Common use of Extended Terms Clause in Contracts

Extended Terms. Provided that this Lease has not been previously terminated, and as long as there exists no Lease Default (as hereinafter defined) at the time of exercise and on the last day of the Initial Term or the then current Extended Term (as hereinafter defined), as the case may be, Lessee is hereby granted the option to extend the Initial Term of this Lease for three (3) additional periods (collectively, the "Extended Terms") as follows: three (3) successive five (5) year periods for a maximum Term, if all such options are exercised, which ends on the fifteenth (15th) anniversary of the Expiration Date. Lessee's extension options shall be exercised by Lessee by giving written notice to Lessor of each such extension at least one hundred eighty (180) days, but not more than three hundred sixty (360) days, prior to the termination of the Initial Term or the then current Extended Term, as the case may be. Lessee shall have no right to rescind any such notice once given. Lessee may not exercise its option for more than one Extended Term at a time. During each effective Extended Term, all of the terms and conditions of this Lease shall continue in full force and effect, except that the Base Rent (as hereinafter defined) for each such Extended Term shall be adjusted as set forth in Section 3.1(b). Notwithstanding anything to the contrary set forth herein, Lessee's rights to exercise the options granted in this Section 1.3 are subject to the further condition that concurrently with the exercise of any extension option hereunder, Lessee shall have exercised its option to extend the terms of all of the Related Leases in accordance with the provisions of the Agreement Regarding Related Lease Transactions and the provisions of Section 1.3 of each of the Related Leases. 13

Appears in 3 contracts

Samples: Balanced Care Corp, Balanced Care Corp, Balanced Care Corp

Extended Terms. Provided that this Lease has not been previously terminated, Tenant shall have and as long as there exists no Lease Default (as hereinafter defined) at the time of exercise and on the last day of the Initial Term or the then current Extended Term (as hereinafter defined), as the case may be, Lessee is hereby granted the option two (2) options (each, an “Extension Option”) to extend the Term of this Lease (each, an “Extended Term”) for an additional five (5) years each, upon the terms, covenants, conditions and rental as set forth herein; provided no continuing Event of Default then exists hereunder or under any Affiliated Lease at the commencement of the respective Extended Term. Tenant may exercise each such Extension Option successively by giving written notice to Landlord not less than six (6) months nor more than twelve (12) months prior to the respective expiration of the Initial Term of this Lease for three (3) additional periods (collectively Lease, the "Extended Terms") as follows: three (3) successive five (5) year periods for a maximum Term, if all such options are exercised, which ends on the fifteenth (15th) anniversary or of the Expiration Date then applicable Extended Term. Lessee's extension options shall be exercised by Lessee by giving Should Tenant fail to give Landlord such timely written notice to Lessor of each such extension at least one hundred eighty (180) days during the required period, but not more than three hundred sixty (360) days, prior to the termination of the Initial Term or the then current Extended Term, as the case may be. Lessee shall have no right to rescind any such notice once given. Lessee may not exercise its option for more than one Extended Term at a time. During each effective Extended Term, all of the terms and conditions of this Lease and all rights of renewal shall continue in full force and effect, except that the Base Rent ( automatically expire as hereinafter defined) for each such Extended Term shall be adjusted as set forth in Section 3.1(b). Notwithstanding anything to the contrary set forth herein, Lessee's rights to exercise the options granted in this Section 1.3 are subject to the further condition that concurrently with the exercise of any extension option hereunder, Lessee shall have exercised its option to extend the terms of all of the Related Leases in accordance with the provisions then scheduled expiration date of the Agreement Regarding Related Lease Transactions and the provisions Term of Section 1.3 of each of the Related Leases. 13 this Lease.

Appears in 3 contracts

Samples: Lease Agreement (CNL Healthcare Trust, Inc.), Lease Agreement (CNL Healthcare Trust, Inc.), Lease Agreement (CNL Healthcare Properties, Inc.)

Extended Terms. Provided that this Lease has not been previously terminated, If no Event of Default shall have occurred and as long as there exists no Lease Default (as hereinafter defined) at the time of exercise and on the last day of the Initial Term or the then current Extended Term (as hereinafter defined), as the case may be be continuing, Lessee is hereby granted the option right to extend the Initial Term of this Lease for three (3) additional additional, consecutive five-year periods ( collectively each such period, the an "Extended Terms Term") as follows: three (3) successive five (5) year periods for a maximum Term possible Term of 25 years, if all such options are exercised, which ends on the fifteenth (15th) anniversary of the Expiration Date. Lessee's extension options shall be exercised by Lessee by giving written notice to Lessor of each such extension at least one hundred eighty (180) 180 days, but not more than three hundred sixty (360) 270 days, prior to the termination expiration of the Initial Term or then-current Term; subject, however, to the then current Extended Term, as the case may be. Lessee shall have no provisions of Section 13.7 hereof and any other provisions which provide a specific right to rescind any such notice once given renew this Lease after the expiration of the applicable renewal provision. Lessee may not exercise its option for more than one Extended Term at a time time and may exercise the option to extend for an Extended Term if all of the Related Leases are simultaneously extended by Lessee or its Affiliates, as the case may be. During each effective Extended Term, all of the terms and conditions of this Lease shall continue in full force and effect, except that the Base Minimum Rent for and during each of the Extended Terms shall be the greater of ( as hereinafter defined i) for each the Fair Market Rental Value on the first day of such Extended Term shall be adjusted as set forth or (ii) the Minimum Rent in Section 3.1(b). Notwithstanding anything effect immediately prior to the contrary set forth herein first day of such Extended Term. In any event, Lessee's rights the Minimum Rent shall continue to exercise be increased throughout the options granted in this Section 1.3 are subject to the further condition that concurrently with the exercise of any extension option hereunder, Lessee shall have exercised its option to extend the terms of all of the Related Leases Extended Terms in accordance with the provisions of the Agreement Regarding Related Lease Transactions and the provisions of Section 1.3 of each of the Related Leases. 13 2.1(b) hereof.

Appears in 2 contracts

Samples: Lease Agreement (Emeritus Corp\wa\), Lease Agreement (Emeritus Corp\wa\)

Extended Terms. Provided (a)Provided that no Event of Default, or event which, with notice or lapse of time or both, would constitute a monetary Event of Default, has occurred and is continuing, either at the date of exercise or upon the commencement of an Extended Term, Lessee shall have the right (subject to Section 19.1(c)) to renew this Lease has with respect to all (but not been previously terminated less than all) of, respectively, the Pool 1 Facilities, the Pool 2 Facilities and as long as there exists no Lease Default (as hereinafter defined) at the time of exercise and on the last day of the Initial Term or the Pool 3 Facilities then current Extended Term (as hereinafter defined), as the case may be, Lessee is hereby granted the option to extend the Initial Term of covered by this Lease for three (3) additional periods (collectively the Extended Terms for such Facilities set forth on Exhibit A-1, the "Extended Terms") as follows: three (3) successive five (5) year periods for a maximum Term Exhibit A-2 and Exhibit A-3 attached hereto. Each renewal option shall be exercised, if all such options are exercised at all, which ends on the fifteenth (15th) anniversary of the Expiration Date. Lessee's extension options shall be exercised by Lessee by (i) giving written notice to Lessor of each such extension at least one hundred eighty renewal not less than eighteen ( 180 18) days, but not more than three hundred sixty (360) days, months prior to the termination expiration of the Initial applicable then-current Term, (ii) delivering (if the Guaranty is, at the time of such notice, required to be in place pursuant to this Lease) to Lessor, concurrently with the delivery of the notice described in clause (i) hereof, a reaffirmation of the Guaranty executed by the Guarantor stating, in substance, that the Guarantor’s obligations under such Guaranty shall extend to this Lease, as extended by the subject Extended Term (but Lessor may, at its sole and absolute discretion, waive this requirement), and (iii) with respect to any facility(ies) subject to a New Lease hereafter with or in favor of Lessor or any Affiliate of Lessor, the then current exercise by the “Lessee” thereunder of the renewal of each such New Lease or other lease for the corresponding and co-terminus “Extended Term ” thereof, concurrently with the delivery of the notice described in clause (i) hereof. Lessee’s exercise of any renewal option hereunder shall be irrevocable and immediately binding upon Lessee as of the case may be date that Lessee delivers the applicable notices and reaffirmations pursuant to the foregoing items (i) through (iii). Lessee shall have no right to rescind As of the date hereof, the parties agree that the Term of this Lease including all Extended Terms does not exceed 80% of the estimated remaining useful life of any such notice once given. Lessee may not exercise its option for more than one Extended Term at a time Facility. During each effective Extended Term, all of the terms and conditions of this Lease shall continue in full force and effect , except that the Base Rent . ( as hereinafter defined) for each such Extended Term shall be adjusted as set forth in Section 3.1(b) b)Intentionally Omitted. Notwithstanding (c)Notwithstanding anything to the contrary set forth herein in Section 19.1(a), Lessor, in its sole discretion, may waive the condition to Lessee 's rights ’s right to exercise renew this Lease that no Event of Default, or event which, with notice or lapse of time or both, would constitute a monetary Event of Default, has occurred or is continuing, and the options granted in this Section 1.3 are subject same may not be used by Lessee as a means to negate the further condition that concurrently with the effectiveness of Lessee’s exercise of any extension option hereunder, Lessee shall have exercised its option to extend the terms of all of the Related Leases in accordance with the provisions of the Agreement Regarding Related Lease Transactions and the provisions of Section 1.3 of each of the Related Leases. 13 renewal right for such Extended Term.

Appears in 1 contract

Samples: Amended and Restated Master Lease (Hcp, Inc.)

Extended Terms. Provided that this Lease has not been previously terminated, If no Event of Default shall have occurred and as long as there exists no Lease Default (as hereinafter defined) at the time of exercise and on the last day of the Initial Term or the then current Extended Term (as hereinafter defined), as the case may be be continuing, Lessee is hereby granted the option right to extend the Initial Term of this Lease for three (3) additional additional, consecutive five-year periods ( collectively, the "Extended Terms Term") as follows: three (3) successive five (5) year periods for a maximum Term possible Term of approximately 30 years, if all such options are exercised, which ends on the fifteenth (15th) anniversary of the Expiration Date. Lessee's extension options shall be exercised by Lessee by giving written notice to Lessor of each such extension at least one hundred eighty (180) days, but not more than three hundred sixty (360) 180 days, prior to the termination expiration of the Initial Term or then-current Term; subject, however, to the then current Extended Term, as the case may be. Lessee shall have no right to rescind any such notice once given provisions of Section 13.7 hereof. Lessee may not exercise its option for more than one Extended Term at a time time and may exercise the option to extend only if all of the Related Leases are simultaneously extended by Lessee or its Affiliates. During each effective Extended Term, all of the terms and conditions of this Lease shall continue in full force and effect, except that the Base Minimum Rent for and during each of the Extended Terms shall be the greater of ( as hereinafter defined i) for each the Fair Market Rental Value on the first day of such Extended Term shall be adjusted as set forth or (ii) the Minimum Rent in Section 3.1(b). Notwithstanding anything effect immediately prior to the contrary set forth herein first day of such Extended Term. In any event, Lessee's rights the Minimum Rent shall continue to exercise be increased throughout the options granted in this Section 1.3 are subject to the further condition that concurrently with the exercise of any extension option hereunder, Lessee shall have exercised its option to extend the terms of all of the Related Leases Extended Terms in accordance with the provisions of the Agreement Regarding Related Lease Transactions and the provisions of Section 1.3 of each of the Related Leases. 13 2.1(b) hereof.

Appears in 1 contract

Samples: Integrated Living Communities Inc

Extended Terms. Provided that this Lease has not been previously terminated, If no Event of Default shall have occurred and as long as there exists no Lease Default (as hereinafter defined) at the time of exercise and on the last day of the Initial Term or the then current Extended Term (as hereinafter defined), as the case may be be continuing, Lessee is hereby granted the option right to extend the Initial Term of this Lease for three (3) additional additional, consecutive five-year periods ( collectively each such period, the an "Extended Terms Term") as follows: three (3) successive five (5) year periods for a maximum Term possible Term of 26 years, if all such options are exercised seven months, which ends on the fifteenth (15th) anniversary of the Expiration Date. Lessee's extension options shall be exercised by Lessee three days, by giving written notice to Lessor of each such extension at least one hundred eighty (180) 180 days, but not more than three hundred sixty (360) 270 days, prior to the termination expiration of the Initial Term or then-current Term; subject, however, to the then current Extended Term, as the case may be. Lessee shall have no right to rescind any such notice once given provisions of Section 13.7 hereof. Lessee may not exercise its option for more than one Extended Term at a time. During each effective Extended Term, all of the terms and conditions of this Lease shall continue in full force and effect, except that the Base Minimum Rent (as hereinafter defined) for and during each of the Extended Terms shall be the Fair Market Rental Value on the first day of such Extended Term Term. In any event, the Minimum Rent shall continue to be adjusted as set forth in Section 3.1(b). Notwithstanding anything to increased throughout the contrary set forth herein, Lessee's rights to exercise the options granted in this Section 1.3 are subject to the further condition that concurrently with the exercise of any extension option hereunder, Lessee shall have exercised its option to extend the terms of all of the Related Leases Extended Terms in accordance with the provisions of the Agreement Regarding Related Lease Transactions and the provisions of Section 1.3 of each of the Related Leases. 13 2.1(b) hereof.

Appears in 1 contract

Samples: Ramsay Health Care Inc

Extended Terms. Provided that this Lease has not been previously terminated, no Default or Event of Default shall have occurred and as long as there exists no Lease Default (as hereinafter defined) at the time of be continuing and Tenant shall simultaneously exercise and on the last day of the Initial Term or the then current Extended Term (as hereinafter defined), as the case may be, Lessee is hereby granted the option its right to extend the Initial term of all of .the Other Leases, Tenant shall have the right to extend the Fixed Term of this Lease for three (3) two additional periods of ten ( collectively, 10) years each (the "Extended Terms" ) as follows: three (3) successive five (5) year periods for a maximum Term, if all such options are exercised, which ends ). Each Extended Term shall commence on the fifteenth (15th) anniversary day succeeding the expiration of the Expiration Date. Lessee's extension options shall be exercised by Lessee by giving written notice to Lessor of each such extension at least one hundred eighty (180) days, but not more than three hundred sixty (360) days, prior to the termination of the Initial Fixed Term or the then current preceding Extended Term, as the case may be . Lessee , and shall have no right to rescind any end on the day immediately preceding the tenth anniversary of the commencement of such notice once given. Lessee may not exercise its option for more than one Extended Term at a time. During each effective Extended Term , all . All of the terms terms, covenants and conditions provisions of this Lease shall continue in full force and effect apply to each such Extended Term, except that (a) the Base Rent (as hereinafter defined) Minimum Rent-for each the second such Extended Term shall be adjusted the greater of (x) the Minimum Rent payable during the first such Extended Term and (y) the Fair Market Rental for the Leased Property determined as set forth in Section 3.1(b) of the commencement of such Extended Term, and (b) Tenant shall have no further right to extend the Term beyond the Extended Terms hereinabove provided. Notwithstanding anything If Tenant shall elect to exercise either of the aforesaid options, it shall do so by giving Landlord written notice thereof not later than one (1) year prior to the contrary set forth herein expiration of the then current term of this Lease (Fixed or Extended, Lessee's rights to exercise as applicable); it being understood and agreed that time is of the options granted in this Section 1.3 are subject essence with respect to the further condition that concurrently with giving of such notice. If Tenant shall fail to give any such notice, this Lease shall automatically terminate at the exercise end of any extension option hereunder, Lessee the term then in effect and Tenant shall have exercised its no further option to extend the terms term of all this Lease. If Tenant shall give such notice, the extension of this Lease shall be automatically effected, without the Related Leases in accordance with the provisions execution of the Agreement Regarding Related Lease Transactions and the provisions of Section 1.3 of each of the Related Leases. 13 any additional documents.

Appears in 1 contract

Samples: Lease Agreement (Senior Housing Properties Trust)

Extended Terms. Provided that this Lease has not been previously terminated, no Default or Event of Default shall have occurred and as long as there exists no Lease Default (as hereinafter defined) at the time of be continuing and Tenant shall simultaneously exercise and on the last day of the Initial Term or the then current Extended Term (as hereinafter defined), as the case may be, Lessee is hereby granted the option its right to extend the Initial term of all of the Other Leases, Tenant shall have the right to extend the Fixed Term of this Lease for three (3) two additional periods of ten ( collectively, 10) years each (the "Extended Terms" ) as follows: three (3) successive five (5) year periods for a maximum Term, if all such options are exercised, which ends ). Each Extended Term shall commence on the fifteenth (15th) anniversary day succeeding the expiration of the Expiration Date. Lessee's extension options shall be exercised by Lessee by giving written notice to Lessor of each such extension at least one hundred eighty (180) days, but not more than three hundred sixty (360) days, prior to the termination of the Initial Fixed Term or the then current preceding Extended Term, as the case may be . Lessee , and shall have no right to rescind any end on the day immediately preceding the tenth anniversary of the commencement of such notice once given. Lessee may not exercise its option for more than one Extended Term at a time. During each effective Extended Term , all . All of the terms terms, covenants and conditions provisions of this Lease shall continue in full force and effect apply to each such Extended Term, except that (a) the Base Minimum Rent (as hereinafter defined) for each the second such Extended Term shall be adjusted the greater of (x) the Minimum Rent payable during the first such Extended Term and (y) the Fair Market Rental for the Leased Property determined as set forth in Section 3.1(b) of the commencement of such Extended Term, and (b) Tenant shall have no further right to extend the Term beyond the Extended Terms hereinabove provided. Notwithstanding anything If Tenant shall elect to exercise either of the aforesaid options, it shall do so by giving Landlord written notice thereof not later than one (1) year prior to the contrary set forth herein expiration of the then current term of this Lease (Fixed or Extended, Lessee's rights to exercise as applicable); it being understood and agreed that time is of the options granted in this Section 1.3 are subject essence with respect to the further condition that concurrently with giving of such notice. If Tenant shall fail to give any such notice, this Lease shall automatically terminate at the exercise end of any extension option hereunder, Lessee the term then in effect and Tenant shall have exercised its no further option to extend the terms term of all this Lease. If Tenant shall give such notice, the extension of this Lease shall be automatically effected, without the Related Leases in accordance with the provisions execution of the Agreement Regarding Related Lease Transactions and the provisions of Section 1.3 of each of the Related Leases. 13 any additional documents.

Appears in 1 contract

Samples: Lease Agreement (Senior Housing Properties Trust)

Extended Terms. Provided that this Lease has not been previously terminated no Event of Default shall have occurred and be continuing, and as long as there exists no Lease Default Tenant shall have the right to extend the Fixed Term for three additional periods of ten ( as hereinafter defined 10) at the time of exercise and years each (each, an "Extended Term"). Each Extended Term shall commence on the last day succeeding the expiration of the Initial Fixed Term or the then current preceding Extended Term, as the case may be, and shall end on the day immediately preceding the tenth anniversary of the commencement of such Extended Term. All of the terms, covenants and provisions of this Lease shall apply to each such Extended Term, except that (a) the Minimum Rent for the first year of each Extended Term shall be the greater of (x) the Minimum Rent payable during the last year of the Fixed Term (for the first Extended Term) or the last year of the immediately preceding Extended Term ( as hereinafter defined for the second and third Extended Terms), as the case may be, Lessee and (y) the Fair Market Rental for the Leased Property determined as of the commencement of such Extended Term, and (b) Tenant shall have no further right to extend the Term beyond the Extended Terms hereinabove provided. If Tenant shall elect to exercise either of the aforesaid options, it shall do so by giving Landlord written notice thereof not later than one (1) year prior to the expiration of the then current term of this Lease (Fixed or Extended, as applicable); it being understood and agreed that time is hereby granted of the essence with respect to the giving of such notice. If Tenant shall fail to give any such notice, this Lease shall automatically terminate at the end of the term then in effect and Tenant shall have no further option to extend the Initial Term term of this Lease for three (3) additional periods (collectively Lease. If Tenant shall give such notice, the "Extended Terms") as follows: three (3) successive five (5) year periods for a maximum Term, if all such options are exercised, which ends on the fifteenth (15th) anniversary of the Expiration Date. Lessee's extension options shall be exercised by Lessee by giving written notice to Lessor of each such extension at least one hundred eighty (180) days, but not more than three hundred sixty (360) days, prior to the termination of the Initial Term or the then current Extended Term, as the case may be. Lessee shall have no right to rescind any such notice once given. Lessee may not exercise its option for more than one Extended Term at a time. During each effective Extended Term, all of the terms and conditions of this Lease shall continue in full force and effect be automatically effected, except that without the Base Rent (as hereinafter defined) for each such Extended Term shall be adjusted as set forth in Section 3.1(b). Notwithstanding anything to the contrary set forth herein, Lessee's rights to exercise the options granted in this Section 1.3 are subject to the further condition that concurrently with the exercise execution of any extension option hereunder, Lessee shall have exercised its option to extend the terms of all of the Related Leases in accordance with the provisions of the Agreement Regarding Related Lease Transactions and the provisions of Section 1.3 of each of the Related Leases. 13 additional documents.

Appears in 1 contract

Samples: Senior Housing Properties Trust

Extended Terms. Provided that this Lease has not been previously terminated, and as long as there exists no Lease Default (as hereinafter defined) at the time of exercise and on the last day of the .the Initial Term or the then current Extended Term (as hereinafter defined), as the case may be, the Lessee is hereby granted the option to extend the Initial Term of this Lease for three (3) additional periods (collectively, the "Extended Terms") as follows: three (3) successive five (5) year periods for a maximum Term, if all such options are exercised, which ends on the fifteenth (15th) anniversary of the Expiration Date April 30, 2025. The Lessee's extension options shall be exercised by the Lessee by giving written notice to the Lessor of the Lessee's exercise of each such extension at least one hundred eighty (180) days, but not more than three hundred sixty (360) days, prior to the termination of the Initial Term or the then current Extended Term, as the case may be. The Lessee shall have no 11 12 right to rescind any such notice once given. The Lessee may not exercise its option for more than one Extended Term at a time. During each effective Extended Term, all of the terms and conditions of this Lease shall continue in full force and effect, except that the Base Rent (as hereinafter defined) for each such Extended Term shall be adjusted as set forth in Section 3.1(b) 3.1.1. Notwithstanding anything to the contrary set forth herein, the Lessee's rights to exercise the options granted in this Section 1.3 are subject to the further condition that concurrently with the exercise of any extension option hereunder, the Lessee shall have exercised its option to extend the terms of all of the Group Two Acquisition Facility Leases (as defined in the Agreement Regarding Related Leases Lease Transactions) in accordance with the provisions of the Agreement Regarding Related Lease Transactions and the provisions of Section 1.3 of each of the Related Leases . 13 .

Appears in 1 contract

Samples: Lease Agreement (Alterra Healthcare Corp)

Extended Terms. Provided that this Lease has not been previously terminated, and as long as there exists no Lease Default (as hereinafter defined) at the time of exercise and on the last day of the Initial Term or the then current Extended Term (as hereinafter defined), as the case may be, Lessee is hereby granted the option to extend the Initial Term of this Lease for three four ( 3 4) additional periods (collectively, the "Extended Terms") as follows: three four ( 3 4) successive five (5) year periods for a maximum Term, if all such options are exercised, which ends on the fifteenth (15th) anniversary of the Expiration Date March 31, 2028. Lessee's extension options option rights shall be exercised by Lessee by giving written notice to Lessor of each such extension at least one hundred eighty (180) days, but not more than three hundred sixty (360) days, prior to the termination of the Initial Term or the then current Extended Term, as the case may be. Lessee shall have no right to rescind any such notice once given. Lessee may not exercise its option for more than one Extended Term at a time. During each effective Extended Term, all of the terms and conditions of this Lease shall continue in full force and effect, except that the Base Rent (as hereinafter defined) for each such Extended Term shall be adjusted as set forth in Section 3.1(b 3.1(a). Notwithstanding anything to the contrary set forth herein, Lessee's rights to exercise the options granted in this Section 1.3 are subject to the further condition that concurrently with the exercise of any extension option hereunder, Lessee shall have exercised its option to extend the terms of all of the Related Leases in accordance with the provisions of the Agreement Regarding Related Lease Transactions and the provisions of Section 1.3 of each of the Related Leases. 13 2

Appears in 1 contract

Samples: Agreement (Emeritus Corp\wa\)

Extended Terms. Provided that this Lease has not been previously terminated, and as long as there exists no Lease Default (as hereinafter defined) at the time of exercise and on the last day of the Initial Term or the then current Extended Term (as hereinafter defined), as the case may be, Lessee is hereby granted the option to extend the Initial Term of this Lease for three four ( 3 4) additional periods (collectively, the "Extended Terms") as follows: three four ( 3 4) successive five (5) year periods for a maximum Term, if all such options are exercised, which ends on the fifteenth (15th) anniversary of the Expiration Date March 31, 2029. Lessee's extension options option rights shall be exercised by Lessee by giving written notice to Lessor of each such extension at least one hundred eighty (180) days, but not more than three hundred sixty (360) days, prior to the termination of the Initial Term or the then current Extended Term, as the case may be. Lessee shall have no right to rescind any such notice once given. Lessee may not exercise its option for more than one Extended Term at a time. During each effective Extended Term, all of the terms and conditions of this Lease shall continue in full force and effect, except that the Base Rent (as hereinafter defined) for each such Extended Term shall be adjusted as set forth in Section 3.1(b 3.1(a). Notwithstanding anything to the contrary set forth herein, Lessee's rights to exercise the options granted in this Section 1.3 are subject to the further condition that concurrently with the exercise of any extension option hereunder, Lessee shall have exercised its option to extend the terms of all of the Related Leases in accordance with the provisions of the Agreement Regarding Related Lease Transactions and the provisions of Section 1.3 of each of the Related Leases. 13 2

Appears in 1 contract

Samples: Lease Agreement (Emeritus Corp\wa\)

Extended Terms. Provided that this Lease has not been previously terminated, and as long as there exists no Lease Default (as hereinafter defined) at the time of exercise and on the last day of the Initial Term or the then current Extended Term (as hereinafter defined), as the case may be, Lessee is hereby granted the option to extend the Initial Term of this Lease for three four ( 3 4) additional periods (collectively, the "Extended Terms") as follows: three four ( 3 4) successive five (5) year periods for a maximum Term, if all such options are exercised, which ends on the fifteenth (15th) anniversary of the Expiration Date March 31, 2030. Lessee's extension options option rights shall be exercised by Lessee by giving written notice to Lessor of each such extension at least one hundred eighty (180) days, but not more than three hundred sixty (360) days, prior to the termination of the Initial Term or the then current Extended Term, as the case may be. Lessee shall have no right to rescind any such notice once given. Lessee may not exercise its option for more than one Extended Term at a time. During each effective Extended Term, all of the terms and conditions of this Lease shall continue in full force and effect, except that the Base Rent (as hereinafter defined) for each such Extended Term shall be adjusted as set forth in Section 3.1(b 3.1(a). Notwithstanding anything to the contrary set forth herein, Lessee's rights to exercise the options granted in this Section 1.3 are subject to the further condition that concurrently with the exercise of any extension option hereunder, Lessee shall have exercised its option to extend the terms of all of the Related Leases in accordance with the provisions of the Agreement Regarding Related Lease Transactions and the provisions of Section 1.3 of each of the Related Leases . 13 .

Appears in 1 contract

Samples: Emeritus Corp\wa\

Extended Terms. Provided that this Lease has not been previously terminated, and as long as there exists no Lease Default (as hereinafter defined) at the time of exercise and on the last day of the Initial Term or the then current Extended Term (as hereinafter defined), as the case may be, Lessee is hereby granted the option to extend the Initial Term of this Lease for three (3) additional periods (collectively, the "Extended Terms") as follows: three (3) successive five (5) year periods for a maximum Term, if all such options are exercised, which ends on the fifteenth (15th) anniversary of the Expiration Date. Lessee's extension options shall be exercised by Lessee by giving written notice to Lessor of each such extension at least one hundred eighty (180) days, but not more than three hundred sixty (360) days, prior to the termination of the Initial Term or the then current Extended Term, as the case may be. Lessee shall have no right to rescind any such notice once given. Lessee may not exercise its option for more than one Extended Term at a time. During each effective Extended Term, all of the terms and conditions of this Lease shall continue in full force and effect, except that the Base Rent (as hereinafter defined) for each such Extended Term shall be adjusted as set forth in Section 3.1(b). Notwithstanding anything to the contrary set forth herein, Lessee's rights to exercise the options granted in this Section 1.3 are subject to the further condition that concurrently with the exercise of any extension option hereunder, Lessee shall have exercised its option to extend the terms of all of the Related Leases in accordance with the provisions of the Agreement Regarding Related Lease Transactions and the provisions of Section 1.3 of each of the Related Leases . 13 .

Appears in 1 contract

Samples: Balanced Care Corp

Extended Terms. Provided that this Lease has not been previously terminated, and as long as there exists no Lease Default (as hereinafter defined) at the time of exercise and on the last day of the Initial Term or the then current Extended Term (as hereinafter defined), as the case may be, the Lessee is hereby granted the option to extend the Initial Term of this Lease for three (3) additional periods (collectively, the "Extended Terms") as follows: three (3) successive five (5) year periods for a maximum Term, if all such options are exercised, which ends on the fifteenth (15th) anniversary of the Expiration Date April 30, 2025. The Lessee's extension options shall be exercised by the Lessee by giving written notice to the Lessor of the Lessee's exercise of each such extension at least one hundred eighty (180) days, but not more than three hundred sixty (360) days, prior to the termination of the Initial Term or the then current Extended Term, as the case may be. The Lessee shall have no right to rescind any such notice once given. The Lessee may not exercise its option for more than one Extended Term at a time. During each effective Extended Term, all of the terms and conditions of this Lease shall continue in full force and effect, except that the Base Rent (as hereinafter defined) for each such Extended Term shall be adjusted as set forth in Section 3.1(b) 3.1.1. Notwithstanding anything to the contrary set forth herein, the Lessee's rights to exercise the options granted in this Section 1.3 are subject to the further condition that concurrently with the exercise of any extension option hereunder, the Lessee shall have exercised its option to extend the terms of all of the Group Two Acquisition Facility Leases (as defined in the Agreement Regarding Related Leases Lease Transactions) in accordance with the provisions of the Agreement Regarding Related Lease Transactions and the provisions of Section 1.3 of each of the Related Group Two Acquisition Leases . 13 .

Appears in 1 contract

Samples: Lease Agreement (Alternative Living Services Inc)

Extended Terms. Provided that this Lease has not been previously terminated, and as long as there exists no Lease Default (as hereinafter defined) at the time of exercise and on the last day of the Initial Term or the then current Extended Term (as hereinafter defined), as the case may be, the Lessee is hereby granted the option to extend the Initial Term of this Lease for three (3) additional periods (collectively, the "Extended Terms") as follows: three (3) successive five (5) year periods for a maximum Term, if all such options are exercised, which ends on the fifteenth (15th) anniversary of the Expiration Date August , 2022. The Lessee's extension options shall be exercised by the Lessee by giving written notice to the Lessor of each such extension at least one hundred eighty (180) days, but not more than three hundred sixty (360) days, prior to the termination of the Initial Term or the then current Extended Term, as the case may be. The Lessee shall have no right to rescind any such notice once given. The Lessee may not exercise its option for more than one Extended Term at a time. During each effective Extended Term, all of the terms and conditions of this Lease shall continue in full force and effect, except that the Base Rent (as hereinafter defined) for each such Extended Term shall be adjusted as set forth in Section 3.1(b). Notwithstanding anything to the contrary set forth herein, Lessee's rights to exercise the options granted in this Section 1.3 are subject to the further condition that concurrently with the exercise of any extension option hereunder, Lessee shall have exercised its option to extend the terms of all of the Related Leases in accordance with the provisions of the Agreement Regarding Related Lease Transactions and the provisions of Section 1.3 of each of the Related Leases. 13 3.2.

Appears in 1 contract

Samples: Carematrix Corp

Extended Terms. Provided that this Lease has not been previously terminated, and as long as there exists no Lease Default (as hereinafter defined) at the time of exercise and on the last day of the Initial Term or the then current Extended Term (as hereinafter defined), as the case may be, the Lessee is hereby granted the option to extend the Initial Term of this Lease for three (3) additional periods (collectively, the "Extended Terms") as follows: three (3) successive five (5) year periods for a maximum Term, if all such options are exercised, which ends on the fifteenth (15th) anniversary of the Expiration Date August 6, 2028. The Lessee's extension options shall be exercised by the Lessee by giving written notice to the Lessor of each such extension at least one hundred eighty (180) days, but not more than three hundred sixty (360) days, prior to the termination of the Initial Term or the then current Extended Term, as the case may be. The Lessee shall have no right to rescind any such notice once given. The Lessee may not exercise its option for more than one Extended Term at a time. During each effective Extended Term, all of the terms and conditions of this Lease shall continue in full force and effect , except that the Base Rent (as hereinafter defined) for each such Extended Term shall be adjusted as set forth in Section 3.1(b). Notwithstanding anything to the contrary set forth herein, Lessee's rights to exercise the options granted in this Section 1.3 are subject to the further condition that concurrently with the exercise of any extension option hereunder, Lessee shall have exercised its option to extend the terms of all of the Related Leases in accordance with the provisions of the Agreement Regarding Related Lease Transactions and the provisions of Section 1.3 of each of the Related Leases. 13 .

Appears in 1 contract

Samples: Carematrix Corp

Extended Terms. Provided that this Lease has not been previously terminated, and as long as there exists no Lease Default (as hereinafter defined) at the time of exercise and on the last day of the Initial Term or the then current Extended Term (as hereinafter defined), as the case may be, the Lessee is hereby granted the option to extend the Initial Term of this Lease for three (3) additional periods (collectively, the "Extended Terms") as follows: three (3) successive five (5) year periods for a maximum Term, if all such options are exercised, which ends on the fifteenth (15th) anniversary of the Expiration Date December 31, 2023. The Lessee's extension options shall be exercised by the Lessee by giving written notice to the Lessor of the Lessee's exercise of each such extension at least one hundred eighty (180) days, but not more than three hundred sixty (360) days, prior to the termination of the Initial Term or the then current Extended Term, as the case may be. The Lessee shall have no right to rescind any such notice once given. The Lessee may not exercise its option for more than one Extended Term at a time. During each effective Extended Term, all of the terms and conditions of this Lease shall continue in full force and effect, except that the Base Rent (as hereinafter defined) for each such Extended Term shall be adjusted as set forth in Section 3.1(b) 3.1.1. Notwithstanding anything to the contrary set forth herein, the Lessee's rights to exercise the options granted in this Section 1.3 are subject to the further condition that concurrently with the exercise of any extension option hereunder, the Lessee shall have exercised its option to extend the terms of all of the Related Leases in accordance with the provisions of the Agreement Regarding Related Lease Transactions and the provisions of Section 1.3 of each of the Related Leases. 13 13 ARTICLE DEFINITIONS AND RULES OF CONSTRUCTION

Appears in 1 contract

Samples: Alternative Living Services Inc

Extended Terms. Provided that this Lease has not been previously terminated, and as long as there exists no Lease Default (as hereinafter defined) at the time of exercise and on the last day of the Initial Term or the then current Extended Term (as hereinafter defined), as the case may be, the Lessee is hereby granted the option to extend the Initial Term of this Lease for three (3) additional periods (collectively, the "Extended Terms") as follows: three (3) successive five (5) year periods for a maximum Term, if all such options are exercised, which ends on the fifteenth (15th) anniversary of the Expiration Date May 31, 2022. The Lessee's extension options shall be exercised by the Lessee by giving written notice to the Lessor of each such extension at least one hundred eighty (180) days, but not more than three hundred sixty (360) days, prior to the termination of the Initial Term or the then current Extended Term, as the case may be. The Lessee shall have no right to rescind any such notice once given. The Lessee may not exercise its option for more than one Extended Term at a time. During each effective Extended Term, all of the terms and conditions of this Lease shall continue in full force and effect, except that the Base Rent (as hereinafter defined) for each such Extended Term shall be adjusted as set forth in Section 3.1(b). Notwithstanding anything to the contrary set forth herein, Lessee's rights to exercise the options granted in this Section 1.3 are subject to the further condition that concurrently with the exercise of any extension option hereunder, Lessee shall have exercised its option to extend the terms of all of the Related Leases in accordance with the provisions of the Agreement Regarding Related Lease Transactions and the provisions of Section 1.3 of each of the Related Leases. 13 3.2.

Appears in 1 contract

Samples: Carematrix Corp

Extended Terms. Provided that this Lease has not been previously terminated, and as long as there exists no Lease Default (as hereinafter defined) at the time of exercise and on the last day of the Initial Term or the then current Extended Term (as hereinafter defined), as the case may be, the Lessee is hereby granted the option to extend the Initial Term of this Lease for three (3) additional periods (collectively, the "Extended Terms") as follows: three (3) successive five (5) year periods for a maximum Term, if all such options are exercised, which ends on the fifteenth (15th) anniversary of the Expiration Date October 29, 2028. The Lessee's extension options shall be exercised by the Lessee by giving written notice to the Lessor of each such extension at least one hundred eighty (180) days, but not more than three hundred sixty (360) days, prior to the termination of the Initial Term or the then current Extended Term, as the case may be. The Lessee shall have no right to rescind any such notice once given. The Lessee may not exercise its option for more than one Extended Term at a time. During each effective Extended Term, all of the terms and conditions of this Lease shall continue in full force and effect , except that the Base Rent (as hereinafter defined) for each such Extended Term shall be adjusted as set forth in Section 3.1(b). Notwithstanding anything to the contrary set forth herein, Lessee's rights to exercise the options granted in this Section 1.3 are subject to the further condition that concurrently with the exercise of any extension option hereunder, Lessee shall have exercised its option to extend the terms of all of the Related Leases in accordance with the provisions of the Agreement Regarding Related Lease Transactions and the provisions of Section 1.3 of each of the Related Leases. 13 .

Appears in 1 contract

Samples: Carematrix Corp

Extended Terms. Provided that this Lease has not been previously terminated, and as long as there exists no Lease Default (as hereinafter defined) at the time of exercise and on the last day of the Initial Term or the then current Extended Term (as hereinafter defined), as the case may be, the Lessee is hereby granted the option options to extend the Initial Term of this Lease for three four ( 3 4) additional periods (collectively, the "Extended Terms") as follows: three four ( 3 4) successive five (5) year periods for a maximum Term, if all such options are exercised, which ends on the fifteenth (15th) anniversary of the Expiration Date December 31, 2033. The Lessee's extension options shall be exercised by the Lessee by giving written notice to the Lessor of each such extension at least one hundred eighty (180) days, but not more than three hundred sixty (360) days, prior to the termination of the Initial Term or the then current Extended Term, as the case may be. The Lessee shall have no right to rescind any such notice once given. The Lessee may not exercise its option for more than one Extended Term at a time. During each effective Extended Term, all of the terms and conditions of this Lease shall continue in full force and effect , except that the Base Rent (as hereinafter defined) for each such Extended Term shall be adjusted as set forth in Section 3.1(b). Notwithstanding anything to the contrary set forth herein, Lessee's rights to exercise the options granted in this Section 1.3 are subject to the further condition that concurrently with the exercise of any extension option hereunder, Lessee shall have exercised its option to extend the terms of all of the Related Leases in accordance with the provisions of the Agreement Regarding Related Lease Transactions and the provisions of Section 1.3 of each of the Related Leases. 13 .

Appears in 1 contract

Samples: Carematrix Corp

Extended Terms. Provided that this Lease has not been previously terminated, and as long as there exists no Lease Default (as hereinafter defined) at the time of exercise and on the last day of the Initial Term or the then current Extended Term (as hereinafter defined), as the case may be, the Lessee is hereby granted the option options to extend the Initial Term of this Lease for three (3) additional periods (collectively, the "Extended Terms") as follows: three (3) successive five (5) year periods for a maximum Term, if all such options are exercised, which ends on the fifteenth (15th) anniversary of the Expiration Date March 15, 2028. The Lessee's extension options shall be exercised by the Lessee by giving written notice to the Lessor of each such extension at least one hundred eighty (180) days, but not more than three hundred sixty (360) days, prior to the termination of the Initial Term or the then current Extended Term, as the case may be. The Lessee shall have no right to rescind any such notice once given. The Lessee may not exercise its option for more than one Extended Term at a time. During each effective Extended Term, all of the terms and conditions of this Lease shall continue in full force and effect , except that the Base Rent (as hereinafter defined) for each such Extended Term shall be adjusted as set forth in Section 3.1(b). Notwithstanding anything to the contrary set forth herein, Lessee's rights to exercise the options granted in this Section 1.3 are subject to the further condition that concurrently with the exercise of any extension option hereunder, Lessee shall have exercised its option to extend the terms of all of the Related Leases in accordance with the provisions of the Agreement Regarding Related Lease Transactions and the provisions of Section 1.3 of each of the Related Leases. 13 .

Appears in 1 contract

Samples: Carematrix Corp

Extended Terms. Provided that this Lease has not been previously terminated, is in full force and as long as there exists effect and no Lease Event of Default (as hereinafter defined defined in Section 20) shall exist at the time of exercise and on Tenant’s election to extend the last day of the Initial Term or the then current Extended Lease Term ( as hereinafter defined or Landlord shall have waived such latter condition in its sole discretion), as the case may be, Lessee is hereby granted Tenant shall have the option to extend the Initial Term of this Lease for three two ( 3 2) additional periods of ten ( collectively 10) years each (each, the " an “Extended Terms") as follows: three (3) successive five (5) year periods for a maximum Term ”), if all such options are exercised, which ends on the fifteenth (15th) anniversary of the Expiration Date. Lessee's extension options shall be exercised by Lessee by giving written notice to Lessor of with each such extension at least one hundred eighty (180) days, but not more than three hundred sixty (360) days, prior Extended Term to commence upon the termination expiration of the Initial Term or the then current first Extended Term, as the case may be applicable. Lessee shall have no right to rescind any such notice once given. Lessee may not exercise its option for more than one Each Extended Term at a time. During each effective Extended Term shall be on the same terms, all of the terms covenants and conditions of provisions as set forth in this Lease shall continue in full force and effect Lease, except that the Base Rent (as hereinafter defined defined below) for each such Extended Term shall be adjusted as set forth in Section 3.1(b). Notwithstanding anything to the contrary set forth herein, Lessee's rights to exercise the options granted in this Section 1.3 are subject to the further condition that concurrently with the exercise of any extension option hereunder, Lessee shall have exercised its option to extend the terms of all of the Related Leases in accordance with the provisions of Section 3 below, and Tenant shall have no further option to extend the Agreement Regarding Related Lease Transactions and Term (as hereinafter defined) after the provisions of Section 1.3 of each expiration of the Related Leases second Extended Term. 13 If Tenant wishes to exercise its option to extend the Lease Term, it shall do so by delivering a written notice thereof to Landlord at least twelve (12) months prior to the expiration of the Initial Term or the first Extended Term, as applicable. When used in this Lease, the terms “Lease Term” or “Term” mean not only the Initial Term, but also any Extended Term then in effect and any extension occurring pursuant to Section 16 below.

Appears in 1 contract

Samples: RE/MAX Holdings, Inc.

Extended Terms. Provided that this Lease has not been previously terminated, Tenant shall have and as long as there exists no Lease Default (as hereinafter defined) at the time of exercise and on the last day of the Initial Term or the then current Extended Term (as hereinafter defined), as the case may be, Lessee is hereby granted the option two (2) options (each, an “Extension Option”) to extend the Term of this Lease (each, an “Extended Term”) for an additional five (5) years each, upon the terms, covenants, conditions and rental as set forth herein; provided no continuing Event of Default then exists hereunder or under any Related Lease at the commencement of the respective Extended Term. Tenant may exercise each such Extension Option successively by giving written notice to Landlord not less than six (6) months nor more than twelve (12) months prior to the respective expiration of the Initial Term of this Lease for three (3) additional periods (collectively Lease, the "Extended Terms") as follows: three (3) successive five (5) year periods for a maximum Term, if all such options are exercised, which ends on the fifteenth (15th) anniversary or of the Expiration Date then applicable Extended Term. Lessee's extension options shall be exercised by Lessee by giving Should Tenant fail to give Landlord such timely written notice to Lessor of each such extension at least one hundred eighty (180) days during the required period, but not more than three hundred sixty (360) days, prior to the termination of the Initial Term or the then current Extended Term, as the case may be. Lessee shall have no right to rescind any such notice once given. Lessee may not exercise its option for more than one Extended Term at a time. During each effective Extended Term, all of the terms and conditions of this Lease and all rights of renewal shall continue in full force and effect, except that the Base Rent ( automatically expire as hereinafter defined) for each such Extended Term shall be adjusted as set forth in Section 3.1(b). Notwithstanding anything to the contrary set forth herein, Lessee's rights to exercise the options granted in this Section 1.3 are subject to the further condition that concurrently with the exercise of any extension option hereunder, Lessee shall have exercised its option to extend the terms of all of the Related Leases in accordance with the provisions then scheduled expiration date of the Agreement Regarding Related Lease Transactions and the provisions Term of Section 1.3 of each of the Related Leases. 13 this Lease.

Appears in 1 contract

Samples: Lease Agreement (Global Medical REIT Inc.)

Extended Terms. Provided that this Lease has not been previously terminated, and as long as there exists no Lease Default (as hereinafter defined) at Tenant shall have the time of exercise and on the last day of the Initial Term or the then current Extended Term (as hereinafter defined), as the case may be, Lessee is hereby granted the option right to extend the Initial Term of this Lease for three two ( 3 2) additional periods consecutive extended terms of ten (10) years each (collectively, the " Extended Terms ") as follows: three (3) successive five (5) year periods for a maximum ” and individually, an “Extended Term”, and together with the Primary Term, if all such options are exercised, which ends on called the fifteenth (15th “Term”) anniversary upon the expiration of the Expiration Date. Lessee's extension options shall be exercised by Lessee by giving written notice to Lessor of each such extension at least one hundred eighty (180) days, but not more than three hundred sixty (360) days, prior to the termination of the Initial Primary Term or the then current preceding Extended Term, as the case may be , unless this Lease shall be sooner terminated pursuant to the terms of this Lease. Lessee If no Event of Default shall exist on such commencement date, each Extended Term shall commence on the day immediately succeeding the expiration date of the Primary Term or the preceding Extended Term, as the case may be, and shall end at midnight Eastern Time on the day immediately preceding the tenth (10th) anniversary of the first day of such Extended Term. Provided there is no Event of Default at the time of exercise of such option, Tenant may exercise each said option to extend this Lease for an Extended Term by giving written notice to that effect at least eighteen (18) months prior to the expiration of the then-existing Term. If Tenant does not exercise any such option in a timely manner, then all rights to extend the Lease automatically shall terminate, Landlord shall have no the right during the remainder of the Term of this Lease to rescind advertise the availability of the Premises for sale or reletting and to erect upon the Premises signs appropriate for the purpose of indicating such availability. The phrase “Term of this Lease” or “term hereof” means the Primary Term, plus any such notice once given. Lessee may not exercise its option for more than one Extended Term at a time with respect to which the right has been exercised. During each effective Extended Term Except as otherwise expressly provided herein, all of the terms and conditions provisions of this Lease shall continue in full force and effect, except that the Base Rent (as hereinafter defined) for be applicable during each such Extended Term shall be adjusted as set forth in Section 3.1(b). Notwithstanding anything to the contrary set forth herein, Lessee's rights to exercise the options granted in this Section 1.3 are subject to the further condition that concurrently with the exercise of any extension option hereunder, Lessee shall have exercised its option to extend the terms of all of the Related Leases in accordance with the provisions of the Agreement Regarding Related Lease Transactions and the provisions of Section 1.3 of each of the Related Leases. 13 Term.

Appears in 1 contract

Samples: Absolute Net Lease (Health Net Inc)

Extended Terms. Provided that this Lease The Tenant has not been previously terminated, and as long as there exists no Lease Default (as hereinafter defined) at the time of exercise and on the last day of the Initial Term or the then current Extended Term (as hereinafter defined), as the case may be, Lessee is hereby granted the option to extend the Initial Term of this Lease for three two ( 3) additional periods (collectively, the "Extended Terms") as follows: three (3 2) successive terms of five (5) year periods for a maximum years each ("Extended Terms" and separately, the "First Extended Term , if all " and the "Second Extended Term") provided that there does not exist any Event of Default (as defined in Article XIX hereof) at such options are exercised, which ends on time and provided the fifteenth (15th) anniversary Tenant shall give to the Landlord written notice of the Expiration Date. Lessee's extension options shall be exercised by Lessee by giving written notice to Lessor exercise of each such extension the first option at least one hundred eighty twelve ( 180 12) days, months but not more than three hundred sixty eighteen ( 360 18) days, months prior to the end of the initial Term hereunder, and as to the second option at least twelve (12) months but no more than eighteen (18) months prior to the end of the First Extended Term. The Extended Terms shall be upon the same terms, covenants and conditions hereof, except that (i) there shall be no additional option to extend after the termination of the Initial Second Extended Term or the failure to exercise the first option, whichever shall first occur, (ii) the Fixed Rent for the First Extended Term shall be the then current Market Rent (as hereinafter defined in Section 4.3), and (iii) the Fixed Rent for the Second Extended Term shall be the then Market Rent (as hereinafter defined in Section 4.3). Landlord shall, within fifteen (15) days of receipt of notice of Tenant's election to extend the Term of this Lease, or the First Extended Term, as the case may be . Lessee shall have no right to rescind any such , provide Tenant with notice once given. Lessee may not exercise its option for more than one Extended Term at a time. During each effective Extended Term, all of the terms Market Rent whereupon Landlord and conditions of this Lease Tenant shall continue in full force and effect, except that establish the Base Market Rent (as hereinafter defined) for each such the Extended Term shall be adjusted as set forth in Section 3.1(b). Notwithstanding anything to the contrary set forth herein, Lessee's rights to exercise the options granted in this Section 1.3 are subject to the further condition that concurrently with the exercise of any extension option hereunder, Lessee shall have exercised its option to extend the terms of all of the Related Leases Terms in accordance with the provisions of the Agreement Regarding Related Lease Transactions and the provisions Section 4.3 of Section 1.3 of each of the Related Leases. 13 this Lease.

Appears in 1 contract

Samples: Lease (Netscout Systems Inc)

Extended Terms. Provided that a) Lessee shall have the right, exercisable as hereinafter provided, to extend the term of this Lease has not been previously terminated for four successive periods of five years each. Each such extended term shall be (except for the amount of Basic Rent per annum and that there shall be no right to extend the term of this Lease beyond the expiration of the fourth extended term) upon the same covenants, terms and conditions as those provided in this Lease for the 6 3 original term. If Lessee desires to preserve the right to extend the term of this Lease for any extended term, it shall give Lessor a notice (the "preservation notice") no earlier than the day 30 months prior to, and as long as there exists no Lease Default (as hereinafter defined) at later than the time of exercise and on day 20 months prior to, the last day expiration of the Initial Term original term or the then current Extended Term extended term ( as hereinafter defined the "then current term"), as the case may be be (the "then current scheduled expiration date"). If Lessee shall fail timely to give the preservation notice, Lessee is hereby granted the option it shall have no right to extend the Initial Term term of this Lease. The Basic Rent per annum applicable to any extended term shall be determined in accordance with section 2.2, but shall in no event be less than $35,862,435 per annum. After the determination thereof pursuant to section 2.2, Lessee may, by notice (the "exercise notice") to Lessor given no later than 30 days after the date of such determination, exercise its right to extend the term of this Lease at the Basic Rent so determined, but in no event less than $35,862,435 per annum. (b) If the term of this Lease is not extended for three (3) additional periods (collectively, the "Extended Terms") as follows: three (3) successive five (5) year periods for a maximum Term, if all such options are exercised, which ends on the fifteenth (15th) anniversary any of the Expiration Date. Lessee's extension options shall be exercised by Lessee by giving written notice to Lessor of each such extension at least one hundred eighty (180) days four extended terms, but not more than three hundred sixty (360) days, prior to the termination of the Initial Term or the then current Extended Term, as the case may be. Lessee shall have no right to rescind extend the term hereof for any such notice once given. Lessee may not exercise its option for more than one Extended Term at a time. During each effective Extended Term, all of the terms subsequent extended terms. (c) Notwithstanding the foregoing provisions of this section 1.3, no preservation notice shall be effective to preserve, and conditions no exercise notice shall be effective to exercise, Lessee's right to extend the term of this Lease shall continue in full force and effect 7 4 for any extended term if an Event of Default under section 22(a), except that the Base Rent ( as hereinafter defined b), (c) for each such Extended Term shall be adjusted as set forth in Section 3.1(b). Notwithstanding anything to the contrary set forth herein, Lessee's rights to exercise the options granted in this Section 1.3 are subject to the further condition that concurrently with the exercise of any extension option hereunder, Lessee or (d) shall have exercised its option occurred and be continuing on the date on which Lessee gives such notice with respect to extend the terms of all of the Related Leases in accordance with the provisions of the Agreement Regarding Related Lease Transactions and the provisions of Section 1.3 of each of the Related Leases. 13 such extended term.

Appears in 1 contract

Samples: Goldman Sachs Group Inc