Phase 2 Rent Commencement Date. The “Phase 2 Rent Commencement Date” is hereby amended as follows: “Except as otherwise provided in the Lease, the Phase 2 Rent Commencement Date for the Phase 2 Expansion Space shall be the earlier of # receipt of a certificate of occupancy for the Phase 2 Expansion Space; or # January 1, 2023. Beginning on the Phase 2 Rent Commencement Date, Minimum Rent and all Additional Rent will be calculated using a Floor Area of 90,435 rentable square feet.”
Additional Rent - Real Estate Taxes and Operating Expenses. Notwithstanding anything in this Lease to the contrary, beginning on the Phase 1 Rent Commencement Date. [[Organization B:Organization]]’s pro rata share of Real Estate Taxes and Operating Expenses shall be adjusted upwards to include the Phase 1 Expansion Space, and beginning on the Phase 2 Rent Commencement Date, [[Organization B:Organization]]’s pro rata share of Real Estate Taxes and Operating Expenses shall be adjusted upwards to include the Phase 2 Expansion Space. For the avoidance of doubt, # effective on the Phase 1 Rent Commencement Date, [[Organization B:Organization]]’s pro rata share of Real Estate Taxes and Operating Expenses will be based on 68.962 rentable square feet and will equal 76.26%; and # effective on the Phase 2 Rent Commencement Date, [[Organization B:Organization]]’s pro rata share of Real Estate Taxes and Operating Expenses will be based on 90,435 rentable square feet and will equal 100%.
Phase 2 Expansion Space Minimum Rent. Notwithstanding anything to the contrary in the Lease, the Minimum Rent to be applied to the Phase 2 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:
Lease of Premises. Pursuant to Section 2 of the Lease, Tenant has the right to occupy portions of the Phase 1 Must Take Premises and/or Phase 2 Must Take Premises and conduct business therein prior to the initially stated Phase 1 Commencement Date and/or the Phase 2 Commencement Date upon written notice to Landlord. Tenant has delivered such as to the 6,703 Rentable Square Feet portion of the Phase 1 Must Take Premises and the Phase 2 Must Take Premises shown on Exhibit A attached hereto. The Premises currently contain 36,845 Rentable Square Feet. Tenant must lease the remaining 1,506 Rentable Square Feet of the Phase 2 Must Take Premises no later than the expiration of the 18th month of the Term (April 30, 2015).
Commencement Date Delay. Except as otherwise provided in the Lease, Delivery of the Premises shall occur when Landlords Work has been Substantially Completed, except to the extent that completion of Landlords Work shall have been actually delayed by any one or more of the following causes (Tenant Delay):
Promptly after the Lease Commencement Date is ascertained, Landlord and Tenant shall execute the certificate attached to this Lease as Exhibit D-11]. Promptly after the Rent Commencement Date is ascertained, Landlord and Tenant shall execute the certificate confirming the Rent Commencement Date attached to this Lease as Exhibit D-22]. Failure to execute any such certificate shall not affect the Lease Commencement Date, the Rent Commencement Date or the expiration of the Lease Term.
Base Rent. Tenant shall pay the Base Rent in equal monthly installments in advance on the first day of each month during the Lease Term. If the Rent Commencement Date is not the first day of a month, then the Base Rent from the Rent Commencement Date until the first day of the following month shall be prorated on a per diem basis at the rate of one thirtieth (1/30th) of the monthly installment of the Base Rent payable during the month following the Rent Commencement Date, and Tenant shall pay such prorated installment of the Base Rent on the Rent Commencement Date. Base Rent for any partial calendar month upon the early termination of this Lease shall likewise be prorated.
for review and, therefore, the [[Organization A:Organization]] has not consented to [[Organization B:Organization]]’s commencement of construction of [[Organization B:Organization]] Improvements within the Phase 2 Expansion Space.
The Phase II Reimbursement Fee is payable within [……] days after the Commencement Date.
The Commencement Date shall be the date that Landlord Delivers the Premises to Tenant in vacant, broom clean condition. The Rent Commencement Date shall be the date that is 2 months after the Commencement Date. Upon request of Landlord, Tenant shall execute and deliver a written acknowledgment of the Commencement Date, the Rent Commencement Date and the expiration date of the Term when such are established in the form of the Acknowledgement of Commencement Date attached to this Lease as Exhibit D; provided, however, Tenants failure to execute and deliver such acknowledgment shall not affect Landlords rights hereunder. The Term of this Lease shall be the Base Term, as defined above on the first page of this Lease and any Extension Terms which Tenant may elect pursuant to Section 39 hereof.
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