AVAN » Topics » Expansion Premises Commencement Date

This excerpt taken from the AVAN 10-K filed Mar 16, 2006.
Expansion Premises Commencement Date”), Landlord does hereby lease to Tenant and Tenant does lease from Landlord the Expansion Premises to have and to hold for the remainder of the Lease Term as set forth in the Lease. Promptly following the completion of the Landlord’s Expansion Premises Work, Landlord shall notify Tenant of the Expansion Premises Commencement Date (which date shall be no earlier than five (5) days after Landlord’s notice to Tenant) and, unless Tenant in good faith disputes the same, Landlord and Tenant will, within five (5) business days after Landlord’s notice, will execute a commencement date letter in

 



 

commercially reasonable form to confirm the Expansion Premises Commencement Date. Except as otherwise expressly provided herein, Tenant’s lease of the Expansion Premises shall be on all of the terms and conditions of the Lease (including, without limitation, extension rights of Tenant for Extension Terms) and the term of the Lease with respect to the Expansion Premises shall be coterminous with the Original Term (and, if exercised, Extension Terms) of the Lease for the Existing Premises. As of the Expansion Premises Commencement Date, all references in the Lease to (i) the “Premises” and/or the premises demised by the Lease shall mean the Existing Premises and the Expansion Premises collectively as shown on the Exhibit A to the Lease, Exhibit A-1 attached to the First Amendment to Lease, and on Exhibit A-2 attached to this Amendment; (ii) the “Tenant’s Proportionate Fraction” shall mean 24.78% which is calculated based upon the rentable square footage of the Premises less the 71 rentable square feet of the Additional Space described in the First Amendment; and (iii) the “Premises Square Footage” shall mean 14,314 rentable square feet.

 

3.             Fixed Rent. Tenant shall pay to Landlord Fixed Rent with respect to the Expansion Premises in the manner and at the times set forth in the Lease, in the amounts set forth below:

 

TERM

 

ANNUAL FIXED RENTAL RATE FOR THE 
EXPANSION PREMISES

 

From the Expansion Premises Commencement Date through December 31, 2008.

 

$37,305.00

 

 

 

 

 

 

From January 1, 2009 through the expiration of the Lease Term, as the same may be extended.

 

Calculated in the same fashion as for the Existing Premises under subclause (iii) of the definition of Annual Fixed Rental Rate in Section 1.1 of the Existing Lease, except that only the Annual Fixed Rental Rate for the Expansion Premises shall be used in such calculation, and the first day after the Second Rent Period will be January 1, 2009.

 

 

4.             Condition; Landlord’s Work. Except for the performance of “Landlord’s Expansion Premises Work” (as hereinafter defined), the Expansion Premises are being leased in their AS IS condition as of the date of this Lease. Landlord shall, at Landlord’s sole cost and expense, deliver the Expansion Premises to Tenant on the applicable Commencement Date therefor (i) vacant, broom-clean, and with all debris and personal property removed therefrom, (ii) with the demising walls and suite entry door installed in the locations shown on

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