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80A - JOINT WORK CENTER MOU
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80A - JOINT WORK CENTER MOU
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Last modified
4/28/2022 11:33:23 AM
Creation date
5/2/2019 6:11:42 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
80A
Date
5/7/2019
Destruction Year
2024
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EXHIBIT 1B <br />Schedule"]-1" <br />Extension options <br />L Onint or Ontian. Subject to ail of die terms and conditions of this Schedule "1.1", in connection udtli Tenant's lease of die Premises, <br />Tenant shall have two (2) options (each an ^Extension Option'l to extend the tarn of that Lease as to the entire Premises then subject to this Lease, <br />each for an additional level (each "Extension Term") ofsixty (6(l) months, subject to and upon the terns said conditions contained in this a edalc <br />°'1„�i" The Extension Terra shall commence upon the day Immediately fallowing the then scheduled Expiration Data, end shall be upon the some <br />tempts and conditions as am provided far in this Lease, as then amended, except that: (a) of Tenant fails to timely exercise lite Extension Option, the <br />Extension Option (and any other rights to extend or renew the Tam) shall lapse end Tenant shall have no liittler right to extend the Term or the <br />Lease, (b) them shall be no rather options to extend the Term pursuant to this Schedule "bl" or otherwise following the second Qrl) Extension <br />Term, (a) Tenant shall not be entitled to any credit against Rent or any otter rent concession or rent allowance or abatement of Rent, except as <br />specifically provided In the definition orthe FMRR, (d) the Base Rent for the Extension Term shall be as provided In SOC&O 3 of this the 1 <br />I' and (a) the Base Year for the Extension Term shall be the calendar year In which the Extension Term commences. <br />2 .Exercise. An Extension Option may be exercised only by Tenant giving written notice of exercise (an "Extension Notice? to Landlord on <br />or before the date that Is not more than twelve (12) and not less than nine (9) months prior to die then scheduled Expiration Date. IrTerima does not <br />deliver on Extaasma Notice to Landlord withinthe time period set Ruth above (time being of the ossence), then Tenant shall be deemed to have <br />forever waived and relinquished the Extension Option, and any other options or rights to renew or extend the Term effective after the then Expkidam <br />Dote shall terminate. <br />3 Annual Basc Renl, The Base Rent payable for the Premises during an Extension Tenn (the "Extension Term Base Rent")shall be equal <br />tale) the Rentable Area orthe Premises then subject to this Lease, multiplied by (b) the FMRR ofthe Premises as of the first day (an "Adjustment <br />DaW') orsueh Extension Term, and shall be determined as follows. <br />3.1 If Tenant duly exercises the Extension Option, Landlord shalt within thirty (30) days themalter, deliver to Tenant a written notice <br />(a "Market Rent Notice") or Landlords determination or what Landlord then hot loves tit FMRR (and Extension Term Base Rant) would be for the <br />Premises during die Extension Terns. <br />._) .. _._.. ..list.._. _--------.___ ..__... ._.. kwrk—d — <br />3.2 wa in ten (IO) days aRtr rCanant s receipt of a htarktt Rt¢t Notice, Tenant shall dttivar to Landlord written no tic (a "Martat <br />Rent Response Notice") electing chher: (a) to accept the FMRR (and Extension Tenn Base Rent) set forth in the Market Rent Notice, in which case <br />the FMRR (mid Extension Tenn Base Rent) shall be as set forth in the Market Rent Notice, or (b) to reject Landlord's determination of the FMRR <br />(said Extension Tenn Base Rem), in which case Hit FMRR (mid Extension Term Base Rein) shall be determined in accordance with schedule ,"1-3' <br />3.3 If Tenant fails to deliver Tenant's Musket Rent Response Nallce within ten (10) days after its metipt of a Market Rent Notice (or <br />rails In its Market Response Notice to expressly reject Landlord's determination of the FMRR, (and Extension Tetan Bast Real) setforth in a Market <br />Rent Notice). Tenant shall conclusively be deemed to have accepted Landlord's detemdnatlun of the FMRR (and Extension Temr Base Rent) set <br />Loth in lite Market Rent Notice. <br />xnl rt'Ci,dt COYIL'rOr—Cepvrf.Gnt",t"nleae Exhibit <br />F ' • • I <br />
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