Common use of Option Terms Clause in Contracts

Option Terms. (a) Tenant shall have the right to be exercised as hereinafter provided, to extend the Term for three (3) periods of five (5) years (sometimes herein called the "Option Term(s)"), upon the following terms and conditions: (i) At the time of the exercise of such right, there shall not exist an Uncured Default (as defined in Section 25 hereof), and, notwithstanding that the extension right shall have been exercised by Tenant, Tenant's right to have the Option Term come into existence shall, at Landlord's option, be conditioned upon Tenant not having committed an Uncured Default as of the commencement of such Option Term. (ii) Any extension shall be upon the same terms, covenants and conditions as in this Lease provided, except that: (1) there shall be no further privilege of extension of the Term beyond the Option Term(s) referred to above; and (2) during any Option Term(s), the Basic Rent payable by Tenant to Landlord shall be as shown on the Rent Schedule as being applicable during that Option Term. (iii) Landlord shall have no obligation to make any construction contributions or do any work or perform any services for any Option Term with respect to the Premises, which Tenant agrees to accept in "as is" condition. (iv) Tenant shall have timely exercised all of the prior extension options and shall have remained in possession of and be then conducting business at the Premises. (v) Tenant shall have provided Landlord with written notice at least six (6) months prior to the expiration of the initial Term or prior Option Term, as the case may be, of its intention to extend; it being understood that TIME OF THE ESSENCE with respect to the foregoing notice requirements and that failure to give the notice as of the stated deadline shall constitute a waiver of Tenant's right to extend the Term or prior Option Term, as the case may be. (b) The word "Term" or any other word or expression used in this Lease to have reference to the term of this Lease shall include the applicable Option Term(s), unless the context of the use of such word or expression indicates otherwise.

Option Terms. (a) Tenant shall have the right Lessor hereby grants to be exercised as hereinafter provided, Lessee options to extend the Term renew this lease for three (3) periods of five (5) separate and successive terms of ten (10) years each (sometimes each an “Option Term” and collectively, the “Option Terms”) but only upon the terms and conditions herein called contained, including, without limitation, the "escalations and other adjustment in Rent provided herein below. Any Option Term(s)"Term under this Lease must be exercised by delivery to Lessor of written notice of L▇▇▇▇▇’s intention to exercise each such Option Term (“Lessee’s Exercise”), upon the following terms and conditions: (i) At the time of the exercise of such right, there shall not exist an Uncured Default (given as defined in Section 25 hereof), and, notwithstanding that the extension right shall have been exercised by Tenant, Tenant's right to have the Option Term come into existence shall, at Landlord's option, be conditioned upon Tenant not having committed an Uncured Default as of the commencement of such Option Term. (ii) Any extension shall be upon the same terms, covenants and conditions as in this Lease provided, except that: (1) there shall be no further privilege of extension of the Term beyond the Option Term(s) referred to above; and (2) during any Option Term(s), the Basic Rent payable by Tenant to Landlord shall be as shown on the Rent Schedule as being applicable during that Option Term. (iii) Landlord shall have no obligation to make any construction contributions or do any work or perform any services for any Option Term with respect to the Premises, which Tenant agrees to accept in "as is" condition. (iv) Tenant shall have timely exercised all of the prior extension options and shall have remained in possession of and be then conducting business at the Premises. (v) Tenant shall have herein provided Landlord with written notice at least six thirty (630) months days prior to the expiration of the initial Initial Term or the expiring Option Term of the Lease, as applicable; provided, however, that if Lessor does not receive Lessee’s Exercise at least thirty (30) days prior to the expiration of the Initial Term, or the applicable Option Term, as the case may be, the then applicable Option Term and all future Option Terms shall immediately be null and void and of its intention to extend; it being understood that TIME OF THE ESSENCE with respect to the foregoing notice requirements no further force and that failure to give the notice as of the stated deadline shall constitute a waiver of Tenant's effect. Further, L▇▇▇▇▇’s right to extend exercise such renewal options is expressly conditioned upon there being no default on the Term or prior part of Lessee under this Lease, as described in Section 6 below, at the time of exercise of any such applicable Option Term, as or at the case may be. (b) The word "time any such Option Term is scheduled to commence. During any Option Term" , Lessee shall lease the Leased Premises on an “AS IS, WHERE IS” basis without any requirement or obligation for any tenant improvements or other work to be performed by Lessor, or any other word or expression used tenant concessions, and on the same terms and conditions as provided in this Lease to have reference to Lease, except for the term of this Lease shall include increases in Rent set forth herein. The Initial Term together with the applicable Option Term(s), unless ) is sometimes herein referred to collectively as the context of the use of such word or expression indicates otherwise“Lease Term”.

Option Terms. So long as no Default or Event of Default shall have occurred and be continuing and Lessee shall have given Lessor at least ninety (a90) Tenant days but not more than one hundred eighty (180) days prior written notice (the "Option Notice"), Lessee shall have the right to be exercised as hereinafter provided, to extend the Term for three (3) periods of five (5) years (sometimes herein called the "Option Term(s)"), upon the following terms purchase and conditions: (i) At the time of the exercise of such right, there shall not exist an Uncured Default (as defined in Section 25 hereof), and, notwithstanding that the extension right shall have been exercised by Tenant, Tenant's right to have the Option Term come into existence shall, at Landlord's option, be conditioned upon Tenant not having committed an Uncured Default as of the commencement of such Option Term. (ii) Any extension shall be upon the same terms, covenants and conditions as in this Lease provided, except that: (1) there shall be no further privilege of extension of the Term beyond the Option Term(s) referred to above; and (2) during any Option Term(s), the Basic Rent payable by Tenant to Landlord shall be as shown on the Rent Schedule as being applicable during that Option Term. (iii) Landlord shall have no obligation to make any construction contributions or do any work or perform any services for any Option Term with respect to the Premises, which Tenant agrees to accept in "as is" condition. (iv) Tenant shall have timely exercised all of the prior extension options and shall have remained in possession of and be then conducting business at the Premises. (v) Tenant shall have provided Landlord with written notice at least six (6) months prior to the expiration of the initial Term or prior Option Lease Term, as or any extension of the case may beLease Term (an "Extension Term"), to: (i) renew the Lease Term on the same frequency of its intention Lease Payments under the Lease Schedules at the same Lease Payment payable at the expiration of the Lease Term; (ii) purchase all, but not less than all, Property under a Lease Schedules for a purchase price (the "Purchase Option Price") equal to extendthe then Fair Market Sale Value thereof; it being understood that TIME or (iii) return such Property to Lessor pursuant to, and in the condition required by, the Master Leasing Agreement. If Lessee fails to give Lessor the Option Notice, Lessee shall be deemed to have chosen option (i) above, subject to the limitations set forth in Section 3.1 of this Agreement.. Payment of the Purchase Option Price, applicable sales taxes, together with all other amounts due and owing by Lessee under the Master Leasing Agreement (including, without limitation, Lease Payments) during such Lease Term shall be made on the last day of the Lease Term in immediately available funds against delivery of a bill of sale transferring to Lessee all right, title and interest of Lessor in and to the Property ON AN "AS IS" "WHERE IS" BASIS, WITHOUT ANY WARRANTIES, EXPRESS OR IMPLIED, AS TO ANY MATTER WHATSOEVER, INCLUDING WITHOUT LIMITATION, THE CONDITION OF THE ESSENCE with respect to the foregoing notice requirements and that failure to give the notice as of the stated deadline shall constitute a waiver of Tenant's right to extend the Term or prior Option TermPRODUCT, as the case may beITS MERCHANTABILITY OR ITS FITNESS FOR ANY PARTICULAR PURPOSE. LESSOR MAY SPECIFICALLY DISCLAIM ANY SUCH REPRESENTATIONS AND WARRANTIES. (b) The word "Term" or any other word or expression used in this Lease to have reference to the term of this Lease shall include the applicable Option Term(s), unless the context of the use of such word or expression indicates otherwise.

Option Terms. (a) Tenant shall Lessee will have the right to be exercised as hereinafter provided, option to extend the Term of this Lease for three two (32) periods additional terms of five two (52) years (sometimes herein called the "Option Term(s)Term"), upon . The option term shall commence on the first day immediately following terms and conditions: (i) At the time expiration of the exercise of such right, there shall not exist an Uncured Default (as defined in Section 25 hereof), and, notwithstanding that the extension right shall have been exercised by Tenant, Tenant's right to have the Option Term come into existence shall, at Landlord's option, be conditioned upon Tenant not having committed an Uncured Default as of the commencement of such Option Term. (ii) Any extension shall be upon the same terms, covenants and conditions as in this Lease provided, except that: (1) there shall be no further privilege of extension of the Term beyond the Option Term(s) referred to above; and initial two (2) during any Option Term(s)year term. In the event that Lessee elects to exercise such option to extend the term of this lease, the Basic Rent payable by Tenant to Landlord Lessee shall be as shown on the Rent Schedule as being applicable during that Option Term. (iii) Landlord shall have no obligation to make any construction contributions or do any work or perform any services for any Option Term with respect to the Premises, which Tenant agrees to accept in "as is" condition. (iv) Tenant shall have timely exercised all of the prior extension options and shall have remained in possession of and be then conducting business at the Premises. (v) Tenant shall have provided Landlord with give Lessor written notice at least (the "Notice of Intent") not less than six (6) months prior to before the expiration start of the initial Option Term or prior of Lessee's intention to renew this Lease. Time shall be of the essence in this regard. If lessee fails to notify lessor of lessee's intent to exercise such option terms, the lessor shall notify lessee of such failure by certified return receipt U.S. Mail. Lessee will then have seven (7) days to notify lessor of intent to renew. Except as otherwise specifically provided in this Lease, all of the covenants, agreements, terms, provisions and conditions in this Lease shall apply during the Option Term, as except (i) the case may be, of its intention to extend; it being understood that TIME OF THE ESSENCE with respect to right during the foregoing notice requirements and that failure to give the notice as of the stated deadline shall constitute a waiver of Tenant's right Option Term to extend the Term or prior Option Term, as the case may be. (b) The word "Term" or any other word or expression used in this Lease to have reference to the term of this Lease further. The amount of rent to be paid by Lessee for option term is as listed in attached Exhibit A. This option to extend as to the Option Term shall include terminate automatically and be null and void in the applicable Option Term(s), unless event that: (i) this Lease shall have been terminated; or (ii) Lessee shall be in material default in the context performance or observance of any of the use covenants, agreements, terms, provisions and conditions contained in this Lease at the time of the Notice of Intent or the Exercise Notice for such Option Term or on the Commencement Date of such word or expression indicates otherwiseOption Term. Upon commencement of the Option Term, all references in this Lease to the initial term shall be construed as the Option Term. In any event, not withstanding anything to the contrary herein contained, the rent for the option Term shall not be less than the rent for the final year of the previous term.

Option Terms. So long as no Default or Event of Default shall have occurred and be continuing and Lessee shall have given Lessor at least ninety (a90) Tenant days but not more than one hundred eighty (180) days prior written notice (the "Option Notice"), Lessee shall have the right to be exercised as hereinafter provided, to extend the Term for three (3) periods of five (5) years (sometimes herein called the "Option Term(s)"), upon the following terms purchase and conditions: (i) At the time of the exercise of such right, there shall not exist an Uncured Default (as defined in Section 25 hereof), and, notwithstanding that the extension right shall have been exercised by Tenant, Tenant's right to have the Option Term come into existence shall, at Landlord's option, be conditioned upon Tenant not having committed an Uncured Default as of the commencement of such Option Term. (ii) Any extension shall be upon the same terms, covenants and conditions as in this Lease provided, except that: (1) there shall be no further privilege of extension of the Term beyond the Option Term(s) referred to above; and (2) during any Option Term(s), the Basic Rent payable by Tenant to Landlord shall be as shown on the Rent Schedule as being applicable during that Option Term. (iii) Landlord shall have no obligation to make any construction contributions or do any work or perform any services for any Option Term with respect to the Premises, which Tenant agrees to accept in "as is" condition. (iv) Tenant shall have timely exercised all of the prior extension options and shall have remained in possession of and be then conducting business at the Premises. (v) Tenant shall have provided Landlord with written notice at least six (6) months prior to the expiration of the initial Term or prior Option Lease Term, as or any extension of the case may beLease Term (an "Extension Term"), to: (i) renew the Lease Term on the same frequency of its intention Lease Payments under the Lease Schedules at the same Lease Payment payable at the expiration of the Lease Term; (ii) purchase all, but not less than all, Property under a Lease Schedules for a purchase price (the "Purchase Option Price") equal to extendthe then Fair Market Sale Value thereof; it being understood that TIME or (iii) return such Property to Lessor pursuant to, and in the condition required by, the Master Leasing Agreement. If Lessee fails to give Lessor the Option Notice, Lessee shall be deemed to have chosen option (i) above, subject to the limitations set forth in Section 3.1 of this Agreement.. Payment of the Purchase Option Price, applicable sales taxes, together with all other amounts due and owing by Lessee under the Master Leasing Agreement (including, without limitation, Lease Payments) during such Lease Term shall be made on the last day of the Lease Term in immediately available funds against delivery of a ▇▇▇▇ of sale transferring to Lessee all right, title and interest of Lessor in and to the Property ON AN "AS IS" "WHERE IS" BASIS, WITHOUT ANY WARRANTIES, EXPRESS OR IMPLIED, AS TO ANY MATTER WHATSOEVER, INCLUDING WITHOUT LIMITATION, THE CONDITION OF THE ESSENCE with respect to the foregoing notice requirements and that failure to give the notice as of the stated deadline shall constitute a waiver of Tenant's right to extend the Term or prior Option TermPRODUCT, as the case may beITS MERCHANTABILITY OR ITS FITNESS FOR ANY PARTICULAR PURPOSE. LESSOR MAY SPECIFICALLY DISCLAIM ANY SUCH REPRESENTATIONS AND WARRANTIES. (b) The word "Term" or any other word or expression used in this Lease to have reference to the term of this Lease shall include the applicable Option Term(s), unless the context of the use of such word or expression indicates otherwise.

Option Terms. (a) Tenant shall have All of the right to be exercised as hereinafter provided, to extend the Term for three (3) periods of five (5) years (sometimes herein called the "Option Term(s)"), upon the following terms and conditions: conditions of this Lease shall apply during the Extended Term except that (i) At the time of the exercise of such right, there shall not exist an Uncured Default (as defined in Section 25 hereof), and, notwithstanding that the extension right shall have been exercised by Tenant, Tenant's right to have the Option Term come into existence shall, at Landlord's option, be conditioned upon Tenant not having committed an Uncured Default as of the commencement of such Option Term. (ii) Any extension shall be upon the same terms, covenants and conditions as in this Lease provided, except that: (1) there shall be no further privilege of extension of right to extend the Lease Term beyond the Option Term(s) referred to aboveExtended Term; and (2) during any Option Term(s), the Basic Rent payable by Tenant to Landlord shall be as shown on the Rent Schedule as being applicable during that Option Term. (iiiii) Landlord shall have no obligation to make improvements to the Premises of any construction contributions or do any work or perform any services nature whatsoever; and (iii) the Monthly Base Rent payable during the Extended Term shall be 100% of Fair Market Rent. For purposes hereof, “Fair Market Rent” shall mean the effective base rental rates (including periodic adjustments to such base rental rates) then being received for any Option Term with respect premises of similar size and quality to the Premises, located in the mid-market area of San Francisco area which Tenant agrees are similar in size, quality and location to accept the Property, leased for terms of approximately three (3) years, and otherwise subject to leases containing substantially similar terms as those contained in "as is" condition. this Lease (ivwith consideration of prevailing market concessions for renewing tenants at that time). Notwithstanding the foregoing, “Fair Market Rent” shall not include any rental value attributable to improvements, alterations, fixtures, equipment, and personal property installed in the Premises at Tenant’s expense. In determining Fair Market Rent, no consideration shall be given to any savings to Landlord attributable to Landlord not incurring any costs for brokerage commissions, rent holidays, tenant improvements and/or tenant improvement allowances. In the event the parties cannot mutually agree upon the Fair Market Rent, the following procedures shall apply. Not more than nine (9) Tenant shall have timely exercised all of the prior extension options and shall have remained in possession of and be then conducting business at the Premises. months or less than three (v) Tenant shall have provided Landlord with written notice at least six (63) months prior to the commencement of the Extended Term, Landlord and Tenant shall meet and attempt in good faith to determine and mutually agree upon the Monthly Base Rent to be paid during the Extended Term. If, sixty (60) days prior to the commencement of the Extended Term, the parties have not reached agreement, then the following procedure shall be used: Within ten (10) days after the expiration of the initial Term or prior Option Termforegoing period, as the case may beeach party, of at its intention to extend; it being understood that TIME OF THE ESSENCE with respect cost and by giving notice to the foregoing notice requirements other, shall appoint an arbitrator, who shall be a real estate broker with not less than five (5) years full-time commercial lease experience in the area in which the Premises are located, to determine the Fair Market Rent. If a party does not appoint an arbitrator within said ten (10) day period, the single broker appointed shall be the sole arbitrator and that failure to give shall set the notice as Fair Market Rent. Landlord and Tenant shall submit their respective determinations of the stated deadline shall constitute a waiver of Tenant's right to extend the Term or prior Option Term, as the case may be. (b) The word "Term" or any other word or expression used in this Lease to have reference then prevailing Fair Market Rent to the term of this Lease shall include the applicable Option Term(sarbitrator(s), unless at such time and in such manner as directed by the context arbitrator(s). The arbitrator(s) shall select either Landlord’s or Tenant’s determination of the use then prevailing Fair Market Rent. If two (2) arbitrators are appointed, and they are unable to agree within thirty (30) days, they shall select a third broker meeting the qualifications stated above within ten (10) days after the last day the two (2) brokers are given to determine the Fair Market Rent ("Referee"). If they are unable to agree on Referee, either of such word the parties to this Lease, by giving ten (10) days’ notice to the other, may file a petition with the American Arbitration Association solely for the purpose of selecting a Referee who meets the qualifications stated herein. Each party shall bear half the cost of the American Arbitration Association appointing the Referee and of paying the Referee’s fee. The Referee shall be a person who has not previously acted in any capacity for either of the parties hereto. Within thirty (30) days after the selection of the Referee, the Referee shall select either Landlord’s or expression indicates otherwiseTenant’s determination of the then prevailing Fair Market Rent. In determining the Fair Market Rent, the arbitrator(s) shall consider rents for comparable space in the vicinity of the Premises, taking into consideration quality, size, utility, location and views. After the Fair Market Rent has been determined, the arbitrator(s) shall immediately notify Landlord and Tenant, and the decision thereof shall be binding on Landlord and Tenant.

Option Terms. Landlord hereby grants to Tenant options to renew this lease for five separate and successive terms of ten years each (aeach an “Option Term” and collectively, the “Option Terms”) Tenant shall have but only upon the right to terms and conditions herein contained, including, without limitation, the escalations and other adjustment in Rent provided herein below. Any Option Term under this Lease must be exercised as hereinafter provided, by delivery to extend the Landlord of written notice of T▇▇▇▇▇’s intention to exercise each such Option Term for three (3) periods of five (5) years (sometimes herein called the "Option Term(s)"“Tenant’s Exercise”), upon the following terms and conditions: (i) At the time of the exercise of such right, there shall not exist an Uncured Default (given as defined in Section 25 hereof), and, notwithstanding that the extension right shall have been exercised by Tenant, Tenant's right to have the Option Term come into existence shall, at Landlord's option, be conditioned upon Tenant not having committed an Uncured Default as of the commencement of such Option Term. (ii) Any extension shall be upon the same terms, covenants and conditions as in this Lease provided, except that: (1) there shall be no further privilege of extension of the Term beyond the Option Term(s) referred to above; and (2) during any Option Term(s), the Basic Rent payable by Tenant to Landlord shall be as shown on the Rent Schedule as being applicable during that Option Term. (iii) Landlord shall have no obligation to make any construction contributions or do any work or perform any services for any Option Term with respect to the Premises, which Tenant agrees to accept in "as is" condition. (iv) Tenant shall have timely exercised all of the prior extension options and shall have remained in possession of and be then conducting business at the Premises. (v) Tenant shall have herein provided Landlord with written notice at least six thirty (630) months days prior to the expiration of the initial Initial Term or the expiring Option Term of the Lease, as applicable; provided, however, that if Landlord does not receive Tenant’s Exercise at least thirty (30) days prior to the expiration of the Initial Term, or the applicable Option Term, as the case may be, the then applicable Option Term and all future Option Terms shall immediately be null and void and of its intention to extend; it being understood that TIME OF THE ESSENCE with respect to the foregoing notice requirements no further force and that failure to give the notice as of the stated deadline shall constitute a waiver of effect. Further, Tenant's ’s right to extend exercise such renewal options is expressly conditioned upon there being no default on the Term or prior part of Tenant under this Lease, as described in Section 6 below, at the time of exercise of any such applicable Option Term, as or at the case may be. (b) The word "time any such Option Term is scheduled to commence. During any Option Term" , Tenant shall lease the Leased Premises on an “AS IS, WHERE IS” basis without any requirement or obligation for any tenant improvements or other work to be performed by Landlord, or any other word or expression used tenant concessions, and on the same terms and conditions as provided in this Lease to have reference to Lease, except for the term of this Lease shall include increases in Rent set forth herein. The Initial Term together with the applicable Option Term(s), unless ) is sometimes herein referred to collectively as the context of the use of such word or expression indicates otherwise“Lease Term”.

Option Terms. (a) Tenant shall have the right to be exercised as hereinafter provided, option to extend the Term this Lease for three two (32) periods additional and successive terms of five (5) years (sometimes herein called the "Option Term(s)"), upon the following terms and conditions: (i) At the time of the exercise of such right, there shall not exist an Uncured Default (as defined in Section 25 hereof), and, notwithstanding that the extension right shall have been exercised each by Tenant, Tenant's right to have the Option Term come into existence shall, at Landlord's option, be conditioned upon Tenant not having committed an Uncured Default as of the commencement of such Option Term. (ii) Any extension shall be upon the same terms, covenants and conditions as in this Lease provided, except that: (1) there shall be no further privilege of extension of the Term beyond the Option Term(s) referred to above; and (2) during any Option Term(s), the Basic Rent payable by Tenant written notice to Landlord shall be as shown on the Rent Schedule as being applicable during that Option Term. (iii) Landlord shall have no obligation to make any construction contributions or do any work or perform any services for any Option Term with respect to the Premises, which Tenant agrees to accept in "as is" condition. (iv) Tenant shall have timely exercised all of the prior extension options and shall have remained in possession of and be then conducting business at the Premises. (v) Tenant shall have provided Landlord with written notice delivered at least six (6) months 270 days prior to the expiration of the initial Original Term or prior First Option Term, Term as the case may be, of its intention to extend; it being understood that TIME OF THE ESSENCE with respect to the foregoing notice requirements and that failure appropriate. If Tenant shall fail to give any such notice within the notice as of the stated deadline shall constitute a waiver of aforesaid time limitation, Tenant's right to extend exercise its option shall nevertheless continue until the earlier of the date the Lease would otherwise terminate or ten (10) days after Tenant shall receive notice from Landlord of Landlord's election to terminate such option ("Tenant's Notice Period") and Tenant may exercise such option at any time until the earlier of the date the Lease would otherwise terminate or the expiration of Tenant's Notice Period, and, in such event, any Minimum Annual Rent or other payments payable by reason of the exercise of any option for an Option Term so exercised by Tenant shall be computed as if Tenant had seasonably exercised such option. In the event that Tenant elects not to exercise such option during Tenant's Notice Period, then this Lease shall terminate in accordance with its terms, unless the parties agree otherwise. In the event of any extension of the Term or prior Option Termof this Lease by reason of Tenant's exercise of any of the aforesaid options, this Lease shall be deemed and shall forthwith be extended with the same force and effect as of the expiration date of the Term of this Lease as so extended had been originally specified herein as the case may be. (b) The word "Term" or any other word or expression used expiration date of the Term of this Lease, and except as otherwise provided for in this Lease to have reference to Lease, all of the term terms, covenants, conditions and provisions of this Lease shall include continue in full force and effect, except that this Section 2 shall not extend the applicable Option Term(s)Term of this Lease, unless or grant any option to extend such Term, during or at the context expiration of the use of such word or expression indicates otherwiseSecond Option Term.