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Expansion
Expansion contract clause examples

Expansion Premises. Effective, April 1, 2021 (“Expansion Commencement Date”), the Existing Premises shall be expanded by approximately 57,760 rentable square feet as depicted on [Exhibit A] attached hereto (the “Expansion Premises”). Accordingly, as of the Expansion Commencement Date, all references in the Lease to the term “Premises” shall hereinafter mean and include the Existing Premises and Expansion Premises (i.e., the entire Building) which will then consist of approximately 64,643 rentable square feet. Landlord and Tenant each acknowledge and agree that the aforesaid description of the size and square footage of the Premises and the Building are an approximation, which the parties agree is reasonable and payments made thereupon are not subject to dispute..

Expansion Premises. The term of Tenant’s lease of the Expansion Premises is set forth in Section 1.7. Tenant’s lease of the Expansion Premises shall commence on the later to occur of the following dates (the “Expansion Premises Commencement Date”): # date Landlord provides Tenant with written notice that the Expansion Premises is available for Tenant’s occupancy or # January 1, 2021. When the actual Expansion Premises Commencement Date is established by Landlord, Landlord shall accurately complete the letter attached hereto as Exhibit B and Tenant shall, within ten (10) days after Landlord's request, execute the letter and deliver it to Landlord. Tenant's failure to execute the letter within said ten (10) day period shall be a default hereunder and shall constitute Tenant's acknowledgment of the truth of the facts contained in the letter delivered by Landlord to Tenant.

Expansion Option. Provided that Tenant is not in default (beyond applicable notice or cure period(s)) of its obligations under this Lease at the time Tenant makes such election or at the time that the Expansion Space (as defined below) is added to this Lease, Tenant shall have the one-time right to expand the Premises (the “Expansion Option”) to include one full contiguous floor of the Building consisting of approximately 54,090 rentable square feet (the “Expansion Space”) effective during the first Lease Year by providing prior written notice (the “Expansion Notice”) to Landlord at least six (6) months prior to the date (the “Expansion Delivery Date”) within the first Lease Year that Tenant seeks to add the Expansion Space to the Premises. Within 15 days following the delivery of the Expansion Notice, Landlord shall notify EAST\174041517.9

Expansion Option. The parties acknowledge that, in connection with the procurement of the permits and approvals for the Converted Space, the Proposed Additional Building has been reduced by 11,398 rentable square feet, in accordance with the first paragraph of [Section 26.01] of the Lease.

Expansion. Effective as of the Expansion Premises Commencement Date (as hereinafter defined), the Current Premises are hereby expanded to include 1,409 rentable square feet as shown on Exhibit A-11] attached hereto and made a part hereof (“Expansion Premises”), which Exhibit A-11] shall be deemed part of and attached to the Original Lease. The “Expansion Premises Commencement Date” or “EPCD” shall mean the earlier of # the date Tenant occupies the Expansion Premises or any portion thereof for the conduct of Tenant's business; or # the date Landlord Substantially Completes the Work (as hereinafter defined) in the Expansion Premises and tenders possession of the Expansion Premises to Tenant. As of the Expansion Premises Commencement Date, the “Premises” shall include both the Current Premises and the Expansion Premises. After the Expansion Premises Commencement Date occurs, Landlord shall deliver to Tenant an instrument confirming the Expansion Premises Commencement Date. The rentable square feet stated herein shall be conclusive on both parties. As used herein, the term “Work” shall mean installing, at Landlord’s sole cost and expense, new Building standard carpet as selected by Tenant, constructing an interior passageway connecting Suite A-210 and the Expansion Premises, installing an interior door between Suite A-210 and the Expansion Premises (if required by applicable fire codes), and painting the Expansion Premises using Building standard colors and materials selected by Tenant.

Expansion Premises. Tenant shall continue to pay Base Rent with respect to the Expansion Premises as provided under the Lease through February 28, 2022. Commencing on March 1, 2022, and thereafter on each subsequent March 1st during through the Fifth Amendment Expiration Date (each, an “Expansion Premises Adjustment Date”), Base Rent payable with respect to the Expansion Premises shall be increased by 3% my multiplying the Base Rent payable with respect to the Expansion Premises immediately before such Expansion Premises Adjustment Date by 3% and adding the resulting amount to the Base Rent payable with respect to the Expansion Premises immediately before such Expansion Premises Adjustment Date. For the avoidance of doubt, the parties agree that Base Rent with respect to the Expansion Premises for the period commencing on the Expansion Premises Rent Commencement Date (March 7, 2019) through June 30, 2023 shall be paid in the following amounts:

Expansion Premises. Landlord hereby agrees to conditionally waive the Base Rent and the Operating Expenses attributable to the Expansion Premises for ​ after the Expansion Premises Commencement Date (the “Expansion Premises Abatement Period”). Tenant shall be obligated to pay all Base Rent and Operating Expenses attributable to the Original Premises during the Expansion Premises Abatement Period. Except as provided herein and in # above, no amounts due to Landlord under the Lease other than the Base Rent and Operating Expenses referred to above shall be conditionally waived. In the event Tenant commits a material default as defined in the Lease and such default continues beyond any notice and cure period, Base Rent and Operating Expenses coming due thereafter shall not be waived, and all Base Rent and Operating Expenses that Landlord conditionally waived under this provision shall be immediately due and payable by Tenant to Landlord without notice or demand from Landlord. If the Lease expires in accordance with its terms, and does not terminate as a result of a default by Tenant, Landlord agrees to permanently waive the Base Rent and Operating Expenses it has conditionally waived.

Expansion. Tracon may propose to the JSC to expand the Field to include additional Indications (beyond the Indications as of the Effective Date or any substitutes as permitted in [Section 3.6(a)]), including proposed amendments to the Development Plan to support such additional Indications. The JSC shall review and determine whether or not to approve such proposal, provided that Eucure’s JSC representatives shall not unreasonably withhold such approval, and upon such approval, the Field shall be amended to reflect such addition of Indications.

Expansion Space. With respect to the Expansion Space during the Expansion Space Term: # Tenant's Pro Rata Share of Expense Excess and Tax Excess for the Expansion Space shall be calculated separate and apart from Tenant's Pro Rata Share of Expense Excess and Tax Excess for the Existing Premises and shall equal 2.43% (i.e., 7,559 rentable square feet of the Expansion Space/310,638 rentable square feet of the Building); and # the Base Year for purposes of calculating Expense Excess and Tax Excess for the Expansion Space shall be calendar year 2019.

License Expansion. In the event Licensee would like to expand the license granted in this Section 2.1 beyond the Field, it shall provide Merck with a reasonably detailed development plan including evidence of existing resources and capabilities, and proposed terms relating thereto. Merck will consider any such proposed requests from Licensee in good faith.

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