Option Space Clause Samples

Option Space. Subject to clause (g) below, the Landlord hereby grants to the Tenant an option, exercisable as hereinafter provided, to lease the space substantially as shown hatched on the diagram attached hereto as Exhibit L and designated as ‘C’ on the 12th Floor of the Building (the “First Option Space”) for a term commencing on the First Option Space Term Commencement Date and ending on September 30, 2013 or on such earlier date upon which said term may expire or be terminated pursuant to this Lease or pursuant to law. The Tenant shall notify the Landlord on or prior to May 31, 1998 (as to which date time is of the essence) of its election to exercise its option with respect to the First Option Space. If such notice is timely given, Fixed Rent payable for the First Option Space will be determined in accordance with clause (e) below.

Option Space. Lessee shall have the option to add to the Demised Premises an additional area of approximately 3,500 — 6,366 square feet (as determined by Lessor and measured under BOMA) of rentable area on the seventh (7th) floor of the Building that is contiguous to the Demised Premises (such space being identified as the “Addendum No. 5 Option Space”, and such option being hereinafter referred to as the “Addendum No. 5 Option Space Option”). The configuration of the Addendum No. 5 Option Space shall satisfy all applicable laws, have reasonable access to common areas and common facilities located on the 7th floor of the Building and be usable for general office purposes. The final configuration of the Addendum No. 5 Option Space shall be designated by Lessor. Lessor shall deliver the Addendum No. 5 Option Space separately demised from the remainder of the seventh (7th) floor with a demising wall constructed, but Lessor shall have no obligation to perform any further work with respect to the Addendum No. 5 Option Space or the delivery thereof. Such demising wall shall be constructed in a manner in compliance with applicable laws and consistent with Building standard finishes. Without limiting the generality of the effect of the foregoing, the corridor side of any such demising wall shall be consistent with Lessor’s Work. Subject to the foregoing, Lessee may exercise the Addendum No. 5 Option Space Expansion Option by giving written notice to Lessor no later than October 31, 2018 (“Lessee’s Addendum No. 5 Option Space Option Notice”). If Lessee delivers Lessee’s Addendum No. 5 Option Space Option Notice, Lessor shall deliver the Addendum No. 5 Option Space to Lessee not earlier than January 1, 2020, and not later than April 30, 2022. If Lessee delivers Lessee’s Addendum No. 5 Option Space Option Notice, then, on or before November 10, 2018, Lessor shall notify Lessee in writing (“Lessor’s Addendum No. 5 Option Space Notice”) of the configuration and rentable square footage of the Addendum No. 5 Option Space and the date Lessor will deliver the Addendum No. 5 Option Space to Lessee (“Addendum No. 5 Option Space Delivery Date”), all in accordance with the terms and conditions hereof. Lessee may not lease less than all of the Addendum No. 5 Option Space designated by Lessor.

Option Space. Tenant is hereby granted a right of first refusal to lease additional space in the Building which is adjacent to the Premises, upon the following terms and conditions: (a) If Landlord receives a bona fide offer to lease a portion of the Building which is adjacent to the Premises, Landlord shall submit to Tenant, in writing, a summary of the Minimum Annual Rent and additional rent which the prospective tenant of the adjacent space has offered to pay, together with a notice of ▇▇▇▇▇▇'s right to exercise the right of first refusal to rent the adjacent space. Tenant shall be afforded 15 days from the date of the Landlord's notice to Tenant in which to exercise the right of first refusal. Exercise of the right of first refusal must be made by written notice thereof to Landlord delivered within such 15 day period. If exercised, Tenant shall be obligated to lease the adjacent space which was the subject of the Landlord's notice for the same Minimum Annual Rent and additional rent as was offered by the prospective tenant, but with all other terms (such as the Term of the lease) being the same as set forth in this Lease as if the adjacent space was originally a part of the Premises from the Commencement Date; provided, however, that if the prospective tenant had agreed to lease office space with tenant improvements to be paid by the Landlord and if the Tenant hereunder agrees to take such space without the improvements, ▇▇▇▇▇▇'s Minimum Annual Rent shall be reduced by the cost of such foregone tenant improvements, as if amortized over the term of the prospective tenant's proposed lease. Further, in the event of ▇▇▇▇▇▇'s exercise of the right of first refusal, ▇▇▇▇▇▇ shall execute an addendum to this Lease presented by the Landlord setting forth the inclusion of the adjacent space into the Premises on the foregoing terms. If the Tenant fails to exercise the right of first refusal within the 15 day period specified above, Landlord shall be free to lease the adjacent space to the offeror or any other prospective tenant for the same or greater rental, provided the term of such rental commences within one year of the Landlord's initial notice to the Tenant and, if so rented, such adjacent space shall no longer be subject to this right of first refusal. (b) Notwithstanding the foregoing, this right of first refusal shall not apply to any space leased by the Landlord to any other tenant either (i) during such time as an uncured event of default by the Tenant exists under ...

Option Space. Option 1 Tenant shall have the option to expand into the approximately 1,936 square feet of contiguous space to the North (also known as suite 825) on February 1, 1998 under the following terms and conditions: (i) Tenant must notify Landlord in writing no later than 1:00 pm C.S.T. on August 1, 1997 of its intent to lease suite 825, (failure to notify Landlord by this time, will result in Tenant forfeiting its option rights to suite 825). (ii) Landlord shall provide five thousand, eight hundred and eight and no/100 dollars ($5,808.00) remodeling allowance. Tenant shall submit a one time invoice no later than April 1, 1998, totaling this amount along with full lien waiver releases from each contractor on the job. Landlord will reimburse withing thirty (30) days of receipt of Tenants invoice/release documents, provided Tenant is not in default of any term, condition or covenant in the Lease. (iii) Base Rental shall be at the same rate per square foot, and on the same time period schedule as stated above in paragraph 2. (iv) Tenant shall hold Landlord harmless from any claim, in the event that the current occupant of Suite 825 holds over without permission from Landlord. Option 2 Tenant shall have the option to expand into the approximately 4,550 square feet of contiguous space to the east (also known as Suite 815) on or before September 1, 1997, provided such space is vacant, and no lease obligation exists, under the following terms and conditions. (i) Tenant understands that Suite 815 is currently encumbered by a lease through March 30, 1999, and therefore Landlord may not be able to make the space available to Tenant. (ii) Landlord will notify Tenant with an executable lease document form (Option Amendment Form) that Suite 815 is available for occupancy. Tenant shall have five (5) business days to sign the Option Amendment Form. Failure by Tenant to sign the Option Amendment Form shall result in Tenant's forfeiture of its option rights to Suite 815. (iii) Base Rent shall be at the same rate per square foot and on the same time period schedule as stated above in Paragraph 2 except that the Base Rent payments shall be at half rent for the first twelve (12) months (as they relate to Suite 815), from the time Landlord notifies Tenant that Suite 815 is vacant and ready for occupancy.

Option Space. During the term of this Lease, the Tenant shall have the option to add to the Premises that portion of the Building in Exhibit D marked as “Option Space” upon not less than sixty (60) days written notice to the Landlord. It is agreed that the Option Space consists of approximately 1,030 usable square feet of floor area. Upon such exercise, the Option Space shall be deemed to be a part of the Premises and the Basic Rent shall be increased at a rate of usable square footage of the Option Space multiplied by $34.00 per annum. In addition, Tenant shall have full access to Room 3238, the common area immediately across the corridor from the open lab space. Tenant shall not have the right to use the Option Space absent exercise of the option by written notice to the Landlord. In addition, in the event Blue Sky Biotech vacates the office space set forth in blue and marked “Blue Sky” on Exhibit E, Tenant shall have a first right of refusal to occupy such space. It is agreed that the Blue Sky space is approximately 500 usable square feet. Initial General Liability Insurance: $1,000,000 per occurrence/$2,000,000 aggregate (combined single limit) for property damage, bodily injury or death. Permitted Uses: General office uses and scientific laboratory space for research and development in the life sciences field of study which shall be conducted in compliance with all applicable municipal, state and federal laws, rules and regulations and in all events the Permitted Uses shall be conducted in a manner so as to not be unreasonably disruptive in any manner to any other tenant or occupant in the Building. Tenant will procure and maintain in full force and effect all licenses and permits which may be required for any use made of the Premises.

Option Space. For purposes of this Lease, "Option Space" shall mean as of any date, that certain space located on the first floor of the Building (Suite 117) and containing approximately 1,257 square feet of rentable area, as shown on Exhibit F attached hereto, less such portions of said space, if any, which are leased by Tenant as of such date.

Option Space. The Option Space is the 23rd Floor of the Building consisting of 20,003 rentable square feet. The Option Space is currently leased to another lessee under a lease that is scheduled to expire on March 30, 2020.

Option Space. Provided Tenant is not then in Default, Tenant shall have a one time option add to the Premises, as a part of this Lease, Suite 175B (10,144 R.S.F.) (the "Option Space") on the first floor of the Building as further shown on Exhibit "A", subject to the further provisions herein.

Option Space. Section 44.1 Provided Tenant shall have given timely notice as hereinafter provided, Tenant shall have the option (the “Space Option”) to lease either 50,000 or 100,000 rentable square feet in the Building, as designated by Landlord (the “Option Space”) upon the terms and subject to the conditions of this Lease (including without limitation the same Term, but exclusive of any rent abatements, tenant allowances, or work to be performed by Landlord to prepare the Option Space for occupancy) and such additional terms and conditions as are hereinafter set forth. Notwithstanding the foregoing, if Tenant exercises the Space Options as provided herein and selects an Option Space of (x) 50,000 rentable square feet, Landlord shall be entitled, based on space availability in the Building as determined by Landlord in its sole discretion, to offer to Tenant (and Tenant shall be obligated to accept) Option Space consisting of between 50,000 and 60,000 rentable square feet, provided that such Option Space consists of full and contiguous floors only, and (y) 100,000 rentable square feet, Landlord shall be entitled, based on space availability in the Building as determined by Landlord in its sole