Option - At Sample Clauses

Option - At the expiration of the term of the Lease on March 31, 2002, ------ Tenant may extend the term of this Lease for the Premises known as 3550, 3560, 3570, and ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ for an additional period of sixty (60) months commencing immediately following the Expiration Date (the "Extended Term"). Tenant shall exercise this option, if at all, by giving Landlord notice of Tenant's intention to do so at least one hundred eighty (180) days prior to the Expiration Date. In no event shall any purported exercise of such an option by Tenant be effective if (i) an Event of Default (as defined in Paragraph 16.1) exist at the time of such exercise or at the time the Extended Term would commenced, or (ii) more than three (3) Events of Default have occurred during the Lease term prior to the date the Extended Term would otherwise have commence. Unless expressly mentioned and approved in the consent of Landlord referred to in Paragraph 15 of this Lease, the option rights of Tenant under this paragraph are granted for Tenant's personal benefit and may not be assigned or transferred by Tenant. Such Extended Term shall be upon all of the terms and conditions hereof, except that the monthly rental and methods of rental adjustment for the Term Extended shall be determined as set forth below. As the commencement of the Extended Term, the monthly Base Rent and the method of rental adjustment (including the timing of the adjustments and the basis for calculating the adjustments) for the Extended Term shall be subject to negotiations between Landlord and Tenant, with an effort to determine a fair market rental for the Premises, as improved, and a method of rental adjustment consistent with rental adjustment practices for comparable lease space in the vicinity of the Premises. In the event the parties fail to agree upon the amount of the monthly Base Rent and the methods of rental adjustment for the Extended Term prior to the commencement thereof, the monthly Base Rent and the method of rental adjustment for the Extended Term shall be determined by appraisal in the manner hereafter set forth; provided, however, that in no event shall the monthly Base Rent for the Extended Term be less than the monthly Base Rent payable hereunder for the last full month of the Lease term immediately preceding commencement of the Extended Term. In the event it becomes necessary under this subparagraph to determine the fair market monthly Base Rent and the method of rental adjustment of the Premises ...