Extension Rights. Tenant shall have 2 consecutive rights (each, an “Extension Right”) to extend the term of this Lease for 5 years each (each, an “Extension Term”) on the same terms and conditions as this Lease (other than with respect to Base Rent and the Work Letter) by giving Landlord written notice of its election to exercise each Extension Right at least 12 months prior to the expiration of the Base Term of the Lease or the expiration of any prior Extension Term.
Extension Rights. Tenant shall, subject to all of the provisions of this Paragraph 3.2 (including all subparagraphs hereof), have the option to extend the Term (the “Option to Extend”) for one (1) additional term of three (3) years (the “Extension Term”), provided Tenant is in occupancy of not less than 50% of the Premises at the time of exercise of the Option to Extend and Tenant gives Landlord written notice via overnight nationally-recognized courier (such as FedEx or UPS), with signature acknowledgement by recipient required, of its election to exercise the Option to Extend no less than nine (9) months and no more than twelve (12) months prior to the then applicable Expiration Date of the Term. Such notice will constitute Tenant’s irrevocable election to extend the Term and may not subsequently be revoked by Tenant except as provided below. Time is of the essence with respect to the timing of such requirement to give notice to Landlord.
Extension Rights. Tenant shall, subject to all of the provisions of this Paragraph 3.2 (including all subparagraphs hereof), have the option to extend the Lease Term (the “Option to Extend”) for two additional terms of five years each (each an “Extension Term”), provided Tenant is in occupancy of not less than fifty percent (50%) of the Premises (or in the case of Tenant’s election to downsize, as provided in Paragraph 3.2.6, below, not less than fifty percent (50%) of the Rentable Square Footage of the downsized Premises relative to which the Option to Extend is being exercised) at the time of exercise of the Option to Extend (and in the case of the second Extension Term, Tenant must have exercised the Option to Extend for the first Extension Term) and Tenant gives Landlord written notice of its election to exercise the Option to Extend no less than nine months and no more than 12 months prior to the then-applicable Expiration Date of the Term. Such notice will constitute Tenant’s irrevocable election to extend the Term and may not subsequently be revoked by Tenant. Time is of the essence with respect to the timing of such requirement to give notice to Landlord. Notwithstanding the foregoing fifty percent (50%) occupancy requirement, if Tenant fails to meet such occupancy standard at the time it desires to exercise the Option to Extend, but at the time it exercises the Option to Extend it covenants in writing (and as an obligation under this Lease) that Tenant will reoccupy at least fifty percent (50%) of the Xxxxxxxx Xxxxxx Footage of the Premises (or the downsized Premises, as the case may be) within 24 months of the date of Tenant’s exercise of such Option to Extend, then the foregoing fifty percent (50%) occupancy requirement will be automatically waived.
Extension Rights. Yes; One (1) Option to Extend for a period of five (5) years (Paragraph 3.2).
Extension Rights. Provided there is not then an Event of Default hereunder or at the commencement of the relevant Option Term, Tenant shall have the right to extend the Term for seven (7) five-year extension periods (collectively, the "Option Terms" and individually, an "Option Term") upon the following terms and conditions:
Extension Rights. Tenant shall have 1 right (the “Extension Right”) to extend the term of this Lease for either a 3-year or a 5-year period (the “Extension Term”) on the same terms and conditions as this Lease (other than Base Rent) by giving Landlord written notice of its election to exercise the Extension Right (“Exercise Notice”) at least 9 months prior to the expiration of the Base Term of the Lease. If Tenant delivers the Exercise Notice to Landlord, Tenant will be deemed to have elected to extend the Term of the Lease (i) for a 3-year period if Tenant has not exercised its Expansion Right under Section 39 above, or (ii) for a 5-year period if Tenant has exercised such Expansion Right. 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 Extension Term by a percentage as determined by Landlord and agreed to by Tenant at the time the Market Rate is determined. As used herein, “Market Rate” shall mean the then 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, Landlord may impose a market rent for the parking rights provided hereunder. If, on or before the date which is 180 days prior to the expiration of the Base Term of this Lease, Tenant has not agreed with Landlord’s determination of the Market Rate and the rent escalations during the Extension Term after negotiating in good faith, Tenant shall be deemed to have elected arbitration as described in Section 40(b). Tenant acknowledges and agrees that, if Tenant has elected to exercise the Extension Right by delivering the Extension Notice to Landlord as required in this Section 40(a), Tenant shall have no right thereafter to rescind or elect not to extend the term of the Lease for the Extension Term.
Extension Rights. Tenant shall have 2 consecutive rights (each, an "EXTENSION RIGHT") to extend the term of this Lease for 5 years each (each, a "TERM EXTENSION") on the same terms and conditions as this Lease by giving Notice to Landlord of Tenant's election to exercise each Extension Right at least 12 months prior to the expiration of the Term or the expiration of any prior Term Extension. During any Term Extension, no Base Rent and no Improvement Rent shall be payable; all other Rent shall remain payable on the same terms and conditions as this Lease.
Extension Rights. Tenant shall have 1 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 written notice of its election to exercise the Extension Right at least 9 months prior, and no earlier than 12 months prior, to the expiration of the Base Term of the Lease. Notwithstanding anything to the contrary contained in this Lease, if Tenant exercise its Extension Right hereunder, commencing on April 1, 2013, Tenant’s Share of each earthquake deductible or occurrence of uninsured earthquake damage affecting the Premises shall not exceed $4.50 per rentable square foot of the Premises (the “Extension Cap”). On May 1, 2013, and on the first day of each month thereafter, the Extension Cap shall be reduced by $0.125 per rentable square foot of the Premises. Following earthquake damage to the Project during the Extension Term, Tenant shall pay Tenant’s Share of any such deductible or uninsured damage in equal monthly installments amortized over the balance of the Term of the Lease.
Extension Rights. Tenant shall have 1 right (an “Extension Right”) to extend the term of this Lease for 3 years (an “Extension Term”) on the same terms and conditions as this Lease (other than with respect to Base Rent and the Work Letter) by giving Landlord written notice of its election to exercise the Extension Right at least 9 months prior, and no earlier than 12 months prior, to the expiration of the Base Term of 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 such Extension Term by a percentage as determined by Landlord and agreed to by Tenant at the time the
Extension Rights. Tenant shall have one consecutive right (“Extension Right”) to extend the term of this Lease for 5 years (“Extension Term”) on the same terms and conditions as this Lease (other than Base Rent) by giving Landlord written notice of its election to exercise the Extension Right at least 9 months prior, and no earlier than 15 months prior, to the expiration of the Base Term of this Lease. Base Rent shall be adjusted on the commencement date of the Extension Term and on each anniversary of the commencement of the Extension Term by multiplying the Base Rent payable immediately before such adjustment by the Rent Adjustment Percentage and adding the resulting amount to the Base Rent payable immediately before such adjustment. In addition, Landlord may impose a market rent for the parking rights provided hereunder.
