Common use of Option Space Clause in Contracts

Option Space. 57.1 Provided that there then exists no Event of Default by Tenant under the Lease nor any event that with the giving of notice and/or the passage of time would constitute a default, then Tenant shall have the right of first offer (“Right of First Offer”) to lease the premises in the Building that is shown on Schedule 2 as the “Option Space” (the “Option Space”), subject to the terms of this Paragraph 57. Tenant’s rights pursuant to this Paragraph 57 are subject to the rights of any other party to lease the Option Space as of the date of this Lease. 57.2 If the Option Space becomes available for lease to any third party (“Prospective Tenant”) other than the current tenant of the Option Space as of the date of this Lease, or an affiliate, assignee, subtenant or successor-in-interest to the current tenant of the Option Space as of the date of this Lease, at any time during the first five (5) Lease Years of the initial Term of this Lease, then Landlord shall provide Tenant with written notice of the availability of the Option Space (the “Landlord’s Notice”). Tenant shall have ten (10) days following Tenant's receipt of Landlord's Notice to respond in writing to Landlord to commit to lease the Option Space upon the terms and conditions set forth in this Paragraph 57.2. In the event Tenant timely responds in writing to Landlord and elects to lease the Option Space pursuant to the terms and conditions set forth in this Paragraph 57.2, an amendment to the Lease shall be prepared and executed by the parties incorporating the terms set forth in in this Paragraph 57.2 with respect to the Option Space. In the event Tenant fails to respond timely or elects not to lease the Option Space as herein provided, Landlord shall have the right to lease the Option Space to any Prospective Tenant on any terms and conditions at any time during the remainder of the Term of this Lease. The terms and conditions of Tenant’s lease of the Option Space if exercised during the first five (5) Lease Years of the initial Term of this Lease shall be as follows: (a) Expiration Date – the expiration date of Tenant’s lease of the Option Space shall be the Expiration Date of this Lease as set forth in Paragraph 1.7.

Option Space. 57.1 Provided that there then exists no Event (a) The Landlord currently leases the entire seventh floor of Default the building indicated by the cross-hatching on the diagram attached hereto as Exhibit "E" (the "Option Space") to Maritz Communications Company ("Maritz") pursuant to a lease dated as of July 1, 1992 (the "Maritz Lease") for a term to expire on September 30, 1998. The Tenant under shall, upon the expiration or termination of the Maritz Lease nor any event that with (subject to the giving condition subsequent set forth in paragraph (b) of notice and/or the passage of time would constitute a default, then Tenant shall this Article) have the right of first offer (“Right of First Offer”) to lease the premises in the Building that is shown on Schedule 2 as the “Option Space” (the “Option Space”), subject to the terms of this Paragraph 57. Tenant’s rights pursuant to this Paragraph 57 are subject to the rights of any other party and option to lease the Option Space as of Space. In order to exercise such option, the date of this Lease. 57.2 If Tenant shall give the Option Space becomes available for lease to any third party (“Prospective Tenant”) other than the current tenant of the Option Space as of the date of this Lease, or an affiliate, assignee, subtenant or successor-in-interest to the current tenant of the Option Space as of the date of this Lease, at any time during the first five (5) Lease Years of the initial Term of this Lease, then Landlord shall provide Tenant with written notice of its exercise of such option not later than (x) September 1, 1997 or (y) in the availability of event that the Option Space (Maritz Lease is terminated prior to September 30, 1997, 30 days after written notice from the “Landlord’s Notice”)Landlord to the Tenant that the Maritz Lease has been terminated. Tenant shall have ten (10) days following Tenant's Promptly, upon receipt of Landlord's Notice to respond such notice and provided that the Tenant is not in writing to default in the payment of rent or the performance of its other obligations under this lease, the Landlord to commit to shall send the Tenant a proposed lease the Option Space upon the terms and conditions set forth in this Paragraph 57.2. In the event Tenant timely responds in writing to Landlord and elects to lease the Option Space pursuant to the terms and conditions set forth in this Paragraph 57.2, an amendment to the Lease shall be prepared and executed by the parties incorporating the terms set forth in in this Paragraph 57.2 with respect to the Option Space. In , pursuant to which the event Tenant fails to respond timely or elects not to lease the Option Space as herein provided, Landlord shall have the right offer to lease the Option Space to any Prospective the Tenant on any the terms and conditions at any time during as set forth below: (i) the remainder of the Term of this Lease. The terms and conditions of Tenant’s lease of annual fixed rent payable by Tenant with respect to the Option Space if exercised during the first five (5) Lease Years of the initial Term of this Lease shall be as follows:: Period Annual Fixed Rent ------ ----------------- December 1, 1994 to November 30, 1998 ............... $330,000 December 1, 1998 to November 30, 2003 ............... $374,000 December 1, 2003 to December 31, 2009 ............... $484,000; (aii) Expiration Date – the expiration date Tenant shall be obligated to pay as additional rent with respect to the Option Space escalations with respect to real estate taxes, operating expense and fuel oil, all on the terms set forth in Article TWENTY-SIXTH hereof, and the dates to be utilized in the definitions of Tenant’s "Increases In Real Estate Taxes", Base Year", and "Base Fuel Cost" in such proposed lease amendment shall be the same dates as those contained in the definitions of such terms in this lease; (iii) the term of the proposed lease of the Option Space shall be end concurrently with the Expiration Date term of this lease; (iv) if necessary, Tenant will arrange for the modification and improvement of the Option Space to be leased pursuant to such proposed lease amendment to make them suitable for office use, all in a manner and to the extent provided in Article TWENTY-SEVENTH hereof, and the Landlord will reimburse the Tenant for the cost thereof up to a maximum of $220,000; (v) the Tenant shall deposit an additional $66,000 to be held by the Landlord as security pursuant to Article Twenty-Second of this lease; (vi) the Tenant will agree to indemnify and hold harmless the Landlord against any and all claims that a real estate commission is due in connection with the Tenant's leasing of the Option Space; (vii) the Landlord will agree in the lease amendment to rehabilitate the air conditioning system servicing the Option Space and the lavatories on the seventh floor, in both cases to building standard; and (viii) in the case of a lease amendment pursuant to which the Tenant's lease term for the Option Space is to commence on or after September 1, 1998, such lease amendment shall provide that the obligations of the landlord shall be subject to the condition subsequent that the Landlord shall not have elected to extend or renew the Maritz Lease or entered into a new lease with Maritz or any successor to Maritz, including any corporation, partnership or other entity to which the Maritz Lease has been assigned in connection with the sale of all or substantially all the assets and business of Maritz, all as contemplated by paragraph (b) of this Article. The Tenant shall then have ninety (90) days to execute and return such lease to the Landlord. If the Tenant is in default in the payment of rent or the performance of its other obligations under this lease, or if the Tenant does not execute and return an offered lease to the Landlord within ninety (90) days, the Landlord may thereafter lease the Option Space to a third-party free of any right of the Tenant to lease the Option Premises. (b) Notwithstanding anything in this Article, the Landlord and the Tenant understand and agree that the Tenant's option to lease the Option Space and the obligations of the Landlord pursuant to this Article and pursuant to any amendment of lease executed in accordance with the terms of this Article shall be subject to the right of the Landlord to extend or renew the Maritz Lease or to enter into a new lease with Maritz or any successor to Maritz (including any corporation, partnership or other entity to which the Maritz Lease has been assigned in connection with the sale of all or substantially all assets and business of Maritz) (collectively a "Maritz Lease Extension"); provided, however, that the Landlord shall not enter into a new lease for the Option Space with any sublessee of Maritz, unless and until the Tenant has elected not to exercise the option set forth in Paragraph 1.7this Article. The Landlord agrees that in the event that the Tenant has exercised the option set forth in this Article and the Landlord and the Tenant have executed an amendment of lease, as contemplated by paragraph (a) above, and, subsequent thereto, the Landlord elects to enter into a Maritz Lease Extension, then the Landlord will notify the Tenant of such fact as soon as practical and upon the giving of such notice, such amendment of lease shall be of no further force or effect, and each of the Landlord and the Tenant shall be released from all obligations and liabilities thereunder.

Option Space. 57.1 Provided that there then exists no Event of Default by Tenant under the Lease nor any event that with the giving of notice and/or the passage of time would constitute a default, then Option 1 Tenant shall have the right option to expand into the approximately 1,936 square feet of first offer contiguous space to the North (“Right 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 First Offer”) 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 premises 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 Building that is shown on Schedule 2 as the “Option Space” (the “Option Space”), subject to the terms of this Paragraph 57. Tenant’s rights pursuant to this Paragraph 57 are subject to the rights of any other party to lease the Option Space as of the date of this Lease. 57.2 If (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 Space becomes 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 lease to any third party (“Prospective Tenant”) other than the current tenant of the Option Space as of the date of this Lease, or an affiliate, assignee, subtenant or successor-in-interest to the current tenant of the Option Space as of the date of this Lease, at any time during the first occupancy. Tenant shall have five (5) Lease Years of the initial Term of this Lease, then Landlord shall provide Tenant with written notice of the availability of business days to sign the Option Space (Amendment Form. Failure by Tenant to sign the “Landlord’s Notice”). Tenant Option Amendment Form shall have ten (10) days following result in Tenant's receipt forfeiture of Landlord's Notice its option rights to respond in writing to Landlord to commit to lease the Option Space upon the terms and conditions set forth in this Paragraph 57.2. In the event Tenant timely responds in writing to Landlord and elects to lease the Option Space pursuant to the terms and conditions set forth in this Paragraph 57.2, an amendment to the Lease Suite 815. (iii) Base Rent shall be prepared at the same rate per square foot and executed by on the parties incorporating same time period schedule as stated above in Paragraph 2 except that the terms set forth in in this Paragraph 57.2 with respect to the Option Space. In the event Tenant fails to respond timely or elects not to lease the Option Space as herein provided, Landlord Base Rent payments shall have the right to lease the Option Space to any Prospective Tenant on any terms and conditions be at any time during the remainder of the Term of this Lease. The terms and conditions of Tenant’s lease of the Option Space if exercised during half rent for the first five twelve (512) Lease Years of months (as they relate to Suite 815), from the initial Term of this Lease shall be as follows: (a) Expiration Date – the expiration date of Tenant’s lease of the Option Space shall be the Expiration Date of this Lease as set forth in Paragraph 1.7time Landlord notifies Tenant that Suite 815 is vacant and ready for occupancy.