LEASE AGREEMENT 781: TENANT EXPANSION OPTION AND RIGHT OF FIRST REFUSAL (ROFR) ADDENDUM FOR EXPANSION OFFICE SPACE $99.95
Lease Addendum Expansion Options and Rights of First Refusal to Expand the Demised Premises
THIS LEASE ADDENDUM (the "Addendum"), is made and entered into this _____ day of _________, by and between ______________________, hereinafter referred to as "Landlord," and __________________, hereinafter referred to as "Tenant," and modifies that certain lease (the "Lease") of even date herewith.
In consideration of the covenants, terms, conditions, agreements, and payments as hereinafter set forth, the parties hereto covenant and agree as follows:
Section 1.1. First Expansion Option. Tenant shall have, and Landlord hereby gives and grants to Tenant, the right, at Tenant's Option (the "First Expansion Option") to expand the Demised Premises by adding approximately Fifty Thousand (50,000) square feet of Rentable Area of space located in the Building, more particularly described as the remainder of floor 20 (excluding the Demised Premises) and all of the space contained on floors 21, 22, and 23 of the Building (the "Initial Expansion Space"), upon all upon the terms and conditions hereinafter set forth. Tenant may exercise its First Expansion Option by timely written notice to Landlord given prior to the expiration of the First Expansion Option as hereinafter provided. Landlord will give Tenant thirty (30) days prior written notice of the date on which Landlord anticipates that such Initial Expansion Space will be substantially completed with regard to Basic Building Work as specified in the Work Letter ("Work Letter") attached to this Lease. Tenant may exercise the First Expansion Option at any time during such thirty (30) day period by written notice to Landlord. Tenant may elect to add all or a portion of the Initial Expansion Space to the Demised Premises, provided that any increments of space so added shall constitute entire floors of the Building, or the remainder of the floor containing the Demised Premises initially occupied by the Tenant following the execution hereof. If Tenant fails to exercise its First Expansion Option as provided herein, such First Expansion Option shall expire and be of no further force or effect.
Section 2. Two-Year Expansion Option. Provided Tenant has exercised its First Expansion Option for all of the Initial Expansion Space pursuant to the terms of Section 1 hereinabove, Tenant shall have an additional option ("Two-Year Expansion Option") to lease the certain additional space ("Two-Year Expansion Space") as shown on Exhibit "A" attached to the Lease. Such Two-Year Option shall commence following the completion of the Basic Building Work by Landlord on the office building adjacent to the Building ("Adjacent Building") and the Two-Year Expansion Option shall continue until the second (2nd) anniversary of the Commencement Date. Tenant may exercise its To-Year Option at any time during the duration of such Two-Year Option, provided such exercise shall be in writing from Tenant to Landlord. Landlord shall refrain from leasing such Two-Year Expansion Space during the duration of the Two-Year Option. Notice shall be given by Landlord to Tenant approximately three (3) months before such Two-Year Expansion Space becomes available pursuant to the completion of the Base Building Work for the Adjacent Building, and Landlord shall also notify Tenant when the Basic Building Work for the Adjacent Building is complete. Upon timely exercise of the Two-Year Expansion Option, as to all or any portion of the Two-Year Expansion Space, such space shall be added to the Demised Premises. Notwithstanding the foregoing, such Two-Year Expansion Option shall be exercised only to lease one or more full floors of such Two-Year Expansion Space. The First Expansion Option described in Section 1 hereof and the Two-Year Expansion Option described in Section 2 hereof are sometimes referred to herein as the "Expansion Options."
Section 3. Expansion Space Completion. Upon exercise of the First Expansion Option, the finishing of the Initial Expansion Space shall proceed in accordance with the Work Letter attached hereto. Upon exercise of the Two-Year Expansion Option, the finishing of the Two-Year Expansion Space shall proceed in accordance with the provisions set forth in the Work Letter. With respect to the schedule set forth as the Work Letter, in the event Tenant fails to perform in accordance with such schedule and such failure shall continue for sixty (60) days (subject to Force Majeure, as such term is defined in the Lease), Tenant's Expansion Option shall terminate as to the space for which such Expansion Option has been exercised, upon notice to such effect by Landlord to Tenant.
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