ICLR » Topics » Lease Term

These excerpts taken from the ICLR 20-F filed Mar 31, 2009.
Lease Term. The Term of the Lease shall be extended so that the Term will end on the date (the
Lease Term: This Lease shall become effective upon execution, which shall be the date of the last signature hereto (the “Effective Date”). However, Tenant shall have and hold the Demised Premises for a term (the “Term”) commencing on the Commencement Date (as defined below), and ending on the last day of the month in which the 15th anniversary of the Commencement Date occurs (“Expiration Date”). For purposes hereof, the “Commencement Date” means such date which is fifteen (15) days following the written notice from Landlord to Tenant that the Building Work (as defined in Section “7” below) has been Substantially Completed (as that term is defined in Section “7.D” below). In no event shall possession of the Demised Premises be given to Tenant before the Commencement Date. In no event shall the Commencement Date be deemed to occur prior to the date in Landlord’s notice to be sent pursuant to this Section “2”, subject to Section “7.F”, below. Upon request of either party, the parties shall execute a letter expressing the date of the Commencement Date. The parties agree that unless otherwise provided herein, operative obligations of Tenant with regard to the possession of Demised Premises, such as obligation for repairs and maintenance, shall run from the Commencement Date, unless earlier provided under the terms of this Lease.
 
                    

EXCERPTS ON THIS PAGE:

20-F (2 sections)
Mar 31, 2009
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