Common use of Landlord Work Clause in Contracts

Landlord Work. Landlord shall perform the work shown and described on the Premises fit plan attached hereto as Exhibit C-1 (the “Plan”) to prepare the Premises for occupancy by Tenant, in a good and workmanlike manner, and in accordance with the Building Standard Specifications attached hereto as Exhibit C-2 and applicable Laws (as defined below) (the “Building Standard Specifications”) and subject to the terms of the Work Letter attached hereto as Exhibit C (the “Landlord Work”), and, subject to Force Majeure (as hereinafter defined), and Tenant Delay shall use commercially reasonable efforts to cause the Commencement Date to occur on about the Target Commencement Date, but without penalty, cost or liability to Landlord in connection with any failure to do so; provide however, that in the event that the Commencement Date has not occurred, for any reason other than a Tenant Delay or Force Majeure delay, on or before (a) the date that is thirty (30) days after the Target Commencement Date, then Tenant shall be entitled to an abatement of Base Rent equal to one (1) day for each day until the Commencement Date occurs beginning on such thirtieth (30th) day and continuing until the date that is sixty (60) days after the Target Commencement Date, and, if applicable, (b) the date that is sixty (60) days after the Target Commencement Date, then Tenant shall be entitled to an abatement of Base Rent equal to two (2) days for each day beginning on such sixtieth (60th) day and continuing until the Commencement Date occurs. The Landlord Work shall be deemed to be substantially completed (and substantial completion shall be deemed to have occurred) on the later to occur of (i) the date that Landlord reasonably determines that all Landlord Work in such space has been performed (or would have been performed absent any Tenant Delays), other than any details of construction, mechanical adjustment or any other matter, the non-completion of which does not materially interfere with Tenant’s use of the Premises; and (ii) the date Landlord receives from the appropriate governmental authorities, with respect to the Landlord Work performed by Landlord or its contractors in the Premises, all approvals necessary for Tenant’s initial occupancy of the Premises. Tenant’s acceptance of possession of the Premises shall be subject to Landlord’s obligation to complete any aspects of the Landlord Work as may be set forth on a construction punch list prepared by Landlord and Tenant in accordance with the terms hereof. Prior to substantial completion of the Landlord Work in the Premises, but in no event later than five (5) days following notice from Landlord to Tenant requesting to schedule such inspection, Landlord and Tenant shall together conduct an inspection of the space and prepare a “punch list” setting forth any portions of the Landlord Work that are not in conformity with the Landlord Work as required by the terms of this Lease. Notwithstanding the foregoing, at the request of Landlord, such construction punch list shall be mutually prepared by Landlord and Tenant prior to the date on which Tenant first begins to move its furniture, equipment or other personal property into any portion of the Premises (or such later date acceptable to Landlord), if in Landlord’s reasonable determination such activity by Tenant could result in damage to the Premises or the Landlord Work. Landlord, as part of the Landlord Work, shall use diligent and good faith efforts to complete all such items as soon as is reasonably practicable following the preparation of the punch list, and Tenant shall provide access to the Premises for the completion of such work, but in no event more than sixty (60) days following the Commencement Date.

Landlord Work. In accordance with the mutually acceptable space plan dated January 4, 2012 prepared by Xxxxxxxx Xxxx Xxxxxxx Architects (the “Approved Plan”) attached hereto, Landlord shall perform the following work shown and described on the Premises fit plan attached hereto as Exhibit C-1 (the “Plan”) to prepare the Premises for occupancy by Tenantcollectively, in a good and workmanlike manner, and in accordance with the Building Standard Specifications attached hereto as Exhibit C-2 and applicable Laws (as defined below) (the “Building Standard Specifications”) and subject to the terms of the Work Letter attached hereto as Exhibit C (the “Landlord Work”), and, subject ): · Build out 4 offices · Install a door to Force Majeure (as hereinafter defined), connect Suites 205 and Tenant Delay 230 · Provide appropriate surfaces and air handling · Investigate the addition of an 8’ hood in lab Landlord shall cause the Landlord Landlord shall use commercially reasonable efforts to cause the Commencement Date Landlord Work to occur be constructed in a good and workmanlike manner, substantially in accordance with the Approved Plan and in compliance with applicable laws and covenants, conditions and restrictions in effect as of the date of such completion, and in good condition and working order. The Landlord Work shall be performed by Landlord, at Landlord’s sole cost and expense. Tenant shall have the right, on about not less than two (2) business days’ advance written notice to Landlord, and, if specified by Landlord at Landlord’s option, accompanied by a representative of Landlord, to inspect the Target Commencement Date, but without penalty, cost construction of the Landlord Work; provided that no such inspections shall interfere with or liability otherwise delay Landlord’s completion of the Landlord Work. Tenant shall have the right to submit to Landlord in connection with any failure to do so; provide however, that in the event that the Commencement Date has not occurred, for any reason other than a Tenant Delay list of incomplete or Force Majeure delay, on or before (a) the date that is thirty (30) days after the Target Commencement Date, then Tenant shall be entitled to an abatement of Base Rent equal to one (1) day for each day until the Commencement Date occurs beginning on such thirtieth (30th) day and continuing until the date that is defective items within sixty (60) days after the Target Commencement DateSubstantial Completion, and, if applicable, (b) the date that is sixty (60) days after the Target Commencement Date, then Tenant and Landlord shall be entitled diligently repair or replace such items at Landlord’s sole cost and expense. Landlord shall use commercially reasonable efforts to an abatement of Base Rent equal to two (2) days cause its construction contract for each day beginning on such sixtieth (60th) day and continuing until the Commencement Date occurs. The Landlord Work shall be deemed to be substantially completed (and substantial completion shall be deemed to have occurred) on the later to occur of (i) the date that Landlord reasonably determines that all Landlord Work in such space has been performed (or would have been performed absent any Tenant Delays), other than any details of construction, mechanical adjustment or any other matter, the non-completion of which does not materially interfere with Tenant’s use of the Premises; and (ii) the date Landlord receives from the appropriate governmental authorities, with respect to the Landlord Work performed to contain a minimum one (1) year warranty period. EXHIBIT C ACKNOWLEDGEMENT OF TERM COMMENCEMENT DATE AND TERM EXPIRATION DATE THIS ACKNOWLEDGEMENT OF TERM COMMENCEMENT DATE AND TERM EXPIRATION DATE is entered into as of [ ], 2012, with reference to that certain Lease dated as of August 24, 2007, as amended by Landlord that certain First Amendment to Lease dated as of March 30, 2008, that certain Second Amendment to Lease (“Second Amendment”) dated as of May 11, 2009, which Second Amendment was amended and restated pursuant to that certain Amended and Restated Second Amendment to Lease dated as of September 15, 2009, and that certain Third Amendment to Lease dated as of December [ ], 2011 (“Third Amendment”) (collectively, and as the same may have been further amended, amended and restated, supplemented or its contractors modified from time to time, the “Lease”), by RECEPTOS, INC., a Delaware corporation (“Tenant”), in favor of BMR-10835 ROAD TO THE CURE LLC, a Delaware limited liability company (“Landlord”). All capitalized terms used herein without definition shall have the meanings ascribed to them in the Premises, all approvals necessary for Tenant’s initial occupancy of the Premises. Tenant’s acceptance of possession of the Premises shall be subject to Landlord’s obligation to complete any aspects of the Landlord Work as may be set forth on a construction punch list prepared by Landlord and Tenant in accordance with the terms hereof. Prior to substantial completion of the Landlord Work in the Premises, but in no event later than five (5) days following notice from Landlord to Tenant requesting to schedule such inspection, Landlord and Tenant shall together conduct an inspection of the space and prepare a “punch list” setting forth any portions of the Landlord Work that are not in conformity with the Landlord Work as required by the terms of this Lease. Notwithstanding Tenant hereby confirms the foregoing, at the request of Landlord, such construction punch list shall be mutually prepared by Landlord and Tenant prior to the date on which Tenant first begins to move its furniture, equipment or other personal property into any portion of the Premises (or such later date acceptable to Landlord), if in Landlord’s reasonable determination such activity by Tenant could result in damage to the Premises or the Landlord Work. Landlord, as part of the Landlord Work, shall use diligent and good faith efforts to complete all such items as soon as is reasonably practicable following the preparation of the punch list, and Tenant shall provide access to the Premises for the completion of such work, but in no event more than sixty (60) days following the Commencement Date.following:

Landlord Work. Landlord Subject to delays caused by Force Majeure or Tenant Delay, Landlord, at Landlord’s sole cost and expense, shall perform the work shown and described on the Premises fit plan attached hereto as Exhibit C-1 “Landlord Work” (the “Plan”) to prepare the Premises for occupancy by Tenant, in a good and workmanlike manner, and in accordance with the Building Standard Specifications attached hereto as Exhibit C-2 and applicable Laws (as defined below) (and shall deliver the Premises in the “Building Standard SpecificationsDelivery Condition”. “Delivery Condition” shall mean that Landlord has replaced, at Landlord’s sole cost and expense (without pass through to Tenant as an Operating Expense or otherwise), any heating, ventilation and air conditioning unit (“HVAC Unit”) serving the Premises that is more than fifteen (15) years old as of the Delivery Date. For purposes of this Workletter, “Force Majeure” shall mean any accident, casualty, act of God, war or civil commotion, terrorism, strike or labor troubles, or any cause whatsoever beyond the reasonable control of Landlord, including, without limitation, water shortages, energy shortages or governmental preemption in connection with an act of God, a national emergency, or by reason of law, or by reason of the conditions of supply and demand which have been or are affected by act of God, war or other emergency. For purposes of this Workletter, “Substantially Complete” and “Substantial Completion” of the Landlord Work shall mean the completion of the Landlord Work, except for minor insubstantial details of construction, decoration or mechanical adjustments which remain to be done and which shall not unreasonably and materially interfere with Tenant’s regular business operations in the Premises. Substantial Completion shall be deemed to have occurred notwithstanding a requirement to complete "punchlist" or similar minor corrective work. Notwithstanding anything in the Lease to the contrary, Landlord, subject to the terms of this Section 2, shall be responsible for performing any compliance work to the Work Letter attached hereto as Exhibit C Common Areas (the “Landlord Common Area Compliance Work”), andto the extent necessary to correct any violations of Laws in effect and as interpreted and enforced as of the date hereof, subject but only to Force Majeure the extent that the correction of such violation with respect to such areas is required by Laws in order for Tenant to obtain a building permit for the Tenant Work (with such corrections, if any, referred to herein as hereinafter definedcollectively as the “Required Upgrades”). Landlord shall have the right to contest any alleged Required Upgrades in good faith, including, without limitation, the right to apply for and obtain a waiver or deferment of compliance, the right to assert any and all defenses allowed by Law and the right to appeal any decisions, judgments or rulings to the fullest extent permitted by Law, provided that such contest does not unreasonably interfere or delay Tenant Delay Work. Landlord, after the exhaustion of any and all rights to appeal or contest, will perform any Required Upgrades required in accordance with this Section. In the event that Tenant becomes aware of the need for any Required Upgrades, Tenant shall give prompt, written, reasonably detailed notice thereof to Landlord (“Upgrade Notice”). Landlord shall use commercially reasonable efforts to cause the Commencement Date to occur on about the Target Commencement Dateefforts, but without penalty, cost or liability to Landlord in connection with any failure to do so; provide however, that in the event that the Commencement Date has not occurred, for any reason other than a Tenant Delay or Force Majeure delay, on or before (a) the date that is thirty (30) days after the Target Commencement Date, then Tenant shall be entitled to an abatement of Base Rent equal to one (1) day for each day until the Commencement Date occurs beginning on such thirtieth (30th) day and continuing until the date that is sixty (60) days after the Target Commencement Date, and, if applicable, (b) the date that is sixty (60) days after the Target Commencement Date, then Tenant shall be entitled to an abatement of Base Rent equal to two (2) days for each day beginning on such sixtieth (60th) day and continuing until the Commencement Date occurs. The Landlord Work shall be deemed to be substantially completed (and substantial completion shall be deemed to have occurred) on the later to occur of (i) the date that Landlord reasonably determines that all Landlord Work in such space has been performed (or would have been performed absent any Tenant Delays), other than any details of construction, mechanical adjustment or any other matter, the non-completion of which does not materially interfere with Tenant’s use of the Premises; and (ii) the date Landlord receives from the appropriate governmental authorities, with respect to the Landlord Work performed by Landlord or its contractors in the Premises, all approvals necessary for Tenant’s initial occupancy of the Premises. Tenant’s acceptance of possession of the Premises shall be subject to Landlord’s obligation right to dispute or appeal the Required Upgrades as set forth above, to complete any aspects the Required Upgrades as soon as practicable following the date of the Landlord Work as may be set forth on a construction punch list prepared by receipt of Tenant’s Upgrade Notice. Landlord and Tenant agree to reasonably cooperate with each other in order to enable the Required Upgrades to be performed in a timely manner so as to not unreasonably interfere or delay Tenant Work. Landlord shall not be subject to any liability for any delays in completion of the Required Upgrades, nor shall the same entitle Tenant to any credit or abatement of rent. Notwithstanding anything to the contrary set forth herein, the Required Upgrades shall specifically exclude any repairs, alterations, improvements or modifications required as a result of Tenant’s specific use of the Premises (and, in such event, Tenant shall, at its sole cost, perform or cause to be performed in accordance with the terms hereof. Prior to substantial completion of the Landlord Work Lease, as amended hereby, such repairs, alterations, improvements and/or modifications). For purposes of the Required Upgrades, notwithstanding anything to the contrary in the Premises, but in no event later than five (5) days following notice from Landlord to Tenant requesting to schedule such inspectionLease, Landlord and Tenant agrees that the cost of any Common Area Compliance Work shall together conduct an inspection of the space and prepare constitute a “punch list” setting forth any portions of the Landlord Work that are not in conformity with the Landlord Work as required by the terms of this Lease. Notwithstanding the foregoing, at the request of Landlord, such construction punch list shall be mutually prepared by Landlord and Tenant prior to the date on which Tenant first begins to move its furniture, equipment or other personal property into any portion of the Premises (or such later date acceptable to Landlord), if in Landlord’s reasonable determination such activity by Tenant could result in damage to the Premises or the Landlord Work. Landlord, as part of the Landlord Work, shall use diligent and good faith efforts to complete all such items as soon as is reasonably practicable following the preparation of the punch list, and Tenant shall provide access to the Premises for the completion of such work, but in no event more than sixty (60) days following the Commencement DateBuilding Operating Expense.