Under what circumstances do you terminate the office lease?

In general, leases may be terminated by either party upon adequate written notice as detailed in the lease agreement. The NIIC may terminate lease agreements due to non-compliance with lease terms, or by virtue of the client’s “graduation” from the NIIC; such conditions may include any of the following:

Non-Compliance Conditions:

·        Non-payment of rent and/or service fees

·        Violation of lease or services agreement

·        Inability to participate in Innovation Center programming

·        Inability to grow or meet growth objectives

·        No longer meets the general or specific guidelines

·        Harassment or discrimination in any form.

Graduation Conditions

·        Business completes 5 years in Innovation Center Program (subject to exception on a per client basis)

·        Client has employed twenty-five or more employees to work at the Premises

·        Space requirements of the business exceed incubator capacity

·        Client makes a public offering of its stock