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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 1 D <br />Schedule"d-fl" <br />Extarasion Options <br />1, Crnnl of Option. Subject to all of the terns and conditions of this Schodule 1-1", in connection with Tommie loose of die Premises, <br />Tenant strait have two (2) options (each an "Extension Option") to extend the term of this Lease as to the entire Premises then subjeet to this Lease, <br />each for an additional term (cacti "Extension Term') of sixty (60) months, subject. to and upon ilia hums and conditions contained in Otis Schedule <br />The Extension Term shall commence open the day immediately fallowing the then scheduled Expiration Date, and shall be upon the some <br />teams and conditions as arc provided for in this Lease, as then amended, except that: (a) If Tenant fails to timely, exercise die Extension Option, the <br />Extension Option (and any other rights to extend or renew the Term) shall lapse and Tenant shall have no htrtheir right to extend the Tenn of the <br />Lease, (b) there shall be no further options to extend the Term pursuant to this Schell tic 11.1" or otherwise following the second (2A) Extension <br />Tarnh, (c) Tenant shall not be entitled to any credit ogainst Rent or any otter rent carroandon or rent allowance or abatement or Rent, except as <br />specifically provided in the definition orthe FMRR, (d) the Base Rent for die Extension Term shall be as provided in &ction 3 of this 'c ere'° . <br />1_,' and (a) the Base Year for the Extenion Tenn shall be the calendar year in which the Extension Tenn oommences. <br />2 Extreis . An Extension Option may be exercised only by Tenant giving written notice of exercise (an "Extension Notice") to Landlord on <br />or before ilia date that Is not more than twelve (12) and not tens than nine (4) months prior to the then scheduled Expiration Data. IfTanmt does not <br />deliver an Extension Notice to Landlord within the time period set forth above (time being of the esscaice), tam Tenant shaft be deemed to have <br />forever waivod and relinquished ilia Extension Option, and any other options or rights to renew or extend the Term effective after the then Expiration <br />Date shall terminate. <br />3 Ammnl Ruse Rcnt. The Base Rent payable for the Promises during an Extension Test (the "Extension Term Base Rent"} shall be equal <br />to (a) the Rentable Area of the Premises then subject to this Fosse, multiplied by (b) the FMRR of the Premises as of the twat day (an "Adjustment <br />Date") ofsueh Extension Term, and shall be determined as follows. <br />3.1 If Tenant duly exercises the Extension Option, Landlord shall within thirty (30) days thereafter, deliver to Tenmtt a written notice <br />(a °Market Rent Notice"') orLandimes determination of what Landlord than believes the FMRR (and Extension Term Base Rent) would be for the <br />Promises during the Extension Term. <br />3.2 wrt�arn t0 d .t _....nt a -- ....._.._ o —_-- --. __.... <br />( ) ays after Tahanc s rsseipt of a Market Rent Notiae,'fenant stmalE deliver m Landlord written notiaa (a "Mar€let <br />Rent Response Notice") electing either: (a) to accept the FMRR (and Extension Tenn Base Rent) set forth in the Haricot Rent Notice, in which case <br />the FMRR (and Extnston Term Base Rent) shall be as act forth in the Markel Rent Notice, or (b) to reject Landlord's determination of the FMRR <br />(and Extension Tenn Boa Rent), in which case the FbIRR (and Extension Term Bass Roil) shall be determined in accordance with Schedule ", jam`. <br />3.3 1rTenant fails to deliver Tenant's Market Rent Response Notice within ten (10) days after its receipt of Market Rent Notice (or <br />fails in is Market Response Notice to expressly reject Landlord's determination of the FMRR (and Extension "rem Base Rent) set forth in a Market <br />Beat Notice), Tenant shall conclusively be deemed to have accepted Landlord's determination of die FMRR (and Extension Term Base Rent) set <br />forth in the Market Rail Notice. <br />mail n'Cihfr Center rJr—Ciq nfSnnro 4nn teaee .y. Exhihil a <br />80A-376 <br />
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