Common use of Option Right Clause in Contracts

Option Right. Landlord hereby grants the Original Tenant and its Permitted Transferee Assignee, one (1) option to extend the Lease Term for the entire Premises by a period of seven (7) years (the “Option Term”). Such option shall be exercisable only by “Notice” (as that term is defined in Section 29.18 of this Lease) delivered by Tenant to Landlord as provided below, provided that, as of the date of delivery of such Notice, (i) Tenant is not then in default under this Lease, and (ii) Tenant has not been in monetary default under this Lease (beyond the applicable notice and cure periods) during the prior two (2) years of the Lease Term. Upon the proper exercise of such option to extend, and provided that, at Landlord’s election, as of the end of the Lease Term, (A) Tenant is not in default under this Lease, and (B) Tenant has not been in monetary default under this Lease (beyond the applicable notice and cure periods) during the prior two (2) years of the Lease Term, then the Lease Term, as it applies to the entire Premises, shall be extended for a period of seven (7) years. The rights contained in this Section 2.2 shall only be exercised by the Original Tenant or its Permitted Transferee Assignee (and not any other assignee, sublessee or other transferee of the Original Tenant’s interest in this Lease) if Original Tenant and/or its Permitted Transferee Assignee is in occupancy of at least seventy-five percent (75%) of the then-existing Premises.

Option Right. Landlord hereby grants to the Original Tenant and its Permitted Transferee AssigneeTenant, one (1) option to extend the Lease Term for the entire Premises by a period of seven five (75) years (the “Option Term”). Such The option to extend shall be exercisable only by “Notice” (as that term is defined in Section 29.18 of this Lease) notice delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, as of the date of delivery of such Noticenotice, (i) Tenant is not then in default under this Lease, and (ii) Tenant an Option Nullification Default has not been in monetary default occurred under this Lease (beyond the applicable notice and cure periods) during the prior two (2) years of the Lease Termthen remains uncured. Upon the proper exercise of such the option to extend, and provided that, at Landlord’s electionoption, as of the end of the initial Lease Term, (A) Tenant is not in default under this Lease, and (B) Tenant an Option Nullification Default has not been in monetary default occurred under this Lease (beyond the applicable notice and cure periods) during the prior two (2) years of then remains uncured, the Lease Term, then the Lease Term, as it applies to the entire Premises, Term shall be extended for a period of seven five (75) years. The rights contained in this Section 2.2 shall be personal to the Original Tenant and any Permitted Transferee and may only be exercised by the Original Tenant or its a Permitted Transferee Assignee (and not any other assignee, assignee or sublessee or other transferee Transferee of the Original Tenant’s interest in this Lease) if the Original Tenant and/or its or a Permitted Transferee Assignee is in occupancy of Transferee, as the case may be, occupies at least seventy-five percent (75%) of the then-existing Premises. In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Option Right. Landlord hereby grants to the originally named Tenant herein (the “Original Tenant Tenant”) and its any Permitted Transferee Assignee, one (1) option to extend the Lease Term for the entire Premises by a period of seven five (75) years (the “Option Term”). Such The option to extend shall be exercisable only by “Notice” (as that term is defined in Section 29.18 of this Lease) notice delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, as of the date of delivery of such Noticenotice, (i) Tenant is not then in default Default under this Lease, and (ii) Tenant has not been in monetary default under this Lease (beyond the applicable notice and cure periods) during the prior two (2) years of the Lease Term. Upon the proper exercise of such the option to extend, and provided that, at Landlord’s electionoption, as of the end of the initial Lease Term, (A) Tenant is not in default Default under this Lease, and (B) Tenant has not been in monetary default under this Lease (beyond the applicable notice and cure periods) during the prior two (2) years of the Lease Term, then the Lease Term, as it applies to the entire Premises, Term shall be extended for a period of seven five (75) years. The rights contained in this Section 2.2 shall be personal to the Original Tenant and any Permitted Transferee Assignee and may only be exercised by the Original Tenant or its a Permitted Transferee Assignee (and not any other assignee, assignee or sublessee or other transferee of the Original Tenant’s interest in this Lease) if the Original Tenant and/or its or a Permitted Transferee Assignee is in occupancy of Assignee, as applicable, occupies at least seventysixty-five six and 67/100ths percent (7566.67%) of the then-existing rentable square footage of the Premises. In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Option Right. Landlord hereby grants the tenant originally named herein (the “Original Tenant Tenant”) and its “Permitted Transferee Assignee,” as that term is set forth in Section 14.8 of this Lease, one (1) option to extend the Lease Term for the entire Premises by a period of seven three (73) years (the “Option Term”). Such option shall be exercisable only by “Notice” (as that term is defined in Section 29.18 of this Lease) delivered by Tenant to Landlord as provided below, provided that, as of the date of delivery of such Notice, (i) Tenant no Event of Default is not then in default occurring under this Lease, and (ii) Tenant not more than one (1) Event of Default has not been in monetary default under this Lease (beyond the applicable notice and cure periods) occurred during the prior two (2) years of the Lease Term. Upon the proper exercise of such option to extend, and provided that, at Landlord’s election, as of the end of the Lease Term, (A) Tenant no Event of Default is not in default then occurring under this Lease, and (B) Tenant has not been in monetary default no Event of Default under this Lease (beyond the applicable notice and cure periods) during the prior two (2) years of the Lease Termhas previously occurred, then the Lease Term, as it applies to the entire Premises, shall be extended for a period of seven three (73) years. The rights contained in this Section 2.2 shall only be exercised by the Original Tenant or its Permitted Transferee Assignee (and not any other assignee, sublessee or other transferee of the Original Tenant’s interest in this Lease) if Original Tenant and/or its Permitted Transferee Assignee is in occupancy of at least seventy-five percent (75%) of the entire then-existing Premises.

Option Right. Landlord hereby grants the tenant originally named herein (the “Original Tenant Tenant”) and its “Permitted Transferee Assignee,” as that term is set forth in Section 14.8 of this Lease, one (1) option to extend the Lease Term for the entire Premises by a period of seven five (75) years (the “Option Term”). Such option shall be exercisable only by “Notice” (as that term is defined in Section 29.18 of this Lease) delivered by Tenant to Landlord as provided below, provided that, as of the date of delivery of such Notice, (i) Tenant is not then in default under this Lease, and (ii) Tenant has not been in monetary or material non-monetary default under this Lease (beyond the any applicable notice and cure periodsperiod and (ii) there has been no material adverse change in Tenant’s financial condition during the prior two twenty-four (2) years of the Lease Term24)-month period, as determined by Landlord in its commercially reasonable discretion. Upon the proper exercise of such option to extend, and provided that, at Landlord’s election, as of the end of the Lease Term, (A) Tenant is not in default under this Lease, and (B) Tenant has not been in monetary default under this Lease (beyond the applicable notice and cure periods) during the prior two (2) years of the Lease Term, then the Lease Term, as it applies to the entire Premises, shall be extended for a period of seven five (75) years. The rights contained in this Section 2.2 2.3 shall only be exercised by the Original Tenant or its Permitted Transferee Assignee (and not any other assignee, sublessee or other transferee of the Original Tenant’s interest in this Lease) if Original Tenant and/or its Permitted Transferee Assignee is in occupancy of at least seventy-five percent (75%) of the entire then-existing Premises.

Option Right. Landlord hereby grants the Original Tenant Tenant, its Affiliates and its any Permitted Transferee Assignee, one two (12) option options to extend the Lease Term for the entire Premises each by a period of seven five (75) years (the each, an “Option Term”). Such option shall be exercisable only by “Notice” (as that term is defined in Section 29.18 of this Lease) Notice delivered by Tenant to Landlord as provided below, provided that, as of the date of delivery of such Notice, (i) Tenant is not then in default under this Lease, and (ii) Tenant has not been in monetary default Default under this Lease (beyond the any applicable notice and cure periods) during the prior two (2) years of the Lease Term). Upon the proper exercise of such option to extend, and provided that, at Landlord’s election, as of the end of the then applicable Lease Termterm, (A) Tenant is not in default under this Lease, and (B) Tenant has not been in monetary default Default under this Lease (beyond the any applicable notice and cure periods) during the prior two (2) years of the Lease Term), then the Lease Term, as it applies to the entire Premises, shall be extended for a period of seven five (75) years. The rights contained in this Section 2.2 shall only be exercised by the Original Tenant or Tenant, its Affiliate and/or a Permitted Transferee Assignee (and not any other assignee, sublessee sublesee or other transferee of the Original Tenant’s interest in this Lease) if Original Tenant Tenant, its Affiliate and/or its a Permitted Transferee Assignee either (i) is in occupancy of at least seventy-five percent (75%) of the entire then-existing Premises, or (ii) retains the absolute right, and confirms in writing concurrently with Exercise Notice its intent, to occupy the entire then-existing Premises throughout the applicable Option Term.

Option Right. Landlord hereby grants the Original Tenant and its Permitted Transferee Assignee, one two (12) option to extend the Lease Term for all, but not less than all, of the entire Premises then leased by Tenant (the "Renewal Premises") for a period of seven three (73) years (the “"Option Term”"). Such , which option shall be exercisable only by “Notice” (as that term is defined in Section 29.18 of this Lease) written notice delivered by Tenant to Landlord as provided below, provided that, as of the date of delivery of such Noticenotice, (i) Tenant is not then in default under this Lease, and (ii) Tenant has not been in monetary default under this Lease (beyond the applicable after written notice and expiration of any applicable cure periods) during the prior two (2) years of the Lease Termperiod). Upon the proper exercise of such option to extend, and provided that, at Landlord’s election, as of the end of the Lease Term, (A) Tenant is not in default under this Lease, and (B) Tenant has not been in monetary default under this Lease (beyond the applicable after written notice and expiration of any applicable cure periods) during the prior two (2) years of period), the Lease Term, then the Lease Term, as it applies to the entire Premises, Term shall be extended for a period of seven three (73) years. The rights contained in this Section 2.2 shall be personal to the Original Tenant (any reference to Original Tenant shall include any Permitted Transferee as defined in Section 14.8) and may only be exercised by the Original Tenant or its Permitted Transferee Assignee (and not any other assignee, sublessee or other transferee of the Original Tenant’s 's interest in this Lease) if the Original Tenant and/or occupies the entire Renewal Premises and is then operating within the Renewal Premises for the Permitted Use. If Tenant does not timely exercise its Permitted Transferee Assignee is option to extend, as set forth in occupancy of at least seventy-five percent (75%) of this Section 2.2, then the then-existing Premisesoption to extend, as set forth in this Section 2.2, shall terminate, and Tenant shall have no further options to extend the Lease Term.

Option Right. Landlord hereby grants to the Original Tenant Tenant, any Affiliate of Tenant, and its any Permitted Transferee Assignee, one two (12) option options to extend the Lease Term for the entire Premises by a period of seven five (75) years each (the each an “Option Term” and each such option, an “Option to Extend”). Such option The Options to Extend shall be exercisable only by “Notice” (as that term is defined in Section 29.18 of this Lease) notice delivered by Tenant Original Tenant, an Affiliate, or a Permitted Transferee Assignee, as applicable, to Landlord as provided in Section 2.2.3 below, ; provided that, as of the date of delivery of such Noticenotice, (i) Tenant is not then in default under this Lease, and (ii) Tenant has not been in monetary default under this Lease (beyond the applicable received notice and cure periods) during the prior two (2) years of the Lease Term. Upon the proper exercise of such option to extend, and provided that, at Landlord’s election, as of the end of the Lease Term, (A) that Tenant is not in default under this Lease, and (B) Tenant has not been in monetary default under this Lease (beyond the applicable notice and cure periods) during the prior two (2) years of the Lease Term, then the Lease Term, as it applies to the entire Premises, shall be extended for a period of seven (7) yearsDefault. The rights contained in this Section 2.2 shall be personal to the Original Tenant, any Affiliate, and any Permitted Transferee Assignee and may only be exercised by the Original Tenant Tenant, an Affiliate, or its a Permitted Transferee Assignee (and not any other assignee, assignee or sublessee or other transferee Transferee of the Original Tenant’s interest in this Lease) if provided that the Original Tenant and/or its Tenant, the Affiliate, or such Permitted Transferee Assignee is in occupancy of at least seventy-five has not subleased more than fifty percent (7550%) of the then-existing Premisesrentable square footage of the Premises pursuant to a sublease or subleases then in effect. In the event that Tenant (or any Affiliate or Permitted Transferee Assignee) fails to timely and appropriately exercise its Option to Extend in accordance with the terms of this Section 2.2, then such Option to Extend shall automatically terminate and shall be of no further force or effect.

Option Right. Landlord hereby grants the Original Tenant and its Permitted Transferee Assignee, shall have one (1) option to extend the Lease Term (the “Option to Extend”) for the entire Premises by a period of seven five (75) years (the “Option Term”). Such , which option shall shall, if at all, be exercisable only by “Notice” (as that term is defined in Section 29.18 Tenant’s delivery of this Lease) delivered by Tenant notice to Landlord as provided in accordance with Section 2.2.1.2 below, provided that, that Tenant is not in default under this Lease as of the date of delivery of such Noticenotice or on the date for the proposed commencement of the Option Term. The Option to Extend shall be personal to the original named Tenant under this Lease, shall be nontransferable and shall be exercisable by Tenant only if Tenant is in possession of the entire Premises. Upon the proper exercise of the Option to Extend, the then current Term shall be extended for the Option Term and all of the terms, covenants and conditions of this Lease shall continue in full force and effect during the Option Term, except that (i) the annual rate of rent payable by Tenant is not then for the Premises during the Option Term shall be as set forth below in default under this LeaseSection 2.2, and (ii) Tenant has not been in monetary default under this Lease (beyond shall have no further right to extend the applicable notice and cure periods) during the prior two (2) years of the Lease Term. Upon If Tenant fails to timely and properly exercise the proper exercise of such option Option to extendExtend in accordance with this Section 2.2, and provided that, at Landlord’s election, as of the end of the Lease Term, (A) Tenant is not in default under this Lease, and (B) Tenant has not been in monetary default under this Lease (beyond the applicable notice and cure periods) during the prior two (2) years of the Lease Term, then the Lease Term, as it applies Option to the entire Premises, Extend shall be extended for a period of seven (7) yearsno further force or effect. 2.2.1.1 Option Rent. The rights contained in this Section 2.2 shall only be exercised by the Original Tenant or its Permitted Transferee Assignee (and not any other assignee, sublessee or other transferee of the Original Tenant’s interest in this Lease) if Original Tenant and/or its Permitted Transferee Assignee is in occupancy of at least seventy-five percent (75%) of the then-existing Premises.***