Premises. For and in consideration of the rents hereinafter reserved by Landlord and the covenants, terms and agreements hereinafter contained on the part of Tenant, its legal representatives, successors and assigns to be paid, kept and performed, Landlord does hereby demise, lease, rent and let to Tenant and Tenant does hereby take and hire the Premises from Landlord upon and subject to the terms and conditions hereinafter contained. The term Premises refers to all the lots described above. The term Particular Parking Lot refers to, respectively, each of the following parking lots/areas: # Lots [[Unknown Identifier]] and [[Unknown Identifier]] (Park Row East), # Lots [[Unknown Identifier]] and [[Unknown Identifier]] (Park Row West), and # above-described portion of Lot 20 (Steeple Street).
Premises. In accordance with [Section 2.2] of the Lease, Landlord has informed Tenant that the actual rentable square footage of the Premises is and shall be 112,298 rentable square feet. Accordingly, Base Rent as set forth in the Lease is hereby deleted and shall be replaced with the following:
Tenant shall surrender and yield up to Landlord all of its right, title and interest in the Expansion Premises and vacate, surrender and deliver exclusive possession of the Expansion Premises to Landlord on or before 11:59 P.M. (Eastern) on the Termination Date, in accordance with and in such condition as required under the Lease (the “Expansion Premises Surrender Obligations”).
Phase 2 Rent Commencement Date. The “Phase 2 Rent Commencement Date” is hereby amended as follows: “Except as otherwise provided in the Lease, the Phase 2 Rent Commencement Date for the Phase 2 Expansion Space shall be the earlier of # receipt of a certificate of occupancy for the Phase 2 Expansion Space; or # January 1, 2023. Beginning on the Phase 2 Rent Commencement Date, Minimum Rent and all Additional Rent will be calculated using a Floor Area of 90,435 rentable square feet.”
(a) The Landlord covenants and agrees that it shall complete the Landlords work set out on Schedule B attached to this Agreement (Landlords Expansion Work), at Landlords sole cost and expense, by no later than December 31, 2013. Landlord warrants that as at the Expansion Fixturing Period Commencement Date, all Structural Elements of the Expansion Premises (including the roof) and the Building systems serving the Expansion Premises (including but not limited to the HVAC system) will be in good working order and repair and that the Expansion Premises complies with all applicable building codes.
The Term of the Lease, as it relates to the 5,003 Expansion Premises only, shall commence on the date on which Landlord notifies that Landlord has achieved Substantial Completion of the 5,003 Expansion Work (as hereinafter defined) (the “5,003 Expansion Premises Commencement Date”). “Substantial Completion” as used herein, means when the only items of the 5,003 Expansion Work needed to be completed are punchlist items, the non-completion of which would not delay occupancy, including, without limitation, such details of construction, decoration, mechanical adjustment or installation which do not hinder or impede the use or occupancy of the 5,003 Expansion Premises for its intended use; but if Landlord shall be delayed in such “Substantial Completion” as a result of # 's changes to the plans or specifications attached hereto as [Exhibit A]; # 's request for materials, finishes or installations other than Landlord's standard; # the performance or completion of any work, labor or services by a party employed by ; # 's interference or failure to reasonably cooperate with the performance of 5,003 Expansion Work (including without limitation the execution of documents required by the local municipality); # 's failure to approve, or approve subject to adjustments required to reflect the Rental Plan annexed hereto as [Exhibit A], final construction documents within five (5) business days after submission thereof to for approval; # 's failure to provide Landlord with finish specifications for 5,003 Expansion Work within seven (7) days of Landlord's delivery to of a fully-executed copy of this Agreement; or # 's failure to pay the initial installment of Rent (it being understood and agreed that Landlord shall not be required to commence the performance of the 5,003 Expansion Work until all such deliveries and payments have been made) (all such delays being hereinafter referred to as “ Delay”); then the 5,003 Expansion Premises Commencement Date shall be accelerated by the number of days of such Delay (however, Landlord shall not be obligated to deliver the 5,003 Expansion Premises to and shall not have the right to occupy the 5,003 Expansion Premises until the 5,003 Expansion Work is “Substantially Completed”). waives any right to rescind this Agreement or the Original Lease under Section 223-a of the New York Real Property Law or any successor statute of similar import then in force and further waives the right to recover any damages which may result from Landlord’s failure to deliver possession of the 5,003 Expansion Premises on the scheduled 5,003 Expansion Premises Commencement Date. Notwithstanding anything to the contrary contained herein, Landlord shall use commercially reasonable efforts to complete any punchlist items within thirty (30) days of Substantial Completion, provided same shall be reasonably capable of completion within such timeframe. Landlord shall complete the 5,003 Expansion Work in accordance with applicable law.
Landlord and Tenant desire to confirm the Expansion Premises Commencement Date and the date the Expansion Term of the Lease expires.
Except as set forth in this First Amendment, Tenant agrees and acknowledges that neither Landlord nor any agent of Landlord has made any representation or warranty with respect to the condition of all or any portion of the Expansion Premises, and/or the suitability of the Expansion Premises for the conduct of Tenants business, and Tenant waives any implied warranty that the Expansion Premises are suitable for the Permitted Use.
2 Effective January 1, 2024, the Base Rent under the lease shall be $57,000 of which $45,000 shall be allocated to Lots 3E, 3W, 4E, [[Unknown Identifier]] and $12,000 shall be allocated to the portion of Lot 20 now part of the Premises. Thereafter, on January 1, 2025, and each year thereafter, the Base Rent shall be adjusted in accordance with [Section 3.2] of the Lease.
Notwithstanding anything to the contrary contain herein, so long as Tenant is not in Default under this Lease, for the period commencing on the Commencement Date through the last day of the 30th full month after the Commencement Date (the Partial Abatement Period), Tenant shall only be required to pay Base Rent with respect to 11,000 rentable square feet of the Premises. Commencing on the first day of the 31st full month after the Commencement Date, Tenant shall commence paying Base Rent with respect to the entire Premises.
AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.
And AllDrafts generates clean Word and PDF files from any draft.