Common use of Notice and Exercise Clause in Contracts

Notice and Exercise. Provided no Tenant default has occurred and is continuing under this Lease beyond any applicable cure period and Tenant has not assigned this Lease nor sublet all or any portion of the Premises, Tenant is hereby granted the option to extend the Term once for an additional period of three (3) years (the “Extension Term”) commencing upon the expiration of the initial Term on the same terms and conditions as contained in the other provisions of this Lease other than any upfitting allowance (Tenant accepting the Premises in its “as, is” condition but shall have the right to alter the Premises as set forth in Section 5 of this Lease), additional renewal options and as otherwise provided in this Section. This option shall be exercised only by delivery of written notice (the “Renewal Notice”) to Landlord no later than nine (9) months prior to the scheduled Expiration Date referred to in Section 1(f) of this Lease. The Minimum Rental for the Premises shall be the then fair market rental (“Market Rate”) applicable to the Premises, and the Operating Expense Stop shall be adjusted to the extent reflected in the Minimum Rental for the Extension Term. Except as otherwise set forth herein, Tenant’s occupancy of the Premises during the Extension Term shall be subject to all other terms and conditions of this Lease, expressly including without limitation, the obligation to pay its proportionate share of the Tenant Expenses.

Appears in 2 contracts

Samples: Lease Agreement (Inspire Pharmaceuticals Inc), Lease Agreement (Inspire Pharmaceuticals Inc)

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Notice and Exercise. Provided no Tenant default Event of Default has occurred and is continuing under this Lease beyond any applicable cure period and Tenant has not assigned this Lease nor sublet all or any portion of the PremisesLease, Tenant is hereby granted the option to extend the Term once for an additional period of three five (35) years (the “Extension Renewal Term”) commencing upon the expiration of the initial Term on the same terms and conditions (except as provided in this Section) as contained in the other provisions of this Lease other than any upfitting allowance (Tenant accepting the Premises in its “as, is” condition but shall have the right to alter the Premises as set forth in Section 5 of this Lease), additional renewal options and as otherwise provided in this Section. This option shall be exercised only by delivery of written notice (the “Renewal Notice”) to Landlord no later than nine (9) months prior to the scheduled schedule Expiration Date referred to in Section 1(f) Paragraph 2 of this Lease. The Minimum Rental for the Premises shall be the then fair market rental (“Market Rate”) applicable to the Premises, and the Operating Expense Stop shall be adjusted to the extent reflected in the Minimum Rental for the Extension Term. Except as otherwise set forth herein, Tenant’s occupancy of the Premises during the Extension Term any renewal period shall be subject to all other terms and conditions of this Lease, expressly including without limitation, the obligation to pay its Tenant’s proportionate share of the taxes, insurance premiums and common area maintenance costs; provided, however, Landlord shall have no obligation to provide any upfitting allowance for the Renewal Term and Tenant Expensesagrees to continue leasing the Premises in its “as-is” condition.

Appears in 1 contract

Samples: Lease Agreement (Icagen Inc)

Notice and Exercise. Provided no Tenant default Event of Default has occurred and is continuing under this Lease beyond any applicable cure period and Tenant has not assigned this Lease nor sublet all or any portion of the PremisesOriginal Lease, as herein amended, Tenant is hereby granted the option to extend the Term term of its lease of the Expansion Space once for an additional period of three (3) years (the “Extension Renewal Term”) (from October 1, 2008 through September 30, 2011) commencing upon the expiration of the initial Term existing term for the Expansion Space on the same terms and conditions (except as provided in this Third Amendment) as contained in the other provisions of this Lease other than any upfitting allowance (Tenant accepting the Premises in its “as, is” condition but shall have the right to alter the Premises as set forth in Section 5 of this Original Lease), additional renewal options and as otherwise provided in this Section. This option shall be exercised only by delivery of written notice (the “Renewal Notice”) to Landlord no later than nine six (9) months prior to September 30, 2008, the scheduled Expiration Date referred expiration date of the term of the lease of the Expansion Space, as set forth in Paragraph 2 of the Second Amendment to in Section 1(f) of this Lease. The Minimum Rental for the Premises Expansion Space during the Renewal Term shall be the then fair market rental (“Market Rate”) applicable to the Premises, and the Operating Expense Stop shall be adjusted to the extent reflected in the Minimum Rental for the Extension TermExpansion Space. Except as otherwise set forth herein, Tenant’s occupancy of the Premises Expansion Space during the Extension Term any renewal period shall be subject to all other terms and conditions of this the Lease, expressly including without limitation, the obligation to pay its Tenant’s proportionate share of the taxes, insurance premiums and common area maintenance costs; provided, however, Landlord shall have no obligation to provide any upfitting allowance for the Renewal Term and Tenant Expensesagrees to continue leasing the Expansion Space in its “as-is” condition.

Appears in 1 contract

Samples: Lease Agreement (Icagen Inc)

Notice and Exercise. Provided no Tenant default has occurred and Event of Default is continuing ------------------- under this Lease beyond any applicable cure period and Tenant has not assigned this Lease nor sublet is Tenant then- currently subleasing all or any portion of the PremisesPremises in excess of 10,000 rentable square feet (other than to a Tenant Affiliate), Tenant is hereby granted the option to extend the Term once for an additional period of three five (35) years (the “Extension "Renewal Term") commencing upon the expiration of the initial Term lease term, on the same terms and conditions as contained in the other provisions of this Lease other than any upfitting allowance (Tenant accepting agreeing to occupy the Premises in its “as, "as is" condition but shall have the right to alter the Premises as set forth in Section 5 of this Leasewithout limiting Landlord's maintenance and repair obligation), additional renewal options and as otherwise provided in this Section. This Each option shall be exercised only by delivery of written notice (the "Renewal Notice") to Landlord no later than nine (9) months prior to the scheduled Expiration Date referred to in Section 1(f) expiration of this Leasethe initial lease term. The Minimum Rental Rent for the Premises during the first Renewal Term shall be the then fair market rental ("Market Rate") applicable to times the rentable square footage of the Premises, and the Operating Expense Stop shall be adjusted to the extent reflected in the Minimum Rental for the Extension TermMarket Rate. Except as otherwise set forth herein, Tenant’s 's occupancy of the Premises during the Extension any Renewal Term shall be subject to all other terms and conditions of this Lease, expressly including without limitation, the obligation to pay its proportionate share of the Tenant Expensesadditional rent and Tenant's Contribution.

Appears in 1 contract

Samples: Roof License Agreement (Oni Systems Corp)

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Notice and Exercise. Provided no Tenant default has occurred and is continuing under this the Lease beyond any applicable cure period and Tenant has not assigned this the Lease nor sublet all or any portion of the Premises, Tenant is hereby granted the option to extend the Term once for an one (1) additional period of three five (35) years Lease Years (the “Extension Renewal Term”) commencing upon the expiration of the initial Term Expiration Date on the same terms and conditions as contained in the other provisions of this Lease other than any upfitting allowance (Tenant accepting the Premises in its “as, isAS-IScondition but shall have the right to alter the Premises as set forth in Section 5 of this Lease), additional renewal options condition) and as otherwise provided in this Section. This The option shall be exercised only by delivery of written notice (the “Renewal Notice”) to Landlord no later than nine (9) months prior to the scheduled Expiration Date referred to in Section 1(f) of this LeaseDate. The Minimum Rental Rent for the Premises for the Renewal Term shall be the then fair market rental rent (“Market Rate”) applicable to the Premises, and with increases for each Lease Year of the Operating Expense Stop shall be adjusted to the extent reflected in the Minimum Rental for the Extension TermRenewal Term based upon then-current market conditions, as described below. Except as otherwise set forth herein, Tenant’s occupancy of the Premises during the Extension Renewal Term shall be subject to all other terms and conditions of this the Lease, expressly including including, without limitation, the obligation to pay its proportionate share Tenant’s Proportionate Share of Operating Expenses and all other amounts due under the Tenant ExpensesLease.

Appears in 1 contract

Samples: Lease Agreement (Novan, Inc.)

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