Common use of First Option Clause in Contracts

First Option. Landlord grants Tenant an option (the "First Option") to extend the term of the Lease for one (1) additional term of five (5) years (the "First Option Term"). The First Option applies only to the Premises and is on the following conditions: A. Notice of Tenant's interest in exercising the First Option must be given to Landlord no earlier than fourteen (14) months and no later than twelve (12) months prior to the Expiration Date. B. Tenant's rights pursuant to this paragraph are personal to Tenant and may not be assigned. Tenant's right to exercise the First Option is conditioned on: (i) Tenant not being in default at the time of exercise or at the time of commencement of the First Option Term; and (ii) Tenant not having subleased or vacated more than 25% of the Premises or assigned its interest under the Lease as of the commencement of the First Option Term. Upon an assignment of the Lease, this Section is null and void. C. The First Option granted hereunder will be upon the terms of the Lease, except that the annual Base Rent during each year of the First Option Term will be an amount equal to 115% of the Base Rent payable in the last year of the Initial Term, as more specifically referenced in the commencement agreement executed by Tenant on or about the Commencement Date. D. After failure to exercise the First Option, Tenant shall have no further rights to extend the Term.

First Option. Landlord grants Tenant an option (the "First Option") to extend the term of the Lease for one (1) additional term of five (5) years (the "First Option Term"). The First Option applies only to the Premises and is on the following conditions: A. Notice of Tenant's interest in exercising the First Option must be given to Landlord no earlier than fourteen (14) months and no later than twelve (12) months prior to the Expiration Date. B. Tenant's rights pursuant to this paragraph are personal to Tenant and may not be assigned. Tenant's right to exercise the First Option is conditioned on: (i) Tenant not being in default at the time of exercise or at the time of commencement of the First Option Term; and (ii) Tenant not having subleased or vacated more than 25% of the Premises or assigned its interest under the Lease as of the commencement of the First Option Term. Upon an assignment of the Lease, this Section is null and void. C. The First Option granted hereunder will wilt be upon the terms of the Lease, except that the annual monthly Base Rent R▇▇▇ during each year of the First Option Term will shall be an amount equal to 115% of the Base Rent payable in the last year of the Initial Term, as more specifically referenced in the commencement agreement executed by Tenant on or about the Commencement Date$32,152.71. D. After failure to exercise the First Option, Tenant shall have no further rights to extend the Term.