Common use of PARKING DECK Clause in Contracts

PARKING DECK. Purchaser is presently evaluating the possibility of adding one (1) additional level to the existing parking deck (the “Parking Deck”) at the Property (said additional level, along with any modification to the existing parking deck required to add the additional level, collectively, the “Parking Deck Addition”). Prior to the expiration of the Parking Deck Feasibility Period (defined below), Purchaser shall have the right to conduct such tests, investigations, inspections and feasibility studies as Purchaser shall require in its sole discretion to evaluate the feasibility and cost of the Parking Deck Addition. In connection with Purchaser’s investigations, Purchaser Parties shall have the same rights to go upon the Property to conduct these tests and inspections, and Purchaser shall have all the same obligations and is subject to the same restrictions, including without limitation maintaining the same insurance coverages and providing the same indemnities, as are set forth in Section 3.1 of the Purchase Agreement. Purchaser shall have until 3:00 p.m., Eastern Time on March 4, 2015 (the period of time between the date of this Amendment and 3:00 p.m., Eastern Time on March 4, 2015 hereinafter referred to as the "Parking Deck Feasibility Period"), to determine whether constructing the Parking Deck Addition is feasible and the cost is acceptable to Purchaser. If Purchaser determines in its sole discretion that constructing the Parking Deck Addition is not feasible or the cost is not otherwise acceptable, then Purchaser shall have the right to terminate the Purchase Agreement by providing written notice to Seller on or before the expiration of the Parking Deck Feasibility Period. If Purchaser terminates the Purchase Agreement in accordance with this provision, then the Initial ▇▇▇▇▇▇▇ Money shall be refunded to Purchaser in accordance with Section 1.6 of the Purchase Agreement (the parties acknowledging that any such termination shall be a "Purchaser Permitted Termination Event"), and neither party shall have any further rights or obligations under the Purchase Agreement, except those indemnities, rights and obligations which by their express terms survive the termination of the Purchase Agreement. Notwithstanding anything contained in Section 1.6(a) of the Purchase Agreement or any other provision of the Purchase Agreement to the contrary, if Purchaser does not terminate the Purchase Agreement prior to the expiration of the Parking Deck Feasibility Period, then Purchaser will deposit with the Escrow Agent the Additional ▇▇▇▇▇▇▇ Money on or before March 7, 2015.

PARKING DECK. Purchaser is presently evaluating the possibility Tenant will have an option to require construction of adding one (1) additional level to the existing a parking deck (the “Parking Deck”) at on the Property terms and conditions set forth in this Section 33.03 (said additional level, along with any modification to the existing parking deck required to add the additional level, collectively, the “Parking Deck AdditionOption”). Prior Tenant may exercise the Parking Deck Option upon written notice to Landlord given on or before January 31, 2021, TIME BEING OF THE ESSENCE. The Parking Deck Option is personal to the expiration originally named Tenant and may not be assigned to any party other than a Permitted Transferee. If Tenant duly and timely exercises the Parking Deck Option: (A) Landlord and Tenant shall promptly negotiate and execute an amendment to this Lease providing for the design and construction of the Parking Deck Feasibility Period (defined below), Purchaser shall have the right to conduct such tests, investigations, inspections and feasibility studies as Purchaser shall require in its sole discretion to evaluate the feasibility and cost of the Parking Deck Addition. In connection with Purchaser’s investigations, Purchaser Parties shall have the same rights to go upon on the Property to conduct these tests substantially in accordance with the terms and inspections, and Purchaser shall have all the same obligations and is subject to the same restrictions, including without limitation maintaining the same insurance coverages and providing the same indemnities, as are conditions set forth in Section 3.1 the Letter of Intent or such other terms as Landlord and Tenant may mutually agree upon in writing. The amendment would include, among other things, provisions (i) setting forth a process and timeline to design, budget for and construct the Purchase Agreement. Purchaser shall have until 3:00 p.m.Parking Deck, Eastern Time on March 4, 2015 (ii) amending the period Basic Rent under this lease to incorporate the cost of time between the date of this Amendment designing and 3:00 p.m., Eastern Time on March 4, 2015 hereinafter referred to as the "Parking Deck Feasibility Period"), to determine whether constructing the Parking Deck Addition is feasible and based on a 7.3% yield, (iii) confirming the cost is acceptable scope of Tenant’s rights to Purchaser. If Purchaser determines in its sole discretion that constructing the Parking Deck Addition is not feasible or the cost is not otherwise acceptableunder this Lease, then Purchaser shall have the right to terminate the Purchase Agreement by (iv) providing written notice to Seller on or before the expiration of the Parking Deck Feasibility Period. If Purchaser terminates the Purchase Agreement in accordance with this provision, then the Initial for temporary parking at (x) Renaissance within ▇▇▇▇▇▇▇▇ Money shall be refunded to Purchaser in accordance with Section 1.6 of the Purchase Agreement Research Park and/or (the parties acknowledging that any such termination shall be a "Purchaser Permitted Termination Event"), and neither party shall have any further rights or obligations under the Purchase Agreement, except those indemnities, rights and obligations which by their express terms survive the termination of the Purchase Agreement. Notwithstanding anything contained in Section 1.6(ay) of the Purchase Agreement or any other provision of the Purchase Agreement to the contrary, if Purchaser does not terminate the Purchase Agreement prior to the expiration of the Parking Deck Feasibility Period, then Purchaser will deposit with the Escrow Agent the Additional ▇▇▇▇▇▇▇ Money ▇▇▇▇, as well as shuttle service to and from the Property and such off-site parking, and the allocation of the associated costs, and (z) amending other relevant definitions and provisions. If Landlord and Tenant, despite good faith and commercially reasonable efforts, are unable to agree upon the form and substance of such an amendment within ninety (90) days after Tenant’s exercise of the Parking Deck Option, the Parking Deck Option and this Section 33.03 will automatically become null and void. (B) The parties anticipate that the parking deck would be located in approximately the location indicated on or before March 7Exhibit A-3 and would contain approximately 648 new onsite parking spaces. Design and construction of the Parking Deck will be subject to applicable governmental laws, 2015regulations, rules, ordinances and codes, as well as applicable restrictive covenants and architectural controls, including but limited to those imposed by the Master Declaration.