Common use of Option to Extend Term Clause in Contracts

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 (c) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (2) additional periods of five (5) years each, the first commencing upon the expiration of the initial term hereof and the second commencing upon the expiration of the first extended term, if any. Exercise of such option with respect to the first such extended term 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; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the first extended 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 any 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 one or more extension options 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(s) 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.

Appears in 2 contracts

Samples: Pharmacopeia Inc, Pharmacopeia Inc

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Option to Extend Term. (A) Provided that: (i) Landlord has not given Tenant notice of default more than two (2) times, (ii) there then exists no event of default by Tenant under this lease nor any event that with the giving of notice and/or the passage of time would constitute a default, and (iii) that Tenant occupies not less than all of the Premises (except for any approved and permitted sublet to TELA Bio pursuant to Section 18 of this Lease), Tenant shall have the right and option (“Extension Option”) to extend the term of this Lease, at the minimum rental set forth in Section 3.1(b) and Term for one (c) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (21) additional periods period of five three (53) years each(the “Renewal Term”), exercisable in the first commencing upon following manner. If Tenant intends to exercise the expiration of the initial term hereof and the second commencing upon the expiration of the first extended termExtension Option under this Section, if any. Exercise of such option with respect to the first such extended term Tenant shall be by give Landlord written notice to Landlord at least not less than nine (9) months and not more than twelve (12) months prior to the expiration in advance of the initial term hereof; exercise scheduled Expiration Date of such option with respect Tenant’s intention to extend the second extended termTerm (“Tenant’s Extension Notice”), if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration it being agreed that time is of the first extended term hereofessence and that the Extension Option is personal to Tenant and is non-transferable to any other party, other than an Affiliate in accordance with a transfer pursuant to Section 18(b) of the Lease. Promptly after receipt of Tenant’s Extension Notice, Landlord shall advise Tenant in writing of Landlord’s reasonable determination of the then market rental rate for the Premises based upon the then market rate for comparable lab space in Malvern sub-market. If Tenant is accepts such determination in default hereunderwriting within fifteen days of delivery of Landlord’s market rent notice, beyond any applicable notice and cure periodsand, on if requested by Landlord, enters into a lease amendment extending the date of such notice or on the date any extended term is to commence, then the exercise of the option Lease within such fifteen days as provided in this Section, the Extension 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)effective. If Tenant properly exercises does not accept Landlord’s determination of market rent within fifteen days, or does not enter into a lease amendment within such fifteen days if requested by Landlord, the Extension Option shall terminate, and the Expiration Date shall remain one or more extension options hundred (100) months from the Commencement Date. The Extension Option shall be under this Section, then all references the same terms and conditions as provided in this Lease (other than in this Section 2.6) to the "term" of this Lease shall be construed to include the extension term(s) thus elected by Tenant. Except 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.follows:

Appears in 2 contracts

Samples: Lease Agreement (PhaseBio Pharmaceuticals Inc), Lease Agreement (PhaseBio Pharmaceuticals Inc)

Option to Extend Term. Tenant shall have 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 of this Lease, at the minimum rental set forth in Section 3.1(bTerm ("Option to Extend") and (c) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (2) an additional periods period of five (5) years each("Option Period"). Such right shall apply only to Lessee's entire Premises, the first commencing upon the expiration of the initial term hereof and the second commencing upon the expiration of the first extended term, if any. Exercise of such option with respect to the first such extended term 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 Landlord Lessor at least lease nine (9) months and not more than twelve (12) months prior to the expiration of the initial term hereof; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the first extended term hereofTerm. If Tenant is in default hereunderLessee exercises its Option to Extend the Term, beyond any applicable notice Lessee shall continue to lease the Premises for such extended period upon the same terms and cure periods, on the date of such notice or on the date any 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 one or more extension options 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(s) thus elected by Tenant. Except as expressly conditions set forth in this Section 2.6Lease 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, Tenant not later than thirty (30) days following receipt of Lessee's exercise notice. Lessee shall have no right twenty (20) days ("Lessee's Review Period") after receipt of Lessor's notice of the fair market rental rate within which to extend accept such fair market rental rate or to reasonable object thereto in writing. If Lessee objects to the term 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 this Lease beyond its prescribed term.Option to Extend the

Appears in 2 contracts

Samples: Meade Instruments Corp, Meade Instruments Corp

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 (c) (as applicable3.1(c) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, for up to two one (21) additional periods term of five three (53) years eachyears, the first commencing upon the expiration of the initial direct term hereof and hereof; provided, however, that such option shall be exercisable solely with respect to the second commencing upon entire Premises covered by this Lease on the expiration date of the first extended term, if anyexercise of such option. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord at least not less than nine (9) months and not more than twelve (12) months prior to the expiration of the initial term hereof; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the first extended 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 any 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 initial direct term hereof of this Lease (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises one or more its extension options option under this Section, then all references in this Lease (other than in this Section 2.62.6 itself) to the "term" of this Lease shall be construed to include the extension term(s) 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.

Appears in 2 contracts

Samples: Lease (Five Prime Therapeutics Inc), Lease (Five Prime Therapeutics Inc)

Option to Extend Term. (A) Provided that: (i) Landlord has not given Tenant notice of default more than two (2) times, (ii) there then exists no event of default by Tenant under this lease nor any event that with the giving of notice and/or the passage of time would constitute a default, and (iii) that Tenant occupies not less than all of the Premises, Tenant shall have the right and option (“Extension Option”) to extend the term of this Lease, at the minimum rental set forth in Section 3.1(b) and Term for one (c) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (21) additional periods period of five three (53) years each(the “Renewal Term”), exercisable in the first commencing upon following manner. If Tenant intends to exercise the expiration of the initial term hereof and the second commencing upon the expiration of the first extended termExtension Option under this Section, if any. Exercise of such option with respect to the first such extended term Tenant shall be by give Landlord written notice to Landlord at least not less than nine (9) months and not more than twelve (12) months prior to the expiration in advance of the initial term hereof; exercise scheduled Expiration Date of such option with respect Tenant’s intention to extend the second extended termTerm (“Tenant’s Extension Notice”), if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration it being agreed that time is of the first extended term hereofessence and that the Extension Option is personal to Tenant and is non-transferable to any Affiliate or other party. Promptly after receipt of Tenant’s Extension Notice, Landlord shall advise Tenant in writing of Landlord’s reasonable determination of the then market rental rate for the Premises based upon the then market rate for comparable office space in Class “A” buildings, located within the Malvern office market. If Tenant is accepts such determination in default hereunderwriting within fifteen days of delivery of Landlord’s market rent notice, beyond any applicable notice and cure periodsand, on if requested by Landlord, enters into a lease amendment extending the date of such notice or on the date any extended term is to commence, then the exercise of the option Lease within such fifteen days as provided in this Section, the Extension 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)effective. If Tenant properly exercises one does not accept Landlord’s determination of market rent within fifteen days, or more extension options does not enter into a lease amendment within such fifteen days if requested by Landlord, the Extension Option shall terminate, and the Expiration Date shall remain sixty-four (64) months from the Commencement Date. The Extension Option shall be under this Section, then all references the same terms and conditions as provided in this Lease (other than in this Section 2.6) to the "term" of this Lease shall be construed to include the extension term(s) thus elected by Tenant. Except 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.follows:

Appears in 2 contracts

Samples: Lease Agreement (PhaseBio Pharmaceuticals Inc), Lease Agreement (PhaseBio Pharmaceuticals Inc)

Option to Extend Term. Tenant shall have 3 options (hereinafter referred to as the option “Extension Option”), provided that this Lease shall be in full force and effect, without default on the part of Tenant hereunder beyond applicable notice and grace periods herein, on the date Tenant exercises the Extension Option, to extend the Term for an extension term of this Lease, at (hereinafter referred to as the minimum rental set forth in Section 3.1(b“Extension Term”) and (c) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (2) additional periods of five (5) years eachyears, to commence on the first commencing upon day (hereinafter referred to as the expiration “Extension Term Commencement Date”) next succeeding the Expiration Date and to expire on the date (herein referred to as the “Extension Term Expiration Date”) which shall be the day preceding the fifth (5th) anniversary of the initial term hereof and Extension Term Commencement Date. Tenant shall exercise the second commencing upon Extension Option by sending a written notice thereof (which notice is hereinafter referred to as the expiration of the first extended term, if any. Exercise of such option with respect “Extension Notice”) to the first such extended term Landlord by certified mail, return receipt requested, on or before the day which shall be by written notice to Landlord at least nine six (9) months and not more than twelve (126) months prior to the expiration of the initial term hereof; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the first extended term hereofExpiration Date. If Tenant is shall send the Extension Notice within the time and in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date any extended term is to commence, then the exercise of the option shall be of no force or effectmanner hereinbefore provided, 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 one or more extension options under this Section, then all references in this Lease (other than in this Section 2.6) to the "term" Term of this Lease shall be construed deemed extended for the Extension Term upon the terms, covenants and (a) any terms, covenants, or conditions hereof that are expressly or by their nature inapplicable to include the extension term(sExtension Term shall not apply during such Extension Term; (b) thus elected the Base Annual Rent payable by Tenant. Except Tenant during the Extension Term (hereinafter referred to as expressly set forth the “Extension Rent”) shall be at the rate of rent in this Section 2.6place during the last year of the Term, Tenant plus an annual 3.0% increase which shall have no right apply to extend each year of the term of this Lease beyond its prescribed termExtension Term.

Appears in 2 contracts

Samples: Office Lease Agreement (Franklin Financial Network Inc.), Office Lease Agreement (Franklin Financial Network Inc.)

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(b3.1 (c) and (c) (as applicabled) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (2) additional periods of five (5) years each, the first commencing upon the expiration of the initial term hereof and the second commencing upon the expiration of the first extended term, if any. Exercise of such option with respect to the first such extended term 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; : exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the first extended 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 any 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 one or more extension options 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(s) 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.

Appears in 2 contracts

Samples: Collaboration and Facilities Agreement (Cytokinetics Inc), Collaboration and Facilities Agreement (Cytokinetics Inc)

Option to Extend Term. Landlord hereby grants Tenant the right to extend the Term of the Lease for one (1) additional period of three (3) years (such extended period is hereinafter referred to as the “Extended Term”) on the same terms and conditions contained in the Lease, except that (i) Base Rent for an Extended Term shall be as set forth hereinbelow, (ii) no additional options to extend shall apply following the expiration of applicable Extended Term (other than as expressly set forth above), and (iii) Landlord shall have no obligation to make any improvements to the Premises or contribute any amounts therefor. Written notice of Tenant’s exercise of its option to extend (“Option to Extend”) the term Term of this Lease, at Lease for the minimum rental set forth in Section 3.1(b) and (c) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (2) additional periods of five (5) years each, the first commencing upon the expiration of the initial term hereof and the second commencing upon the expiration of the first extended term, if any. Exercise of such option with respect to the first such extended term shall Extended Term must be by written notice given to Landlord at least nine no less than six (9) months and not more than twelve (126) months prior to the expiration date the Term of the initial term hereof; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the first extended term hereofLease would otherwise expire. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date any 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 under this Lease). If Tenant properly exercises one or more extension options 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(s) thus elected by Tenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right Option to extend Extend the term Term of this Lease beyond until such default is cured within the cure period set forth in this Lease for such default, if any; provided, that the period of time within which said Option to Extend may be exercised shall not be extended or enlarged by reason of Tenant’s inability to exercise said Option to Extend because of a default. In the event Tenant validly exercises its prescribed term.Option to Extend the Term of this Lease as herein provided, Base Rent shall be adjusted as of the commencement date of the Extended Term as follows (but in no event shall it be less than the Base Rent for the month immediately prior to the commencement of the Extended Term):

Appears in 1 contract

Samples: Office Lease (Eastside Distilling, Inc.)

Option to Extend Term. (a) Landlord hereby grants to original Tenant shall have the option (“Extension Option”) to extend the term Term of this Lease, at the minimum rental set forth in Section 3.1(b) and (c) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, Lease for up to two (2) additional periods terms (each, an “Option Term”) of five (5) years each, each upon and subject to the first commencing upon the expiration of the initial term hereof terms and the second commencing upon the expiration of the first extended termconditions set forth in this Section. The Extension Option shall be exercised, if any. Exercise of such option with respect to the first such extended term shall be at all, by written notice given to Landlord at least nine no more than fifteen (915) months and not more no less than twelve (12) months prior to the expiration Expiration Date of the initial term hereof; Term (or the First Option Term, in the case of the exercise of the second Extension Option). If Tenant exercises an Extension Option, each of the terms, covenants and conditions of this Lease (including responsibility for repair and maintenance of the Premises and responsibility for payment of Impositions) shall apply during the Option Term as though the expiration date of such Option Term was the date originally set forth herein as the Expiration Date of the Term, provided that (i) the Base Rent to be paid during the applicable Option Term shall be the Prevailing Market Rental (as hereinafter defined) for the Premises for the applicable Option Term, (ii) the Expiration Date for this Lease shall become the expiration date for the applicable Option Term; and (iii) there shall be no additional option with respect terms following the second Option Term. Anything contained herein to the second extended termcontrary notwithstanding, if Tenant is in monetary or material non-monetary default under any of the first extension option has been duly exercisedterms, shall be by like written notice to Landlord covenants or conditions of this Lease either at least nine (9) months and not more than twelve (12) months the time Tenant exercises the Extension Option or at any time thereafter prior to the expiration commencement date of the first extended term hereof. If Tenant is Option Term (in default hereunder, either event beyond any applicable notice and cure periods), on the date Landlord shall have, in addition to all of such notice or on the date any extended term is to commence, then the exercise of the option shall be of no force or effectLandlord’s other rights and remedies provided in this Lease, the extended term shall not commence and this Lease shall expire at right to terminate the end of the then current term hereof (or at such earlier time as Landlord may elect pursuant Extension Option upon notice to the default provisions of this Lease). If Tenant properly exercises one or more extension options 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(s) thus elected by Tenant. Except as expressly set forth in this Section 2.6As used herein, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.

Appears in 1 contract

Samples: Lease Agreement (Dolby Laboratories, Inc.)

Option to Extend Term. Tenant Lessee shall have the option to extend the term of this Lease, at the minimum rental set forth in Section 3.1(b) and (c) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, Lease for up to two (2) additional consecutive periods of five (5) years each, each (the first commencing upon such 5-year period being hereinafter referred to as the "First Renewal Term," the second such 5-year period being hereinafter referred to as the "Second Renewal Term," and each such 5-year period being hereinafter alternatively referred to as a "Renewal Term") if, and only if this Lease shall then be in full force and effect and Lessee is not in default under any of the provisions of this Lease beyond the expiration of any applicable notice or grace period, both at the time of notice of exercise of each such option herein contained and at the expiration of the initial term hereof or the First Renewal Term, as the case may be. Each Renewal Term shall be upon the same terms and conditions as contained in this Lease, except that the second commencing Monthly Rent to be paid throughout each Renewal Term shall be the fair market rent (inclusive of periodic escalations thereof, if any, and taking into account then prevailing tenant concession packages on 5-year leases) prevailing, as of the date the rent determination is made for space to be delivered at commencement of the respective Renewal Term, for comparable space in comparable office buildings in the Bethesda-Chevy Chase market area as such fair market rent and concessions may be mutually agreed upon between Lessor and Lessee, and Base Operating Expenses and Base Operating Costs for the respective Renewal Term shall be the Operating Expenses and Operating Costs, respectively, actually incurred by Lessor in the calendar year in which the expiration of the first extended terminitial term of this Lease or the First Term, if any. Exercise as the case may be, occurs; provided, however, that in the event Lessor and Lessee fail to agree upon such fair market rent and concessions within thirty (30) days after Lessor's receipt of such Lessee's notice of its exercise of the respective option with respect to extend ("Lessee's Renewal Notice"), then unless Lessee shall rescind the first such extended term shall be exercise of its respective renewal option by written notice delivered to Landlord at least nine Lessor within forty (940) months days after Lessor's receipt of Lessee's Renewal Notice, time being of the essence, such fair market rent and concessions shall be determined in accordance with the "3-broker method" set forth in this Section 35; and provided further that in no event shall the Monthly Rent be less than that payable immediately prior to the commencement of the respective Renewal Term (the "Minimum Renewal Rent"). If Lessee shall elect to exercise either such option, it shall do so by delivering a Lessee's Renewal Notice to Lessor not more later than twelve (12) months prior to the expiration date of the initial term hereof; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the first extended 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 any 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 one or more extension options under this Section, then all references in this Lease (other than in this Section 2.6) to the "term" of this Lease or the First Renewal Term, as the case may be, time being of the essence. If Lessee shall be construed fail to include the extension term(s) thus elected by Tenant. Except as expressly set forth in this Section 2.6give such timely notice, Tenant shall have no right then Lessee's option and any remaining option to extend the term of this Lease beyond its prescribed termthe expiration of the initial term or the First Renewal Term, as the case may be, shall thereupon terminate and this Section 35 shall be of no further force or effect. It is understood and agreed that the foregoing option to so extend the term of this Lease is not assignable, and that the same shall be deemed null and void upon any assignment or transfer of this Lease by Lessee other than to a subsidiary or affiliate of Lessee.

Appears in 1 contract

Samples: Office Lease (Costar Group Inc)

Option to Extend Term. Tenant shall have the option to extend the initial three (3) year term of this Lease, at the minimum rental set forth in Section 3.1(b) and Lease for one (c) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (21) additional periods period of five three (53) years each(the "Option Period"), with the first Option Period commencing upon on the expiration third (3rd) anniversary of the initial term hereof Commencement Date and terminating on the second commencing upon day immediately preceding the expiration sixth (6th) anniversary of the first extended termCommencement Date. The option to extend, if any. Exercise of such option with respect to as well as the first such extended term shall be by written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration commencement of the initial term hereof; exercise of such option with respect to the second extended term, if the first extension option has been duly exercisedOption Period, shall be expressly conditioned upon Tenant, up to the time tile Option Period is to begin, having fully and timely complied with all its monthly rental obligations under this Lease and Tenant not having committed an uncured breach or default of any other of its other obligations under this Lease. The option to extend is exercisable by like Tenant, if at all, only in strict compliance of the aforesaid conditions and by giving Landlord written notice of its election to Landlord at least nine extend the then term not later than the one-hundred eightieth (9180th) months and not more than twelve (12) months day prior to tile Termination Date. Strict compliance with the expiration of the first extended 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 any extended term is to commence, then the exercise conditions of the option and the exercise thereof is deemed material to tile parties and time for exercise is of the essence. Failure to so exercise shall be deemed a waiver of no force or effectthis option by Tenant, the extended term shall not commence and in which event this Lease shall expire at the end of on the then current term hereof (or at such earlier time Termination Date as Landlord may elect pursuant to the default provisions of this Lease)set forth in Paragraph 3. If Tenant properly exercises one or more extension options under this SectionAll terms, then all references in this Lease (other than in this Section 2.6) to the "term" provisions, covenants and conditions of this Lease shall apply during the Option Period, except that there shall be construed to include the extension term(s) thus elected by Tenant. Except as expressly set forth in this Section 2.6, Tenant shall have no Further right to extend the term beyond the Option Period and the Base Rent during the Option Period shall be as provided in this Paragraph below. The Base Rent to be charged during each Option Period shall he adjusted, with the adjustment occurring on the first day of this Lease beyond its prescribed term.the Option Period. The Base Rent during the Option Period shall be the prevailing market rental rate at the time of the exercise of the option, including prevailing market increases, if any, for option years two and three, but at no time lower than the Base Rent in force during the initial Term. If Landlord and Tenant cannot agree to the Base Rent for all three years of the option period (the "Option Base Rent") within fifteen (15) days of Tenant's notice, then each party shall immediately select a licensed commercial real estate broker familiar with similar properties in the area ("Arbitrator"), who shall be charged with agreeing upon the Option Base Rent within twenty (20) days of the failure of the parties to agree. If such Arbitrators cannot so agree, then they shall immediately select a third Arbitrator who shall render a decision within

Appears in 1 contract

Samples: Lease Agreement (Scantek Medical Inc)

Option to Extend Term. Provided that Tenant is not in default under this Lease after notice thereof and beyond any applicable grace/cure period, then, in such event, the Tenant shall have the option to extend the term of this Lease, at the minimum rental set forth in Section 3.1(b) and (c) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (2) additional periods of five (5) years each, year periods ("Option 1 and Option 2") by notifying the first commencing upon the expiration of the initial term hereof and the second commencing upon the expiration of the first extended term, if any. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord at least nine not later than two hundred seventy (9270) months and not more than twelve (12) months days prior to the expiration of the initial term hereof; exercise of such option with respect to the second extended termTerm, as defined in (S)4 above, or, if the first extension option has been duly exercisedapplicable, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months 270 days prior to the expiration of Option 1 of its intent to do so. During the first extended term hereof. If of Option 1, the Tenant is in default hereundershall pay to the Landlord, beyond any applicable notice and cure periodsas Annual Basic Rent, on the date of such notice or on the date any extended term is to commence, then the exercise fair market rental value of the option Premises, but in no event shall the Basic Rent for Option 1 be less than Thirteen and 00/100 ($13.00) Dollars per square foot. During the term of no force or effectOption 2, the extended term Tenant shall not commence and this Lease shall expire at pay to the end Landlord, as Annual Basic Rent, the then fair market rental value of the then current term hereof (or at such earlier time as Landlord may elect pursuant Premises, but in no event shall the Basic Rent for Option 2 be less than the Basic Rent paid for Option 1. Notwithstanding anything to the default provisions contrary, all obligations of the Tenant with respect to Additional Rental as defined in (S)6 above and in other applicable portions of this instrument, as well as all terms, conditions and covenants of this Lease), shall be applicable to the Option Period without necessity that any separate writing setting forth the same be executed by the parties. If within thirty (30) days after receipt of written notice by the Tenant properly exercises one or more extension options 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(s) thus elected by Tenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right its intent to extend the term of the Lease or to exercise the right for Option 2 the Landlord and Tenant shall be unable to agree upon the amount of the ten fair market rental for the Premises to wit: the annual rate of Basic Rent which the Landlord proposes be charged for either Option 1 or Option 2, then, in such event, (i) the Tenant may notify the Landlord in writing within said thirty (30) day period that it is withdrawing its intent or extend the term of the Lease, in which event, the Lease shall end either at the time set forth in (S)4 above or at the end of Option 1, if applicable, (ii) the Landlord and Tenant may elect arbitration as follows: within ten (10) days the Landlord and Tenant shall each select an appraiser and those two shall within ten (10) days select a third. The third appraiser shall thereupon, within thirty (30) days of his selection, issue a written report to the Landlord and Tenant informing each of the annual rate of Basic Rent as determined by two of the three appraisers for the Option Period. The decision of the appraisers referred to in the preceding sentence shall be binding upon the parties (subject to the other terms of the Lease and payment of Additional Rent as described aforesaid). Each party shall pay fees and costs for its own appraiser and shall pay one half (1/2) of those fees and costs charged by the third appraiser. For purposes of this clause, an "appraiser" shall be an individual who has an "MAI" (Member of the Appraisal Institute) designation for a minimum of five years and who is independent of both the Landlord and Tenant and the brokers, advisors and mortgagees or either of them. Such appraiser shall also be an individual with at least five years experience in appraising commercial and industrial property in the Greater Boston Area. Within five days after decision of the Appraisers related to Basic Rent to be applicable for either Option Period, or, in the alternative, within five days of Agreement between the Landlord and Tenant of Basic Rent to be charged for the applicable Option Period, whichever first occur, the Landlord and Tenant shall execute an Addendum to the Lease beyond its prescribed termincorporating thereto the amount of Basic Rent to be paid for the applicable Option Period.

Appears in 1 contract

Samples: Avici Systems Inc

Option to Extend Term. a. Provided that an Event of Default is not then continuing, Tenant shall have the right and option (“Extension Option”) to extend the term of this Lease, at the minimum rental set forth in Section 3.1(b) and (c) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, Term for up to two (2) additional periods of five (5) years eacheach (each an “Extension Term”), exercisable in the first commencing upon the expiration of the initial term hereof and the second commencing upon the expiration of the first extended term, if any. Exercise of such option with respect to the first such extended term 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; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the first extended term hereoffollowing manner. If Tenant is desirous of exercising an Extension Option under this Section 28, Tenant shall give Landlord prior written notice, at least ten (10), but no more than fifteen (15) months in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date any extended term is to commence, then the exercise advance of the option next scheduled Expiration Date, of Tenant’s intention to extend the Term (“Tenant’s Extension Notice”), it being agreed that time is of the essence. Within thirty (30) days after receipt of Tenant’s Extension Notice, Landlord shall notify Tenant of Landlord’s determination of rent, which shall be equivalent to ninety-five (95%) percent 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 Fair Market Rental Value (or at such earlier time defined below) as Landlord may elect determined pursuant to this Section 28, which Landlord proposes to be applicable to the default provisions of this LeaseExtension Term (“Landlord’s Extension Rent Notice”). If Landlord shall include with Landlord’s Extension Rent Notice data in support of Landlord’s determination of Fair Market Rental Value. Within ten (10) days following Tenant’s receipt of Landlord’s Extension Rent Notice, Tenant properly exercises one or more extension options under this Sectionshall notify Landlord in writing (the “Tenant Response”) that Tenant either (1) accepts Landlord’s determination of rent for the Extension Term (“Landlord’s Determination”), then all references or, (2) disagrees with Landlord’s Determination and proposes Tenant’s determination of rent for the Extension Term (“Tenant’s Determination”), in this Lease (other than in this Section 2.6) to which case the "term" of this Lease shall be construed to include the extension term(s) thus elected by Tenant. Except as expressly procedure set forth in this Section 2.628(a)(i) shall operate, Tenant shall have no right to extend the term of this Lease beyond its prescribed termand Fair Market Rental Value will be determined as follows.

Appears in 1 contract

Samples: Lease Agreement (Auxilium Pharmaceuticals Inc)

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 (c) (So long as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (2) additional periods of five (5) years each, the first commencing upon the expiration of the initial term hereof and the second commencing upon the expiration of the first extended term, if any. Exercise of such option with respect to the first such extended term 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; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the first extended term hereof. If Tenant Sublessee is in default hereunder, beyond any applicable notice and cure periodsnot, on the date upon which the Sublessee exercises the applicable extension option and at the commencement of the applicable extension period, in default under the provisions of this Sublease beyond the applicable grace period set forth herein, if any, Sublessee may extend the Term of this Sublease for two periods, each period to be five years (referred to herein as the "first extension period" and the "second extension period"), by giving notice to Sublessor of its election to extend at least twelve months in advance of the commencement of the applicable extension period. Prior to the exercise by Sublessee of either such option, the expression "Term" shall mean the original ten-year term, and after the exercise by Sublessee of any such option, the expression "Term" shall mean the Original Term as it may have then been extended. Except as otherwise hereinafter set forth, all terms and conditions of this Sublease shall remain in full force and effect with respect to such extension period. If Sublessee shall give notice of its exercise of either such option to extend in the manner and within the time period provided aforesaid, the Term shall be extended upon the giving of such notice or without the requirement of any further action on the date any extended term is part of either Sublessor or Sublessee. With respect to commenceeach such extension period, then (i) the exercise Yearly Fixed Rent, as defined in Section 5.1 hereof, payable during such extension period shall be the fair market rent as of the option commencement of such extension period determined in accordance with the provisions of Section 2.4 hereof, (ii) the Additional Rent, as defined in Section 5.2 hereof, payable during such extension period shall be adjusted to reflect Sublessee's pro rata share of no force or effect, all such Additional Rent then incurred by Sublessor in the extended term shall not commence operation and this Lease shall expire at the end maintenance of the then current term hereof (or at such earlier time as Landlord may elect pursuant Building and the Lot based on the rentable square footage of the Sublease Premises in relation to the default rentable square footage of the Building ("Sublessee's Proportionate Share") and (iii) Parking Rent, as defined in Section 2.5 hereof, payable during such extension period shall be the fair market rent as of the commencement of such extension period determined in accordance with the provisions of this Lease)Section 2.4 hereof. If Tenant properly exercises one or more extension options under this Section, then all references in this Lease (other than in this Section 2.6) In addition to the "term" of this Lease foregoing, with respect to each such extension period, Sublessee shall be construed continue to include the extension term(s) thus elected by Tenant. Except pay Additional Rent for Taxes, as expressly defined in Section 5.2A hereof, all utility expenses as set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed termherein and any other costs and expenses set forth herein.

Appears in 1 contract

Samples: Entire Agreement (Cn Biosciences Inc)

Option to Extend Term. Landlord hereby grants Tenant the right to extend the Term of the Lease for one (I) additional period of three (3) years (such extended period is hereinafter referred to as the “Extended Term”) on the same terms and conditions contained in the Lease, except that (i) Base Rent for an Extended Term shall be as set forth hereinbelow, (ii) no additional options to extend shall apply following the expiration of applicable Extended Term (other than as expressly set forth above), and (iii) Landlord shall have no obligation to make any improvements to the Premises or contribute any amounts therefor. Written notice of Tenant’s exercise of its option to extend (“Option to Extend”) the term Tem1 of this Lease, at Lease for the minimum rental set forth in Section 3.1(b) and (c) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (2) additional periods of five (5) years each, the first commencing upon the expiration of the initial term hereof and the second commencing upon the expiration of the first extended term, if any. Exercise of such option with respect to the first such extended term shall Extended Term must be by written notice given to Landlord at least nine no less than six (9) months and not more than twelve (126) months prior to the expiration date the Term of the initial term hereof; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the first extended term hereofLease would otherwise expire. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date any 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 under this Lease). If Tenant properly exercises one or more extension options 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(s) thus elected by Tenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right Option to extend Extend the term Term of this Lease beyond until such default is cured within the cure period set forth in this Lease for such default, if any; provided, that the period of time within which said Option to Extend may be exercised shall not be extended or enlarged by reason of Tenant’s inability to exercise said Option to Extend because of a default. In the event Tenant validly exercises its prescribed term.Option to Extend the Term of this Lease as herein provided, Base Rent shall be adjusted as of the commencement date of the Extended Term as follows (but in no event shall it be less than the Base Rent for the month immediately prior to the commencement of the Extended Term):

Appears in 1 contract

Samples: Office Lease (Eastside Distilling, Inc.)

Option to Extend Term. (if applicable) Provided that the Tenant shall not be in default of any of the covenants or conditions of the Lease and the Tenant is the original Tenant (i.e. the Lease has not been assigned and no portion of the Premises have been sublet), the Landlord shall grant to the Tenant an option to extend the term of this Lease, at the minimum rental set forth in Section 3.1(b) and (c) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (2) additional periods of five (5) years each, the first commencing upon the expiration Term of the initial term hereof and Lease for a period of [insert] years (the second commencing upon “Extended Term”), exercisable by the expiration of the first extended term, if any. Exercise of such option with respect to the first such extended term shall be by Tenant giving written notice to the Landlord at least nine (9) months not less than 180 days and not more than twelve (12) months 270 days prior to the expiration of the initial term hereof; exercise Term, on the same terms and conditions as this Lease, save and except for Annual Basic Rent, rent free periods, rental concessions, any inducements, allowances or other similar items and that there will be no further right of such option with respect extension. The Annual Basic Rent payable during the Extended Term shall be the greater of the Annual Basic Rent payable during the final year of the Term or the fair market basic rent for the Premises as at the commencement of the Extended Term. The parties shall make bona fide efforts to agree as to the second extended termfair market basic rent and may refer to the basic rent payable for similar accommodation. If, if however, the first extension option has been duly exercised, shall be parties have not agreed to the amount of Annual Basic Rent by like written notice to Landlord at least nine (9) months and not more than twelve (12) months the 120th day prior to the expiration commencement of the first extended term hereof. If Tenant is in default hereunderExtended Term, beyond any applicable notice and cure periodsthen, on at the date of such notice or on the date any extended term is to commenceLandlord’s option, then the exercise of the option to extend shall be of no force or effect, null and void and the extended term Tenant shall not commence and this Lease shall expire surrender the Premises at the end of the Term. As a condition of the Tenant exercising its renewal right, the Landlord may require the Tenant to renovate the Premises in accordance with plans and specifications to be prepared by the Tenant in accordance with the Landlord's 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 one or more extension options 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(s) 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 termdesign criteria and construction procedures.

Appears in 1 contract

Samples: Indemnity Agreement

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(b3.1 (b) and or (c) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (2) additional periods of five (5) years each, the first commencing upon the expiration of the initial term hereof and the second commencing upon the expiration of the first extended term, if anyterm hereof. Exercise of such option with respect to the first such extended term 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; exercise . Exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, term shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the first extended 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 any the applicable extended term is to commence, then the exercise of the applicable 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 one or more both extension options 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(s) 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.

Appears in 1 contract

Samples: Lease (Foxhollow Technologies, Inc.)

Option to Extend Term. Provided that an Event of Default is not then continuing, Tenant shall have the right and option ("Extension Option") to extend the term of this Lease, at the minimum rental set forth in Section 3.1(b) and (c) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, Term for up to two (2) additional periods of five (5) years eacheach (each an "Extension Term"), exercisable in the first commencing upon the expiration of the initial term hereof and the second commencing upon the expiration of the first extended term, if any. Exercise of such option with respect to the first such extended term 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; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the first extended term hereoffollowing manner. If Tenant is desirous of exercising an Extension Option under this Section 28, Tenant shall give Landlord prior written notice, at least ten (10), but no more than fifteen (15) months in default hereunderadvance of the next scheduled Expiration Date, beyond any of Tenant's intention to extend the Term ("Tenant's Extension Notice"), it being agreed that time is of the essence. Within thirty (30) days after receipt of Tenant's Extension Notice, Landlord shall notify Tenant of Landlord's determination of rent, which shall be equivalent to ninety-five (95%) percent of Fair Market Rental Value (defined below) as determined pursuant to this Section 28, which Landlord proposes to be applicable notice to the Extension Term ("Landlord's Extension Rent Notice"). Landlord shall include with Landlord's Extension Rent Notice data in support of Landlord's determination of Fair Market Rental Value. Within ten (10) days following Tenant's receipt of Landlord's Extension Rent Notice, Tenant shall notify Landlord in writing (the "Tenant Response") that Tenant either (1) accepts Landlord's determination of rent for the Extension Term ("Landlord's Determination"), or, (2) disagrees with Landlord's Determination and cure periodsproposes Tenant's determination of rent for the Extension Term ("Tenant's Determination"), in which case the procedure set forth in Section 28(a)(i) shall operate, and Fair Market Rental Value will be determined as follows. During the fifteen (15) days following Tenant's Response, Landlord and Tenant shall attempt to agree on the date rent for the Extension Term, or if not successful, upon a single appraiser who (a) shall be an MAI member of the Appraisal Institute certified to perform appraisals in Pennsylvania in accordance with applicable law (b) shall have a minimum of ten (10) years experience in real estate leasing in Cxxxxxx County, Pennsylvania, or appraisal of leases in first class suburban office buildings located in the Great Valley/Malvern, Pennsylvania area and (c) has not conducted within the previous one (1) year, does not presently conduct, and does not anticipate conducting a material amount of business with either Landlord or Tenant or their affiliates, or otherwise have a financial interest in either Landlord or Tenant or their affiliates and who is otherwise independent (the "Appraiser Qualification"). If Landlord and Tenant are unable to agree upon a single appraiser within such notice or fifteen (15) day period, then Landlord and Tenant shall draw by lot to determine which of them (the "First Party") within the following seven (7) days shall provide the other party (the "Second Party") with the names and qualifications of three (3) appraisers who are acceptable to the First Party and who meet the Appraiser Qualifications. Such list shall be accompanied by a statement of all business conducted by each such proposed appraiser with the First Party and its affiliates within the previous one (1) year. The Second Party within seven (7) days thereafter shall select one (1) of the three (3) appraisers and shall notify the First Party in writing of its selection. The appraiser so selected shall be the appraiser hereunder for purposes of the determination of Fair Market Rent. The parties shall share equally the cost of the appraiser. During the seven (7) days following the selection of the appraiser, Landlord and Tenant shall each prepare a written critique of the other's determination of Fair Market Rental Value, as set forth in its Determination Notice, and on the date any extended term seventh (7th) day Landlord and Tenant shall deliver to each other their written critiques. On the tenth (10th) day following delivery of the critiques to each other, Landlord's and Tenant's determinations of Fair Market Rent (as originally set forth in their Determination Notices, with no modifications or additions whatsoever permitted), and Landlord's and Tenant's critiques shall be submitted to the appraiser. Within fifteen (15) days thereafter, the appraiser shall decide in writing whether the Landlord's or the Tenant's determination of the Fair Market Rental Value is more correct, and shall state in detail the reasons therefor. The determination so chosen shall be the Fair Market Rental Value. The appraiser shall be empowered to commencechoose only between the Landlord's and the Tenant's determinations, then and shall reach no other or compromise decision. The appraiser's decision shall be final and binding on Landlord and Tenant. Each Extension Term shall begin on the Expiration Date and thereafter the Expiration Date shall be deemed to be, following the exercise of the option first Extension Option, twelve and one-half (12-1/2)years following the Commencement Date, and following the exercise of the second Extension Option, seventeen and one-half (17-1/2) years following the Commencement Date. Upon the exercise of the first Extension Option there shall be only one option remaining, and following the exercise of the second Extension Option, or upon failure to exercise the first Extension Option, there shall be no force or effectfurther options to extend. The Minimum Annual Rent payable by Tenant shall be ninety-five (95%) per cent of the Fair Market Rental Value, as defined below, as of the extended term commencement of each Extension Term; provided, however, that in no event shall not commence and the Minimum Annual Rent payable by Tenant during any lease year of any Extension Term be less than the Minimum Annual Rent payable by Tenant during the final lease year immediately preceding the current Extension Term. For the purposes of this Lease Section 28, "Fair Market Rental Value" shall expire at mean, as of the end of date in question, the then current annual rental charge, including provisions for subsequent increases and other adjustments for leases or agreements to lease then currently being negotiated, or executed in comparable space located in the Building (if applicable), Great Valley Corporate Center, Malvern, Pennsylvania, and leases or agreements to lease then currently being negotiated or executed for comparable class "A" office space located elsewhere in office buildings owned by Landlord located in the Great Valley/Malvern, Pennsylvania area, for a term hereof (commencing on or at such earlier time as Landlord may elect pursuant to about the default provisions then scheduled Expiration Date of this Lease. In determining Fair Market Rental Value, the following factors, among others, shall be taken into account and given effect: size, location of premises, lease term, condition of Building, condition of the premises, economic concessions (including tenant improvements being performed by landlords for tenants, or tenant improvement allowances being granted by landlords to tenants). If Tenant properly exercises one or more extension options under this Section, then all references in this Lease (other than in this Section 2.6) being granted by Landlord to tenants and services provided by the "term" of this Lease shall be construed to include the extension term(s) thus elected by TenantLandlord. Except as expressly set forth in this Section 2.6, Landlord and Tenant shall have no right to extend enter into an amendment setting forth the term of this Lease beyond its prescribed termExtension Term .

Appears in 1 contract

Samples: Lease Agreement (Auxilium Pharmaceuticals Inc)

Option to Extend Term. Tenant shall have Lessee is given the option to extend the term of this Lease, at the minimum rental set forth in Section 3.1(b) and (c) (as applicable) and otherwise upon Lease on all the terms and provisions set forth herein with respect to the initial term of contained in this Lease, except for up monthly rent, for three five-year periods following expiration of the initial and first extended term, by giving notice of exercise of the option ("option notice") to two (2) additional periods of five (5) years each, the first commencing upon Lessor at least eight months but not more than one year before the expiration of the initial term hereof and the second commencing upon the expiration of the first extended then current term. Provided that, if any. Exercise of such option with respect to the first such extended term 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; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the first extended term hereof. If Tenant Lessee is in material default hereunder, beyond any applicable notice and cure periods, on the date of such giving the option notice, the option notice shall be totally ineffective, or if Lessee is in material default on the date any 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 lease shall expire at the end of the then current term. The monthly rent for the extended term hereof in question shall be the fair market rent for the Premises, taking into account the commencement date of the option term, and the then fair market base rent for comparable vacant space on a triple net basis in similar buildings within a three (or at such earlier time as Landlord may elect pursuant 3) mile radius of the Premises. The new monthly rent shall not reflect the value of any improvements to the default provisions of this Lease). If Tenant properly exercises one or more extension options under this Section, then all references in this Lease (other than in this Section 2.6) to Premises made by Lessee which Lessee has the "term" of this Lease shall be construed to include the extension term(s) thus elected by Tenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend remove at the end of the term. In no event, however, shall the new monthly rent be less than the amount payable during the last month of the term preceding the term of the then current extension option. The parties shall have thirty (30) days after Lessor receives the option notice in which to agree on the monthly rent during the extended term. If the parties agree on the monthly rent for the extended term during that period, they shall 12 immediately execute an amendment to this Lease beyond stating the monthly rent. If the parties are unable to agree on the monthly rent for the extended term within that period, then within ten (10) days after the expiration of that period each party, at its prescribed cost and by giving notice to the other party, shall appoint a real estate appraiser with at least 5 years' full-time commercial appraisal experience in the area in which the Premises are located to appraise and set the monthly rent for the extended term. If a party does not appoint an appraiser within ten (10) days after the other party has given notice of the name of its appraiser, the single appraiser appointed shall be the sole appraiser and shall set the monthly rent for the extended term. If the two appraisers are appointed by the parties as stated in this paragraph, they shall meet promptly and attempt to set the monthly rent for the extended term. If they are unable to agree within thirty (30) days after the second appraiser has been appointed, they shall attempt to elect a third appraiser meeting the qualifications stated in this paragraph within ten (10) days after the last day the two appraisers are given to set a monthly rent. If they are unable to agree on the third appraiser, either of the parties to this lease by giving ten (10) days' notice to the other party can file a petition with the Presiding Judge of the Contra Costa County Superior Court solely for the purpose of selecting a third appraiser who meets the qualifications stated in this paragraph. Each party shall bear half the cost of the Presiding Judge appointing the third appraiser and of paying the third appraiser's fee. The third appraiser, however selected, shall be a person who has not previously acted in any capacity for either party. Within thirty (30) days after the selection of the third appraiser, a majority of the appraisers shall set the monthly rent for the extended term. If a majority of the appraisers are unable to set the monthly rent within the stipulated period of time; the three appraisals shall be added together and their total divided by three; the resulting quotient shall be the monthly rent for the Premises during the extended term. If, however, the low appraisal and/or the high appraisal are more than ten percent (10%) lower and/or higher than the middle appraisal, the low appraisal and/or the high appraisal shall be disregarded. If only one appraisal is disregarded the remaining two appraisals shall be added together and their total divided by two; the resulting quotient shall be the monthly rent for the Premises during the extended term. If both the low appraisal and the high appraisal are disregarded as stated in this paragraph, the middle appraisal shall be the monthly rent for the Premises during the extended term.

Appears in 1 contract

Samples: Microtel International Inc

Option to Extend Term. Tenant shall have the option to extend the term Term of this LeaseLease for one (1) additional period of three (3) years (the "Premises Option"). The period of the Premises Option is referred to herein as the "Option Term". Tenant shall have no right or interest to exercise the Premises Option unless: (a) Tenant gives the Landlord written notice of its intent to exercise the Premises Option no later than two hundred seventy (270) days prior to the end of the Term (the "Extension Notice"); (b) Tenant is not in default of any of the terms or conditions under this Lease as of the date of the Extension Notice or the date of the commencement of the Option Term, Tenant has not been in default of any of the terms or conditions under this Lease more than three (3) times prior to the commencement of the Option Term, nor are there any conditions which with the passage of time could result in a default by Tenant at the minimum rental set forth in Section 3.1(b) any time; and (c) (i) Tenant has not filed for or sought protection under any bankruptcy statute, and (ii) Tenant has not failed to obtain a vacation from any involuntary bankruptcy proceeding within sixty (60) days of such filing. Annual Base Rent during the Option Term shall be as applicable) and otherwise upon all the terms and provisions set forth herein in Section 4.01(b) below. Time is of the essence with respect to Tenant's exercise of the initial term Premises Option. Tenant's failure to exactly comply with any of the time or other requirements herein, shall cause the Premises Option to automatically expire and, in such event, this Lease, for up to two (2) additional periods of five (5) years each, the first commencing Lease shall terminate upon the expiration of the initial term hereof Term. The option to extend the Term pursuant hereto for the Option Term shall be personal to Tenant and shall not be exercisable by or for the second commencing upon benefit of any assignee, subtenant or other transferee of Tenant. Landlord shall have the expiration right during the Option Term to relocate the Premises to another part of the first extended term, if any. Exercise of such option Project in accordance with respect to the first such extended term following: (a) the new Premises shall be by written notice to Landlord at least nine (9) months substantially the same in size, decor and not more than twelve (12) months prior to nature as the expiration of the initial term hereof; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the first extended 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 any 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 one or more extension options under this Section, then all references Premises described in this Lease (other than in this Section 2.6) to the "term" of this Lease and shall be construed placed in that condition by Landlord at its costs (b) the physical relocation of the Premises shall be accomplished by Landlord at its cost, (c) Landlord shall give Tenant at least thirty (30) days' notice of Landlord's intention to include relocate the extension term(sPremises, (d) thus elected Landlord shall diligently pursue the relocation of the Premises, and (e) all incidental costs incurred by Tenant. Except Tenant as expressly set forth a result of the relocation including, without limitation, costs incurred by changing addresses on stationery, business cars, directories, advertising and other such items shall be paid by Landlord in this Section 2.6, Tenant shall have no right a sum not to extend the term of this Lease beyond its prescribed termexceed Two Thousand Five Hundred Dollars ($2,500.00).

Appears in 1 contract

Samples: Work Letter Agreement (NovaCardia Inc)

Option to Extend Term. So long as Tenant shall have is not in default under Article 7 beyond the option to extend the term of this Lease, at the minimum rental applicable grace periods set forth in Section 3.1(b) and (c) (as applicable) and otherwise upon all Article 7, Tenant may extend the terms and provisions set forth herein with respect to the initial term Term of this Lease, Lease for up to two (2) additional extension periods of three (3) years each, (each, a "Renewal Term") by giving notice to Landlord of its election to extend at least six (6) months in advance of the commencement of the applicable Renewal Term. Except as otherwise hereinafter set forth, all terms and conditions of this Lease shall remain in full force and effect with respect to each such Renewal Term, provided, however, that Tenant shall be entitled to no further right to extend the Term of this Lease. With respect to each such Renewal Term, Fixed Rent shall be increased to the fair market rent of the Premises taking into account the Landlord Improvements but not the Tenant Improvements for such period (further taking into account the fact that the base amounts applicable to the computation of Additional Rent under Section 4.2 are not to be modified). In the event that the parties have not mutually agreed upon said fair market rent in writing within thirty (30) days following Tenant's exercise of the applicable option, the same shall be determined by appraisers, one to be chosen by Landlord, one to be chosen by Tenant and a third to be selected by the two first chosen. All appraisers chosen or selected thereunder shall be independent of the parties, shall have received the M.A.I. (Member, Appraisal Institute) designation from the American Institute of Real Estate Appraisers and shall have had at least five (5) years eachof experience in appraising commercial office space comparable to the Premises. The unanimous written decision of the two first chosen, without selection and participation of a third appraiser, or otherwise the first commencing written decision of a majority of the three appraisers chosen and selected as aforesaid, shall be conclusive and binding upon Landlord and Tenant. Landlord and Tenant shall each notify the other of its chosen appraiser within fifteen (15) days following expiration of the initial term hereof aforesaid thirty (30) day period and, unless such two appraisers shall have reached a unanimous decision within forty-five (45) days from said expiration they shall within a further fifteen (15) days elect a third appraiser and notify Landlord and Tenant thereof. Landlord and Tenant shall each bear the second commencing upon the expiration expense of the first extended term, appraiser chosen by it and shall equally bear the expense of the third appraiser (if any). Exercise of such option If, as contemplated by this Section, Fixed Rent with respect to the first such extended term any Renewal Term shall be by written notice to Landlord at least nine (9) months and not more than twelve (12) months have been determined prior to commencement of such Renewal Term, then said Renewal Term may commence, and from and after such date until the expiration amount of such Fixed Rent is determined. Tenant shall make payments of Fixed Rent at the current rates then applicable, subject to retroactive adjustment in conformity with and within thirty (30) days of the initial term hereof; exercise determination of such option with respect Fixed Rent pursuant to this Section. In no event shall the determination of Fixed Rent pursuant to this Section result in a reduction thereof or any modification of the base amounts applicable to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration computation of the first extended 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 any 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 one or more extension options Additional Rent 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(s) 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 term4.2.

Appears in 1 contract

Samples: Lease Agreement (Bertuccis of White Marsh Inc)

Option to Extend Term. Landlord hereby grants to Tenant shall have the option to extend the term of this Lease, at the minimum rental set forth in Section 3.1(b) and (c) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (2) options (each a "Extension Option" and collectively, the "Extension Options") to extend the Initial Lease Term for an additional periods period of five (5) years eacheach (each an "Extension Term" and collectively, "Extension Terms") provided that the following conditions (each an "Extension Condition" and collectively, the first commencing "Extension Conditions") are satisfied: (a) a monetary or material non-monetary Event of Default shall not exist either at the time Tenant exercises an Extension Option or upon the expiration commencement of the initial term hereof and the second commencing upon the expiration of the first extended term, if any. Exercise of such option applicable Extension Term; (b) Tenant may exercise each Extension Option with respect to all of the first such extended term shall be by written notice to Landlord Premises or that portion of the Premises comprised of the Second Floor Premises, the Third Floor Premises and the Fourth Floor Premises; and (c) the original named tenant under this Lease ("Original Tenant") or its Permitted Assignee (as defined in Section 17.9.1 below) occupies the portion of the Premises for which an Extension Option is exercised at least nine (9) months and not more than twelve (12) months the time Tenant exercises an Extension Option or at any time thereafter prior to the expiration or upon commencement of the initial term hereof; applicable Extension Term. Landlord may, at Landlord's option, exercised in Landlord's sole and absolute discretion, waive any of the Extension Conditions in which case the Extension Option, if otherwise properly exercised by Tenant, shall remain in full force and effect. If an Extension Condition is not satisfied, Landlord shall have, in addition to all of Landlord's other rights and remedies provided in this Lease, the right to terminate the applicable Extension Option and to unilaterally void Tenant's exercise of such option with respect the applicable Extension Option, in which event this Lease shall expire on the then current Expiration Date, unless sooner terminated pursuant to the terms hereof, and Tenant shall have no further rights under this Lease to renew or extend the Lease Term. Tenant may exercise either Extension Option whether or not Tenant has exercised its Contraction Option pursuant to Section 3.3 below. The second extended term, Extension Option may be exercised only if the first extension option Extension Option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the first extended 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 any 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 one or more extension options 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(s) 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.

Appears in 1 contract

Samples: Lease (Riverbed Technology, Inc.)

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 (c) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (2) additional periods of five (5) years each, the first commencing upon the expiration of the initial term hereof and the second commencing upon the expiration of the first extended term, if any. Exercise of such option with respect to the first such extended term 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; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the first extended 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 any 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 one or more extension options 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(s) 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.. [***] CERTAIN INFORMATION IN THIS EXHIBIT HAS BEEN OMITTED AND FILED SEPARATELY WITH THE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED PORTIONS. 3 RENTAL

Appears in 1 contract

Samples: Pharmacopeia Inc

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(b3.1(c) and (c) (as applicabled) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (2) additional periods of five (5) years each, the first commencing upon the expiration of the initial term hereof and the second commencing upon the expiration of the first extended term, if any. Exercise of such option with respect to the first such extended term 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; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the first extended 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 any 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 one or more extension options 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(s) 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.

Appears in 1 contract

Samples: Sub Sublease (Cytokinetics Inc)

Option to Extend Term. Provided that: (i) Landlord has not given Tenant notice of a default more than two (2) times in the twenty-four (24) months immediately preceding the Expiration Date, (ii) there then exists no uncured default by Tenant under the Lease following applicable notice and cure periods, (iii) Tenant has not previously assigned this Lease or sublet all of the Premises (except for a Permitted Transfer), and (iv) Tenant remains creditworthy, as determined by Landlord in Landlord’s reasonable discretion, Tenant shall have the right and option (each an “Extension Option” and collectively the “Extension Options”) to extend the term of this Lease, at the minimum rental set forth in Section 3.1(b) and (c) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, Term for up to two (2) additional periods of five (5) years each, exercisable in the first commencing upon the expiration following manner. If Tenant is desirous of the initial term hereof and the second commencing upon the expiration of the first extended termexercising an Extension Option under this Article 39, if any. Exercise of such option with respect to the first such extended term Tenant shall be by give Landlord written notice to Landlord at least nine (9) months and not more less than twelve (12) months prior to the expiration of the initial term hereof; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the first extended 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 any 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 advance of the then current term hereof scheduled Expiration Date of Tenant’s intention to extend the Term (“Tenant’s Extension Notice”), it being agreed that time is of the essence and that the Extension Option is personal to Tenant and is non-transferable to any transferee or at such earlier time as Landlord may elect pursuant to other party other than through a Permitted Transfer. Tenant’s notice must include a Letter of Credit meeting the default provisions requirements of this Lease)Lease which has an expiration date not earlier than 90 days following the extended Expiration Date and shall be irrevocable. If Promptly after receipt of Tenant’s Extension Notice, Landlord and Tenant properly exercises one or more extension options shall negotiate the rent for the Extension Option in good faith. The Extension Option shall be under this Section, then all references the same terms and conditions as provided in this Lease (other than in this Section 2.6) to the "term" of this Lease shall be construed to include the extension term(s) thus elected by Tenant. Except 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.follows:

Appears in 1 contract

Samples: Agreement of Lease (Auxilium Pharmaceuticals Inc)

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(b3.1(c) and (c) (as applicabled) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (2) additional periods of five (5) years each, the first commencing upon the expiration of the initial term hereof and the second commencing upon the expiration of the first extended term, if any. Exercise of such option with respect to the first such extended term 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; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the first extended 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 any 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 one or more extension options 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(s) 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.

Appears in 1 contract

Samples: Cor Therapeutics Inc / De

Option to Extend Term. a. Tenant shall have and is hereby granted the option to extend the term of this Lease, at Term hereof beyond the minimum rental set forth in Section 3.1(bLease Expiration Date (the “Extension Option”) and (c) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (2) additional periods of five (5) years each (each, an “Extension Period”) commencing on the first commencing upon date immediately following the expiration of Lease Expiration Date, or, if applicable, on the initial term hereof and date immediately following the second commencing upon the expiration last day of the first extended term, Extension Period if any. Exercise of such option with respect to Tenant previously exercised the first such extended term shall be by initial Extension Option; provided that: (i) Tenant delivers written notice of Tenant’s election to Landlord at least nine exercise such Extension Option (9the “Extension Notice”) months and to Landlord, not more than thirty six (36), or less than twelve (12) ), months prior to the expiration of Lease Expiration Date or the initial term hereof; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration last day of the first extended term hereofExtension Period, as applicable, time being of the essence; and (ii) no uncured Event of Default on the part of Tenant exists at the time of its delivery of the Extension Notice. Tenant shall have the right to extend the Term pursuant to the terms of this Section 33 for less than the entire Premises provided that (1) Tenant sets forth in the Extension Notice the portion of the Premises Tenant will relinquish as of the Termination Date or the last day of the first Extension Period, as applicable (the “Relinquished Premises”), and (2) the Relinquished Premises is not less than 4,500 contiguous square feet within the Building with direct access to an elevator bank and the bathrooms within the Common Areas and a reasonable window line commensurate with the size of the Relinquished Premises (but which window line need not face the street), unless Landlord otherwise consents (such consent to be deemed granted if not provided or denied within fifteen (15) days after Landlord’s receipt of the Extension Notice). If Landlord does not consent to a proposed Relinquished Premises due to its failure to meet the terms of clause (2) in the previous sentence, Tenant may once again elect to deliver to Landlord an Extension Notice (provided same is delivered in default hereunderaccordance with the terms of this Section 33) for the entire Premises or for a portion of the Premises excluding an alternatively proposed Relinquished Premises which complies with such terms of clause (2) in the previous sentence, beyond any applicable notice and cure periods, on the date terms of this Section 33 shall apply to such Extension Notice. In the absence of such notice or on the date any extended term is to commencefurther Extension Notice, 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 on the end Lease Expiration Date, or the last day of the then current term hereof (or at such first Extension Period, as applicable, unless earlier time as Landlord may elect pursuant to terminated in accordance with the default provisions of this Lease). If Tenant properly exercises one or more extension options 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(s) 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 termterms hereof.

Appears in 1 contract

Samples: Office Lease (Costar Group Inc)

Option to Extend Term. Tenant shall have Lessee is given the option to extend the Term --------------------- on all provisions contained in this Lease (except for Base Rent and such other terms and conditions as are specifically or by their operation limited to the initial Term only), for a period of three (3) years immediately following the expiration of the Term for the Additional Space (the "Extended Term"), by giving notice of exercise of the option to Lessor no later than October 1, 2000 (the "Option Notice"). Such extension option shall apply concurrently to the Initial Premises and Additional Space. Lessee shall not have the right under this Option to Extend Term to independently extend the term for the Initial Premises or the Additional Space. If the Lease is extended pursuant to the terms herein contained, the expiration date of the Extended Term for the entire Premises consisting of both the Initial Premises and the Additional Space will be October 31, 2004. Lessor's ability to plan for the orderly transaction of its rental business, to accommodate the needs of other existing and potential tenants, and to enjoy the benefits of increasing rentals at such times as Lessor is able to do so in its sole and absolute discretion, are fundamental elements of Lessor's willingness to provide Lessee with the option to extend contained herein. Accordingly, Lessee acknowledges that Lessee's strict compliance with the notification provisions contained herein, and Lessee's strict compliance with the time period for such notification contained herein, are material elements of the bargained-for exchange between Lessor and Lessee and are material elements of Lessee's consideration paid to Lessor in exchange for the grant of option. Therefore, Lessee's failure to adhere strictly and completely to the provisions and time frame contained in this option shall render the option automatically null, void, and of no further force or effect, without notice, acknowledgment, or any action of any nature of sort, required of Lessor. Lessee acknowledges that no other act or notice, other than the express written notice set forth hereinabove, shall act to put Lessor on notice of Lessee's intent to extend, and Lessee hereby waives any claims to the contrary, notwithstanding any other actions of Lessee during the terms of this Lease or any statements, written or oral, of Lessee to Lessor to the contrary during the term of this Lease, at . Notwithstanding the minimum rental set forth in Section 3.1(b) and (c) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (2) additional periods of five (5) years each, the first commencing upon the expiration of the initial term hereof and the second commencing upon the expiration of the first extended termforegoing, if any. Exercise of such option with respect to the first such extended term 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; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the first extended term hereof. If Tenant Lessee is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice giving the Option Notice, the Option Notice shall be totally ineffective, or if Lessee is in default on the date any extended term the Extended Term is to commence, then in addition to any and all other remedies available to Lessor under the Lease, at Lessor's election the exercise of the option shall be of no force or effectdeemed null and void, the extended term Extended Term shall not commence commence, and this Lease shall expire at the end of the then current term hereof Term. This Option to Extend is personal to Lessee and cannot be assigned, transferred or conveyed to any other person or entity (voluntarily, involuntarily, by operation of law or at such earlier time as Landlord may elect pursuant to otherwise) including any assignee or subtenant permitted under Article 13. All of Lessee's rights under this Addendum 8 shall terminate upon the default provisions expiration or sooner termination of this Lease). If Tenant properly exercises one or more extension options under this SectionADDENDUM 9: ---------- Delay in Commencement; Right to Terminate: Notwithstanding any contrary ----------------------------------------- provisions of the Lease, in the event Lessor cannot deliver possession of the Premises to Lessee by December 31, 1997, 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(sextent such delay is not caused by Lessee, Lessee, within ten (10) thus elected by Tenant. Except as expressly set forth in this Section 2.6days following such date, Tenant shall have no the right to extend give Lessor written notice terminating the term Lease. In the event Lessee exercises its right to terminate the Lease as provided herein, then upon such termination, all rights and obligations of this Lease beyond its prescribed term.Lessor and Lessee hereunder shall no longer be of any force and effect, except that Lessor shall promptly return to Lessee any monies previously paid by Lessee to Lessor. ADDENDUM 10: -----------

Appears in 1 contract

Samples: Office Lease (Inktomi Corp)

Option to Extend Term. Tenant shall have the is hereby granted an option ("Extension --------------------- Option") to extend the term of this Lease, at the minimum rental set forth in Section 3.1(b) and Term for one (c) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (21) additional periods period of five (5) years eachLease Years ("Extension Period"), on the first commencing upon same terms and conditions in effect under the Lease immediately prior to the Extension Period, except that monthly Base Rent shall be increased to that amount which is the greater of (i) the Base Rent, fully escalated, or (ii) to the Prevailing Rental Rate (defined below). The Extension Option may be exercised only by giving Landlord irrevocable and unconditional written notice thereof no earlier than three hundred sixty five (365) calendar days and no later than two hundred ten (210) calendar days prior to the commencement of the Extension Period. Notwithstanding the foregoing, said exercise shall, at Landlord's election, be null and void if: (i) Tenant is in default under the Lease at the date of said notice and said default remained uncured following expiration of all applicable cure periods; or (ii) prior to commencement of the initial term hereof and the second commencing upon the Extension Period, Tenant commits an Event of Default which remained uncured after expiration of all applicable cure periods. If Tenant shall fail to timely exercise the first extended termExtension Option herein provided, or if any. Exercise Tenant shall assign this Lease or sublet any part in excess of such option with respect thirty (30%) percent of the Premises or all of the Premises (whether or not Landlord consents to the first such extended term said assignment or sublease), or if Tenant shall commit an Event of Default under this Lease which remains uncured following expiration of all applicable cure periods, said Extension Option shall , at Landlord's election to be made by written notice to Landlord at least nine (9) months Tenant, terminate, and not more than twelve (12) months prior to the expiration of the initial term hereof; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months null and not more than twelve (12) months prior to the expiration void and of the first extended term hereofno further force and effect. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date any extended term is to commence, then the Tenant's exercise of the option shall be of no force or effect, the extended term Extension Option shall not commence and this Lease shall expire at the end operate to cure any default by Tenant of any of the then current term hereof (terms or at provisions in the Lease, nor to extinguish or impair any rights or remedies of Landlord arising by virtue of such earlier time as Landlord may elect pursuant to the default provisions of this Lease)default. If the Lease or Tenant's right to possession of the Premises shall terminate in any manner whatsoever before Tenant properly exercises one shall exercise the Extension Option herein provided, or more extension options 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(s) thus elected by Tenant. Except as expressly set forth in this Section 2.6, if Tenant shall have no right subleased or assigned all or any portion of the Premises to extend any person or entity other than an Affiliate (as that term is defined in Section 14.1 below), then immediately upon such termination, sublease or assignment, the term of this Lease beyond its prescribed term.Extension Option herein granted shall simultaneously terminate and become null and void. The Extension Option is personal

Appears in 1 contract

Samples: Office Lease (Bre Properties Inc /Md/)

Option to Extend Term. (a) Provided this Lease is in full force and effect and that no Default by Tenant, as defined in this Lease, is in existence either on the date of Tenant’s Extension Notice (as hereinafter defined) or, unless waived in writing by Landlord for the purpose of this Extension Option (as hereinafter defined), on the Extension Effective Date, and provided further that this Lease shall not have theretofore been assigned and the Premises (nor any portion thereof) shall have theretofore been subleased (other than pursuant to an assignment or sublease not requiring Landlord’s consent thereto), Tenant shall have the option right, at Tenant’s option, to extend the term Term of this Lease, at the minimum rental set forth in Section 3.1(b) and Lease for one (c) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (21) additional periods period of five (5) years each, (the first “Optional Extended Term”) commencing upon on the expiration day following the Expiration Date (the “Extension Effective Date”) and ending on the fifth (5th) anniversary of the initial term hereof and Expiration Date (the second commencing upon “Optional Extended Term Expiration Date”). Such option to extend (the expiration “Extension Option”) shall be exercised by Tenant giving written notice (“Tenant’s Extension Notice”) of the first extended term, if any. Exercise of such option with respect to the first such extended term shall be by written notice exercise thereof to Landlord at least nine (9) months before the Expiration Date. If Tenant shall fail to timely give Tenant’s Exercise Notice as provided herein, the Extension Option shall be deemed automatically and not more than irrevocably waived by Tenant. The Term as extended pursuant to the Extension Option shall be upon the same terms, covenants, and conditions as set forth in this Lease except that the Base Rent payable during the Optional Extended Term, if exercised, shall equal the Market Rate (defined below). In the event Tenant exercises the Extension Option as provided herein, then Tenant shall, within fifteen (15) days after Landlord’s request, execute and deliver an amendment to the Lease memorializing such exercise and the Rent payable by Tenant during the Optional Extended Term. At any time within twelve (12) months prior to the expiration Expiration Date, Tenant may request that Landlord furnish Tenant with Landlord’s determination of the initial term hereof; exercise of Market Rent for the Optional Extended Term, which Landlord shall furnish within thirty (30) days after such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the first extended 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 any 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 one or more extension options 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(s) 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 termrequest.

Appears in 1 contract

Samples: Lease (Novavax Inc)

Option to Extend Term. Tenant If Lessee is not in default under this Lease, then Lessee shall have the option to extend the term Term on all of the provisions contained in this Lease, at the minimum rental set forth in Section 3.1(b) and (c) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Leaseexcept for rent, for up to two three additional five-year periods (2"Extended Term") additional periods of five (5) years each, the first commencing upon the following expiration of the initial term hereof and the second commencing upon the expiration Term, by giving notice of the first extended term, if any. Exercise exercise of such this option with respect ("Option Notice") to the first such extended term shall be by written notice to Landlord Lessor at least nine six (96) months and not but no more than twelve (12) months prior to the expiration of the initial term hereof; exercise Term except that the number of such option with respect periods remaining to be exercised will in each case be reduced by one. Notwithstanding anything contained herein to the second extended termcontrary, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the first extended term hereof. If Tenant Lessee is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice giving the Option Notice, the Option Notice shall be totally ineffective and shall be deemed null and void, or if Lessee is in default on the date any extended term an Extended Term is to commence, then the exercise of the option shall be of no force or effect, the extended term Extended Term shall not commence and this Lease shall expire at the end of the Term then current term hereof in effect. If Lessee fails to exercise any option by the required date specified above, then Lessee shall have no further options to extend the Term of the Lease. Monthly rent for each Extended Term shall be determined in the following manner: The Consumer Price Index [All Urban Consumers] (or at such earlier time as Landlord may elect pursuant to base years 1982-1984 = 100) for San Francisco-Oakland-San Xxxx CMSA, published by the default provisions United States Department of this LeaseLabor, Bureau of Labor Statistics ("Index"), which is published most immediately preceding the date the Extended Term commences ("Extension Index"), shall be compared with the Index which is published most immediately preceding the date the initial Term commences ("Beginning Index"). If Tenant properly exercises one or more extension options under this Sectionthe Extension Index has increased over the Beginning Index, then all references in this Lease (other than in this Section 2.6) to the "term" of this Lease monthly rent payable during each Extended Term shall be construed to include set by multiplying the extension term(s) thus elected by Tenant. Except as expressly monthly rent set forth in this Section 2.6paragraph 4 by a fraction, Tenant the numerator of which is the Extension Index and the denominator of which is the Beginning Index; provided that such increase shall not exceed three percent (3%) per annum compounded annually. As soon as the monthly rent for the Extended Term is determined, Lessor shall give notice of the amount of minimum monthly rent for the Extended Term. For subsequent extensions, rent shall be determined in the same manner by comparing the index for the current Extended Term with the index for the immediately preceding Extended Term. If the Index is changed so that the base year differs from that used as of the month most immediately preceding the date of Term commences, the Index shall be converted in accordance with the conversion factor published by the United States Department of Labor, Bureau of Labor Statistics. If the Index is discontinued or revised during the Term, such other government index or computation with which it is replaced shall be used in order to obtain substantially the same result as would be obtained if the Index has not been discontinued or revised. Lessee shall have no other right to extend the term of Term beyond the Extended Term.] The parties hereto have executed this Lease beyond its prescribed termat San Francisco, California on July 1997. LESSOR LESSEE XXXXXX HOTEL PARTNERS, LLC CALIFORNIA CULINARY ACADEMY, A California limited liability company INC., a California corporation By: By: -------------------------

Appears in 1 contract

Samples: Lease Agreement (California Culinary Academy Inc)

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Option to Extend Term. Provided that Landlord has not given Tenant notice of a material non-monetary default or any monetary default more than four (4) times in the 24-month period preceding the Expiration Date, that there then exists no Event of Default by Tenant under this Lease, and that Tenant and Tenant’s Affiliates occupy all of the Premises, Tenant shall have the right and option (“Extension Option”) to extend the term Term (only for the entire Premises, including the Expansion Area if then part of this Lease, at the minimum rental set forth in Section 3.1(bPremises) and (c) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (2) additional periods of five (5) years (each, an “Extension Term”), exercisable in the first commencing upon following manner. If Tenant is desirous of exercising the expiration of the initial term hereof and the second commencing upon the expiration of the first extended termextension option under this Section 30, if any. Exercise of such option with respect to the first such extended term Tenant shall be by give Landlord prior written notice to Landlord notice, at least nine (9) months and not more than twelve (12) months prior in advance of the scheduled Expiration Date, of Tenant’s intention to extend the Term (“Tenant’s Extension Notice”); it being agreed that time is of the essence and that the Extension Option is personal to Tenant and is non-transferable to any assignee or sublessee (but only if any such assignment or sublease required Landlord’s consent) or other party. Within ten (10) business days after receipt of Tenant’s Extension Notice, Landlord shall notify Tenant of Landlord’s calculation of rent, which shall be equivalent to ninety-five percent (95%) of Fair Market Rental Value (defined below) as reasonably determined by Landlord, which Landlord proposes to be applicable to the expiration Extension Term (“Landlord’s Notice of Extension Rent Terms”). Landlord shall include with Landlord’s Notice of Extension Rent Terms data in support of Landlord’s calculation of Fair Market Rental Value. Within ten (10) business days following Tenant’s receipt of Landlord’s Notice of Extension of Rent Terms, Tenant shall notify Landlord in writing (the initial term hereof; exercise “Tenant Response”) that Tenant either (1) elects to extend the Term for the Extension Term and accepts Landlord’s calculation of such option rent for the Extension Term, or (2) elects to extend the Term for the Extension Term, but disagrees with respect Landlord’s calculation of rent and elects to submit the determination of rent applicable to the second extended term, if Extension Term to arbitration as set forth in sub-section 30(d) below (the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the first extended 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 any 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“Arbitration Election”). If Tenant properly exercises one or more extension options fails to issue the Tenant’s Response within the time and in the manner set forth herein, Tenant will be deemed to have withdrawn its Tenant’s Extension Notice and waives its Extension Option under this SectionLease. If Tenant exercises its option to extend as set forth above, then all references the Extension Term shall be under the same terms and conditions as provided in this Lease (other than in this Section 2.6) to the "term" of this Lease shall be construed to include the extension term(s) thus elected by Tenant. Except 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.follows:

Appears in 1 contract

Samples: Lease Agreement (Novavax Inc)

Option to Extend Term. In the event that Tenant is negotiating to renew the Lease, and the Rent Per Square Foot for the first year of the Renewal Period is determined pursuant to Section 35 of the Lease, then Tenant shall have notify Subtenant in writing of such determination within five (5) business days after the option Rent Per Square Foot is determined (the “Renewal Notice”). The Renewal Notice shall also set forth the Rent Per Square Foot. By written notice to Tenant within ten (10) business days after Subtenant receives the Renewal Notice, Subtenant shall irrevocably notify Tenant whether or not Subtenant will extend the Term for the Renewal Period in the event Tenant elects to extend the term of this Lease, at the minimum rental set forth in Section 3.1(b) and Lease for the Renewal Period (c) (as applicable) and otherwise upon all it being expressly agreed that Subtenant’s mere election to so extend the terms and provisions set forth herein with respect to Term for the initial term of this Lease, for up to two (2) additional periods of five (5) years each, the first commencing upon the expiration of the initial term hereof and the second commencing upon the expiration of the first extended term, if any. Exercise of such option with respect to the first such extended term 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; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the first extended 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 any extended term is to commence, then the exercise of the option shall be of no force or effect, the extended term Renewal Period shall not commence in 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 itself obligate Tenant properly exercises one or more extension options 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(s) thus elected by Tenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of the Lease for the Renewal Period). If Subtenant irrevocably notifies Tenant in a timely manner that Subtenant will extend the Term for the Renewal Period, and Tenant in fact elects to extend the term of the Lease for the Renewal Period, then so long as Tenant notifies Subtenant in writing of Tenant’s agreement with Landlord to extend the term of the Lease for the Renewal Period on or before the later of (a) the date that is forty (40) days after the date on which Tenant provided Subtenant with the Renewal Notice and (b) the date that is three hundred fifty-five (355) days before the expiration of the Initial Term of the Lease, the Term shall be extended for the Renewal Term on all the terms and conditions set forth in this Sublease (as the Sublease Rent, as hereinafter defined, may be adjusted as set forth in Section 2.1 below to reflect the “Basic Rent” under the Lease beyond its prescribed termin effect during the Renewal Period).

Appears in 1 contract

Samples: Sublease (Educate Inc)

Option to Extend Term. Landlord hereby grants to Tenant three (3) successive options (each a “Extension Option” and collectively, the “Extension Options” ) to extend the initial Term for two (2) additional periods of eight (8) years each and a third (3rd) additional period of six (6) years (each an “Extension Term” and collectively, the “Extension Terms”) commencing on the first day following the Expiration Date on the terms and subject to the conditions set forth in this Section 3.2; provided, however, that (a) Tenant may exercise each Extension Option with respect to all of the Premises or to any contiguous full floors of the Premises then leased by Tenant hereunder (provided that so long as Tenant continues to lease the First Floor, Tenant shall also be required to continue to lease the Concourse Premises), including any Expansion Premises, (b) subsequent Extension Options may be exercised only if the immediately prior Extension Option has been duly exercised, and (c) Tenant may elect in its sole and absolute discretion which signage rights, if any, Tenant elects to continue during any Extension Term. Notwithstanding anything to the contrary contained in this Lease, in the event Tenant elects to not extend the Term of this Lease with respect to the First Floor and the Concourse Premises, Tenant shall have the option to extend the term Term of this Lease, at the minimum rental set forth in Section 3.1(b) and Lease with respect to that portion of the Concourse Premises shown on Exhibit A-8 (c) (as applicable) and otherwise upon all the terms and provisions set forth herein “Continuous Concourse Area”). Tenant shall be deemed to have elected to extend the Term of the Lease with respect to the initial term of this Lease, for up Continuous Concourse Area unless Tenant delivers written notice to two (2) additional periods of five (5) years each, the first commencing upon the expiration Landlord simultaneously with Tenant’s exercise of the initial term hereof and applicable Extension Option pursuant to which Tenant elects not to extend the second commencing upon the expiration of the first extended term, if any. Exercise of such option Term with respect to the first Continuous Concourse Area. Tenant shall cause all work that is reasonably required in order to separate the Continuous Concourse Area from the balance of the Concourse Premises, if any, in a manner reasonably acceptable to Landlord and Tenant, to be performed at Tenant’s sole cost and expense, in compliance with all Applicable Laws, and with such extended term work to be done pursuant to plans and specifications prepared by Tenant and approved by Landlord in Landlord’s reasonable discretion. In the event Tenant exercises an Extension Option for less than the entirety of the then-current Premises as permitted in clause (a) above, the number of Tenant’s Parking Spaces (as defined in Section 30.1 below) 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; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the first extended term hereof. If Tenant is automatically reduced on a proportional basis in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date any 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 one or more extension options 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(s) 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 termconnection therewith.

Appears in 1 contract

Samples: Office Lease (Zynga Inc)

Option to Extend Term. a. Tenant shall have and is hereby granted the option to extend the term of this Lease, at the minimum rental set forth in Section 3.1(b) and (c) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, Term hereof for up to two (2) additional periods of five (5) years each (each, an “Extension Period”) commencing on the first commencing upon date immediately following the expiration of Lease Expiration Date, or on the initial term hereof and date immediately following the second commencing upon the expiration last day of the first extended termExtension Period, as applicable, provided that: (i) Tenant delivers written notice (the “Extension Notice”) to Landlord, not more than fifteen (15), or less than twelve (12), months prior to the Lease Expiration Date, or prior to last day of the first Extension Period, as applicable, time being of the essence, of Tenant’s irrevocable election to exercise such extension option (provided, however, that if any. Exercise the Premises contains more than 63,492 rentable square feet, Tenant shall deliver the Extension Notice to Landlord not more than eighteen (18), or less than fifteen (15), months prior to the Lease Expiration Date, or prior to last day of the first Extension Period, as applicable); (ii) no event exists at the time of the exercise of such option or arises subsequent thereto, which event by notice and/or the passage of time would constitute an Event of Default if not cured within the applicable cure period; and (iii) Tenant has not assigned its interest in the Lease or sublet more than thirty-five percent (35%) of the Premises (except to an Affiliate of Tenant. Notwithstanding the foregoing, Tenant may elect to extend the Term hereof pursuant to the terms of this Section 22 with respect to the first such extended term entire Premises, or alternatively, with respect to any full floor(s) which comprise the Premises as of the date Tenant delivers the Extension Notice to Landlord, which notice shall set forth the portion of the Premises which shall be by written notice subject to Landlord at least nine (9) months and the applicable Extension Period. Notwithstanding the foregoing, if Tenant delivers to Landlord, not more than twelve nineteen (12) 19), or less than sixteen (16), months prior to the expiration Lease Expiration Date, or prior to the last day of the initial term hereof; exercise first Extension Period, as applicable, written notice (the “Extension Period Proposed Rent Notice”) requesting that Landlord furnish Tenant with Landlord’s proposed Annual Base Rent, Base Year and other material economic terms and conditions for the first or second (2nd) Extension Period, as applicable, Landlord shall furnish Tenant with such proposed terms and conditions within thirty (30) days after Landlord’s receipt of such option with respect to the second extended termExtension Period Proposed Rent Notice (provided, however, that if the first extension option has been duly exercisedPremises contains more than 63,492 rentable square feet, Tenant shall be by like written notice deliver the Extension Period Proposed Rent Notice to Landlord at least nine (9) months and not more than twelve twenty-one (12) 21), or less than eighteen (18), months prior to the expiration Lease Expiration Date, or prior to last day of the first extended term hereof. If Tenant is in default hereunderExtension Period, beyond any applicable notice and cure periods, on the date of such notice or on the date any 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 Leaseapplicable). If Tenant properly exercises one or more extension options 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(s) 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.

Appears in 1 contract

Samples: Work Agreement (K12 Inc)

Option to Extend Term. Provided (i) this Lease shall then be in full force and effect and Tenant shall not then be in default hereunder beyond the expiration of any applicable grace or cure period either at the time of the exercise of such option or upon commencement of the Extension Term, and (ii) Tenant shall accept the Premises for the Extension Term "as is", Tenant shall have the option right, at its option, to extend the term of this Lease, at the minimum rental set forth in Section 3.1(b) and (c) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, Term for up to two (2) additional periods of one consecutive five (5) years each, year period (the first commencing upon "Extension Term"). The Extension Term shall commence on the expiration day after the Term Expiration Date and shall expire on the day immediately preceding the fifth (5th) anniversary of the initial term hereof and Term Expiration Date (the second commencing upon the expiration "Extension Term Expiration Date") unless such Extension Term shall sooner end pursuant to any of the first extended termterms, if anycovenants or conditions of this Lease or pursuant to law. Exercise Tenant shall give Landlord written notice of Tenant's intention to exercise any such option with respect to the first such extended term shall be by written notice to Landlord at least nine one hundred eighty (9180) months and days but not more than twelve two hundred forty (12240) months days prior to the expiration scheduled Term Expiration Date, the time of exercise being of the initial term hereof; exercise essence and upon the giving of such option notice, this Lease and the Term shall be extended without execution or delivery of any other or further documents, with respect to the second extended term, same force and effect as if the first extension option has Extension Term had originally been duly exercised, included in the Term and the Scheduled Term Expiration Date and the Term Expiration Date shall thereupon be by like written notice deemed to Landlord at least nine (9) months and not more than twelve (12) months prior to be the expiration last day of the first extended term hereofExtension Term. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date any extended term is to commence, then the exercise All of the option shall be of no force or effectterms, the extended term shall not commence covenants 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 one or more extension options under this Section, then all references in this Lease (other than in this Section 2.6) to the "term" conditions of this Lease shall continue in full force and effect during any such Extension Term, including items of additional rent and escalation which shall remain payable on the terms herein set forth, except that the Basic Rent shall be construed determined in accordance with the terms of Section 13.02 below and after Tenant shall have exercised its right to include extend the extension term(s) thus elected by Tenant. Except as expressly set forth in this Section 2.6Term for the Extension Term, Tenant shall have no further right to extend the term Term of this Lease beyond its prescribed termpursuant to this Article XIII.

Appears in 1 contract

Samples: E Tenant Improvement Agreement (Aames Financial Corp/De)

Option to Extend Term. Tenant shall have is given the option to extend the term of on all provisions contained in this Lease, at except for the minimum "monthly rental set forth in Section 3.1(bvalue" (more specifically defined as Base Rent, Project Taxes and Operating Expenses) and (c) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (2) additional periods a period of five (5) years each("Extended Term") following expiration of the initial term, by giving notice of exercise of the first commencing upon option ("Option Notice") to Landlord at least six (6) months but no more than one (1) year before the expiration of the initial term hereof and the second commencing upon the expiration term. Such monthly rental value shall be at ninety-five percent (95 %) of the first extended termthen current market rate for comparable space in the Mountain View City Centre at the time of the commencement of the Extended Term. Provided that, if any. Exercise of such option with respect to the first such extended term 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; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the first extended term hereof. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice giving the Option Notice, the Option Notice shall be totally ineffective, or if Tenant is in default on the date any extended term the Extended Term is to commence, then the exercise of at the option shall be of no force or effectLandlord, the extended term Extended Term shall not commence and this Lease shall expire at the end of the then current term hereof initial term. The parties shall have thirty (or at such earlier time as 30) days after Landlord may elect pursuant receives the Option Notice in which to agree on the default provisions monthly rental value during the Extended Term with an additional thirty (30) days upon mutual agreement of this Lease)Landlord and Tenant. If Tenant properly exercises one or more extension options under this Sectionthe parties agree on the monthly rental value for the Extended Term during that period, then all references in they shall immediately execute an amendment to this Lease (other than in this Section 2.6) stating the monthly rental value effective upon the expiration of the original lease term. If the parties are unable to agree on the "term" monthly rental value for the Extended Term within that period, the Option Notice shall be of no effect or force and this Lease shall be construed expire at the end of the initial term. Neither party to include this Lease shall have the extension term(s) thus elected by Tenantright to have a court or other third party set the monthly rental value. Except as expressly set forth in this Section 2.6, Tenant shall have no other right to extend the term of this Lease beyond its prescribed the initial term.. ADDENDUM NO. 3

Appears in 1 contract

Samples: Centre Office Lease (QCS Net Corp)

Option to Extend Term. So long as Tenant shall not be in default beyond applicable notice and grace periods hereunder, Tenant shall have the option right, at its election, to extend the term of this Lease, at the minimum rental set forth in Section 3.1(b) and (c) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, Term for up to two (2) additional periods of five (5) years eachyear periods (each respectively referred to herein as an "Extension Period"). The first five-year option shall be from January 1, 2005 through December 31, 2009, and the second five-year option shall be from January 1, 2010 through December 31, 2014. The Base Rent to be paid during each Extension Period shall be the then fair market rental value for renewal rentals in the "market" (as defined below), taking into consideration, without limitation, the first commencing upon condition of the expiration Premises, the amount of Rent being paid during the initial term hereof of other leases used as comparables (i.e., to determine if extension rents paid in comparables reflect discounts attributable to an above market initial term rent), any free rent provided, work letter obligations, the base year for escalations and other tenant inducements, such amount to be mutually agreed to by the second commencing upon parties. The market shall be defined as the expiration commercial office leasing areas of New Canaan, Westport and Darien, Connecticut. In addition to the Base Rent in any Extension Period, Tenant shall pay the Additional Rent as required under this Lease; however, the base year shall be adjusted as provided for in Section 3.B (i.e., the base year for Taxes and Operating Expenses (as each such term is hereinafter defined) shall be the first extended termyear of each respective Extension Period). The Tenant shall notify the Landlord of its intention to exercise its options to extend (such notice shall be in writing and provided in a manner required by this Lease), if any. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord at least nine (9) months and all, not more earlier than twelve (12) months prior to (except in the expiration case of the initial term hereof; an exercise of such option with respect pursuant to Section 32 below, in which event the second extended term, if the first extension exercise of said option has been duly exercised, shall be by like written notice may occur prior to Landlord at least nine (9) months and not more than said twelve (12) month period) to the termination of the Initial Term or first Extension Period, as the case may be, nor later than 8 months prior thereto. Prior to the exercise by Tenant of an election to extend the Term, the expression "Term" or "term" or any equivalent expression shall mean the Term or Extension Period then in effect; after the exercise by Tenant of any such election, the expression "Term" or any equivalent expression shall mean the Term as it may have been then extended. All agreements and conditions in this Lease contained shall apply to the Extension Period to which the Term shall be extended as aforesaid excepting such provisions of this Lease which by their terms are only applicable to the Initial Term, excluding any further right of extension. If Tenant shall give notice of the exercise of an election in the manner and within the time provided aforesaid, the Term shall be extended upon the giving of notice without the requirement of any action on the part of Landlord. If Tenant shall exercise its renewal option in conjunction with Section 32, at Tenant's option to be exercised simultaneously with the exercise of the renewal option, the "market" Base Rent for the Premises for the Extension Period shall be fixed either (i) at the time of the exercise of the renewal option, or (ii) at a time which is six (6) months prior to the expiration commencement of the first extended term hereof. If renewal term; if Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice shall fail to elect either option (i) or on the date any extended term is to commence(ii), then the exercise of the option Tenant 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 deemed to have elected option (or at such earlier time as Landlord may elect pursuant to the default provisions of this Leaseii). If Tenant properly exercises one or more extension options shall have exercised its renewal option as aforesaid and Landlord and Tenant cannot agree upon the "market" Base Rent for the Premises under the terms of this SectionLease during the Extension Period, then all references the dispute as to the "market" Base Rent for the Premises shall be submitted to arbitration in accordance with the provisions of Section 36 of this Lease. The arbitrators shall select either Landlord's estimate or Tenant's estimate of the "market" Base Rent of the Premises. Notwithstanding anything in this Lease (other than in this Section 2.6) to the "term" contrary, in no event shall the Base Rent for any Extension Period be reduced below the Base Rent payable during the Initial Term. If upon the commencement of the Extension Period the Base Rent to be paid by Tenant during such Extension Period shall not have been determined, Tenant shall, effective as of the commencement of such Extension Period, pay as Base Rent the sum of (i) the amount estimated by Landlord as the appropriate Base Rent for the Premises during such Extension Period in accordance with the terms of this Lease Lease, plus (ii) all other amounts due and payable pursuant to this Lease. Upon the determination of such Base Rent, in the event of any overpayment of such Base Rent by Tenant since the beginning of such Extension Period, Landlord shall be construed pay to include Tenant the extension term(samount of such overpayment. If Landlord shall not pay same to Tenant within ten (10) thus elected by days of such determination, in addition to any other rights and remedies of Tenant. Except as expressly set forth in this Section 2.6, upon fifteen (15) days prior written notice to Landlord, Tenant shall have no the right to extend offset any amounts due to Tenant plus interest thereon at the term of this Lease beyond its prescribed termInterest Rate from the date such overpayment was made.

Appears in 1 contract

Samples: Agreement of Lease (Century Communications Corp)

Option to Extend Term. Provided that Landlord has not given Tenant notice of default more than two (2) times in the twenty four (24) months immediately preceding the exercise of this option to extend, that there then exists no event of default by Tenant under this Lease nor any event that with the giving of notice and/or the passage of tune would constitute a default, and that Tenant occupies all of the Premises, Tenant shall have the right and option to extend the term Term for one (1) additional period of this Leasethirty-six (36) months, exercisable by giving Landlord prior written notice, at the minimum rental set forth in Section 3.1(b) and (c) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (2) additional periods of five (5) years each, the first commencing upon the expiration of the initial term hereof and the second commencing upon the expiration of the first extended term, if any. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord at least nine (9) months and not more than twelve (12) months prior in advance of the Expiration Date, of Tenant's election to extend the Term; it being agreed that time is of the essence and that this option is personal to Tenant and is non-transferable to any assignee or sublessee or other party. Within fifteen (15) days after receipt of Tenant's Extension Notice, Landlord shall notify Tenant of Landlord's calculation of rent, which shall be equivalent to Fair Market Rental Value (as defined below and certified as Landlord's estimate by an officer of Landlord) as reasonably determined by Landlord, which Landlord proposes to be applicable to the expiration Extension Term ("Landlord's Notice of Extension Rent Terms"). Landlord shall include with Landlord's Notice of Extension Rent Terms data in support of Landlord's calculation of Fair Market Rental Value. Within fifteen (15) days following Tenant's receipt of Landlord's Notice of Extension Rent Terms, Tenant shall notify Landlord in writing (the initial term hereof; exercise "Tenant Response") that Tenant either (1) elects to extend the Term for the Extension Term and accepts Landlord's calculation of such option rent for the Extension Term, or (2) elects to extend the Term for the Extension Term, but disagrees with respect Landlord's calculation of rent and elects to submit the determination of rent applicable to the second extended term, if Extension Term to arbitration as set forth in sub-section (f) below (the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the first extended 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 any 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"Arbitration Election"). If Tenant properly fails to issue the Tenant's Response within the time and in the manner set forth herein, Tenant will be deemed to have rejected Landlord's determination of Fair Market Rental Value. If Tenant exercises one or more its option to extend as set forth above, such extension options shall be under this Section, then all references the same terms and conditions as provided in this Lease (other than in this Section 2.6) to the "term" of this Lease shall be construed to include the extension term(s) thus elected by Tenant. Except 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.follows:

Appears in 1 contract

Samples: Lease Agreement (Neoware Systems Inc)

Option to Extend Term. (a) Tenant acknowledges that Xxxxxx does not enjoy any further renewal rights under Section 3.02 of the Lease. However, provided that (i) Tenant is not in material default of this Lease, nor any event that with the giving of notice and/or the passage of time would constitute a material default, or that Landlord has not provided to Tenant a notice of default more than two (2) times, and (ii) Tenant is the sole occupant of all of the Premises, Tenant shall have the right and option to extend the term Lease Term Lease for one (1) additional sixty (60) month period (the "Renewal Term"), commencing as of this Leasethe date immediately following the Expiration Date on the same terms and conditions as are in effect on the last day of the Extended Term, at except that Tenant shall have no further right to renew the minimum rental Term, Landlord shall not have any obligation to perform any work improvements to the Premises, and the Base Rent shall the FMV (as defined below), as determined by Landlord and Tenant using the standard and process set forth in Section 3.1(b) and below (c) the "Renewal Option"). This Renewal Option is exercisable by Tenant giving Landlord prior written notice of Xxxxxx's election to extend the Lease Term (as applicable) and otherwise upon all the terms and provisions set forth herein with respect "Renewal Notice"), on or prior to the initial term of this Lease, for up to two date which is ten (2) additional periods of five (5) years each, the first commencing upon the expiration of the initial term hereof and the second commencing upon the expiration of the first extended term, if any. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord at least nine (9) months and not more than twelve (1210) months prior to the expiration Expiration Date; it being agreed that time is of the initial term hereof; exercise of such option essence with respect to the second extended termRenewal Notice. If and when the Renewal Term is in effect, if all references to the first extension option has been duly exercisedLease Term, shall be by like written notice deemed to Landlord at least nine mean the Renewal Term. This Renewal Option is personal to Tenant and is non-transferable to any assignee, subtenant (9regardless of whether any such assignment or sublease was made with or without Landlord's consent) months and not more than twelve (12) months prior to the expiration of the first extended term hereofor other party. If Tenant is in default hereunderdoes not timely provide a Renewal Notice to Landlord, beyond any applicable notice and cure periods, on the date of such notice or on the date any extended term is to commence, then the exercise of the option Xxxxxx's Renewal Option shall be deemed not to have been exercised, and thereafter shall be void and of no further 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 one or more extension options 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(s) 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.

Appears in 1 contract

Samples: Lease Agreement (Fulgent Genetics, Inc.)

Option to Extend Term. Tenant shall have is granted the option to extend the term of this LeaseLease for one (1) term of thirty-three (33) years, provided (A) Tenant is not in default at the minimum rental set forth in Section 3.1(b) time of exercise of the option or prior to the commencement of the Extension Term, and (cB) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial term Tenant gives notice of this Lease, for up to two (2) additional periods of five (5) years each, the first commencing upon the expiration its exercise of the initial term hereof option no earlier than (18) months and the second commencing upon the expiration of the first extended term, if any. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord at least no less than nine (9) months and not more than twelve (12) months prior to the expiration of the initial original Term. The extension term hereof; shall be upon the same terms, conditions and rentals, except (a) Tenant shall have no further right of extension after exercise of such option the Extension Term, and (b) the Annual Rent applicable during the extension term shall be two percent (2%) of Tenant’s “Gross Revenue,” as described in Tenant’s annual CPA audited financial statements for the previously reported fiscal year (“Financial Statements”) and which statements are consistent with respect Tenant’s annual Form 990 submitted by Tenant to the second extended termUnited States Internal Revenue Service (“Form 990”), if net of any income taxes actually paid by Tenant for such year, as evidenced by a copy of Tenant’s tax return. If Tenant fails to timely exercise its option to extend the first extension option has been duly exercised, shall be by like written notice to Landlord Term or is in default hereunder at least nine (9) months and not more than twelve (12) months the time of such exercise or at any time thereafter prior to the expiration commencement of the first extended 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 any extended term is to commenceExtension Term, then Tenant shall have no right to the Extension Term and its exercise of the option shall be null and void and of no force or effect. If Tenant elects to exercise the Extension Term, Tenant shall timely provide Landlord with the extended term shall not commence and this Lease shall expire at the end notice of exercise, audited Financial Statements for the then current term hereof (or at such earlier time as Landlord may elect pursuant to fiscal year, a copy of its most recent Form 990 filing, and a copy of Tenant’s annual tax returns for the default provisions of this Lease). If Tenant properly exercises one or more extension options 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(s) 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 termrelevant year.

Appears in 1 contract

Samples: Ground Lease Agreement

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(b3.1(c) and (cd) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (2) additional periods of five (5) years each, the first commencing upon the expiration of the initial term hereof and the second commencing upon the expiration of the first extended term, if any. Exercise of such option with respect to the first such extended term 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; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the first extended 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 any 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 one or more extension options 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(s) 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.

Appears in 1 contract

Samples: Rigel Pharmaceuticals Inc

Option to Extend Term. Tenant shall have the is hereby granted an option ("EXTENSION OPTION") to extend the term of this Lease, at the minimum rental set forth in Section 3.1(b) and Term for one (c) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (21) additional periods period of five (5) years eachLease Years ("EXTENSION PERIOD"), on the first commencing upon same terms and conditions in effect under the expiration of the initial term hereof and the second commencing upon the expiration of the first extended term, if any. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord at least nine (9) months and not more than twelve (12) months Lease immediately prior to the expiration of the initial term hereof; exercise of such option with respect Extension Period, except that monthly Base Rent shall be increased to that amount which is equal to the second extended termPrevailing Rental Rate (defined below), if the first extension option has been duly exercised, and Tenant shall have no further options to extend. The Extension Option may be exercised only by like giving Landlord irrevocable and unconditional written notice to Landlord at least nine thereof no earlier than three hundred sixty five (9365) months calendar days and not more no later than twelve one hundred eighty (12180) months calendar days prior to the expiration commencement of the first extended term hereofExtension Period. If Notwithstanding the foregoing, said exercise shall, at Landlord's election, be null and void if: (i) Tenant is in default hereunder, beyond any applicable under the Lease at the date of said notice and said default remained uncured following expiration of all applicable cure periods; or (ii) prior to commencement of the Extension Period, Tenant commits an Event of Default which remained uncured after expiration of all applicable cure periods. If Tenant shall fail to timely exercise the Extension Option herein provided, or if Tenant shall assign this Lease or sublet any part or all of the Premises (whether or not Landlord consents to said assignment or sublease), or if Tenant shall commit an Event of Default under this Lease which remains uncured following expiration of all applicable cure periods, on said Option shall terminate, and shall be null and void and of no further force and effect. Tenant's exercise of the date Extension Option shall not operate to cure any default by Tenant of any of the terms or provisions in the Lease, nor to extinguish or impair any rights or remedies of Landlord arising by virtue of such notice default. If the Lease or on Tenant's right to possession of the date Premises shall terminate in any extended manner whatsoever before Tenant shall exercise the Extension Option herein provided, or if Tenant shall have subleased or assigned all or any portion of the Premises to any person or entity other than an Affiliate (as that term is to commencedefined in Section 14.01 below), then immediately upon such termination, sublease or assignment, the Extension Option herein granted shall simultaneously terminate and become null and void. The Extension Option is personal to Tenant and its Affiliates. Except for an assignment or sublet to an Affiliate of Tenant, under no circumstances whatsoever shall the assignee under a complete or partial assignment of the Lease, or a subtenant under a sublease of the Premises, have any right to exercise the Extension Option. Time is of the essence of this provision. Landlord shall not be obligated to pay for or install any improvements in the Premises or grant Tenant any economic incentives as a consequence of or in consideration for Tenant's exercise of the Extension Option. Upon determination of the Prevailing Rental Rate for the Premises (as defined below), Tenant shall at Landlord's request execute and deliver to Landlord an amendment to this Lease confirming the exercise of the option shall be of no force or effectExtension Option, the extended term shall not commence Term Expiration Date, and this Lease shall expire at the end of Prevailing Rental Rate for 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 one or more extension options 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(s) 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 termPremises.

Appears in 1 contract

Samples: Office Lease (Chemconnect Inc)

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 (c) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (2) separate options to extend the then term of this Lease for an additional periods of five (5) years eachyear period (i.e., the first commencing upon the expiration of the initial term hereof and the second commencing upon the expiration of the first extended termfor a total, if any. Exercise both such options are exercised as provided herein, of ten successive years beyond the Original Term) (each five year period being referred to herein as an "Extended Term"), provided (i) to exercise each such option with respect to the first such extended term option, Tenant shall be by written give notice in writing to Landlord at least nine (9) months and of its exercise not more less than twelve (12) months prior to the expiration of the initial term hereof; exercise Original Term or the first Extended Term, as the case may be (the "Exercise Date"), (ii) no default continuing beyond any applicable notice, grace or cure period in the obligations of Tenant under this Lease shall exist at the time each such notice is given (and all such defaults shall be fully corrected or cured, as may be applicable, within the applicable period of grace and all interest and other costs due, if any, to Landlord in connection therewith shall be paid in full within such period of grace), and (iii) at the time such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the first extended term hereof. If is exercised Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date any extended term is to commence, then the exercise occupancy of the option shall be of no force entire Premises then demised hereunder (except to the extent that such occupancy is prevented by Casualty or effectTaking, the extended term shall not commence and except for any assignments, transfers, mortgages, pledges, encumbrances or sublettings permitted by this Lease shall expire at the end or otherwise consented to by Landlord). All of the then current term hereof (or at such earlier time as Landlord may elect pursuant to the default terms and provisions of this Lease). If Tenant properly exercises one or more extension options 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(sapplicable during each such Extended Term except that (i) thus elected by Tenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right option to extend the term Term of this Lease beyond the second Extended Term and (ii) the Annual Fixed Rental Rate for each Extended Term shall be adjusted in accordance with Section 2.5. The word "Term" or "term" as used herein shall mean the Original Term, plus any of the Extended Terms as to which Tenant shall have exercised its prescribed termoption under this Section 2.2.

Appears in 1 contract

Samples: Lease (Arqule Inc)

Option to Extend Term. Tenant Subject to the provisions, limitations and conditions set forth in this Section 3(a), Subtenant shall have one (1) option (“Option”) to extend the Term through October 31, 2027 (the “Renewal Term”). Subtenant shall have the option right to extend deliver written notice to Sublandlord of its intent to exercise the term Option (the “Option Notice”). If Sublandlord does not receive an Option Notice from Subtenant on a date which is at least three hundred sixty-five (365) days prior to the initial Termination Date, all rights under this Option shall automatically terminate and shall be of no further force or effect. Upon the proper exercise of the Option, subject to the provisions, limitations and conditions set forth in this LeaseSection 3(a), the initial Termination Date shall be extended for the Renewal Term. The initial monthly Base Rent for the Renewal Term shall be at the minimum rental monthly Base Rent rate paid by Subtenant hereunder on the Termination Date and shall be subject to the annual adjustments set forth in Section 3.1(b4 below. Upon the exercise of the Option, Sublandlord and Subtenant shall immediately execute an amendment to this Sublease, and such amendment shall set forth among other things, the actual commencement date and expiration date of the Renewal Term. The Base Rent for the Renewal Term shall be those specified in Section 1(i) table. Subtenant shall have no other right to extend the Term under this Section 3(a), unless Sublandlord and (c) (as applicable) Subtenant otherwise agree in writing. If Subtenant timely and otherwise upon all properly exercises the Option, in strict accordance with the terms and provisions set forth herein with respect contained herein, Subtenant shall accept the Subleased Premises in its then “as-is” condition and, accordingly, Sublandlord shall not be required to perform any additional improvements to the initial term Subleased Premises. The Option provided for herein is personal to Subtenant and may not be assigned, voluntarily or involuntarily, separate from or as part of the Sublease. At Sublandlord’s option, all rights of Subtenant under this Lease, for up to two Section 3(a) shall terminate and be of no force or effect if any of the following individual events occur or any combination thereof occur: (2A) additional periods of five Subtenant is in default under the Sublease (5) years each, the first commencing upon beyond the expiration of the initial term hereof and the second commencing upon the expiration of the first extended term, if any. Exercise of such option with respect to the first such extended term 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; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the first extended term hereof. If Tenant is in default hereunder, beyond any applicable notice and cure periods) at the time Subtenant exercises the Option, or is in default (beyond the expiration of applicable notice and cure periods) of any provision of the Sublease on the date Sublandlord receives an Option Notice; (B) Subtenant has assigned its rights and obligations under all or part of such notice the Sublease or Subtenant has subleased all or part of the Subleased Premises; (C) Subtenant’s financial condition is materially worse at the time an Option Notice is delivered to Sublandlord than on the date Effective Date; (D) Subtenant has failed to properly exercise the Option in a timely manner in strict accordance with the provisions of this Section 3(a); or (E) Subtenant no longer has possession of all or any extended term is to commence, then the exercise part of the option shall be of no force Subleased Premises under this Sublease, or effectif this Sublease has been terminated earlier, 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 terms and provisions of this Lease). If Tenant properly exercises one or more extension options 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(s) 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 termSublease.

Appears in 1 contract

Samples: Sublease Agreement (PDS Biotechnology Corp)

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 (c) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (2) additional periods of options (each a “Renewal Option”) to extend the Lease Term for the entire Premises then being leased to Tenant. The Renewal Options shall each be for a five (5) years each, year period (each a “Renewal Term”). The Renewal Term(s) shall commence on the first commencing upon day after the expiration of the initial term hereof Expiration Date and the second commencing upon day after the expiration last day of the first extended termRenewal Term, respectively. The Renewal Option shall be void if there exists an event of default by Tenant of this Lease by Tenant, either at the time of exercise of the Renewal Option or the time of commencement of the Renewal Term. Each Renewal Option must be exercised, if any. Exercise of such option with respect to the first such extended term shall be at all, by written notice Notice (“Renewal Notice”) from Tenant to Landlord at least given not less than nine (9) months and not more than twelve (12) months prior to the expiration of the initial term hereof; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, then current Lease Term. The Renewal Term shall be by like written notice upon the same terms and conditions as the original Lease Term, except that: (A) the Basic Annual Rent (payable in monthly installments) shall be adjusted to Landlord at least nine that amount which is One Hundred and Three percent (9103%) months and not more than twelve (12) months prior to the expiration of the first extended term hereof. If then Annual Basic Rent (and the Annual Basic rent shall thereafter increase each year by three percent (3%)); (B) Tenant is in default hereunder, beyond shall not be entitled to any applicable notice tenant improvement allowance during the Renewal Term; and cure periods, on the date of such notice or on the date any extended term is to commence, then (C) from and after the exercise of the option each Renewal Option, (1) all references to “Expiration Date” shall be of no force or effect, deemed to refer to the extended term shall not commence and this Lease shall expire at the end last day of the then current term hereof applicable Renewal Term, and (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises one or more extension options under this Section, then 2) all references in this to “Lease (other than in this Section 2.6) to the "term" of this Lease Term” shall be construed deemed to include the extension term(s) thus elected by TenantRenewal Term. Except as expressly set forth in The Renewal Option is personal to Tenant and shall be inapplicable and null and void if Tenant assigns its interest under this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed termLease.

Appears in 1 contract

Samples: Office Lease (EVO Transportation & Energy Services, Inc.)

Option to Extend Term. Tenant Subject to Sublessor's rights set forth below, Sublessee shall have the option to extend the term Term of this Lease, at Sublease for a period ("Extension Period") beginning on the minimum rental set forth in Section 3.1(b) and (c) (as applicable) and otherwise upon all day following the terms and provisions set forth herein with respect to end of the initial term Term of this LeaseSub-Sublease and ending July 30, for up to two 2000, provided that (2i) additional periods of five (5) years each, the first commencing upon the expiration of the initial term hereof and the second commencing upon the expiration of the first extended term, if any. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord at least nine (9) months and Sublessee is not more than twelve (12) months prior to the expiration of the initial term hereof; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the first extended term hereof. If Tenant is in default hereunder, beyond (after any applicable notice and cure periods) under any of the terms and conditions of this Sub-Sublease at the time it exercises such option to extend or at the commencement of the Extension Period and (ii) Sublessee has given Sublessor written notice of its election to extend the Lease Term ("Extension Notice") no later than eight (8) months prior to the expiration date of the original Lease Term. In such event, the terms and conditions of this Sub-Sublease, including those relating to Base Rent, Operating Expenses, Taxes, additional rent and utility charges shall continue to apply except that there shall be no further right to extend. If Sublessee fails to give an Extension Notice by such date, Sublessee's rights under this Section 12 shall be waived and of no further force and effect. Notwithstanding the foregoing Sublessor shall have the unilateral right to terminate Sublessee's extension rights under this Section 12 by written notice to Sublessee given on or before the later to occur of (1) thirty (30) days after receipt of Sublessee's Extension Notice and (2) eight (8) months prior to the commencement date of the Extension Period, in the event that Sublessor, or any affiliate (which shall include any entity controlling, controlled by, or under common control with Sublessor), or any successor by merger, consolidation or sale of all or substantially all of the assets of Sublessor (each an "Affiliate of Sublessor"), intends to occupy the Demised Premises for its own use. If Sublessor fails to give such notice terminating Sublessee's extension rights, Sublessor's right to so terminate Sublessee's extension rights under this Section 12 shall be waived and of no further force or effect. In the event that Sublessor shall exercise its right to terminate Sublessee's extension rights under this Section 12, Sublessor shall not thereafter enter into any sublease or assignment of the Demised Premises to any party not affiliated with Sublessor for the period beginning on the expiration date of the Lease Term and ending on the date of such which is six (6) months thereafter, unless Sublessor shall first give a notice or on to Sublessee offering Sublessee the date any extended term is right to commence, then the exercise of the reinstate its 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 one or more extension options 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(s) 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 termSublease for the Extension Period. Sublessee shall have ten (10) business days after receipt of such notice to notice Sublessor that it wishes to remain as a sub-Sublessee in the Demised Premises upon the terms and conditions set forth above for the Extension Period.

Appears in 1 contract

Samples: Silverstream Software Inc

Option to Extend Term. If this Lease has not been previously canceled or terminated and if Tenant is not then in default under this Lease, then Tenant shall have the option to extend the lease term of upon the same conditions and covenants contained in this Lease, at the minimum rental set forth in Section 3.1(b) and (c) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, Lease for up to two (2) additional consecutive periods of five three (53) years each, each (singularly "Renewal Term") except that (i) the first commencing upon Base Rent during any Renewal Term shall be the expiration market Base Rent as of the initial commencement date of the Renewal Term in question multiplied by the rentable square footage of the Premises, and (ii) Landlord's obligations relative to replacement of HVAC unit compressors or heat exchangers shall be modified such that Landlord shall be entitled to recover the full costs of any such replacements, monthly during the term hereof of the Lease, on an amortized basis, with the cost being amortized over the useful life of the replacement at an amortization rate equal to US Treasury Securities having a term comparable to the useful life of the replacement item. The first Renewal Term shall commence on the date the original term of this Lease expires and the second commencing upon Renewal Term shall commence on the expiration last day of the first extended term, if anythen expiring Renewal Term. Exercise Tenant shall exercise each option by giving unconditional and irrevocable written notice of such option with respect exercise to Landlord by the first such extended term later of (a) forty-five (45) days after Landlord notifies Tenant of Landlord's determination of the market Base Rent (which notice shall be by written notice to Landlord at least given not later than nine (9) months and not more than twelve (12) months prior to the expiration of the initial original lease term hereof; exercise of such option with respect to the second extended term, if or the first extension option has been duly exercisedRenewal Term), shall be by like written notice to Landlord at least nine or (9b) months and not more than twelve two hundred ten (12210) months days prior to the expiration of the first extended original term hereofof this Lease or any Renewal Term, as the case may be. If Tenant is in default hereundernot timely exercised, beyond any applicable notice and cure periods, on all of Tenant's options to extend the date term of such notice or on the date any 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 one or more extension options 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(s) thus elected by Tenant. Except as expressly set forth in this Section 2.6, and Tenant shall have no further right to extend the term of this Lease beyond its prescribed termLease.

Appears in 1 contract

Samples: Fieldworks Inc

Option to Extend Term. Landlord shall notify Tenant shall have the option to extend the term of this Lease, in writing at the minimum rental set forth in Section 3.1(b) and (c) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (2) additional periods of five (5) years each, the first commencing upon the expiration of the initial term hereof and the second commencing upon the expiration of the first extended term, if any. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord at --------------------- least nine (9) months and not more than twelve (12) months prior to the expiration Expiration Date of the initial term hereof; exercise Term of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than Lease and/or twelve (12) months prior to the expiration of the first extended term hereof. If Tenant is in default hereunderExtended Term (defined below), beyond any applicable notice and cure periodsas applicable, on the date of such notice as to whether Landlord will exercise its right to repossess one or on the date any extended term is to commence, then the exercise both of the option shall be of no force buildings comprising the Premises (with any such repossessed Premises being referred to herein as the "Repossessed Premises") from and after the Expiration Date or effect, the extended term shall not commence and this Lease shall expire at the end expiration of the then current term hereof first Extended Term, as applicable (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease"Recapture Right"). If Tenant properly Landlord, in Landlord's sole and absolute discretion, exercises one or more extension options under this SectionRecapture Right, then all references in this (i) the Lease (other than in this Section 2.6) shall terminate on the Expiration Date or the expiration of the first Extended Term, as applicable, as to the "term" of this Lease shall be construed to include the extension term(sRepossessed Premises, (ii) thus elected by Tenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend this Lease for the Extended Term(s) (defined below) as to such Repossessed Premises, (iii) from and after the Expiration Date or the expiration of the first Extended Term, as applicable, Tenant shall have no further rights or interests in the Repossessed Premises of any nature whatsoever, and (iv) provided Landlord, a Landlord Affiliate and/or a Technology Party initially occupies more than fifty percent (50%) of the Repossessed Premises for their own use, Landlord shall be free to use the balance of the Repossessed Premises for any purposes whatsoever, including, without limitation, assigning or subleasing the balance of the Repossessed Premises to any person or entity for any purpose whatsoever. If Landlord does not timely exercise its Recapture Right as to all or any portion of the Premises upon the Expiration Date or the expiration of the first Extended Term, as applicable, then Tenant shall have the option to extend the term of this Lease solely as to that portion of the Premises (but not less than an entire building) which is not Repossessed Premises for two (2) extended term(s) of one (1) year each commencing upon the Expiration Date of the initial Term of the Lease and the expiration of the first one-year Extended Term (each, an "Extended Term"). Tenant may exercise the foregoing option to extend if and only if (i) Tenant notifies Landlord in writing of its irrevocable election to extend the Term of the Lease for the Extended Term no later than eleven (11) months prior to the Expiration Date of the initial Term of the Lease or eleven (11) months prior to the expiration date of the first one-year Extended Term, as applicable, (ii) Tenant extends the term with respect to an entire building (and not solely a portion of a building) and (iii) Tenant is not in material default of the Lease (following the expiration of any applicable cure periods without cure) either at the time of giving notice of its irrevocable election to extend or on the commencement date of each Extended Term. If each of the conditions set forth in the immediately preceding sentence are not satisfied in full, then Tenant's option(s) to extend the term of the Lease shall lapse and be null and void and the terms and provisions of the second sentence of this Section 2.3 shall apply as though Landlord had exercised its Recapture Right as to all of the Premises. All of the terms and provisions of this Lease shall apply during the Extended Term(s) except that (a) if Tenant extends the Lease as to less than the entire Premises, Rent and the Face Amount of the Letter of Credit shall be equitably reduced to reflect the reduction in square footage of the portion of the Premises to be leased by Tenant during the Extended Term(s), (b) there shall be no further right to extend the term of the Lease beyond its prescribed termthe second Extended Term, (c) except as expressly provided in this Lease, Landlord shall have no obligation to make improvements to the Premises of any nature whatsoever, (d) Tenant shall not be entitled to any abatement of Monthly Base Rent during either Extended Term and (e) Monthly Base Rent during each the Extended Term shall be determined and annually increased in accordance with the provisions of Exhibit B --------- attached hereto. The foregoing right to extend the term of the Lease is personal to Tenant and may not be assigned, sold, leased or otherwise transferred, voluntarily or involuntarily, by or to any other person or entity except to a Tenant Affiliate in accordance with Article 15 below.

Appears in 1 contract

Samples: Office Lease (Chemdex Corp)

Option to Extend Term. Landlord hereby grants to Tenant shall have the option (the “Option”) to extend the term of this Lease, at initial Term (the minimum rental set forth in Section 3.1(b“Initial Term”) and (c) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (2) additional periods of five (5) years eacheach (the “Option Term”), upon and, subject to the first commencing upon the expiration of the initial term hereof terms and the second commencing upon the expiration of the first extended termconditions set forth in this Section 53. The Option shall be exercised, if any. Exercise of such option with respect to the first such extended term shall be at all, by written notice to Landlord at least nine on or before the date that is six (9) months and not more than twelve (126) months prior to the expiration Expiration Date of the initial term hereof; exercise Initial Term or termination of such the first option with respect period, as the case may be. In the event Tenant exercises the Option, each of the terms, covenants and conditions of this Lease shall apply during the applicable Option Term as though the Expiration Date of the Option Term was the date originally set forth herein as the Expiration Date of the Initial Term, except that the Rent to be paid during the Option Term shall be increased as set forth in Section 1.5. Anything contained herein to the second extended termcontrary notwithstanding, if Tenant is in material default under any of the first extension option has been duly exercisedterms, shall be by like written notice to Landlord covenants or conditions of this Lease either at least nine (9) months and not more than twelve (12) months the time Tenant exercises the Option or at any time thereafter prior to the expiration Commencement Date of the first extended term hereof. If Tenant is Option Term, Landlord shall have, in default hereunder, beyond any applicable notice addition to all of Landlord’s other rights and cure periods, on the date of such notice or on the date any extended term is to commence, then the exercise of the option shall be of no force or effectremedies provided in this Lease, the extended term shall not commence and this Lease shall expire at right to terminate the end of Option upon notice to Tenant, in which event 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 one or more extension options under this Section, then all references in this Lease (other than in this Section 2.6) to the "term" Expiration Date of this Lease shall be construed to include and remain the extension term(s) thus elected by TenantExpiration Date of the Initial Term. 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.<Initials> 17 <Initials>

Appears in 1 contract

Samples: Commercial Lease (Nara Bancorp Inc)

Option to Extend Term. Tenant shall have the option to extend the term of this Lease, at then Term for all the minimum rental set forth in Section 3.1(b) and (c) (as applicable) and otherwise upon all then Premises only for the Extension Period on the terms and provisions set forth herein with respect to the initial term conditions of this Lease, for up to two Section 4.1. Tenant may exercise an option under this Section 4.1 only if: (2i) additional periods Tenant has notified Landlord in writing of five (5) years each, the first commencing upon the expiration of the initial term hereof and the second commencing upon the expiration of the first extended term, if any. Exercise its exercise of such option with respect no earlier than eighteen (18) months (except as provided in Section 4.4) prior to the first such extended term shall be by written notice to Landlord at least and no later than nine (9) months and not more than twelve (12) months prior to the expiration then current Expiration Date, time being of the initial term hereof; essence, (ii) at the time of the exercise of such option with respect to no uncured Event of Default then exists and (iii) the second extended term, if the first extension option has been duly exercised, Tenant named herein or its Permitted Transferees shall then be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration in occupancy of the first extended term hereofentire Premises. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date Tenant’s Notice of such notice or on the date any extended term is to commence, then the its exercise of the option Extension Option shall be deemed irrevocable once delivered to Landlord. At Landlord’s option, Xxxxxx’s exercise of no force or effect, a right to extend the extended term shall not commence be null and this Lease shall expire at void if an uncured Event of Default exists on the end commencement of the Extension Period. Each Extension Period shall be on all 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 one or more extension options under this Sectionapplicable terms, then all references in this Lease (other than in this Section 2.6) to the "term" covenants, and conditions of this Lease except that: (i) Monthly Base Rent shall be construed as provided below, (ii) except for any Lease Concessions Landlord agrees to include provide, Landlord shall have no obligation to perform any work or make any contribution to work to prepare the extension term(sPremises for Tenant’s use during the Extension Period, (iii) thus elected by Tenant. Except as expressly set forth in this Section 2.6the Expiration Date shall be the last day of the Extension Period and (iv) after the Extension Period, Tenant shall have no further right to extend the term Term. During the thirty (30) day period after Tenant exercises its right to extend the Term for an Extension Period (such period, the “Negotiation Period”) the parties shall attempt in good faith to agree upon the Market Rent and Lease Concessions for such Extension Period. If the parties are unable to agree upon the Market Rent and Lease Concessions during the Negotiation Period, then the Market Rent shall be determined pursuant to Section 4.3 and within five (5) Business Days after said Negotiation Period, Landlord shall give Notice to Tenant of the Lease Concessions, if any, to be provided by Landlord for the Extension Period. The Monthly Base Rent payable by Tenant for the Extension Period shall be one-twelfth (1/12) of the product of (i) the RSF of the Premises and (ii) the Market Rent determined by the parties or pursuant to Section 4.3. After determination of the Market Rent, Landlord and Tenant shall promptly execute and exchange an appropriate amendment to this Lease, reasonably satisfactory to the parties and confirming the terms, conditions and provisions applicable to the Premises during the Extension Period, but neither Landlord’s nor Tenant’s failure to execute such amendment shall relieve Tenant of its obligations under this Lease beyond its prescribed termduring the Extension Period.

Appears in 1 contract

Samples: Office Lease (Sezzle Inc.)

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