Common use of OPTION TO EXTEND TERM OF LEASE Clause in Contracts

OPTION TO EXTEND TERM OF LEASE. (a) Subject to the provisions of Paragraph (c) below, Landlord hereby grants to Tenant an option to extend the term of the Lease, for three additional consecutive ten-year renewal terms (each, an "Extended Term," and collectively, the "Extended Terms"). Each of the Extended Terms shall be upon the same terms and conditions as those set forth for the Fixed Term except that Base Rent shall be the then current Fair Market Rental which, unless otherwise mutually agreed to by Landlord and Tenant, shall be determined by appraisal pursuant to the provisions of Article XXV; provided that the annual Base Rent for each Extended Term shall not be less than 102 1/2% of the sum of Base Rent payable during the last year of the Fixed Term or preceding Extended Term, as the case may be. The Base Rent for the Extended Term provided for herein for the second and each subsequent Lease Year of the Extended Term shall be increased to an amount equal to one hundred two and one-half percent (102 1/2%) of the Base Rent for the preceding twelve month period, calculated by applying such percentage increases on a cumulative basis to the Base Rent payable during each of the preceding Lease Years. Each such option may only be exercised by Tenant if, at the time such option is exercised, an Event of Default shall not exist and be continuing, and shall be exercised by Tenant by delivery of Notice to that effect to Landlord not less than 180 days but not more than 360 days prior to the date upon which this Lease otherwise would terminate. Tenant's exercise of any option to extend the term of this Lease for an extended term pursuant to this Section 3.2 shall constitute Tenants' irrevocable and binding commitment to lease the Property on the terms stated in this Lease for the whole of such Extended Term. If Tenant is unable to exercise any option due to the provisions of this Lease, the time during which such option may be exercised shall not be extended or enlarged. The failure of Tenant to exercise any of the options for the Extended Terms within the respective times specified in this Section shall thereby terminate any remaining such options.

OPTION TO EXTEND TERM OF LEASE. Tenant may elect to extend the Term of the Lease (“Extension Option(s)”) for all (but not less than all) of the Premises for two (2) additional periods, the first period to be for five (5) years (“First Extension Period”), and the second period to be for five (5) years (the “Second Extension Period" and collectively with the First Extension Period, the “Extension Periods"), provided that either at the time of the exercise of the options set forth herein or at the time of the commencement of the extension periods hereunder (a) Subject to an Event of Default does not then exist under the provisions Lease; (b) Tenant has made the investments required in Section 5.2 and Section 7 of Paragraph the Work Letter attached as Exhibit D; (c) below, Landlord hereby grants to Tenant an option to extend is actually operating across the term street from the Premises in the Liberty Hotel building a full service restaurant and bar of the Lease, for three additional consecutive ten-year renewal terms (each, an "Extended Term," same quality and collectively, service as the "Extended Terms"). Each Tenant’s Concord restaurant or has opened a full service restaurant and bar of the Extended Terms same quality and service as the Tenant’s Concord restaurant in the Premises within eighteen (18) months after the closing of the Tenant's restaurant and bar operation in the Liberty Hotel building; and (d) Tenant had transferred its brewing operation to the Premises. The Tenant may exercise an Extension Option by delivering to Landlord not earlier than twelve (12) months and no later than nine (9) months before the end of the initial Term of this Lease or the First Extension Period, as applicable, a written notice (the “Option Notice”) of such election. The First Extension Period shall commence on the day immediately following the last day of the Term and the Second Extension Period shall commence on the day immediately following the last day of the First Extension Period and shall be upon subject to all the same terms and conditions as those set forth for of the Fixed Term Lease except that Base Rent shall be the then current Fair Market Rental which, unless otherwise mutually agreed to by Landlord and Tenant, shall be determined by appraisal pursuant to the provisions of Article XXV; provided that the annual Base Rent for each Extended Term shall not be less than 102 1/2% of the sum of Base Rent payable during the last year of the Fixed Term or preceding Extended Term, as the case may be. The Base Rent for the Extended Term provided for herein for the second and each subsequent Lease Year of the Extended Term shall be increased to an amount equal to one hundred two and one-half percent (102 1/2%) of the Base Rent for the preceding twelve month period, calculated by applying such percentage increases on a cumulative basis to applicable Extension Period shall be the Base Fair Market Rent payable during each of the preceding Lease Yearsas determined in accordance with Section 4 below. Each such option may only be exercised by Tenant if, at the time such option is exercised, If an Event of Default shall not does exist and be continuing, and shall be exercised by Tenant by delivery under the Lease at the time of Notice to that effect to Landlord not less than 180 days but not more than 360 days prior to the date upon which this Lease otherwise would terminate. commencement of the applicable Extension Periods following Tenant's ’s proper exercise of any option the Extension Option, Landlord shall have, in addition to extend all of Landlord’s other rights and remedies provided in the term of this Lease for an extended term pursuant to this Section 3.2 shall constitute Tenants' irrevocable and binding commitment to lease the Property on the terms stated in this Lease for the whole of such Extended Term. If Tenant is unable to exercise any option due to the provisions of this Lease, the time during which such option may be exercised shall not be extended or enlarged. The failure of right to terminate the Extension Option upon written notice to Tenant to exercise any given promptly after receipt of the options for option exercise or the Extended Terms within time of the respective times specified in this Section shall thereby terminate any remaining such optionscommencement of the Extension Period, as applicable.

OPTION TO EXTEND TERM OF LEASE. (a) Subject to the provisions of Paragraph (c) below, Landlord hereby grants to Tenant an option to extend the term of the Lease, this Lease for three additional consecutive ten-year renewal terms (each, an "Extended Term," and collectively, the "Extended Terms"). Each of the Extended Terms Term shall be upon on the same terms and conditions as those set forth herein for the Fixed Term (including, but not limited to, Tenant's obligation to pay Percentage Rent), except that Base Rent shall be paid at a rate equal to the then current Fair Market Rental which, unless otherwise mutually agreed to by Landlord and Tenant, shall be determined by appraisal pursuant to the provisions of Article XXV; provided that the annual Base Rent for each Extended Term . In no event, however, shall not be less than 102 1/2% of the sum of Base Rent payable during the last year of the Fixed Term or preceding Extended Term, as the case may be. The Base Rent for the Extended Term provided for herein for the second and each subsequent Lease Year of the Extended Term shall be increased to an amount equal to one hundred two and one-half percent (102 1/2%) of the Base Rent for any Extended Term be less than 102%, nor more than 107%, of the preceding twelve month period, calculated by applying such percentage increases on a cumulative basis to total amount of Base Rent and Percentage Rent reserved under this Lease for the Base Rent payable during Year for such Extended Term. Tenant shall pay to Landlord, on the first day of each Extended Term, an Additional Charge equal to 0.5% of the preceding Lease YearsLandlord's Total Investment. Each such option may only be exercised by Tenant if, at the time such option is exercised, (a) this Lease has not expired or been sooner terminated and (b) an Event of Default shall is not exist and be continuing, and shall be exercised by Tenant by delivery of Notice to that effect to Landlord not less than 180 days but not nor more than 360 days prior to the date upon which this Lease otherwise would terminateexpiration of the then current Term. Tenant's exercise of any option to extend the term of this Lease for an extended term Extended Term pursuant to this Section 3.2 shall constitute Tenants' Tenant's irrevocable and binding commitment to lease the Property on the terms stated in this Lease for the whole of such Extended Term. If Tenant is unable to exercise any option due to the provisions of this Lease, the time during which such option may be exercised shall not be extended or enlarged. The Time is strictly of the essence with respect to the requirement that Tenant give timely Notice of its exercise of any options hereunder, and Tenant's failure of Tenant timely to exercise any option strictly in accordance with its terms shall constitute a material, irredeemable and incurable failure to satisfy a condition precedent to the vesting of any rights in Tenant pursuant to the options for option, and Tenant hereby expressly waives any right to claim relief from forfeiture or any other form of equitable relief from the Extended Terms within the respective times specified consequences of any untimely exercise of any such option strictly in this Section shall thereby terminate any remaining such optionsaccordance with its terms.

OPTION TO EXTEND TERM OF LEASE. (a) Subject to the provisions of Paragraph (c) belowthis Section 3.2, Landlord hereby grants to Tenant an option to extend the term of the Lease, this Lease for three additional consecutive ten-ten (10) year renewal extension terms (each, an "Extended Term," and collectively, the "Extended Terms"). Each of the The first Extended Terms Term shall be upon on the same terms and conditions as those set forth for the Fixed Initial Term except that Base with Percentage Rent shall continuing to be calculated on the then current Fair Market Rental which, unless otherwise mutually agreed to by Landlord and Tenant, shall be determined by appraisal pursuant to the provisions of Article XXV; provided that the annual Base Rent for each Extended Term shall not be less than 102 1/2% of the sum of Base Rent payable during the last year of the Fixed Term or preceding Extended Term, as the case may beIncremental Revenues. The Base Rent for the second Extended Term provided for herein and for the second and each subsequent Lease Year of the third Extended Term shall be increased at the Fair Market Rent as established pursuant to an amount equal to one hundred two and one-half percent (102 1/2%) of the Base Rent Section 4.3 for the preceding twelve month period, calculated by applying such percentage increases on a cumulative basis to the Base Rent payable during each of the preceding Lease Yearssecond or third Extended Term as applicable. Each such Such option may only be exercised by Tenant if, at the time such option is exercised, an Event of Default shall not exist and be continuing, and shall be exercised by Tenant by delivery of Notice to that effect to Landlord not less than 180 days but not more than 360 days one (1) year prior to the date upon which this Lease otherwise would terminate. Such option may be exercised by Tenant only if (a) at the time such Notice is given, this Lease has not expired or been sooner terminated, (b) the applicable tenant on each Related ALS Lease has exercised its option to renew that Related ALS Lease, and (c) at the time such Notice is given and on the expiration date of the Initial Term, an Event of Default (under this Lease and/or any or all of the Other ALS Leases) is not continuing. With respect to Tenant's election to extend this Lease for the Second and Third Extended Term, upon receipt from Tenant of Tenant's notice that Tenant elects to extend the Lease, Landlord and Tenant shall endeavor to establish the Fair Market Rent for such Extended Term as provided in Section 4.3 hereof. Unless Tenant gives notice to Landlord pursuant to the last sentence of Section 4.3, Tenant's exercise of any option to extend the term of this Lease for an extended term Extended Term pursuant to this Section 3.2 shall constitute Tenants' Tenant's irrevocable and binding commitment to lease the Property on the terms stated in this Lease for the whole of such the applicable Extended Term. If Tenant is unable to exercise any such option due to the provisions of this Leaseforegoing provisions, the time during which such option may be exercised shall not be extended or enlarged. The Time is strictly of the essence with respect to the requirement that Tenant give timely Notice of its exercise of such option hereunder, and Tenant's failure of Tenant timely to exercise any option strictly in accordance with its terms shall constitute a material, irredeemable and uncurable failure to satisfy a condition precedent to the vesting of any rights in Tenant pursuant to the options for the Extended Terms within the respective times specified in this Section shall thereby terminate option, and Tenant hereby expressly waives any remaining such options.right to claim relief from forfeiture, or any other

OPTION TO EXTEND TERM OF LEASE. (a) Subject Provided that Tenant has not breached or defaulted under any of the terms of the Lease, Tenant may, subject to the provisions of Paragraph conditions set forth in the Lease and this Amendment, at its option (c) belowthe "Option to Extend"), Landlord hereby grants to Tenant an option to extend renew the term of the Lease (including any Expansion Space) for one (1) additional five (5) year renewal period (the "Renewal Term") which shall commence immediately following the expiration of the initial Term of the Lease, for three additional consecutive ten-year renewal terms as extended (each, an "Extended Term," and collectively, the "Extended TermsInitial Term"). Each , provided, however, that such renewal option must be exercised only by written notice given by Tenant, and received by Landlord, not more than twelve (12) months nor less than six (6) months prior to the termination of the Extended Terms Initial Term. Strict compliance with the terms of exercise of this option is required, and there shall be upon no implied or inferred exercises, regardless of the same terms and conditions as those set forth for the Fixed Term except that Base Rent shall be the then current Fair Market Rental which, unless otherwise mutually agreed to by Landlord and Tenant, shall be determined by appraisal conduct or actions of Tenant or Landlord. Any renewal pursuant to the provisions of Article XXV; provided this paragraph shall be on the terms and conditions contained in the Lease, as hereafter modified. In addition, in the event that the annual Base Rent for each Extended Term shall not be less than 102 1/2% of Tenant has timely and properly exercised the sum of Base Rent payable during Refusal Right, so that Expansion Space is included in the last year of the Fixed Term or preceding Extended Term, as the case may be. The Base Rent for the Extended Term provided for herein for the second and each subsequent Lease Year of the Extended Term shall be increased to an amount equal to one hundred two and one-half percent (102 1/2%) of the Base Rent for the preceding twelve month period, calculated by applying such percentage increases on a cumulative basis Demised Premises pursuant to the Base Rent payable during each of the preceding Lease Years. Each such option may only be exercised by Tenant ifLease, at the time such option is exercised, an Event of Default shall not exist and be continuing, and shall be exercised by Tenant by delivery of Notice to that effect to Landlord not less than 180 days but not more than 360 days prior to the date upon which this Lease otherwise would terminate. Tenant's exercise of any option to extend the term of this Lease for an extended term pursuant to this Section 3.2 shall constitute Tenants' irrevocable and binding commitment to lease the Property on the terms stated in this Lease for the whole of such Extended Term. If Tenant is unable to exercise any option due Expansion Space shall be automatically conformed to the provisions Renewal Term, so that all space then being rented by Tenant will be part of this Lease, one and the time during which such option may be exercised shall not be extended or enlarged. The failure of Tenant to exercise any of same Lease with the options for the Extended Terms within the respective times specified in this Section shall thereby terminate any remaining such optionssame expiration date.

OPTION TO EXTEND TERM OF LEASE. 3A.1 Tenant shall have two (a2) Subject respective options to extend the provisions Lease Term from and including the day next following the last day of Paragraph the Lease Term for successive extensions periods of five (c5) below, Landlord hereby grants years each. Each such period is referred to in this Lease as an "Extension Period". If Tenant an option elects to exercise any or all of the options to extend the term of the Lease, Lease for three additional consecutive ten-year renewal terms (each, an "Extended Term," and collectivelyExtension Period, the "Extended Terms"). Each option shall be exercised in the following manner: not less than three (3) calendar months before the first Extension Period and six (6) calendar months before the second Extension Period, and not more than twelve (12) calendar months next prior to the first day of the Extended Terms Extension Period for which Tenant desires to exercise its option to extend the Lease Term, Tenant shall serve written notice on Landlord that Tenant thereby exercises the option to extend the Lease Term. Any attempt to exercise the option to extend the Lease Term which is not strictly in compliance with the procedure and during the time periods set forth in Article 3A shall be upon ineffective and void. The Tenant's right to exercise the same terms foregoing options to extend the Lease Term is subject to the following conditions: (A) Tenant shall have exercised each and conditions as those set forth all of its options to extend the Lease for the Fixed Term except that Base Rent each prior Extension Period, if any; (B) Tenant shall be in actual occupancy of the then current Fair Market Rental which, unless otherwise mutually agreed to by Landlord Tenant's Space; and Tenant, shall be determined by appraisal pursuant to the provisions of Article XXV; provided that the annual Base Rent for each Extended Term (C) Tenant shall not be less than 102 1/2% of the sum of Base Rent payable during the last year of the Fixed Term or preceding Extended Term, as the case may bein default under this Lease. The Base Rent for the Extended Term provided for herein for the second and each subsequent If Tenant is in default under this Lease Year of the Extended Term shall be increased to an amount equal to one hundred two and one-half percent (102 1/2%) of the Base Rent for the preceding twelve month period, calculated by applying such percentage increases on a cumulative basis to the Base Rent payable during each of the preceding Lease Years. Each such option may only be exercised by Tenant if, at the time such option is exercised, an Event of Default shall not exist and be continuing, and shall be exercised by Tenant by delivery of Notice attempts to that effect to Landlord not less than 180 days but not more than 360 days prior to the date upon which this Lease otherwise would terminate. Tenant's exercise of any option to extend the term Lease Term, such attempt to exercise the option to extend the Lease Term shall be ineffective and void and any subsequent cure of the Tenant's default under this Lease for an extended term pursuant to this Section 3.2 shall constitute Tenants' irrevocable and binding commitment to lease the Property on the terms stated in this Lease for the whole of such Extended Term. If Tenant is unable to exercise any option due to the provisions of this Lease, the time during which such option may be exercised shall not be extended or enlarged. The failure have the effect of Tenant to making such attempted exercise any of the options for option to extend the Extended Terms within the respective times specified in this Section shall thereby terminate any remaining such optionsLease Term effective.

OPTION TO EXTEND TERM OF LEASE. Provided that the original Tenant executing this Lease (a) Subject to the provisions and not any assignee, sublessee or other transferee of Paragraph (c) below, Landlord hereby grants to such original Tenant an option to extend the term or of such original Tenant's interest in the Lease, for three additional consecutive ten-year renewal terms (each, an "Extended Term," and collectively, the "Extended Terms"). Each of the Extended Terms shall be upon the same terms and conditions as those set forth for the Fixed Term except that Base Rent shall be the then current Fair Market Rental which, unless otherwise mutually agreed to by Landlord and Tenant, shall be determined by appraisal pursuant to the provisions of Article XXV; provided that the annual Base Rent for each Extended Term shall ) has occupied not be less than 102 1/2% of the sum of Base Rent payable during the last year of the Fixed Term or preceding Extended Term, as the case may be. The Base Rent for the Extended Term provided for herein for the second and each subsequent Lease Year of the Extended Term shall be increased to an amount equal to one hundred two and one-half fifty percent (102 1/250%) of the Base Rent for the preceding twelve month period, calculated by applying such percentage increases on a cumulative basis to the Base Rent payable during each floor area of the preceding Lease Years. Each such option may only be exercised by Building at all times during the term of this Lease, and, provided further that original Tenant if, at is not in default of the time such option is exercised, an Event of Default shall not exist terms and be continuing, and shall be exercised by Tenant by delivery of Notice to that effect to Landlord not less than 180 days but not more than 360 days prior to the date upon which obligations in this Lease otherwise would terminate. Tenant's exercise of any option and that this Lease has not been terminated, Tenant shall have two (2) consecutive options to extend the term of this Lease for additional periods of sixty (60) months each by giving Landlord written notice of Tenant's exercise of such options (the "Extension Option Notice(s)") at a time no earlier than twelve (12) months prior to the initial Expiration Date of the Lease and no later than nine (9) months prior to the initial Expiration Date hereof or no earlier than twelve (12) months prior to the expiration date of the First Option Period (as defined below) and no later than nine (9) months prior to the expiration date of the First Option Period. It shall be an extended absolute condition precedent to the exercise of the second option that the first option be timely and properly exercised. Upon exercise of the first option, the term pursuant to this Section 3.2 shall constitute Tenants' irrevocable and binding commitment to lease the Property on the terms stated in of this Lease shall be extended for an additional period of sixty (60) months from the whole initial Expiration Date (the "First Option Period"), and upon the exercise of such Extended Term. If Tenant is unable to exercise any the second option due to the provisions term of this Lease shall be extended for an additional period of sixty (60) months from the expiration of the First Option Period (the "Second Option Period") upon the same terms and conditions as set forth in this Lease, the time during which such option may be exercised shall not be extended or enlarged. The failure of Tenant to exercise any of the options except for the Extended Terms within Minimum Monthly Rent, which shall be determined, upon the respective times specified in this exercise of each option, pursuant to terns of Section shall thereby terminate any remaining such options.2.7

OPTION TO EXTEND TERM OF LEASE. (a) Subject to the provisions of Paragraph (c) below, Landlord hereby grants to Tenant an option to extend the term of the Lease, this Lease for three six additional consecutive tenfive-year renewal terms (each, an "Extended Term,EXTENDED TERM, " and collectively, the "Extended TermsEXTENDED TERMS"). Each of the Extended Terms shall be upon the same terms and conditions as those set forth for the Fixed Term except that (i) Base Rent shall be the then current Fair Market Rental which, unless otherwise mutually agreed to by Landlord and Tenant, shall be determined by appraisal pursuant to the provisions of Article XXV; provided that the annual Base Rent for each Extended Term shall not be less than 102 1/2102.50% of the sum of Base Rent plus Additional Rent payable during the last year of the Fixed Initial Term or preceding Extended Term, as the case may be. The Base Rent for the Extended Term provided for herein for the second , and each subsequent Lease Year of the Extended Term shall be increased to an amount equal to one hundred two and one-half percent (102 1/2%ii) of the Base Year utilized for calculation of Additional Rent for the preceding twelve month period, calculated by applying such percentage increases on a cumulative basis to the Base Rent payable during each of the preceding Lease Years. shall change as provided in Article I. Each such option may only be exercised by Tenant if, at the time such option is exercised, (iii) an Event of Default shall not exist and be continuing, and (iv) the Tenant under each Additional Lease in effect at such time which contains an option permitting such Tenant to extend the term thereof, is concurrently electing to extend the term of such Additional Lease. Each such option to extend the term hereof shall be exercised by Tenant by delivery of Notice to that effect to Landlord not less than 180 days but not more than 360 days prior to the date upon which this Lease otherwise would terminate. Tenant's exercise of any option to extend the term of this Lease for an extended term pursuant to this Section 3.2 shall constitute Tenants' Tenant's irrevocable and binding commitment to lease the Property on the terms stated in this Lease for the whole of such Extended Term. If Tenant is unable to exercise any option due to the provisions of this Lease, the time during which such option may be exercised shall not be extended or enlarged. The failure of Tenant to exercise any of the options for the Extended Terms within the respective times specified in this Section shall thereby terminate any remaining such options.

OPTION TO EXTEND TERM OF LEASE. (a) Subject to the provisions of Paragraph (c) below, Landlord hereby grants to Tenant an option three consecutive options to extend the term of the Lease, this Lease for three additional consecutive ten-five year renewal terms (each, each an "Extended Term," and collectively, the "Extended Terms"). Each The first Extended Term shall commence immediately upon the expiration of the Fixed Term and each subsequent Extended Terms Term shall commence upon the expiration of the immediately prior Extended Term. Each Extended Term shall be upon on the same terms and conditions as those set forth for the Fixed Term except that Base Rent shall be paid at a rate equal to the then current Fair Market Rental which, unless otherwise mutually agreed to by Landlord and Tenant, shall be determined by appraisal pursuant to the provisions of Article XXV; provided that the annual Base Rent for each Extended Term shall not be less than 102 1/2% of the sum of Base Rent payable during the last year of the Fixed Term or preceding Extended Term, as the case may be. The Base Rent for the Extended Term provided for herein for the second and each subsequent Lease Year of the Extended Term shall be increased to an amount equal to one hundred two and one-half percent 25 (102 1/2%) of the Base Rent for the preceding twelve month period, calculated by applying such percentage increases on a cumulative basis subject however to the Base Rent payable during each restrictions stated in the definition of the preceding Lease Years"Fair Market Rental"). Each such option may only be exercised by Tenant if, at the time such option is exercised, (i) Guarantor irrevocably commits to cause each Tenant under a Lease executed pursuant to the Facility Agreement to exercise the next option for an Extended Term with respect to all property leased by Landlord or its Affiliates to either (x) any wholly-owned subsidiary of Guarantor or (y) any Person previously owned by Guarantor, (ii) the Lease is in full force and effect, and (iii) an Event of Default shall is not exist and be continuing, and . Each such option shall be exercised by Tenant Tenant, if at all, by delivery of Notice to that effect to Landlord not less than 180 270 days but not more than 360 450 days prior to the date upon which this Lease otherwise would terminate. Tenant's exercise of any option to extend the term of this Lease for an extended term pursuant to this Section 3.2 shall constitute Tenants' irrevocable and binding commitment to lease the Property on the terms stated in this Lease for the whole of such Extended Term. If Tenant is unable to exercise any option due to the provisions of this LeaseSection 3.2, the time during which such option may be exercised shall not be extended or enlarged. Time is strictly of the essence with respect to the requirement that Tenant give timely Notice of its exercise of any options hereunder, and Tenant's failure timely to exercise any option strictly in accordance with its terms shall constitute a material, irredeemable and incurable failure to satisfy a condition precedent to the vesting of any rights in Tenant pursuant to the option, and Tenant hereby expressly waives any right to claim relief from forfeiture, or any other form of equitable relief from consequences of an untimely exercise of any such option strictly in accordance with its terms. The implied covenant of good faith and fair dealing under this Lease shall not be construed to impose upon Landlord any obligation to notify Tenant in advance of the impending deadline for the exercise of any option hereunder, nor shall it obligate Landlord to excuse the tardy exercise of any Option, however slight. The failure of Tenant to exercise any of the options for the Extended Terms within the respective times specified in this Section shall thereby terminate any option with respect to any remaining such optionsExtended Terms.

OPTION TO EXTEND TERM OF LEASE. Tenant shall have the right to renew this Lease for one (a1) Subject fifteen (15)-year renewal term and then two (2) ten (10)-year renewal terms (each an "EXTENDED TERM"), upon (i) giving Notice to Landlord of such renewal (x) with respect to the provisions first (1st) Extended Term, prior to August 1, 2003, but not before June 1, 2003, and (y) with respect to the second (2nd) and third (3rd) Extended Terms, not less than one hundred eighty (180) and not more than three hundred sixty (360) days prior to the expiration of Paragraph the then current Term and (cii) belowdelivering to Landlord concurrent with such Notice a reaffirmation of the Guaranty executed by Guarantor stating, Landlord hereby grants in substance, that Guarantor's obligations under the Guaranty shall extend to this Lease, as extended by the Extended Term. Notwithstanding the foregoing, if Tenant an does not exercise its option to extend the term Term for the first (1st) Extended Term as provided above, then Landlord shall have the right and option to extend the Term for the first (1st) Extended Term by giving Notice of such renewal to Tenant on or before November 1, 2003, and Tenant shall promptly thereafter deliver to Landlord a reaffirmation of the Guaranty executed by Guarantor stating, in substance, that Guarantor's obligations under the Guaranty shall extend to this Lease, for three additional consecutive ten-year renewal terms (each, an "as extended by such Extended Term," and collectively. During each Extended Term, the "Extended Terms"). Each all of the Extended Terms shall be upon the same terms and conditions as those set forth for the Fixed Term of this Lease shall continue in full force and effect except that Base Rent shall be the then current Fair Market Rental which, unless otherwise mutually agreed to by Landlord and Tenant, shall be determined by appraisal pursuant to the provisions of Article XXV; provided that the annual Base Rent for each Extended Term shall not be less than 102 1/2% of the sum of Base Rent payable and during the last year of the Fixed Term or preceding Extended Term, as the case may be. The Base Rent for the Extended Term provided for herein for the second and each subsequent Lease Year of the such Extended Term shall be increased to an amount equal to one hundred two and one-half percent (102 1/2%) of the Base Rent for the preceding twelve month period, calculated by applying such percentage increases on a cumulative basis to the Base Rent payable during each of the preceding Lease Yearsas set forth in Section 4.3(b). Each such option may only be exercised by Tenant if, at the time such option is exercised, (a) this Lease has not expired or been sooner terminated and (b) an Event of Default shall is not exist and be continuing, and shall be exercised by Tenant by delivery of Notice to that effect to Landlord not less than 180 days but not more than 360 days prior to the date upon which this Lease otherwise would terminate. Tenant's exercise of any option to extend the term of this Lease for an extended term Extended Term pursuant to this Section 3.2 shall constitute Tenants' Tenant's irrevocable and binding commitment to lease the Property on the terms stated in this Lease for the whole of such Extended Term. If Tenant is unable to exercise any option due to the provisions of this Lease, the time during which such option may be exercised shall not be extended or enlarged. Time is strictly of the essence with respect to the requirement that Tenant give timely Notice of its exercise of any options hereunder, and Tenant's failure timely to exercise any option strictly in accordance with its terms shall constitute a material, irredeemable and incurable failure to satisfy a condition precedent to the vesting of any rights in Tenant pursuant to the option, and Tenant hereby expressly waives any right to claim relief from forfeiture or any other form of equitable relief from the consequences of any untimely exercise of any such option strictly in accordance with its terms. The implied covenant of good faith and fair dealing, if any, under this Lease shall not be construed to impose upon Landlord any obligation to notify Tenant in advance of the impending deadline for the exercise of any option hereunder, nor shall it obligate Landlord to excuse the tardy exercise of any option, however slight. The failure of Tenant to exercise any of the options for the Extended Terms within the respective times specified in this Section shall thereby terminate any remaining such options, unless Landlord exercises its option to extend the Term for the first (1st) Extended Term as provided above, in which case Tenant shall nevertheless retain the option to renew the Term for the second (2nd) and third (3rd) Extended Terms in accordance with the foregoing provisions.

OPTION TO EXTEND TERM OF LEASE. (a) Subject Notwithstanding anything in the Lease to the provisions of Paragraph (c) belowcontrary, Landlord hereby grants Tenant shall have the right to Tenant an option exercise its options to extend the term Term of the LeaseLease either with respect to the entire Premises, for three additional consecutive ten-year renewal terms (eachor solely with respect to the Existing Premises, an "Extended Term," and collectively, otherwise in accordance with the "Extended Terms"). Each of the Extended Terms shall be upon the same terms and conditions as those set forth for of Section 1.2 of the Fixed Term except that Base Rent shall be the then current Fair Market Rental which, unless otherwise mutually agreed to by Landlord and Tenant, shall be determined by appraisal pursuant to the provisions of Article XXVExisting Lease; provided that the annual Base Rent for each Extended if Tenant timely exercises its first Extension Term shall not be less than 102 1/2% of the sum of Base Rent payable during the last year of the Fixed Term or preceding Extended Term, as the case may be. The Base Rent for the Extended Term provided for herein for the second and each subsequent Lease Year of the Extended Term shall be increased to an amount equal to one hundred two and one-half percent (102 1/2%) of the Base Rent for the preceding twelve month period, calculated by applying such percentage increases on a cumulative basis solely with respect to the Base Rent payable during each of the preceding Lease Years. Each such option may only be exercised by Existing Premises, Tenant if, at the time such option is exercised, an Event of Default shall not exist and be continuing, and shall be exercised by Tenant by delivery of Notice to that effect to Landlord not less than 180 days but not more than 360 days prior to the date upon which this Lease otherwise would terminate. Tenant's exercise of any option thereafter have no further right to extend the term Term of this the Lease for an extended term pursuant with respect to this Section 3.2 the Expansion Premises. Tenant shall constitute Tenants' irrevocable and binding commitment specify in the applicable Extension Notice whether Tenant elects to lease extend the Property on the terms stated in this Lease Term for the whole of such Extended Termentire Premises or only the Existing Premises; provided, however if Tenant does not do so, then Tenant will be considered to have elected to extend the Term for the entire Premises. If Tenant is unable exercises Tenant’s option for the applicable Extension Term for less than the entire Premises, then on the date immediately preceding the first day of the applicable Extension Term, Tenant shall surrender to exercise any option due to Landlord possession of the Expansion Premises in the condition required in accordance with the provisions of this LeaseLease on the Expiration Date. On the date immediately preceding the first day of the applicable Extension Term (each such date, the time during which such option may “Extension Surrender Date”), Tenant’s lease of the Expansion Premises shall end and expire, and Tenant’s estate in and possession of the Expansion Premises shall terminate and be exercised shall not be extended or enlargedextinguished as if the Expansion Premises were the Expiration Date with respect thereto. The failure From and after the applicable Extension Surrender Date, Tenant’s Share of Taxes, Tenant’s Share of Operating Costs, the number of Tenant’s Parking Spaces and all other rights of Tenant under this Lease which are calculated on a pro rata or proportionate share basis, each shall be reduced on a per square foot, pro rata basis to exercise any reflect the removal of the options for Expansion Premises from the Extended Terms within the respective times specified in this Section shall thereby terminate any remaining such optionsPremises.

OPTION TO EXTEND TERM OF LEASE. So long as there is no existing, material, uncured default on the part of the Tenant hereunder, Tenant shall have the option to renew the Term of this Lease for two (a2) Subject additional terms of three (3) years each ("Option Period" or "Option Periods"). Such renewal(s) shall be upon the same terms and conditions contained in the Lease for the original Term except for this provision giving the renewal option and subject to an adjustment of the rent as provided in Article III hereof. Such option(s) shall be exercised by the Tenant's giving written notice to Landlord of its intention to renew the Term of this Lease no later than nine (9) months prior to the provisions expiration of Paragraph (c) the original Term or the Option Period then in effect, whichever is applicable. Tenant's failure to exercise any option to renew shall extinguish its right and option for any subsequent renewal option. To the extent that the Tenant has elected to exercise any right of first refusal under Section 16.12, below, Landlord hereby grants the Tenant shall have no right to renew the term of this Lease as to the original Leased Premises without also renewing the Term of this Lease as to any Refusal Space leased by the Tenant an option pursuant to Section 16.12, below. In the event Tenant elects to exercise its option(s) to extend the term of the Lease, for three additional consecutive ten-year renewal terms (each, an "Extended Term," and collectively, the "Extended Terms"). Each of the Extended Terms shall be upon the same terms and conditions as those set forth for the Fixed Term except that Base Rent shall be the then current Fair Market Rental which, unless otherwise mutually agreed to by Landlord and Tenant, shall be determined by appraisal pursuant to the provisions of Article XXV; provided that the annual Base Rent for each Extended Term shall not be less than 102 1/2% of the sum of Base Rent payable during the last year of the Fixed Term or preceding Extended Term, as the case may be. The Base Minimum Annual Rent for the Extended Term provided for herein for the second and each subsequent Lease Year of the Extended Term first such Option Period shall be increased to an amount equal to one hundred two Eight Hundred Ninety Four Thousand Three Hundred Forty Eight Dollars ($894,348.00), payable in Monthly Rental Installments of Seventy Four Thousand Five Hundred Twenty Nine Dollars ($74,529.00) and one-half percent (102 1/2%) of the Base Minimum Annual Rent for the preceding twelve month periodsecond such Option Period shall be an amount equal to Nine Hundred Seventy Four Thousand Eight Hundred Forty Four Dollars ($974,844.00), calculated by applying such percentage increases on a cumulative basis payable in Monthly Rental Installments of Eighty One Thousand Two Hundred Thirty Seven Dollars ($81,237.00). Additional Rent shall continue to the Base Rent be due and payable during each of any such Option Period in the preceding Lease Years. Each such option may only be exercised by Tenant ifmanner provided under Section 3.02 and 3.03, at the time such option is exercised, an Event of Default shall not exist and be continuing, and shall be exercised by Tenant by delivery of Notice to that effect to Landlord not less than 180 days but not more than 360 days prior to the date upon which this Lease otherwise would terminate. Tenant's exercise of any option to extend the term of this Lease for an extended term pursuant to this Section 3.2 shall constitute Tenants' irrevocable and binding commitment to lease the Property on the terms stated in this Lease for the whole of such Extended Term. If Tenant is unable to exercise any option due to the provisions of this Lease, the time during which such option may be exercised shall not be extended or enlarged. The failure of Tenant to exercise any of the options for the Extended Terms within the respective times specified in this Section shall thereby terminate any remaining such optionsabove.