AND
OPERATION THEREOF.
2.03.4
ADDITIONAL PARKING SPACES.
TENANT SHALL HAVE THE RIGHT, AT ITS
DISCRETION AND OPTION, PRIOR TO THE OUTSIDE OPTION EXERCISE DATE FOR THE FIRST
RENEWAL OPTION (AS SPECIFIED IN PARAGRAPH 49.01), TO CONSTRUCT NEW IMPROVEMENTS
TO PROVIDE UP TO ONE HUNDRED NINETY-TWO (192) ADDITIONAL PARKING SPACES OR MORE
AND ASSOCIATED COMMON AREA IMPROVEMENTS FOR THE PROJECT (THE "PARKING EXPANSION
ALTERATIONS"), UPON THE FOLLOWING TERMS AND CONDITIONS:
(I) THE PARKING
EXPANSION ALTERATIONS SHALL BE IN ONE OR MORE LOCATIONS OR LOTS AND OF A DESIGN
APPROVED BY LANDLORD AND SHALL INCLUDE ASSOCIATED DRIVE LANES, WALKWAYS,
SIGNAGE, LIGHTING FACILITIES, LANDSCAPING AND ALL RELATED IMPROVEMENTS
APPROPRIATE TO MAKE THE PARKING EXPANSION ALTERATIONS EQUIVALENT IN QUALITY,
DESIGN, TYPE AND CHARACTER TO THE PARKING FACILITIES AND RELATED IMPROVEMENTS
EXISTING IN THE PROJECT AS OF THE COMMENCEMENT DATE; (II) THE PARKING EXPANSION
ALTERATIONS SHALL BE CONSTRUCTED IN ACCORDANCE WITH PLANS AND SPECIFICATIONS
APPROVED IN WRITING BY LANDLORD PRIOR TO COMMENCEMENT OF WORK, WHICH APPROVAL
SHALL NOT BE UNREASONABLY WITHHELD OR DELAYED; AND (III) TENANT SHALL CONSTRUCT
THE PARKING EXPANSION
2
ALTERATIONS AT ITS SOLE COST AND EXPENSE, IN COMPLIANCE WITH APPLICABLE LAWS AND
WITH ALL PRIVATE RESTRICTIONS (AS DEFINED IN PARAGRAPH 8.02), IN THE SAME MANNER
AND UPON THE SAME TERMS AND CONDITIONS AS PROVIDED IN THIS LEASE WITH REGARD TO
ALTERATIONS (AS DEFINED IN PARAGRAPH 11.01).
THE PROVISIONS OF PARAGRAPH 49.02
OF THIS LEASE MAY REQUIRE THAT A PAYMENT BE MADE TO LANDLORD DETERMINED BY
REFERENCE TO THE PARKING EXPANSION ALTERATIONS, IF AND TO THE EXTENT EXPRESSLY
PROVIDED PURSUANT TO SUCH PARAGRAPH.
2.04
SALE OF PROJECT PARCELS.
LANDLORD AND TENANT ACKNOWLEDGE THAT THE
PROJECT IS COMPRISED OF THREE SEPARATE LEGAL PARCELS, EACH OF WHICH IS SUBJECT
TO A SEPARATE RIGHT OF FIRST OFFER IN FAVOR OF A THIRD PARTY.
LANDLORD AND
TENANT FURTHER ACKNOWLEDGE THAT SUCH THREE PARCELS MAY, FROM TIME TO TIME DURING
THE TERM, BE HELD BY ONE OR MORE OWNERS.
IN THE EVENT THAT A SALE OR SALES OF
ANY SUCH PARCEL OR PARCELS IS CONTEMPLATED OR HAS OCCURRED AND, AS A RESULT OF
SUCH SALE, THE FEE INTEREST IN THE PROJECT WILL BE OR NO LONGER IS HELD BY A
SINGLE OWNER, LANDLORD AND TENANT SHALL SUBSTITUTE SEPARATE COMPARABLE LEASES
FOR THIS LEASE, ONE WITH EACH OWNER OF A PORTION OF THE PROJECT, WITH THE
PROVISIONS OF SUCH LEASES, TAKEN TOGETHER, SETTING FORTH THE SAME ECONOMIC TERMS
PROVIDED IN THIS LEASE AND, AS TO MATTERS RELATING TO THE SEPARATION OF THIS
LEASE INTO SEPARATE LEASES FOR EACH OWNER, TO BE IN ALL RESPECTS UPON TERMS THAT
ARE THE SAME AS THOSE SET FORTH IN THIS LEASE, TO THE EXTENT CONSISTENT WITH
HAVING ONE LEASE WITH EACH OWNER.
ARTICLE III
TERM
3.01
TERM.
THE TERM OF THIS LEASE (THE "TERM") SHALL BE FOR THE PERIOD
OF MONTHS SPECIFIED IN THE BASIC LEASE INFORMATION (THE "INITIAL TERM"),
COMMENCING ON THE COMMENCEMENT DATE (AS THE TERM "COMMENCEMENT DATE" IS DEFINED
IN THE BASIC LEASE INFORMATION).
THE COMMENCEMENT DATE IS THE