Common use of Conversion Period Clause in Contracts

Conversion Period. Subtenant shall have forty-five (45) days after the occurrence of the Section B Termination Date (the “Conversion Period”) to elect to convert its sublease of the Section B Space to the terms of the sublease of the Section A Space. During the Conversion Period, Subtenant shall continue to pay rent on the Section B Space and the Common Space in the amount set forth below until the first to occur of the following: (i) the end of the Conversion Period; (ii) Subtenant provides written notice to Sublandlord of Subtenant’s election not to exercise its right to convert its sublease of the Section B Space to the terms of the sublease of the Section A Space; or (iii) a new lease agreement or amendment between the Parties becomes effective. In the event Sublandlord does not receive written notice from Subtenant by the expiration of the Conversion Period electing to convert its sublease of the Section B Space to the terms of the sublease of the Section A Space, the Parties hereby agree to re-calculate the square footage of the Common Space and to enter into an amendment setting forth the revised common space square footage. Option to Extend. In the event Subtenant elects to convert its sublease of the Section B Space to the terms of the sublease of the Section A Space, Subtenant’s exercise of the Section A Option shall include the converted Section B Space.”