Common use of Surrender of Original Premises Clause in Contracts

Surrender of Original Premises. Effective as of the Surrender Date, Tenant hereby agrees to vacate the Original Premises and surrender and deliver exclusive possession of the Original Premises to Landlord on or before the Surrender Date in accordance with the provisions of the Lease and thereafter, Tenant shall have no further obligations with respect to the Original Premises, except with respect to the Survival Obligations. Tenant hereby agrees to endeavor to decommission (the “Decommissioning Process”) and surrender the Original Premises to Landlord as quickly as reasonably possible in the event Landlord has leased the Original Premises to a third-party tenant. In the event that Tenant fails to vacate the Original Premises and surrender and deliver exclusive possession of the Original Premises to Landlord on or before the Surrender Date in accordance with the provisions of the Lease, then (subject to the terms of this Section 2.3, below and Section 15.4 of the Lease) Tenant shall be deemed to be in holdover of the Original Premises from and after such date and shall be subject to the terms of Article 16 of the Lease. Subject to the terms of this Section 2.3, Tenant shall not be required to restore any improvements or alterations that are in the Original Premises as of the date hereof, and may surrender the Original Premises in satisfaction of its surrender obligations under the Lease vacant, broom clean and otherwise in substantially the same condition as of the date hereof. Notwithstanding the foregoing, if the Decommissioning Process has not been completed by the Surrender Date, then, subject to the terms of Section 5.3.4.4 of the Lease, during the period from the Surrender Date to the date Tenant completes the Decommissioning Process (which may not exceed an additional thirty (30) days), Tenant shall not be considered to be in holdover but shall be required to pay Base Rent and Tenant’s Share of Direct Expenses for the Original Premises at the rate applicable immediately prior to the Substitute Premises Commencement Date (prorated as applicable).

Surrender of Original Premises. Effective as of the Surrender Date, Tenant hereby agrees to vacate the Original Premises and surrender and deliver exclusive possession of the Original Premises to Landlord on no later than the date (the “Surrender Date”) that is ten (10) business days following the Substitute Premises Commencement Date. Tenant shall surrender the Original Premises in broom clean condition. Notwithstanding any conflicting provision of the Lease, Tenant shall not have any obligation to (a) restore any portion of the Original Premises except to the extent the Original Premises are damaged by the negligence or before willful misconduct of Tenant, or (b) remove any alterations or improvements within or a part of the Surrender Date Original Premises, including built in furniture, and data, telecommunication and other cabling. Upon surrender of the Original Premises in accordance with the provisions of the Lease and thereafterforegoing, Tenant shall not have no any further obligations with respect to the Original Premises, Premises except with respect to Tenant’s obligation to pay Rent and indemnify Landlord pursuant to Section 13 of the Survival Obligations. Tenant hereby agrees Lease for the period of Tenant’s tenancy prior to endeavor to decommission (the “Decommissioning Process”) and surrender the Original Premises to Landlord as quickly as reasonably possible in the event Landlord has leased the Original Premises to a third-party tenantSurrender Date. In the event that Tenant fails to vacate the Original Premises and surrender and deliver exclusive possession of the Original Premises to Landlord on or before the Surrender Date in accordance with the provisions of the Lease, then (subject pursuant to the terms of this Section 2.33, below and Section 15.4 of the Lease) Tenant shall be deemed to be in holdover of the Original Premises from and after such date and shall be subject to commencing on the terms of Article 16 of the Lease. Subject to the terms of this Section 2.3, Tenant shall not be required to restore any improvements or alterations that are in the Original Premises as of the date hereof, and may surrender the Original Premises in satisfaction of its surrender obligations under the Lease vacant, broom clean and otherwise in substantially the same condition as of the date hereof. Notwithstanding the foregoing, if the Decommissioning Process has not been completed by day immediately following the Surrender Date, thenTenant shall pay Landlord holdover Base Rent of $1,808.00 per day (i.e., subject to the terms of Section 5.3.4.4 one hundred fifty percent (150%) of the Lease, during the period from the Surrender Date to the date Tenant completes the Decommissioning Process (which may not exceed an additional thirty (30) days), Tenant shall not be considered to be in holdover but shall be required to pay per diem Base Rent and Tenant’s Share of Direct Expenses currently in effect for the Original Premises) as well as one hundred percent (100%) of all amounts of Additional Rent due under the Lease for the Original Premises, on a daily basis, until such time that Tenant surrenders the Original Premises at the rate applicable immediately prior to the Substitute Premises Commencement Date (prorated as applicable)Landlord.

Surrender of Original Premises. Effective as a.Tenant acknowledges and agrees that Tenant shall vacate, yield-up and surrender to Landlord the Original Premises in accordance with the terms and provisions of the Lease, including without limitation, Sections 25 and 26 thereof, and this Amendment, on or before the date that is fourteen (14) days after the Relocation Premises Commencement Date (the “Original Premises Surrender Date”), reasonable wear and tear and damage by fire and other casualty excepted. For the avoidance of doubt, except as otherwise set forth herein, Tenant shall remove all of its Personal Property from the Original Premises on or before the Original Premises Surrender Date. Notwithstanding the foregoing, Tenant shall not be required to remove any wires, cables or other similar installations installed by Tenant in the Original Premises, the generator currently serving the Original Premises, or any of the Laboratory Equipment identified on inventory list attached hereto as Exhibit “F”. Prior to the Original Premises Surrender Date, Tenant hereby agrees also shall decommission the Premises, in compliance with applicable laws, so as to vacate clean and remove any biomedical material or waste or any other Hazardous Materials handled by Tenant at the Original Premises, including all lines, exhaust or other ductwork servicing the Premises and that have carried or released any such Hazardous Materials. Notwithstanding any provision of the Lease to the contrary, if Tenant fails to surrender and deliver exclusive possession of the Original Premises to Landlord on or before the Original Premises Surrender Date in accordance with the provisions of condition in which the Lease would have required it to be delivered if the Lease Term had expired, then, without limiting Landlord’s other rights and thereafter, Tenant shall have no further obligations with respect to the Original Premises, except with respect to the Survival Obligations. Tenant hereby agrees to endeavor to decommission (the “Decommissioning Process”) and surrender the Original Premises to Landlord as quickly as reasonably possible in the event Landlord has leased the Original Premises to a third-party tenant. In the event that Tenant fails to vacate the Original Premises and surrender and deliver exclusive possession of the Original Premises to Landlord on or before the Surrender Date in accordance with the provisions of remedies under the Lease, then (subject to the terms of this Section 2.3, below and Section 15.4 of the Lease) Tenant shall be deemed to be in holdover and a tenant at sufferance with respect to the Original Premises and the terms and provisions of Section 24 of the Lease shall be applicable to the continued occupancy of the Original Premises from and after such date and shall be subject to the terms of Article 16 of the Lease. Subject to the terms of this Section 2.3, Tenant shall not be required to restore any improvements or alterations that are in the Original Premises as of the date hereof, and may surrender the Original Premises in satisfaction of its surrender obligations under the Lease vacant, broom clean and otherwise in substantially the same condition as of the date hereof. Notwithstanding the foregoing, if the Decommissioning Process has not been completed by the Surrender Date, then, subject to the terms of Section 5.3.4.4 of the Lease, during the period from the Surrender Date to the date Tenant completes the Decommissioning Process (which may not exceed an additional thirty (30) days), Tenant shall not be considered to be in holdover but shall be required to pay Base Rent and Tenant’s Share of Direct Expenses for the Original Premises at the rate applicable immediately prior to the Substitute Premises Commencement Date (prorated as applicable).

Surrender of Original Premises. Effective as of Tenant shall have the Surrender Date, Tenant hereby agrees right to vacate continue to occupy the Original Premises and for two (2) weeks after the Second Commencement Date (such last day of permitted occupancy being the “Last Occupancy Date”), but shall have no obligation to pay Minimum Annual Rent or Annual Operating Expenses on account of the Original Premises attributable to time periods occurring after the Second Commencement Date; provided, however, that if Tenant fails to surrender and deliver exclusive possession of the Original Premises to Landlord on or before the Surrender Date in accordance with the provisions Last Occupancy Date, such time being of the Lease and thereafteressence, Tenant shall have no further obligations with respect be obligated to pay to Landlord Minimum Annual Rent at one and one-half (1 1/2) times the rate presently applicable to the Original Premises, except with respect to plus Annual Operating Expenses, for all time periods commencing on the Survival Obligations. Last Occupancy Date and ending on the date that Tenant hereby agrees to endeavor to decommission (the “Decommissioning Process”) and surrender surrenders the Original Premises to Landlord as quickly required herein. During all time periods after the Second Commencement Date that Tenant continues to use or occupy any portion of the Original Premises the Lease shall continue to govern the rights and obligations of the parties with regard to the Original Premises, excepting only as reasonably possible in the event Landlord has leased to Tenant’s obligation to pay Minimum Annual Rent and Annual Operating Expenses. Within ten (10) days after Tenant surrenders the Original Premises to Landlord, Landlord shall pay to Tenant a third-party tenant. In the event that Tenant fails termination payment relating to vacate the Original Premises and surrender and deliver exclusive possession of the Original Premises to Landlord on or before the Surrender Date in accordance with the provisions of the Lease, then (subject to the terms of this Section 2.3, below and Section 15.4 of the Lease) Tenant shall be deemed to be in holdover of the Original Premises from and after such date and shall be subject to the terms of Article 16 of the Lease. Subject to the terms of this Section 2.3, Tenant shall not be required to restore any improvements or alterations that are in the Original Premises as of the date hereof, and may surrender the Original Premises in satisfaction the amount of its surrender obligations under the Lease vacant$100,000.00, broom clean and otherwise in substantially the same condition as of the date hereof. Notwithstanding the foregoing, if the Decommissioning Process has not been completed from which Landlord may deduct any sums owed by the Surrender Date, then, subject Tenant to the terms of Section 5.3.4.4 of the Lease, during the period from the Surrender Date to the date Tenant completes the Decommissioning Process (which may not exceed an additional thirty (30) days), Tenant shall not be considered to be in holdover but shall be required to pay Base Rent and Tenant’s Share of Direct Expenses for the Original Premises Landlord at the rate applicable immediately prior to the Substitute Premises Commencement Date (prorated as applicable)such time.

Surrender of Original Premises. Effective as On or before the end of the day (the “Original Premises Surrender Date”) that is five (5) Business Days after the Relocation Commencement Date, Tenant hereby agrees to shall vacate and surrender the Original Premises and surrender and deliver exclusive possession in its entirety in the condition required under Section 4.07 of the Lease, with the same effect as if the Original Premises Surrender Date were the Term Expiration Date under the Lease solely in respect of the Original Premises; provided, however, that during such five-(5)-Business-Day period after the Relocation Premises Commencement Date (the “Move-Out Grace Period”), Tenant shall not be obligated to Landlord pay, on account of Tenant’s occupancy of the Original Premises, Net Rent and additional rent for Tenant’s Proportionate Share of Estimated Operating Cost and Estimated Impositions for the Original Premises, but shall continue to pay additional rent for electricity and any separately reimbursable charges for the Original Premises for the Move-Out Grace Period (e.g., after-hours HVAC or before special cleaning services). For the Surrender Date in accordance avoidance of doubt, with respect to the period ending on the Relocation Commencement Date, the provisions of the Lease and thereafter, Tenant shall have no further obligations with respect continue to apply to the Original PremisesPremises and Tenant shall continue to pay Net Rent, except with respect to Tenant’s Proportionate Share of Estimated Operating Cost and Estimated Impositions, electricity charges, and all other payments under the Survival Obligations. Tenant hereby agrees to endeavor to decommission (the “Decommissioning Process”) and surrender Lease on account of the Original Premises to Landlord as quickly as reasonably possible in accordance with the event Landlord has leased terms of the Original Premises to a third-party tenantLease through the day immediately preceding the Relocation Commencement Date. In the event that Tenant fails shall fail to vacate and surrender the Original Premises and surrender and deliver exclusive possession in its entirety in the condition required under Section 4.07 of the Original Premises to Landlord Lease on or before the Surrender Date in accordance with the provisions expiration of the LeaseMove-Out Grace Period, then (subject to the terms of this Section 2.3, below and Section 15.4 of the Lease) Tenant shall be deemed to be any such holdover in holdover of the Original Premises from and after such date and shall be subject to the terms provisions of Article 16 Section 8.02 of the Lease. Subject to the terms of this Section 2.3, Tenant shall not be required to restore any improvements or alterations that are in the Original Premises as of the date hereof, and may surrender the Original Premises in satisfaction of its surrender obligations under the Lease vacant, broom clean and otherwise in substantially the same condition as of the date hereof. Notwithstanding the foregoing, if the Decommissioning Process has not been completed by the Surrender Date, then, subject to the terms of Section 5.3.4.4 of the Lease, during the period from the Surrender Date to the date Tenant completes the Decommissioning Process (which may not exceed an additional thirty (30) days), Tenant shall not be considered to be in holdover but shall be required to pay Base Rent and Tenant’s Share of Direct Expenses for the Original Premises at the rate applicable immediately prior to the Substitute Premises Commencement Date (prorated as applicable).

Surrender of Original Premises. Effective as On or before the end of the day (the “Original Premises Surrender Date”) that is five (5) Business Days after the Relocation Commencement Date, Tenant shall vacate and surrender the Original Premises in its entirety in the condition required under Section 20 of the Existing Lease, with the same effect as if the Original Premises Surrender Date were the Term Expiration Date under the Existing Lease solely in respect of the Original Premises. For the avoidance of doubt, with respect to the period (i) from the Effective Date and ending on the Relocation Commencement Date, and (ii) from the Relocation Commencement Date to the Original Premises Surrender Date, Tenant hereby agrees the provisions of the Existing Lease shall continue to vacate apply to the Original Premises and surrender Tenant shall continue to pay Base Rent, Tenant’s Proportionate Share of Expenses and deliver exclusive possession Taxes, electricity charges, and all other payments under the Lease on account of the Original Premises to Landlord on or before the Surrender Date in accordance with the provisions terms of the Lease and thereafterExisting Lease, except that for the period from the Relocation Commencement Date to the Original Premises Surrender Date, Tenant shall have no further obligations with respect obligation to the Original Premises, except with respect to the Survival Obligations. Tenant hereby agrees to endeavor to decommission (the “Decommissioning Process”) pay Base Rent or Tenant’s Proportionate Share of Expenses and surrender the Original Premises to Landlord as quickly as reasonably possible in the event Landlord has leased the Original Premises to a third-party tenantTaxes. In the event that Tenant fails shall fail to vacate and surrender the Original Premises and surrender and deliver exclusive possession in its entirety in the condition required under Section 20 of the Original Premises to Landlord Existing Lease on or before the Original Premises Surrender Date Date, any such holdover in accordance with the provisions of the Lease, then (subject to the terms of this Section 2.3, below and Section 15.4 of the Lease) Tenant shall be deemed to be in holdover of the Original Premises from and after such date and shall be subject to the terms provisions of Article 16 Section 19 of the Existing Lease. Subject to the terms of this Section 2.3, Tenant shall not be required to restore any improvements or alterations that are in the Original Premises as of the date hereof, and may surrender the Original Premises in satisfaction of its surrender obligations under the Lease vacant, broom clean and otherwise in substantially the same condition as of the date hereof. Notwithstanding the foregoing, if the Decommissioning Process has not been completed by the Surrender Date, then, subject to the terms of Section 5.3.4.4 of the Lease, during the period from the Surrender Date to the date Tenant completes the Decommissioning Process (which may not exceed an additional thirty (30) days), Tenant shall not be considered to be in holdover but shall be required to pay Base Rent and Tenant’s Share of Direct Expenses for the Original Premises at the rate applicable immediately prior to the Substitute Premises Commencement Date (prorated as applicable).

Surrender of Original Premises. (a) Provided that Landlord shall have delivered Tenant possession of the Substitute Premises, then upon the earliest of (x) the opening of the Substitute Premises for the conduct of Tenant's business, (y) the Substitute Premises Rent Commencement Date and (z) such date which is earlier than the dates provided in the preceding clauses (x) or (y) as Tenant may in its discretion elect (such earliest date, the "Surrender Date"), Tenant shall vacate the Original Premises and deliver vacant possession thereof to Landlord, time being of the essence. Tenant shall not be responsible for removing any Fixtures from the Original Premises, other then safes and vaults. Any Fixtures or personal property of Tenant remaining in the Original Premises after the Surrender Date shall be deemed abandoned by Tenant and Landlord may take possession thereof and dispose of same in any manner Landlord determines without accountability therefor to Tenant. Tenant acknowledges that effective upon the close of the Surrender Date, the Lease with respect to the Original Premises only shall have terminated and expired, Tenant shall have abandoned and surrendered any claim of possession to the Original Premises to Landlord, and Landlord shall be entitled to lease the Original Premises to any person or entity, or take any other action with respect thereto, free from any claim of Tenant or any person or entity claiming through Tenant. Effective as of the Surrender Date, Tenant hereby agrees to vacate the term "Premises" as used in the Lease shall no longer include the Original Premises and surrender and deliver exclusive possession of the Original Premises to Landlord on or before the Surrender Date in accordance with the provisions of the Lease and thereafter, Tenant shall have no further obligations under the Lease with respect to the Original Premises, Premises (except with respect to the Survival Obligations. Tenant hereby agrees to endeavor to decommission (the “Decommissioning Process”) and surrender the Original Premises to Landlord as quickly as reasonably possible in the event Landlord has leased the Original Premises to a third-party tenant. In the event that Tenant fails to vacate the Original Premises and surrender and deliver exclusive possession any obligations which shall have accrued on of the Original Premises to Landlord on or before the Surrender Date in accordance with the provisions of the Lease, then (subject to the terms of this Section 2.3, below and Section 15.4 of the Lease) Tenant shall be deemed to be in holdover of the Original Premises from and after such date and shall be subject to the terms of Article 16 of the Lease. Subject to the terms of this Section 2.3, Tenant shall not be required to restore any improvements or alterations that are in the Original Premises as of the date hereof, and may surrender the Original Premises in satisfaction of its surrender obligations under the Lease vacant, broom clean and otherwise in substantially the same condition as of the date hereof. Notwithstanding the foregoing, if the Decommissioning Process has not been completed by the Surrender Date, then, subject to the terms of Section 5.3.4.4 of the Lease, during the period from the Surrender Date to the date Tenant completes the Decommissioning Process (which may not exceed an additional thirty (30) days), Tenant shall not be considered to be in holdover but shall be required to pay Base Rent and Tenant’s Share of Direct Expenses for the Original Premises at the rate applicable immediately prior to the Substitute Premises Commencement Date (prorated as applicable).