exercises the expansion option, and the Expansion Area is available for lease, then Landlord shall prepare, and Landlord and Tenant shall execute, an amendment to this Lease that at incorporates the time Expansion Area into the Premises and subjects the Expansion Area to all of such notice the terms and on the Effective Date, no event of default, as defined in Paragraph 25 conditions of this Lease, shall have occurred and remain uncured beyond any applicable cure period. Once except (i) Tenant shall not have any rights of early occupancy of the Expansion Area, (ii) the term of the Lease with respect to the Expansion Area shall commence immediately following the exercise an expansion option, Tenant may not thereafter revoke such exercise. Tenant’s failure to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion optionoption and shall be coterminus with the lease of the original Premises, (iii) Tenant's Proportionate Share and number of non-exclusive parking spaces allocated to Tenant shall be adjusted based on the leasable square footage included in the Expansion Area, (iv) Tenant shall accept the Expansion Area in its "as is" condition and Landlord shall not be obligated to construct or install any tenant improvements in the Expansion Area for Tenant, nor shall Landlord be obligated to provide Tenant with any tenant improvement allowance with respect to any tenant improvements Tenant desires to construct or install in the Expansion Area, and (v) with respect to the Expansion Area only, only a portion of the monthly Basic Rental applicable to the twelfth (12th) month of the Lease Term shall be abated pursuant to the provisions of Article 3.1 above, which portion shall be in the same percentage that the number of months remaining in the first year of the Lease Term as of the date this Lease commences as to the Expansion Area bears to twelve months. Notwithstanding anything Anything herein to the contrary contained hereinnotwithstanding, Tenant’s if Tenant has not timely exercised the expansion option shall be subject referred to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition herein at the time it makes such election is sufficient Landlord delivers an Offer (as defined in Article 33 below) to meet Tenant pursuant to the terms of Article 33 below, then, if Tenant timely elects to exercise its financial obligation associated expansion option in accordance with the Offered Spaceterms of this Article 32 (which, for purposes of this sentence, must be within five (5) business days following the date Landlord delivers the Offer to Tenant), the Basic Rental to be paid by Tenant shall be equal to the Basic Rental set forth in the Offer (which may be less than or greater than the Basic Rental applicable to the Premises (i.e. $1.00 per square foot). Landlord and Tenant agree to execute the amendment to this Lease referred to in this paragraph within ten (10) days after the date Landlord delivers the same to Tenant. Furthermore, if Tenant has not timely exercised the expansion option referred to herein at the time Landlord delivers an Offer (as defined in Article 33 below) to Tenant pursuant to the terms of Article 33 below and if such Offer is an offer to lease the second and third floors of the Building, or all of either the second or third floors of the Building and part of the other floor, then Tenant shall have no right to exercise the expansion option in accordance with this Article 32 (and lease only the third floor of the Building) but Tenant may exercise the right of first refusal in accordance with the terms of Article 33 and lease both the second and third floors of the Building on the terms set forth in the Offer.

Appears in 1 contract

Samples: Standard Office Lease (Netgear Inc)

Option to Expand. On or before expiration Provided that the LESSEE is not in any default under this Lease Contract, and for a period defined by the first twenty-four (24) months of the sixth (6th) month of Initial Term, LESSOR agrees to hold undeveloped the term, Tenant shall be required to lease the remainder 3,942 square feet of Rentable Space on the third (3rd) floor, at the same rental rate then being paid for the initial Premises. In addition, Tenant will have the right to expand during the first 6 months by leasing the approximately 15,165 square feet of Rental Space on the fourth (4th) floor (the “4th Floor Space”) adjacent lot as identified shown on Exhibit “B-1” attached to this Lease "A" as the "Adjacent Lot" and incorporated herein by reference at the same rental rate then being paid in the initial Premises; provided, however, Landlord LESSEE will continue to keep the 4th Floor Space available for lease to Tenant for one additional period of three (3) months (a total of nine months following the commencement date), but if Tenant elects to lease the 4th Floor Space between the expiration of the sixth (6) month and commencement of the ninth (9th) month following commencement of the Lease, the rental rate shall be increased by twenty-five cents (.25¢) per square foot, and Tenant improvements dollars will decline on a pro rata basis based on the remaining length of the term. If the Tenant does not elect to lease the fourth (4th) floor space during the initial nine (9) months following commencement of the Lease, Tenant shall have the right of first refusal to lease the 4th Floor Space in the event that Landlord receives an offer to lease the space, and any such right of first refusal shall be on the exact terms received and approved by Landlord from a third party offering to lease the 4th Floor Space. Tenant shall have the option to request LESSOR, in writing, to build on the Adjacent Lot an expansion to the existing Building (the "Option to Expand") and lease at then current market rental rates any additional space which is available in 5,000 rsf increments consisting such expansion (the "Expansion") from LESSOR. LESSOR will deliver the Expansion for final occupancy within a period of six months from the date of the written notification by LESSEE of exercising the Option to Expand. The Expansion will be a construction of approximately a minimum of 45,715 square feet and up to approximately a maximum of 58,600 square feet. The specifications for the Expansion are contained on Exhibit "A-1" of this Lease Contract. Provided that the LESSEE exercises the Option to Expand, this Lease Contract will be then reset for a period of additional five years. The final occupancy of the expansion area which by the LESSEE, as provided for in this Clause, is available on the second (2nd) event that initiates the Reset five years Term. The Lease Rent for the reset term shall be the amount resulting from dividing the Lease Rent then in effect by the number of square feet for the existing Building and fifth (5th) floors designated then multiplying the resulting number by the total area obtained from the sum of the square footage of the existing Building and referred the Expansion area, plus the corresponding Value Added Tax, under the same terms and conditions as set for herein. LESSEE will have the option to extend this Lease Contract beyond the Reset Initial Term under the same terms and conditions as set for herein. The Lease Rent will have the “Expansion Space”same rent escalator as provided for in the Clause Sixth hereof, at any time and the Leased Property will include the Expansion. The Lease Rent Advance Amount shall be applied as provided for during the lease term (the “Effective Date”) and ending on the expiration of the Lease Term (unless sooner terminated pursuant to the terms of this Lease, and subject to any rights of extension contained in this Lease) by delivering written notice to Landlord, provided that at the time of such notice and on the Effective Date, no event of default, as defined in Paragraph 25 of this Lease, shall have occurred and remain uncured beyond any applicable cure period. Once Tenant shall exercise an expansion option, Tenant may not thereafter revoke such exercise. Tenant’s failure to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Spaceoriginal Initial Term.

Appears in 1 contract

Samples: Lease Contract (Spectrum Control Inc)

Option to Expand. Landlord proposes to construct a second building, of similar type and quality, adjacent to the Building (the "Expansion Building"). Landlord agrees that it shall not commence construction on the Expansion Building prior to May 1, 1998, or to enter into any leases or other contracts related to the Expansion Building that are inconsistent with the rights granted to Tenant hereunder. Attached hereto as Exhibit D are plans and specifications for the Expansion Building, or, if no Exhibit D is attached, Landlord agrees that any plans and specifications for the Expansion Building are subject to Tenant's prior approval, which shall not be unreasonably withheld. In any event, Landlord agrees that the Expansion Building shall not contain more that 20,000 rentable square feet without the Tenant's prior written approval. On or before expiration May 1, 1998, Tenant may notify Landlord that it desires to lease all of the sixth space in the Expansion Building, in which event (6tha) month Landlord shall promptly commence and diligently pursue to completion the construction of the termExpansion Building, Tenant (b) the Expansion Building shall be required constructed in a location selected by Tenant, which location may be abutting the Building, and (c) upon substantial completion of the Expansion Building, this Lease shall be amended to lease include all of the remainder 3,942 rentable space in the Expansion Building, and all references in this Lease to the Demised Premises shall be deemed to include all of the rentable space in the Expansion Building, and all references in this Lease to the Building shall be deemed to include the Expansion Building, except that the base rent for space within the Expansion Building shall be calculated at a rate of $4.40 per square feet foot per year until the end of Rentable Space on the third (3rd) floor, at the same rental rate then being paid for the initial PremisesTerm of this Lease. In addition, Tenant will have (The base rent for space within the right to expand during the first 6 months by leasing the approximately 15,165 square feet of Rental Space on the fourth (4th) floor (the “4th Floor Space”) as identified on Exhibit “B-1” attached to this Lease and incorporated herein by reference at the same rental rate then being paid in the initial Premises; provided, however, Landlord will continue to keep the 4th Floor Space available for lease to Tenant for one additional period of three (3) months (a total of nine months following the commencement date), but if Tenant elects to lease the 4th Floor Space between the expiration of the sixth (6) month and commencement of the ninth (9th) month following commencement of the Lease, the rental rate original Building shall be increased by twenty-five cents (.25¢) remain at$4.10 per square foot, and Tenant improvements dollars will decline on a pro rata basis based on the remaining length of the term. foot per year.) If the Tenant does not elect deliver such notice to lease Landlord on or before May 1, 1998, Landlord shall nevertheless promptly commence and diligently pursue to completion the fourth (4th) floor space during the initial nine (9) months following commencement construction of the LeaseExpansion Building, but such Expansion Building need not about the Building. Tenant shall have the a right of first refusal (the "Refusal Option") to lease all or any portion of the Expansion Building that landlord from time to time intends to lease to third parties. Tenant's Refusal Option shall be continuous and shall apply as often and to every lease intended to be made by Landlord of the Expansion Building whether or not Tenant exercises or fails to exercise the Refusal Option as to the space in question. Landlord shall not lease any of the Expansion Building, or grant any superior rights in the Expansion Building, except subject to the provisions in this paragraph 44. Whenever and as often as Landlord will lease any of the Expansion Building to a third party, Landlord shall make such lease expressly contingent on the non-exercise by Tenant of its Refusal Option with respect thereto and shall offer such space to Tenant in writing (the "Notice"). The Notice shall identify the prospective tenant and include a copy of the executed letter of intent between Landlord and the prospective tenant. Tenant may, by giving written notice of such election to Landlord within ten days after receipt of any Notice, elect to exercise the Refusal Option to lease the 4th Floor Space space in question at the event that Landlord receives an offer to lease the space, base rental rate of $4.40 per square foot per year and any such right of first refusal shall be on the exact terms received and approved by Landlord from a third party offering to lease the 4th Floor Space. Tenant shall have the option to lease at then current market rental rates any additional space which is available in 5,000 rsf increments consisting all of the area which is available on the second (2nd) other terms and fifth (5th) floors designated and referred to as the “Expansion Space”, at any time during the lease term (the “Effective Date”) and ending on the expiration of the Lease Term (unless sooner terminated pursuant to the terms conditions of this Lease, and subject to any rights of extension contained in this Lease) by delivering written notice to Landlord, provided that at including without limitation the time of such notice and on the Effective Date, no event of default, as defined in Paragraph 25 Term of this Lease. If the Refusal Option is exercised with respect to any space in the Expansion Building, all references in this Lease to the Demised Premises shall have occurred and remain uncured beyond any applicable cure period. Once Tenant shall exercise an expansion option, Tenant may not thereafter revoke such exercise. Tenant’s failure to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver to include all of the space in the Expansion Building affected by such expansion option. Notwithstanding anything exercise and all references in this Lease to the contrary contained herein, Tenant’s option Building shall be subject deemed to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at include the time it makes such election is sufficient to meet its financial obligation associated with the Offered SpaceExpansion Building.

Appears in 1 contract

Samples: Bio Vascular Inc

Option to Expand. On or before expiration of the sixth (6tha) month of the term, Tenant shall be required to lease the remainder 3,942 square feet of Rentable Space on the third (3rd) floor, at the same rental rate then being paid for the initial Premises. In addition, Tenant will have the right to expand during the first 6 months by leasing the approximately 15,165 square feet of Rental Space on the fourth (4th) floor (the “4th Floor Space”) as identified on Exhibit “B-1” attached to this Lease and incorporated herein by reference at the same rental rate then being paid in the initial Premises; provided, however, Landlord will continue to keep the 4th Floor Space available for lease to Tenant for one additional period of three (3) months (a total of nine months following the commencement date), but if Tenant elects to lease the 4th Floor Space between the expiration of the sixth (6) month and commencement of the ninth (9th) month following commencement of the Lease, the rental rate shall be increased by twenty-five cents (.25¢) per square foot, and Tenant improvements dollars will decline on a pro rata basis based on the remaining length of the term. If the Tenant does not elect to lease the fourth (4th) floor space during the initial nine (9) months following commencement of the Lease, Tenant shall have the right of first refusal to lease the 4th Floor Space in the event that Landlord receives an offer to lease the space, and any such right of first refusal shall be on the exact terms received and approved by Landlord from a third party offering to lease the 4th Floor Space. Tenant shall have the option to lease at then current market rental rates any additional space which is available in 5,000 rsf increments consisting of the area which is available on the second (2nd) and fifth (5th) floors designated and referred to as the “Expansion Space”, at any time during the lease term (the “Effective Date”) and ending on the expiration of the Lease Term (unless sooner terminated pursuant to the terms of this Lease, and subject to any rights of extension contained in this Lease) by delivering written notice to Landlord, provided Provided that at the time of such exercise, (i) Subtenant is not in default hereunder and (ii) this Sublease is then in full force and effect, Subtenant shall have the right and option (the “Option”) to expand into a portion of the first (1st) floor of the Building identified on Exhibit C attached hereto (the “Expansion Space”) as of a date (the “Expansion Date”) upon which Landlord substantially completes the work necessary to separately demise the Expansion Space (the “Expansion Work”). Landlord shall use reasonable efforts, subject to force majeure and matters beyond Landlord’s reasonable control, to substantially complete the Expansion Work within sixty (60) days after receipt of written notice from Subtenant exercising the Option. Landlord shall consult reasonably with Subtenant with respect to the cost and on performance of the Effective DateExpansion Work, no event of defaultand Subtenant shall reimburse Landlord, as defined in Paragraph 25 additional rent, for the out-of-pocket cost of the Expansion Work within fifteen (15) days of written demand therefor. Landlord and Subtenant agree that the Expansion Space consists of 3,859 rentable square feet of space. If Subtenant exercises the Option, then upon the Expansion Date (A) the Expansion Space shall be automatically incorporated into the Subleased Premises upon all of the terms and conditions of this LeaseSublease, (B) the Yearly Rent shall be increased by the product of the rentable square footage of the Expansion Space multiplied by the per square foot Yearly Rent, (C) Subtenant’s Building Share and Subtenant’s Utility Share shall be modified to be 67.7% and (D) Subtenant shall thereafter pay to Landlord, as part of the Utility Charges, 24.2% of the cost of electricity for the first floor of the Building. Subject to completion of the Expansion Work, Subtenant shall accept the Expansion Space in “as is” condition, without representation or warranty, and Landlord shall have occurred and remain uncured beyond no obligation to perform any applicable cure period. Once Tenant shall exercise an expansion optionwork therein, Tenant may not thereafter revoke such exercise. Tenant’s failure or to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything contribute to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Spacecost of any work.

Appears in 1 contract

Samples: Sublease (Panacos Pharmaceuticals, Inc.)

Option to Expand. On or before expiration 43.1 During the Original Lease Term, and if Lessee is not in default hereunder at the time of Lessee's exercise of the sixth (6th) month option provided herein, and if Lessee is in possession of the termPremises, Tenant shall be required and if the Lease is then in full force and effect, then Lessee has the option to lease and expand the remainder 3,942 square feet "Premises" under this Lease (the "Expansion Option") to include within its definition up to all of Rentable Space on the third (3rd) floor, at the same rental rate then being paid for the initial Premises. In addition, Tenant will have the right to expand during the first 6 months by leasing the approximately 15,165 square feet of Rental Space on the fourth (4th) floor (as may be leased by Lessee, called the “4th Floor "Expansion Space”) as identified on Exhibit “B-1” attached to "), and all of the terms and conditions of this Lease shall apply with full force and incorporated herein by reference effect to the expanded Premises after such expansion except as provided for in this Section 43. To exercise the Expansion Option, Lessee shall deliver written notice to Lessor on or before the Commencement Date which notice shall specify the space to be a part of the expansion and containing approved plans for the construction of improvements to the Expansion Space. The commencement date for the Expansion Space (the "Expansion Space Commencement Date") shall be the later of (i) the date that is six (6) months after the Commencement Date, or (ii) ten (10) days after substantial completion of the tenant improvements in the Expansion Space, with Lessee's obligation to pay Annual Base Rental, Base Rent, Annual Step Rental, Amounts Due, and Proportionate Share of Common Operating Expenses for such Expansion Space beginning on such Expansion Space commencement date, with Annual Base Rental, Base Rent, Annual Step Rental, Amounts Due, and Proportionate Share of Common Operating Expenses paid to Lessor at the same rental rate then being paid rates provided for in the initial Premises; provided, however, Landlord will continue to keep the 4th Floor Space available for lease to Tenant for one additional period of three (3) months (a total of nine months following the commencement date), but if Tenant Lease. If Lessee elects to lease less than the 4th Floor Space between entire fourth (4th) floor, then Lessor shall have the expiration right to approve the location of the sixth (6) month and commencement of the ninth (9th) month following commencement of the Lease, the rental rate space that Lessee shall be increased by twenty-five cents (.25¢) per square foot, and Tenant improvements dollars will decline lease pursuant to this Section 43 on a pro rata basis based on the remaining length of the term. If the Tenant does not elect to lease the fourth (4th) floor space during the initial nine (9) months following commencement of the Leasefloor. Lessor's approval right shall not be unreasonably withheld, Tenant shall have the right of first refusal to lease the 4th Floor Space in the event that Landlord receives an offer to lease the space, and any such right of first refusal shall be on the exact terms received and approved by Landlord from a third party offering to lease the 4th Floor Space. Tenant shall have the option to lease at then current market rental rates any additional space which is available in 5,000 rsf increments consisting of the area which is available on the second (2nd) and fifth (5th) floors designated and referred to as the “Expansion Space”, at any time during the lease term (the “Effective Date”) and ending on the expiration of the Lease Term (unless sooner terminated pursuant to the terms of this Lease, and subject to any rights of extension contained in this Lease) by delivering written notice to Landlord, provided that at the time of such notice and on the Effective Date, no event of default, as defined in Paragraph 25 of this Lease, shall have occurred and remain uncured beyond any applicable cure period. Once Tenant shall exercise an expansion option, Tenant may not thereafter revoke such exercise. Tenant’s failure to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Spaceconditioned or delayed.

Appears in 1 contract

Samples: Harbinger Corp

Option to Expand. On or before expiration Provided Tenant is not then in default hereunder, Landlord hereby grants Tenant an option to lease, for a term equal to the then unexpired portion of the sixth Term of this Lease, approximately nine thousand (6th9,000) month rentable square feet of space on the second floor of the termBuilding in the location designated on Exhibit A-1 hereto (the "Option Space") in accordance with and subject to the provisions of this Section 2.4; provided, however, that Landlord may upon notice to Tenant at any time designate a different location on the second floor for the Option Space. Tenant shall be required exercise said option by providing Landlord with written notice of its intent to lease the remainder 3,942 square feet Option Space (the "Commitment Notice") not later than the expiration of Rentable Space on the third (3rd) floorLease month following the Commencement Date ("Option Expiration Date"). If Tenant fails to timely deliver the Commitment Notice, Landlord shall be free to lease the Option Space to a third party, subject only to the provisions of Section 2.5 below. If Tenant timely delivers the Commitment Notice, Landlord shall prepare an appropriate and commercially reasonable amendment to this Lease consistent with the terms of this Section 2.4 and the other provisions of this Lease, and Tenant shall execute and deliver the amendment to Landlord within twenty (20) days of its receipt from Landlord. Should Tenant fail to deliver the amendment to Landlord within that time, Landlord shall, in addition to any right or remedy available at the same rental rate then being paid for the initial Premises. In addition, Tenant will have law or in equity (exclusive of the right to expand during the first 6 months by leasing the approximately 15,165 square feet of Rental Space on the fourth (4th) floor (the “4th Floor Space”) as identified on Exhibit “B-1” attached to terminate this Lease and incorporated herein by reference at the same rental rate then being paid in the initial Premises; provided, however, Landlord will continue to keep the 4th Floor Space available for lease to Tenant for one additional period of three (3) months (a total of nine months following the commencement dateLease), but if Tenant elects be free to lease the 4th Floor Option Space between the expiration of the sixth (6) month and commencement of the ninth (9th) month following commencement of the Lease, the rental rate to a third party. The Option Space shall be increased by twenty-five cents (.25¢) per square foot, and Tenant improvements dollars will decline on a pro rata basis based on the remaining length subject to all of the term. If the Tenant does not elect to lease the fourth (4th) floor space during the initial nine (9) months following commencement of the Lease, Tenant shall have the right of first refusal to lease the 4th Floor Space in the event that Landlord receives an offer to lease the space, and any such right of first refusal shall be on the exact terms received and approved by Landlord from a third party offering to lease the 4th Floor Space. Tenant shall have the option to lease at then current market rental rates any additional space which is available in 5,000 rsf increments consisting of the area which is available on the second (2nd) and fifth (5th) floors designated and referred to as the “Expansion Space”, at any time during the lease term (the “Effective Date”) and ending on the expiration of the Lease Term (unless sooner terminated pursuant to the terms of this Lease, and except that (i) subject to any Landlord's rights in the event of extension contained in this Lease"Tenant Delays" as described herein, the term shall commence on the date Landlord has substantially completed the tenant improvements for the Option Space (the "Commencement Date for the Option Space"); (ii) by delivering written notice to Landlordfrom and after the Commencement Date for the Option Space, provided that the Basic Rent for the Option Space shall be at the same rate per rentable square foot per month that Tenant is then paying from time to time for the original Premises leased hereunder; and (iii) the tenant improvements for the Option Space shall be completed in accordance with the terms and conditions of such notice the "Work Letter" attached hereto as Exhibit X, except that the "Landlord's Contribution" set forth therein shall be based on Twenty-Five Dollars ($25.00) per usable square foot of the Option Space and on no "Additional Allowance" shall be provided. Tenant's rights under this Section 2.4 shall belong solely to the Effective Date, no event original Tenant and may not be assigned or transferred by it except in connection with an assignment of default, this Lease to a "Tenant Affiliate" (as defined in Paragraph 25 of this Lease, shall have occurred and remain uncured beyond any applicable cure periodbelow). Once Tenant shall exercise an expansion option, Tenant may not thereafter revoke such exercise. Tenant’s failure to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option Any other attempted assignment or transfer shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Spacevoid and of no force or effect.

Appears in 1 contract

Samples: Office Space Lease (Netratings Inc)

Option to Expand. On or before expiration of Provided Tenant is not then in default under the sixth (6th) month of the termterms, Tenant shall be required to lease the remainder 3,942 square feet of Rentable Space on the third (3rd) floor, at the same rental rate then being paid for the initial Premises. In addition, Tenant will have the right to expand during the first 6 months by leasing the approximately 15,165 square feet of Rental Space on the fourth (4th) floor (the “4th Floor Space”) as identified on Exhibit “B-1” attached to this Lease covenants and incorporated herein by reference at the same rental rate then being paid in the initial Premises; provided, however, Landlord will continue to keep the 4th Floor Space available for lease to Tenant for one additional period of three (3) months (a total of nine months following the commencement date), but if Tenant elects to lease the 4th Floor Space between the expiration of the sixth (6) month and commencement of the ninth (9th) month following commencement of the Lease, the rental rate shall be increased by twenty-five cents (.25¢) per square foot, and Tenant improvements dollars will decline on a pro rata basis based on the remaining length of the term. If the Tenant does not elect to lease the fourth (4th) floor space during the initial nine (9) months following commencement conditions of the Lease, Tenant shall have the right of first refusal to lease the 4th First Floor Space in Premises for occupancy as of the date Landlord delivers the First Floor Premises to Tenant (the “Delivery Date”). In the event that Tenant desires to exercise its option, it shall deliver notice of such exercise to Landlord receives on or before August 31, 2010, failing which Landlord may lease the First Floor Premises to any third party on whatever basis Landlord desires, and Tenant shall have no further rights with respect to the First Floor Premises. If Tenant exercises an offer expansion option hereunder, effective as of the Delivery Date, the First Floor Premises shall automatically be included within the Premises and subject to all the terms and conditions of the Lease, except as follows: (i) Tenant’s Proportionate Share shall be recalculated, using the total square footage of the Premises, as increased by the First Floor Premises; (ii) the First Floor Premises shall be leased on an “as is” basis and Landlord shall have no obligation to improve the First Floor Premises or grant Tenant any improvement allowance thereon; (iii) the Annual Rent for the First Floor Premises shall be the same, on a per rentable square foot basis, as the Annual Rent for the New Premises; and, (iv) if requested by Landlord, Tenant shall, prior to the beginning of the term for the First Floor Premises, execute a written memorandum confirming the inclusion of the First Floor Premises and the Annual Rent for the First Floor Premises. This option is not transferable; the parties hereto acknowledge and agree that they intend that the aforesaid option to lease the space, and any such right of first refusal First Floor Premises shall be on the exact terms received “personal” to Tenant as set forth above and approved by Landlord from a third party offering to lease the 4th Floor Space. Tenant shall that in no event will any assignee or sublessee have the option to lease at then current market rental rates any additional space which is available in 5,000 rsf increments consisting of the area which is available on the second (2nd) and fifth (5th) floors designated and referred to as the “Expansion Space”, at any time during the lease term (the “Effective Date”) and ending on the expiration of the Lease Term (unless sooner terminated pursuant to the terms of this Lease, and subject to any rights of extension contained in this Lease) by delivering written notice to Landlord, provided that at exercise the time of such notice and on the Effective Date, no event of default, as defined in Paragraph 25 of this Lease, shall have occurred and remain uncured beyond any applicable cure period. Once Tenant shall exercise an expansion aforesaid option, Tenant may not thereafter revoke such exercise. Tenant’s failure to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Space.

Appears in 1 contract

Samples: Lease (Intrusion Inc)

Option to Expand. On (a) So long as the Tenant (i) is not in default in the performance of any of the terms, covenants or before conditions of this Lease beyond the expiration of applicable notice and cure periods, and (ii) is then occupying the sixth (6th) month entire 5th Floor Premises, the Tenant shall have an option to lease additional space on the fifth floor of the termBuilding, as indicated on Exhibit "E" annexed hereto (the "Additional 5th Floor Premises") on the terms set forth herein. The Tenant shall be required deliver written notice to the Landlord of its election to lease the remainder 3,942 square feet Additional 5th Floor Premises on or before March 31, 2000, time being of Rentable Space the essence as to the delivery of such notice. If the Tenant fails to deliver such notice to the Landlord on the third (3rd) flooror before such date, at the same rental rate then being paid for the initial Premises. In addition, Tenant will it shall be deemed to have waived the right to expand during lease the first 6 months by leasing Additional 5th Floor Premises and the approximately 15,165 square feet Landlord may thereafter lease such space to any third-party free of Rental Space on the fourth (4th) floor (Tenant's rights. Upon receipt of notice of the “4th Floor Space”) as identified on Exhibit “B-1” attached to this Lease and incorporated herein by reference at the same rental rate then being paid in the initial Premises; provided, however, Landlord will continue to keep the 4th Floor Space available for lease to Tenant for one additional period of three (3) months (a total of nine months following the commencement date), but if Tenant elects Tenant's election to lease the 4th Additional 5th Floor Space between the expiration of the sixth (6) month and commencement of the ninth (9th) month following commencement of the LeasePremises, the rental rate Landlord shall be increased by twenty-five cents promptly prepare an amendment to this lease reflecting the addition of such space upon the terms set forth herein and the Tenant shall then have a period of fifteen (.25¢15) per square foot, days after Tenant's receipt of such lease amendment in which to execute and Tenant improvements dollars will decline on a pro rata basis based on return such lease amendment to the remaining length of the termLandlord. If the Tenant does not elect execute and return such lease amendment to the Landlord within 15 days, the Landlord may thereafter lease the fourth (4th) floor space during Additional 5th Floor Premises to a third-party and the initial nine (9) months following commencement of the Lease, Tenant Landlord shall have the right of first refusal to lease the 4th Floor Space in the event that Landlord receives an offer to lease the space, and any such right of first refusal shall be on the exact terms received and approved by Landlord from a third party offering to lease the 4th Floor Space. Tenant shall have the option to lease at then current market rental rates any additional space which is available in 5,000 rsf increments consisting of the area which is available on the second no further obligation under this paragraph (2nd) and fifth (5th) floors designated and referred to as the “Expansion Space”, at any time during the lease term (the “Effective Date”) and ending on the expiration of the Lease Term (unless sooner terminated pursuant to the terms of this Lease, and subject to any rights of extension contained in this Lease) by delivering written notice to Landlord, provided that at the time of such notice and on the Effective Date, no event of default, as defined in Paragraph 25 of this Lease, shall have occurred and remain uncured beyond any applicable cure period. Once Tenant shall exercise an expansion option, Tenant may not thereafter revoke such exercise. Tenant’s failure to timely exercise an expansion option for any reason whatsoever shall conclusively be deemed a waiver of such expansion option. Notwithstanding anything to the contrary contained herein, Tenant’s option shall be subject to a determination by Landlord, in Landlord’s discretion, that Tenant’s financial condition at the time it makes such election is sufficient to meet its financial obligation associated with the Offered Spacea).

Appears in 1 contract

Samples: Lease (Cyber Dialogue Inc)

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