Expansion Option. (a) Provided that: (i) Tenant is not then in default of this Lease beyond applicable grace and notice periods, and (ii) Tenant is then in actual physical occupancy of one hundred (100%) percent of the Premises, (unless Tenant is not in occupancy due to casualty, condemnation or other causes beyond Tenant’s reasonable control), Tenant shall have the option (the “Expansion Option”) to lease the following spaces in the Building: 2nd Floor (including mezzanine), 00xx Xxxxx, 00xx Xxxxx and 40th Floor, each hereafter individually referred to as an “Option Floor”. A floor plan for each of the Option Floors is attached hereto as Exhibit B. The Expansion Option for each Option Floor must be exercised by written notice to Landlord (“Option Notice”) no later than the Last Date by Which Tenant Can Exercise the Option, set forth in the chart below (“Last Date”). If Tenant has not sent to Landlord an Option Notice for an Option Floor on or before the respective Last Date, Landlord shall send to Tenant a written notice reminding Tenant of the Expansion Option and the Last Date (“Reminder Notice”). If a Reminder Notice is sent within the sixty (60) day period prior to the Last Date for a particular Option Floor, then time shall be of the essence for Tenant to exercise the Expansion Option on or before the Last Date, failing which, the Expansion Option for the respective Option Floor shall expire and be of no further force and effect. If Landlord sends the Reminder Notice on or after the Last Date, then the Expansion Option for the respective Option Floor shall be deemed extended for an additional five (5) business days after delivery to Tenant of the Reminder Notice. If Landlord sends the Reminder Notice on or after the Last Date, then time shall be of the essence for Tenant to exercise the Expansion Option on or before the fifth business day after delivery to Tenant of the Reminder Notice, and in such event, if Tenant fails to exercise the Expansion Option on or before the fifth business day after delivery of the Reminder Notice, then the Expansion Option for the respective Option Floor shall expire and be of no further force and effect. Last Date by Landlord’s Which Work Option Floor Fixed Rent Per Tenant Can Contribution Anticipated and The Rentable Square Exercise the per Rentable Delivery Percentage Foot Option Square Foot Date Rent Credit 2nd Floor and Mezzanine 2.74% 14,011 sq ft $36.00 thru 3/31/16 $38.00 from 4/1/17 December 31, 2011 None July 1, 2013 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 27th Floor 2.37% 12,126 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 May 1, 2010 $ 25.00 August 1, 2010 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 39th Floor 2.14% 10,909 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 January 31, 2011 $ 25.00 August 1, 2011 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 40th Floor 2.13% 10,624 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 May 1, 2010 $ 25.00 July 1, 2010 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two If Tenant timely delivers the Option Notice for a particular Option Floor, then this Lease shall be automatically deemed amended to reflect that: (i) the Option Floor shall be incorporated into the Premises as of the date Landlord delivers to Tenant possession of the floor in a Required Condition, but otherwise “as is”, provided however that Landlord agrees not to deliver to Tenant possession of the 2nd Floor Option Floor earlier than July 31, 2013; (ii) the Fixed Rent for the Option Space shall be the rentable square footage of the Option Floor multiplied by the Fixed Rent amounts set forth above, with annual, cumulative increases of 2.5%; (iii) Tenant shall pay the real estate tax escalation calculated utilizing the base year set forth in Section 9 hereof; (iv) The Percentage for each Option Floor shall be as set forth above; (v) Landlord shall pay Tenant a Work Contribution as set forth above in the manner set forth in Section 15 hereof; (vi) Tenant shall be entitled to a rent credit as set forth above; (vii) Tenant shall pay Landlord a water charge and sewer charge for each Option Floor in the amount of $102.00 for water and $102.00 for sewer; (viii) Landlord shall not be obligated to perform any work to the Option Floor to ready same for Tenant’s occupancy. Tenant agrees that if it uncovers asbestos while making improvements to any Option Floor, and the asbestos is not in friable condition, or is or can be encapsulated, then Landlord will have no obligation to remove the asbestos. By way of example, if there is VAT tile, which is, or shall be covered by Tenant with other floor covering, Landlord will have no obligation to remove the VAT tile. Landlord agrees to obtain for Tenant an ACP-5 for demolition work to be performed by Tenant within each of the Option Floors upon receipt of demolition plans for such spaces. Landlord agrees to use reasonable efforts to deliver possession of the respective Option Floors on or about the applicable Anticipated Delivery Date, and will commence and diligently prosecute hold over proceedings, if necessary to do so.
Appears in 1 contract
Samples: G Iii Apparel Group LTD /De/
Expansion Option. Company desires the option to lease additional land containing approximately 2.68 acres shown as Expansion Area on Exhibit A-2, Premises Detail (a) Provided that: (i) Tenant is not then Expansion Area). Except as otherwise provided in default this Article, during the first three years after the start of this Lease beyond applicable grace and notice periodspayment of Rents as described in Section 6.01, and (ii) Tenant is then in actual physical occupancy of one hundred (100%) percent of the Premises, (unless Tenant is not in occupancy due to casualty, condemnation or other causes beyond Tenant’s reasonable control), Tenant shall Company will have the an ongoing option (the “Expansion Option”) to lease the following spaces in the Building: 2nd Floor (including mezzanine), 00xx Xxxxx, 00xx Xxxxx and 40th Floor, each hereafter individually referred to as an “Option Floor”. A floor plan for each of the Option Floors is attached hereto as Exhibit B. The Expansion Option for each Option Floor must be exercised by written notice to Landlord (“Option Notice”) no later than the Last Date by Which Tenant Can Exercise the Option, set forth in the chart below (“Last Date”). If Tenant has not sent to Landlord an Option Notice for an Option Floor on add all or before the respective Last Date, Landlord shall send to Tenant a written notice reminding Tenant portion of the Expansion Option and Area to the Last Date existing Premises. The rent for the Expansion Area will be the then current Ground Rent per square foot under this Agreement. Company will give Authority no less than one hundred twenty (“Reminder Notice”)120) days’ written notice of its intent to exercise the Expansion Option. If a Reminder Notice is sent within the sixty (60) day period prior to the Last Date for a particular Option Floor, then time shall be of the essence for Tenant Company desires to exercise the Expansion Option on or before with respect to only a portion of the Last DateExpansion Area, failing whichCompany’s notice shall identify the portion of the Expansion Area to be leased, and the remainder of the Expansion Area shall no longer be subject to the Expansion Option. If the Expansion Option for is exercised, the respective Option Floor shall expire and final boundary line of the Expansion Area will be subject to approval of no further force and effectthe Authority. If Landlord sends If, during the Reminder Notice on or first three years after the Last Datestart of payment of Rents, then Authority intends to lease all or a portion of the Expansion Option for Area and Company has not already exercised the respective Option Floor shall be deemed extended for an additional five Expansion Option, Authority will provide thirty (530) business days’ written notice to Company of such intention. Upon such notice from Authority, Company will have thirty (30) days after delivery to Tenant of the Reminder Notice. If Landlord sends the Reminder Notice on or after the Last Date, then time shall be of the essence for Tenant to exercise the Expansion Option on or before the fifth business day after delivery Option, failing which Authority will be free to Tenant lease that portion of the Reminder Notice, Expansion Area which is the subject of Authority’s written notice and in such event, if Tenant fails to exercise the Expansion Option will terminate as to such portion thereof; provided that, if Authority fails to enter into such lease within twelve (12) months following Authority’s written notice, then such portion shall again be subject to the provisions of this Section. Upon complete construction of Company’s Improvements on or before the fifth business day after delivery Expansion Area, Company will obtain a legal description and sketch of the Reminder Noticeentire Premises, then including the Expansion Option for the respective Option Floor shall expire Area, and be transmit same to Authority. Upon Authority’s receipt of no further force said legal description and effectsketch, Authority will prepare an amended Exhibit A-3, Legal Description and Sketch, and transmit same to Company. Last Date by Landlord’s Which Work Option Floor Fixed Rent Per Tenant Can Contribution Anticipated and The Rentable Square Exercise the per Rentable Delivery Percentage Foot Option Square Foot Date Rent Credit 2nd Floor and Mezzanine 2.74% 14,011 sq ft $36.00 thru 3/31/16 $38.00 from 4/1/17 December 31, 2011 None July 1, 2013 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 27th Floor 2.37% 12,126 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 May 1, 2010 $ 25.00 August 1, 2010 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 39th Floor 2.14% 10,909 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 January 31, 2011 $ 25.00 August 1, 2011 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 40th Floor 2.13% 10,624 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 May 1, 2010 $ 25.00 July 1, 2010 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two If Tenant timely delivers the Option Notice for a particular Option Floor, then this Lease shall be automatically deemed amended to reflect that: (i) the Option Floor shall Such Exhibit A-3 will be incorporated into this Agreement without the Premises as need for formal amendment of this Agreement and will establish the date Landlord delivers to Tenant possession of the floor in a Required Condition, but otherwise “as is”, provided however that Landlord agrees not to deliver to Tenant possession of the 2nd Floor Option Floor earlier than July 31, 2013; (ii) the Fixed Rent for the Option Space shall be the rentable boundary and as-built square footage of the Option Floor multiplied by the Fixed Rent amounts set forth above, with annual, cumulative increases of 2.5%; (iii) Tenant shall pay the real estate tax escalation calculated utilizing the base year set forth in Section 9 hereof; (iv) The Percentage for each Option Floor shall be as set forth above; (v) Landlord shall pay Tenant a Work Contribution as set forth above in the manner set forth in Section 15 hereof; (vi) Tenant shall be entitled to a rent credit as set forth above; (vii) Tenant shall pay Landlord a water charge and sewer charge for each Option Floor in the amount of $102.00 for water and $102.00 for sewer; (viii) Landlord shall not be obligated to perform any work to the Option Floor to ready same for Tenant’s occupancy. Tenant agrees that if it uncovers asbestos while making improvements to any Option Floor, and the asbestos is not in friable condition, or is or can be encapsulated, then Landlord will have no obligation to remove the asbestos. By way of example, if there is VAT tile, which is, or shall be covered by Tenant with other floor covering, Landlord will have no obligation to remove the VAT tile. Landlord agrees to obtain for Tenant an ACP-5 for demolition work to be performed by Tenant within each of the Option Floors upon receipt of demolition plans for such spaces. Landlord agrees to use reasonable efforts to deliver possession of the respective Option Floors on or about the applicable Anticipated Delivery Date, and will commence and diligently prosecute hold over proceedings, if necessary to do soPremises.
Appears in 1 contract
Samples: Ground Lease Agreement
Expansion Option. So long as the space is "available for lease" (a) Provided that: (i) Tenant is not then in default of this Lease beyond applicable grace and notice periods, and (ii) Tenant is then in actual physical occupancy of one hundred (100%) percent of the Premises, (unless Tenant is not in occupancy due to casualty, condemnation or other causes beyond Tenant’s reasonable controlas ---------------- hereinafter defined), Tenant shall have the option (the “"Expansion Option”") to lease the following spaces add any other space in the Building: 2nd Floor Building (including mezzanine), 00xx Xxxxx, 00xx Xxxxx and 40th Floor, each hereafter individually referred the "Expansion Space") to as an “Option Floor”. A floor plan for each of the Option Floors is attached hereto as Exhibit B. The Expansion Option for each Option Floor must be exercised Premises during the first Lease Year by providing prior written notice to Landlord at least ninety (“90) days in advance of the date Tenant wishes to occupy the Expansion Space (the "Effective Date"). The Expansion Space shall be "available for lease" if (i) the space is not already leased or (ii) the space will become vacant because the existing lease has or will expire with no renewal provision which was exercised. The Expansion Option Notice”) no later than is also subject to and subordinate to the Last Date by Which rights of existing tenants in the Building. Should Tenant Can Exercise fail to duly and timely exercise the Expansion Option, set forth in the chart below (“Last Date”). If Tenant has or elects not sent to Landlord an Option Notice for an Option Floor on or before the respective Last Date, Landlord shall send to Tenant a written notice reminding Tenant of the Expansion Option and the Last Date (“Reminder Notice”). If a Reminder Notice is sent within the sixty (60) day period prior to the Last Date for a particular Option Floor, then time shall be of the essence for Tenant to exercise the Expansion Option on or before the Last Date, failing whichOption, the Expansion expansion Option for the respective Option Floor shall expire become null and be void and of no further force and or effect. If Landlord sends the Reminder Notice on or after the Last Date, then the Expansion Option for the respective Option Floor shall be deemed extended for an additional five (5) business days after delivery to Should Tenant of the Reminder Notice. If Landlord sends the Reminder Notice on or after the Last Date, then time shall be of the essence for Tenant to duly and timely exercise the Expansion Option on or before the fifth business day after delivery to Tenant of the Reminder NoticeOption, and in such event, if Tenant fails to exercise the Expansion Option on or before the fifth business day after delivery of the Reminder Notice, then the Expansion Option for the respective Option Floor Space shall expire and be of no further force and effect. Last Date by Landlord’s Which Work Option Floor Fixed Rent Per Tenant Can Contribution Anticipated and The Rentable Square Exercise the per Rentable Delivery Percentage Foot Option Square Foot Date Rent Credit 2nd Floor and Mezzanine 2.74% 14,011 sq ft $36.00 thru 3/31/16 $38.00 from 4/1/17 December 31, 2011 None July 1, 2013 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 27th Floor 2.37% 12,126 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 May 1, 2010 $ 25.00 August 1, 2010 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 39th Floor 2.14% 10,909 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 January 31, 2011 $ 25.00 August 1, 2011 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 40th Floor 2.13% 10,624 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 May 1, 2010 $ 25.00 July 1, 2010 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two If Tenant timely delivers the Option Notice for a particular Option Floor, then added to this Lease shall be automatically deemed amended to reflect that: (i) the Option Floor shall be incorporated into the Premises as of from and after the date Landlord delivers the Expansion Space to Tenant, or such earlier date to which Landlord and Tenant possession may mutually agree, through the last day of the floor in a Required ConditionTerm, but otherwise “as is”the same may be extended. Except as explicitly set forth herein, provided however that Landlord agrees not to deliver to Tenant possession of the 2nd Floor Option Floor earlier than July 31, 2013; (ii) the Fixed Rent for the Option Expansion Space shall be subject to all terms and provisions of the Lease. Tenant improvements for the Expansion Space shall be designed and installed in accordance with the procedures and conditions set forth in EXHIBIT C to --------- the Lease and Tenant's allowance for improvements shall be an amount equal to the product of multiplying $21.50 (which shall be the Tenant's allowance per square foot) times the rentable square footage of the Option Floor multiplied by Expansion Space times a fraction, the Fixed Rent amounts set forth abovenumerator of which is the number of full calendar months remaining in the Term of this Lease, with annual, cumulative increases and the denominator of 2.5%; (iii) which is the total number of months in the Term. Tenant shall pay not have any right's under this paragraph if, at the real estate tax escalation calculated utilizing time of the base year set forth exercise of the Expansion Option, Landlord does not approve Tenant's creditworthiness. In determining Tenant's creditworthiness, Landlord may consider any financial statements of Tenant and may compare them to financial statements submitted by Tenant in Section 9 hereof; (iv) The Percentage for each connection with the entry into this Lease. This Expansion Option Floor shall be as set forth above; (v) Landlord shall pay Tenant a Work Contribution as set forth above in the manner set forth in Section 15 hereof; (vi) Tenant shall be entitled to a rent credit as set forth above; (vii) Tenant shall pay Landlord a water charge and sewer charge for each Option Floor in the amount of $102.00 for water and $102.00 for sewer; (viii) Landlord shall not be obligated to perform any work to effective or exercisable during the Option Floor to ready same for Tenant’s occupancy. Tenant agrees that if it uncovers asbestos while making improvements to any Option Floor, and the asbestos is not in friable condition, or is or can be encapsulated, then Landlord will have no obligation to remove the asbestos. By way existence of example, if there is VAT tile, which is, or shall be covered a default by Tenant with other floor covering, Landlord will have no obligation to remove the VAT tile. Landlord agrees to obtain for Tenant an ACP-5 for demolition work to be performed by Tenant within each of the Option Floors upon receipt of demolition plans for such spaces. Landlord agrees to use reasonable efforts to deliver possession of the respective Option Floors on or about the applicable Anticipated Delivery Date, and will commence and diligently prosecute hold over proceedings, if necessary to do sounder this Lease.
Appears in 1 contract
Expansion Option. (a) Provided that: (i) Tenant is not then in default of this Lease beyond applicable grace and notice periods, and (ii) Tenant is then in actual physical occupancy of one hundred (100%) percent of the Premises, (unless Tenant is not in occupancy due to casualty, condemnation or other causes beyond Tenant’s reasonable control), Tenant shall have the option to lease up to all of the Right of First Refusal Space (the “Expansion Option”) to lease for a term commencing on the following spaces in Expansion Space Commencement Date (hereinafter defined) and continuing through the Building: 2nd Floor expiration or earlier termination of the Term (including mezzanineas it may be extended or renewed), 00xx Xxxxx, 00xx Xxxxx and 40th Floor, each hereafter individually referred to as an “Option Floor”. A floor plan for each of the Option Floors is attached hereto as Exhibit B. The Expansion Option for each Option Floor must be exercised by giving written notice to Landlord (the “Option Expansion Notice”) at any time after the date of this Lease but no later than six (6) months after the Last Commencement Date by Which Tenant Can Exercise (the Option, set forth in the chart below (“Last DateExpansion Space Notice Deadline”), subject to the terms and conditions of this Paragraph. If Tenant has timely exercises its Expansion Option, it shall include in its Expansion Notice an identification of the portion of the Right of First Refusal Space which it desires to take (the “Actual Expansion Space”) and if the Actual Expansion Space is less than the entire Right of First Refusal Space, the remainder of the Right of First Refusal Space (the “Remaining ROFR Space”) shall be an area that is in a commercially leasable configuration, as determined by Landlord in its sole discretion. If Landlord determines that the Remaining ROFR Space is not sent to Landlord an Option Notice for an Option Floor on or before the respective Last Datein a commercially leasable configuration, Landlord shall send notify Tenant as soon as reasonably practicable after receipt of Tenant’s Expansion Notice, and the parties shall work in good faith to Tenant attempt to determine a written notice reminding Tenant mutually agreeable configuration for the Actual Expansion Space and the Remaining ROFR. If the parties are unable to reach agreement within fifteen (15) days thereafter, regardless of the reason therefor, then this Expansion Option and the Last Date (“Reminder Notice”). If a Reminder Notice is sent within the sixty (60) day period prior to the Last Date for a particular Option Floor, then time shall be of the essence for Tenant to exercise the Expansion Option on or before the Last Datedeemed terminated and shall be considered null, failing which, the Expansion Option for the respective Option Floor shall expire void and be of no further force and effect. If Landlord sends is satisfied with the Reminder Notice on or after the Last Date, then the Expansion Option for the respective Option Floor shall be deemed extended for an additional five (5) business days after delivery to Tenant configuration of the Reminder Notice. If Landlord sends Actual Expansion Space and the Reminder Notice on or after the Last DateRemaining ROFR Space, then time it shall be of the essence for notify Tenant to exercise the Expansion Option on or before the fifth business day after delivery to Tenant of the Reminder Notice, and in such event, if Tenant fails to exercise the Expansion Option on or before the fifth business day after delivery of the Reminder Notice, then the Expansion Option for the respective Option Floor shall expire and be of no further force and effect. Last Date by Landlord’s Which Work Option Floor Fixed Rent Per Tenant Can Contribution Anticipated and The Rentable Square Exercise the per Rentable Delivery Percentage Foot Option Square Foot Date Rent Credit 2nd Floor and Mezzanine 2.74% 14,011 sq ft $36.00 thru 3/31/16 $38.00 from 4/1/17 December 31, 2011 None July 1, 2013 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 27th Floor 2.37% 12,126 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 May 1, 2010 $ 25.00 August 1, 2010 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 39th Floor 2.14% 10,909 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 January 31, 2011 $ 25.00 August 1, 2011 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 40th Floor 2.13% 10,624 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 May 1, 2010 $ 25.00 July 1, 2010 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two If Tenant timely delivers the Option Notice for a particular Option Floor, then this Lease shall be automatically deemed amended to reflect that: (i) the Option Floor shall be incorporated into the Premises as of the date Landlord delivers to Tenant possession of the floor in a Required Condition, but otherwise “as is”, provided however that Landlord agrees not to deliver to Tenant possession of the 2nd Floor Option Floor earlier than July 31, 2013; (ii) the Fixed Rent for the Option Space shall be the rentable square footage of the Option Floor multiplied by the Fixed Rent amounts set forth above, with annual, cumulative increases of 2.5%; (iii) Tenant shall pay the real estate tax escalation calculated utilizing the base year set forth in Section 9 hereof; (iv) The Percentage for each Option Floor shall be as set forth above; (v) Landlord shall pay Tenant a Work Contribution as set forth above in the manner set forth in Section 15 hereof; (vi) Tenant shall be entitled to a rent credit as set forth above; (vii) Tenant shall pay Landlord a water charge and sewer charge for each Option Floor in the amount of $102.00 for water and $102.00 for sewer; (viii) Landlord shall not be obligated to perform any work to the Option Floor to ready same for Tenant’s occupancy. Tenant agrees that if it uncovers asbestos while making improvements to any Option Floorthereof, and the asbestos is not in friable condition, or is or can Actual Expansion Space will be encapsulated, then Landlord will have no obligation to remove deemed the asbestos. By way “Right of example, if there is VAT tile, which is, or shall be covered by Tenant with other floor covering, Landlord will have no obligation to remove the VAT tile. Landlord agrees to obtain for Tenant an ACP-5 for demolition work to be performed by Tenant within each of the Option Floors upon receipt of demolition plans for such spaces. Landlord agrees to use reasonable efforts to deliver possession of the respective Option Floors on or about the applicable Anticipated Delivery Date, and will commence and diligently prosecute hold over proceedings, if necessary to do soFirst Refusal Space” hereunder.
Appears in 1 contract
Expansion Option. (a) Provided that: (i) Tenant is not then in default of this Lease beyond applicable grace and notice periods, and (ii) Tenant is then in actual physical occupancy of one hundred (100%) percent of the Premises, (unless Tenant is not in occupancy due to casualty, condemnation or other causes beyond Tenant’s reasonable control), Tenant shall have the option (the “Tenant’s Expansion Option”) to lease expand the following spaces Premises in accordance with the provisions of this Section 6(b) to include all remaining space in the Building: 2nd Building (approximately 37,147 square feet of Rentable Floor Area) (including mezzaninethe “Expansion Area”), 00xx Xxxxx, 00xx Xxxxx and 40th Floor, each hereafter individually referred to as an “Option Floor”. A floor plan for each of the Option Floors is attached hereto as Exhibit B. The Tenant’s Expansion Option for each Option Floor must may be exercised by Tenant by written notice to Landlord (“Option Tenant’s Expansion Notice”) no later given at any time, provided, however, that if there are less than three (3) Lease Years left in the Last Date by Which Term at the time Landlord is offering to lease any such Expansion Space, unless Tenant Can Exercise leases five thousand (5,000) square feet or less of such Expansion Area, Tenant may lease such Expansion Space only if Tenant has irrevocably exercised the Option, Extension Option set forth in Section 2.4.1 of the chart below Lease (as amended by Section 5 hereof) for the Premises so that such Expansion Space shall be leased by Tenant for more than a three (3) year term. The “Last Estimated Expansion Date”)” shall be the date four (4) months following the date of Tenant’s Expansion Notice. If Tenant has not sent Annual Fixed Rent for the Expansion Area shall be paid in accordance with the terms and conditions of Section 2.5 of the Lease at an Annual Fixed Rent rate equal to Landlord an Option Notice the Second Amendment Expansion Market Rent with respect to the Expansion Area, except as provided below. Upon receipt of Tenant’s Expansion Notice, but subject to any existing leases for an Option Floor on or before space in the respective Last Building as of the Extension Commencement Date, Landlord shall send use its best efforts to Tenant a written notice reminding Tenant of relocate any existing tenant located in the Tenant’s Expansion Option and the Last Date (“Reminder Notice”). If a Reminder Notice is sent within the sixty (60) day period prior Area to the Last Date for a particular Option Floor, then time shall be of the essence make space available for Tenant to exercise its Expansion Option. In the Expansion Option on or before event that the Last Date, failing whichPremises are expanded in accordance with Section 6(b) hereof, the leasing of the corresponding Expansion Option for the respective Option Floor shall expire and be of no further force and effect. If Landlord sends the Reminder Notice on or after the Last Date, then the Expansion Option for the respective Option Floor Area shall be deemed extended documented by an amendment to the Lease specifying the area and location of the Premises as expanded, the Annual Fixed Rent rate applicable to such Expansion Area, and the estimated date the Premises are to be expanded hereunder with a provision for an additional five (5) business days after establishing the effective date of such expansion based upon actual delivery of such Expansion Area to Tenant of pursuant to the Reminder Noticefollowing paragraph. If Landlord sends Notwithstanding the Reminder Notice on or after the Last Date, then time shall be of the essence for Tenant to exercise the Expansion Option on or before the fifth business day after delivery to Tenant of the Reminder Notice, and in such eventforegoing, if Tenant fails exercises Tenant’s Expansion Option at any time from and after the first day of the Extension Commencement Date through the last day of the twenty-fourth (24th) month following the Extension Commencement Date, Annual Fixed Rent shall be paid at a rate equal to exercise the rate contained in the Lease on a pro rata basis. If Tenant’s Expansion Option is validly exercised, Landlord shall endeavor in good faith to deliver the Expansion Option Area on or before about the fifth business day after delivery of the Reminder Notice, then Estimated Expansion Date. If the Expansion Option for Area is not delivered within four (4) months following Tenant’s Expansion Notice (unless such delay is due to the respective Option Floor shall expire and be act or omission of no further force and effect. Last Date by Landlord’s Which Work Option Floor Fixed Rent Per Tenant Can Contribution Anticipated and The Rentable Square Exercise the per Rentable Delivery Percentage Foot Option Square Foot Date Rent Credit 2nd Floor and Mezzanine 2.74% 14,011 sq ft $36.00 thru 3/31/16 $38.00 from 4/1/17 December 31Tenant), 2011 None July 1, 2013 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 27th Floor 2.37% 12,126 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 May 1, 2010 $ 25.00 August 1, 2010 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 39th Floor 2.14% 10,909 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 January 31, 2011 $ 25.00 August 1, 2011 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 40th Floor 2.13% 10,624 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 May 1, 2010 $ 25.00 July 1, 2010 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two If Tenant timely delivers the Option Notice for a particular Option Floor, then this Lease shall be automatically deemed amended to reflect that: (i) the Option Floor shall be incorporated into the Premises as of the date Landlord delivers to Tenant possession of the floor in a Required Condition, but otherwise “as is”, provided however that Landlord agrees not to deliver to Tenant possession of the 2nd Floor Option Floor earlier than July 31, 2013; (ii) the Fixed Rent for the Option Space shall be the rentable square footage of the Option Floor multiplied by the Fixed Rent amounts set forth above, with annual, cumulative increases of 2.5%; (iii) Tenant shall pay the real estate tax escalation calculated utilizing the base year set forth in Section 9 hereof; (iv) The Percentage for each Option Floor shall be as set forth above; (v) Landlord shall pay Tenant a Work Contribution as set forth above in the manner set forth in Section 15 hereof; (vi) Tenant shall be entitled to a rent credit as set forth above; (vii) Tenant shall pay Landlord a water charge and sewer charge for each Option Floor in the amount of $102.00 for water and $102.00 for sewer; (viii) Landlord shall not be obligated to perform any work to the Option Floor to ready same for Tenant’s occupancy. Tenant agrees that if it uncovers asbestos while making improvements to any Option Floor, and the asbestos is not in friable condition, or is or can be encapsulated, then Landlord will have no obligation to remove accept the asbestosExpansion Area, and Tenant’s Expansion Option may be deemed rescinded at Tenant’s option by thirty (30) days advance written notice given by Tenant (unless Landlord shall have delivered the Expansion Area within such thirty (30) day period). By way of example, if there is VAT tile, which is, or Each Expansion Area shall be covered by delivered to Tenant with other floor covering, Landlord will have no obligation pursuant to remove the VAT tile. Landlord agrees to obtain for Tenant an ACP-5 for demolition work to be performed by Tenant within each provisions of Article III of the Option Floors upon Lease except that Tenant and Landlord obligations thereunder shall apply to such Expansion Area only, the Premises shall be such Expansion Area, the Tenant’s Plans Delivery Deadline shall be thirty (30) days following Landlord’s receipt of demolition plans for such spaces. Landlord agrees to use reasonable efforts to deliver possession of Tenant’s Expansion Notice, the respective Option Floors on or about Term Commencement Date shall be the applicable Anticipated Delivery Estimated Expansion Date, and Landlord shall provide Tenant with an allowance for the Premises Improvements in an amount not to exceed the per rentable square foot allowance provided for the original Premises multiplied by the number of months remaining in the Term at the Estimated Expansion Date, and divided by the number of months in the Term. Landlord’s failure to deliver, or delay in delivering, all or any part of the Expansion Area on the Estimated Expansion Date, as applicable, for any reason, shall not give rise to any liability of Landlord, shall not alter Tenant’s obligation to accept such space when delivered, shall not constitute a default of Landlord, and shall not affect the validity of the Lease, as amended hereby; provided that Tenant shall have the rescission right as stated in the second sentence of this paragraph, notwithstanding any provisions of Article III of the Lease to the contrary. Landlord covenants that it will commence not enter into any lease for the Building or the 701 Building containing the right of a tenant thereunder to expand its leased pren1ises into the Expansion Area unless Tenant’s Expansion Option has expired or has been waived by Tenant. Landlord shall not grant, at any time, for both the Building and diligently prosecute hold over proceedingsthe 701 Building additional extension options for other tenants located in those buildings. If a tenant in the Building or the 701 Building fails to timely and properly respond to any notice by Landlord with respect to extending its lease, if necessary such space shall be made available to do soTenant in accordance with the terms of Section 6(a) hereof within six (6) Business Days of the expiration of such tenant’s extension rights under such tenant’s lease.
Appears in 1 contract
Samples: Alliance Data Systems Corp
Expansion Option. (a) Provided that: (i) Tenant is not then in default of this Lease beyond applicable grace and notice periods, and (ii) Tenant is then in actual physical occupancy of one hundred (100%) percent of the Premises, (unless Tenant is not in occupancy due to casualty, condemnation or other causes beyond Tenant’s reasonable control), Tenant shall have the option (the “Expansion Option”) to lease the following spaces in the Building: 2nd Floor (including mezzanine), 00xx Xxxxx, 00xx Xxxxx and 40th Floor, each hereafter individually referred to as an “Option Floor”. A floor plan for each of the Option Floors is attached hereto as Exhibit B. The Expansion Option for each Option Floor must be exercised by written notice to Landlord (“Option Notice”) no later than the Last Date by Which Tenant Can Exercise the Option, set forth in the chart below (“Last Date”). If Tenant has not sent to Landlord an Option Notice for an Option Floor on or before the respective Last Date, Landlord shall send to Tenant a written notice reminding Tenant of the Expansion Option and the Last Date (“Reminder Notice”). If a Reminder Notice is sent within the sixty (60) day period prior to the Last Date for a particular Option Floor, then time shall be of the essence for Tenant to exercise the Expansion Option on or before the Last Date, failing which, the Expansion Option for the respective Option Floor shall expire and be of no further force and effect. If Landlord sends the Reminder Notice on or after the Last Date, then the Expansion Option for the respective Option Floor shall be deemed extended for an additional five (5) business days after delivery to Tenant of the Reminder Notice. If Landlord sends the Reminder Notice on or after the Last Date, then time shall be of the essence for Tenant to exercise the Expansion Option on or before the fifth business day after delivery to Tenant of the Reminder Notice, and in such event, if Tenant fails to exercise the Expansion Option on or before the fifth business day after delivery of the Reminder Notice, then the Expansion Option for the respective Option Floor shall expire and be of no further force and effect. Last Date by Landlord’s Which Work Option Floor Fixed Rent Per Tenant Can Contribution Anticipated and The Rentable Square Exercise the per Rentable Delivery Percentage Foot Option Square Foot Date Rent Credit 2nd Floor and Mezzanine 2.74% 14,011 sq ft $36.00 thru 3/31/16 $38.00 from 4/1/17 December 31, 2011 None July 1, 2013 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 27th Floor 2.37% 12,126 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 May 1, 2010 $ $25.00 August 1, 2010 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 39th Floor 2.142.14 % 10,909 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 January 31, 2011 $ $25.00 August 1, 2011 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 40th Floor 2.13% 10,624 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 May 1, 2010 $ $25.00 July 1, 2010 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two If Tenant timely delivers the Option Notice for a particular Option Floor, then this Lease shall be automatically deemed amended to reflect that: (i) the Option Floor shall be incorporated into the Premises as of the date Landlord delivers to Tenant possession of the floor in a Required Condition, but otherwise “as is”, provided however that Landlord agrees not to deliver to Tenant possession of the 2nd Floor Option Floor earlier than July 31, 2013; (ii) the Fixed Rent for the Option Space shall be the rentable square footage of the Option Floor multiplied by the Fixed Rent amounts set forth above, with annual, cumulative increases of 2.5%; (iii) Tenant shall pay the real estate tax escalation calculated utilizing the base year set forth in Section 9 hereof; (iv) The Percentage for each Option Floor shall be as set forth above; (v) Landlord shall pay Tenant a Work Contribution as set forth above in the manner set forth in Section 15 hereof; (vi) Tenant shall be entitled to a rent credit as set forth above; (vii) Tenant shall pay Landlord a water charge and sewer charge for each Option Floor in the amount of $102.00 for water and $102.00 for sewer; (viii) Landlord shall not be obligated to perform any work to the Option Floor to ready same for Tenant’s occupancy. Tenant agrees that if it uncovers asbestos while making improvements to any Option Floor, and the asbestos is not in friable condition, or is or can be encapsulated, then Landlord will have no obligation to remove the asbestos. By way of example, if there is VAT tile, which is, or shall be covered by Tenant with other floor covering, Landlord will have no obligation to remove the VAT tile. Landlord agrees to obtain for Tenant an ACP-5 for demolition work to be performed by Tenant within each of the Option Floors upon receipt of demolition plans for such spaces. Landlord agrees to use reasonable efforts to deliver possession of the respective Option Floors on or about the applicable Anticipated Delivery Date, and will commence and diligently prosecute hold over proceedings, if necessary to do so.
Appears in 1 contract
Samples: G Iii Apparel Group LTD /De/
Expansion Option. (a) Provided that: (i) Tenant is not then in default of this Lease beyond applicable grace and notice periods, and (ii) Tenant is then in actual physical occupancy of one hundred (100%) percent of the Premises, (unless Tenant is not in occupancy due to casualty, condemnation or other causes beyond Tenant’s reasonable control), Tenant shall have the option to expand (the “"Expansion Option”") the square footage of the Premises to lease include the following spaces first, second and/or third floors in the Building: 2nd Floor (including mezzanine), 00xx Xxxxx, 00xx Xxxxx and 40th Floor, each hereafter individually referred to as an “Option Floor”. A Building which are schematically depicted on the floor plan for each of the Option Floors is plans attached hereto as Exhibit B. The A-3 (the "Expansion Space") provided ----------- that the Expansion Space actually leased, if any, shall be in whole floor increments and must be contiguous to the Initial Premises. Tenant's Expansion Option for each Option Floor must shall be personal to Tenant and may not be exercised by any Transferee without Xxxxxxxx's prior written notice consent. If Tenant wishes to Landlord (“Option Notice”) no later than exercise the Last Date by Which Tenant Can Exercise the Expansion Option, Tenant shall notify Landlord in writing by April 30, 2000 (the "Notification Date"). Tenant's notice shall not be revocable and must specify how many floors of the Expansion Space will be included in the Premises. If Tenant timely exercises the Expansion Option the Expansion Space described in Tenant's notice shall be added to and become part of the Initial Premises for all purposes under this Lease, and all of the terms and conditions hereof shall apply to such Expansion Space, except that Base Rent applicable to the Expansion Space shall be as set forth in the chart below (“Last Date”)Basic Lease Information Sheet. If Tenant has not sent to Landlord an exercises the Expansion Option Notice for an Option Floor on or before the respective Last Date, Landlord shall send to Tenant a written notice reminding Tenant all of the Expansion Option and the Last Date (“Reminder Notice”). If a Reminder Notice is sent within the sixty (60) day period Space prior to the Last Notification Date then the Base Rent for a particular Option Floor, then time the entire Premises shall be of adjusted as set forth in the essence for Basic Lease Information Sheet. Notwithstanding anything to the contrary in this Section 1.1(b), Xxxxxx's right to lease the Expansion Space -------------- hereunder shall not be exercisable by Xxxxxx at any time during which Tenant is in default under this Lease. If Tenant does not deliver a notice to exercise Landlord exercising the Expansion Option on or before the Last Notification Date, failing which, the Tenant's Expansion Option for the respective Option Floor shall expire terminate and shall be of no further force and effect. If Landlord sends the Reminder Notice on or after the Last Date, Tenant exercises its Expansion Option then Tenant shall include the Expansion Option for the respective Option Floor Space in all of its plans pursuant to Exhibit C and Tenant's failure --------- to do so shall constitute a Tenant Delay thereunder and Landlord shall be deemed extended for an additional five (5) business days after delivery relieved of its obligation to deliver the Expansion Space to Tenant with the balance of the Reminder Notice. If Landlord sends the Reminder Notice on or after the Last Date, then time shall be of the essence for Tenant to exercise the Expansion Option on or before the fifth business day after delivery to Tenant of the Reminder Notice, and in such event, if Tenant fails to exercise the Expansion Option on or before the fifth business day after delivery of the Reminder Notice, then the Expansion Option for the respective Option Floor shall expire and be of no further force and effect. Last Date by Landlord’s Which Work Option Floor Fixed Rent Per Tenant Can Contribution Anticipated and The Rentable Square Exercise the per Rentable Delivery Percentage Foot Option Square Foot Date Rent Credit 2nd Floor and Mezzanine 2.74% 14,011 sq ft $36.00 thru 3/31/16 $38.00 from 4/1/17 December 31, 2011 None July 1, 2013 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 27th Floor 2.37% 12,126 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 May 1, 2010 $ 25.00 August 1, 2010 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 39th Floor 2.14% 10,909 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 January 31, 2011 $ 25.00 August 1, 2011 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 40th Floor 2.13% 10,624 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 May 1, 2010 $ 25.00 July 1, 2010 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two If Tenant timely delivers the Option Notice for a particular Option Floor, then this Lease shall be automatically deemed amended to reflect that: (i) the Option Floor shall be incorporated into the Premises as of the date Landlord delivers to Tenant possession of the floor in a Required Condition, but otherwise “as is”, provided however that Landlord agrees not to deliver to Tenant possession of the 2nd Floor Option Floor earlier than July 31, 2013; (ii) the Fixed Rent for the Option Space shall be the rentable square footage of the Option Floor multiplied by the Fixed Rent amounts set forth above, with annual, cumulative increases of 2.5%; (iii) Tenant shall pay the real estate tax escalation calculated utilizing the base year set forth in Section 9 hereof; (iv) The Percentage for each Option Floor shall be as set forth above; (v) Landlord shall pay Tenant a Work Contribution as set forth above in the manner set forth in Section 15 hereof; (vi) Tenant shall be entitled to a rent credit as set forth above; (vii) Tenant shall pay Landlord a water charge and sewer charge for each Option Floor in the amount of $102.00 for water and $102.00 for sewer; (viii) Landlord shall not be obligated to perform any work to the Option Floor to ready same for Tenant’s occupancy. Tenant agrees that if it uncovers asbestos while making improvements to any Option Floor, and the asbestos is not in friable condition, or is or can be encapsulated, then Landlord will have no obligation to remove the asbestos. By way of example, if there is VAT tile, which is, or shall be covered by Tenant with other floor covering, Landlord will have no obligation to remove the VAT tile. Landlord agrees to obtain for Tenant an ACP-5 for demolition work to be performed by Tenant within each of the Option Floors upon receipt of demolition plans for such spaces. Landlord agrees to use reasonable efforts to deliver possession of the respective Option Floors on or about the applicable Anticipated Delivery Date, and will commence and diligently prosecute hold over proceedings, if necessary to do soInitial Premises.
Appears in 1 contract
Expansion Option. (a) Provided that: (i) Tenant is not then in default of this Lease no Default exists beyond applicable grace notice and notice periodscure periods and the Lease is in full force and effect, provided Tenant (or an Affiliate) is leasing and (ii) Tenant is then in actual physical occupancy occupying the entire Relocation Premises, by giving Landlord written notice, if at all, on or before July 1, 2021, subject to existing rights of one hundred (100%) percent other tenants of the Premises, (unless Tenant is not in occupancy due to casualty, condemnation or other causes beyond Tenant’s reasonable control)Building listed on Schedule 1 attached hereto, Tenant shall have the option to expand the Premises (the “Expansion Option”) to lease the following spaces in the Building: 2nd Floor (including mezzanine), 00xx Xxxxxas provided herein. Tenant may exercise the Expansion Option, 00xx Xxxxx and 40th Floorif at all, each hereafter individually referred to as an “Option Floor”. A floor plan for each of the Option Floors is attached hereto as Exhibit B. The Expansion Option for each Option Floor must be exercised by giving Landlord timely written notice to Landlord (“Option Expansion Notice”) no later than the Last Date by Which Tenant Can Exercise the Option, set forth in the chart below (“Last Date”). If Tenant has not sent exercises the Expansion Option, the “Expansion Space” shall be Suite 1822 containing 1,801 rentable square feet, Suite 1810 containing approximately 9,132 rentable square feet, and Suite 1801 containing approximately 2,629 rentable square feet. The Expansion Space is shown on Exhibit C-1 attached hereto and made a part hereof. In the event that Tenant timely exercises the Expansion Option, then (a) Landlord shall tender possession of the Expansion Space to Landlord Tenant in an Option Notice for an Option Floor “as-is, where is” condition so that Tenant may perform any Tenant Work in the Expansion Space on or before April 1, 2022 (the respective Last “Expansion Delivery Date”) and (b) effective as of July 1, 2022, subject to extension on a day by day basis for each day of Landlord Delay [for purposes of this reference to Landlord Delay, Delivery Date shall send be replaced with the Expansion Delivery Date and Relocation Premises shall be replaced with Expansion Space] (the “Expansion Space Commencement Date”), the Expansion Space shall be added to, and constitute part of, the “Premises” leased hereunder, and the same shall be leased upon and subject to the same terms, provisions and conditions as are applicable to the other portions of the Premises for the remainder of the Term of the Lease, except that Base Rent, rent abatement, and concessions for the Expansion Space shall be at the Current Market Rate, determined in accordance with the procedure set forth above in this Amendment. Promptly after Tenant a written notice reminding Tenant of exercises the Expansion Option and the Last Date (“Reminder Notice”). If a Reminder Notice is sent within parties determine the sixty (60) day period prior Current Market Rate, Landlord and Tenant shall execute an amendment to the Last Date for a particular Option Floor, then time shall be of Lease confirming the essence for Tenant to exercise increase in the Expansion Option on or before the Last Date, failing which, the Expansion Option for the respective Option Floor shall expire and be of no further force and effect. If Landlord sends the Reminder Notice on or after the Last Date, then the Expansion Option for the respective Option Floor shall be deemed extended for an additional five (5) business days after delivery to Tenant of the Reminder Notice. If Landlord sends the Reminder Notice on or after the Last Date, then time shall be of the essence for Tenant to exercise the Expansion Option on or before the fifth business day after delivery to Tenant of the Reminder Notice, and in such event, if Tenant fails to exercise the Expansion Option on or before the fifth business day after delivery of the Reminder Notice, then the Expansion Option for the respective Option Floor shall expire and be of no further force and effect. Last Date by Landlord’s Which Work Option Floor Fixed Rent Per Tenant Can Contribution Anticipated and The Rentable Square Exercise the per Rentable Delivery Percentage Foot Option Square Foot Date Rent Credit 2nd Floor and Mezzanine 2.74% 14,011 sq ft $36.00 thru 3/31/16 $38.00 from 4/1/17 December 31, 2011 None July 1, 2013 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 27th Floor 2.37% 12,126 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 May 1, 2010 $ 25.00 August 1, 2010 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 39th Floor 2.14% 10,909 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 January 31, 2011 $ 25.00 August 1, 2011 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 40th Floor 2.13% 10,624 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 May 1, 2010 $ 25.00 July 1, 2010 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two If Tenant timely delivers the Option Notice for a particular Option Floor, then this Lease shall be automatically deemed amended to reflect that: (i) the Option Floor shall be incorporated into the Premises as of the date Landlord delivers to Tenant possession of the floor in a Required Condition, but otherwise “as is”, provided however that Landlord agrees not to deliver to Tenant possession of the 2nd Floor Option Floor earlier than July 31, 2013; (ii) the Fixed Rent for the Option Space shall be the rentable square footage of the Option Floor multiplied by Premises and all matters incident thereto (such as an increase in Tenant’s Pro Rata Share and Base Rent and a workletter to address payment of the Fixed Rent amounts set forth aboveconstruction allowance, with annualif any); however, cumulative increases the failure of 2.5%; the parties to timely execute such amendment shall not defer the Expansion Space Commencement Date or otherwise invalidate this Lease or affect the parties’ rights or obligations hereunder. In the event demising work is necessary to accommodate Tenant’s exercise of its Expansion Option, then Landlord shall build a Building standard multi-tenant corridor (iii) Tenant shall pay including without limitation construction of a demising wall and separation of the real estate tax escalation calculated utilizing corridor from electrical, fire/life safety, HVAC, and other systems serving the base year set forth in Section 9 hereof; (iv) The Percentage for each Option Floor Premises). Such demising work shall be as set forth above; at Tenant’s expense, provided that Tenant may use the construction allowance to pay for such work. Furthermore, Tenant (vand not Landlord) Landlord shall pay Tenant a Work Contribution as set forth above in the manner set forth in Section 15 hereof; (vi) Tenant shall be entitled to a rent credit as set forth above; (vii) Tenant responsible for drywall and finish on the side of the corridor located within the Premises. In no event shall pay Landlord a water charge and sewer charge for each Option Floor in the amount of $102.00 for water and $102.00 for sewer; (viii) Landlord shall not be obligated to perform pay a commission with respect to any work space leased by Tenant under this Section other than pursuant to a written commission agreement with Tenant’s designated broker who is actively involved in negotiations on Tenant’s behalf at the time and Tenant and Landlord shall each indemnify the other against all costs, expenses, attorneys’ fees, and other liability for commissions or other compensation claimed by any other broker or agent claiming the same by, through, or under the indemnifying party. Tenant’s rights under this Section are personal to the Option Floor to ready same for above-named Tenant’s occupancy. Tenant agrees that if it uncovers asbestos while making improvements to any Option Floor, its Affiliates, and the asbestos is not any successor Tenant after any Business Transfer in friable condition, or is or can be encapsulated, then Landlord will have no obligation to remove the asbestos. By way of example, if there is VAT tile, which is, or shall be covered by Tenant accordance with other floor covering, Landlord will have no obligation to remove the VAT tile. Landlord agrees to obtain for Tenant an ACP-5 for demolition work to be performed by Tenant within each Section 11.04 of the Option Floors upon receipt of demolition plans for such spacesLease. Landlord agrees Confidential Treatment Requested by Xeris Pharmaceuticals Inc. Pursuant to use reasonable efforts to deliver possession of the respective Option Floors on or about the applicable Anticipated Delivery Date, and will commence and diligently prosecute hold over proceedings, if necessary to do so.17 C.F.R. Section 200.83
Appears in 1 contract
Expansion Option. (a) Provided that: (i) Tenant is not then in default of this Lease beyond applicable grace and notice periods, and (ii) Tenant is then in actual physical occupancy of one hundred (100%) percent of the Premises, (unless that Tenant is not in occupancy due to casualty, condemnation or other causes beyond Tenant’s reasonable control)default hereunder, Tenant shall have the option at any time during the first eighteen (18) months of occupancy (the “Option Period”) to expand the Rentable Area in the Premises to include approximately 3,000 rentable square feet of additional space that is adjacent to the Premises (the “Additional Space”) on the same terms and conditions as set forth in this Lease (the “Expansion Option”) ). Landlord shall not market the Additional Space during the Option Period in exchange for Tenant’s paying to lease Landlord the following spaces annual sum of $7.00 per rentable square foot of area in the Building: 2nd Floor Additional Space (including mezzaninethe “Option Period Fee”), 00xx Xxxxx, 00xx Xxxxx and 40th Floor, each hereafter individually referred with such sum to as an “Option Floor”. A floor plan be paid in equal monthly installments for each month of the Option Floors is attached hereto as Exhibit B. The Expansion Option for each Option Floor must be exercised by written notice to Landlord (“Option Notice”) no later than the Last Date by Which Tenant Can Exercise the Option, set forth Period in the chart below (“Last Date”). If which Tenant has not sent to Landlord an Option Notice for an Option Floor on or before the respective Last Date, Landlord shall send to Tenant a written notice reminding Tenant of the exercised its Expansion Option and the Last Date (“Reminder Notice”). If a Reminder Notice is sent within the sixty (60) day period prior to the Last Date for a particular Option Floor, then time shall be of the essence for or until Tenant elects not to exercise the Expansion Option on or before by written notice to Landlord. Tenant shall pay such monthly installment of the Last Date, failing which, Option Period Fee with Tenant’s monthly payment of Base Rent as set forth herein. In the event Tenant wishes to exercise its Expansion Option for during the respective Option Floor Period, Tenant shall expire and be provide Landlord with written notice of no further force and effect. If Landlord sends the Reminder Notice on or after the Last Date, then the Expansion Option for the respective Option Floor shall be deemed extended for an additional five (5) business days after delivery to Tenant of the Reminder Notice. If Landlord sends the Reminder Notice on or after the Last Date, then time shall be of the essence for Tenant its intention to exercise the Expansion Option on or before the fifth business day after delivery to Tenant Option. Within ten (10) days of Landlord’s receipt of Tenant’s exercise of the Reminder NoticeExpansion Option, Landlord and in such event, if Tenant fails shall execute an amendment to exercise the Expansion Option on or before the fifth business day after delivery of the Reminder Notice, then the Expansion Option for the respective Option Floor shall expire and be of no further force and effect. Last Date by Landlord’s Which Work Option Floor Fixed Rent Per Tenant Can Contribution Anticipated and The Rentable Square Exercise the per Rentable Delivery Percentage Foot Option Square Foot Date Rent Credit 2nd Floor and Mezzanine 2.74% 14,011 sq ft $36.00 thru 3/31/16 $38.00 from 4/1/17 December 31, 2011 None July 1, 2013 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 27th Floor 2.37% 12,126 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 May 1, 2010 $ 25.00 August 1, 2010 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 39th Floor 2.14% 10,909 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 January 31, 2011 $ 25.00 August 1, 2011 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 40th Floor 2.13% 10,624 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 May 1, 2010 $ 25.00 July 1, 2010 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two If Tenant timely delivers the Option Notice for a particular Option Floor, then this Lease shall be automatically deemed amended to reflect that: (i) confirming the Option Floor shall be incorporated into the Premises as of the date Landlord delivers to Tenant possession of the floor in a Required Condition, but otherwise “as is”, provided however that Landlord agrees not to deliver to Tenant possession of the 2nd Floor Option Floor earlier than July 31, 2013; (ii) the Fixed Rent for the Option Space shall be the rentable square footage of the Option Floor multiplied Premises as expanded and Base Rent as increased, by the Fixed Rent amounts set forth aboveAdditional Space and including any other such details that Landlord deems reasonably necessary, with annual, cumulative increases which do not materially alter the terms of 2.5%; (iii) this Lease except as otherwise provided herein. Landlord shall provide Tenant shall pay the real estate tax escalation calculated utilizing the base year services set forth in Section 9 hereof; (iv) The Percentage for each Option Floor 3.1 with respect to the Additional Space, the cost of which shall be as set forth above; borne by Landlord and shall be equal to the per square footage construction costs for the Turnkey Upfit prorated by dividing such per square footage construction costs by a fraction the numerator of which is the number of months remaining in the Term when Tenant exercised its Expansion Option and the denominator of which shall be sixty-five (v65) (number of months in the Term). Landlord shall pay Tenant a Work Contribution as set forth above in configure the manner set forth in Section 15 hereof; (vi) Tenant shall be entitled Additional Space so that it has connectivity with the Premises upon Landlord’s delivering the Additional Space to a rent credit as set forth above; (vii) Tenant shall pay Landlord a water charge and sewer charge for each Option Floor in the amount of $102.00 for water and $102.00 for sewer; (viii) Landlord shall not be obligated to perform any work to the Option Floor to ready same for Tenant’s occupancy. Tenant agrees that if it uncovers asbestos while making improvements to any Option Floor, and the asbestos is not in friable condition, or is or can be encapsulated, then Landlord will have no obligation to remove the asbestos. By way of example, if there is VAT tile, which is, or shall be covered by Tenant with other floor covering, Landlord will have no obligation to remove the VAT tile. Landlord agrees to obtain for Tenant an ACP-5 for demolition work to be performed by Tenant within each of the Option Floors upon receipt of demolition plans for such spaces. Landlord agrees to use reasonable efforts to deliver possession of the respective Option Floors on or about the applicable Anticipated Delivery Date, and will commence and diligently prosecute hold over proceedings, if necessary to do so.
Appears in 1 contract
Samples: Lease Agreement (Chelsea Therapeutics International, Ltd.)
Expansion Option. (a) Provided that: (i) Tenant is not then in default of this Lease beyond applicable grace and notice periods, and (ii) Tenant is then in actual physical occupancy of one hundred (100%) percent of the Premises, (unless Tenant is not in occupancy due to casualty, condemnation or other causes beyond Tenant’s reasonable control), Tenant shall have the option first right of refusal (the “Expansion Option”) on the second floor of the Building and any other space in the Building or on the Land that is or becomes available for rent (the “Expansion Area”). If Landlord receives a bona fide offer, that Landlord is willing to accept for the lease of the Expansion Area or any portion thereof, before entering into a lease on the Expansion Area, Landlord will first offer to lease the following spaces in Expansion Area to Tenant on the Building: 2nd Floor (including mezzanine), 00xx Xxxxx, 00xx Xxxxx same terms and 40th Floor, each hereafter individually referred to conditions as an “Option Floor”. A floor plan for each of the Option Floors is attached hereto as Exhibit B. The Expansion Option for each Option Floor must be exercised by written notice to Landlord (“Option Notice”) no later than the Last Date by Which Tenant Can Exercise the Option, set forth in the chart below bona fide offer. Tenant shall have fifteen (“Last Date”). If Tenant has not sent to Landlord an Option Notice for an Option Floor on or before the respective Last Date, Landlord shall send to Tenant a written 15) days from receipt of notice reminding Tenant of the Expansion Option and bona fide offer from Landlord (the Last Date (“Reminder Offer Notice”). If a Reminder Notice is sent within the sixty (60) day period prior to the Last Date for a particular Option Floor, then time shall be of the essence for Tenant to exercise the Expansion Option on and fifteen (15) days after the Tenant’s exercise of the Expansion Option to enter into a lease for the Expansion Area. In the event Tenant does not timely respond or before a lease is not timely executed by Landlord and Tenant for the Last Date, failing whichExpansion Area, the Expansion Option for the respective Option Floor shall expire and be of no further force and effect. If Landlord sends the Reminder Notice on or after the Last Date, then the Expansion Option for the respective Option Floor shall be deemed extended for an additional five (5) business days after delivery waived as to Tenant that bona fide offer, on the terms of the Reminder bona fide offer. Landlord may lease the Expansion Area only on the terms of the bona fide offer provided such lease is executed within ninety (90) days of the Offer Notice. If Landlord sends such lease is not executed within ninety (90) days, or if any change in the Reminder Notice on or after the Last Datematerial terms oldie bona fide offer is contemplated, then time shall be of Landlord must against submit the essence for proposed terms to Tenant as set forth above. In the event Tenant elects to exercise the Expansion Option on or before the fifth business day after delivery to Options, Tenant of the Reminder Notice, and in such event, if Tenant fails to exercise shall accept the Expansion Option on or before the fifth business day after delivery of the Reminder Notice, then the Expansion Option for the respective Option Floor shall expire Area “AS IS” and be of no further force and effect. Last Date by Landlord’s Which Work Option Floor Fixed Rent Per Tenant Can Contribution Anticipated and The Rentable Square Exercise the per Rentable Delivery Percentage Foot Option Square Foot Date Rent Credit 2nd Floor and Mezzanine 2.74% 14,011 sq ft $36.00 thru 3/31/16 $38.00 from 4/1/17 December 31, 2011 None July 1, 2013 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 27th Floor 2.37% 12,126 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 May 1, 2010 $ 25.00 August 1, 2010 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 39th Floor 2.14% 10,909 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 January 31, 2011 $ 25.00 August 1, 2011 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 40th Floor 2.13% 10,624 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 May 1, 2010 $ 25.00 July 1, 2010 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two If Tenant timely delivers the Option Notice for a particular Option Floor, then this Lease shall be automatically deemed amended to reflect that: (i) the Option Floor shall be incorporated into the Premises as of the date Landlord delivers to Tenant possession of the floor in a Required Condition, but otherwise “as is”, provided however that Landlord agrees not to deliver to Tenant possession of the 2nd Floor Option Floor earlier than July 31, 2013; (ii) the Fixed Rent for the Option Space shall be the rentable square footage of the Option Floor multiplied by the Fixed Rent amounts set forth above, with annual, cumulative increases of 2.5%; (iii) Tenant shall pay the real estate tax escalation calculated utilizing the base year set forth in Section 9 hereof; (iv) The Percentage for each Option Floor shall be as set forth above; (v) Landlord shall pay Tenant a Work Contribution as set forth above in the manner set forth in Section 15 hereof; (vi) Tenant shall be entitled to a rent credit as set forth above; (vii) Tenant shall pay Landlord a water charge and sewer charge for each Option Floor in the amount of $102.00 for water and $102.00 for sewer; (viii) Landlord shall not be obligated to perform any work to the Option Floor to ready same for Tenant’s occupancy. Tenant agrees that if it uncovers asbestos while making improvements to any Option Floor, and the asbestos is not in friable condition, or is or can be encapsulated, then Landlord will have no obligation to remove make any alterations or complete any work on the asbestos. By way of exampleExpansion Area, if there is VAT tile, which is, or shall be covered by Tenant with other floor covering, Landlord will have no obligation to remove unless the VAT tile. Landlord agrees to obtain for Tenant an ACP-5 for demolition work to be performed by Tenant within each terms of the Option Floors upon receipt of demolition plans for such spaces. bona fide offer included alterations or work on the Expansion Area, in which ease Landlord agrees shall make alterations or complete work on the Expansion Area up to use reasonable efforts to deliver possession of the respective Option Floors on or about cost in the applicable Anticipated Delivery Date, and will commence and diligently prosecute hold over proceedings, if necessary to do sobona fide offer.
Appears in 1 contract
Samples: Lease (Novint Technologies Inc)
Expansion Option. (a) Provided that: (i) this Lease is in full force and effect and that Tenant is not then in default Default under any of the other terms and conditions of this Lease beyond the expiration of any applicable grace notice and notice periods, cure period either at the time of Tenant’s exercise of the Expansion Option (defined hereinafter) or at the commencement of the term with respect to the Expansion Space (defined hereinafter) and (ii) Tenant subject to all other written contract based options held by tenants of the Building and Landlord's right to first offer and lease any such space to any tenant who is then in actual physical occupancy of one hundred (100%) percent of occupying or leasing such space at the Premisestime the space becomes available for leasing and pursuant to a written contract based option then held by such tenant, (unless Tenant to the extent such space is not in occupancy due to casualty, condemnation or other causes beyond Tenant’s reasonable control)available, Tenant shall have the one-time option (the “Expansion Option”) to lease the following spaces expand into that certain space in the Building: 2nd Floor Building containing approximately Two Thousand Nine Hundred Fifty (including mezzanine), 00xx Xxxxx, 00xx Xxxxx 2,950) rentable square feet which is contiguous with the Premises and 40th Floor, each hereafter individually referred to is hereby known as an “Option Floor”. A floor plan for each of the Option Floors is Suite 420 and shown on Exhibit A-3 attached hereto as Exhibit B. The (“Expansion Option for each Option Floor must be exercised by Space"). In the event Tenant wishes to exercise the Expansion Option, then Tenant shall provide Landlord with written notice to Landlord (“Option Notice”) no later than the Last Date by Which Tenant Can Exercise the Option, set forth in the chart below (“Last Date”). If Tenant has not sent to Landlord an Option Notice for an Option Floor on or before the respective Last Date, Landlord shall send to Tenant a written notice reminding Tenant of Tenant’s exercise of the Expansion Option at anytime during the period following the full execution of this Lease by both Landlord and Tenant through December 31, 2011 (the Last Date (“Reminder NoticeExpansion Notice Period”), time being of the essence. Such notice shall be given in accordance with Section 21 of the Lease. If a Reminder Notice is sent within the sixty (60) day period prior to the Last Date for a particular Option Floor, then time shall be notification of the essence for Tenant to exercise the of this Expansion Option on or before the Last Date, failing whichis not so given and received, the Expansion Option for the respective Option Floor granted herein shall expire automatically expire, and be of Tenant s hall have no further force option to expand into the Expansion Space pursuant to this Section 28.04; provided, however, that Tenant’s Offer Right pursuant to Section 28.05 below shall not be affected by the expiration of the Expansion Option. The Base Rent payable for and effect. If Landlord sends other economic terms applicable to the Reminder Notice on or after Expansion Space shall be at the Last Date, then same Base Rent rate and upon the same economic terms (prorated as of the Expansion Option Commencement Date as applicable) then in effect for the respective Option Floor shall be deemed extended for an additional five (5) business days after delivery to Tenant of the Reminder Notice. If Landlord sends the Reminder Notice on or after the Last Date, then time shall be of the essence for Tenant to exercise the Expansion Option on or before the fifth business day after delivery to Tenant of the Reminder Notice, and in such event, if Tenant fails to exercise the Expansion Option on or before the fifth business day after delivery of the Reminder Notice, then the Expansion Option for the respective Option Floor shall expire and be of no further force and effect. Last Date by Landlord’s Which Work Option Floor Fixed Rent Per Tenant Can Contribution Anticipated and The Rentable Square Exercise the per Rentable Delivery Percentage Foot Option Square Foot Date Rent Credit 2nd Floor and Mezzanine 2.74% 14,011 sq ft $36.00 thru 3/31/16 $38.00 from 4/1/17 December 31, 2011 None July 1, 2013 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 27th Floor 2.37% 12,126 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 May 1, 2010 $ 25.00 August 1, 2010 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 39th Floor 2.14% 10,909 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 January 31, 2011 $ 25.00 August 1, 2011 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 40th Floor 2.13% 10,624 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 May 1, 2010 $ 25.00 July 1, 2010 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two If Tenant timely delivers the Option Notice for a particular Option Floor, then this Lease shall be automatically deemed amended to reflect that: (i) the Option Floor shall be incorporated into the Premises as of the date Landlord delivers to Tenant possession of Expansion Option Commencement Date (defined hereinafter) and shall escalate at the floor in a Required Condition, but otherwise “same time and at the same rate as is”, provided however that Landlord agrees not to deliver to Tenant possession of the 2nd Floor Option Floor earlier than July 31, 2013; (ii) the Fixed Base Rent for the Premises. Landlord shall construct improvements for Expansion Space subject to the same terms and conditions applicable to the Tenant Improvements for the Premises. The “Expansion Option Commencement Date” shall be the date on which the improvements for Expansion Space are substantially complete, as adjusted due to any delays ca used by the act or omission of Tenant. The lease term applicable to Expansion Space shall be coterminous with the rentable square footage Term for the Premises. In addition, Base Rent for Expansion Space shall be subject to abatement on the same terms and conditions as provided in Section 28.01 above prorated as of the Expansion Option Floor multiplied by Commencement Date and through the Fixed Partial Rent amounts Abatement Period. Upon Tenant’s exercise of the Expansion Option pursuant to this Paragraph, the parties shall execute an amendment to this Lease reflecting the terms set forth above, with annual, cumulative increases of 2.5%; (iii) Tenant shall pay the real estate tax escalation calculated utilizing the base year set forth in Section 9 hereof; (iv) The Percentage for each Option Floor shall be as set forth above; (v) Landlord shall pay Tenant a Work Contribution as set forth above in the manner set forth in Section 15 hereof; (vi) Tenant shall be entitled to a rent credit as set forth above; (vii) Tenant shall pay Landlord a water charge and sewer charge for each Option Floor in the amount of $102.00 for water and $102.00 for sewer; (viii) Landlord shall not be obligated to perform any work to the Option Floor to ready same for Tenant’s occupancy. Tenant agrees that if it uncovers asbestos while making improvements to any Option Floor, and the asbestos is not in friable condition, or is or can be encapsulated, then Landlord will have no obligation to remove the asbestos. By way of example, if there is VAT tile, which is, or shall be covered by Tenant with other floor covering, Landlord will have no obligation to remove the VAT tile. Landlord agrees to obtain for Tenant an ACP-5 for demolition work to be performed by Tenant within each of the Option Floors upon receipt of demolition plans for such spaces. Landlord agrees to use reasonable efforts to deliver possession of the respective Option Floors on or about the applicable Anticipated Delivery Date, and will commence and diligently prosecute hold over proceedings, if necessary to do soherein.
Appears in 1 contract
Expansion Option. (a) Provided that: (i) that Tenant is not then in default of any of the provisions of this Lease beyond applicable grace and notice periods, and (ii) Tenant is then still in actual physical occupancy of one hundred (100%) percent of the Premises, (unless and subject to the expansion rights or rights of first refusal of existing tenants in effect on the Commencement Date, the Landlord shall offer first to the Tenant is not the right to lease adjacent space to the Premises on the second floor of the Building or space that becomes available on the first floor of the Building at the then market lease rate for the Crown Center complex. Landlord shall notify Tenant in occupancy due writing when any adjacent space to casualtythe Premises on the second floor or space on the first floor of the Building becomes available, condemnation or other causes beyond Tenant’s reasonable control), and Tenant shall have the option ten (the “Expansion Option”10) to lease the following spaces in the Building: 2nd Floor (including mezzanine), 00xx Xxxxx, 00xx Xxxxx and 40th Floor, each hereafter individually referred to as an “Option Floor”. A floor plan for each days after receipt of the Option Floors is attached hereto as Exhibit B. The Expansion Option for each Option Floor must be exercised by Landlord's written notice to respond to the Landlord (“Option Notice”) no later than the Last Date by Which Tenant Can Exercise the Option, set forth in the chart below (“Last Date”)of Tenant's intent to exercise its right to lease any such space. If Tenant has so notified Landlord, the parties shall enter into a new lease for such expansion space within thirty (30) days of the Tenant's receipt from the Landlord of a proposed lease, or amend this Lease to include the expansion space and other applicable rental terms within thirty (30) days of Tenant's receipt from Landlord of a proposed amendment. If Tenant fails to respond to the Landlord within such ten (10) day period, or if a lease (or an amendment to this Lease) is not sent entered into within such thirty (30) day period, then the Tenant's first right of refusal shall expire with respect to such space. If Tenant does not exercise its right to lease adjacent space to the Premises on the second floor of the Building or space that becomes available on the first floor of the Building pursuant to the immediately preceding paragraph, and Landlord an Option Notice for an Option Floor on or before subsequently offers to lease such space to another party at a net effective rent that is less than the respective Last Datenet effective rent initially offered to Tenant, Landlord shall send offer to Tenant a written notice reminding right of first refusal to lease such space at the same net effective rent as is being offered to such other party. Tenant shall have 72 hours after receipt of the Expansion Option and Landlord's offer to respond to the Last Date (“Reminder Notice”)Landlord of Tenant's intent to exercise its right to lease such space at such base rent. If Tenant so notifies Landlord, the parties shall enter into a Reminder Notice new lease for such expansion space within thirty (30) days of the Tenant's receipt from the Landlord of a proposed lease, or amend this Lease to include the expansion space and other applicable rental terms within thirty (30) days of Tenant's receipt from Landlord of a proposed amendment. If Tenant fails to respond to the Landlord within such 72 hour period, or if a lease (or an amendment to this Lease) is sent not entered into within the sixty such thirty (6030) day period prior to the Last Date for a particular Option Floor, then time shall be of the essence for Tenant to exercise the Expansion Option on or before the Last Date, failing which, the Expansion Option for the respective Option Floor shall expire and be of no further force and effect. If Landlord sends the Reminder Notice on or after the Last Dateperiod, then the Expansion Option for the respective Option Floor shall be deemed extended for an additional five (5) business days after delivery to Tenant Tenant's right of the Reminder Notice. If Landlord sends the Reminder Notice on or after the Last Date, then time shall be of the essence for Tenant to exercise the Expansion Option on or before the fifth business day after delivery to Tenant of the Reminder Notice, and in such event, if Tenant fails to exercise the Expansion Option on or before the fifth business day after delivery of the Reminder Notice, then the Expansion Option for the respective Option Floor refusal shall expire and be of no further force and effect. Last Date by Landlord’s Which Work Option Floor Fixed Rent Per Tenant Can Contribution Anticipated and The Rentable Square Exercise the per Rentable Delivery Percentage Foot Option Square Foot Date Rent Credit 2nd Floor and Mezzanine 2.74% 14,011 sq ft $36.00 thru 3/31/16 $38.00 from 4/1/17 December 31, 2011 None July 1, 2013 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 27th Floor 2.37% 12,126 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 May 1, 2010 $ 25.00 August 1, 2010 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 39th Floor 2.14% 10,909 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 January 31, 2011 $ 25.00 August 1, 2011 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 40th Floor 2.13% 10,624 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 May 1, 2010 $ 25.00 July 1, 2010 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two If Tenant timely delivers the Option Notice for a particular Option Floor, then this Lease shall be automatically deemed amended with respect to reflect that: (i) the Option Floor shall be incorporated into the Premises as of the date Landlord delivers to Tenant possession of the floor in a Required Condition, but otherwise “as is”, provided however that Landlord agrees not to deliver to Tenant possession of the 2nd Floor Option Floor earlier than July 31, 2013; (ii) the Fixed Rent for the Option Space shall be the rentable square footage of the Option Floor multiplied by the Fixed Rent amounts set forth above, with annual, cumulative increases of 2.5%; (iii) Tenant shall pay the real estate tax escalation calculated utilizing the base year set forth in Section 9 hereof; (iv) The Percentage for each Option Floor shall be as set forth above; (v) Landlord shall pay Tenant a Work Contribution as set forth above in the manner set forth in Section 15 hereof; (vi) Tenant shall be entitled to a rent credit as set forth above; (vii) Tenant shall pay Landlord a water charge and sewer charge for each Option Floor in the amount of $102.00 for water and $102.00 for sewer; (viii) Landlord shall not be obligated to perform any work to the Option Floor to ready same for Tenant’s occupancy. Tenant agrees that if it uncovers asbestos while making improvements to any Option Floor, and the asbestos is not in friable condition, or is or can be encapsulated, then Landlord will have no obligation to remove the asbestos. By way of example, if there is VAT tile, which is, or shall be covered by Tenant with other floor covering, Landlord will have no obligation to remove the VAT tile. Landlord agrees to obtain for Tenant an ACP-5 for demolition work to be performed by Tenant within each of the Option Floors upon receipt of demolition plans for such spaces. Landlord agrees to use reasonable efforts to deliver possession of the respective Option Floors on or about the applicable Anticipated Delivery Date, and will commence and diligently prosecute hold over proceedings, if necessary to do sospace.
Appears in 1 contract
Samples: Lease Agreement (Fusion Telecommunications International Inc)
Expansion Option. (a) Provided that: (i) Tenant no Tenant's Default has occurred and is not then in default of this Lease beyond applicable grace and notice periodscontinuing, and (ii) Tenant is then in actual physical occupancy of one hundred (100%) percent if rentable space on Floors 7-9 of the PremisesBuilding (collectively, the "Adjacent Space") shall become available for leasing by other than any existing tenant(s), Landlord shall make said Adjacent Space available to Tenant to lease, upon the terms and conditions hereinafter set forth (unless "Right of First Offer'). When all or any portion of the Adjacent Space first becomes available as set forth above, Landlord shall, prior to making the Adjacent Space available to other third parties, deliver written notice of such availability to Tenant is not in occupancy due to casualty, condemnation or other causes beyond Tenant’s reasonable control("Landlord's Notice"). For a period of fifteen (15) days following Tenants receipt of Landlord's Notice, Tenant shall have the option (the “Expansion Option”) first opportunity to lease the following spaces in Adjacent Space upon the Building: 2nd Floor terms and conditions set forth below, by delivering to Landlord within said fifteen (including mezzanine), 00xx Xxxxx, 00xx Xxxxx and 40th Floor, each hereafter individually referred to as an “Option Floor”. A floor plan for each of the Option Floors is attached hereto as Exhibit B. The Expansion Option for each Option Floor must be exercised by 15) day period written notice ("Election Notice") of its election to Landlord (“Option Notice”) no later than the Last Date by Which Tenant Can Exercise the Option, set forth in the chart below (“Last Date”)exercise its Right of First Offer. If Tenant has fails or elects not sent to Landlord an Option Notice for an Option Floor on or before exercise its Right of First Offer granted pursuant to this paragraph with in said fifteen (15) day period. the respective Last DateRight of First Offer shall automatically terminate without further action of the panics, and Landlord shall send thereafter be free to lease the Adjacent Space to any third party upon such terms and conditions as Landlord desires. If Tenant a written notice reminding timely and properly exercises its Right of First Offer as hereinabove provided, Tenant shall, within fifteen (15) days after receipt from Landlord, enter into an amendment of this Lease with Landlord upon Landlord's then current standard lease amendment form for the Building, which amendment shall incorporate the Adjacent Space Into the Premises upon the terms and conditions hereinafter set forth. If Tenant fails to execute and deliver such amendment within said fifteen (15) day period, the Right of First Offer shall automatically terminate without further action of the Expansion Option parties, and Landlord shall thereafter be free to lease the Last Date (“Reminder Notice”)Adjacent Space to any third party upon such terms and conditions as Landlord desires. If a Reminder Notice is sent within Notwithstanding the sixty (60) day period prior to the Last Date for a particular Option Floorforegoing, then time shall be of the essence for should Tenant initially fail to exercise the Expansion Option on or before Right of First Offer, Tenant shall thereafter be permitted to periodically inquire as to whether Adjacent Space is leaseable". If Adjacent Space is leaseable, Tenant shall be permitted to lease such Adjacent Space as provided in this Subparagraph 20(d). For purposes of this Subparagraph 20(d), unleaseable shall mean any Adjacent Space which is then vacant and for which Landlord is not currently negotiating for lease to a third party. Upon Tenant's timely and proper exercise of the Last Date, failing whichRight of First Offer, the Expansion Option for the respective Option Floor shall expire and be of no further force and effect. If Landlord sends the Reminder Notice on or after the Last Date, then the Expansion Option for the respective Option Floor shall be deemed extended for an additional five (5) business days after delivery to Tenant of the Reminder Notice. If Landlord sends the Reminder Notice on or after the Last Date, then time shall be of the essence for Tenant to exercise the Expansion Option on or before the fifth business day after delivery to Tenant of the Reminder Notice, and in such event, if Tenant fails to exercise the Expansion Option on or before the fifth business day after delivery of the Reminder Notice, then the Expansion Option for the respective Option Floor shall expire and be of no further force and effect. Last Date by Landlord’s Which Work Option Floor Fixed Rent Per Tenant Can Contribution Anticipated and The Rentable Square Exercise the per Rentable Delivery Percentage Foot Option Square Foot Date Rent Credit 2nd Floor and Mezzanine 2.74% 14,011 sq ft $36.00 thru 3/31/16 $38.00 from 4/1/17 December 31, 2011 None July 1, 2013 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 27th Floor 2.37% 12,126 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 May 1, 2010 $ 25.00 August 1, 2010 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 39th Floor 2.14% 10,909 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 January 31, 2011 $ 25.00 August 1, 2011 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two 40th Floor 2.13% 10,624 sq ft $31.00 thru 3/31/16 $33.00 from 4/1/16 May 1, 2010 $ 25.00 July 1, 2010 1/2 month rent for 10 months in year one. 1/2 month rent for 2 months in year two If Tenant timely delivers the Option Notice for a particular Option Floor, then this Lease shall be automatically deemed amended to reflect that: (i) the Option Floor Adjacent Space shall be incorporated into the Premises as of the date Landlord delivers and shall be leased to Tenant possession of upon the floor same terms and conditions as are then in a Required Conditioneffect under this Lease, but otherwise “as is”, provided however that Landlord agrees not to deliver to Tenant possession of the 2nd Floor Option Floor earlier than July 31, 2013; (ii) the Fixed Rent for the Option Space shall be the rentable square footage of the Option Floor multiplied by the Fixed Rent amounts set forth above, with annual, cumulative increases of 2.5%; (iii) Tenant shall pay the real estate tax escalation calculated utilizing the base year remaining term as set forth in Section 9 hereof; (iv) The Percentage for each Option Floor shall be as set forth above; (v) Landlord shall pay Tenant a Work Contribution as set forth above this Lease and at the rate of Basic Annual Rent in the manner set forth in Section 15 hereof; (vi) Tenant shall be entitled to a rent credit as set forth above; (vii) Tenant shall pay Landlord a water charge and sewer charge for each Option Floor in the amount of $102.00 for water and $102.00 for sewer; (viii) Landlord shall not be obligated to perform any work to the Option Floor to ready same for Tenant’s occupancy. Tenant agrees that if it uncovers asbestos while making improvements to any Option Flooreffect, and the asbestos is not in friable condition, or is or can be encapsulated, then Landlord will have no obligation to remove the asbestos. By way of example, if there is VAT tile, which is, or shall be covered by Tenant with other floor covering, Landlord will have no obligation to remove the VAT tile. Landlord agrees to obtain for Tenant an ACP-5 for demolition work to be performed by Tenant within each of the Option Floors upon receipt of demolition plans for such spaces. Landlord agrees to use reasonable efforts to deliver possession of the respective Option Floors on or about the applicable Anticipated Delivery Date, and will commence and diligently prosecute hold over proceedings, if necessary to do so.except that:
Appears in 1 contract
Samples: Office Lease (MSC Software Corp)
