Common use of Exercise of Expansion Option Clause in Contracts

Exercise of Expansion Option. Tenant may exercise its right to expand by notifying Landlord, in writing, of its election to exercise the Expansion Option ("Notice of Exercise") at least nine (9) months prior to the desired occupancy date for the Premises, which Notice of Exercise shall specify the exact desired occupancy date ("Desired Occupancy Date"); provided that, subject to the provisions below, there will still be at least five (5) years remaining in the Initial Term after the Desired Occupancy Date. In the event that there will not be at least five (5) years remaining in the Initial Term at the time Tenant desires to exercise its Expansion Option, Tenant may still exercise its Expansion Option up until nine (9) months prior to the end of the Initial Term ("Expansion Option Termination Date") if, in Tenant's Notice of Exercise, Tenant indicates that it is also electing to extend the Initial Term by the number of days necessary to cause there to be exactly five (5) years between the Desired Occupancy Date and the expiration of the Initial Term ("Extension Election"). In the event, Tenant exercises the Extension Election, the commencement date for the Expansion Space shall occur upon Substantial Completion of the Expansion Space Landlord's Improvements (as described in the Work Letter) ("Expansion Space Commencement Date"). The term of the Lease for the Expansion Space shall terminate concurrently with the Term of the Lease for the balance of the Premises.

Exercise of Expansion Option. Tenant may exercise its right to expand by notifying Landlord, in writing, Provided that (i) no Event of its election to exercise the Expansion Option Default then exists and ("Notice of Exercise"ii) at least nine (9) months prior to the desired occupancy date for the Premises, which Notice of Exercise shall specify the exact desired occupancy date ("Desired Occupancy Date"); provided that, subject to the provisions below, there will still be at least five (5) years remaining in the Initial Term after the Desired Occupancy Date. In the event that there will not be at least five (5) years remaining in the Initial Term at the time Tenant desires to exercise its Expansion Option, Tenant may still exercise its Expansion Option up until nine (9) months prior to the end of the Initial Term ("Expansion Option Termination Date") if, has been no material adverse change in Tenant's Notice of Exercisefinancial condition, Tenant indicates that it comparing the time the Lease is also electing to extend the Initial Term by the number of days necessary to cause there to be exactly five (5) years between the Desired Occupancy Date executed and the expiration of the Initial Term ("Extension Election"). In the event, time that Tenant exercises the Extension Electionexpansion option, and Tenant is not in default under its covenants with its then current lenders, if any (which defaults have not been waived in writing by such lenders), Tenant shall have the commencement date for one-time right to elect to expand the Expansion Space shall occur upon Substantial Completion of the Expansion Space Landlord's Improvements Premises by up to 200,000 square feet (as described in the Work Letter) ("Expansion Space Commencement Date"but not less than 100,000 square feet). The term of the Lease expansion option will be two (2) years commencing on the Commencement Date ("Initial Expansion Option Term"); provided that Tenant shall have the right to extend the Initial Expansion Option Term for an additional two (2) years by giving Landlord written notice thereof at least sixty (60) days prior to expiration of the Initial Expansion Option Term, time being of the essence. If Tenant exercises its right to extend the Initial Expansion Option Term, annual Base Rent shall automatically be increased by $0.10 per square foot for the entire two (2) years of the extended expansion option. This expansion right may be exercised by Tenant by delivering to Landlord written notice thereof (the "Expansion Notice") at any time during the Initial Expansion Option Tenn, as same may be extended as aforesaid, specifying the size of the expansion area (the "Expansion Space"). The Expansion Space shall terminate concurrently with will be constructed on the Term of approximately 10.04 acre tract adjacent to the Project and in the configuration shown on Exhibit G attached to the Lease for (the balance of the Premises"Expansion Land").