Common use of Extension Procedure Clause in Contracts

Extension Procedure. Tenant shall be entitled to extend the Initial Lease Term for three (3) additional and consecutive five (5) year periods (each, an “Extension Term”; collectively, the “Extension Terms”) as to all or a portion of the Premises, provided any exercise of an extension option by Tenant relative to less than all of the then-current Rentable Area of the Premises shall be subject to the terms and provisions in Section 4(d) below in this exhibit. The first Extension Term, if timely and properly exercised by Tenant, shall commence as of the expiration of the Initial Lease Term, and each subsequent Extension Term, if timely and properly exercised by Tenant, shall commence as of the expiration of the immediately preceding Extension Term. Provided, however, it shall be a condition precedent to Tenant’s right to exercise its option for any of the Extension Terms that Tenant shall have timely and properly exercised its option to extend the Lease Term for all prior Extension Terms (unless Landlord shall have recognized Tenant’s exercise of such prior Extension Term(s) notwithstanding Tenant’s failure to timely and properly exercise same, in which case such failure by Tenant shall be deemed to have been cured). In the event Tenant desires to exercise its option to extend the Lease Term for the first Extension Term, Tenant shall so notify Landlord by delivering to Landlord a written notice confirming such exercise by Tenant (an “Extension Notice”) not later than two hundred seventy (270) days prior to the last day of the Initial Lease Term. In the event Tenant desires to exercise its option to extend the Lease Term for the second and subsequent Extension Terms, Tenant shall so notify Landlord by delivering to Landlord an Extension Notice not later than two hundred seventy (270) days prior to the last day of the then-current Extension Term.