Full Floor Expansion Option Clause Samples

Full Floor Expansion Option. (a) Subject to the terms of this Rider 6, Tenant shall have the option to lease a full floor in the Office Unit (i.e., the entire rentable area located on a floor in the Office Unit) consisting of at least 26,001 rentable square feet (the “Full Floor Expansion Space”), for a term commencing between the ninth (9th) and eleventh (11th) anniversary of the Commencement Date through the Expiration Date of the Lease (i.e., coterminous with the balance of the Premises). Landlord shall give Tenant written notice (the “Full Floor Availability Notice”) no less than nine (9) months and no more than twelve (12) months in advance of the Full Floor Expansion Space’s availability. The Full Floor Availability Notice shall, with respect to a Full Floor Expansion Space, include Landlord’s good faith (but not binding) estimate of the Market Rental Rate (but not binding, subject to the Baseball Arbitration procedure described below), concessions offered (in Landlord’s discretion), and the anticipated delivery date (“Anticipated Full Floor Delivery Date”). In the event Tenant desires to lease the Full Floor Expansion Space, within thirty (30) days after the date the Full Floor Availability Notice is delivered to Tenant, Tenant shall give Landlord written notice (“Full Floor Acceptance Notice”) of its election to lease the Full Floor Expansion Space, the time of giving of the Full Floor Acceptance Notice to be of the essence of this Section. In the event Tenant desires to lease the Full Floor Expansion Space but disputes in the Full Floor Acceptance Notice Landlord’s estimate of the Market Rental Rate, the parties shall have an additional period of fifteen (15) business days after Landlord’s receipt of the Full Floor Acceptance Notice in which to negotiate in good faith the Market Rental Rate. If after such fifteen (15) additional business days, the parties cannot agree to the Market Rental Rate, the Market Rental Rate shall be determined in accordance with the Baseball Arbitration procedure described below.