Common use of Option Terms Clause in Contracts

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 (90) days but not more than one hundred eighty (180) days prior written notice (the "Option Notice"), Lessee shall have the following purchase and extension options at the expiration of the Lease Term, or any extension of the Lease Term (an "Extension Term"), to: (i) renew the Lease Term on the same frequency of 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 the then Fair Market Sale Value thereof; 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 xxxx 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 PRODUCT, ITS MERCHANTABILITY OR ITS FITNESS FOR ANY PARTICULAR PURPOSE. LESSOR MAY SPECIFICALLY DISCLAIM ANY SUCH REPRESENTATIONS AND WARRANTIES.

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 (90) days but not more than one hundred eighty (180) days prior written notice (the "Option Notice"), Lessee shall have the following purchase and extension options at the expiration All of the terms and conditions of this Lease Term, or any extension of shall apply during the Extended Term except that (i) there shall be no further right to extend the Lease Term (an "Extension Term"), to: (i) renew beyond the Lease Term on the same frequency of Lease Payments under the Lease Schedules at the same Lease Payment payable at the expiration of the Lease Extended Term; (ii) purchase allLandlord shall have no obligation to make improvements to the Premises of any nature whatsoever; and (iii) the Monthly Base Rent payable during the Extended Term shall be 100% of Fair Market Rent. For purposes hereof, but “Fair Market Rent” shall mean the effective base rental rates (including periodic adjustments to such base rental rates) then being received for premises of similar size and quality to the Premises, located in the mid-market area of San Francisco area which are similar in size, quality and location to the Property, leased for terms of approximately three (3) years, and otherwise subject to leases containing substantially similar terms as those contained in this Lease (with 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) months or less than three (3) 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 foregoing period, each party, at its cost and by giving notice to the other, shall appoint an arbitrator, who shall be a real estate broker with not less than allfive (5) years full-time commercial lease experience in the area in which the Premises are located, Property under to determine the Fair Market Rent. If a Lease Schedules for a purchase price party does not appoint an arbitrator within said ten (10) day period, the "Purchase Option Price") equal single broker appointed shall be the sole arbitrator and shall set the Fair Market Rent. Landlord and Tenant shall submit their respective determinations of the then prevailing Fair Market Rent to the arbitrator(s), at such time and in such manner as directed by the arbitrator(s). The arbitrator(s) shall select either Landlord’s or Tenant’s determination of the then prevailing Fair Market Sale Value thereof; or Rent. If two (iii2) return such Property to Lessor pursuant toarbitrators are appointed, and in they are unable to agree within thirty (30) days, they shall select a third broker meeting 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 qualifications stated above within ten (i10) 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 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 the Lease Term in immediately available funds against delivery of a xxxx of sale transferring parties to Lessee all rightthis Lease, title and interest of Lessor in and by giving ten (10) days’ notice to the Property ON AN "AS IS" "WHERE IS" BASISother, WITHOUT ANY WARRANTIESmay 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, EXPRESS OR IMPLIEDthe Referee shall select either Landlord’s or Tenant’s determination of the then prevailing Fair Market Rent. In determining the Fair Market Rent, AS TO ANY MATTER WHATSOEVERthe arbitrator(s) shall consider rents for comparable space in the vicinity of the Premises, INCLUDING WITHOUT LIMITATIONtaking into consideration quality, THE CONDITION OF THE PRODUCTsize, ITS MERCHANTABILITY OR ITS FITNESS FOR ANY PARTICULAR PURPOSEutility, location and views. LESSOR MAY SPECIFICALLY DISCLAIM ANY SUCH REPRESENTATIONS AND WARRANTIESAfter 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. So long 31.4.1 The respective space leased to Tenant pursuant to its exercise of any one of the options contained in Subsections 31.1 through 31.3, inclusive, hereof shall be referred to as no Default or Event an "Expansion Area". In the event that Tenant shall exercise an option granted to it under the terms of Default this Section 31, the Expansion Area shall have occurred be delivered to Tenant in "as is" condition, except that Landlord shall undertake demolition of partitions and be continuing other tenant improvements contained within the Expansion Area in accordance with Tenant's reasonable specifications, at Landlord's expense prior to delivering the Expansion Area to Tenant. Upon the date on which Landlord delivers possession of each Expansion Area to Tenant, the Expansion Area shall constitute a portion of the Premises (and Lessee Landlord shall have given Lessor at least ninety (90) days but not more than one hundred eighty (180) days prior written notice (inform Tenant in writing of the "Option Notice"then current Rentable Area of the Premises, including the Expansion Area, and Tenant's Tax Share and Expense Share), Lessee Tenant shall have promptly commence occupancy thereof and the following purchase and extension options at the expiration of the Lease Term, or any extension of the Lease Term (an "Extension Term"), to: (i) renew the Lease Term on the same frequency of 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 the then Fair Market Sale Value thereof; 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 Expansion Area shall be deemed to have chosen option (i) above, fully subject to the limitations terms, conditions and agreements set forth in Section 3.1 of this Agreement.. Payment of the Purchase Option PriceLease, applicable sales taxes, together with all other amounts due and owing by Lessee under the Master Leasing Agreement (including, without limitation, Lease Paymentsthe payment of Minimum Rent, other Rent and all other charges payable on account of the Premises calculated as for the Premises, excepting only that the annual rate of Minimum Rent payable for the Expansion Area shall equal the Minimum Rent payable for the remainder of the Premises (as the same shall increase from time to time during the remainder of the Term) during such Lease Term plus One Dollar Fifty Cents ($1.50) per Rentable Square Foot of the Expansion Area. Notwithstanding the foregoing, Landlord agrees that no Minimum Rent or monthly payments on account of Tenant's Tax Share or Tenant's Expense Share shall be made payable or otherwise accrue on account of a given Expansion Area following the last date on which Landlord delivers possession of such Expansion Area to Tenant until the first to occur of (a) the first day of the eighth (8th) week thereafter or (b) the date on which Tenant commences occupancy of the Premises for purposes of conducting its business therein. Landlord shall provide Tenant with an allowance equal to $22.00 per Rentable Square Foot of the Expansion Area, reduced in the amount of $2.20 for each Lease Term Year elapsed at the time Tenant takes possession of the Expansion Area (for example, if Tenant exercises the option contained in immediately available funds against delivery Section 31.2, above, such allowance shall equal $11.00 per Rentable Square Foot of a xxxx of sale transferring the Expansion Area), which allowance shall be payable to Lessee all right, title Tenant in the same manner and interest of Lessor in for the same purposes as the Construction Allowance 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 PRODUCT, ITS MERCHANTABILITY OR ITS FITNESS FOR ANY PARTICULAR PURPOSE. LESSOR MAY SPECIFICALLY DISCLAIM ANY SUCH REPRESENTATIONS AND WARRANTIESPlans Allowance.

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 (90) days but not more than one hundred eighty (180) days prior written notice (the "Option Notice"), Lessee shall have the following purchase and extension options at the expiration of the Lease Term, or any extension of the Lease Term (an "Extension Term"), to: (i) renew the Lease Term on the same frequency of 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 the then Fair Market Sale Value thereof; 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 xxxx 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 PRODUCT, ITS MERCHANTABILITY OR ITS FITNESS FOR ANY PARTICULAR PURPOSE. LESSOR MAY SPECIFICALLY DISCLAIM ANY SUCH REPRESENTATIONS AND WARRANTIES.

Option Terms. So long as no Default or Event Lessee will have the option to extend the Term of Default this Lease for two (2) additional terms of two (2) years (the "Option Term"). The option term shall have occurred and be continuing and commence on the first day immediately following the expiration of the initial two (2) year term. In the event that Lessee elects to exercise such option to extend the term of this lease, Lessee shall have given give Lessor at least ninety (90) days but not more than one hundred eighty (180) days prior written notice (the "Option NoticeNotice of Intent"), Lessee shall have ) not less than six (6) months before the following purchase and extension options at the expiration start of the Option Term 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, or any extension except (i) the right during the Option Term to extend 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 Lease Option Term (an "Extension Term"), toshall terminate automatically and be null and void in the event that: (i) renew the this Lease Term on the same frequency of Lease Payments under the Lease Schedules at the same Lease Payment payable at the expiration of the Lease Termshall have been terminated; or (ii) purchase all, but not less than all, Property under a Lease Schedules for a purchase price (the "Purchase Option Price") equal to the then Fair Market Sale Value thereof; 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) abovein material default in the performance or observance of any of the covenants, subject 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 Option Term. Upon commencement of the Option Term, all references in this Lease to the limitations set forth in Section 3.1 of this Agreement.. Payment 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 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 xxxx 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 PRODUCT, ITS MERCHANTABILITY OR ITS FITNESS FOR ANY PARTICULAR PURPOSE. LESSOR MAY SPECIFICALLY DISCLAIM ANY SUCH REPRESENTATIONS AND WARRANTIESprevious term.

Option Terms. So long as Provided no Default or Event of Default shall have occurred exists and be is continuing and Lessee shall have given Lessor hereunder at least ninety the time Tenant exercises the Option (90as hereinafter defined) days but not more than one hundred eighty (180) days prior written notice (or at the "Option Notice")closing of the sale of the Subject Mentor Properties to Tenant, Lessee Tenant shall have the following option (the “Option”) to purchase and extension options at the expiration of the Lease Term, or any extension of the Lease Term all (an "Extension Term"), to: (i) renew the Lease Term on the same frequency of 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) of the Subject Mentor Properties during the period beginning on October 1, Property under a Lease Schedules for a purchase price 2011 and ending on September 30, 2016, at the greater of (i) the Minimum Option Purchase Price or (ii) the Fair Market Value of the Subject Mentor Properties (the "“Option Purchase Price”). Tenant may exercise such Option by giving written notice to Landlord of its exercise of the Option (an “Option Exercise Notice”) no earlier than April 1, 2011 and not later than March 30, 2016 and depositing with Landlord one and one half percent (1.5%) of the Minimum Option Purchase Price (the “Purchase Option Price"Xxxxxxx Money”) equal simultaneously with the delivery of the Option Exercise Notice. Any exercise by Tenant of the Option shall void any right of Tenant to extend the Term as to the then Fair Market Sale Value thereofSubject Mentor Properties for any Extended Term. Landlord and Tenant shall proceed to the closing (the “Option Closing”) on the date that is the later of October 1, 2011 or six (6) months after the exercise of the Option (or on the next Business Day thereafter, if the aforesaid later date is not a Business Day). If Tenant fails to proceed to the Option Closing for any reason other than a default by Landlord with respect to its obligations pursuant to the terms of Exhibit H attached hereto relative to the Option and the Option Closing, Landlord shall have the unconditional right to: (x) retain the Purchase Option Xxxxxxx Money, as fixed and liquidated damages (and not as a penalty); or and (iiiy) return such Property to Lessor pursuant declare an immediate Event of Default hereunder. The Option shall be exercised subject to, and in the condition required byaccordance with, the Master Leasing Agreement. If Lessee fails terms and conditions applicable to give Lessor the exercise of 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 Exhibit H attached hereto. Upon the consummation of the Purchase Option PriceClosing, 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 Subject Mentor Properties shall be made on the last day of the deleted from this Lease Term in immediately available funds against delivery of a xxxx of sale transferring pursuant 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 PRODUCT, ITS MERCHANTABILITY OR ITS FITNESS FOR ANY PARTICULAR PURPOSE. LESSOR MAY SPECIFICALLY DISCLAIM ANY SUCH REPRESENTATIONS AND WARRANTIESSection 17.9.

Option Terms. So long as no Default or Event of Default Tenant shall have occurred and be continuing and Lessee shall have given Lessor at least ninety four (904) days but options to extend the Lease Term, for a period of ten (10) calendar years for each such option (an "Option Term"). In order to exercise any such option to extend granted by this section, Tenant must notify Landlord in writing of its election to exercise such option to extend not more later than one hundred eighty (180) days prior written notice (the "Option Notice"), Lessee shall have the following purchase and extension options at to the expiration of the Lease Term, or, as the case may be, the Lease Term as extended by the prior exercise of any option to extend granted by this section. The options may be exercised individually or together with any extension other option so long as the remaining Lease Term, including the term of the exercised options, does not exceed fifty-five (55) calendar years. If any options are exercised together, Monthly Rent revaluation pursuant to Section 3.1.3 hereof shall nevertheless occur at the time and as if the renewal options were exercised serially. If Tenant fails to timely exercise any renewal option, then all subsequent renewal options shall be null and void and Tenant shall have no right to renew this Lease. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease (i) if on the date Tenant exercises the renewal options, or (ii) if Tenant exercises only one option, on the date immediately preceding the commencement date of the applicable Option Term, or (iii) if Tenant exercises more than one option simultaneously, on the commencement date of the first such Option Term, there exists an uncured Event of Default under this Lease. Tenant's lease of the Property for each such Option Term shall be upon all of the same terms, covenants and conditions contained in this Lease. After the exercise of any option to extend, all references in this Lease to the Lease Term shall be considered to mean the Lease Term as extended, and all references to termination or to the end of the Lease Term (an "Extension Term"), to: (i) renew the Lease Term on the same frequency of 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 the then Fair Market Sale Value thereof; 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 considered to have chosen option (i) above, subject to mean 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 termination or end of the Lease Term as extended. If Tenant exercises any such option, then each party shall, at the request of the other, execute a memorandum, in immediately available funds against delivery recordable form, acknowledging the fact that the option has been exercised and otherwise complying with the requirements of a xxxx Law for an effective memorandum 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 PRODUCT, ITS MERCHANTABILITY OR ITS FITNESS FOR ANY PARTICULAR PURPOSE. LESSOR MAY SPECIFICALLY DISCLAIM ANY SUCH REPRESENTATIONS AND WARRANTIESlease.