First Renewal Option. Tenant shall have the right to extend the Term of the Lease (the “First Renewal Option”) for one additional period of five (5) years commencing on the day following the Termination Date and ending on the 5th anniversary of the Termination Date (the “First Extended Term”), if all of the following conditions are met: (a) Landlord receives notice of exercise (“First Renewal Notice”) not less than 12 full calendar months prior to the expiration of the Term and not more than 18 full calendar months prior to the expiration of the Term; (b) the Lease is in full force and effect at the time that Tenant delivers its First Renewal Notice; (c) Tenant is not in default under the Lease beyond any applicable cure periods at the time that Tenant delivers its First Renewal Notice; and (d) Tenant has not assigned the Lease or subleased more than fifty percent (50%) of the Premises under any then-existing sublease (other than pursuant to a Permitted Transfer, as defined in Section 11.04 of the Lease). Tenant may exercise the First Renewal Option for less than the entire Premises then leased by Tenant (but not less than 50% of the Revised Premises as defined in this Amendment) so long as the space that Tenant returns to Landlord is commercially marketable, as reasonably determined by Landlord in consultation with its broker. If the First Renewal Notice is for less than the entire Premises then leased by Tenant, Tenant shall include in its First Renewal Notice a description of the approximate size and location of the space Tenant proposes to return to Landlord. If Tenant exercises the First Renewal Option, the rental rate for the Premises during that extension period will be ninety-five percent (95%) of the Fair Market Rate during that extension period, determined in accordance with Exhibit “C” attached to this Amendment. If Tenant is entitled to and properly exercises its First Renewal Option, Landlord shall prepare an amendment (the “First Renewal Amendment”) to reflect changes in the Base Rent, Term, Termination Date and other appropriate terms. The First Renewal Amendment shall be sent to Tenant within a reasonable time after Landlord’s receipt of the First Renewal Notice, and Tenant shall execute and return the First Renewal Amendment to Landlord within 15 days after Tenant’s receipt of same. This Section 12 supersedes and replaces Section 2 of Exhibit “F” attached to the Lease.
Appears in 1 contract
First Renewal Option. (a) Provided that Tenant shall have is not in default of any provision of this Lease both at the right to extend the Term time of the Lease exercise of the option contained in this Section 10.01 (the “First Renewal Option”) and at the time of the commencement of the First Renewal Term (as hereinafter defined) (or, if a default exists, it is thereafter cured within the applicable grace or cure period), then Tenant shall have the right to renew the Term (the “Original Term”) for one additional a period of five (5) years commencing on the day following the Termination Date and ending on the 5th anniversary of the Termination Date (the “First Extended Term”), if all of the following conditions are met: (a) Landlord receives notice of exercise (“First Renewal Notice”) not less than 12 full calendar months prior to the expiration of the Term and not more than 18 full calendar months prior to the expiration of the Term; (b) the Lease is in full force and effect at the time that Tenant delivers its First Renewal Notice; (c) Tenant is not in default under the Lease beyond any applicable cure periods at the time that Tenant delivers its First Renewal Notice; and (d) Tenant has not assigned the Lease or subleased more than fifty percent (50%) of the Premises under any then-existing sublease (other than pursuant to a Permitted Transfer, as defined in Section 11.04 of the Lease). Tenant may exercise the First Renewal Option for less than the entire Premises then leased by Tenant (but not less than 50% of the Revised Premises as defined in this Amendment) so long as the space that Tenant returns to Landlord is commercially marketable, as reasonably determined by Landlord in consultation with its broker. If the First Renewal Notice is for less than the entire Premises then leased by Tenant, Tenant shall include in its First Renewal Notice a description of the approximate size and location of the space Tenant proposes to return to Landlord. If Tenant exercises the First Renewal Option, the rental rate for the Premises during that extension period will be ninety-five percent (95%) of the Fair Market Rate during that extension period, determined in accordance with Exhibit “C” attached to this Amendment. If Tenant is entitled to and properly exercises its First Renewal Option, Landlord shall prepare an amendment (the “First Renewal AmendmentTerm”) to reflect changes upon the same terms as contained in this Lease (including Article 2 hereof, without any change in the Base RentTax Year or the Base Year for Operating Expenses) except that (w) the Base Rent during the First Renewal Term shall be determined as provided in Sections 10.01(a) through (g) hereof, inclusive, (x) the Base Rent shall not be abated, nor shall there be any credit, allowance or concession with respect thereto, (y) Landlord shall not perform any work to the Premises or contribute any sums thereto, and (z) Tenant shall then have only the right to renew the Term for the Second Renewal Term (as provided and defined in Section 10.02 hereof). If Tenant so elects to renew the Original Term for the First Renewal Term, Termination Date and other appropriate terms. The then Tenant shall give notice to Landlord of such election on or before a date which is six (6) months prior to the commencement of the First Renewal Amendment shall be sent to Tenant within a reasonable time after Term. Upon Landlord’s receipt of such notice, this Lease, subject to the provisions of this Section 10.01, shall be automatically extended on the Term Expiration Date for the First Renewal Notice, Term with respect to the entire Premises covered by this Lease with the same force and Tenant shall execute and return effect as if the First Renewal Amendment Term had been originally included in the Term and the Term Expiration Date shall be deemed to Landlord within 15 days after Tenant’s receipt of same. This Section 12 supersedes and replaces Section 2 of Exhibit “F” attached be extended to the Leaselast day of the First Renewal Period.
Appears in 1 contract
Samples: Lease (Digitas Inc)
First Renewal Option. Tenant shall have the right to extend the Term of the Lease (the “First Renewal Option”) for one additional period of five (5) years commencing on the day following the Termination Date and ending on the 5th anniversary of the Termination Date (the “First Extended Term”), if all of the following conditions are met: (a) Landlord receives notice of exercise (“First Renewal Notice”) not less than 12 full calendar months prior to the expiration of the Term and not more than 18 full calendar months prior to the expiration of the Term; (b) the Provided this Lease is in full force and effect at the time 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 delivers its First 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 Notice; (c) Tenant is Option provided for by this Section shall not in default under be part of the Lease beyond any applicable cure periods during the extended period and except that the annual rental shall be the then "market rent" at the time that the notice required to be given by this Paragraph is given by Tenant delivers its First Renewal Notice; and (d) Tenant has not assigned to Landlord for comparable space in the Lease or subleased more than fifty percent (50%) area by taking into account, among other things, recent comparable leases made by Landlord, the location of the Premises under any then-existing sublease (other than pursuant to a Permitted Transferpremises, 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 defined in Section 11.04 of the Lease)dry storage area only. Tenant may exercise request in writing that Landlord provide Tenant with the First Renewal Option then "market rent" (as defined above) for less than the entire Premises then leased by Tenant premises fifteen (but not less than 50% 15) months prior to the expiration of the Revised Premises as defined extended term of this Lease. Landlord shall provide Tenant with such "market rent" in this Amendmentwriting within fifteen (15) so long as 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 space that Tenant returns option of having market rent determined by an arbitrator (the "Arbitrator") by sending written notice to Landlord is commercially marketable, as reasonably determined 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. (The Arbitrator shall not select any other market rent. It must either be Landlord's or Tenant's market rent.) The Arbitrator's decision shall be final and shall not be appealable. The fees of the Arbitrator shall be shared equally by Landlord and Tenant. By deciding to use the Arbitrator to determine market rent in consultation accordance with the above, Tenant shall be deemed to have exercised its brokerrenewal option. If the First Renewal Notice Arbitrator is for less than the entire Premises then leased by Tenantnot used to determine market rent, Tenant shall include in its First Renewal Notice a description give Landlord twelve (12) months' written notice prior to the expiration of the approximate size and location extended term of Tenant's desire to so extend such term; provided further that the space Tenant proposes option to return to Landlord. If Tenant exercises the First Renewal Option, the rental rate renew provided for the Premises during that extension period will be ninety-five percent (95%) of the Fair Market Rate during that extension period, determined in accordance with Exhibit “C” attached to this Amendment. If Tenant is entitled to and properly exercises its First Renewal Option, Landlord shall prepare an amendment (the “First Renewal Amendment”) to reflect changes in the Base Rent, Term, Termination Date and other appropriate terms. The First Renewal Amendment herein shall be sent to Tenant within a reasonable time after Landlord’s receipt of the First Renewal Noticeterminated if and when this Lease is terminated, or if and Tenant shall execute and return the First Renewal Amendment to Landlord within 15 days after Tenant’s receipt of same. This Section 12 supersedes and replaces Section 2 of Exhibit “F” attached to the Leasewhen an uncured default exists hereunder at any time.
Appears in 1 contract
Samples: Commercial Lease Contract (United Natural Foods Inc)
First Renewal Option. (a) As long as Tenant is not in default in the performance of its covenants under this Lease, Landlord shall have grant Tenant the right option to extend the Term of the Lease renew (the “"First Renewal Option”") the term of this Lease for one additional a period of five sixty (560) years commencing on the day following the Termination Date and ending on the 5th anniversary of the Termination Date additional months (the “"First Extended Renewal Term”"), if all of . Tenant shall exercise the following conditions are met: (a) Landlord receives First Renewal Option by delivering written notice of exercise such election to Landlord at least twelve (“First Renewal Notice”12) not less than 12 full calendar months prior to the expiration of the initial term of this Lease. The renewal of this Lease shall be upon the same terms and conditions of this Lease, except (i) the Base Rental Rate during the First Renewal Term shall be calculated based on the prevailing Market Base Rental Rate (as hereinafter defined) at the time the First Renewal Term commences and (ii) Tenant shall not more than 18 full calendar months prior have the right to the expiration assign its renewal rights to any sublessee of the Term; Premises or any portion thereof or to any assignee of the Lease, nor may any such sublessee or assignee exercise or enjoy the benefit of such renewal rights, except for those parties referred to in paragraph 11(d) of the Lease. Notwithstanding the foregoing, Tenant shall have no right to exercise such option to renew, and Landlord shall have no obligation to renew this Lease, unless (bA) the this Lease is shall be in full force and effect at upon the time that Tenant delivers its date of the exercise of the First Renewal Notice; Option and upon the date of the expiration of the original term, and (cB) Tenant is not in default under on the Lease beyond any applicable cure periods at date of the time that Tenant delivers its exercise of the First Renewal Notice; Option and (d) Tenant has not assigned on the Lease or subleased more than fifty percent (50%) date of the Premises under any then-existing sublease (other than pursuant to a Permitted Transfer, as defined in Section 11.04 expiration of the original term there shall exist no current default on the part of Tenant under this Lease). If Tenant may shall fail to exercise the First Renewal Option for less than within the entire Premises then leased by Tenant time permitted or conditions (but A) and (B) set forth above are not less than 50% of the Revised Premises as defined in this Amendment) so long as the space that Tenant returns to Landlord is commercially marketableentirely satisfied, as reasonably determined by Landlord in consultation with its broker. If the First Renewal Notice is for less than Option shall automatically terminate, this Lease shall expire at the entire Premises then leased by Tenant, expiration of the original term and Tenant shall include have no further right thereafter to renew this Lease or to acquire any interest whatsoever in its First Renewal Notice a description of the approximate size and location of the space Tenant proposes to return to LandlordPremises. If Tenant exercises the First Renewal Option, the rental rate for shall remain in possession of the Premises during that extension period will be ninety-five percent (95%) after the expiration of the Fair Market Rate during that extension period, determined in accordance with Exhibit “C” attached original term without there having been executed between Landlord and Tenant an amendment to this Amendment. If Lease as contemplated by the terms of this Section, then Tenant is entitled to and properly exercises its First Renewal Option, Landlord shall prepare an amendment (the “First Renewal Amendment”) to reflect changes in the Base Rent, Term, Termination Date and other appropriate terms. The First Renewal Amendment shall be sent to a Tenant within a reasonable time after Landlord’s receipt of the First Renewal Notice, and Tenant shall execute and return the First Renewal Amendment to Landlord within 15 days after Tenant’s receipt of same. This Section 12 supersedes and replaces Section 2 of Exhibit “F” attached to the holding over as provided in this Lease.
Appears in 1 contract
Samples: Disturbance and Attornment Agreement (Witness Systems Inc)
