First Renewal Option. 2.01 Tenant shall have the right to extend the Term (the "First Renewal Option") for one additional period of 6 months commencing on the day following the Termination Date of the initial Term and ending on the last day of the 6th month following the Termination Date (the "First Renewal Term"), if: a. Landlord receives notice of exercise of the First Renewal Option ("First Renewal Notice") not less than 3 full calendar months prior to the expiration of the initial Term; and b. Tenant is not in Default under the Lease beyond any applicable cure periods at the time that Tenant delivers its First Renewal Notice; and c. No part of the Premises is sublet (other than pursuant to a Business Transfer, as defined in Article 11 of the Lease) at the time that Tenant delivers its First Renewal Notice; and d. The Lease has not been assigned (other than pursuant to a Business Transfer, as defined in Article 11 of the Lease) prior to the date that Tenant delivers its First Renewal Notice; and 2.02 During the First Renewal Term and Second Renewal Term (defined below), the Premises, as defined in the Lease, is increased from 3,401 rentable square feet on the 5th floor to 4,401 rentable square feet on the 5th floor by the addition of 1,000 rentable square feet (the "Additional Space"), and from and after the commencement of the First Renewal Term, the Premises and the Additional Space, collectively, shall be deemed the Premises, as defined in the Lease. The Additional Space is subject to all the terms and conditions of the Lease except as expressly modified herein. During the First Renewal Term, Tenant's Pro Rata Share for the entire Premises shall be amended from 1.3051% to 1.6889%. 2.03 The Base Rent rate per rentable square foot for the Premises during the First Renewal Term shall be as follows: 01 - 06 $36.00 $158,436.00 $13,203.00 Base Rent during the First Renewal Term shall be payable in accordance with the terms and conditions of Section 4 of the Lease.
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Sources: Office Lease Agreement (Information Services Group Inc.)
First Renewal Option. 2.01 A. Tenant shall have the right to extend the Term (the "First Renewal Option") for one additional period of 6 months 5 years commencing on the day following the Termination Date of the initial Term and ending on the last day 5/th/ anniversary of the 6th month following the Termination Date (the "First Renewal Term"), if:
a. 1. Landlord receives notice of exercise of the First Renewal Option ("Initial First Renewal Notice") not less than 3 9 full calendar months prior to the expiration of the initial Term and not more than 12 full calendar months prior to the expiration of the initial Term; and
b. 2. Tenant is not in Default default under the Lease beyond any applicable cure periods at the time that Tenant delivers its Initial First Renewal NoticeNotice or at the time Tenant delivers its First Binding Notice (as hereinafter defined); and
c. 3. No part of the Premises is sublet (other than pursuant to a Business Permitted Transfer, as defined in Article 11 of the Lease) at the time that Tenant delivers its Initial First Renewal Notice or at the time Tenant delivers its First Binding Notice; and
d. 4. The Lease has not been assigned (other than pursuant to a Business Permitted Transfer, as defined in Article 11 of the Lease) prior to the date that Tenant delivers its Initial First Renewal Notice or prior to the date Tenant delivers its First Binding Notice; and
2.02 During the First Renewal Term and Second Renewal Term (defined below), the Premises, as defined in the Lease, is increased from 3,401 rentable square feet on the 5th floor to 4,401 rentable square feet on the 5th floor by the addition of 1,000 rentable square feet (the "Additional Space"), and from and after the commencement of the First Renewal Term, the Premises and the Additional Space, collectively, shall be deemed the Premises, as defined in the Lease. The Additional Space is subject to all the terms and conditions of the Lease except as expressly modified herein. During the First Renewal Term, Tenant's Pro Rata Share for the entire Premises shall be amended from 1.3051% to 1.6889%.
2.03 B. The initial Base Rent rate per rentable square foot for the Premises during the First Renewal Term shall be as follows: 01 - 06 $36.00 $158,436.00 $13,203.00 Base equal the Prevailing Market (hereinafter defined) rate per rentable square foot for the Premises.
C. Tenant shall pay Additional Rent (i.e. Expenses and Taxes) for the Premises during the First Renewal Term in accordance with Article IV of the Lease.
D. Within 30 days after receipt of Tenant's Initial First Renewal Notice, Landlord shall advise Tenant of the applicable Base Rent rate for the Premises for the First Renewal Term. Tenant, within 15 days after the date on which Landlord advises Tenant of the applicable Base Rent rate for the First Renewal Term, shall either (i) give Landlord final binding written notice ("First Binding Notice") of Tenant's exercise of its option, or (ii) if Tenant disagrees with Landlord's determination, provide Landlord with written notice of rejection (the "First Rejection Notice"). If Tenant fails to provide Landlord with either a First Binding Notice or First Rejection Notice within such 15 day period, Tenant's First Renewal Option shall be payable null and void and of no further force and effect. If Tenant provides Landlord with a First Binding Notice, Landlord and Tenant shall enter into the First Renewal Amendment (hereinafter defined) upon the terms and conditions set forth herein. If Tenant provides Landlord with a First Rejection Notice, Landlord and Tenant shall work together in good faith to agree upon the Prevailing Market Base Rent rate for the Premises during the First Renewal Term. Upon agreement Tenant shall provide Landlord with First Binding Notice and Landlord and Tenant shall enter into the First Renewal Amendment in accordance with the terms and conditions hereof. Notwithstanding the foregoing, if Landlord and Tenant are unable to agree upon the Prevailing Market Base Rent rate for the Premises within 30 days after the date on which Tenant provides Landlord with a First Rejection Notice, Tenant's First Renewal Option shall be null and void and of Section 4 no force and effect.
E. 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:
1. sent to Tenant within a reasonable time after receipt of the First Binding Notice; and
2. executed by Tenant and returned to Landlord within 15 Business Days after its submission to Tenant. An otherwise valid exercise of the First Renewal Option shall, at Landlord's option, be fully effective whether or not the First Renewal Amendment is executed.
F. For purposes of this First Renewal Option, "Prevailing Market" shall mean the arms length fair market annual rental rate per rentable square foot under renewal leases and amendments entered into on or about the date on which the Prevailing Market is being determined hereunder for space comparable to the Premises in the Building and office buildings comparable to the Building in the downtown financial district of San Francisco, California. The determination of Prevailing Market shall take into account any material economic differences between the terms of this Lease and any comparison lease, such as rent abatements, allowances, construction costs and other concessions and the manner, if any, in which the Landlord under any such lease is reimbursed for operating expenses and taxes. The determination of Prevailing Market shall also take into consideration any reasonably anticipated changes in the Prevailing Market rate from the time such Prevailing Market rate is being determined and the time such Prevailing Market rate will become effective under this Lease.
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First Renewal Option. 2.01 A. Tenant shall have the right to extend the Term (the "First Renewal Option") for one additional period of 6 months 5 years commencing on the day following the Termination Date of the initial Term and ending on the last day 5th anniversary of the 6th month following the Termination Date (the "First Renewal Term"), if:
a. 1. Landlord receives notice of exercise of the First Renewal Option ("Initial First Renewal Notice") not less than 3 on or before to the last day of the 105th full calendar months prior to month following the expiration of the initial TermCommencement Date; and
b. 2. Tenant is not in Default default under the Lease beyond any applicable notice and cure periods at the time that Tenant delivers its Initial First Renewal NoticeNotice or at the time Tenant delivers its First Binding Notice (hereinafter defined); and
c. 3. No part more than thirty percent (30%) of the Premises is sublet (other than pursuant to except in connection with a Business Permitted Transfer, as defined in Article 11 of the Lease) at the time that Tenant delivers its Initial First Renewal Notice or at the time Tenant delivers its First Binding Notice; and
d. 4. The Lease has not been assigned (other than pursuant to except in connection with a Business Permitted Transfer, as defined in Article 11 of the Lease) prior to the date that Tenant delivers its Initial First Renewal Notice or prior to the date Tenant delivers its First Binding Notice; and
2.02 During the First Renewal Term and Second Renewal Term (defined below), the Premises, as defined in the Lease, is increased from 3,401 rentable square feet on the 5th floor to 4,401 rentable square feet on the 5th floor by the addition of 1,000 rentable square feet (the "Additional Space"), and from and after the commencement of the First Renewal Term, the Premises and the Additional Space, collectively, shall be deemed the Premises, as defined in the Lease. The Additional Space is subject to all the terms and conditions of the Lease except as expressly modified herein. During the First Renewal Term, Tenant's Pro Rata Share for the entire Premises shall be amended from 1.3051% to 1.6889%.
2.03 B. The initial Base Rent rate per rentable square foot for the Premises during the First Renewal Term shall be as follows: 01 - 06 $36.00 $158,436.00 $13,203.00 Base equal the Prevailing Market (hereinafter defined) rate per rentable square foot for the Premises.
C. Tenant shall pay Additional Rent during the First Renewal Term shall be payable in accordance with the terms and conditions of Section 4 of the Lease.(i.
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