Contraction Option. (a) Tenant shall have the one-time right, at its sole option, to surrender to Landlord a portion of the Demised Premises (the “Contraction Option”) up to but not exceeding 10,135 rentable square feet (measured in accordance with Section 2.2 hereof), comprised of a portion of the Demised Premises provided that such portion shall be contiguous and of a configuration so that is reasonably marketable and shall have reasonable and code compliant access and egress (the “Surrender Premises”) effective at the end of the sixth (6th) full Lease Year, (the “Contraction Option Date”) provided, however, that the effectiveness of the exercise of the Contraction Option shall be conditioned upon (i) Tenant delivering a Notice to Landlord exercising the Contraction Option (the “Contraction Option Notice”) not later than the conclusion of the fifth (5th) Lease Year of the initial Term, together with a floor plan identifying the portion of the Demised Premises which shall comprise the Surrender Premises; and (ii) Tenant’s payment to Landlord, on or prior to the Contraction Option Date, of the “Contraction Payment” (as hereinafter defined) equal to the sum of the unamortized portion of the Lease Costs, as hereinafter defined, calculated using an eight percent (8%) interest rate, and multiplied by the fraction where the numerator is the rentable area of the Surrender Premises and the denominator is the rentable area of the Demised Premises (including the Surrender Premises), plus the amount which is equal to three (3) months of Basic Rental payable for the Surrender Premises at the time of the Contraction Option Date (the “Contraction Payment”). For the purposes hereof, Lease Costs shall be defined as the sum of: (w) the Tenant Improvement Allowance, as hereinafter defined, or the portion thereof so utilized by Tenant, (x) the aggregate dollar value of the rental abatement granted to Tenant for the Demised Premises pursuant to Section 1(g) hereof, plus (z) the aggregate dollar amount of all commissions paid to the Brokers in connection with this Lease. Failure of Tenant to make the Contraction Payment in accordance with this paragraph shall render this Contraction Option void and of no effect. Time is of the essence of delivery of the Contraction Option Notice and the Contraction Payment.
Contraction Option. The option to contract granted by Landlord to Tenant under this Lease shall be as set forth in Exhibit C hereto and is specifically incorporated herein by reference.
Contraction Option. Provided that on the date Tenant exercises the Initial Contraction Option (a) this Lease is in full force and effect, (b) Tenant shall not have exercised the Initial Expansion Option and (c) no Event of Default shall have occurred and be continuing, Tenant shall have the one-time right (the “Initial Contraction Option”) to cancel this Lease with respect only to the entire 23rd Floor Premises effective as of the giving of the Initial Contraction Notice. The Initial Contraction Option shall be exercisable by Tenant giving Landlord notice thereof (the “Initial Contraction Notice”) on or before December 31, 2014. Upon the timely giving of the Initial Contraction Notice, the Term of this Lease with respect to the 23rd Floor Premises shall expire with the same effect as if such date were the Expiration Date and neither party shall have any further rights or obligations under this Lease with respect to the 23rd Floor Premises except for such rights and obligations which expressly survive the termination or expiration of the Term of this Lease. If Tenant fails timely to give an Initial Contraction Notice, then the Initial Contraction Option shall be null and void and Tenant shall have no further rights under this Article 40.
Contraction Option. Section 42.01 Provided that on the date Tenant exercises the Second Contraction Option (a) this Lease is in full force and effect, (b) no Event of Default has occurred and is continuing, (c) Tenant shall not have exercised the Second Expansion Option, (d) Tenant shall not have delivered an Acceptance Notice during the 42 month period immediately preceding the Second Contraction Date, and (e) Tenant shall be a BNYM Tenant, Tenant shall have the one-time right (the “Second Contraction Option”) to surrender to Landlord as of the Second Contraction Date, the Second Contraction Space, all in accordance with the provisions of this Article 42. “
Contraction Option. Effective as of the Modification Effective Date, Tenant’s contraction option regarding space on floor 15 of the Building as set forth in Rider No. 5 attached to the Twenty-First Amendment is deleted in its entirety.
Contraction Option. Tenant shall have the right, exercisable by written ------------------ notice delivered to Landlord no later than fifteen (15) months prior to an "Exclusion Date" shown below, to reduce the Premises in size by deleting one full floor in the Building from the Premises as of the applicable Exclusion Date ("Contraction Option"), on the terms and conditions hereafter set forth. In the case of each exercise of a Contraction Option, the floor to be deleted from the Premises ("Excluded Premises") shall be a full floor which is not contiguous to any other full floor of the Premises or which is at the top or bottom of a contiguous stack of full floors in the Lower Mid-Rise elevator banks (floors 17- 27, both inclusive). Tenant's notice to Landlord shall identify the Excluded Premises. The Contraction Option may be exercised up to three times. -------------------------------------------------------------------------------- A. Exclusion Date Waived Expansion Option -------------- ----------------------- -------------------------------------------------------------------------------- July 1, 2007 Second Expansion Option -------------------------------------------------------------------------------- July 1, 2011 Third Expansion Option -------------------------------------------------------------------------------- July 1, 2015 Fourth Expansion Option --------------------------------------------------------------------------------
Contraction Option. Landlord hereby grants to Tenant the option to terminate this Lease with respect to up to a maximum of seven thousand five hundred (7,500) Rentable Square Feet of space contained within the then current Premises on the 30th floor of the Building ("Contraction Space"), subject to Landlord's reasonable approval of the area, location and configuration of the space with respect to which this Lease is so terminated in order to insure the reasonable marketability thereof to third parties for office purposes, on the terms and subject to the conditions herein set forth. By written notice to Landlord on or before the first day of the fifth Lease Year, Tenant may terminate this Lease with respect to the Contraction Space effective at the close of the last day of the fifth Lease Year. In the event Tenant fails to exercise such option then Tenant shall also have the option, exercisable by written notice delivered to Landlord on or before the first day of the eighth Lease Year, to terminate this Lease with respect to the Contraction Space effective at the close of the last day of the eighth Lease Year. Failure to give timely notice of election shall be deemed a waiver of the respective option herein contained, but a waiver of or failure to timely exercise the first such option shall not preclude the timely exercise of the second such option. Tenant's exercise of the options herein contained shall be irrevocable and shall be absolutely subject to satisfaction of the following terms and conditions:
Contraction Option. Notwithstanding anything to the contrary contained in the Lease, as of the Effective Date, Tenant hereby forever waives and relinquishes its rights and options, and shall not be responsible for any obligations, contained in Section 31.25 of the Lease.
Contraction Option. A. Tenant shall have the option (the “Contraction Option”) to reduce the size of the Premises demised under Lease by an amount not to exceed 30,000 rentable square feet in the aggregate (the “Contraction Space”), effective on October 31, 2012 (the “Contraction Date”), which Contraction Option shall be exercised by Tenant as follows:
Contraction Option. 23 51. Standard............................................................. 23 Exhibit A DESCRIPTION OF THE LAND Exhibit B FLOOR PLAN OF PREMISES Exhibit B-1 FLOOR PLAN OF NEW PREMISES Exhibit B-2 FLOOR PLAN OF SURRENDER PREMISES Exhibit C-1 WORK LETTER AGREEMENT Exhibit C-2 APPROVED PLANS Exhibit D CLEANING AND JANITORIAL SERVICES Exhibit E RULES AND REGULATIONS OF BUILDING Exhibit F EXCLUSIONS FROM OPERATING EXPENSES LEASE AGREEMENT THIS LEASE AGREEMENT (this "Lease") is made and entered into this 16th day of October, 2003, by and between BAKER HUGHES INCORPORATED, a Delaware corporation ("Landlord") and TEXXXXX XXX, XNC., a Texas corporation ("Tenant").
