Common use of Option Space Clause in Contracts

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.