Example ContractsClausesexercise of option and purchase of sharesVariants
Exercise of Option and Purchase of Shares
Exercise of Option and Purchase of Shares contract clause examples

Exercise of Option. Landlord will give notice to Tenant (an “Offering Notice”) setting forth Landlord’s intent to construct the Station 5 Building and to make the Station 5 Building available for lease. The Offering Notice shall include # the rentable square footage of the Station 5 Building that Landlord intends to construct, for which rentable square footage Landlord shall have obtained approvals through the Site Plan and Architectural Review process of the City of San Mateo, # the six-month time period during which Landlord anticipates completing the base building improvements of the Station 5 Building and delivering possession thereof for completion of tenant improvements, and # a copy of the building plans for the Station 5 Building. Tenant shall exercise the Expansion Option, if at all, by giving Landlord unconditional, irrevocable written notice of such election (the “Expansion Exercise Notice”) no later than thirty (30) days after the date of the Offering Notice, the time of such exercise being of the essence. Tenant’s Expansion Exercise Notice shall set forth the rentable square footage of the Station 5

Terms of Lease of Station 5 Premises pursuant to Expansion Option. If Tenant timely and properly delivers the Expansion Exercise Notice, subject to Paragraph 42.4, Landlord and Tenant shall lease the Station 5 Building to Tenant on the terms and conditions set forth in this Lease (including the terms and conditions of the Tenant Improvement Agreement), provided, however, that # the Base Rent (including any rent abatement and tenant allowances) shall be at the Prevailing Market Rate as agreed to by Landlord and Tenant (or, if Landlord and Tenant are unable to agree upon the Prevailing Market Rent within thirty (30) days after delivery of the Expansion Exercise Notice, as determined in accordance with Paragraph 3.3.4 through 3.3.6 based upon binding lease transactions for tenants in Comparable Buildings); # the term shall commence on the date that Landlord substantially completes Landlord’s work with respect to the Station 5 Building; # the term shall expire no earlier than the tenth (10th) anniversary of the date on which the Station 5 Premises is delivered to Tenant; # upon execution of the Station 5 Lease (as defined below), Tenant shall pay to Landlord an amount equal to the estimated amount of monthly Base Rent and Tenant’s Proportionate Share of Estimated Operating Expenses for the first month of the Station 5 Lease and a security deposit equal to six months of Base Rent and Tenant’s Proportionate Share of Estimated Operating Expenses; and # the Station 5 Building shall be constructed pursuant to the building plans provided with the Offering Notice (as may be adjusted to comply with changes in the application and interpretation of Applicable Laws). The lease for Station 5 shall further provide the following: # Landlord shall provide written notice to Tenant of the date on which Landlord has commenced construction of the Station 5 Building, # if Landlord shall not have commenced construction of the Station 5 Building on or before a date that is 450 days prior to the outside delivery date set forth in the Offering Notice (the “Outside Construction Commencement Date”), Tenant, as its sole remedy, shall have the right to terminate the lease for the Station 5 Building, which termination right shall be exercised, if at all, within thirty (30) days after receipt of such notice of commencement of construction; and # if Landlord does not deliver notice of commencement of construction on or prior to the Outside Construction Commencement Date, Tenant, as its sole remedy, shall have the right to terminate the lease for the Station 5 Building, which termination right shall be exercised, if at all, within thirty (30) days after the Outside Construction Commencement Date.

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