Option Rights Sample Clauses
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Option Rights. Landlord hereby grants the Original Tenant or an assignee permitted or approved pursuant to the terms of Article 14 of this Lease (an “Approved Assignee”), as the case may be, two (2) options to extend the Lease Term for a period of five (5) years each (each, an “Option Term”), which options shall be exercisable only by written notice delivered by Tenant to Landlord as provided below, provided that, as of the date of delivery of such notice, Tenant is not in monetary or material non-monetary Default under this Lease, and provided further that the Original Tenant or an Approved Assignee, as the case may be, physically occupies at least eighty-five percent (85%) of the rentable square footage of the Premises. Upon the proper exercise of such option to extend, the Lease Term shall be extended for a period of five (5) years with respect to, at Tenant’s election (subject to the terms of this Section 2.2), the entire Premises or a “Permitted Portion of the Premises,” as that term is defined, below. For purposes of this Lease, a “Permitted Portion of the Premises” shall mean all (and not less than all) of the space leased by Tenant on one or more floors of the Premises; provided, however, that notwithstanding the foregoing, a Permitted Portion of the Premises must commence at the highest floor or the lowest floor above the ground floor on which space leased by Tenant is located and proceed sequentially up or down, as applicable (i.e., Tenant may not elect to “skip” a floor or partial floor on which Tenant leases space and then lease space on a subsequent full or partial floor); provided, however, that Tenant may include or exclude both of (and only both of) the Ground Floor Premises and the Basement Premises in the Permitted Portion of the Premises, at Tenant’s option (i.e., Tenant may not include one of the Ground Floor Premises and the Basement Premises and exclude the other). Tenant shall have no right to lease any space during the second Option Term which is not leased by Tenant during the first Option Term. In the event that the Permitted Portion of the Premises, as leased by Tenant during any Option Term, consists of less than three (3) full floors, then the terms of Section 1.3 of this Lease shall be void and of no further force or effect.
Option Rights. University grants Sponsor a first right to negotiate a worldwide, royalty-bearing, exclusive license to University Intellectual Property or to University’s rights in Joint Intellectual Property (the “Option Right”). Sponsor’s right commences when University notifies Sponsor pursuant to Section 5.3 and expires ninety (90) days later (“Option Period”). Sponsor may exercise the Option Right by written notice to Tech Licensing during the Option Period. If Sponsor does not exercise the Option Right during the Option Period, University may license its commercial rights under the relevant Intellectual Property to any third parties. If Sponsor exercises the Option Right, Tech Licensing and Sponsor shall negotiate in good faith a license agreement with commercially reasonable terms. If the Parties fail to execute a license to University Intellectual Property or to University’s rights in Joint Intellectual Property within six (6) months after Sponsor’s exercise of the Option Right, University has no further obligation to Sponsor for that Intellectual Property.
Option Rights. Each Party shall have the independent, unrestricted right to license to third parties any such Joint Invention without accounting to the other Party, except that with respect to each such Joint Invention, MIT hereby grants PARTNER an option to negotiate in good faith with MIT for an exclusive, royalty- bearing, worldwide license under MIT’s interest in the Joint Invention to develop, make, have made, offer for sale, sell, have sold, export and import products and services in a mutually defined field of use on terms that are commercially reasonable to the industry and shall include, among other terms, the reservation of rights for MIT and other not-for-profit institutions to practice the Joint Invention for educational and research purposes, and grant the U.S. Government a non-exclusive, nontransferable, irrevocable, paid-up license to practice such Joint Invention or have the Joint Invention practiced throughout the world by or on behalf of the Government for research or other Government purposes.
Option Rights. All option rights, if any, contained in the Lease, including, without limitation, options to extend or renew the term of the Lease or to expand the Premises, are hereby deleted and are of no force and effect.
Option Rights. Tenant warrants and represents that it has no right or option of any nature whatsoever, whether pursuant to the Lease or otherwise, to purchase the Premises or the Property, or any portion thereof, or any interest therein, but to the extent that Tenant has had or hereafter acquires any such right or option, Tenant hereby acknowledges that such right or option is made subject and subordinate to the Loan Documents pursuant to this Agreement and is hereby waived and released against Lender.
Option Rights. Except as provided below, the Option shall be valid for a term commencing on the Grant Date and ending 10 years after the Grant Date (the "EXPIRATION DATE").
Option Rights. Pursuant to the terms of the Ground Lease, Lessor has an option to purchase the Relevant Assets under certain terms and conditions.
Option Rights. WSU hereby grants to Sponsor an option to negotiate a license to WSU’s ownership interest in Project Intellectual Property (Option Rights). WSU shall notify Sponsor of such Intellectual Property within thirty (30) days of WSU Office of Commercialization’s receipt of WSU Invention Disclosure forms from WSU inventors. Sponsor shall, within ninety (90) days of receipt of such notification from WSU (the Option Period), inform WSU in writing its intent to negotiate a license. Any such license shall be negotiated in good faith and shall contain terms standard for agreements between universities and industry including, without limitation, clauses providing for payment of reasonable royalties and reimbursement of all past, present, and future expenses incurred in the preparation, filing, prosecution, issuance, and maintenance of Intellectual Property rights. In the event that WSU and Sponsor do not execute a written license agreement within sixty (60) days following Sponsor’s exercise of the option (the “Negotiation Period”), WSU shall be free to negotiate with and to enter into license agreements, including exclusive license agreements, with third parties.
Option Rights. Landlord hereby grants Tenant three (3) options to extend the Lease Term for the entire Premises, or any Identified Portion (as defined below), for a period of five (5) years each (each, an “Option Term”), subject to the provisions set forth below in this Article 2.2. Unless otherwise agreed to in writing by Landlord and Tenant, an “Identified Portion” is defined as the Premises, less any or all of the following space, if any, designated by Tenant in the applicable Option Exercise Notice (as defined below) as space to be eliminated from the Premises (the “Eliminated Space”): (1) Suite 1014; (2) Suite 1717; (3) all space leased by Tenant on any particular floor(s) in the Building (for example, all space leased by Tenant on the 8th floor and/or all space leased by Tenant on the 10th floor could be eliminated by Tenant hereunder); and/or (4) any First Offer Space added pursuant to Article 21 below. Notwithstanding the foregoing, (a) Tenant shall not be permitted to extend the Lease Term hereunder for less than 90,000 rentable square feet of the Premises, (b) the Eliminated Space shall not be less than the entire rentable area of Suite 1014 if Tenant designates such Suite as Eliminated Space, (c) the Eliminated Space shall not be less than the entire rentable area of Suite 1717 if Tenant designates such Suite as Eliminated Space, (d) the Eliminated Space shall not be less than the entire rentable area of any particular space added as First Offer Space if Tenant designates First Offer Space as Eliminated Space (for example, if a particular First Offer Space originally added to the Premises pursuant to Article 21 below consists of one-half (1/2) of a floor in the Building, Tenant may elect to eliminate such entire half-floor space, but not any lesser portion thereof). Tenant’s options shall be exercisable only by written notice delivered by Tenant to Landlord as provided below and shall be subject to and in accordance with the terms and conditions set forth below in this Article 2.2. Upon the exercise by Tenant pursuant hereto of an option to extend, the Lease Term for the entire Premises, or Identified Portion, as applicable, shall be extended for the applicable period of five (5) years. The Lease Term for any Eliminated Space that is excluded from an Identified Portion that is the subject of a renewal hereunder by Tenant shall expire on the date immediately preceding the commencement of the applicable Option Term, and on or prior to such date, Tenant shall sur...
Option Rights. If a Member becomes a Bankrupt Member, then the other Member(s) shall thereupon have the right and option to purchase the entire Interest of the Bankrupt Member pursuant to the terms of Sections 10.1, 10.2, 10.3, and 10.4 of this Agreement. The Bankrupt Member shall send notice of the applicable Event of Bankruptcy to the other Member(s) within ten (10) days after the occurrence thereof. To exercise its option, a Member must provide written notice thereof to the other Member(s) within ninety (90) days after the first to occur of the following: (i) the effective date of the Bankrupt Member’s notice, and (ii) the date upon which such Member otherwise becomes aware of the applicable Event of Bankruptcy. Such notice must indicate the portion of the Bankrupt Member’s Interest that such Member desires to purchase; provided, however, that if there is more than one Member with such purchase right, then such Members will have the right to purchase the Bankrupt Member’s Interest pro rata in accordance with their respective Percentage Interests.