Option to Extend Term Clause Samples
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Option to Extend Term. Tenant shall have the option (“Option”) to extend the Term by five (5) years as to the entire Premises (and no less than the entire Premises) upon the following terms and conditions. Any extension of the Term pursuant to the Option shall be on all the same terms and conditions as this Lease, except as follows:
42.1. Base Rent during the Option term (including annual escalations, if applicable) shall equal the then-current fair market value for comparable office and laboratory space in the ▇▇▇▇▇▇ ▇▇▇▇▇ submarket of comparable age, quality, level of finish and proximity to amenities and public transit (“FMV”). Tenant may, no more than twelve (12) months prior to the date the Term is then scheduled to expire, request Landlord’s estimate of the FMV for the Option term. Landlord shall, within fifteen (15) days after receipt of such request, give Tenant a written proposal of such FMV. If Tenant gives written notice to exercise the Option, such notice shall specify whether Tenant accepts Landlord’s proposed estimate of FMV. If Tenant does not accept the FMV, then the parties shall endeavor to agree upon the FMV, taking into account all relevant factors, including (a) the size of the Premises, (b) the length of the Option term, (c) rent in comparable buildings in the relevant submarket, including concessions offered to new tenants, such as free rent, tenant improvement allowances and moving allowances, (d) Tenant’s creditworthiness and (e) the quality and location of the Building and the Project. In the event that the parties are unable to agree upon the FMV within thirty (30) days after Tenant notifies Landlord that Tenant is exercising the Option, then either party may request that the same be determined as follows: a senior officer of a nationally recognized leasing brokerage firm with local knowledge of the ▇▇▇▇▇▇ ▇▇▇▇▇ laboratory/research and development leasing submarket (the “Baseball Arbitrator”) shall be selected and paid for jointly by Landlord and Tenant. If Landlord and Tenant are unable to agree upon the Baseball Arbitrator, then the same shall be designated by the local chapter of the American Arbitration Association or any successor organization thereto (the “AAA”). The Baseball Arbitrator selected by the parties or designated by the AAA shall (y) have at least ten (10) years’ experience in the leasing of laboratory/research and development space in the ▇▇▇▇▇▇ ▇▇▇▇▇ submarket and (z) not have been employed or retained by either Landlord or Tenant or...
Option to Extend Term. Landlord will grant (1) Option to Extend the Lease term and all provisions contained in this Lease, except for the minimum monthly rent, for one three (3) year period ("Extended Term") following expiration of the initial term by giving notice of exercise of the Option ("Option Notice") to Landlord at lease one hundred fifty (150) days before the expiration of the initial term, provided that if Tenant is in default of a material term of this Lease beyond the applicable cure period on the date of giving Option Notice, the Option Notice shall be ineffective, or if Tenant is in default of a material term of this Lease beyond the applicable cure period on the day the Extended Term is to commence, the Extended Term shall not commence and this Lease shall expire at the end of the initial term. Landlord shall give Tenant its initial determination of the fair market rent either promptly after the receipt of Tenant's notice exercising Tenant's option to extend, or promptly after receiving a request for such determination prior to receipt of Tenant's exercise of its option if such request is received during the ninety (90) days prior to the date such option must be exercised. If Tenant disagrees with Landlord's initial designation of the Fair Market Rent, Landlord and Tenant agree to negotiate in good faith for a period of up to thirty (30) days following Tenant's receipt of Landlord's initial determination of Fair Market Rent in an effort to agree on the Fair Market Rent, and if the parties cannot agree upon the Fair Market Rent by the end of such thirty day period, then the Fair Market Rent shall be submitted to arbitration as follows: Within fifteen (15) days after the expiration of such thirty (30) day period, Landlord and Tenant shall either agree on the name of a single arbitrator or each give notice to the other specifying the name and address of the arbitrator each has chosen. The two arbitrators so chosen shall meet within ten (10) days after the second arbitrator is appointed and if, within twenty (20) days after the second arbitrator is appointed, the two arbitrators shall not agree upon a determination of the Fair Market Rent in
Option to Extend Term. The Company shall have the option to extend the Basic Term of this Lease for the Additional Term provided that (a) the Company shall give the Issuer written notice of its intention to exercise each such option at least 30 days prior to the expiration of the Basic Term and (b) the Company is not in default hereunder in the payment of Basic Rent or Additional Rent at the time it gives the Issuer such notice or at the time the Additional Term commences. In the event the Company exercises such option, the terms, covenants, conditions and provisions set forth in this Lease shall be in full force and effect and binding upon the Issuer and the Company during the Additional Term except that the Basic Rent during any extended term herein provided for shall be the sum of $1,000.00 per year, payable in advance on the first Business Day of such Additional Term.
Option to Extend Term. Tenant shall have the option (“Option”) to extend the Term by five (5) years as to the entire Premises (and no less than the entire Premises) upon the following terms and conditions. Any extension of the Term pursuant to the Option shall be on all the same terms and conditions as this Lease, except as follows:
42.1. Base Rent during the Option term shall equal the then-current fair market value (including fair market annual escalations) for comparable office space in the East Cambridge submarket of comparable age, quality, level of finish and proximity to amenities and public transit (“FMV”). Tenant may, no more than twelve (12) months prior to the date the Term is then scheduled to expire, request Landlord’s estimate of the FMV for the Option term. Landlord shall, within fifteen (15) days after receipt of such request, give Tenant a written proposal of such FMV. If Tenant gives written notice to exercise the Option, such notice shall specify whether Tenant accepts Landlord’s proposed estimate of FMV. If Tenant does not accept the FMV, then the parties shall endeavor to agree upon the FMV, taking into account all relevant factors, including (a) the size of the Premises, (b) the length of the Option term, (c) rent in comparable buildings in the relevant submarket, including concessions offered to new tenants, such as free rent, tenant improvement allowances and moving allowances, (d) Tenant’s creditworthiness and (e) the quality and location of the Building and the Project. In the event that the parties are unable to agree upon the FMV within thirty (30) days after Tenant notifies Landlord that Tenant is exercising the Option, then either party may request that the same be determined as follows: a senior officer of a nationally recognized leasing brokerage firm with local knowledge of the East Cambridge office/research and development leasing submarket (the “Baseball Arbitrator”) shall be selected and paid for jointly by Landlord and Tenant. If Landlord and Tenant are unable to agree upon the Baseball Arbitrator, then the same shall be designated by the local chapter of the American Arbitration Association or any successor organization thereto (the “AAA”). The Baseball Arbitrator selected by the parties or designated by the AAA shall (y) have at least ten (10) years’ experience in the leasing of office/research and development space in the East Cambridge submarket and (z) not have been employed or retained by either Landlord or Tenant or any affiliate of ei...
Option to Extend Term. Tenant shall have the option to extend the term of this Lease, at the minimum rental set forth in Section 3.1(b) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for one (1) additional period of two (2) years, commencing upon the expiration of the initial term hereof. Exercise of such option shall be by written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the initial term hereof. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date the extended term is to commence, then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the then current term hereof (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises the extension option under this Section, then all references in this Lease (other than in this Section 2.6) to the “term” of this Lease shall be construed to include the extension term thus elected by Tenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.
Option to Extend Term. Provided that as of the notice date to exercise an Option (defined below) Tenant is not in material breach of this Lease beyond any applicable notice and cure period, Tenant shall have one (1) option (“Option”) to extend the Term for an additional term (“Extension Term”) of five (5) years, on the same terms and conditions of this Lease. To exercise an Option, Tenant shall give written notice to Landlord no later than twelve (12) months prior to the date of expiry of the then current Term.
Option to Extend Term. Tenant shall have the option (“Option”) to extend the Term of this Lease by five (5) years (the “Extension Term”) as to the entire Premises (and no less than the entire Premises) upon the following terms and conditions. Any extension of the Term pursuant to the Option shall be on all the same terms and conditions as this Lease, except as follows:
42.1 Basic Annual Rent shall be adjusted on the first (1st) day of the Extension Term and each anniversary date thereof in accordance with Article 7. The Basic Annual Rent during the Extension Term shall equal the greater of: (a) ninety-five percent (95%) of the Fair Market Value for the Extension Term; and (b) 103% of the then-current Basic Annual Rent at the end of the then-current Term, and shall be adjusted in accordance with Article 7 hereof. “Fair Market Value” means the then-prevailing average annual rate that comparable landlords have accepted in current transactions from new, non-equity (i.e., not being offered equity in the Building), nonrenewal, nonexpansion and nonaffiliated tenants of similar financial strength for comparable space in comparable laboratory buildings comparably located, with comparable size, quality and floor height in a first class office building, or as appropriate, a laboratory building, taking into consideration all relevant factors, including, without limitation, the proposed lease term, the tenant inducements, free rent, brokerage commissions, allowances or concessions, if any, and excluding specialized tenant improvements or tenant paid improvements for a comparable term, with the determination of Fair Market Value to take into account all relevant factors, including tenant inducements, allowances or concessions, if any, the extent of the services provided or to be provided to the Premises, and contraction and expansion options. In the event the tenant inducements, allowances or concessions granted differ from the terms contained in this Lease, an adjustment to the Fair Market Value shall be made on a basis consistent with the adjustments commonly made in the market for comparable differences and concession packages. If Landlord and Tenant cannot agree on the Fair Market Value for purposes of the Extension Term then they shall engage a mutually agreeable independent third party appraiser with at least ten (10) years’ experience in appraising the rental value of leased commercial premises (for research and development and laboratory uses) in the Seattle, Washington area (the “App...
Option to Extend Term. As of the RP Commencement Date, Section 35 of the Lease shall be modified by adding the following provisions to the end of the first full paragraph of such Section: “If Landlord and Tenant are unable to agree on the Market Rate for the Renewal Term within ten (10) days of receipt by Landlord of the Option Notice for the Renewal Term, Landlord and Tenant each, at its cost and by giving notice to the other party, shall appoint a competent and impartial commercial real estate broker (hereinafter “broker”) with at least ten (10) years’ full-time commercial real estate brokerage experience in the geographical area of the Premises to set the Market Rate for the Renewal Term. If either Landlord or Tenant does not appoint a broker within ten (10) days after the other party has given notice of the name of its broker, the single broker appointed shall be the sole broker and shall set the Market Rate for the Renewal Term. If two (2) brokers are appointed by Landlord and Tenant as stated in this paragraph, they shall meet promptly and attempt to set the Market Rate. In addition, if either of the first two (2) brokers fails to submit their opinion of the Market Rate within the time frames set forth below, then the single Market Rate submitted shall automatically be the initial monthly Base Rent for the Renewal Term and shall be binding upon Landlord and Tenant. If the two (2) brokers are unable to agree within ten (10) days after the second broker has been appointed, they shall attempt to select a third broker, meeting the qualifications stated in this paragraph within ten (10) days after the last day the two (2) brokers are given to set the Market Rate. If the two (2) brokers are unable to agree on the third broker, either Landlord or Tenant by giving ten (10) days’ written notice to the other party, can apply to the Presiding Judge of the Superior Court of the county in which the Premises is located for the selection of a third broker who meets the qualifications stated in this paragraph. Landlord and Tenant each shall bear one-half ( 1/2) of the cost of appointing the third broker and of paying the third broker’s fee. The third broker, however selected, shall be a person who has not previously acted in any capacity for either Landlord or Tenant. Within fifteen (15) days after the selection of the third broker, the third broker shall select one of the two Market Rates submitted by the first two brokers as the Market Rate for the Renewal Term. The determination of the...
Option to Extend Term. Provided that Tenant is not then in Default, Tenant shall have the option ("Option") to extend the term of this Lease upon the following terms and conditions:
(a) Tenant shall have two (2) consecutive options to extend the term of this Lease each for a period of five (5) years.
(b) In the event Tenant elects to exercise an Option under Section 45 (a), the Lease terms shall be the same terms and conditions as set forth in this Lease except for the Basic Annual Rent, which shall be equal to the then current fair market rent as shall be mutually agreed upon by Landlord and Tenant. Either Party, however, may elect to terminate the Option (which termination shall be either Parties sole recourse and remedy) by giving written notice to the other Party, and the Option shall be of no further force or effect even after Tenant's due and timely exercise of an Option, if six months prior to the commencement date of the new term, Landlord and Tenant are unable in good faith to agree, in their respective sole discretion, upon a mutually satisfactory Basic Annual Rent.
(c) The Option herein granted is not assignable separate and apart from this Lease.
(d) The Option herein granted is for Tenant to extend the Lease for all (and not less than all) of the Demised Premises.
(e) The Option is conditional upon Tenant giving Landlord written notice of its election to exercise the Option at least nine (9) months prior to the end of the expiration of the initial term of this Lease or any prior extension thereof.
Option to Extend Term. Tenant shall have the option (“Option”) to extend the Term by three (3) years as to the entire Premises (and no less than the entire Premises) upon the following terms and conditions. The Option is personal to Gritstone Oncology, Inc., and may not be exercised by any party that becomes the tenant under this Lease, unless such party became the tenant as a result of an Exempt Transfer. Any extension of the Term pursuant to the Option shall be on all the same terms and conditions as this Lease, except as follows:
42.1 Base Rent at the commencement of the Option term shall equal the greater of (a) the then-current Base Rent and (b) the then-current fair market value for comparable Class A office and laboratory space in the East Cambridge and Cambridgeport submarket of comparable age, quality, level of finish and proximity to amenities and public transit (“FMV”), and shall be further increased on each annual anniversary of the Option term commencement date by three percent (3%). Tenant may, no more than ten (10) months prior to the date the Term is then scheduled to expire, request Landlord’s estimate of the FMV for the Option term. Landlord shall, within fifteen (15) days after receipt of such request, give Tenant a written proposal of such FMV. If Tenant gives written notice to exercise the Option, such notice shall specify whether Tenant accepts Landlord’s proposed estimate of FMV. If Tenant does not accept the FMV, then the parties shall endeavor to agree upon the FMV, taking into account all relevant factors, including (a) the size of the Premises, (b) the length of the Option term, (c) rent in comparable buildings in the relevant submarket, including concessions offered to new tenants, such as free rent, tenant improvement allowances and moving allowances, (d) Tenant’s creditworthiness, (e) the quality and location of the Building and the Project, (f) the location of the Building in the Cambridgeport sub-submarket and (g) the systems and improvements in the Premises. In the event that the parties are unable to agree upon the FMV within thirty (30) days after Tenant notifies Landlord that Tenant is exercising the Option, then either party may request that the same be determined as follows: a senior officer of a nationally recognized leasing brokerage firm with local knowledge of the East Cambridge and Cambridgeport laboratory/research and development leasing submarket (the “Baseball Arbitrator”) shall be selected and paid for jointly by Landlord and Tenant...