Rent Abatement. Notwithstanding anything to the contrary contained herein and provided that no default by Tenant occurs hereunder beyond any applicable notice and cure period, Landlord hereby agrees that Tenant shall not be required to pay monthly Base Rent for the second (2nd) month of the initial Term through the eighth (8th) month of the initial Term (the “Abatement Period”). The total amount of monthly Base Rent abated during the Abatement Period shall not exceed Five Hundred Twenty-Six Thousand Six Hundred Eighty and 00/100 Dollars ($526,680.00) (the “Abatement Amount”); provided that the Abatement Amount shall not be increased as a result of any increase in Base Rent arising from Landlord’s disbursement of any Additional TI Allowance in accordance with Sections 4.2 and 4.4 of this Lease. During the Abatement Period, Tenant shall still be responsible for the payment of all of its other monetary obligations under this Lease, including, all Additional Rent, including Operating Expenses the Property Management Fee and costs of utilities for the Premises. In the event of a default by Tenant under the terms of this Lease that results in termination of this Lease in accordance with the provisions of this Lease, then as a part of the recovery set forth in this Lease and in addition to any other remedies to which Landlord is entitled pursuant to Section 31 hereof, Landlord shall be entitled to the immediate recovery, as of the day prior to such termination, of the unamortized Abatement Amount that was abated under the provisions of this Section 8.
Appears in 2 contracts
Rent Abatement. Notwithstanding anything If Landlord fails to perform the contrary contained herein obligations required of Landlord under this Lease and provided that no default by Tenant occurs hereunder beyond any applicable notice and cure periodsuch failure causes all or a portion of the Premises to be untenantable, or if the negligence or willful misconduct of Landlord hereby agrees that causes all or a portion of the Premises to become untenantable, Tenant shall not be required to pay monthly Base Rent for the second (2nd) month of the initial Term through the eighth (8th) month of the initial Term give Landlord notice (the “Abatement Initial Notice”), specifying such failure to perform by Landlord or such negligence or willful misconduct (referred to herein as a “Landlord Failure”). If Landlord has not cured such Landlord Failure within five (5) business days after the receipt of the Initial Notice (the “Eligibility Period”). The total amount of monthly Base Rent abated during the Abatement Period shall not exceed Five Hundred Twenty-Six Thousand Six Hundred Eighty and 00/100 Dollars ($526,680.00) , Tenant may deliver an additional notice to Landlord (the “Abatement AmountAdditional Notice”); provided that , specifying such Landlord Failure and ▇▇▇▇▇▇’s intention to ▇▇▇▇▇ the Abatement Amount shall not be increased as a result payment of any increase in Base Rent arising from Landlord’s disbursement of any Additional TI Allowance in accordance with Sections 4.2 and 4.4 of under this Lease. During If Landlord does not cure such Landlord Failure within three (3) business days of receipt of the Abatement PeriodAdditional Notice, Tenant shall still be responsible may, upon written notice to Landlord, immediately ▇▇▇▇▇ Rent payable under this Lease for that portion of the Premises rendered untenantable and not used by Tenant, for the payment period beginning on the date five (5) business days after the Initial Notice to the earlier of all the date Landlord cures such Landlord Failure or the date Tenant recommences the use of its other monetary obligations under this Lease, including, all Additional Rent, including Operating Expenses the Property Management Fee and costs such portion of utilities for the Premises. In Such right to ▇▇▇▇▇ ▇▇▇▇ shall be Tenant’s sole and exclusive remedy at law or in equity for a Landlord Failure. Without limiting the event generality of a default by the foregoing, Tenant under hereby waives the terms provisions of this Lease that results in California Civil Code Section 1932(1) or any other applicable existing or future law permitting the termination of this Lease in accordance with the provisions of this Lease, then due to a service or utility interruption or failure. Except as a part of the recovery set forth provided in this Lease and in addition to any other remedies to which Landlord is entitled pursuant to Section 31 hereof6.4, Landlord nothing contained herein shall be entitled interpreted to the immediate recovery, as of the day prior to such termination, of the unamortized Abatement Amount mean that was abated under the provisions of this Section 8Tenant is excused from paying Rent due hereunder.
Appears in 2 contracts
Sources: Office Lease (Artiva Biotherapeutics, Inc.), Office Lease (Artiva Biotherapeutics, Inc.)
Rent Abatement. Notwithstanding anything If Landlord fails to perform the contrary contained herein and provided that no default by Tenant occurs hereunder beyond any applicable notice and cure period, obligations required of Landlord hereby agrees that Tenant shall not be required to pay monthly Base Rent for the second (2nd) month of the initial Term through the eighth (8th) month of the initial Term (the “Abatement Period”). The total amount of monthly Base Rent abated during the Abatement Period shall not exceed Five Hundred Twenty-Six Thousand Six Hundred Eighty and 00/100 Dollars ($526,680.00) (the “Abatement Amount”); provided that the Abatement Amount shall not be increased as a result of any increase in Base Rent arising from Landlord’s disbursement of any Additional TI Allowance in accordance with Sections 4.2 and 4.4 of this Lease. During the Abatement Period, Tenant shall still be responsible for the payment of all of its other monetary obligations under this Lease, including, all Additional Rent, including Operating Expenses the Property Management Fee and costs of utilities for the Premises. In the event of a default by Tenant under the terms of this Lease that results and such failure causes all or a portion of the Premises to be untenantable and unusable by Tenant and such failure relates to the nonfunctioning of the heat, ventilation, and air conditioning system in termination the Premises, the electricity in the Premises, the nonfunctioning of the elevator service to the Premises, or a failure to provide access to the Premises, Tenant shall give Landlord notice (the “Initial Notice”), specifying such failure to perform by Landlord (the “Landlord Default”). If Landlord has not cured such Landlord Default within five (5) business days after the receipt of the Initial Notice (the “Eligibility Period”), Tenant may deliver an additional notice to Landlord (the “Additional Notice”), specifying such Landlord Default and Tenant’s intention to ▇▇▇▇▇ the payment of Rent under this Lease. If Landlord does not cure such Landlord Default within five (5) business days of receipt of the Additional Notice, Tenant may, upon written notice to Landlord, immediately ▇▇▇▇▇ Rent payable under this Lease in accordance with the provisions of this Lease, then as a part for that portion of the recovery set forth Premises rendered untenantable and not used by Tenant, for the period beginning on the date five (5) business days after the Initial Notice to the earlier of the date Landlord cures such Landlord Default or the date Tenant recommences the use of such portion of the Premises. Such right to ▇▇▇▇▇ Rent shall be Tenant’s sole and exclusive remedy at law or in equity for a Landlord Default. Except as provided in this Lease and in addition to any other remedies to which Landlord is entitled pursuant to Section 31 hereof6.4, Landlord nothing contained herein shall be entitled interpreted to the immediate recovery, as of the day prior to such termination, of the unamortized Abatement Amount mean that was abated under the provisions of this Section 8Tenant is excused from paying Rent due hereunder.
Appears in 2 contracts
Sources: Sublease Agreement (CrowdStrike Holdings, Inc.), Sublease Agreement (CrowdStrike Holdings, Inc.)
Rent Abatement. Notwithstanding anything If Landlord fails to perform the contrary contained herein obligations required of Landlord under this Lease and provided that no default by Tenant occurs hereunder beyond any applicable notice and cure periodsuch failure causes all or a portion of the Premises to be untenantable, or if the negligence or willful misconduct of Landlord hereby agrees that causes all or a portion of the Premises to become untenantable, Tenant shall not be required to pay monthly Base Rent for the second (2nd) month of the initial Term through the eighth (8th) month of the initial Term give Landlord notice (the “Abatement Initial Notice”), specifying such failure to perform by Landlord or such negligence or willful misconduct (referred to herein as a “Landlord Failure”). If Landlord has not cured such Landlord Failure within five (5) business days after the receipt of the Initial Notice (the “Eligibility Period”). The total amount of monthly Base Rent abated during the Abatement Period shall not exceed Five Hundred Twenty-Six Thousand Six Hundred Eighty and 00/100 Dollars ($526,680.00) , Tenant may deliver an additional notice to Landlord (the “Abatement AmountAdditional Notice”); provided that , specifying such Landlord Failure and Tenant’s intention to ▇▇▇▇▇ the Abatement Amount shall not be increased as a result payment of any increase in Base Rent arising from Landlord’s disbursement of any Additional TI Allowance in accordance with Sections 4.2 and 4.4 of under this Lease. During If Landlord does not cure such Landlord Failure within three (3) business days of receipt of the Abatement PeriodAdditional Notice, Tenant shall still be responsible may, upon written notice to Landlord, immediately ▇▇▇▇▇ Rent payable under this Lease for that portion of the Premises rendered untenantable and not used by Tenant, for the payment period beginning on the date five (5) business days after the Initial Notice to the earlier of all the date Landlord cures such Landlord Failure or the date Tenant recommences the use of its other monetary obligations under this Lease, including, all Additional Rent, including Operating Expenses the Property Management Fee and costs such portion of utilities for the Premises. In Such right to ▇▇▇▇▇ Rent shall be Tenant’s sole and exclusive remedy at law or in equity for a Landlord Failure. Without limiting the event generality of a default by the foregoing, Tenant under hereby waives the terms provisions of this Lease that results in California Civil Code Section 1932(1) or any other applicable existing or future law permitting the termination of this Lease in accordance with the provisions of this Lease, then due to a service or utility interruption or failure. Except as a part of the recovery set forth provided in this Lease and in addition to any other remedies to which Landlord is entitled pursuant to Section 31 hereof6.4, Landlord nothing contained herein shall be entitled interpreted to the immediate recovery, as of the day prior to such termination, of the unamortized Abatement Amount mean that was abated under the provisions of this Section 8Tenant is excused from paying Rent due hereunder.
Appears in 2 contracts
Sources: Office Lease (Artiva Biotherapeutics, Inc.), Office Lease (Artiva Biotherapeutics, Inc.)
Rent Abatement. Notwithstanding anything If Landlord fails to perform the contrary contained herein and provided that no default by Tenant occurs hereunder beyond any applicable notice and cure period, obligations required of Landlord hereby agrees that Tenant shall not be required to pay monthly Base Rent for the second (2nd) month of the initial Term through the eighth (8th) month of the initial Term (the “Abatement Period”). The total amount of monthly Base Rent abated during the Abatement Period shall not exceed Five Hundred Twenty-Six Thousand Six Hundred Eighty and 00/100 Dollars ($526,680.00) (the “Abatement Amount”); provided that the Abatement Amount shall not be increased as a result of any increase in Base Rent arising from Landlord’s disbursement of any Additional TI Allowance in accordance with Sections 4.2 and 4.4 of this Lease. During the Abatement Period, Tenant shall still be responsible for the payment of all of its other monetary obligations under this Lease, including, all Additional Rent, including Operating Expenses the Property Management Fee and costs of utilities for the Premises. In the event of a default by Tenant under the terms of this Lease that results and such failure causes all or a portion of the Premises to be untenantable and unusable by Tenant and such failure relates to the nonfunctioning of the heat, ventilation, and air conditioning system in termination the Premises, the electricity in the Premises, the nonfunctioning of the elevator service to the Premises, or a failure to provide access to the Premises, Tenant shall give Landlord notice (the “Initial Notice”), specifying such failure to perform by Landlord (the “Landlord Default”). If Landlord has not cured such Landlord Default within five (5) business days after the receipt of the Initial Notice (the “Eligibility Period”), Tenant may deliver an additional notice to Landlord (the “Additional Notice”), specifying such Landlord Default and Tenant’s intention to ▇▇▇▇▇ the payment of Rent under this Lease. If Landlord does not cure such Landlord Default within five (5) business days of receipt of the Additional Notice, Tenant may, upon written notice to Landlord, immediately ▇▇▇▇▇ Rent payable under this Lease in accordance with the provisions of this Lease, then as a part for that portion of the recovery set forth Premises rendered untenantable and not used by Tenant, for the period beginning on the date five (5) business days after the Initial Notice to the earlier of the date Landlord cures such Landlord Default or the date Tenant recommences the use of such portion of the Premises. Such right to ▇▇▇▇▇ Rent shall be Tenant’s sole and exclusive remedy at law or in equity for a Landlord Default. Except as expressly provided in this Lease and Section 6.4, nothing contained in addition to any other remedies to which Landlord is entitled pursuant to this Section 31 hereof, Landlord 6.4 shall be entitled interpreted to the immediate recovery, as of the day prior to such termination, of the unamortized Abatement Amount mean that was abated under the provisions of this Section 8Tenant is excused from paying Rent due hereunder.
Appears in 2 contracts
Sources: Office Lease (CrowdStrike Holdings, Inc.), Office Lease (CrowdStrike Holdings, Inc.)
Rent Abatement. Notwithstanding anything Provided that the Tenant is not then in default of the Lease (as hereby amended) and is then in occupancy of the entire Premises, then during the period beginning on second (2'd) month of the Lease Term and ending after the third (3`d) month of the Lease Term (the "Rent Abatement Period"), Tenant shall not be obligated to pay any Base Rent otherwise attributable to the contrary contained herein Premises for such Rent Abatement Period (the "Rent Abatement"). Tenant acknowledges and provided agrees that during such Rent Abatement Period, such abatement of Base Rent shall have no default effect on the calculation of any future increases in Base Rent, Operating Costs or Landlord's Taxes payable by Tenant occurs hereunder beyond any applicable pursuant to the terms of this Lease, which increases shall be calculated without regard to such abatement of Base Rent. The foregoing Rent Abatement has been granted to Tenant as additional consideration for entering into this Agreement, and for agreeing to pay the rent and performing the terms and conditions otherwise required under the Lease, as amended. If Tenant shall be in economic default or material non-economic default under the Lease and shall fail to cure such economic default or material non-economic default within notice and cure period, Landlord hereby agrees that Tenant shall not be required if any, permitted for cure pursuant to pay monthly Base Rent for the second (2nd) month of the initial Term through the eighth (8th) month of the initial Term (the “Abatement Period”). The total amount of monthly Base Rent abated during the Abatement Period shall not exceed Five Hundred Twenty-Six Thousand Six Hundred Eighty and 00/100 Dollars ($526,680.00) (the “Abatement Amount”); provided that the Abatement Amount shall not be increased as a result of any increase in Base Rent arising from Landlord’s disbursement of any Additional TI Allowance in accordance with Sections 4.2 and 4.4 of this Lease. During the Abatement Period, Tenant shall still be responsible for the payment of all of its other monetary obligations under this Lease, including, all Additional Rent, including Operating Expenses the Property Management Fee and costs of utilities for the Premises. In the event of a default by Tenant under the terms of this Lease that results in termination of this Lease in accordance with the provisions of this Lease, then as a part of the recovery set forth in this Lease and Landlord may at its option, by notice to Tenant, elect, in addition to any other remedies Landlord may have under the Lease, one or both of the following remedies: (i) that Tenant shall immediately become obligated to which pay to Landlord is entitled all Base Rent abated hereunder during the Rent Abatement Period, with interest as provided pursuant to Section 31 hereofthe Lease from the date such Base Rent would have otherwise been due but for the abatement provided herein, Landlord or (ii) that the dollar amount of the unapplied portion of the Rent Abatement as of such default shall be entitled converted to a credit to be applied to the immediate recovery, as Base Rent applicable to the Premises at the end of the day prior Second Extended Term and Tenant shall immediately be obligated to such termination, of begin paying Base Rent for the unamortized Abatement Amount that was abated under the provisions of this Section 8Premises in full.
Appears in 2 contracts
Sources: Office Lease (Global Clean Energy Holdings, Inc.), Office Lease (Global Clean Energy Holdings, Inc.)
Rent Abatement. Notwithstanding anything If Landlord fails to perform the contrary contained herein and provided that no default by Tenant occurs hereunder beyond any applicable notice and cure period, obligations required of Landlord hereby agrees that Tenant shall not be required to pay monthly Base Rent for the second (2nd) month of the initial Term through the eighth (8th) month of the initial Term (the “Abatement Period”). The total amount of monthly Base Rent abated during the Abatement Period shall not exceed Five Hundred Twenty-Six Thousand Six Hundred Eighty and 00/100 Dollars ($526,680.00) (the “Abatement Amount”); provided that the Abatement Amount shall not be increased as a result of any increase in Base Rent arising from Landlord’s disbursement of any Additional TI Allowance in accordance with Sections 4.2 and 4.4 of this Lease. During the Abatement Period, Tenant shall still be responsible for the payment of all of its other monetary obligations under this Lease, including, all Additional Rent, including Operating Expenses the Property Management Fee and costs of utilities for the Premises. In the event of a default by Tenant under the terms of this Lease that results and such failure causes all or a portion of the Premises to be unusable by, or inaccessible to, Tenant and such failure relates to (x) the nonfunctioning of the Building HVAC system in termination the Premises, the interruption of this Lease electricity to the Premises, the nonfunctioning of the elevator service to the Premises, or (y) a failure to provide access to all or a portion of the Premises (including as a result of any work performed by Landlord in accordance with or about the provisions Premises or the Building unless in response to Tenant’s request or as a result of Tenant’s breach of this Lease), then as a part Tenant shall give Landlord notice to the Building management office (the “Initial Failure Notice”), specifying such failure to perform by Landlord (the “Abatement Event”). If Landlord has not cured such Abatement Event within three (3) business days after the receipt of the recovery set forth Initial Failure Notice (the “Eligibility Period”), Tenant may deliver an additional notice to Landlord (the “Additional Notice”), specifying such Abatement Event and Tenant’s intention to ▇▇▇▇▇ the payment of Rent under this Lease. If Landlord does not cure such Abatement Event within three (3) business days of receipt of the Additional Notice, Tenant may, upon written notice to Landlord, immediately ▇▇▇▇▇ Rent payable under this Lease for that portion of the Premises rendered unusable or inaccessible and not used by Tenant, for the period beginning on the expiration of the Eligibility Period to the earlier of the date Landlord cures such Abatement Event or the date Tenant recommences the use of such portion of the Premises. Such right to ▇▇▇▇▇ Rent shall be Tenant’s sole and exclusive remedy at law or in equity for an Abatement Event. Except as provided in this Lease and in addition to any other remedies to which Landlord is entitled pursuant to Section 31 hereof6.4, Landlord nothing contained herein shall be entitled interpreted to the immediate recovery, as of the day prior to such termination, of the unamortized Abatement Amount mean that was abated under the provisions of this Section 8Tenant is excused from paying Rent due hereunder.
Appears in 2 contracts
Sources: Office Lease (Lyft, Inc.), Office Lease (Lyft, Inc.)
Rent Abatement. Notwithstanding anything If Landlord fails to perform the contrary contained herein and provided that no default by Tenant occurs hereunder beyond any applicable notice and cure period, obligations required -------------- of Landlord hereby agrees that Tenant shall not be required to pay monthly Base Rent for the second (2nd) month of the initial Term through the eighth (8th) month of the initial Term (the “Abatement Period”). The total amount of monthly Base Rent abated during the Abatement Period shall not exceed Five Hundred Twenty-Six Thousand Six Hundred Eighty and 00/100 Dollars ($526,680.00) (the “Abatement Amount”); provided that the Abatement Amount shall not be increased as a result of any increase in Base Rent arising from Landlord’s disbursement of any Additional TI Allowance in accordance with Sections 4.2 and 4.4 of this Lease. During the Abatement Period, Tenant shall still be responsible for the payment of all of its other monetary obligations under this Lease, including, all Additional Rent, including Operating Expenses the Property Management Fee and costs of utilities for the Premises. In the event of a default by Tenant under the terms of this Lease that results and such failure causes all or a portion of the Premises to be untenantable and unusable by Tenant and such failure relates to the nonfunctioning of the heat, ventilation, and air conditioning system in termination the Premises, the electricity in the Premises, the nonfunctioning of the elevator service to the Premises, or a failure to provide access to the Premises, Tenant shall give Landlord notice (the "Initial Notice"), specifying such failure to perform by Landlord (the "Landlord Default"). If Landlord has not cured such Landlord Default within five (5) business days after the receipt of the Initial Notice (the "Eligibility Period"), Tenant may deliver an additional notice to Landlord (the "Additional Notice"), specifying such Landlord Default and Tenant's intention to ▇▇▇▇▇ the payment of Rent under this Lease. If Landlord does not cure such Landlord Default within five (5) business days of receipt of the Additional Notice, Tenant may, upon written notice to Landlord, immediately ▇▇▇▇▇ Rent payable under this Lease in accordance with the provisions of this Lease, then as a part for that portion of the recovery set forth Premises rendered untenantable and not used by Tenant, for the period beginning on the date five (5) business days after the Initial Notice to the earlier of the date Landlord cures such Landlord Default or the date Tenant recommences the use of such portion of the Premises. Such right to ▇▇▇▇▇ Rent shall be Tenant's sole and exclusive remedy at law or in equity for a Landlord Default. Except as provided in this Lease and in addition to any other remedies to which Landlord is entitled pursuant to Section 31 hereof6.4, Landlord nothing contained herein shall be entitled interpreted to the immediate recovery, as of the day prior to such termination, of the unamortized Abatement Amount mean that was abated under the provisions of this Section 8Tenant is excused from paying Rent due hereunder.
Appears in 2 contracts
Sources: Office Lease (Entravision Communications Corp), Office Lease (Entravision Communications Corp)
Rent Abatement. Notwithstanding anything Whether or not Landlord or Tenant elect to the contrary contained herein and provided that no default by Tenant occurs hereunder beyond any applicable notice and cure periodterminate this Lease under this Article XI, Landlord hereby agrees that Tenant while this Lease shall not be required to pay monthly Base Rent for the second (2nd) month of the initial Term through the eighth (8th) month of the initial Term (the “Abatement Period”). The total amount of monthly Base Rent abated during the Abatement Period shall not exceed Five Hundred Twenty-Six Thousand Six Hundred Eighty and 00/100 Dollars ($526,680.00) (the “Abatement Amount”); provided that the Abatement Amount shall not be increased as remain in full force after a result of any increase in Base Rent arising from Landlord’s disbursement of any Additional TI Allowance in accordance with Sections 4.2 and 4.4 of this Lease. During the Abatement PeriodCasualty, Tenant shall still be responsible for the payment of all of its other monetary obligations under this Lease, including, all Additional Rent, including Operating Expenses the Property Management Fee and costs of utilities for the Premises. In the event of a default by Tenant under the terms of this Lease that results in termination of this Lease in accordance with the provisions of this Lease, then as a part of the recovery set forth in this Lease and in addition to any other remedies to which Landlord is entitled pursuant to Section 31 hereof, Landlord shall be entitled to a reduction of Minimum Rent and Tenant’s Share of Operating Costs and Taxes in proportion that the immediate recoveryFloor Area of the Leased Premises not actually used by Tenant in good faith after the Casualty bears to the total Floor Area of the Leased Premises as reasonably determined by Tenant, during the period beginning with the date such Floor Area becomes untenantable and Tenant ceases to use such Floor Area for the normal conduct of its business and ending either thirty (30) days after substantial completion of Landlord’s restoration work or on the effective date of any termination, as applicable. For purposes of this Article XI, the term “Substantial Completion” shall have the same meaning as provided in Exhibit B with respect to substantial completion of the Landlord’s restoration work. If fifty percent (50%) or more of the Leased Premises are damaged and Tenant determines in its sole reasonable discretion that it is not in its best interest to operate from the remainder of the Leased Premises, and Tenant in fact does not operate from the Leased Premises, then all Rent shall be abated as to the entire Lease Premises as of the day prior to such termination, date of the unamortized Abatement Amount that was abated under Casualty (or such later date as Tenant ceases operations in the provisions Leased Premises) until the delivery of this Section 8the Leased Premises to the Tenant with Landlord’s restoration obligations completed.
Appears in 1 contract
Sources: Office Lease Agreement (Calix, Inc)
Rent Abatement. Notwithstanding anything Provided that the Tenant is not then in default of the Lease and is then in occupancy of the entire Premises, then during the period beginning on the first day of Lease Month One (1) and ending on the last day of Lease Month Five (5) (the “Rent Abatement Period”), Tenant shall not be obligated to pay any Base Rent otherwise attributable to the contrary contained herein Premises for such Rent Abatement Period (the "Rent Abatement"). Tenant acknowledges and provided agrees that during such Rent Abatement Period, such abatement of Base Rent shall have no default effect on the calculation of any future increases in Base Rent, Operating Costs or Landlord's Taxes payable by Tenant occurs hereunder beyond any applicable pursuant to the terms of this Lease, which increases shall be calculated without regard to such abatement of Base Rent. The foregoing Rent Abatement has been granted to Tenant as additional consideration for entering into this Lease, and for agreeing to pay the rent and performing the terms and conditions otherwise required under the Lease, as amended. If Tenant shall be in economic default or material non-economic default under the Lease and shall fail to cure such economic default or material non-economic default within notice and cure period, Landlord hereby agrees that Tenant shall not be required if any, permitted for cure pursuant to pay monthly Base Rent for the second (2nd) month of the initial Term through the eighth (8th) month of the initial Term (the “Abatement Period”). The total amount of monthly Base Rent abated during the Abatement Period shall not exceed Five Hundred Twenty-Six Thousand Six Hundred Eighty and 00/100 Dollars ($526,680.00) (the “Abatement Amount”); provided that the Abatement Amount shall not be increased as a result of any increase in Base Rent arising from Landlord’s disbursement of any Additional TI Allowance in accordance with Sections 4.2 and 4.4 of this Lease. During the Abatement Period, Tenant shall still be responsible for the payment of all of its other monetary obligations under this Lease, including, all Additional Rent, including Operating Expenses the Property Management Fee and costs of utilities for the Premises. In the event of a default by Tenant under the terms of this Lease that results in termination of this Lease in accordance with the provisions of this Lease, then as a part of the recovery set forth in this Lease and Landlord may at its option, by notice to Tenant, elect, in addition to any other remedies Landlord may have under the Lease that Tenant shall immediately become obligated to which pay to Landlord is entitled all Base Rent abated hereunder during the Rent Abatement Period, with interest as provided pursuant to Section 31 hereof, Landlord shall be entitled to the immediate recovery, as of Lease from the day prior to date such termination, of Base Rent would have otherwise been due but for the unamortized Abatement Amount that was abated under the provisions of this Section 8abatement provided herein.
Appears in 1 contract
Sources: Office Lease (Zion Oil & Gas Inc)
Rent Abatement. Notwithstanding anything If Landlord fails to perform the obligations required of Landlord under the TCCs of this Lease and such failure causes all or a portion of the Premises to be untenantable and unusable by Tenant and such failure relates to the contrary contained herein nonfunctioning of the heat, ventilation, and provided that no default by Tenant occurs hereunder beyond any applicable notice and cure periodair conditioning system in the Premises, Landlord hereby agrees that the electricity in the Premises, the nonfunctioning of the elevator service to the Premises, or a failure to provide access to the Premises, Tenant shall give Landlord notice (the "Initial Notice"), specifying such failure to perform by Landlord (the "Landlord Default"). If Landlord has not be required to pay monthly Base Rent for cured such Landlord Default within five (5) business days after the second (2nd) month receipt of the initial Term through the eighth (8th) month of the initial Term Initial Notice (the “Abatement "Eligibility Period”"). The total amount of monthly Base Rent abated during the Abatement Period shall not exceed Five Hundred Twenty-Six Thousand Six Hundred Eighty and 00/100 Dollars ($526,680.00) , Tenant may deliver an additional notice to Landlord (the “Abatement Amount”"Additional Notice"); provided that , specifying such Landlord Default and Tenant's intention to ▇▇▇▇▇ the Abatement Amount shall not be increased as a result payment of any increase in Base Rent arising from Landlord’s disbursement of any Additional TI Allowance in accordance with Sections 4.2 and 4.4 of under this Lease. During If Landlord does not cure such Landlord Default within five (5) business days of receipt of the Abatement PeriodAdditional Notice, Tenant shall still be responsible may, upon written notice to Landlord, immediately ▇▇▇▇▇ Rent payable under this Lease for that portion of the Premises rendered untenantable and not used by Tenant, for the payment period beginning on the date five (5) business days after the Initial Notice to the earlier of all the date Landlord cures such Landlord Default or the date Tenant recommences the use of its other monetary obligations under this Lease, including, all Additional Rent, including Operating Expenses the Property Management Fee and costs such portion of utilities for the Premises. In the event of Such right to ▇▇▇▇▇ Rent shall be Tenant's sole and exclusive remedy at law or in equity for a default by Tenant under the terms of this Lease that results in termination of this Lease in accordance with the provisions of this Lease, then Landlord Default. Except as a part of the recovery set forth provided in this Lease and in addition to any other remedies to which Landlord is entitled pursuant to Section 31 hereof6.4, Landlord nothing contained herein shall be entitled interpreted to the immediate recovery, as of the day prior to such termination, of the unamortized Abatement Amount mean that was abated under the provisions of this Section 8Tenant is excused from paying Rent due hereunder.
Appears in 1 contract
Sources: Sublease Agreement (Affymetrix Inc)
Rent Abatement. Notwithstanding anything If (i) Landlord fails to provide services required of Landlord under Section 6.1 above, and (ii) such failure causes all or a “material portion” of the contrary contained herein and provided that no default Premises to be untenantable by Tenant occurs hereunder beyond any applicable notice and cure period, Landlord hereby agrees Tenant actually ceases to use all or a material portion of the Premises (material portion being a portion such that Tenant shall not be required to pay monthly Base Rent the remaining usable area is less than the minimum area of the Premises necessary for the second conduct of Tenant’s operations therein), and (2ndiii) month such failure is reasonably within Landlord's ability to cure, and (iv) such failure is not the result of the initial Term through acts and/or omissions of Tenant and/or other Tenant Parties, then in order to be entitled to receive the eighth benefits of this Section 6.4, Tenant must give Landlord notice (8ththe "Initial Notice"), specifying such failure to perform by Landlord (the "Abatement Event"). If Landlord has not commenced to cure such Abatement Event within two (2) month business days after the receipt of the initial Term Initial Notice and is not otherwise excused from such performance by this Lease, then prior to any abatement, Tenant must deliver an additional notice to Landlord within two (2) business days (the “"Additional Notice"), specifying such Abatement Period”). The total amount Event and ▇▇▇▇▇▇'s intention to ▇▇▇▇▇ the payment of monthly Base Rent abated during the Abatement Period shall not exceed Five Hundred Twenty-Six Thousand Six Hundred Eighty and 00/100 Dollars ($526,680.00) (the “Abatement Amount”); provided that the Abatement Amount shall not be increased as a result of any increase in Base Rent arising from Landlord’s disbursement of any Additional TI Allowance in accordance with Sections 4.2 and 4.4 of under this Lease. During If Landlord does not commence to cure such Abatement Event within three (3) business days of receipt of the Abatement PeriodAdditional Notice and thereafter diligently pursue the cure to completion, Tenant shall still be responsible may, upon written notice to Landlord, immediately ▇▇▇▇▇ Base Rent and ▇▇▇▇▇▇'s Share of Direct Expenses payable under this Lease for that portion of the Premises rendered untenantable and not actually used by Tenant, for the payment period beginning on the date five (5) business days after the Initial Notice to the earlier of all the date Landlord cures such Abatement Event or the date Tenant recommences the use of its other monetary obligations under this Lease, including, all Additional Rent, including Operating Expenses the Property Management Fee and costs such portion of utilities for the Premises. In If Tenant fails to provide the event Additional Notice as and when required, then ▇▇▇▇▇▇'s right to ▇▇▇▇▇ Base Rent and ▇▇▇▇▇▇'s Share of Direct Expenses shall be of no further force or effect with respect to the applicable Abatement Event. Such right to ▇▇▇▇▇ ▇▇▇▇ shall be Tenant's sole and exclusive remedy at law or in equity for an Abatement Event. Except as provided in this Section 6.4, nothing contained herein shall be interpreted to mean that Tenant is excused from paying Rent due hereunder. Subject to Tenant's delivery of an Initial Notice and Additional Notice as described above, an Abatement Event shall also include the total or partial closure of the Building or the Building Parking Facility (other than on account of Force Majeure), which closure (1) is the result of the action or inaction of Landlord, (2) which closure is reasonably within Landlord's ability to cure, and (3) if and to the extent such closure relates to the Building Parking Facilities, (a) such closure results in more than fifty percent (50%) of Tenant's Parking Allocation being unavailable for the time periods provided for in the Initial Notice and Additional Notice, and (b) Landlord does not provide temporary alternative parking to Tenant for the duration of such closure. As used in this paragraph, any such temporary alternative parking must be within a default by five (5) minute walk from the Building Parking Facility and may not exceed three (3) months in duration. ARTICLE 7 REPAIRS Tenant under shall, at ▇▇▇▇▇▇'s own expense, pursuant to the terms of this Lease, including without limitation Article 8 hereof, keep the Premises, including all improvements, fixtures and furnishings therein, in good order, repair and condition at all times during the Lease that results in termination Term, Casualty and condemnation excepted. In addition, Tenant shall, at Tenant's own expense, but under the supervision and subject to the prior approval of this Lease in accordance with Landlord (not to be unreasonably withheld, conditioned or delayed), and within any reasonable period of time specified by Landlord, pursuant to the provisions terms of this Lease, then as a part of the recovery set forth in this Lease and in addition to any other remedies to which Landlord is entitled pursuant to Section 31 including without limitation Article 8 hereof, Landlord shall be entitled promptly and adequately repair all damage to the immediate recoveryPremises and replace or repair all damaged, as of the day prior to such terminationbroken, of the unamortized Abatement Amount that was abated under the provisions of this Section 8.or worn fixtures and Docusign Envelope ID: 5DE73501-8C5C-4E6E-96B1-0423E835E57AE2AF5422 D231- 4EC- 97B-A39CF5CF9824
Appears in 1 contract
Sources: Office Lease (GRAIL, Inc.)
Rent Abatement. Notwithstanding anything If Landlord fails to perform the contrary contained herein and provided that no default by Tenant occurs hereunder beyond any applicable notice and cure period, obligations required --------------- of Landlord hereby agrees that Tenant shall not be required to pay monthly Base Rent for the second (2nd) month of the initial Term through the eighth (8th) month of the initial Term (the “Abatement Period”). The total amount of monthly Base Rent abated during the Abatement Period shall not exceed Five Hundred Twenty-Six Thousand Six Hundred Eighty and 00/100 Dollars ($526,680.00) (the “Abatement Amount”); provided that the Abatement Amount shall not be increased as a result of any increase in Base Rent arising from Landlord’s disbursement of any Additional TI Allowance in accordance with Sections 4.2 and 4.4 of this Lease. During the Abatement Period, Tenant shall still be responsible for the payment of all of its other monetary obligations under this Lease, including, all Additional Rent, including Operating Expenses the Property Management Fee and costs of utilities for the Premises. In the event of a default by Tenant under the terms of this Lease that results and such failure causes all or a portion of the Premises to be untenantable and unusable by Tenant and such failure relates to the nonfunctioning of the heat, ventilation, and air conditioning system in termination the Premises, the electricity in the Premises, the nonfunctioning of the elevator service to the Premises, or a failure to provide access to the Premises, Tenant shall give Landlord notice (the "INITIAL NOTICE"), specifying such failure to perform by Landlord (the "LANDLORD DEFAULT"). If Landlord has not cured such Landlord Default within five (5) business days after the receipt of the Initial Notice (the "ELIGIBILITY PERIOD"), Tenant may deliver an additional notice to Landlord (the "ADDITIONAL NOTICE"), specifying such Landlord Default and Tenant's intention to ▇▇▇▇▇ the payment of Rent under this Lease. If Landlord does not cure such Landlord Default within five (5) business days of receipt of the Additional Notice, Tenant may, upon written notice to Landlord, immediately ▇▇▇▇▇ Rent payable under this Lease in accordance with the provisions of this Lease, then as a part for that portion of the recovery set forth Premises rendered untenantable and not used by Tenant, for the period beginning on the date five (5) business days after the Initial Notice to the earlier of the date Landlord cures such Landlord Default or the date Tenant recommences the use of such portion of the Premises. Such right to ▇▇▇▇▇ Rent shall be Tenant's sole and exclusive remedy at law or in equity for a Landlord Default. Except as provided in this Lease and in addition to any other remedies to which Landlord is entitled pursuant to Section 31 hereof6.4, Landlord nothing contained herein shall be entitled interpreted to the immediate recovery, as of the day prior to such termination, of the unamortized Abatement Amount mean that was abated under the provisions of this Section 8Tenant is excused from paying Rent due hereunder.
Appears in 1 contract
Rent Abatement. Notwithstanding anything If Landlord fails to perform the obligations required of Landlord under this Lease and such failure causes all or a portion of the Premises to be untenantable and such failure relates to the contrary contained herein and provided that no default by Tenant occurs hereunder beyond any applicable notice and cure periodnon-functioning of the Base Building HVAC, Landlord hereby agrees that mechanical, electrical or plumbing systems, Tenant shall not be required to pay monthly Base Rent for the second (2nd) month of the initial Term through the eighth (8th) month of the initial Term give Landlord notice (the “Abatement Initial Notice”), specifying such failure to perform by Landlord (the “Landlord Failure”). If Landlord has not cured such Landlord Failure within five (5) business days after the receipt of the Initial Notice (the “Eligibility Period”). The total amount of monthly Base Rent abated during the Abatement Period shall not exceed Five Hundred Twenty-Six Thousand Six Hundred Eighty and 00/100 Dollars ($526,680.00) , Tenant may deliver an additional notice to Landlord (the “Abatement AmountAdditional Notice”); provided that , specifying such Landlord Failure and ▇▇▇▇▇▇’s intention to ▇▇▇▇▇ the Abatement Amount shall not be increased as a result payment of any increase in Base Rent arising from Landlord’s disbursement of any Additional TI Allowance in accordance with Sections 4.2 and 4.4 of under this Lease. During If Landlord does not cure such Landlord Failure within five (5) business days of receipt of the Abatement PeriodAdditional Notice, Tenant shall still be responsible may, upon written notice to Landlord, immediately ▇▇▇▇▇ Rent payable under this Lease for that portion of the Premises rendered untenantable and not used by Tenant, for the payment period beginning on the date five (5) business days after the Initial Notice to the earlier of all the date Landlord cures such Landlord Failure or the date Tenant recommences the use of its other monetary obligations under this Lease, including, all Additional Rent, including Operating Expenses the Property Management Fee and costs such portion of utilities for the Premises. In Such right to ▇▇▇▇▇ ▇▇▇▇ shall be Tenant’s sole and exclusive remedy at law or in equity for a Landlord Failure. Under no circumstances shall any public safety power shutoff (“PSPS”), planned maintenance outage or other power shutoff by PG&E or any other utility provider render Landlord liable to Tenant for abatement of Rent. Tenant’s right to ▇▇▇▇▇ ▇▇▇▇ shall be Tenant’s sole and exclusive remedy at law or in equity for a Landlord Failure. Without limiting the event generality of a default by the foregoing, Tenant under hereby waives the terms provisions of this Lease that results in California Civil Code Section 1932(1) or any other applicable existing or future law permitting the termination of this Lease in accordance with the provisions of this Lease, then due to a service or utility interruption or failure. Except as a part of the recovery set forth provided in this Lease and in addition to any other remedies to which Landlord is entitled pursuant to Section 31 hereof6.4, Landlord nothing contained herein shall be entitled interpreted to the immediate recovery, as of the day prior to such termination, of the unamortized Abatement Amount mean that was abated under the provisions of this Section 8Tenant is excused from paying Rent due hereunder.
Appears in 1 contract
Sources: Office Lease (Doma Holdings, Inc.)
Rent Abatement. Notwithstanding anything to the contrary contained herein, Landlord hereby agrees to conditionally waive the Base Rent due with respect to the Premises for the first three (3) full consecutive calendar months of the Term hereof (the “Base Rent Abatement”). No amounts due to Landlord under the Lease other than the Base Rent referred to above shall be conditionally waived, except as expressly provided to the contrary in the Lease. If the Commencement Date is other than the first day of the of a month, then Tenant shall be responsible for paying any Base Rent for the period commencing on the Commencement Date until the commencement of the first full calendar month of the Term; which such amount shall be prorated based upon the actual number of days of the calendar month involved. Nothing herein and provided that no shall be construed to waive Tenant’s obligation to pay the first month’s Base Rent upon Tenant’s execution of the Lease pursuant to Section 4 below, which such amount shall be applied to the Base Rent payable for the fourth full calendar month of the Term. If during the Base Rent Abatement period, Tenant commits a default by Tenant occurs hereunder as defined in Section 13 of the Lease which continues beyond the expiration of any applicable notice and cure period, Landlord hereby agrees that Tenant Base Rent coming due thereafter shall not be required waived. Furthermore, in the event Landlord is exercising its right to pay monthly terminate this Lease due to a default by Tenant, all Base Rent for that Landlord conditionally waived in the second (2nd) month of past, as well as all unamortized tenant improvement costs and brokerage commissions incurred by Landlord in connection with this Lease, shall be immediately due and payable by Tenant to Landlord without notice or demand from Landlord. If the initial Term through the eighth (8th) month of the initial Term (the “Abatement Period”). The total amount of monthly Base Rent abated during the Abatement Period shall Lease expires in accordance with its terms, and does not exceed Five Hundred Twenty-Six Thousand Six Hundred Eighty and 00/100 Dollars ($526,680.00) (the “Abatement Amount”); provided that the Abatement Amount shall not be increased terminate as a result of any increase in Base Rent arising from Landlord’s disbursement of any Additional TI Allowance in accordance with Sections 4.2 and 4.4 of this Lease. During the Abatement Period, Tenant shall still be responsible for the payment of all of its other monetary obligations under this Lease, including, all Additional Rent, including Operating Expenses the Property Management Fee and costs of utilities for the Premises. In the event of a default by Tenant under the terms of this Lease that results in termination of this Lease in accordance with the provisions of this Lease, then as a part of the recovery set forth in this Lease and in addition to any other remedies to which Landlord is entitled pursuant to Section 31 hereofTenant, Landlord shall be entitled agrees to permanently waive the immediate recovery, as of the day prior to such termination, of the unamortized Abatement Amount that was abated under the provisions of this Section 8Base Rent it has conditionally waived.
Appears in 1 contract
Rent Abatement. Notwithstanding anything if the Premises become untenantable and unusable by Tenant as a result of (a) any damage or destruction to the contrary contained herein Premises, the parking garage, the Building, and/or the Project, (b) any repair, maintenance or alteration performed by Landlord after the Lease Commencement Date and provided that no default required or permitted by the Lease, which substantially interferes with Tenant’s use of the Premises, the parking garage, and/or the Building, or (c) any non-availability to Tenant occurs hereunder beyond any applicable notice and cure periodof services or access to the Premises, Landlord hereby agrees that the parking garage, and/or the Building as required by the terms of this Lease, Tenant shall not be required to pay monthly Base Rent for the second (2nd) month of the initial Term through the eighth (8th) month of the initial Term give Landlord notice (the “Abatement PeriodNotice”). The total amount of monthly Base Rent abated during the Abatement Period shall not exceed Five Hundred Twenty-Six Thousand Six Hundred Eighty and 00/100 Dollars ($526,680.00) , specifying such failure to perform by Landlord (the “Abatement AmountEvent”); provided that . If Landlord does not cure such Abatement Event within five (5) business days of receipt of the Abatement Amount Notice, Tenant may, upon written notice to Landlord, immediately ▇▇▇▇▇ Rent payable under this Lease for that portion of the Premises rendered untenantable and not used by Tenant, for the period beginning on the date five (5) business days after the Abatement Notice to the earlier of the date Landlord cures such Landlord Default or the date Tenant recommences the use of such portion of the Premises. Such right to ▇▇▇▇▇ Rent shall be Tenant’s sole and exclusive rent abatement remedy at law or in equity for an Abatement Event. Except as provided in this Section 6.4, nothing contained herein shall be interpreted to mean that Tenant is excused from paying Rent due hereunder. If Landlord has not cured such Abatement Event within six (6) months after receipt of the Abatement Notice from Tenant, Tenant shall have the right to terminate this Lease during the first ten (10) business days of each calendar month following the end of such six (6) month period until such time as Landlord has cured the Abatement Event, which right may be exercised only by delivery of thirty (30) days’ notice to Landlord (the “Abatement Event Termination Notice”) during such ten (10) business day period, and shall be effective as of a date set forth in the Abatement Event Termination Notice (the “Abatement Event Termination Date”), which Abatement Event Termination Date shall not be increased as a result less than thirty (30) days, and not more than two (2) months, following the delivery of any increase in Base Rent arising from Landlord’s disbursement of any Additional TI Allowance in accordance with Sections 4.2 and 4.4 of this Lease. During the Abatement PeriodEvent Termination Notice. Notwithstanding anything contained in this Section 6.4 to the contrary, Tenant Tenant’s Abatement Event Termination Notice shall still be responsible for null and void (but only in connection with the payment of all of its other monetary obligations under this Lease, including, all Additional Rent, including Operating Expenses the Property Management Fee and costs of utilities for the Premises. In the event of a default first notice sent by Tenant under the terms of this Lease that results in termination of this Lease in accordance with the provisions of this Lease, then as a part respect to each separate Abatement Event) if Landlord cures such Abatement Event within such thirty (30) day period following receipt of the recovery set forth in this Lease and in addition to any other remedies to which Landlord is entitled pursuant to Section 31 hereof, Landlord shall be entitled to the immediate recovery, as of the day prior to such termination, of the unamortized Abatement Amount that was abated under the provisions of this Section 8Event Termination Notice.
Appears in 1 contract
Rent Abatement. The first paragraph of Section 2.D of the Second Amendment is hereby deleted in its entirety. Notwithstanding anything to the contrary contained herein in Section 4 above and to the Original Lease, and provided that no default by Tenant occurs hereunder is not in default, beyond any applicable periods of notice and cure periodgrace, of its monetary and material non-monetary obligations under the Lease, and in addition to the abatement provided in the Initial Lease as such abatement is amended below by this Amendment with respect to the portion of the Lease Premises initially demised thereunder, Landlord hereby agrees that Tenant shall not be required to a▇▇▇▇ Tenant’s obligation to pay monthly Base Monthly Rent for the second Second Expansion Space and the Expansion Space (2ndas defined in the First Amendment) month for the initial seven (7) full months of the initial Lease Term through after the Lease Commencement Date, as such term is applicable to each space. Further, Landlord agrees to a▇▇▇▇ Tenant’s obligation to pay Base Monthly Rent for the entirety of the Leased Premises during the eighth (8th) full calendar month of the initial Lease Term (after the “Abatement Period”)Lease Commencement Date, as such term is applicable to each space. The total amount of monthly However, notwithstanding anything to the contrary contained in the Original Lease, during the Base Rent abated during the Abatement Period shall not exceed Five Hundred Twenty-Six Thousand Six Hundred Eighty and 00/100 Dollars ($526,680.00) (the “Abatement Amount”defined below); provided that the Abatement Amount shall not be increased as a result of any increase in Base Rent arising from Landlord’s disbursement of any Additional TI Allowance in accordance with Sections 4.2 and 4.4 of this Lease. During the Abatement Period, Tenant shall still be responsible for the payment of all of its other monetary obligations under this the Lease, including, all Additional Rent, including Operating Expenses the Property Management Fee and costs of utilities for the Premises. In the event of If a default by Tenant under the terms of this Lease that results in early termination of this Lease in accordance with the provisions of this Lease, then as a part of the recovery set forth in this Lease and in addition to any other remedies to which Landlord is entitled pursuant to Section 31 hereofpermitted by the Lease, Landlord shall be entitled to the immediate recovery, as recovery of the day prior to such termination, of the unamortized Abatement Amount Base Monthly Rent that was abated under during the provisions initial four (4) full months of this Section 8the Lease Term after the Lease Commencement Date, as such term is applicable to each space. The second paragraph of Paragraph 3.1(a) of the Initial Lease (as amended by the Second Amendment) is hereby amended by:
(a) Deleting the second sentence thereof and inserting the following in lieu thereof: “Base Monthly Rent for the Expansion Space and Second Expansion Space is not payable during the initial eight (8) full months of the Lease Term following the Lease Commencement Date applicable to each space.”
(b) Deleting the fourth sentence thereof, beginning “By way of example.”
Appears in 1 contract
Sources: Lease (Molecular Templates, Inc.)
Rent Abatement. Notwithstanding anything to the contrary contained herein and in this Lease contained, if due to (i) any repairs, alterations, replacements, or improvements made by Landlord, (ii) Landlord’s failure to make any repairs, alterations, or improvements required to be made by Landlord hereunder, or to provide any service required to be provided by Landlord hereunder, or (iii) failure of electric supply, any portion of the Premises becomes untenantable so that for the Premises Untenantability Cure Period, as hereinafter defined, the continued operation in the ordinary course of Tenant’s business is materially adversely affected, then, provided that no default Tenant ceases to use the affected portion of the Premises during the entirety of the Premises Untenantability Cure Period by reason of such untenantability, and that such untenantability and Landlord’s inability to cure such condition is not caused by the fault or neglect of Tenant occurs hereunder or Tenant’s agents, employees or contractors, Annual Fixed Rent, Operating Cost Excess, and Tax Excess shall thereafter be abated in proportion to such untenantability and its impact on the continued operation in the ordinary course of Tenant’s business until the day such condition is completely corrected. For the purposes hereof, the “Premises Untenantability Cure Period” shall be defined as five (5) consecutive business days after Landlord’s receipt of written notice from Tenant of the condition causing untenantability in the Premises, provided however, that the Premises Untenantability Cure Period shall be fifteen (15) consecutive business days after ▇▇▇▇▇▇▇▇’s receipt of written notice from Tenant of such condition causing untenantability in the Premises if either the condition was caused by causes beyond any applicable notice and Landlord’s reasonable control or Landlord is unable to cure period, Landlord hereby agrees that Tenant such condition as the result of causes beyond Landlord’s reasonable control. The provisions of this clause (C) shall not be required to pay monthly Base Rent for the second (2nd) month of the initial Term through the eighth (8th) month of the initial Term (the “Abatement Period”). The total amount of monthly Base Rent abated during the Abatement Period shall not exceed Five Hundred Twenty-Six Thousand Six Hundred Eighty and 00/100 Dollars ($526,680.00) (the “Abatement Amount”); provided that the Abatement Amount shall not be increased as a result of any increase apply in Base Rent arising from Landlord’s disbursement of any Additional TI Allowance in accordance with Sections 4.2 and 4.4 of this Lease. During the Abatement Period, Tenant shall still be responsible for the payment of all of its other monetary obligations under this Lease, including, all Additional Rent, including Operating Expenses the Property Management Fee and costs of utilities for the Premises. In the event of a default untenantability caused by Tenant under the terms of this Lease that results in termination of this Lease in accordance with the provisions of this Leasefire or other casualty, then as a part of the recovery set forth in this Lease and in addition to any other remedies to which Landlord is entitled pursuant to Section 31 hereof, Landlord shall be entitled to the immediate recovery, as of the day prior to such termination, of the unamortized Abatement Amount that was abated under the provisions of this Section 8.or taking (see Article XIV). -41-
Appears in 1 contract
Sources: Lease Agreement (Havas)
Rent Abatement. Notwithstanding anything If Landlord fails to perform the contrary contained herein and provided that no default by Tenant occurs hereunder beyond any applicable notice and cure period, obligations required of Landlord hereby agrees that Tenant shall not be required to pay monthly Base Rent for the second (2nd) month of the initial Term through the eighth (8th) month of the initial Term (the “Abatement Period”). The total amount of monthly Base Rent abated during the Abatement Period shall not exceed Five Hundred Twenty-Six Thousand Six Hundred Eighty and 00/100 Dollars ($526,680.00) (the “Abatement Amount”); provided that the Abatement Amount shall not be increased as a result of any increase in Base Rent arising from Landlord’s disbursement of any Additional TI Allowance in accordance with Sections 4.2 and 4.4 of this Lease. During the Abatement Period, Tenant shall still be responsible for the payment of all of its other monetary obligations under this Lease, including, all Additional Rent, including Operating Expenses the Property Management Fee and costs of utilities for the Premises. In the event of a default by Tenant under the terms of this Lease that results and such failure causes all or a portion of the Premises to be untenantable and unusable by Tenant and such failure relates to the nonfunctioning of the heat, ventilation, and air conditioning system in termination the Premises, the electricity in the Premises, the nonfunctioning of the elevator service to the Premises, or a failure to provide access to the Premises, Tenant shall give Landlord notice (the “Initial Notice”), specifying such failure to perform by Landlord (the “Landlord Default”). If Landlord has not cured such Landlord Default within five (5) business days after the receipt of the Initial Notice (the “Eligibility Period”), Tenant may deliver an additional notice to Landlord (the “Additional Notice”), specifying such Landlord Default and Tenant’s intention to ▇▇▇▇▇ the payment of Rent under this Lease. If Landlord does not cure such Landlord Default within five (5) business days of receipt of the Additional Notice, Tenant may, upon written notice to Landlord, immediately ▇▇▇▇▇ Rent payable under this Lease for that portion of the Premises rendered untenantable and not used by Tenant, for the period beginning on the date five (5) business days after the Initial Notice to the earlier of the date Landlord cures such Landlord Default or the date Tenant recommences the use of such portion of the Premises. Such right to ▇▇▇▇▇ Rent shall be Tenant’s sole and exclusive remedy at law or in accordance with the provisions of equity for a Landlord Default. Except as provided in this Section 6.4 or elsewhere in this Lease, then as a part of the recovery set forth in this Lease and in addition to any other remedies to which Landlord is entitled pursuant to Section 31 hereof, Landlord nothing contained herein shall be entitled interpreted to the immediate recovery, as of the day prior to such termination, of the unamortized Abatement Amount mean that was abated under the provisions of this Section 8Tenant is excused from paying Rent due hereunder.
Appears in 1 contract
Sources: Office Lease (ZS Pharma, Inc.)
Rent Abatement. Notwithstanding anything If (i) Landlord fails to perform the contrary contained herein and provided that no default by Tenant occurs hereunder beyond any applicable notice and cure period, obligations required of Landlord hereby agrees that Tenant shall not be required to pay monthly Base Rent for the second (2nd) month of the initial Term through the eighth (8th) month of the initial Term (the “Abatement Period”). The total amount of monthly Base Rent abated during the Abatement Period shall not exceed Five Hundred Twenty-Six Thousand Six Hundred Eighty and 00/100 Dollars ($526,680.00) (the “Abatement Amount”); provided that the Abatement Amount shall not be increased as a result of any increase in Base Rent arising from Landlord’s disbursement of any Additional TI Allowance in accordance with Sections 4.2 and 4.4 of this Lease. During the Abatement Period, Tenant shall still be responsible for the payment of all of its other monetary obligations under this Lease, including, all Additional Rent, including Operating Expenses the Property Management Fee and costs of utilities for the Premises. In the event of a default by Tenant under the terms of this Lease that results in termination of this Lease in accordance with the provisions TCCs of this Lease, then as (ii) such failure causes all or a part portion of the recovery set forth Premises to be untenantable and unusable by Tenant, and (iii) such failure relates to (A) the nonfunctioning of the heat, ventilation, and air conditioning system in the Premises, the electricity in the Premises, the nonfunctioning of the elevator service to the Premises, or (B) a failure to provide access to the Premises, Tenant shall give Landlord notice (the "Initial Notice"), specifying such failure to perform by Landlord (the "Landlord Default"). If Landlord has not cured such Landlord Default within five (5) business days after the receipt of the Initial Notice (the "Eligibility Period"), Tenant may deliver an additional notice to Landlord (the "Additional Notice"), specifying such Landlord Default and ▇▇▇▇▇▇'s intention to ▇▇▇▇▇ the payment of Rent under this Lease. If Landlord does not cure such Landlord Default within five (5) business days of receipt of the Additional Notice, Tenant may, upon written notice to Landlord, immediately ▇▇▇▇▇ Rent payable under this Lease for that portion of the Premises rendered untenantable and not used by Tenant, for the period beginning on the date five (5) business days after the Initial Notice to the earlier of the date Landlord cures such Landlord Default or the date Tenant recommences the use of such portion of the Premises. Except as provided in this Lease and in addition to any other remedies to which Landlord is entitled pursuant to Section 31 hereof6.5, Landlord nothing contained herein shall be entitled interpreted to the immediate recovery, as of the day prior to such termination, of the unamortized Abatement Amount mean that was abated under the provisions of this Section 8Tenant is excused from paying Rent due hereunder.
Appears in 1 contract
Sources: Office Lease (Zion Oil & Gas Inc)
Rent Abatement. Notwithstanding anything to the contrary contained herein and provided that no default by Tenant occurs hereunder beyond any applicable notice and cure periodherein, Landlord hereby agrees that Tenant shall not be required to pay monthly Base Rent for the second (2nd) month of the initial Term through the eighth (8th) month of the initial Term (the “Abatement Period”). The total amount of monthly Base Rent abated during the Abatement Period shall not exceed Five Hundred Twenty-Six Thousand Six Hundred Eighty and 00/100 Dollars ($526,680.00) (the “Abatement Amount”); provided that the Abatement Amount shall not be increased as a result of any increase in Base Rent arising from Landlord’s disbursement of any Additional TI Allowance in accordance with Sections 4.2 and 4.4 of this Lease. During the Abatement Period, Tenant shall still be responsible liable for the payment of all Annual Base Rent or Tenant's Share of its Operating Costs for that 28,741 square feet of rentable area of the Premises identified as Floor 3 of Building Three (Rental Abatement Space), for the period commencing with the Commencement Date applicable to such floor and ending on the earlier of (a) the commencement of month thirteen (13) after said Commencement Date or (b) the date that Tenant takes beneficial occupancy of the Rental Abatement Space. Should Tenant occupy less than the full floor prior to the commencement of month thirteen (13), then the Annual Base Rent and Tenant's Share of Operating Costs set forth for the Rental Abatement Space shall be charged only for that portion of the Rental Abatement Space being occupied. Tenant covenants and agrees to notify Landlord immediately at such time as Tenant occupies the Rental Abatement Space. As used herein, "occupancy" means any use of the floor by Tenant for other monetary obligations under than installation of furniture, fixtures and equipment; "occupancy" shall include use of the floor for storage or any other business use. Upon commencement of the thirteenth (13th) month after the lease Commencement Date for the Rental Abatement Space, the full rent as provided for in this Amended and Restated Lease, includingshall be due and payable no matter how much of the Rental Abatement Space is occupied. Tenant shall be permitted to sublease the Rental Abatement Space per the terms and conditions of Section 19, all Additional RentAssignment or Sublease, including and such a sublease shall not constitute occupancy of the Rental Abatement Space as used within this Section 30. If the Rental Abatement Space is subleased, the rental abatement with respect to the subleased area shall provide only for abatement of Annual Base Rent and Tenant shall be responsible for Tenant's Share of Operating Expenses the Property Management Fee and costs of utilities for the PremisesCosts. In the event of a default by It is anticipated that Tenant under will complete its tenant improvements per the terms of this Lease that results Section 31, Tenant Improvement Allowance, and Exhibit F, Tenant Work Letter, for its entire Premises in termination of this Lease in accordance with a continuous fashion. However, Tenant may elect to delay the provisions of this Leaseimprovements to the Rental Abatement Space. If Tenant does delay said improvements, then as a part Tenant shall provide Landlord six (6) months prior written notice of the recovery set forth desired occupancy date in this Lease and in addition order to any other remedies to which Landlord is entitled pursuant to Section 31 hereof, Landlord shall be entitled to allow for the immediate recovery, as completion of tenant improvements of the day prior to such termination, of the unamortized Rental Abatement Amount that was abated under the provisions of this Section 8Space.
Appears in 1 contract
Rent Abatement. Notwithstanding anything If Landlord fails to perform the contrary contained herein and provided that no default by Tenant occurs hereunder beyond any applicable notice and cure period, obligations required of Landlord hereby agrees that Tenant shall not be required to pay monthly Base Rent for the second (2nd) month of the initial Term through the eighth (8th) month of the initial Term (the “Abatement Period”). The total amount of monthly Base Rent abated during the Abatement Period shall not exceed Five Hundred Twenty-Six Thousand Six Hundred Eighty and 00/100 Dollars ($526,680.00) (the “Abatement Amount”); provided that the Abatement Amount shall not be increased as a result of any increase in Base Rent arising from Landlord’s disbursement of any Additional TI Allowance in accordance with Sections 4.2 and 4.4 of this Lease. During the Abatement Period, Tenant shall still be responsible for the payment of all of its other monetary obligations under this Lease, including, all Additional Rent, including Operating Expenses the Property Management Fee and costs of utilities for the Premises. In the event of a default by Tenant under the terms of this Lease that results and such failure causes all or a portion of the Premises to be untenantable and unusable by Tenant and such failure relates to the nonfunctioning of the heat, ventilation, and air conditioning system in termination the Premises, the electricity in the Premises, the nonfunctioning of the elevator service to the Premises, or a failure to provide access to the Premises, Tenant shall give Landlord notice (the "Initial Notice"), specifying such failure to perform by Landlord (the "Landlord Default"). If Landlord has not cured such Landlord Default within five (5) business days after the receipt of the Initial Notice (the "Eligibility Period"), Tenant may deliver an additional notice to Landlord (the "Additional Notice"), specifying such Landlord Default and Tenant's intention to abate the payment of Rent under this Lease. If Land▇▇▇▇ ▇oes not cure suc▇ ▇▇▇dlord Default within five (5) business days of receipt of the Additional Notice, Tenant may, upon written notice to Landlord, immediately abate Rent payable under this Lease in accordance with the provisions of this Lease, then as a part for that portion of the recovery set forth Premises rend▇▇▇▇ untenantable and not used by Tenant, for the period beginning on the date five (5) business days after the Initial Notice to the earlier of the date Landlord cures such Landlord Default or the date Tenant recommences the use of such portion of the Premises. Such right to abate Rent shall be Tenant's sole and exclusive remedy at law or in equit▇ ▇▇▇ ▇ ▇▇ndlord Default. Except as provided in this Lease and in addition to any other remedies to which Landlord is entitled pursuant to Section 31 hereof6.4, Landlord nothing contained herein shall be entitled interpreted to the immediate recovery, as of the day prior to such termination, of the unamortized Abatement Amount mean that was abated under the provisions of this Section 8Tenant is excused from paying Rent due hereunder.
Appears in 1 contract
Rent Abatement. Tenant shall not have to pay Minimum Monthly Rent for the first four (4) months of the Term (the “Rent Abatement Period”), except as hereinafter provided. If the Commencement Date occurs other than on the first day of a calendar month, the Rent Abatement Period shall be the first 120 days from and including the Commencement Date. The Minimum Monthly Rent for the Rent Abatement Period shall be referred to as the “Base Rent Abatement.” Tenant shall be required to pay all other sums under the Lease during the Rent Abatement Period and throughout the Term. Tenant acknowledges that Landlord would not have granted the Base Rent Abatement for the Rent Abatement Period but for Tenant’s agreement to perform all of the terms, covenants, conditions and agreements to be performed by it under this Lease for the entire Term, and that Landlord’s agreement to grant such concession is, and shall remain, conditioned upon Tenant’s faithful performance of all of the terms, covenants, conditions and agreements to be performed by Tenant under this Lease for the entire Term. Notwithstanding anything in this paragraph to the contrary contained herein contrary, if Tenant defaults under this Lease, after notice and provided the expiration of the applicable cure period, and as a result thereof Landlord terminates this Lease, then in addition to all other rights and remedies available to Landlord (a) Tenant shall not be entitled to the Base Rent Abatement, and (b) Tenant shall immediately pay to Landlord upon demand a sum equal to the unamortized Base Rent Abatement (i.e. based upon the amortization of the Base Rent Abatement in equal monthly amounts, without interest, during the period commencing on the Commencement Date and ending on the original expiration date of the Term); provided, however, Tenant acknowledges and agrees that no default by nothing in this paragraph is intended to limit any other remedies available to Landlord at law or in equity under applicable law (including, without limitation, the remedies under Civil Code Section 1951.2 and/or 1951.4 and any successor statutes or similar laws), in the event Tenant occurs hereunder defaults under this Lease beyond any applicable notice and cure period, Landlord hereby agrees that Tenant shall not be required to pay monthly Base Rent for the second (2nd) month of the initial Term through the eighth (8th) month of the initial Term (the “Abatement Period”). The total amount of monthly Base Rent abated during the Abatement Period shall not exceed Five Hundred Twenty-Six Thousand Six Hundred Eighty and 00/100 Dollars ($526,680.00) (the “Abatement Amount”); provided that the Abatement Amount shall not be increased as a result of any increase in Base Rent arising from Landlord’s disbursement of any Additional TI Allowance in accordance with Sections 4.2 and 4.4 of this Lease. During the Abatement Period, Tenant shall still be responsible for the payment of all of its other monetary obligations under this Lease, including, all Additional Rent, including Operating Expenses the Property Management Fee and costs of utilities for the Premises. In the event of a default by Tenant under the terms of this Lease that results in termination of this Lease in accordance with the provisions of this Lease, then as a part of the recovery set forth in this Lease and in addition to any other remedies to which Landlord is entitled pursuant to Section 31 hereof, Landlord shall be entitled to the immediate recovery, as of the day prior to such termination, of the unamortized Abatement Amount that was abated under the provisions of this Section 8.
Appears in 1 contract
Rent Abatement. Notwithstanding anything to the contrary contained herein and provided that no default by Tenant occurs hereunder beyond any applicable notice and cure period, Landlord hereby agrees that Tenant shall not be required to pay monthly Base Rent for the second (2nd) month of the initial Term through the eighth (8th) month of the initial Term (the An “Abatement Period”). The total amount of monthly Base Rent abated during Event” shall be defined as an event that prevents Tenant from using the Abatement Period shall not exceed Five Hundred Twenty-Six Thousand Six Hundred Eighty and 00/100 Dollars ($526,680.00) (the “Abatement Amount”); provided that the Abatement Amount shall not be increased Premises or any portion thereof, as a result of any increase in Base Rent arising from failure to provide services or access to the Premises, where (i) Tenant does not actually use the Premises or such portion thereof, and (ii) such event is caused by the gross negligence or willful misconduct of Landlord’s disbursement . Tenant shall give Landlord notice (“Abatement Notice”) of any Additional TI Allowance such Abatement Event, and if such Abatement Event continues beyond the “Eligibility Period” (as that term is defined below), then the Basic Rental and Tenant’s Proportionate Share of Direct Costs and Tenant’s obligation to pay for parking shall be abated entirely or reduced, as the case may be, after expiration of the Eligibility Period for such time that Tenant continues to be so prevented from using, and does not use, the Premises or a portion thereof, in accordance with Sections 4.2 the proportion that the rentable area of the portion of the Premises that Tenant is prevented from using, and 4.4 does not use, bears to the total rentable area of this Lease. During the Abatement PeriodPremises; provided, however, in the event that Tenant shall still be responsible is prevented from using, and does not use, a portion of the Premises for a period of time in excess of the Eligibility Period and the remaining portion of the Premises is not sufficient to allow Tenant to effectively conduct its business therein, and if Tenant does not conduct its business from such remaining portion, then for such time after expiration of the Eligibility Period during which Tenant is so prevented from effectively conducting its business therein, the Basic Rental and Tenant’s Proportionate Share of Direct Costs and Tenant’s obligation to pay for parking for the payment of all of its other monetary obligations under this Leaseentire Premises shall be abated entirely for such time as Tenant continues to be so prevented from using, includingand does not use, all Additional Rent, including Operating Expenses the Property Management Fee and costs of utilities for the Premises. In If, however, Tenant reoccupies any portion of the event Premises during such period, the Basic Rental and Tenant’s Proportionate Share of a default Direct Costs and Tenant’s obligation to pay for parking allocable to such reoccupied portion, based on the proportion that the rentable area of such reoccupied portion of the Premises bears to the total rentable area of the Premises, shall be payable by Tenant under from the terms of this Lease that results in termination of this Lease in accordance with the provisions of this Lease, then as a part date Tenant reoccupies such portion of the recovery set forth in this Lease Premises. The term “Eligibility Period” shall mean a period of five (5) consecutive business days after Landlord’s receipt of any Abatement Notice(s). Such right to ▇▇▇▇▇ Basic Rental and in addition Tenant’s Proportionate Share of Direct Costs and Tenant’s obligation to any other remedies to which Landlord is entitled pursuant to Section 31 hereof, Landlord pay for parking shall be entitled to the immediate recovery, as of the day prior to such termination, of the unamortized Tenant’s sole and exclusive remedy at law or in equity for an Abatement Amount that was abated under the provisions of this Section 8Event.
Appears in 1 contract
Rent Abatement. Notwithstanding anything If Landlord fails to perform the contrary contained herein and provided that no default by Tenant occurs hereunder beyond any applicable notice and cure period, obligations required of Landlord hereby agrees that Tenant shall not be required to pay monthly Base Rent for the second (2nd) month of the initial Term through the eighth (8th) month of the initial Term (the “Abatement Period”). The total amount of monthly Base Rent abated during the Abatement Period shall not exceed Five Hundred Twenty-Six Thousand Six Hundred Eighty and 00/100 Dollars ($526,680.00) (the “Abatement Amount”); provided that the Abatement Amount shall not be increased as a result of any increase in Base Rent arising from Landlord’s disbursement of any Additional TI Allowance in accordance with Sections 4.2 and 4.4 of this Lease. During the Abatement Period, Tenant shall still be responsible for the payment of all of its other monetary obligations under this Lease, including, all Additional Rent, including Operating Expenses the Property Management Fee and costs of utilities for the Premises. In the event of a default by Tenant under the terms of this Lease that results and such failure causes all or a portion of the Premises to be untenantable and unusable by Tenant and such failure relates to the nonfunctioning of the heat, ventilation, and air conditioning system in termination the Premises, the electricity in the Premises, the nonfunctioning of the elevator service to the Premises, or a failure to provide access to the Premises, Tenant shall give Landlord notice (the "Initial Notice"), specifying such failure to perform by Landlord (the "Landlord Default"). If Landlord has not cured such Landlord Default within five (5) business days after the receipt of the Initial Notice (the "Eligibility Period"), Tenant may deliver an additional notice to Landlord (the "Additional Notice"), specifying such Landlord Default and Tenant's intention to abat▇ ▇▇▇ payment of Rent under this Lease. If Landlord does not cure such Landlord Default within five (5) business days of receipt of the Additional Notice, Tenant may, upon written notice to Landlord, immediately abat▇ ▇▇▇t payable under this Lease in accordance with the provisions of this Lease, then as a part for that portion of the recovery set forth Premises rendered untenantable and not used by Tenant, for the period beginning on the date five (5) business days after the Initial Notice to the earlier of the date Landlord cures such Landlord Default or the date Tenant recommences the use of such portion of the Premises. Such right to abat▇ ▇▇▇t shall be Tenant's sole and exclusive remedy at law or in equity for a Landlord Default. Except as provided in this Lease and in addition to any other remedies to which Landlord is entitled pursuant to Section 31 hereof6.4, Landlord nothing contained herein shall be entitled interpreted to the immediate recovery, as of the day prior to such termination, of the unamortized Abatement Amount mean that was abated under the provisions of this Section 8Tenant is excused from paying Rent due hereunder.
Appears in 1 contract
Rent Abatement. Notwithstanding anything If (i) Landlord fails to perform the obligations required of Landlord under the TCCs of this Lease (whether or not such failure relates to the contrary contained herein negligence or willful misconduct of Landlord, its employees, agents, or contractors), (ii) such failure causes all or a portion of the Premises to be untenantable by Tenant, and provided that no default by Tenant occurs hereunder beyond any applicable notice (iii) such failure relates to (A) the nonfunctioning of the heat, ventilation, and cure periodair conditioning system in the Premises, Landlord hereby agrees that the nonfunctioning of electricity in the Premises, the nonfunctioning of the elevator service to the Premises, the nonfunctioning of the fire sprinkler-system, or (B) a failure to provide access to the Premises, Tenant shall not be required give Landlord notice (the “Initial Notice”), specifying such failure to pay monthly Base Rent for the second (2nd) month of the initial Term through the eighth (8th) month of the initial Term perform by Landlord (the “Abatement Event”). If Landlord has not cured such Abatement Event within three (3) business days after the receipt of the Initial Notice (the “Eligibility Period”). The total amount of monthly Base Rent abated during the Abatement Period shall not exceed Five Hundred Twenty-Six Thousand Six Hundred Eighty and 00/100 Dollars ($526,680.00) , Tenant may deliver an additional notice to Landlord (the “Abatement AmountAdditional Notice”); provided that , specifying such Abatement Event and Tenant’s intention to a▇▇▇▇ the Abatement Amount shall not be increased as a result payment of any increase in Base Rent arising from Landlord’s disbursement of any Additional TI Allowance in accordance with Sections 4.2 and 4.4 of under this Lease. During If Landlord does not cure such Abatement Event within two (2) business days of receipt of the Abatement PeriodAdditional Notice, Tenant shall still be responsible may, upon written notice to Landlord, immediately a▇▇▇▇ Rent payable under this Lease for that portion of the Premises rendered untenantable and not used by Tenant, for the payment period beginning on the date three (3) business days after the Initial Notice to the earlier of all the date Landlord cures such Abatement Event or the date Tenant recommences the use of its other monetary obligations under this Lease, including, all Additional Rent, including Operating Expenses the Property Management Fee and costs such portion of utilities for the Premises. In the event of a default by Tenant under the terms of this Lease that results Such right to a▇▇▇▇ Rent shall be Tenant’s sole and exclusive remedy at law or in termination of this Lease in accordance with the provisions of this Lease, then equity for an Abatement Event. Except as a part of the recovery set forth provided in this Lease and in addition to any other remedies to which Landlord is entitled pursuant to Section 31 hereof6.7, Landlord nothing contained herein shall be entitled interpreted to the immediate recovery, as of the day prior to such termination, of the unamortized Abatement Amount mean that was abated under the provisions of this Section 8Tenant is excused from paying Rent due hereunder.
Appears in 1 contract
Sources: Office Lease (Dexcom Inc)
Rent Abatement. Notwithstanding anything to the contrary contained herein hereinabove set forth, provided this Lease is in full force and provided that no effect and Tenant is not in default by Tenant occurs hereunder under this Lease beyond any applicable notice and cure periodgrace periods, Landlord hereby agrees that Tenant shall not be required to pay monthly the Base Rent for set forth in subsection B(x) of this Article 1 shall be abated from the second (2nd) month of the initial Term Commencement Date through the eighth (8th) month of day immediately preceding the initial Term (the “Abatement Period”). The total amount of monthly Base Rent abated during the Abatement Period shall not exceed Five Hundred Twenty-Six Thousand Six Hundred Eighty and 00/100 Dollars ($526,680.00) (the “Abatement Amount”)Commencement Date; provided that the Abatement Amount shall not be increased as however, if Tenant subsequently cures any such default prior to a result of any increase in Base Rent arising from Landlord’s disbursement of any Additional TI Allowance in accordance with Sections 4.2 and 4.4 termination of this Lease. During the Abatement PeriodLease by reason thereof, Tenant shall still thereafter be responsible entitled to the balance of such abatement not yet applied against the Base Rent. In addition, in the event the Commencement Date does not occur on or prior to the first (1st) day of October, 2003 or on the first (1st) day of any succeeding calendar month for reasons other than a Tenant Delay or strikes or labor troubles, laws, governmental preemption in connection with a National Emergency, by reason of any rule, order or regulation of any federal, state, county or municipal authority or any department or subdivision thereof or any government agency or by reason of the conditions of supply and demand which have been or are affected by war or other emergency, then commencing on the Rent Commencement Date, the Base Rent shall be further abated on a day for day basis for each day occurring between the date on which the Commencement Date occurs and the last day of the month in which the Commencement Date occurs, provided that Tenant can establish that Tenant's existing landlord required that Tenant satisfy its complete rent obligation under its existing lease for all or a portion of such month beyond the Commencement Date. By means of illustration only, if the Commencement Date occurs on October 10, 2003, and Tenant's existing landlord requires that Tenant pay rent under its existing lease through October 31, 2003, then the Rent Commencement Date shall be postponed for an additional twenty-one (21) days through October 31, 2004. Tenant shall provide Landlord with such documentation as Landlord shall reasonably request to evidence the rental payment made to Tenant's existing landlord, including, without limitation, copies of all Tenant's existing lease, invoices and cancelled checks. If Tenant is not required to make a rent payment to its existing landlord for any such period beyond the Commencement Date, then Tenant's rent obligations hereunder shall commence on the Rent Commencement Date. Nothing hereinabove contained shall be deemed a waiver of its Tenant's obligation to pay any other monetary obligations sums or charges due and payable under this Lease, including, all Additional Rentwithout limitation, including Operating Expenses the Property Management Fee and costs cost of utilities for Tenant's consumption of electric energy in the Premises. In the event of a default by Tenant under the terms of this Lease that results in termination of this Lease in accordance with the provisions of this Lease, then as a part of the recovery set forth in this Lease and in addition to any other remedies to which Landlord is entitled Premises pursuant to Section 31 subsection H of Article 29 hereof, Landlord shall be entitled to the immediate recovery, as of the day prior to such termination, of the unamortized Abatement Amount that was abated under the provisions of this Section 8.
Appears in 1 contract
Rent Abatement. Notwithstanding anything If Landlord fails to perform the obligations required of Landlord under the TCCs of this Lease and such failure causes all or a portion of the Premises to be untenantable and unusable by Tenant and such failure relates to the contrary contained herein nonfunctioning of the heat, ventilation, and provided that no default by Tenant occurs hereunder beyond any applicable notice and cure periodair conditioning system in the Premises, Landlord hereby agrees that the electricity in the Premises, the nonfunctioning of the elevator service to the Premises, or a failure to provide access to the Premises, Tenant shall give Landlord notice (the "INITIAL NOTICE"), specifying such failure to perform by Landlord (the "LANDLORD DEFAULT"). If Landlord has not be required to pay monthly Base Rent for cured such Landlord Default within five (5) business days after the second (2nd) month receipt of the initial Term through the eighth (8th) month of the initial Term Initial Notice (the “Abatement Period”"ELIGIBILITY PERIOD"). The total amount of monthly Base Rent abated during the Abatement Period shall not exceed Five Hundred Twenty-Six Thousand Six Hundred Eighty and 00/100 Dollars ($526,680.00) , Tenant may deliver an additional notice to Landlord (the “Abatement Amount”"ADDITIONAL NOTICE"); provided that , specifying such Landlord Default and Tenant's intention to abate the Abatement Amount shall not be increased as a result payment of any increase in Base Rent arising from Landlord’s disbursement of any Additional TI Allowance in accordance with Sections 4.2 and 4.4 of under this Lease. During If Landlord does not cur▇ ▇▇▇h Landlord Default within five (5) business days of receipt of the Abatement PeriodAdditional Notice, Tenant shall still be responsible may, upon written notice to Landlord, immediately abate Rent payable under this Lease for that portion of the Premises ▇▇▇▇ered untenantable and not used by Tenant, for the payment period beginning on the date five (5) business days after the Initial Notice to the earlier of all the date Landlord cures such Landlord Default or the date Tenant recommences the use of its other monetary obligations under this Lease, including, all Additional Rent, including Operating Expenses the Property Management Fee and costs such portion of utilities for the Premises. In Notwithstanding anything contained in this Section 6.4, in the event of a default such Landlord Default is shown by Tenant under to be directly attributable to the terms negligence or intentional acts of Landlord, its agents or employees, and if Tenant is unable to utilize the Premises for a period of two hundred seventy (270) cumulative days within any twenty-four (24)-month period after Landlord's receipt of the Initial Notice, Tenant may terminate this Lease that results in termination by written notice to Landlord at any time after the number of this Lease in accordance with said two hundred seventy (270) days has been exceeded, until the provisions of this Lease, then as a part of the recovery date upon which such services or utilities are restored. Tenant's rights set forth in this Lease and in addition to any other remedies to which Landlord is entitled pursuant to Section 31 hereof, Landlord 6.4 shall be entitled to the immediate recovery, Tenant's sole and exclusive remedy at law or in equity for a Landlord Default. Except as of the day prior to such termination, of the unamortized Abatement Amount that was abated under the provisions of provided in this Section 86.4, nothing contained herein shall be interpreted to mean that Tenant is excused from paying Rent due hereunder.
Appears in 1 contract
Rent Abatement. Notwithstanding anything to the contrary contained herein and in Section 5 above, provided that the Lease shall then be in full force and effect and no default by Tenant occurs hereunder beyond any applicable notice and cure periodmonetary or material non-monetary Event of Default shall be continuing, Landlord hereby agrees that Tenant shall not be required entitled to pay monthly an abatement of Base Rent in respect of the Third Amendment Premises only in the amount of $73,456.25 per month from the Third Amendment Premises Commencement Date through the date immediately preceding the date that is ten (10) months after the Third Amendment Premises Commencement Date (such date, the “Third Amendment Premises Rent Commencement Date,” and such period of abated Base Rent for the second (2nd) month of the initial Term through the eighth (8th) month of the initial Term (Third Amendment Premises, the “Third Amendment Premises Base Rent Abatement Period”). The total amount of monthly Base Rent abated during the Abatement Period shall not exceed Five Hundred Twenty-Six Thousand Six Hundred Eighty and 00/100 Dollars ($526,680.00) in accordance with this Section 6 (the “Abatement AmountThird Amendment Premises Abated Base Rent”)) does not include charges for electric and/or any other Additional Rent; provided that as such, during the Abatement Amount shall not be increased as a result of any increase in Third Amendment Premises Base Rent arising from Landlord’s disbursement of any Additional TI Allowance in accordance with Sections 4.2 and 4.4 of this Lease. During the Abatement Period, Tenant only Base Rent to the extent set forth above shall still be responsible for abated, and the payment of all of its other monetary obligations under this Lease, including, electric charges as well as all Additional Rent and other costs and charges payable under the Lease shall remain due and payable pursuant to the terms hereof; provided, however, that notwithstanding the foregoing, if the Third Amendment Premises Base Rent Abatement Period extends into the calendar year 2021 (i.e., the calendar year following the Base Expense Year and Base Tax Year), then for such portion of the Third Amendment Premises Base Rent Abatement Period extending into 2021, in addition to Base Rent, including Tenant’s Tax Payment and Tenant’s Expenses Share of the Operating Expenses Excess shall also be abated. Notwithstanding the Property Management Fee foregoing, if Tenant cures any such Event of Default after the applicable notice and costs of utilities for the Premises. In the event of a default by Tenant under the terms of this Lease that results in termination of this Lease in accordance with the provisions of this Lease, then as a part of the recovery cure period set forth in this Section 21.1 of the Lease and in addition to any other remedies to which Landlord if such cure is entitled pursuant to Section 31 hereofaccepted by Landlord, Landlord then Tenant shall again be entitled to the immediate recoveryThird Amendment Premises Abated Base Rent to the extent the same accrued but was not applied before such cure is effected by Tenant (i.e., was suspended) as of the day prior to well as any portion thereof accruing after such termination, of the unamortized Abatement Amount that was abated under the provisions of this Section 8cure is effected by Tenant.
Appears in 1 contract
Sources: Lease (Cra International, Inc.)
Rent Abatement. Notwithstanding anything If Landlord fails to perform the contrary contained herein and provided that no default by Tenant occurs hereunder beyond any applicable notice and cure period, obligations required of Landlord hereby agrees that Tenant shall not be required to pay monthly Base Rent for the second (2nd) month of the initial Term through the eighth (8th) month of the initial Term (the “Abatement Period”). The total amount of monthly Base Rent abated during the Abatement Period shall not exceed Five Hundred Twenty-Six Thousand Six Hundred Eighty and 00/100 Dollars ($526,680.00) (the “Abatement Amount”); provided that the Abatement Amount shall not be increased as a result of any increase in Base Rent arising from Landlord’s disbursement of any Additional TI Allowance in accordance with Sections 4.2 and 4.4 of this Lease. During the Abatement Period, Tenant shall still be responsible for the payment of all of its other monetary obligations under this Lease, including, all Additional Rent, including Operating Expenses the Property Management Fee and costs of utilities for the Premises. In the event of a default by Tenant under the terms of this Lease that results and such failure causes all or a portion of the Premises to be unusable by, or inaccessible to, Tenant and such failure relates to (x) the nonfunctioning of the Building HVAC system in termination the Premises, the interruption of this Lease electricity to the Premises, the nonfunctioning of the elevator service to the Premises, or (y) a failure to provide access to all or a portion of the Premises (including as a result of any work performed by Landlord in accordance with or about the provisions Premises or the Building unless in response to Tenant's request or as a result of Tenant's breach of this Lease), then as a part of Tenant shall give Landlord notice to the recovery Building management office and the other Landlord notice addresses set forth in Section 11 of the Summary (the "Initial Failure Notice"), specifying such failure to perform by Landlord (the "Abatement Event"). The address for the Building management office is currently ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, provided that Landlord may change such address and its other notice addresses from time to time by notice to Tenant. If Landlord has not cured such Abatement Event within three (3) business days after the receipt of the Initial Failure Notice (the "Eligibility Period"), Tenant may deliver an additional notice to Landlord (the "Additional Failure Notice"), specifying such Abatement Event and Tenant's intention to ▇▇▇▇▇ the payment of Rent under this Lease. If Landlord does not cure such Abatement Event within three (3) business days of receipt of the Additional Failure Notice, Tenant may, upon written notice to Landlord, immediately ▇▇▇▇▇ Rent payable under this Lease for that portion of the Premises rendered unusable or inaccessible and in addition not used by Tenant, for the period beginning on the expiration of the Eligibility Period to any other remedies the earlier of the date Landlord cures such Abatement Event or the date Tenant recommences the use of such portion of the Premises. Such right to which Landlord is entitled pursuant to Section 31 hereof, Landlord ▇▇▇▇▇ Rent shall be entitled to the immediate recovery, Tenant's sole and exclusive remedy at law or in equity for an Abatement Event. Except as of the day prior to such termination, of the unamortized Abatement Amount that was abated under the provisions of provided in this Section 86.4, nothing contained herein shall be interpreted to mean that Tenant is excused from paying Rent due hereunder.
Appears in 1 contract
Sources: Office Lease (Nektar Therapeutics)
Rent Abatement. Notwithstanding anything If Landlord fails to perform the contrary contained herein and provided that no default by Tenant occurs hereunder beyond any applicable notice and cure period, obligations required of Landlord hereby agrees that Tenant shall not be required to pay monthly Base Rent for the second (2nd) month of the initial Term through the eighth (8th) month of the initial Term (the “Abatement Period”). The total amount of monthly Base Rent abated during the Abatement Period shall not exceed Five Hundred Twenty-Six Thousand Six Hundred Eighty and 00/100 Dollars ($526,680.00) (the “Abatement Amount”); provided that the Abatement Amount shall not be increased as a result of any increase in Base Rent arising from Landlord’s disbursement of any Additional TI Allowance in accordance with Sections 4.2 and 4.4 of this Lease. During the Abatement Period, Tenant shall still be responsible for the payment of all of its other monetary obligations under this Lease, including, all Additional Rent, including Operating Expenses the Property Management Fee and costs of utilities for the Premises. In the event of a default by Tenant under the terms of this Lease that results and such failure causes all or a portion of the Premises to be untenantable and unusable by Tenant and such failure relates to the nonfunctioning of the heat, ventilation, and air conditioning system in termination the Premises, the electricity in the Premises, the water in the Premises, the nonfunctioning of the elevator service to the Premises, or a failure to provide access to the Premises, Tenant shall give Landlord notice (the "Initial Notice"), specifying such failure to perform by Landlord (the "Landlord Default"). If Landlord has not cured such Landlord Default within five (5) business days after the receipt of the Initial Notice (the "Eligibility Period"), Tenant may deliver an additional notice to Landlord (the "Additional Notice"), specifying such Landlord Default and Tenant's intention to ▇▇▇▇▇ the payment of Rent under this Lease. If Landlord does not cure such Landlord Default within five (5) business days of receipt of the Additional Notice, Tenant may, upon written notice to Landlord, immediately ▇▇▇▇▇ Rent payable under this Lease in accordance with the provisions of this Lease, then as a part for that portion of the recovery set forth Premises rendered untenantable and not used by Tenant, for the period beginning on the date five (5) business days after the Initial Notice to the earlier of the date Landlord cures such Landlord Default or the date Tenant recommences the use of such portion of the Premises. Such right to ▇▇▇▇▇ Rent shall be Tenant's sole and exclusive remedy at law or in equity for a Landlord Default. Except as provided in this Lease and in addition to any other remedies to which Landlord is entitled pursuant to Section 31 hereof6.4, Landlord nothing contained herein shall be entitled interpreted to the immediate recovery, as of the day prior to such termination, of the unamortized Abatement Amount mean that was abated under the provisions of this Section 8Tenant is excused from paying Rent due hereunder.
Appears in 1 contract
Sources: Office Lease (Wageworks, Inc.)
Rent Abatement. Notwithstanding anything If (i) Landlord fails to perform the obligations required of Landlord under the TCCs of this Lease (whether or not such failure relates to the contrary contained herein negligence or willful misconduct of Landlord, its employees, agents, or contractors), (ii) such failure causes all or a portion of the Premises to be untenantable by Tenant, and provided that no default by Tenant occurs hereunder beyond any applicable notice (iii) such failure relates to (A) the nonfunctioning of the heat, ventilation, and cure periodair conditioning system in the Premises, Landlord hereby agrees that the nonfunctioning of electricity in the Premises, the nonfunctioning of the elevator service to the Premises, the nonfunctioning of the fire sprinkler-system, or (B) a failure to provide access to the Premises, Tenant shall not be required give Landlord notice (the “Initial Notice”), specifying such failure to pay monthly Base Rent for the second (2nd) month of the initial Term through the eighth (8th) month of the initial Term perform by Landlord (the “Abatement Event”). If Landlord has not cured such Abatement Event within three (3) business days after the receipt of the Initial Notice (the “Eligibility Period”). The total amount of monthly Base Rent abated during the Abatement Period shall not exceed Five Hundred Twenty-Six Thousand Six Hundred Eighty and 00/100 Dollars ($526,680.00) , Tenant may deliver an additional notice to Landlord (the “Abatement AmountAdditional Notice”); provided that the , specifying such Abatement Amount shall not be increased as a result Event and Tenant’s intention to abat▇ ▇▇▇ payment of any increase in Base Rent arising from Landlord’s disbursement of any Additional TI Allowance in accordance with Sections 4.2 and 4.4 of under this Lease. During If Landlord does not cure such Abatement Event within two (2) business days of receipt of the Abatement PeriodAdditional Notice, Tenant shall still be responsible may, upon written notice to Landlord, immediately abat▇ ▇▇▇t payable under this Lease for that portion of the Premises rendered untenantable and not used by Tenant, for the payment period beginning on the date three (3) business days after the Initial Notice to the earlier of all the date Landlord cures such Abatement Event or the date Tenant recommences the use of its other monetary obligations under this Lease, including, all Additional Rent, including Operating Expenses the Property Management Fee and costs such portion of utilities for the Premises. In the event of a default by Tenant under the terms of this Lease that results Such right to abat▇ ▇▇▇t ▇▇▇ll be Tenant’s sole and exclusive remedy at law or in termination of this Lease in accordance with the provisions of this Lease, then equity for an Abatement Event. Except as a part of the recovery set forth provided in this Lease and in addition to any other remedies to which Landlord is entitled pursuant to Section 31 hereof6.7, Landlord nothing contained herein shall be entitled interpreted to the immediate recovery, as of the day prior to such termination, of the unamortized Abatement Amount mean that was abated under the provisions of this Section 8Tenant is excused from paying Rent due hereunder.
Appears in 1 contract
Sources: Office Lease (Dexcom Inc)
Rent Abatement. Notwithstanding anything If Landlord fails to perform the contrary contained herein and provided that no default by Tenant occurs hereunder beyond any applicable notice and cure period, obligations required of Landlord hereby agrees that Tenant shall not be required to pay monthly Base Rent for the second (2nd) month of the initial Term through the eighth (8th) month of the initial Term (the “Abatement Period”). The total amount of monthly Base Rent abated during the Abatement Period shall not exceed Five Hundred Twenty-Six Thousand Six Hundred Eighty and 00/100 Dollars ($526,680.00) (the “Abatement Amount”); provided that the Abatement Amount shall not be increased as a result of any increase in Base Rent arising from Landlord’s disbursement of any Additional TI Allowance in accordance with Sections 4.2 and 4.4 of this Lease. During the Abatement Period, Tenant shall still be responsible for the payment of all of its other monetary obligations under this Lease, including, all Additional Rent, including Operating Expenses the Property Management Fee and costs of utilities for the Premises. In the event of a default by Tenant under the terms of this Lease that results and such failure causes all or a portion of the Premises to be untenantable and unusable by Tenant and such failure relates to the non-functioning of the heat, ventilation, and air conditioning system in termination the Premises, the electricity in the Premises, the non-functioning of the elevator service to the Premises, or a failure to provide access to the Premises, Tenant shall give Landlord notice (the "Initial Notice"), specifying such failure to perform by Landlord (the "Landlord Default"). If Landlord has not cured such Landlord Default within five (5) business days after the receipt of the Initial Notice (the "Eligibility Period"), Tenant may deliver an additional notice to Landlord (the "Additional Notice"), specifying such Landlord Default and Tenant's intention to ▇▇▇▇▇ the payment of Rent under this Lease. If Landlord does not cure such Landlord Default within five (5) business days of receipt of the Additional Notice, Tenant may, upon written notice to Landlord, immediately ▇▇▇▇▇ Rent payable under this Lease in accordance with the provisions of this Lease, then as a part for that portion of the recovery set forth Premises rendered untenantable and not used by Tenant, for the period beginning on the date five (5) business days after the Initial Notice to the earlier of the date Landlord cures such Landlord Default or the date Tenant recommences the use of such portion of the Premises. Such right to ▇▇▇▇▇ Rent shall be Tenant's sole and exclusive remedy at law or in equity for a Landlord Default. Except as provided in this Lease and in addition to any other remedies to which Landlord is entitled pursuant to Section 31 hereof6.4, Landlord nothing contained herein shall be entitled interpreted to the immediate recovery, as of the day prior to such termination, of the unamortized Abatement Amount mean that was abated under the provisions of this Section 8Tenant is excused from paying Rent due hereunder.
Appears in 1 contract
Rent Abatement. Notwithstanding anything Provided that Tenant is not then in monetary or material non-monetary default of this Lease, and subject to the contrary contained herein and provided that no default by Tenant occurs hereunder beyond any applicable notice and cure periodTCCs of this Section 3.2 below, Landlord hereby agrees that then during the last six (6) full calendar months of the Lease Term with respect to the Building A Premises (the “Rent Abatement Period”), Tenant shall not be required obligated to pay monthly any Base Rent for or Tenant’s Share of Direct Expenses otherwise attributable to the second (2nd) month of the initial Term through the eighth (8th) month of the initial Term (the “Abatement Period”). The total amount of monthly Base Building A Premises during such Rent abated during the Abatement Period shall not exceed Five Hundred Twenty-Six Thousand Six Hundred Eighty and 00/100 Dollars ($526,680.00) (collectively, the “Abatement Amount”); . Tenant acknowledges and agrees that the foregoing Rent Abatement has been granted to Tenant as additional consideration for entering into this Lease, and for agreeing to pay the Rent and perform the TCCs otherwise required under this Lease. Notwithstanding the foregoing, Landlord shall have the right, at Landlord’s option, on a month by month basis commencing on the Building A Lease Commencement Date, to accelerate any remaining Rent Abatement Amount relating to a full month during the Rent Abatement Period for the Building A Premises forward, to apply to the Base Rent and Tenant’s Share of Direct Expenses that would otherwise be due with respect to the next occurring month of the Lease Term for the Building A Premises (the “Landlord Rent Abatement Acceleration Election”), in which case Tenant shall have no obligation to pay Base Rent or Tenant’s Share of Direct Expenses attributable to such next occurring month of the Lease Term for the Building A Premises, and the Rent Abatement Amount that is accelerated forward shall no longer be applicable during the Rent Abatement Period. Landlord may make such election on a month by month basis with respect to each of the months of the Rent Abatement Period. In addition, commencing on the Building A Lease Commencement Date, if Landlord has not exercised the Landlord Rent Abatement Acceleration Election on or before the date that the next installment of Base Rent and Tenant’s Share of Direct Expenses is due under the Lease, and provided that the Abatement Amount shall this Lease has not be increased been terminated as a result of any increase in Base Rent arising from Landlord’s disbursement default of any Additional TI Allowance in accordance with Sections 4.2 and 4.4 of this Lease. During the Abatement Period, Tenant shall still be responsible for the payment of all of its other monetary obligations under this Lease, including, all Additional Rent, including Operating Expenses the Property Management Fee and costs of utilities for the Premises. In the event of a default by Tenant under the terms of this Lease that results in termination or rejection of this Lease in accordance with bankruptcy (the provisions of this Lease“Abatement Condition”), then as Tenant shall have the right, at Tenant’s option, on a part month by month basis commencing on the Building A Lease Commencement Date, to accelerate any Rent Abatement Amount for the Building A Premises relating to a full month during the Rent Abatement Period for the Building A Premises forward to apply to the Base Rent and Tenant’s Share of Direct Expenses that would otherwise be due with respect to the next occurring month of the recovery set forth in this Lease and in addition to any other remedies to which Landlord is entitled pursuant to Section 31 hereof, Landlord shall be entitled to Term for the immediate recovery, as of the day prior to such termination, of the unamortized Abatement Amount that was abated under the provisions of this Section 8.Building A Premises (the
Appears in 1 contract
Sources: Office Lease (Box Inc)
Rent Abatement. Notwithstanding anything to the contrary contained herein and in this Lease contained, if due to (i) any repairs, alterations, replacements, or improvements made by Landlord, (ii) Landlord’s failure to make any repairs, alterations, or improvements required to be made by Landlord hereunder, or to provide any service required to be provided by Landlord hereunder, (iii) failure of electric supply caused by Landlord, or (iv) the presence of any Hazardous Materials not introduced or caused by Tenant or anyone for whom Tenant is legally responsible, any portion of the Premises is so adversely affected thereby so that for the Premises Untenantability Cure Period, as hereinafter defined, the continued operation in the ordinary course of Tenant’s business is adversely affected, then, provided that no default Tenant ceases to use the affected portion of the Premises during the entirety of the Premises Untenantability Cure Period by reason of such adverse effect, and that such adverse effect and Landlord’s inability to cure such condition is not caused by the fault or neglect of Tenant occurs hereunder or Tenant’s agents, employees or contractors, Annual Fixed Rent and Operating Cost Excess shall thereafter be abated, retroactively back to the beginning of the Premises Untenantability Cure Period, in proportion to such adverse effect and its impact on the continued operation in the ordinary course of Tenant’s business until the day such condition is completely corrected. For the purposes hereof, the “Premises Untenantability Cure Period” shall be defined as three (3) consecutive business days after Landlord’s receipt of written notice from Tenant of the condition causing such adverse effect in the Premises, provided however, that the Premises Untenantability Cure Period shall be five(5) consecutive business days after Landlord’s receipt of written notice from Tenant of such condition causing such adverse effect in the Premises if either the condition was caused by causes beyond any applicable notice and Landlord’s control or Landlord is unable to cure period, Landlord hereby agrees that Tenant such condition as the result of causes beyond Landlord’s control. The provisions of this clause (C) shall not be required to pay monthly Base Rent for the second (2nd) month of the initial Term through the eighth (8th) month of the initial Term (the “Abatement Period”). The total amount of monthly Base Rent abated during the Abatement Period shall not exceed Five Hundred Twenty-Six Thousand Six Hundred Eighty and 00/100 Dollars ($526,680.00) (the “Abatement Amount”); provided that the Abatement Amount shall not be increased as a result of any increase apply in Base Rent arising from Landlord’s disbursement of any Additional TI Allowance in accordance with Sections 4.2 and 4.4 of this Lease. During the Abatement Period, Tenant shall still be responsible for the payment of all of its other monetary obligations under this Lease, including, all Additional Rent, including Operating Expenses the Property Management Fee and costs of utilities for the Premises. In the event of a default such adverse effect caused by Tenant under the terms of this Lease that results in termination of this Lease in accordance with the provisions of this Leasefire or other casualty, then as a part of the recovery set forth in this Lease and in addition to any other remedies to which Landlord is entitled pursuant to Section 31 hereof, Landlord shall be entitled to the immediate recovery, as of the day prior to such termination, of the unamortized Abatement Amount that was abated under the provisions of this Section 8or taking (see Article XIV).
Appears in 1 contract
Rent Abatement. Notwithstanding anything If Landlord fails to perform the obligations required of Landlord under the TCCs of this Lease and such failure causes all or a portion of the Premises to be untenantable and unusable by Tenant and such failure relates to the contrary contained herein nonfunctioning of the heat, ventilation, and provided that no default by Tenant occurs hereunder beyond any applicable notice and cure periodair conditioning system in the Premises, Landlord hereby agrees that the electricity in the Premises, the nonfunctioning of the elevator service to the Premises, or a failure to provide access to the Premises, Tenant shall not be required to pay monthly Base Rent for the second (2nd) month of the initial Term through the eighth (8th) month of the initial Term give Landlord notice (the “Abatement Initial Notice”), specifying such failure to perform by Landlord (the “Landlord Default”). If Landlord has not cured such Landlord Default within five (5) business days after the receipt of the Initial Notice (the “Eligibility Period”). The total amount of monthly Base Rent abated during the Abatement Period shall not exceed Five Hundred Twenty-Six Thousand Six Hundred Eighty and 00/100 Dollars ($526,680.00) , Tenant may deliver an additional notice to Landlord (the “Abatement AmountAdditional Notice”); provided that , specifying such Landlord Default and Tenant’s intention to ▇▇▇▇▇ the Abatement Amount shall not be increased as a result payment of any increase in Base Rent arising from Landlord’s disbursement of any Additional TI Allowance in accordance with Sections 4.2 and 4.4 of under this Lease. During If Landlord does not cure such Landlord Default within five (5) business days of receipt of the Abatement PeriodAdditional Notice, Tenant shall still be responsible may, upon written notice to Landlord, immediately ▇▇▇▇▇ Rent payable under this Lease for that portion of the Premises rendered untenantable and not used by Tenant, for the payment period beginning on the date five (5) business days after the Initial Notice to the earlier of all the date Landlord cures such Landlord Default or the date Tenant recommences the use of its other monetary obligations under this Lease, including, all Additional Rent, including Operating Expenses the Property Management Fee and costs such portion of utilities for the Premises. In the event of Such right to ▇▇▇▇▇ Rent shall be Tenant’s sole and exclusive remedy at law or in equity for a default by Tenant under the terms of this Lease that results in termination of this Lease in accordance with the provisions of this Lease, then Landlord Default. Except as a part of the recovery set forth provided in this Lease and in addition to any other remedies to which Landlord is entitled pursuant to Section 31 hereof6.4, Landlord nothing contained herein shall be entitled interpreted to the immediate recovery, as of the day prior to such termination, of the unamortized Abatement Amount mean that was abated under the provisions of this Section 8Tenant is excused from paying Rent due hereunder.
Appears in 1 contract
Sources: Office Lease (Favrille Inc)