Recapture Space Clause Samples
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Recapture Space. In addition to and separate from any potential Nonprofitable Property, Tenant acknowledges and agrees that as of the date hereof each Demised Premises contains space within each Store as presently constituted which is, and/or may become, excess for the efficient operation of each Store and that may be recaptured by Landlord in its sole discretion. To optimize the utilization of any excess space, thereby increasing its rental value to Landlord, such space may be severed from this Master Lease on the terms and conditions herein. For the avoidance of doubt, for the purpose of this Section 1.7 the term “Store” shall expressly exclude all Additional Recapture Space. Accordingly, Landlord and Tenant further agree as follows:
(a) With respect to each Demised Premises, subject to the further provisions of this Section 1.7, it is the understanding and intention of the parties that at the election of Landlord the space in each Store may be physically separated into two (2) separate premises consisting of, (i) the space in which the Tenant presently intends to continue to occupy and maintain retail business operations as a Store with a reduced footprint (the aggregate amount thereof, “Tenant Retained Space”), and (ii) the remainder of the space (the “Recapture Space”) which is currently occupied by the respective Store (and which is not subject to any Lease as of the date hereof) and which may be recaptured by Landlord. Subject to the further provisions hereof, the aggregate Recapture Space shall consist generally of approximately fifty percent (50%) of the total Gross Leasable Square Footage of each Store (excluding from this calculation all Additional Recapture Space and all space which is subject to a Lease as of the date hereof), all or a portion of which shall be available for recapture by Landlord over time for its sole and exclusive use and benefit as hereinafter set forth; provided, however, that in no event shall the Tenant Retained Space at any particular Demised Premises comprise less than an aggregate of forty thousand (40,000) square feet of Gross Leasable Square Footage; provided further, however, the Gross Leasable Square Footage of any interior SAC must either be recaptured in its entirety by Landlord, or shall be excluded from the computation of 40,000 square foot minimum; provided, further, however, that with respect to Lands’ End Space which is in excess of approximately twelve thousand (12,000) Gross Leasable Square Footage in any one (1) Demised ...
Recapture Space defined in Section 16.5(a).
Recapture Space a) Subject to the provisions of this Third Amendment, Tenant releases, quitclaims, and surrenders to Landlord, its successors and assigns, its leasehold interest with respect to the Recapture Space and all of the estate and rights of Tenant in and to the such leasehold interest and the Recapture Space and Tenant forever releases and discharges Landlord from any and all claims, demands or causes of action whatsoever against Landlord or its successor and assigns arising out of or in connection with the Recapture Space or such leasehold interest or any obligations to be observed or performed by Landlord under the Lease after the Recapture Date with respect to the Recapture Space.
b) Subject to the provisions of this Third Amendment, Landlord recaptures the Recapture Space from and after the Recapture Date, and effective as of the Recapture Date, forever releases and discharges Tenant from any obligations to be observed and performed by the Tenant under the Lease with respect to the Recapture Space after the Recapture Date (subject to Tenant having fulfilled the agreements set forth herein and that Tenant’s representations and warranties set forth herein are true and correct). Notwithstanding the foregoing, nothing herein shall release Tenant from:
(1) any of Tenant’s indemnification obligations under the Lease with respect to the Recapture Space accruing prior to the Recapture Date including but not limited to, Tenant’s indemnity pursuant to Section 18 of the Lease (as further described therein), and Tenant’s obligation with respect to brokers as provided in Section 36 of the Lease (as further described therein), nor any other obligation arising from or related to Tenant’s possession and occupancy of the Recapture Space prior to the Recapture Date; nor
(2) any of Tenant’s obligations pursuant to Sections 6, 7, and 8 of the Lease (as further described therein) to the extent such obligations accrued prior to the Recapture Date.
Recapture Space. Landlord shall recapture and take possession of that portion of the Premises located on the 5th, 9th and 13th floors which are hereby stipulated to contain 44,400 square feet of Rentable Area (the "RECAPTURE SPACE") as reflected on EXHIBIT "A" on the earlier of (a) thirty (30) days following the mutual execution of this Agreement, or (b) April 1, 2002 (the earlier of such dates being referred to herein as the "RECAPTURE DATE"). After the Recapture Date, wherever it occurs in the Lease, the term "PREMISES" shall refer to the Existing Premises minus the Recapture Space, which Premises are hereby stipulated to contain 34,982 square feet of Rentable Area and reflected in EXHIBIT "B". Effective as of the Recapture Date, Tenant shall be deemed to have paid all past due Rent on a timely basis and any Event of Default (or event which could with the passage of time become an Event of Default) based on paragraphs 27(a)(1), 27(a)(3), or 27(a)(4) of the Lease which occurred before the Recapture Date and which is not continuing after the Recapture Date, shall be deemed to have been cured on a timely basis.