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Expansion Option
Expansion Option contract clause examples

Expansion; Grant of Expansion Space. Effective as of that date (the “Expansion Date”) which is the earlier of # the date on which the Expansion Space is Substantially Complete, as defined in Exhibit C attached hereto, and ready for occupancy or # the date Tenant occupies the Premises to conduct its business therein, Landlord agrees to lease to Tenant and Tenant agrees to lease from Landlord, for the entire Term, as may be further extended, and subject to and in accordance with the terms of the Lease, an additional 2,872 rentable square feet of space as shown on Exhibit A attached hereto and by this reference made a part hereof (the “Expansion Space”). If Landlord is delayed in delivering possession of the Expansion Space due to any reason, including but not limited to the holdover or unlawful possession of such space by any third party, such delay shall not be a default by Landlord, render the Lease or this Amendment void or voidable, or otherwise render Landlord liable for damages; provided, however, if Landlord is unable to deliver the Expansion Space to Tenant by October 31, 2015 for reasons not caused by, or attributable to, Tenant Delay (as defined in Exhibit C attached hereto) or by a Force Majeure Delay (as defined in the Lease), Tenant may terminate this Amendment by giving notice to Landlord. As of the Expansion Date: # the Expansion Space shall be subject to all of the terms and conditions of the Lease, as amended herein, for the entire Term, as may be further extended, # all references in the Lease to the “Premises” shall be deemed to include the Original Premises and the Expansion Space; # the total rentable square feet of space leased pursuant to the Lease shall be 10,297 rentable square feet on the 3rd floor of the Building; and # the Premises, as so expanded, shall be collectively known as Suite 300. After the occurrence of the Expansion Date, Tenant and Landlord shall execute a certificate in the form attached hereto as Exhibit B stipulating and agreeing to, the Expansion Date.

Limitation on 14th Floor Expansion Option. Notwithstanding the foregoing, if # on the date of exercise of the 14th Floor Expansion Option, or the date immediately preceding the date the Lease term for the 14th Floor Expansion Space is to commence, there exists an uncured breach of this Lease by Tenant, or # on the date immediately preceding the date the Lease term for the 14th Floor Expansion Space is to commence Tenant named herein # is not in occupancy of the entire Premises then leased hereunder or # does not intend to occupy the entire Premises, together with the 14th Floor Expansion Space, then, at Landlord’s option, Tenant shall have no right to lease the 14th Floor Expansion Space and the exercise of the right of first offer shall be null and void.

Expansion of Field. In the event that Axsome Develops the version of Licensed Product that Axsome is selling outside of the Territory for a therapeutic indication, other than the therapeutic indications listed in [clauses (i) and (ii) of Section 1.29], Axsome shall so notify Licensee and the definition of Field shall automatically be expanded to include such additional therapeutic indications.

Expansion Space Term. On the Expansion Date, the Expansion Space shall be added as part of the Premises for all purposes, except as set forth herein, including the payment of Additional Rent. The Term of the Lease with respect to the Expansion Space shall commence on the Expansion Date and shall be coterminous with the Term of the Lease for the Original Premises and shall therefore expire on March 31, 2020, unless sooner terminated or extended pursuant to the terms of the Lease.

SECTION # Expansion Option 4754

th Floor Expansion Option; Landlord’s Option Notification; Option Exercise Notice Tenant shall have the option (the “14th Floor Expansion Option”) to lease the space located on the fourteenth (14th) floor of the Building and outlined on attached Exhibit A (the “14th Floor Expansion Space”), subject to the terms and conditions terms of this Paragraph 1. Landlord shall notify Tenant in writing (“Landlord’s Option Notification”), not later than April 15, 2009, of whether Meredith has effectively exercised the Meredith 14th Floor Option. If Landlord’s Option Notification advises Tenant that Meredith has effectively exercised the Meredith 14th Floor Option, then the 14th Floor Expansion Option shall be void and of no effect. If Landlord’s Option Notification advises Tenant that Meredith did not effectively exercise the Meredith 14th Floor Option, then Landlord’s Option Notification shall also set forth Landlord’s good faith determination of the then fair market rent (as defined below) for the 14th Floor Expansion Space, based on the then rentable square footage of the 14th Floor Expansion Space, as reasonably determined by Landlord, plus the tenant improvement allowance, if the then fair market terms include such an allowance.

Rights Personal to Tenant. Tenant’s right to exercise the Expansion Option is personal to, and may be exercised only by, the Original Tenant or a Permitted Assignee. No assignee (other than a Permitted Assignee) or subtenant shall have any right to exercise the Expansion Option granted herein.

Phase 1 Expansion Space Minimum Rent. Notwithstanding anything to the contrary in the Lease, the Minimum Rent to be applied to the Phase 1 Expansion Space shall be $12.00 per rentable square foot and shall increase by two and one-half percent (2.5%) each year upon the anniversary of the Phase 1 Rent Commencement Date as set forth in the table below:

Term. For the avoidance of doubt, the Term of the Lease applicable to the Expansion Space will expire at 11:59 p.m. CT on April 30, 2028, subject to [[Organization B:Organization]]'s renewal option as set forth in Article 3 of the Lease.

. Expansion. As of September 1, 2022 (the “Expansion Date”):

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