Base Term. Commencing on the Expansion Premises Commencement Date, the defined term Base Term on page 1 of the Lease is deleted in its entirety and replaced with the following:
Notwithstanding anything in the above Section 4 to the contrary, applicable monthly Base Rent only for the Expansion Premises shall be abated for the months of August, 2014 and August, 2015 (the Expansion Space Rent Abatement Period); provided, however, all other payments required to be paid by Tenant to Landlord pursuant to the Lease for the Premises and the Expansion Space shall remain due and payable during the Expansion Space Rent Abatement Period. If at any time during the initial Term Landlord terminates this Lease as a result of an Event of Default of a monetary nature hereunder, the abatement of Base Rent for the Expansion Space provided for herein shall immediately become void, and Tenant shall promptly pay to Landlord, in addition to all other amounts due to Landlord under the Lease, the full amount of all Base Rent for the Expansion Space herein abated, multiplied by a fraction, the numerator of which is the number of full calendar months remaining in the Term for the Expansion Space as of the date Landlord terminates this Lease as a result of an Event of Default of a monetary nature and the denominator of which is 57.
Phase 1 Commencement Date. The Commencement Date of the Lease for the Phase 1 Expansion Space shall be the earlier of # receipt of a certificate of occupancy for the Phase 1 Expansion Space; or # April 1, 2022. Upon execution of this Third Addendum and [[Organization A:Organization]]’s delivery of the Phase 1 Expansion Space to [[Organization B:Organization]], the Premises (as that term is used in the Lease) shall contain 68,962 rentable square feet of Floor Area.
The Term of the Lease, as it relates to the 5,003 Expansion Premises, shall expire on October 31, 2028 (the “Expiration Date”). The Term of the Lease, as it relates to the Original Premises, is hereby extended to and including the Expiration Date; it being the express intention of the parties that, following the 5,003 Expansion Premises Commencement Date, the Term of the Lease as it relates to the 5,003 Expansion Premises shall run co-terminously with the Term of the Lease as it relates to the Original Premises. Accordingly, unless otherwise indicated by the context of its usage, each reference in the Original Lease or this Agreement to the terms “Expiration Date,” or otherwise to the scheduled date of expiration of the Lease, shall hereafter mean and refer to October 31, 2028.
Upon Tenants exercise of the 14th Floor Expansion Option, Landlord and Tenant shall enter into an amendment to this Lease adding the 14th Floor Expansion Space to the Premises on all the terms and conditions set forth in this Lease as to the Premises then demised under the Lease, except that # the term of the Lease as to the 14th Floor Expansion Space shall commence on January 1, 2010, or, if later, the date the 14th Floor Expansion Space is actually delivered to Tenant, # the annual fixed rent payable by Tenant for the 14th Floor Expansion Space shall be the fair market rent for the 14th Floor Expansion Space, as set forth in Landlords Option Notification or as determined by the appraisal procedure (as applicable), # Tenants Proportionate Share for Taxes as to the 14th Floor Expansion Space and Tenants Proportionate Share for Operating Expenses as to the 14th Floor Expansion Space shall be established based on the then rentable square footage of the 14th Floor Expansion Space; # the Tax Base under [Section 4.01(b)] of the Lease as to the 14th Floor Expansion Space shall be the fiscal tax year in which the 14th Floor Expansion Space is added to the Lease, # the Operating Expense Base under [Section 4.05(c)] of the Lease as to the 14th Floor Expansion Space shall be the calendar year in which the 14th Floor Expansion Space is added to this Lease, # Tenant shall take the 14th Floor Expansion Space in its then as-is condition (unless the current fair market terms for the 14th Floor Expansion Space include a tenant improvement allowance, in which event Tenant shall receive a tenant improvement allowance for improvements to the 14th Floor Expansion Space and the annual fixed rent set forth in Landlords Option Notification shall take into account such tenant improvement allowance) and # the renewal option provided for in Article 22 of the Lease shall be inapplicable to the 14th Floor Expansion Space and the provisions of Paragraph l.d. below shall instead apply with regard to the renewal of the Lease as to the 14th Floor Expansion Space.
The Expansion Term of the Lease expires on February 28, 2021, unless the Lease is sooner terminated in accordance with the terms and conditions of the Lease.
If the fair market rent is not established prior to the commencement of the renewal term, then Tenant shall pay fixed annual rent and payments for Operating Expenses and Taxes for the 14th Floor Expansion Space at the rate that was in effect for the 14th Floor Expansion Space immediately prior to the commencement of the renewal term and, as soon as the fair market rent is determined for the 14th Floor Expansion Space, Tenant shall pay to Landlord within ten (10) days of written demand any deficiency in the amount paid by Tenant during such period, or, if Tenant paid excess rent during such period, Landlord shall credit such excess payments to the rent amounts next due.
Phase 1 Expansion Space [[Organization B:Organization]] Improvements. Upon the date on which [[Organization A:Organization]] tenders delivery of possession of the Phase 1 Expansion Space to [[Organization B:Organization]] (“Phase 1 Expansion Space Delivery Date”), [[Organization B:Organization]] agrees to accept the Phase 1 Expansion Space in its “As-Is” condition and thereafter promptly complete the Phase 1 Expansion Space [[Organization B:Organization]] improvements. [[Organization A:Organization]] will use commercially reasonable efforts to cause the Phase 1 Expansion Space Delivery Date to occur on the Effective Date (the “Target Phase 1 Expansion Space Delivery Date”), to allow [[Organization B:Organization]]’s build-out to begin. If [[Organization A:Organization]] shall be unable to give possession because a certificate of occupancy or any other required certificate, permit, or variance has not been procured, or for any other reason not within the reasonable control of [[Organization A:Organization]], [[Organization A:Organization]] shall not be subject to any liability for the failure to give possession. No such failure to give possession shall in any other respect affect the validity of this Third Addendum or the obligations of [[Organization B:Organization]] hereunder, nor shall the same be construed in any way to extend the Term. Notwithstanding anything to the contrary herein, the Phase 1 Rent Commencement Date for the Phase 1 Expansion Space shall be extended by one day for each day after the Target Phase 1 Expansion Space Delivery Date that the actual Phase 1 Expansion Space Delivery Date fails to occur.
Term. Subject to the terms hereof, Executive ’s employment hereunder shall commence as of the date hereof and shall continue until terminated hereunder by either party.
Term. The term of this Agreement (the “Term”) shall become effective as of the Effective Date and shall remain in effect until the earliest of:
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.