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(c) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, for one (1) additional term of three (3) years, commencing upon the expiration of the initial direct term hereof; provided, however, that such option shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such option. Exercise of such option shall be by written notice to Landlord not less than nine (9) months and not more than twelve (12) months prior to the expiration of the initial direct 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 initial direct term of this Lease (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its extension option under this Section, then all references in this Lease (other than in this Section 2.6 itself) to the “term” of this Lease shall be construed to include the extension term thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. 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. 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:
Option to Extend Term. Notwithstanding anything to the contrary contained in Paragraphs 1.3, 3.1 or elsewhere in the Lease, subject to the terms of Paragraph 39 of the Lease, Lessor hereby grants Lessee a one time option to extend the Term ("Option to Extend") for an additional period of five (5) years ("Option Period"). Such right shall apply only to Lessee's entire Premises, shall be for a term that shall begin immediately following Lessee's initial Term and shall be exercised by Lessee by giving written notice to Lessor at lease nine (9) months prior to the expiration of the initial Term. If Lessee exercises its Option to Extend the Term, Lessee shall continue to lease the Premises for such extended period upon the same terms and conditions set forth in this Lease except that the Base Rent payable by Lessee to Lessor during the Option Period shall be at 95% of the prevailing fair market rental rate for the Premises based upon the prevailing fair market rental rate for similar space in similar industrial buildings within the vicinity of the building. Lessor shall provide Lessee with written notice of the fair market rental rate for the Premises, not later than thirty (30) days following receipt of Lessee's exercise notice. Lessee shall have twenty (20) days ("Lessee's Review Period") after receipt of Lessor's notice of the fair market rental rate within which to accept such fair market rental rate or to reasonable object thereto in writing. If Lessee objects to the fair market rental rate submitted by Lessor, Lessor and Lessee shall attempt in good faith to agree upon such fair market rental rate, using their best good faith efforts. If Lessor and Lessee fail to reach agreement on such fair market rental rate within fifteen (15) days following Lessee's Review Period (the "Outside Agreement Date") then, at Lessee's election delivered to Lessor in writing, Lessee may either cancel its exercise of its Option to Extend the
Option to Extend Term. A. Lessee shall have the option to extend the term on all the provisions contained in this Lease for one (1) three (3)-year periods ("extended term(s)") at an adjusted rental calculated as provided in Subparagraph B below on the condition that:
Option to Extend Term. (a) Subject to clause 2.2(b), the User may, by notice to Western Power given no later than 6 months prior to the expiration of the Term as at the time the notice is given, elect to extend the Term by such period as is specified in Part 2 of Schedule 2 as the “Extension Period”, in which event the Termination Date shall be the last day of the Extension Period.
Option to Extend Term. (a) Landlord hereby grants to Tenant two (2) consecutive options to extend the Term for a period of five (5) years each time, each option to be exercised by Tenant giving written notice of its exercise to Landlord in the manner provided in this Lease at least one hundred eighty (180) days prior to (but not more than two hundred ten (210) days prior to) the expiration of the Term, as it may have been previously extended. No extension option may be exercised by Tenant if an Event of Default has occurred and is then continuing or any facts or circumstances then exist which, with the giving of notice or the passage of time, or both, would constitute an Event of Default either at the time of exercise of the option or at the time the applicable Term would otherwise have expired if the applicable option had not been exercised.
Option to Extend Term. Landlord grants to Tenant two (2) options to extend the Lease Term (each, an Extension Option) for a period of five (5) years (each an Option Term) each, subject to the conditions described in this Section 2.5. Tenant shall have no other right to extend the term beyond the last Option Term.
Option to Extend Term. Tenant shall have a one-time option to extend the term of this Lease for an additional period of five (5) years commencing on expiration of the original term specified in Section 1.01 of this Lease provided:
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 three (3) options (each, an “Option”) to extend the Term of this Lease (and, in each case, the Term Expiration Date) by five (5) years, in each case on the same terms and conditions as this Lease, except as provided below. If Tenant desires to exercise any Option, Tenant must do so by giving Landlord written notice of such exercise at least one (1) year before the Term would otherwise expire. Tenant may exercise its Option to extend the Term only as to any one or more of the following: (a) the entire Retained Premises plus the Corridor Space and the 765 Expansion Premises III, (b) the entire New Whole Building Premises, (c) the entire New Multiple Tenant Building Premises, (d) the Modified Additional Premises, (e) the Swap Premises, 765 Elevator Lobby Premises, the 765 2nd Floor Elevator Lobby Premises and the 765 2nd Floor Corridor Premises, (f) each full floor of the 755 Premises, (g) the 765 Expansion Premises, (h) the 765 Expansion Premises II, (i) C-Level Storage Spaces, (j) the 777 License Area Premises and the 777 S-Level Corridor Premises, (k) the 01 Premises and the Additional 01 Premises, (l) the 777-02 Premises and (m) the 765 Mezz Premises. If Tenant fails to exercise an Option with respect to less than all of the Premises and the time to do so has lapsed (or if a Retained Premises Early Termination, a termination pursuant to a Swap Premises Termination Option, or any other termination of a portion of the Premises pursuant to the Amended Lease has occurred), then Tenant shall no longer have an Option with respect to those portions of the Premises (y) for which it failed to exercise an Option, although Tenant’s Options for the remaining Premises shall remain in full force and effect or (z) that have terminated.
