Common use of Extension Rights Clause in Contracts

Extension Rights. Tenant shall have 1 extension right (an “Extension Right”) to extend the term of this Lease for 5 years (an “Extension Term”) on the same terms and conditions as this Lease (other than Basic Annual Rent) by giving Landlord written notice of its election to exercise the Extension Right at least 9 months prior to the Term Expiration Date. Upon the commencement of the Extension Term, Basic Annual Rent shall be payable at the Market Rate (as defined below). Basic Annual Rent shall thereafter be adjusted on each anniversary of the commencement of such 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 Basic Annual Rent payable as of the date immediately preceding the commencement of such Extension Term increased by the Rent Adjustment Percentage multiplied by such Basic Annual Rent. In addition, Landlord may impose a market rent for the parking rights provided hereunder. Landlord shall provide Tenant with Landlord’s determination of the Market Rate within 30 days after Landlord’s receipt of Tenant’s notice of its election to exercise the Extension Right. 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 42(b). Tenant acknowledges and agrees that, if Tenant has elected to exercise the Extension Right by delivering notice to Landlord as required in this Section 42(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 1 extension the right (an the “Extension Right”) to extend the term of this Lease for 5 years (an the “Extension Term”) on the same terms and conditions as this Lease (other than Basic Annual Base Rent) by giving Landlord written notice of its election to exercise the such Extension Right at least 9 12 months prior to the expiration of the Base Term Expiration Dateof the Lease. Upon the commencement of the Extension Term, Basic Annual Base Rent shall be payable at the Market Rate (as defined below). Basic Annual Base Rent shall thereafter be adjusted on each anniversary of the commencement of such the Extension Term by a percentage as determined multiplying the Base Rent payable immediately before such adjustment by Landlord the Rent Adjustment Percentage and agreed adding the resulting amount to by Tenant at the time the Market Rate is determinedBase Rent payable immediately before such adjustment. 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 Basic Annual Base Rent payable as of the date immediately preceding the commencement of such Extension Term the ExtensionTerm increased by the Rent Adjustment Percentage multiplied by such Basic Annual Base Rent. In addition, Landlord may impose a market rent for the parking rights provided hereunder. Landlord shall provide Tenant with Landlord’s determination of the Market Rate within 30 days after Landlord’s receipt of Tenant’s notice of its election to exercise the Extension Right. If, on or before the date which is 180 270 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 may by written notice to Landlord not later than 270 days prior to the expiration of the Base Term of this Lease, elect arbitration as described in Section 39(b) below. If Tenant does not elect such arbitration, Tenant shall be deemed to have elected arbitration as described in Section 42(b). Tenant acknowledges waived any right to extend the Term of the Lease and agrees that, if Tenant has elected to exercise the Extension Right by delivering notice to Landlord as required in this Section 42(a), Tenant shall have no right thereafter to rescind or elect not to extend the term of the Lease for the Extension Termterminate.

Extension Rights. Tenant shall have 1 extension right 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 Basic Annual Rentwith respect to Base Rent and the Work Letter) by giving Landlord written notice (“Exercise Notice”) of its election to exercise the each Extension Right at least 9 months prior to (the Term Expiration “Exercise Date. Upon the commencement of the Extension Term”), Basic Annual Rent shall be payable at the Market Rate (as defined below). Basic Annual Rent shall thereafter be adjusted on each anniversary of the commencement of such Extension Term by a percentage as determined by Landlord and agreed to by Tenant at the time the Market Rate is determined. As used hereinno earlier than months prior, “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 Basic Annual Rent payable as of the date immediately preceding the commencement of such Extension Term increased by the Rent Adjustment Percentage multiplied by such Basic Annual Rent. In addition, Landlord may impose a market rent for the parking rights provided hereunder. Landlord shall provide Tenant with Landlord’s determination of the Market Rate within 30 days after Landlord’s receipt of Tenant’s notice of its election to exercise the Extension Right. If, on or before the date which is 180 days prior to the expiration of the Base Term of this LeaseLease or the expiration of the prior Extension Term. Upon the commencement of the first Extension Term and on each annual anniversary of the commencement of the first Extension Term, Base Rent shall be adjusted 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. Tenant shall exercise the second Extension Right, if at all, as follows: (i) Tenant shall deliver written notice to Landlord (the “Interest Notice”) not more than months nor less than months prior to the expiration of the first Extension Term stating that Tenant may be interested in exercising its second Extension Right; (ii) Landlord shall deliver written notice (the “Option Rent Notice”) to Tenant within days after Landlord’s receipt of the Interest Notice setting forth Landlord’s good faith determination of the Market Rate during the second Extension Term; and (iii) if Tenant wishes to exercise its second Extension Right, Tenant has not agreed shall, on or before the Exercise Date, exercise such second Extension Right by delivering an Exercise Notice to Landlord. Concurrently with Tenant’s delivery of an Exercise Notice to Landlord, Tenant may object, in writing (the “Objection Notice”), to Landlord’s determination of the Market Rate and set forth in the rent escalations during Option Rent Notice, in which event such Market Rate shall be determined by arbitration pursuant to Section 39(b) below. If Tenant does not deliver an Objection Notice pursuant to the Extension Term after negotiating in good faithimmediately preceding sentence, Tenant shall be deemed to have elected arbitration as described accepted the Market Rate set forth in Section 42(b)the Option Rent Notice. Tenant acknowledges and agrees that, if Tenant has elected to exercise the Extension Right by delivering notice delivered an Exercise Notice to Landlord as required in pursuant to this Section 42(a39(a), Tenant shall have no right thereafter to rescind such Exercise Notice or elect not to extend the term of the this Lease for the Extension TermTerm subject to the Exercise Notice.

Extension Rights. Tenant shall have 1 extension right 2 consecutive rights (each, an “"Extension Right”) "} to extend the term of this Lease for 5 years each (an “Extension Term”each, a "Term Extension") on the same terms and conditions as this Lease (other than Basic Annual Rent) by giving Notice to Landlord written notice of its Tenant's election to exercise the each Extension Right at least 9 12 months prior to the Term Expiration Date. Upon the commencement expiration of the Extension TermTerm or the expiration of any prior Term Extension. During any Term Extension, Basic Annual Base Rent shall be payable at the "Market Rate Rate" (as defined below), but in no event less than the Base Rent payable as of the date immediately preceding the commencement of such Term Extension. Basic Annual Base Rent shall thereafter be adjusted on the commencement of each Term Extension and on each annual anniversary of the commencement of such Term Extension Term shall be increased by a percentage as determined by Landlord and agreed to by Tenant at the time the Market Rate is determineddetermined (the "Extension Rent Adjustment Percentage"). 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 taking into account the Basic Annual Rent base rent then payable as of the date immediately preceding the commencement of such Extension Term increased by the Rent Adjustment Percentage multiplied by such Basic Annual Rent. In addition, Landlord may impose a market rent for the parking rights provided hereunder. Landlord shall provide Tenant with Landlord’s determination of the Market Rate within 30 days after Landlord’s receipt of Tenant’s notice of its election to exercise the Extension Rightat Similar Facilities. If, on or before the date which that is 180 days prior to the expiration of the Base Term or the expiration of this Leaseany prior Term Extension, Tenant has not agreed with Landlord’s 's determination of the Market Rate and the rent escalations Extension Rent Adjustment Percentage during the such subsequent Term Extension Term after negotiating in good faith, Tenant may elect arbitration as described in Section 41(b) below. If Tenant does not elect such arbitration, ------------- Tenant shall be deemed to have elected arbitration as described in Section 42(b). Tenant acknowledges waived any right to extend, or further extend, the Term and agrees that, if Tenant has elected to exercise the Extension Right by delivering notice to Landlord as required in this Section 42(a), Tenant shall have no right thereafter to rescind or elect not to extend the term all of the Lease for the remaining Extension TermRights shall terminate.

Extension Rights. So long as no Event of Default has occurred and is continuing under this Lease, and subject to satisfaction of the Lease Extension Operating Test for such extension period, Tenant shall have 1 extension right the option (an the “Extension RightOption”) to extend the term Fixed Term of this Lease for 5 three (3) additional successive periods of five (5) years each (each an “Extension Term”) on ). Said Extension Option shall be subject, however, to the same following terms and conditions as this Lease conditions: (other than Basic Annual Renta) Tenant shall exercise each such Extension Option by giving Landlord written notice of its election to exercise the Extension Right Landlord at least 9 six (6) months prior to the Term Expiration Date. Upon the commencement of the Extension Term, Basic Annual Rent shall be payable at the Market Rate (as defined below). Basic Annual Rent shall thereafter be adjusted on each anniversary of the commencement of such 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 Basic Annual Rent payable as of the date immediately preceding the commencement of such Extension Term increased by the Rent Adjustment Percentage multiplied by such Basic Annual Rent. In addition, Landlord may impose a market rent for the parking rights provided hereunder. Landlord shall provide Tenant with Landlord’s determination of the Market Rate within 30 days after Landlord’s receipt of Tenant’s notice of its election to exercise the Extension Right. If, on or before the date which is 180 days prior to the expiration of the Base Fixed Term or the then current Extension Term, as applicable (the “Extension Notice”). Notwithstanding the foregoing, in the event Tenant fails to give notice of this Lease, Tenant has not agreed with Landlord’s determination its election to extend at least six (6) months prior to the expiration of the Market Rate Fixed Term or then current Extension Term, as the case may be, then Landlord shall notify Tenant in writing of such failure and the rent escalations during thereafter Tenant shall have an additional fifteen (15) days to exercise the Extension Term after negotiating Option by giving an Extension Notice to Landlord; and in good faiththe event Tenant fails to exercise the Extension Option within such fifteen (15) day period, then Tenant shall be deemed to have elected arbitration as described in Section 42(b). Tenant acknowledges and agrees that, if Tenant has elected to exercise waived the Extension Right Option, and the Term shall expire at the end of the Fixed Term or then current Extension Term, as applicable. (b) No Event of Default shall exist on the date of commencement of any Extension Term. (c) Tenant shall have delivered to Landlord, on or before the first day of the applicable Extension Term, a renewal or extension of the Letter of Credit or a substitute letter of credit, upon the same terms and in the same amount (as the same may have been adjusted pursuant to Section 3.9(n)) as the expiring Letter of Credit and otherwise acceptable to Landlord, which renewed, extended, or substituted letter of credit shall be maintained in effect, by delivering notice automatic renewal or extension, until the date which is thirty (30) days after expiration of the subject Extension Term. Any such renewed, extended, or substituted letter of credit shall be deemed the “Letter of Credit” under this Lease during the subject Extension Term and shall be held and governed pursuant to Landlord as required the terms of Section 3.9 below which are applicable to the original Letter of Credit, including without limitation the provisions of said Section 3.9 which permit the reduction of the Letter of Credit from time to time. Notwithstanding the foregoing, in the event that Net Operating Income from the Leased Property, calculated on a trailing 12 month basis (excluding any Net Operating Income attributable to any Property which has been released from this Section 42(aLease), shall have been not less than an amount equal to 1.05 times annual Base Rent (excluding Base Rent attributable to any Property which has been released from this Lease) for the eight (8) consecutive calendar quarters immediately preceding the calendar month in which an Extension Term commences, Tenant shall have no right thereafter not be required to rescind or elect not to extend provide and maintain a Letter of Credit during such Extension Term. The Base Rent for each Extension Term shall be adjusted and reallocated among the term Properties as of the first day of such Extension Term as provided in Section 3.3 below, and the Additional Rent Base shall be adjusted as of the first day of such Extension Term as provided in Section 3.4 below. Except for such adjustment of Base Rent and the Additional Rent Base, all of the terms, covenants and conditions of this Lease for the shall continue in full force and effect during each Extension Term, as if such Extension Term were part of the original Term.

Extension Rights. Tenant shall have 1 extension right 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 Basic Annual Rentwith respect to Base Rent and the Work Letter) by giving Landlord written notice of its election to exercise the each Extension Right at least 9 months prior prior, and no earlier than 12 months prior, to the Term Expiration Date. Upon the commencement expiration of the Base Term of the Lease or the expiration of any prior Extension Term. Notwithstanding anything to the contrary contained in this Lease, Basic Annual Rent Tenant agrees that if Tenant properly exercises the first Extension Right and, if applicable, the second Extension Right under the 249 Lease, but does not properly exercise the corresponding right under this Lease, the scheduled expiration date of the then applicable Term (i.e., Base Term or, if applicable, the first Extension Term) shall be payable at Net Multi-Tenant Laboratory 259 E. Grand/Onyx - Page 32 automatically extended as necessary, but not to exceed 15 months, so that Landlord has a full 24 months notice that Tenant is not electing to exercise the Market Rate (as defined below). Basic Annual Rent shall thereafter be adjusted on each anniversary of first Extension Right for the commencement of such first Extension Term by a percentage as determined by Landlord and agreed to by Tenant at or, if applicable, the time second Extension Right for 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 Basic Annual Rent payable as of the date immediately preceding the commencement of such second Extension Term increased by under this Lease. Tenant shall have the Rent Adjustment Percentage multiplied by such Basic Annual Rent. In addition, Landlord may impose a market rent for the parking rights provided hereunder. Landlord shall provide Tenant with Landlord’s determination of the Market Rate within 30 days after Landlord’s receipt of Tenant’s notice of right to waive its election right to exercise the Extension Right. If, on or before Right that can next be exercised under this Lease prior to the date which that is 180 days 9 months 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 42(b). Tenant acknowledges and agrees that, if Tenant has elected to exercise the Extension Right by delivering notice to Landlord as required in this Section 42(a), Tenant shall have no right thereafter to rescind or elect not to extend the term of the Lease for the Extension Term, as applicable (the “Extension Deadline”) by delivering written notice thereof to Landlord (a “Non-Extension Election Notice”), in which case the 15-month period in the preceding sentence shall be reduced by 1 day for each day prior to the Extension Deadline that Tenant delivers the Non-Extension Election Notice to Landlord. Nothing contained herein is intended to grant Tenant any additional time to elect to exercise an Extension Right or grant Tenant the right to rescind any Extension Right previously elected by Tenant. For example purposes, (1) if Tenant delivers a Non-Extension Election Notice 12 months prior to the expiration of the Base Term, the scheduled expiration date of the Term shall be automatically extended for 12 months, and (2) if Tenant fails to deliver a Non-Extension Election Notice and fails to exercise its first Extension Right, the scheduled expiration date of the Term shall be automatically extended for 15 months. The provisions of this paragraph shall not apply as to the second Extension Right if Tenant does not properly exercise the first Extension Right under this Lease.

Extension Rights. Tenant shall have 1 extension right 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 Basic Annual Base Rent) by giving Landlord written notice of its election to exercise the each Extension Right at least 9 12 months prior prior, and no earlier than 18 months prior, to the Term Expiration Date. Upon the commencement expiration of the Base Term of the Lease or the expiration of any prior Extension Term, Basic Annual . Base Rent shall be payable at adjusted (i) first, on the commencement date of such Extension Term to the Market Rate (as defined below). Basic Annual Rent shall thereafter be adjusted , and (ii) thereafter, on each annual anniversary of the commencement of such Extension Term by a percentage as determined multiplying the Base Rent payable immediately before such adjustment by Landlord the Rent Adjustment Percentage and agreed adding the resulting amount to by Tenant at the time the Market Rate is determinedBase Rent payable immediately before such adjustment. As used herein, “Market Rate” shall mean the then market rental rate as determined by Landlord and agreed to by Tenant, for comparable first-class office and laboratory space in the ▇▇▇▇▇▇▇ Square, Cambridge, Massachusetts area, which shall in no event be less than the Basic Annual Base Rent payable as of the date immediately preceding the commencement of such Extension Term increased by the Rent Adjustment Percentage multiplied by such Basic Annual RentTerm. In addition, Landlord may impose a market rent for the parking rights provided hereunder. Landlord shall provide Tenant with Landlord’s determination of the Market Rate within 30 days after Landlord’s receipt of Tenant’s notice of its election to exercise the Extension Right. If, on or before the date which is 180 120 days prior to the expiration of the Base Term of this Lease, or the expiration of any prior Extension Term, Tenant has not agreed with Landlord’s determination of the Market Rate and the rent escalations during the such subsequent Extension Term after negotiating in good faith, Tenant may by written notice to Landlord not later than 120 days prior to the expiration of the Base Term of this Lease, or the expiration of any then effective Extension Term, elect arbitration as described in Section 40(b) below. If Tenant does not elect such arbitration, Tenant shall be deemed to have elected arbitration as described in Section 42(b). Tenant acknowledges and agrees thatwaived any right to extend, if Tenant has elected to exercise or further extend, the Extension Right by delivering notice to Landlord as required in this Section 42(a), Tenant shall have no right thereafter to rescind or elect not to extend the term Term of the Lease for and all of the remaining Extension TermRights shall terminate.

Extension Rights. Tenant shall have 1 extension the right (an the “Extension Right”) to extend the term of this Lease for 5 years (an the “Extension Term”) on the same terms and conditions as this Lease (other than Basic Annual Base Rent) by giving Landlord written notice of its election to exercise the each Extension Right at least 9 12 months prior to the expiration of the Base Term Expiration Dateof the Lease or the expiration of any prior Extension Term. Upon the commencement of the any Extension Term, Basic Annual Base Rent shall be payable at the Market Rate (as defined below). Basic Annual 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 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 Basic Annual Base Rent payable as of the date immediately preceding the commencement of such Extension Term increased by the Rent Adjustment Percentage multiplied by such Basic Annual Base Rent. In addition, Landlord may impose a market rent for the parking rights provided hereunder. Landlord shall provide Tenant with Landlord’s determination of the Market Rate within 30 days after Landlord’s receipt of Tenant’s notice of its election to exercise the Extension Right. If, on or before the date which is 180 120 days prior to the expiration of the Base Term of this Lease, or the expiration of any prior Extension Term, Tenant has not agreed with Landlord’s determination of the Market Rate and the rent escalations during the such subsequent Extension Term after negotiating in good faith, Tenant may by written notice to Landlord not later than 120 days prior to the expiration of the Base Term of this Lease, or the expiration of any then effective Extension Term, elect arbitration as described in Section 40(b) below. If Tenant does not elect such arbitration, Tenant shall be deemed to have elected arbitration as described in Section 42(b). Tenant acknowledges and agrees thatwaived any right to extend, if Tenant has elected to exercise or further extend, the Extension Right by delivering notice to Landlord as required in this Section 42(a), Tenant shall have no right thereafter to rescind or elect not to extend the term Term of the Lease for and all of the remaining Extension TermRights shall terminate.

Extension Rights. So long as no Event of Default has occurred and is continuing under this Lease, and subject to satisfaction of the Lease Extension Operating Test for such extension period, Tenant shall have 1 extension right the option (an “the "Extension Right”Option") to extend the term Fixed Term of this Lease for 5 three (3) additional successive periods of five (5) years each (each an “"Extension Term”) on "). Said Extension Option shall be subject, however, to the same following terms and conditions as this Lease conditions: (other than Basic Annual Renta) Tenant shall exercise each such Extension Option by giving Landlord written notice of its election to exercise the Extension Right Landlord at least 9 six (6) months prior to the Term Expiration Date. Upon the commencement of the Extension Term, Basic Annual Rent shall be payable at the Market Rate (as defined below). Basic Annual Rent shall thereafter be adjusted on each anniversary of the commencement of such 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 Basic Annual Rent payable as of the date immediately preceding the commencement of such Extension Term increased by the Rent Adjustment Percentage multiplied by such Basic Annual Rent. In addition, Landlord may impose a market rent for the parking rights provided hereunder. Landlord shall provide Tenant with Landlord’s determination of the Market Rate within 30 days after Landlord’s receipt of Tenant’s notice of its election to exercise the Extension Right. If, on or before the date which is 180 days prior to the expiration of the Base Fixed Term or the then current Extension Term, as applicable (the "Extension Notice"). Notwithstanding the foregoing, in the event Tenant fails to give notice of this Lease, Tenant has not agreed with Landlord’s determination its election to extend at least six (6) months prior to the expiration of the Market Rate Fixed Term or then current Extension Term, as the case may be, then Landlord shall notify Tenant in writing of such failure and the rent escalations during thereafter Tenant shall have an additional fifteen (15) days to exercise the Extension Term after negotiating Option by giving an Extension Notice to Landlord; and in good faiththe event Tenant fails to exercise the Extension Option within such fifteen (15) day period, then Tenant shall be deemed to have elected arbitration as described in Section 42(b). Tenant acknowledges and agrees that, if Tenant has elected to exercise waived the Extension Right Option, and the Term shall expire at the end of the Fixed Term or then current Extension Term, as applicable. (b) No Event of Default shall exist on the date of commencement of any Extension Term. (c) Tenant shall have delivered to Landlord, on or before the first day of the applicable Extension Term, a renewal or extension of the Letter of Credit or a substitute letter of credit, upon the same terms and in the same amount (as the same may have been adjusted pursuant to Section 3.9(n)) as the expiring Letter of Credit and otherwise acceptable to Landlord, which renewed, extended, or substituted letter of credit shall be maintained in effect, by delivering notice automatic renewal or extension, until the date which is thirty (30) days after expiration of the subject Extension Term. Any such renewed, extended, or substituted letter of credit shall be deemed the "Letter of Credit" under this Lease during the subject Extension Term and shall be held and governed pursuant to Landlord as required the terms of Section 3.9 below which are applicable to the original Letter of Credit, including without limitation the provisions of said Section 3.9 which permit the reduction of the Letter of Credit from time to time. Notwithstanding the foregoing, in the event that Net Operating Income from the Leased Property, calculated on a trailing 12 month basis (excluding any Net Operating Income attributable to any Property which has been released from this Section 42(aLease), shall have been not less than an amount equal to 1.05 times annual Base Rent (excluding Base Rent attributable to any Property which has been released from this Lease) for the eight (8) consecutive calendar quarters ending on September 30 of the year immediately preceding the calendar year in which an Extension Term commences, Tenant shall have no right thereafter not be required to rescind or elect not to extend provide and maintain a Letter of Credit during such Extension Term. The Base Rent for each Extension Term shall be adjusted and reallocated among the term Properties as of the first day of such Extension Term as provided in Section 3.3 below, and the Additional Rent Base shall be adjusted as of the first day of such Extension Term as provided in Section 3.4 below. Except for such adjustment of Base Rent and the Additional Rent Base, all of the terms, covenants and conditions of this Lease for the shall continue in full force and effect during each Extension Term, as if such Extension Term were part of the original Term.

Extension Rights. Tenant shall have 1 extension right two 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 Basic Annual Rent) by giving Landlord written notice of its election to exercise the each Extension Right at least 9 months 180 days prior to the Term Expiration Date. Upon the commencement expiration of the initial term of the Lease or the expiration of any prior Extension Term. During any Extension Term, Basic Annual Base Rent shall be payable at the rate of 95% of the Market Rate (as defined below), but in no event less than the Base Rent payable as of the date immediately preceding the commencement such Extension Term. Basic Annual Base Rent shall thereafter be adjusted on the commencement of each Extension Term and on each annual anniversary of the commencement of such Extension Term shall be increased by a percentage as determined by Landlord and agreed to by Tenant at the time the Market Rate Rent is determined, but in no event less than the Rent Adjustment Percentage hereunder. 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 Basic Annual Rent payable as of the date immediately preceding the commencement of such Extension Term increased by the Rent Adjustment Percentage multiplied by such Basic Annual Rent. In addition, Landlord may impose a market rent for the parking rights provided hereunder. Landlord shall provide Tenant with Landlord’s determination of the Market Rate within 30 days after Landlord’s receipt of Tenant’s notice of its election to exercise the Extension Right. If, on or before the date which is 180 120 days prior to the expiration of the Base initial Term of this Lease, or the expiration of any Extension Term, Tenant has not agreed with Landlord’s 's determination of the Market Rate and the rent escalations during the such subsequent Extension Term after negotiating in good faith, Tenant may by written notice to Landlord elect arbitration as described in Section 41 (b) below. If Tenant does not elect such arbitration, Tenant shall be deemed to have elected arbitration as described in Section 42(b). Tenant acknowledges and agrees thatwaived any right to extend, if Tenant has elected to exercise or further extend, the Extension Right by delivering notice to Landlord as required in this Section 42(a), Tenant shall have no right thereafter to rescind or elect not to extend the term Term of the Lease for and all of the remaining Extension TermRights shall terminate.