First Renewal Option. Tenant shall have an option (the "First -------------------- Renewal Option") to renew the Term with respect to all or a portion of the Premises demised under or pursuant to this Lease as of the expiration date of the Initial Term (subject to Section 32D), for one additional term (the "First Renewal Term") of five years, upon the following terms and conditions:
First Renewal Option. Provided this Lease is in full force and effect at the expiration of the original one hundred eighty-four (184) month term of this Lease, and provided that an uncured default does not exist, the term shall be extended at the option of Tenant for an additional period of five (5) years then next ensuing, on the same terms, covenants and conditions as herein set forth, except that the Renewal Option provided for by this Section shall not be part of the Lease during the extended period and except that the annual rental shall be the then "market rent" at the time the notice required to be given by this Paragraph is given by Tenant to Landlord for comparable space in the area by taking into account, among other things, recent comparable leases made by Landlord, the location of the premises, quality of construction, stacking height, quality and type of paving, sprinkler system, bay sizes, landscaping, age of improvements, broker commissions, Tenant improvements and modifications and comparable obligations of Landlord provided, however, that the value of freezers, coolers, grain room and racking equipment or systems shall be excluded from the determination of "market rent" by Landlord and such areas shall be valued as dry storage area only. Tenant may request in writing that Landlord provide Tenant with the then "market rent" (as defined above) for the premises fifteen (15) months prior to the expiration of the extended term of this Lease. Landlord shall provide Tenant with such "market rent" in writing within fifteen (15) days of receipt of Tenant's written request. If Tenant does not agree with Landlord's market rent, and Landlord and Tenant cannot agree on market rent within thirty (30) days after Landlord provides Tenant with market rent, then Tenant shall have the option of having market rent determined by an arbitrator (the "Arbitrator") by sending written notice to Landlord of its desire to do so within five (5) days after the end of said thirty (30) day period. The Arbitrator shall be selected by The Atlanta Commercial Board of Realtors and shall be someone with at least ten (10) years experience in industrial space in Metropolitan Atlanta. Landlord and Tenant both shall submit what they deem to be market rent to the Arbitrator within ten (10) days after such thirty (30) day period. The Arbitrator shall have thirty (30) days to make its decision. The Arbitrator shall be instructed that it must select either Landlord's market rent or Tenant's market rent. (...
First Renewal Option. A. Tenant shall have the right to extend the Term (the "First Renewal Option") for one additional period of 5 years commencing on the day following the Termination Date of the initial Term and ending on the 5th anniversary of the Termination Date (the "First Renewal Term"), if:
First Renewal Option. Provided (i) Tenant is not in default beyond any applicable grace or cure period as of the date of exercise of the First Renewal Option (as hereinafter defined) nor at the date of the commencement of the First Renewal Option; and (ii) Tenant has not sublet any part of the Premises or assigned any part of the Lease (except for assignments or subleases permitted under the Lease without Landlord’s consent), Tenant shall have the right to renew the term of the Lease for one period of five (5) years (“First Renewal Option”), commencing September 1, 2023 (“First Renewal Commencement Date”) and expiring August 31, 2028. During the term of the First Renewal Option, Base Rent shall be at the following rates: Based on 15.313RSF Period S/RSF Monthly [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] Tenant shall exercise the First Renewal Option by furnishing Landlord written notice of Tenant’s exercise of the First Renewal Option (“First Renewal Notice”) by 5:00 p.m., Troy, Michigan time, on February 28, 2023. Landlord shall, within five (5) days of receipt of Tenant’s First Renewal Notice, deliver a Lease amendment solely documenting the new terms for the First Renewal Option as set forth above. Tenant shall promptly execute the amendment, thus confirming the exercise of the First Renewal Option. All of the other terms and conditions shall remain as provided in this Lease and Tenant shall occupy the Premises throughout the First Renewal Option in its then, as-is condition (subject to Landlord’s express obligations under the Lease). The First Renewal Option is personal to Tenant and shall not be assignable or transferable to any other party whatsoever.
First Renewal Option. (a) Subject to the provisions of Section 33.01(b) of this Lease, provided that on the date Tenant exercises the First Renewal Option (as hereinafter defined) and at the commencement of the First Renewal Term (as hereinafter defined), (i) this Lease shall not have been terminated, (ii) no Event of Default shall exist (which condition may be waived by Landlord in its sole and absolute discretion), and (iii) Tenant, its Affiliates and Permitted Occupants shall be physically occupying at least seventy-five percent (75%) of the Rentable Square Foot area of the Premises (which condition may be waived by Landlord in its sole and absolute discretion), Tenant shall have the option (the “First Renewal Option”) to extend the Term of this Lease for either (A) a Renewal Term consisting of ten (10) years (the “Ten Year Renewal Option”), or (B) a Renewal Term consisting of five (5) years, in which event, if Tenant shall exercise such five (5) year option, Tenant shall have the right to a second five (5) year option to renew (each, a “Five Year Renewal Option”). The extension of the Term of this Lease through Tenant’s exercise of the First Renewal Option, whether it shall be a Ten Year Renewal Option or a Five Year Renewal Option, shall be known as the “First Renewal Term.” If Tenant shall exercise the First Renewal Option, the First Renewal Term shall commence on the day immediately following the Expiration Date and end on (x) the tenth (10th) anniversary of the Expiration Date, if Tenant shall have exercised the Ten Year Renewal Option, or (y) the fifth (5th) anniversary of the Expiration Date, if Tenant shall have exercised a Five Year Renewal Option. If Tenant shall have exercised the Ten Year Renewal Option, Tenant shall have no further renewal options under this Lease during the First Renewal Term.
First Renewal Option. Subject to the provisions of Section 2(d) hereof, upon notice given in manner provided herein not less than one hundred twenty (120) days prior to the expiration of the Initial Term, the Executive may extend the Initial Term for an additional three (3) year period (the "First Renewal Term") upon the same terms and conditions (except the right to renew for three (3) years) as set forth herein except that the bonus provided for in Section 5(b) of this Agreement shall be 12.5% of the Company's annual pre-tax profits (as defined in Paragraph 5(b)(iii) hereof) during the First Renewal Term. The First Renewal Term shall terminate as of the close of business on the eighth (8th) anniversary of the Effective Date.
First Renewal Option. Section 2 of Exhibit F to the Lease, entitled "First Renewal Option,'' is hereby deleted from the Lease.
First Renewal Option. 24 EXHIBITS: EXHIBIT A - LEGAL DESCRIPTION .........................................................26 EXHIBIT B - FLOOR PLAN ................................................................27 EXHIBIT C -INTENTIONALLY OMITTED EXHIBIT D - RULES AND REGULATIONS .....................................................29 EXHIBIT E-1 - TENANT ESTOPPEL CERTIFICATE .............................................33 EXHIBIT E-2 - LANDLORD ESTOPPEL CERTIFICATE ...........................................35 EXHIBIT F - TENANT CONSTRUCTION .......................................................37 EXHIBIT G - SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT .................................................................39 EXHIBIT H - LANDLORD'S LIEN WAIVER ....................................................46 INDUSTRIAL BUILDING LEASE THIS LEASE, is made and entered into on this 23rd day of July, 2001, between The Lincoln National Life Insurance Company, an Indiana corporation, ("Landlord") and iFulfillment, Inc., a Georgia corporation ("Tenant").
First Renewal Option. Provided Tenant is not in default in any of the terms, conditions or covenants of this Lease either on the date Tenant gives Landlord the renewal notice required herein or at the end of the initial Term of this Lease, Landlord hereby grants to Tenant an option to renew this Lease for an additional period of five (5) years ("First Renewal Option"). Such option to renew must be exercised by giving written notice to Landlord at least ninety (90) days prior to the termination of the initial Term of this Lease, and once a notice to exercise is given it is irrevocable by Tenant. If Tenant elects to exercise the First Renewal Option, then such renewal term shall be on the same terms and conditions as contained in this Lease, except that Base Rental shall be as follows: Period Monthly Base Rent ------ ----------------- 1/1/03 - 6/30/03 $ 140,700.28 7/1/03 - 6/30/04 $ 143,948.95 7/1/04 - 6/30/05 $ 147,492.95 7/1/05 - 6/30/06 $ 151,035.95 7/1/06 - 6/30/07 $ 154,876.28 7/1/07 - 12/31/07 $ 158,715.62
First Renewal Option. The Base Rent for the first renewal option (the “First Renewal Option”) shall be at $17.00 per rentable square foot (i.e. $ 83,796.67 per month). Tenant shall deliver written notice to Landlord of Tenant’s intent to exercise the First Renewal Option granted herein (the “First Renewal Notice”) no less than nine (9) months prior to the expiration of the Original Term of this Lease. Upon Landlord’s receipt of the First Renewal Notice, Landlord shall lease to Tenant the Premises for an extended renewal term (the “First Renewal Term”) of sixty (60) months in the then-current “AS IS WHERE IS” with all faults condition, and Landlord shall not provide to Tenant any allowances or other tenant inducements in association with the First Renewal Term. All Expense Stops during the First Renewal Term shall remain those amounts as defined in Section 2.3 of the Lease.
