Extension Right. On the conditions, which conditions Landlord may waive, at its election, by written notice to Tenant at any time, that Tenant is not in default of its covenants and obligations under the Lease beyond and applicable notice and cure period, both as of the time of option exercise described herein and as of the commencement of the hereinafter described additional term, Tenant shall have the option to extend the Term of the Lease for one (1) period of three (3) years commencing on February 1, 2027 through and including January 31, 2030. Tenant may exercise such option to extend by giving Landlord written notice on or before November 30, 2018. Upon the timely giving of such notice, the Term of the Lease shall be deemed extended upon all of the terms and conditions of the Lease, except that Landlord shall have no obligation to construct or renovate the Premises, or provide any additional allowance or credit therefor, and that Basic Rent for the entire Premises during such additional term shall be calculated based on the Basic Rent rate per rentable square foot of Premises as shown on Exhibit H attached hereto. If Tenant fails to timely exercise its rights hereunder, then within ten (10) days of Landlord’s written request therefor, Tenant shall execute and deliver to Landlord a certification, in recordable form, confirming the Tenant’s failure to exercise (or waiver of) such right, and Tenant’s failure to so execute and deliver such certification shall (without limiting Landlord’s remedies on account thereof) entitle Landlord to execute and deliver to any third party, and record, an affidavit confirming the failure or waiver, which affidavit shall be binding on Tenant and may be conclusively relied on by third parties. Tenant’s Renewal Option as outlined in the Lease as Exhibit J remains in full force and effect and is hereby expanded to include the applicable Expansion Premises, as and to the extent same is included within the Premises as provided herein. For the avoidance of doubt, in the event that Tenant exercises its option to extend the Term of the Lease in accordance with this Section 10, Tenant’s Renewal Option as outlined in the Lease as Exhibit J shall apply at the end of the Term as extended hereby; provided, however, that such Exhibit J is hereby amended as follows: a. The phrase “Tenant is occupying the entire Premises” in the first line of the first textual paragraph of Exhibit J is hereby deleted and replaced with the following phrase: “Tenant itself, or a Permitted Transferee, is occupying at least fifty percent (50%) all of the Premises then demised to Tenant”; b. The sentence “In no event shall the Basic Rent payable for each month of the extended Term be less than the Basic Rent for the last twelve (12) months of the initial Term of the Lease.” is hereby deleted in its entirety; c. The time limit for Tenant to respond to Landlord’s determination of the Prevailing Rental Rate shall be extended from “ten (10) days” to “fifteen (15) days”; d. For avoidance of doubt, the language “pursuant to Section 10.G” in Subsection (2) of the last textual paragraph of Exhibit J shall be deemed to mean Section 10.G as amended by this Eighth Amendment (e.g., to include the expanded definition of Permitted Transferee); and e. Subsection (4) of the last textual paragraph of Exhibit J is hereby deleted and the word “or” is hereby moved to between Subsection (2) and (3).
Appears in 1 contract
Extension Right. On the conditions, which conditions Landlord may waive, at its election, by written notice to Tenant at any time, that Tenant is not in default of its covenants and obligations under the Lease beyond and applicable notice and cure period, both as of the time of option exercise described herein and as of the commencement of the hereinafter described additional term, A. Tenant shall have the option right (the "Extension Right") to extend the Term of the Lease for one (1) period of three (3) periods of five (5) years commencing following the expiration of the Term (the "Extension Period") on February the condition that:
(1, 2027 through and including January 31, 2030. ) Tenant may shall exercise such option to extend the Extension Right by giving Landlord written notice on or before November 30(the "Extension Notice") of Tenant's election to extend at least six (6) months prior to the commencement of the applicable Extension Period (an "Extension Period"), 2018. Upon and there exists no event of default under the timely giving of such noticeLease; and
(2) if the Extension Right is exercised by Tenant as set forth in Subsection 33.A(l) hereof, the Term Extension Period shall commence on the expiration of the Lease shall be deemed extended upon all Tenth (10th) Year or the Fifth (5th) Year of the prior Extension Period; and
(3) all terms and conditions of the Lease, including those containing the right and remedy of Landlord to confess judgment for possession, shall be applicable during the Extension Periods except that Landlord shall have no obligation to construct or renovate the Premises, or provide any additional allowance or credit therefor, and that Basic Minimum Rent for the entire Extension Periods shall be determined as provided in Section 33.B hereof.
B. If the Tenant exercises the Extension Right as provided in this Section 33, then during each Extension Period the Minimum Rent shall be equal to the product of the "Fair Rental Value" (hereinafter defined) on a square footage basis multiplied by the then square footage of the Premises (exclusive of any Storage Space). "Fair Rental Value" means what Landlord and Tenant agree to be the fair rental value of the Premises during the subject Extension Period taking into consideration (i) prevailing rental market conditions (including concessions such additional term as "free rent" and other allowances) for commercial office space comparable to the Premises located in the Building and elsewhere in the Center City area of Philadelphia, Pennsylvania; (ii) the fact that Tenant would remain in occupancy of the Premises (e.g., no "down time" or loss of rental income, no payment of brokerage commissions for a new tenant, no construction or fit-up expense to prepare the space for a new tenant, and no moving or other expenses incurred by Tenant in connection with a relocation); and, (iii) a step up of the Base Years for the OMC Sum and Taxes (i.e., Subsections ▇.▇(2) and l.L(2)] to the most recent calendar year prior to the commencement of the subject Extension Period. If Landlord and Tenant are unable to agree on the Minimum Rent for the Extension Period within thirty (30) days after Tenant gives Landlord the Extension Notice, the Minimum Rent for the Extension Period shall be calculated based determined by appraisal as hereinafter set forth; provided that Tenant shall have the right to revoke its exercise of the Extension Right for the Extension Period by written notice to Landlord at any time during such thirty (30) day period and, in which event, the Term shall expire on the Basic expiration date of the Term. In the event the Minimum Rent rate per rentable square foot for the Extension Period is required to be established by appraisal, if Landlord and Tenant cannot agree on an appraiser, then Landlord and Tenant each shall nominate one (1) real estate appraiser (MAI or equivalent) located in the) City of Philadelphia to appraise and determine the air Rental Value of the Premises as shown on Exhibit H attached heretoduring the Extension Period. If Tenant fails the two (2) appraisers nominated and appointed by the parties shall differ in judgment as to timely exercise its rights hereundersuch Fair Rental value, then within ten they shall appoint a third (103rd) days reputable and impartial real estate appraiser MAI or equivalent) located in the City of Landlord’s written request thereforPhiladelphia to determine such Fair Rental Value. If the appraisers selected by Landlord and Tenant are unable to agree on a third (3rd) appraiser, the third appraiser shall be selected by the President of the American Institute of Real Estate Appraisers or if not in existence at the time in question, an equivalent successor person and organization). The determination of the appraisers as to the Fair Rental Value of the Premises for the Extension Period shall be final and binding on Landlord and Tenant, and the Minimum Rent during the Extension Period shall be so determined. The cost of the appraisal shall be borne equally by Landlord and Tenant. In the event the Minimum Rent for the Extension Period has not been determined pursuant to this Section 33.B prior to the commencement of the Extension Period, Tenant shall execute and deliver continue to pay Landlord a certification, in recordable form, confirming the Tenant’s failure rent payable for the Premises pursuant to exercise (or waiver of) such right, and Tenant’s failure to so execute and deliver such certification shall (without limiting Landlord’s remedies on account thereof) entitle Landlord to execute and deliver to any third party, and record, an affidavit confirming this Lease for the failure or waiver, which affidavit Year immediately preceding until the Minimum Rent for the Extension Period is determined. The Minimum Rent for the Extension Period shall be binding on Tenant and may be conclusively relied on by third parties. Tenant’s Renewal Option as outlined in payable retro-actively from the Lease as Exhibit J remains in full force and effect and is hereby expanded to include the applicable Expansion Premises, as and to the extent same is included within the Premises as provided herein. For the avoidance of doubt, in the event that Tenant exercises its option to extend the Term commencement of the Lease in accordance with this Section 10Extension Period notwithstanding the fact that the Minimum Rent for the Extension Period may not be determined as of that time. Within thirty (30) days after the determination is made and Tenant has received notice thereof [or, Tenant’s Renewal Option as outlined in if later, on or before the Lease as Exhibit J shall apply at first day of the month following the end of the Term as extended hereby; providedthirty (30) day period] Tenant shall pay to Landlord, however, that such Exhibit J is hereby amended as follows:
a. The phrase “Tenant is occupying if the entire Premises” in the first line of the first textual paragraph of Exhibit J is hereby deleted and replaced with the following phrase: “Tenant itself, or a Permitted Transferee, is occupying at least fifty percent (50%) all of the Premises then demised to Tenant”;
b. The sentence “In no event shall the Basic Rent payable for each month of the extended Term be less than the Basic Minimum Rent for the last twelve (12) months Extension Period is determined to be higher than that payable during the preceding Year, the amount of the initial Term difference; but if the same is lower, the amount of the Lease.” is hereby deleted resulting overpayment in its entirety;
c. The time limit for Tenant to respond to Landlord’s determination of the Prevailing Rental Rate interim shall be extended from “ten (10) days” to “fifteen (15) days”;
d. For avoidance credited against the next succeeding installments of doubt, the language “pursuant to Section 10.G” in Subsection (2) of the last textual paragraph of Exhibit J shall be deemed to mean Section 10.G as amended Minimum Rent payable by this Eighth Amendment (e.g., to include the expanded definition of Permitted Transferee); and
e. Subsection (4) of the last textual paragraph of Exhibit J is hereby deleted and the word “or” is hereby moved to between Subsection (2) and (3)Tenant.
Appears in 1 contract
Sources: Office Lease (Pennsylvania Real Estate Investment Trust)
Extension Right. On Subject to the conditions, which terms and conditions Landlord may waive, at its election, by written notice to Tenant at any time, of this Section 3.3 and provided that Tenant is not in default of its covenants and obligations under the Lease beyond and applicable notice and cure periodthis Lease, both as of either at the time of option Tenant's exercise described herein of Extension Right under this Section 3.3 and as of at the commencement of time the hereinafter described additional termExtension Term is scheduled to commence, Tenant shall have the option right ("Extension Right") to extend the Term term of the this Lease for one (1) additional period of three two (32) years commencing (the "Extension Term") on February 1, 2027 through and including January 31, 2030. Tenant may exercise such option to extend by giving Landlord written notice on or before November 30, 2018. Upon the timely giving of such notice, the Term of the Lease shall be deemed extended upon all of the same terms and conditions of the Lease, except that Landlord shall have no obligation to construct or renovate the Premises, or provide any additional allowance or credit therefor, and that Basic Rent this Lease as are provided for the entire Premises during such additional term initial Term (but excluding any rent credits, allowances or free rent). The Extension Term shall be calculated based on commence upon the Basic Rent rate per rentable square foot date of Premises as shown on Exhibit H attached hereto. If Tenant fails to timely exercise its rights hereunder, then within ten (10) days of Landlord’s written request therefor, Tenant shall execute and deliver to Landlord a certification, in recordable form, confirming the Tenant’s failure to exercise (or waiver of) such right, and Tenant’s failure to so execute and deliver such certification shall (without limiting Landlord’s remedies on account thereof) entitle Landlord to execute and deliver to any third party, and record, an affidavit confirming the failure or waiver, which affidavit shall be binding on Tenant and may be conclusively relied on by third parties. Tenant’s Renewal Option as outlined in the Lease as Exhibit J remains in full force and effect and is hereby expanded to include the applicable Expansion Premises, as and to the extent same is included within the Premises as provided herein. For the avoidance of doubt, in the event that Tenant exercises its option to extend the Term of the Lease in accordance with this Section 10, Tenant’s Renewal Option as outlined in the Lease as Exhibit J shall apply at the end of the Term as extended hereby; provided, however, that such Exhibit J is hereby amended as follows:
a. The phrase “Tenant is occupying the entire Premises” in the first line of the first textual paragraph of Exhibit J is hereby deleted and replaced with the following phrase: “Tenant itself, or a Permitted Transferee, is occupying at least fifty percent (50%) all of the Premises then demised to Tenant”;
b. The sentence “In no event shall the Basic Rent payable for each month of the extended Term be less than the Basic Rent for the last twelve (12) months expiration of the initial Term of this Lease. To exercise its Extension Right, Tenant must give written notice to Landlord that Tenant is exercising its Extension Right at least 180 days before the date of expiration of the initial Term. Tenant's exercise of its Extension Right shall be null and void unless Landlord receives (i) simultaneously with Tenant's notice of exercise and (ii) at least thirty (30) days before the commencement of the Extension Term, Tenant's most recent audited and monthly unaudited financial statements, bank references, Dun & Bradstreet report, and a balance sheet certified as being true by Tenant's chief financial officer. If, in Landlord's reasonable discretion, Landlord determines from any of the foregoing material that the creditworthiness of Tenant is materially less than the creditworthiness of Tenant as of the Lease.” is hereby deleted in 's execution date, Landlord may reject Tenant's exercise of its entirety;
c. The time limit for Extension Right by written notice to Tenant to respond to Landlord’s determination and upon such rejection Tenant's Extension Right shall immediately terminate and be of no further force or effect. Tenant further acknowledges and agrees that the amount of the Prevailing Rental Rate Security Deposit payable by Tenant for the Extension Term shall be extended from “ten (10) days” increased to “fifteen (15) days”;
d. For avoidance an amount equal to the first monthly installment of doubt, Base Rent payable by Tenant during the language “pursuant to Section 10.G” in Subsection (2) of the last textual paragraph of Exhibit J shall be deemed to mean Section 10.G as amended by this Eighth Amendment (e.g., to include the expanded definition of Permitted Transferee); and
e. Subsection (4) of the last textual paragraph of Exhibit J is hereby deleted and the word “or” is hereby moved to between Subsection (2) and (3)Extension Term.
Appears in 1 contract
Extension Right. On the conditions, which conditions Landlord may waive, at its election, by written notice to Tenant at any time, that Tenant is not in default of its covenants and obligations under the Lease beyond and applicable notice and cure period, both as of the time of option exercise described herein and as of the commencement of the hereinafter described additional term, a. Tenant shall have the option right to extend the Term for two (2) additional periods (each, an “Extension Period”) for an aggregate of ten (10) years following the expiration of the Lease for one Term (1) period of each, an “Extension Right”). The first Extension Period shall be no less than three (3) and no greater than seven (7) years, at Tenant’s discretion, and the second Extension Period shall equal ten (10) years commencing on February 1, 2027 through and including January 31, 2030less the number of years Tenant elected to exercise in the first Extension Period. Tenant may shall exercise such option to extend each Extension Right by giving Landlord written notice on or before November 30, 2018. Upon (the timely giving “Extension Notice”) of such notice, the Term of the Lease shall be deemed extended upon all of the terms and conditions of the Lease, except that Landlord shall have no obligation to construct or renovate the Premises, or provide any additional allowance or credit therefor, and that Basic Rent for the entire Premises during such additional term shall be calculated based on the Basic Rent rate per rentable square foot of Premises as shown on Exhibit H attached hereto. If Tenant fails to timely exercise its rights hereunder, then within ten (10) days of Landlord’s written request therefor, Tenant shall execute and deliver to Landlord a certification, in recordable form, confirming the Tenant’s failure to exercise (or waiver of) such right, and Tenant’s failure to so execute and deliver such certification shall (without limiting Landlord’s remedies on account thereof) entitle Landlord to execute and deliver to any third party, and record, an affidavit confirming the failure or waiver, which affidavit shall be binding on Tenant and may be conclusively relied on by third parties. Tenant’s Renewal Option as outlined in the Lease as Exhibit J remains in full force and effect and is hereby expanded to include the applicable Expansion Premises, as and to the extent same is included within the Premises as provided herein. For the avoidance of doubt, in the event that Tenant exercises its option election to extend the Term of the Lease in accordance with this Section 10, Tenant’s Renewal Option as outlined in the Lease as Exhibit J shall apply at the end of the Term as extended hereby; provided, however, that such Exhibit J is hereby amended as follows:
a. The phrase “Tenant is occupying the entire Premises” in the first line of the first textual paragraph of Exhibit J is hereby deleted and replaced with the following phrase: “Tenant itself, or a Permitted Transferee, is occupying at least fifty percent (50%) all of the Premises then demised to Tenant”;
b. The sentence “In no event shall the Basic Rent payable for each month of the extended Term be less than the Basic Rent for the last twelve (12) months prior to the commencement of the initial Term applicable Extension Period, provided that there exists no uncured Event of Default under the Lease beyond all applicable grace and cure periods at such time. Landlord shall quote its anticipated Market Base Rental Rate (hereinafter defined) no later than fourteen (14) months prior to the expiration of the Leasethen applicable Term. Tenant shall receive either (i) a market concession package for comparable leases (including tenant improvement allowance, commissions, free rent, build-out period and other concessions then given in the market), or (ii) an annual rent reduction equal to the payment necessary to amortize the value of the concessions at ten percent (10%) over the applicable lease term. All terms and conditions of this Lease shall be applicable during both Extension Periods, except as otherwise expressly set forth.”
b. The OMC Sum Base Amount and the Base Year Tax Amount applicable during the Term shall be amended so that the OMC Sum Base Year and the Base Year Taxes shall be the calendar year during which such Extension Period commences, provided, however, if there are less than six (6) months remaining in said year, then the OMC Sum Base Year and Base Year Taxes shall be the following calendar year. Tenant shall have the right to renew for less than all of the Premises provided the renewal space is hereby deleted in its entirety;comprised of not less than 50,000 rsf.
c. The time limit for Tenant For the purpose of this Amendment, the term “Market Base Rental Rate” shall mean the amount of cash which a landlord would receive annually by then renting the space in question assuming the landlord to respond be a prudent person willing to Landlord’s determination of lease but being under no compulsion to do so, assuming the Prevailing tenant to be a prudent person willing to lease but being under no compulsion to do so, and assuming a lease containing the same terms and provisions as those herein contained. Market Base Rental Rate shall be extended from “ten (10) days” to “fifteen (15) days”;
d. For avoidance of doubt, take into consideration all relevant factors including the language “pursuant to Section 10.G” in Subsection (2) condition of the last textual paragraph of Exhibit J shall space, any landlord concessions, free rent, landlord’s work or a tenant improvement allowance and taking into further account base years for taxes and operating expenses for comparable space in the Building and in comparable office buildings in Center City Philadelphia. Landlord and Tenant agree that bona fide written offers to lease comparable space located in the Building from third parties may be deemed to mean Section 10.G used as amended by this Eighth Amendment (e.g., to include a factor in determining the expanded definition of Permitted Transferee); and
e. Subsection (4) of the last textual paragraph of Exhibit J is hereby deleted and the word “or” is hereby moved to between Subsection (2) and (3)Market Base Rental Rate.
Appears in 1 contract
Sources: Office Lease (Pennsylvania Real Estate Investment Trust)
Extension Right. On So long as there exists no Default of Tenant (as defined in Section 12.01) on the conditionsfirst day of the Extended Term (as defined below), which conditions Landlord may waivethis Lease is still in full force and effect, at its electionand Tenant shall not have sublet, by written notice to Tenant at assigned or otherwise transferred all or any time, that Tenant is not in default portion of its covenants and obligations interest under this Lease (except in the Lease beyond and applicable notice and cure periodevent of a “Permitted Transfer”, both as of the time of option exercise described herein and as of the commencement of the hereinafter described additional termdefined in Section 7.01), Tenant shall have the option right to extend the Term term of the this Lease for one three (13) period additional period(s) (the “Extended Term(s)”) of three (3) years commencing each. The Extended Term shall commence on February the day succeeding the expiration of the Original Term (or the immediately preceding Extended Term) and shall end on the day immediately preceding the 3rd anniversary of the commencement of such Extended Term. All of the terms, covenants and provisions of this Lease shall apply to any Extended Term except that (i) the Base Rent for the Extended Term shall be the greater of (a) the product of (1) the Base Rent on the day preceding the commencement of such Extended Term without giving effect to any abatements, 2027 through set-offs or concessions then in effect (the “Initial Rent”) times (2) a fraction, the denominator of which shall be the Index (as hereinafter defined) for the nearest month prior to the Rent Commencement Date, and including January 31the numerator of which shall be the Index for the nearest month prior to the commencement of such Extended Term, 2030. or (b) the Initial Rent; and (ii) Tenant may exercise such option shall have no further right to extend the term of this Lease beyond the Extended Term(s) hereinabove provided. If Tenant shall elect to exercise the aforesaid option, it shall do so by giving Landlord written notice on in writing of its intention to do so not later than six (6) months, nor sooner than one (1) year, prior to the expiration of the Original Term of this Lease, or before November 30the immediately preceding Extended Term, 2018. Upon as applicable, it being agreed that time is of the timely essence with respect to the giving of any such notice, the Term of the Lease shall be deemed extended upon all of the terms and conditions of the Lease, except that Landlord shall have no obligation to construct or renovate the Premises, or provide any additional allowance or credit therefor, and that Basic Rent for the entire Premises during such additional term shall be calculated based on the Basic Rent rate per rentable square foot of Premises as shown on Exhibit H attached hereto. If Tenant fails to timely exercise its rights hereundergive any such notice to Landlord, then within ten (10) days of Landlord’s written request therefor, Tenant this Lease shall execute and deliver to Landlord a certification, in recordable form, confirming the Tenant’s failure to exercise (or waiver of) such right, and Tenant’s failure to so execute and deliver such certification shall (without limiting Landlord’s remedies on account thereof) entitle Landlord to execute and deliver to any third party, and record, an affidavit confirming the failure or waiver, which affidavit shall be binding on Tenant and may be conclusively relied on by third parties. Tenant’s Renewal Option as outlined in the Lease as Exhibit J remains in full force and effect and is hereby expanded to include the applicable Expansion Premises, as and to the extent same is included within the Premises as provided herein. For the avoidance of doubt, in the event that Tenant exercises its option to extend the Term of the Lease in accordance with this Section 10, Tenant’s Renewal Option as outlined in the Lease as Exhibit J shall apply automatically terminate at the end of the Term as extended hereby; providedOriginal Term, howeverand Tenant shall have no further option to extend the term of this Lease, it being agreed that such Exhibit J time is hereby amended as follows:
a. The phrase “Tenant is occupying the entire Premises” in the first line of the first textual paragraph essence with respect to the giving of Exhibit J is hereby deleted and replaced with any such notice. If Tenant gives such notice, the following phrase: “Tenant itself, or a Permitted Transferee, is occupying at least fifty percent (50%) all extension of the Premises then demised to Tenant”;
b. The sentence “In no event shall the Basic Rent payable for each month of the extended Term be less than the Basic Rent for the last twelve (12) months of the initial Term of the Lease.” is hereby deleted in its entirety;
c. The time limit for Tenant to respond to Landlord’s determination of the Prevailing Rental Rate this Lease shall be extended from “ten (10) days” to “fifteen (15) days”;
d. For avoidance automatically effected without the execution of doubt, the language “pursuant to Section 10.G” in Subsection (2) of the last textual paragraph of Exhibit J shall be deemed to mean Section 10.G as amended by this Eighth Amendment (e.g., to include the expanded definition of Permitted Transferee); and
e. Subsection (4) of the last textual paragraph of Exhibit J is hereby deleted and the word “or” is hereby moved to between Subsection (2) and (3)any additional documents.
Appears in 1 contract
Sources: Lease Agreement (Arbios Systems Inc)
Extension Right. On Tenant shall have the conditionsright (the “First Extension Right”) to extend the term of this Lease for a period of 3 years (the “First Extension Term”), which conditions Landlord may waiveand, at its election, by written notice to Tenant at any time, that Tenant is not in default of its covenants and obligations under if the Lease beyond and applicable notice and cure period, both as of the time of option exercise described herein and as of the commencement of the hereinafter described additional termFirst Extension Right has been exercised, Tenant shall have the option additional right (the “Second Extension Right;” the First Extension Right and the Second Extension Right may be collectively referred to herein as the “Extension Rights” or individually as an “Extension Right”) to extend the Term of the Lease term for one (1) an additional period of three 1 year (3the “Second Extension Term”) years commencing on February 1, 2027 through the same terms and including January 31, 2030. Tenant may exercise such option to extend conditions as this Lease (other than Base Rent) by giving Landlord written notice on or before November 30, 2018. Upon of its election to exercise each Extension Right at least 12 months prior to the timely giving expiration of such notice, the Base Term of the Lease or the expiration of the First Extension Term, as applicable. Upon the commencement of an Extension Term, Base Rent shall be deemed extended upon all payable at the Market Rate (as defined below). Base Rent shall thereafter be adjusted on each annual anniversary of the terms commencement of such Extension Term by a percentage as determined by Landlord and conditions of agreed to by Tenant at the Leasetime the Market Rate is determined. As used herein, except that “Market Rate” shall mean the then market rental rate as determined by Landlord shall have no obligation and agreed to construct or renovate the Premises, or provide any additional allowance or credit therefor, and that Basic Rent for the entire Premises during such additional term shall be calculated based on the Basic Rent rate per rentable square foot of Premises as shown on Exhibit H attached hereto. If Tenant fails to timely exercise its rights hereunder, then within ten (10) days of Landlord’s written request therefor, Tenant shall execute and deliver to Landlord a certification, in recordable form, confirming the by Tenant’s failure to exercise (or waiver of) such right, and Tenant’s failure to so execute and deliver such certification shall (without limiting Landlord’s remedies on account thereof) entitle Landlord to execute and deliver to any third party, and record, an affidavit confirming the failure or waiver, which affidavit shall be binding on Tenant and may be conclusively relied on by third parties. Tenant’s Renewal Option as outlined in the Lease as Exhibit J remains in full force and effect and is hereby expanded to include the applicable Expansion Premises, as and to the extent same is included within the Premises as provided herein. For the avoidance of doubt, in the event that Tenant exercises its option to extend the Term of the Lease in accordance with this Section 10, Tenant’s Renewal Option as outlined in the Lease as Exhibit J shall apply at the end of the Term as extended hereby; provided, however, that such Exhibit J is hereby amended as follows:
a. The phrase “Tenant is occupying the entire Premises” in the first line of the first textual paragraph of Exhibit J is hereby deleted and replaced with the following phrase: “Tenant itself, or a Permitted Transferee, is occupying at least fifty percent (50%) all of the Premises then demised to Tenant”;
b. The sentence “In no event shall the Basic Rent payable for each month of the extended Term be less than the Basic Base Rent payable as of the date immediately preceding the commencement of such Extension Term increased by the Rent Adjustment Percentage multiplied by such Base Rent. In addition, Landlord may impose a market rent for the last twelve parking rights provided hereunder. Notwithstanding anything to the contrary contained in this Lease, Tenant’s Extension Rights granted above may only be exercised if the term of that certain Lease Agreement dated as of April 6, 2000 (12) months as amended and assigned, the “Suite 650 Lease”), to which Landlord and Tenant are now parties, and which covers Suites 640 and 650 in the Building, shall be concurrently extended pursuant to Section 40 of the initial Suite 650 Lease so that both this Lease and the Suite 650 Lease expire on the same date. Accordingly, if the term of the Suite 650 Lease is not extended pursuant to Section 40 of the Suite 650 Lease, Tenant shall have no right to extend the term of this Lease pursuant to Section 40 of this Lease. If, on or before the date which is 120 days prior to the expiration of the Base Term of this Lease or the Lease.” is hereby deleted in its entirety;
c. The time limit for expiration of the First Extension Term, as applicable, Tenant to respond to has not agreed with Landlord’s determination of the Prevailing Rental Market Rate shall be extended from “ten (10) days” and the rent escalations during such subsequent Extension Term after negotiating in good faith, Tenant may by written notice to “fifteen (15) days”;
d. For avoidance of doubt, Landlord not later than 20 days prior to the language “pursuant to Section 10.G” in Subsection (2) expiration of the last textual paragraph Base Term of Exhibit J this Lease or the expiration of the First Extension Term, as applicable, elect arbitration as described in Section 40(b) below. If Tenant does not elect such arbitration, Tenant shall be deemed to mean Section 10.G as amended by this Eighth Amendment (e.g., have waived any right to include extend the expanded definition of Permitted Transferee); and
e. Subsection (4) term of the last textual paragraph of Exhibit J is hereby deleted Lease and the word “or” is hereby moved to between Subsection (2) and (3)Extension Rights shall terminate.
Appears in 1 contract
Sources: Assignment and Assumption and Modification of Lease Documents (Omeros Corp)
Extension Right. On the conditions, which conditions Landlord may waive, at its election, by written notice to Tenant at any time, that Tenant is not in default of its covenants and obligations under the Lease beyond and applicable notice and cure period, both as of the time of option exercise described herein and as of the commencement of the hereinafter described additional term, Tenant shall have the option right ("EXTENSION RIGHT") to extend the Term term of the this Lease for one 3 years (1"EXTENSION TERM") period of three (3) years commencing on February 1, 2027 through the same terms and including January 31, 2030. Tenant may exercise such option to extend conditions as this Lease by giving Landlord written notice on or before November 30, 2018. Upon the timely giving of such notice, the Term of the Lease shall be deemed extended upon all of the terms and conditions of the Lease, except that Landlord shall have no obligation to construct or renovate the Premises, or provide any additional allowance or credit therefor, and that Basic Rent for the entire Premises during such additional term shall be calculated based on the Basic Rent rate per rentable square foot of Premises as shown on Exhibit H attached hereto. If Tenant fails to timely exercise its rights hereunder, then within ten (10) days of Landlord’s written request therefor, Tenant shall execute and deliver to Landlord a certification, in recordable form, confirming the Tenant’s failure election to exercise (or waiver of) such right, and Tenant’s failure to so execute and deliver such certification shall (without limiting Landlord’s remedies on account thereof) entitle Landlord to execute and deliver to any third party, and record, an affidavit confirming the failure or waiver, which affidavit shall be binding on Tenant and may be conclusively relied on by third parties. Tenant’s Renewal Option as outlined in the Lease as Exhibit J remains in full force and effect and is hereby expanded to include the applicable Expansion Premises, as and Extension Right at least six months prior to the extent same is included within the Premises as provided herein. For the avoidance of doubt, in the event that Tenant exercises its option to extend the Term of the Lease in accordance with this Section 10, Tenant’s Renewal Option as outlined in the Lease as Exhibit J shall apply at the end of the Term as extended hereby; provided, however, that such Exhibit J is hereby amended as follows:
a. The phrase “Tenant is occupying the entire Premises” in the first line of the first textual paragraph of Exhibit J is hereby deleted and replaced with the following phrase: “Tenant itself, or a Permitted Transferee, is occupying at least fifty percent (50%) all of the Premises then demised to Tenant”;
b. The sentence “In no event shall the Basic Rent payable for each month of the extended Term be less than the Basic Rent for the last twelve (12) months expiration of the initial Term of the Lease.” . During the Extension Term, Base Rent shall be payable at the greater of: (i) the Market Rate (as defined below), and (ii) 104% of the Base Rent payable during the month immediately preceding the commencement of the Extension Term. Base Rent shall be increased on each annual anniversary of the commencement of such Extension Term by 4% of the Base Rent payable during the last month of the immediately preceding Lease Year. As used herein, "MARKET RATE" shall mean the then triple net market rental rate as determined by Landlord and agreed to by Tenant, which shall in no event be less than the Base Rent payable as of the date immediately preceding the commencement of such Extension Term increased by the Rent Adjustment Percentage multiplied by such Base Rent. In addition, to the extent not included in the Market Rate for the Premises, Landlord may impose a market rent for the parking rights provided hereunder. If, on or before the date which is hereby deleted in its entirety;
c. The time limit for 120 days prior to the expiration of the initial Term of this Lease, Tenant to respond to has not agreed with Landlord’s 's determination of the Prevailing Rental Market Rate shall be extended from “ten (10and the rent escalations during such subsequent Extension Term after negotiating in good faith, Tenant may by written notice to Landlord elect arbitration as described in Section 39(b) days” to “fifteen (15) days”;
d. For avoidance of doubtbelow. If Tenant does not elect such arbitration, the language “pursuant to Section 10.G” in Subsection (2) of the last textual paragraph of Exhibit J Tenant shall be deemed to mean Section 10.G as amended by this Eighth Amendment (e.g.have waived any right to extend, to include or further extend, the expanded definition of Permitted Transferee); and
e. Subsection (4) Term of the last textual paragraph of Exhibit J is hereby deleted and the word “or” is hereby moved to between Subsection (2) and (3)Lease.
Appears in 1 contract
Extension Right. On Tenant shall have the conditionsright (the “First Extension Right”) to extend the term of this Lease for a period of 3 years (the “First Extension Term”), which conditions Landlord may waiveand, at its election, by written notice to Tenant at any time, that Tenant is not in default of its covenants and obligations under if the Lease beyond and applicable notice and cure period, both as of the time of option exercise described herein and as of the commencement of the hereinafter described additional termFirst Extension Right has been exercised, Tenant shall have the option additional right (the “Second Extension Right;” the First Extension Right and the Second Extension Right may be collectively referred to herein as the “Extension Rights” or individually as an “Extension Right”) to extend the Term of the Lease term for one (1) an additional period of three 1 year (3the “Second Extension Term”) years commencing on February 1, 2027 through the same terms and including January 31, 2030. Tenant may exercise such option to extend conditions as this Lease (other than Base Rent) by giving Landlord written notice on or before November 30, 2018. Upon of its election to exercise each Extension Right at least 12 months prior to the timely giving expiration of such notice, the Base Term of the Lease or the expiration of the First Extension Term, as applicable. Upon the commencement of an Extension Term, Base Rent shall be deemed extended upon all payable at the Market Rate (as defined below). Base Rent shall thereafter be adjusted on each annual anniversary of the terms commencement of such Extension Term by a percentage as determined by Landlord and conditions of agreed to by Tenant at the Leasetime the Market Rate is determined. As used herein, except that “Market Rate” shall mean the then market rental rate as determined by Landlord shall have no obligation and agreed to construct or renovate the Premises, or provide any additional allowance or credit therefor, and that Basic Rent for the entire Premises during such additional term shall be calculated based on the Basic Rent rate per rentable square foot of Premises as shown on Exhibit H attached hereto. If Tenant fails to timely exercise its rights hereunder, then within ten (10) days of Landlord’s written request therefor, Tenant shall execute and deliver to Landlord a certification, in recordable form, confirming the by Tenant’s failure to exercise (or waiver of) such right, and Tenant’s failure to so execute and deliver such certification shall (without limiting Landlord’s remedies on account thereof) entitle Landlord to execute and deliver to any third party, and record, an affidavit confirming the failure or waiver, which affidavit shall be binding on Tenant and may be conclusively relied on by third parties. Tenant’s Renewal Option as outlined in the Lease as Exhibit J remains in full force and effect and is hereby expanded to include the applicable Expansion Premises, as and to the extent same is included within the Premises as provided herein. For the avoidance of doubt, in the event that Tenant exercises its option to extend the Term of the Lease in accordance with this Section 10, Tenant’s Renewal Option as outlined in the Lease as Exhibit J shall apply at the end of the Term as extended hereby; provided, however, that such Exhibit J is hereby amended as follows:
a. The phrase “Tenant is occupying the entire Premises” in the first line of the first textual paragraph of Exhibit J is hereby deleted and replaced with the following phrase: “Tenant itself, or a Permitted Transferee, is occupying at least fifty percent (50%) all of the Premises then demised to Tenant”;
b. The sentence “In no event shall the Basic Rent payable for each month of the extended Term be less than the Basic Base Rent payable as of the date immediately preceding the commencement of such Extension Term increased by the Rent Adjustment Percentage multiplied by such Base Rent. In addition, Landlord may impose a market rent for the last twelve parking rights provided hereunder. Notwithstanding anything to the contrary contained in this Lease, Tenant’s Extension Rights granted above may only be exercised if the term of that certain Lease Agreement, dated as of September 28, 2001 (12) months as amended and assigned, the “Annex Lease”), to which Landlord and Tenant are now parties, and which covers the portion of the initial Term of the Lease.” is hereby deleted in its entirety;
c. The time limit for Tenant to respond to Landlord’s determination of the Prevailing Rental Rate Building known as Annex Level B, shall be concurrently extended from “ten (10) days” to “fifteen (15) days”;
d. For avoidance of doubt, the language “pursuant to Section 10.G” in Subsection (2) 40 of the last textual paragraph of Exhibit J shall be deemed to mean Section 10.G as amended by Annex Lease so that both this Eighth Amendment (e.g.Lease and the Annex Lease expire on the same date. Accordingly, to include if the expanded definition of Permitted Transferee); and
e. Subsection (4) term of the last textual paragraph Annex Lease is not extended pursuant to Section 40 of Exhibit J is hereby deleted and the word “or” is hereby moved Annex Lease, Tenant shall have no right to between Subsection (2) and (3)extend the term of this Lease pursuant to Section 40 of this Lease.”
Appears in 1 contract
Sources: Assignment and Assumption and Modification of Lease Documents (Omeros Corp)
Extension Right. On the conditions, which conditions Landlord may waive, at its election, by written notice Section 33 entitled “Extension Right” is hereby added to Tenant at any time, that Tenant is not in default of its covenants and obligations under the Lease beyond and applicable notice and cure period, both as of the time of option exercise described herein and as of the commencement of the hereinafter described additional term, this Lease: 33. EXTENSION RIGHT.
A. Tenant shall have the option right (the “Extension Right”) to extend the Term of the Lease for one (1) period of three (3) periods of five (5) years commencing following the expiration of the Term (the “Extension Period”) on February the condition that: (1, 2027 through and including January 31, 2030. ) Tenant may shall exercise such option to extend the Extension Right by giving Landlord written notice on or before November 30(the “Extension Notice”) of Tenant’s election to extend at least six (6) months prior to the commencement of the applicable Extension Period (an “Extension Period”), 2018. Upon and there exists no event of default under the timely giving of such noticeLease; and (2) if the Extension Right is exercised by Tenant as set forth in Subsection 33.A(1) hereof, the Term Extension Period shall commence on the expiration of the Lease shall be deemed extended upon all Tenth (10th) Year or the Fifth (5th) Year of the prior Extension Period; and (3) all terms and conditions of the Lease, including those containing the right and remedy of Landlord to confess judgment for possession, shall be applicable during the Extension Periods except that Landlord shall have no obligation to construct or renovate the Premises, or provide any additional allowance or credit therefor, and that Basic Minimum Rent for the entire Premises during such additional term Extension Periods shall be calculated based on determined as provided in Section 33.B hereof.
B. If the Basic Rent rate per rentable square foot of Premises Tenant exercises the Extension Right as shown on Exhibit H attached hereto. If Tenant fails to timely exercise its rights hereunderprovided in this Section 33, then within ten (10) days of Landlord’s written request therefor, Tenant shall execute and deliver to Landlord a certification, in recordable form, confirming during each Extension Period the Tenant’s failure to exercise (or waiver of) such right, and Tenant’s failure to so execute and deliver such certification shall (without limiting Landlord’s remedies on account thereof) entitle Landlord to execute and deliver to any third party, and record, an affidavit confirming the failure or waiver, which affidavit Minimum Rent shall be binding on Tenant and may be conclusively relied on by third parties. Tenant’s Renewal Option as outlined in the Lease as Exhibit J remains in full force and effect and is hereby expanded to include the applicable Expansion Premises, as and equal to the extent same is included within the Premises as provided herein. For the avoidance of doubt, in the event that Tenant exercises its option to extend the Term product of the Lease in accordance with this Section 10, Tenant’s Renewal Option as outlined in “Fair Rental Value” (hereinafter defined) on a square footage basis multiplied by the Lease as Exhibit J shall apply at the end of the Term as extended hereby; provided, however, that such Exhibit J is hereby amended as follows:
a. The phrase “Tenant is occupying the entire Premises” in the first line of the first textual paragraph of Exhibit J is hereby deleted and replaced with the following phrase: “Tenant itself, or a Permitted Transferee, is occupying at least fifty percent (50%) all then square footage of the Premises then demised (exclusive of any Storage Space). “Fair Rental Value” means what Landlord and Tenant agree to Tenant”;
b. The sentence “In no event shall be the Basic Rent payable for each month fair rental value of the extended Term be less than Premises during the Basic subject Extension Period taking into consideration (i) prevailing rental market conditions (including concessions such as “free rent” and other allowances) for commercial office space comparable to the Premises located in the Building and elsewhere in the Center City area of Philadelphia, Pennsylvania; (ii) the fact that Tenant would remain in occupancy of the Premises (e.g., no “down time” or loss of rental income, no payment of brokerage commissions for a new tenant, no construction or fit-up expense to prepare the space for a new tenant, and no moving or other expenses incurred by Tenant in connection with a relocation); and, (iii) a step up of the Base Years for the OMC Sum and Taxes (i.e., Subsections ▇.▇(2) and l.L(2)] to the most recent calendar year prior to the commencement of the subject Extension Period. If Landlord and Tenant are unable to agree on the Minimum Rent for the last twelve Extension Period within thirty (1230) months days after Tenant gives Landlord the Extension Notice, the Minimum Rent for the Extension Period shall be determined by appraisal as hereinafter set forth; provided that Tenant shall have the right to revoke its exercise of the initial Extension Right for the Extension Period by written notice to Landlord at any time during such thirty (30) day period and, in which event, the Term shall expire on the expiration date of the Lease.” Term. In the event the Minimum Rent for the Extension Period is hereby deleted required to be established by appraisal, if Landlord and Tenant cannot agree on an appraiser, then Landlord and Tenant each shall nominate one (1) real estate appraiser (MAI or equivalent) located in its entirety;
c. The time limit for Tenant the) City of Philadelphia to respond to Landlord’s determination appraise and determine the air Rental Value of the Prevailing Rental Rate shall be extended from “ten (10) days” to “fifteen (15) days”;
d. For avoidance of doubt, Premises during the language “pursuant to Section 10.G” in Subsection Extension Period. If the two (2) appraisers nominated and appointed by the parties shall differ in judgment as to such Fair Rental value, then they shall appoint a third (3rd) reputable and impartial real estate appraiser MAI or equivalent) located in the City of Philadelphia to determine such Fair Rental Value. If the appraisers selected by Landlord and Tenant are unable to agree on a third (3rd) appraiser, the third appraiser shall be selected by the President of the last textual paragraph American Institute of Exhibit J shall be deemed to mean Section 10.G as amended by this Eighth Amendment (e.g.Real Estate Appraisers or if not in existence at the time in question, to include the expanded definition of Permitted Transferee); an equivalent successor person and
e. Subsection (4) of the last textual paragraph of Exhibit J is hereby deleted and the word “or” is hereby moved to between Subsection (2) and (3).
Appears in 1 contract
Sources: Office Lease (Pennsylvania Real Estate Investment Trust)
Extension Right. On Tenant shall have the conditions, which one time right (the “Extension Right”) to extend the term of this Lease for 3 years (the “Extension Term”) on the same terms and conditions as this Lease (other than Base Rent) by giving Landlord may waive, at its election, by written notice to Tenant at any time, that Tenant is not in default of its covenants and obligations under election to exercise the Lease beyond and applicable notice and cure period, both as Extension Right at least 9 months prior to the expiration of the time Base Term of option exercise described herein and the Lease. Upon the commencement of the Extension Term, Base Rent shall be payable at the Market Rate (as defined below). Base Rent shall thereafter be adjusted on each annual anniversary of the commencement of the hereinafter described additional termExtension Term by a percentage as determined by Landlord and agreed to by Tenant at the time the Market Rate is determined. As used herein, Tenant “Market Rate” shall have mean the option then market rental rate as determined by Landlord and agreed to extend the Term of the Lease for one (1) period of three (3) years commencing on February 1, 2027 through and including January 31, 2030. Tenant may exercise such option to extend by giving Landlord written notice on or before November 30, 2018. Upon the timely giving of such notice, the Term of the Lease shall be deemed extended upon all of the terms and conditions of the Lease, except that Landlord shall have no obligation to construct or renovate the Premises, or provide any additional allowance or credit therefor, and that Basic Rent for the entire Premises during such additional term shall be calculated based on the Basic Rent rate per rentable square foot of Premises as shown on Exhibit H attached hereto. If Tenant fails to timely exercise its rights hereunder, then within ten (10) days of Landlord’s written request therefor, Tenant shall execute and deliver to Landlord a certification, in recordable form, confirming the Tenant’s failure to exercise (or waiver of) such right, and Tenant’s failure to so execute and deliver such certification shall (without limiting Landlord’s remedies on account thereof) entitle Landlord to execute and deliver to any third party, and record, an affidavit confirming the failure or waiver, which affidavit shall be binding on Tenant and may be conclusively relied on by third parties. Tenant’s Renewal Option as outlined in the Lease as Exhibit J remains in full force and effect and is hereby expanded to include the applicable Expansion Premises, as and to the extent same is included within the Premises as provided herein. For the avoidance of doubt, in the event that Tenant exercises its option to extend the Term of the Lease in accordance with this Section 10, Tenant’s Renewal Option as outlined in the Lease as Exhibit J shall apply at the end of the Term as extended hereby; provided, however, that such Exhibit J is hereby amended as follows:
a. The phrase “Tenant is occupying the entire Premises” in the first line of the first textual paragraph of Exhibit J is hereby deleted and replaced with the following phrase: “Tenant itself, or a Permitted Transferee, is occupying at least fifty percent (50%) all of the Premises then demised to Tenant”;
b. The sentence “In no event shall the Basic Rent payable for each month of the extended Term be less than the Basic Base Rent payable as of the date immediately preceding the commencement of the Extension Term increased by the Rent Adjustment Percentage multiplied by such Base Rent. In addition, Landlord may impose a market rent for the last twelve (12) months parking, rights provided hereunder. If, on or before the date which is 120 days prior to the expiration of the initial Base Term of the this Lease.” is hereby deleted in its entirety;
c. The time limit for , Tenant to respond to has not agreed with Landlord’s determination of the Prevailing Rental Market Rate shall be extended from “ten (10) days” and the rent escalations during the Extension Term after negotiating in good faith, Tenant may by written notice to “fifteen (15) days”;
d. For avoidance of doubt, Landlord not later than 120 days prior to the language “pursuant to Section 10.G” in Subsection (2) expiration of the last textual paragraph Base Term of Exhibit J this Lease, elect arbitration as described in Section 39(b) below. If Tenant does not elect such arbitration, Tenant shall be deemed to mean Section 10.G as amended by this Eighth Amendment (e.g., have waived any right to include extend the expanded definition of Permitted Transferee); and
e. Subsection (4) of Base Term of-the last textual paragraph of Exhibit J is hereby deleted Lease and the word “or” is hereby moved to between Subsection (2) and (3)Extension Right shall terminate.
Appears in 1 contract
Sources: Lease Agreement (Iomai Corp)
Extension Right. On the conditions, which conditions Landlord may waive, at its election, by written notice to Tenant at any time, that Tenant is not in default of its covenants and obligations under the Lease beyond and applicable notice and cure period, both as of the time of option exercise described herein and as of the commencement of the hereinafter described additional term, Tenant shall have 1 right (the option “Extension Right”) to extend the Base Term of the Lease for one five (1) period of three (35) years commencing (the “Extension Term”) on February 1, 2027 through the same terms and including January 31, 2030. Tenant may exercise such option conditions as this Lease (other than with respect to extend Base Rent) by giving Landlord written notice on or before November 30, 2018of its election to exercise the Extension Right at least 9 months prior to the expiration of the Base Term of the Lease. Upon the timely giving commencement of the Extension Term, Base Rent shall be payable at the Market Rate (as defined below). Base Rent shall thereafter be adjusted on each annual anniversary of the commencement of such notice, Extension Term by a percentage as determined by Landlord and agreed to by Tenant at the Term of time the Lease shall be deemed extended upon all of the terms and conditions of the Lease, except that Landlord shall have no obligation to construct or renovate the PremisesMarket Rate is determined, or provide any additional allowance or credit thereforas determined by arbitration pursuant to Section 39(b) below. As used herein, and that Basic Rent for “Market Rate” shall mean the entire Premises during such additional term shall be calculated based on the Basic Rent arm’s length fair market annual rental rate per rentable square foot rate that comparable landlords of Premises as shown comparable buildings have accepted in current transactions from non-equity (i.e., not being offered equity in the buildings) and nonaffiliated tenants of similar financial strength for space of comparable size, quality (including all tenant improvements, Alterations and other improvements) and floor height in Class A laboratory/office buildings in T▇▇▇▇▇ ▇▇▇▇▇ for a comparable term, with the determination of the Market Rate to take into account all relevant factors, including tenant inducements, views, parking costs, age of the building and mechanical systems serving the Premises, leasing commissions, allowances or concessions, if any. If, on Exhibit H attached hereto. If Tenant fails or before the date which is 180 days prior to timely exercise its rights hereunder, then within ten (10) days the expiration of Landlord’s written request thereforthe Base Term of this Lease, Tenant shall execute and deliver to Landlord a certification, in recordable form, confirming the Tenant’s failure to exercise (or waiver of) such right, and Tenant’s failure to so execute and deliver such certification shall (without limiting Landlord’s remedies on account thereof) entitle Landlord to execute and deliver to any third party, and record, an affidavit confirming the failure or waiver, which affidavit shall be binding on Tenant and may be conclusively relied on by third parties. Tenant’s Renewal Option as outlined in the Lease as Exhibit J remains in full force and effect and is hereby expanded to include the applicable Expansion Premises, as and to the extent same is included within the Premises as provided herein. For the avoidance of doubt, in the event that Tenant exercises its option to extend the Term of the Lease in accordance has not agreed with this Section 10, Tenant’s Renewal Option as outlined in the Lease as Exhibit J shall apply at the end of the Term as extended hereby; provided, however, that such Exhibit J is hereby amended as follows:
a. The phrase “Tenant is occupying the entire Premises” in the first line of the first textual paragraph of Exhibit J is hereby deleted and replaced with the following phrase: “Tenant itself, or a Permitted Transferee, is occupying at least fifty percent (50%) all of the Premises then demised to Tenant”;
b. The sentence “In no event shall the Basic Rent payable for each month of the extended Term be less than the Basic Rent for the last twelve (12) months of the initial Term of the Lease.” is hereby deleted in its entirety;
c. The time limit for Tenant to respond to Landlord’s determination of the Prevailing Rental Market Rate shall be extended from “ten (10) days” to “fifteen (15) days”;
d. For avoidance of doubtand the rent escalations during the Extension Term after negotiating in good faith, the language “pursuant to Section 10.G” in Subsection (2) of the last textual paragraph of Exhibit J Tenant shall be deemed to mean have elected arbitration as described in Section 10.G 39(b). Tenant acknowledges and agrees that, if Tenant has elected to exercise the Extension Right by delivering notice to Landlord as amended by required in this Eighth Amendment (e.g.Section 39(a), Tenant shall have no right thereafter to include rescind or elect not to extend the expanded definition of Permitted Transferee); and
e. Subsection (4) term of the last textual paragraph of Exhibit J is hereby deleted and Lease for the word “or” is hereby moved to between Subsection (2) and (3)Extension Term.
Appears in 1 contract