Example ContractsClausesExpansion Option
Expansion Option
Expansion Option contract clause examples

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 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. Tenant shall have the option (the "Expansion Option") to lease Suite 150 on the first floor of the Building containing approximately 40,971 square feet of rentable area shown on Exhibit G-1 to this Lease (the "Expansion Space") if: # Landlord receives written notice (the "Expansion Notice") from Tenant of the exercise of its Expansion Option at least 18 months prior to the commencement of the term for the Expansion Space, which commencement shall be at any time after the 30th month of the initial Term; # Tenant is not in Default under the Lease beyond any applicable cure periods at the time that Landlord receives the Expansion Notice; # no part of the Premises is sublet (except pursuant to a Permitted Transfer as described in [Section 9.1(e)] hereof) at the time Landlord receives the Expansion Notice; # the Lease has not been assigned (except pursuant to a Permitted Transfer as described in [Section 9.1(e)] hereof) prior to the date that Landlord receives the Expansion Notice; and # Landlord has not delivered a First Right Notice to Tenant pursuant to Section 4, below, of this Exhibit G.

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 Option. Provided Tenant is not in Default under any term or provision contained in this Lease (beyond any applicable notice and cure period), Tenant shall have the right, exercisable by delivering written notice to Landlord, to expand the Premises (the “Expansion Option”) to include all or any portion of the remainder of the Building (“Expansion Premises”), which Expansion Premises; provided, however, the Expansion Option shall terminate and be of no further force and affect upon the earlier to occur of: # eighteen (18) months following the Commencement Date of this Lease (i.e., June 30, 2022), and # thirty (30) days following the date Landlord notifies Tenant that Landlord has either countered a bona fide offer or responded to a request for proposal to lease the Expansion Premises to a third-party tenant. If Tenant exercises the Expansion Option then # the Base Rent for the Expansion Premises shall be $2.95 per rentable square foot per month on a triple net basis with pro-rated initial Premises concessions (i.e. Base Rent Abatement, Tenant Improvement Allowance) and proportionate increases in the parking allotment and security deposit, and # the Tenant and Landlord shall enter into an amendment to this Lease to memorialize the terms of the expansion of the Premises.

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.

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 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.

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 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.

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