Option to Extend Term. Tenant is given the option to extend the term for a 5-year period ("Extended Term") following expiration of the initial term, by giving written notice of exercise of the option ("Option Notice") to Landlord at least nine (9) months before the expiration of the term. Commencing on the first day of the Extended Term Tenant shall pay Landlord ninety-five percent (95%) of the fair market value of the Premises for the extended Term. The fair market value shall include but not be limited to all economic benefits to Landlord such as monthly rent, periodic rent adjustments, expense reimbursements, and all other monetary consideration, exclusive of any and all concessions being given in the market place, which constitutes a part of the fair market value of the Premises at the time of the expiration of the initial term of the Lease that is chargeable for similar use for comparable space in the geographic area of the Premises. If Tenant is in default on the date of giving the Option Notice, the Option Notice shall be totally ineffective, or if Tenant is in default on the date the Extended Term is to commence, the Extended Term shall not commence and this Lease shall expire at the end of the initial term. The parties shall have 30 days after Landlord receives the Option Notice in which to agree on fair market value during the Extended Term If the parties agree on the fair market value for the Extended Term during that period, they shall immediately execute an amendment to the Lease stating the fair market value. If the parties are unable to agree on the fair market value for the Extended Term within that period, then within 10 days after the expiration of that period each party, at its 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 fair market value 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 fair market value for the Extended Term. If they are unable to agree within 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 10 days after the last day the two appraisers are given to set the fair market value. Each of the parties shall bear one half of the cost of 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 30 days after the selection of the third appraiser, a majority of the appraisers shall set the fair market value for the Extended Term. If a majority of the appraisers are unable to set the fair market value 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 fair market value for the Premises during the Extended Term. In setting the fair market value for the Extended Term, the appraiser or appraisers shall consider the use to which the Premises are restricted under this Lease, and shall not consider the highest and best use for the Premises without regard to the restriction on use of the Premises contained in this Lease. If, however, the low appraisal and/or the high appraisal are/is more than 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 fair market value 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 fair marker value for the Premises during the Extended Term. After the fair market value for the Extended Term has been set, the appraisers shall immediately notify the parties. If Tenant objects to the fair market value that has been set, Tenant shall have the right to have this Lease expire at the end of the term, provided that Tenant pays all the costs in connection with the appraisal procedure that set the fair market value. Tenant's election to allow this Lease to expire at the end of the term must be exercised within 10 days after receipt of notice from the appraisers of the fair market value for the Extended Term. If Tenant does not exercise its election within the 10-day period, the term of this Lease shall be extended as provided in this paragraph. Tenant shall have no other right to extend the term beyond the Extended Term.

Appears in 1 contract

Samples: Office Lease (Sycamore Park Convalescent Hospital)

Option to Extend Term. Tenant ~~is given~~ shall have the option to extend the term of this Lease with respect to any one or more of the Buildings, on a Building by Building basis (provided, however, that notwithstanding any other provisions of this Section 2.6, if the Connector Bridge is constructed as contemplated in Section 1.1(a) of this Lease and if Tenant elects to exercise this extension option with respect to one but not both of the Phase I Buildings, then Landlord's election regarding removal of the Connector Bridge by Landlord at Tenant's expense, as provided in Section 12.2(c) of this Lease, shall be exercisable in Landlord's discretion either at the expiration of this Lease with respect to the Phase I Building for a which the extension option was not exercised or at the expiration of this Lease with respect to the Phase I Building for which the extension option was exercised), 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~~-year period ("Extended Term"~~) ~~following~~ years each, the first commencing upon the expiration of the initial term hereof and the second (applicable only to the Building or Buildings as to which a first extended term has been duly elected) commencing upon the expiration of such first extended term, if any. Exercise of such option with respect to the first such extended term shall be by ~~giving~~ written notice ~~of exercise of the option ("Option Notice")~~ to Landlord at least nine (9) months ~~before the expiration of the term. Commencing on the first day of the Extended Term Tenant shall pay Landlord ninety-five percent~~ and not more than twelve (~~95%~~12) ~~of the fair market value of the Premises for the extended Term. The fair market value shall include but not be limited~~ months prior to all economic benefits to Landlord such as monthly rent, periodic rent adjustments, expense reimbursements, and all other monetary consideration, exclusive of any and all concessions being given in the market place, which constitutes a part of the fair market value of the Premises at the time of 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 ~~Lease that is chargeable for similar use for comparable space in the geographic area of the Premises~~first extended term hereof. If Tenant is in default hereunder on the date of ~~giving the Option Notice, the Option Notice shall be totally ineffective,~~ such notice or ~~if Tenant is in default~~ on the date ~~the Extended Term~~ any extended term is to commence, then the ~~Extended Term~~ exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the ~~initial term. The parties shall have 30 days after~~ then current term hereof (or at such earlier time as Landlord receives the Option Notice in which to agree on fair market value during the Extended Term If the parties agree on the fair market value for the Extended Term during that period, they shall immediately execute an amendment may elect pursuant to the ~~Lease stating the fair market value. If the parties are unable to agree on the fair market value for the Extended Term within that period, then within 10 days after the expiration~~ default provisions of that period each party, at its 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 fair market value 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 fair market value for the Extended Term. If they are unable to agree within 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 10 days after the last day the two appraisers are given to set the fair market value. Each of the parties shall bear one half of the cost of 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 30 days after the selection of the third appraiser, a majority of the appraisers shall set the fair market value for the Extended Term. If a majority of the appraisers are unable to set the fair market value 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 fair market value for the Premises during the Extended Term. In setting the fair market value for the Extended Term, the appraiser or appraisers shall consider the use to which the Premises are restricted under this Lease, and shall not consider the highest and best use for the Premises without regard to the restriction on use of the Premises contained in this Lease. If, however, the low appraisal and/or the high appraisal are/is more than 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 fair market value 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 fair marker value for the Premises during the Extended Term. After the fair market value for the Extended Term has been set, the appraisers shall immediately notify the parties). If Tenant ~~objects~~ 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 ~~fair market value that has been set~~"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 ~~the~~ no right to have this Lease expire at the end of the term, provided that Tenant pays all the costs in connection with the appraisal procedure that set the fair market value. Tenant's election to allow this Lease to expire at the end of the term must be exercised within 10 days after receipt of notice from the appraisers of the fair market value for the Extended Term. If Tenant does not exercise its election within the 10-day period, extend the term of this Lease ~~shall be extended as provided in this paragraph~~beyond its prescribed term. ~~Tenant shall have no other right to extend the term beyond the Extended Term~~3.

Appears in 1 contract

Samples: Tularik Inc

Option to Extend Term. Tenant ~~is given~~ shall have the option to extend the term of this Lease with respect to any one or more of the Buildings, on a Building by Building basis (provided, however, that notwithstanding any other provisions of this Section 2.6, if the Connector Bridge is constructed as contemplated in Section 1.1(a) of this Lease and if Tenant elects to exercise this extension option with respect to one but not both of the Phase I Buildings, then Landlord’s election regarding removal of the Connector Bridge by Landlord at Tenant’s expense, as provided in Section 12.2(c) of this Lease, shall be exercisable in Landlord’s discretion either at the expiration of this Lease with respect to the Phase I Building for a which the extension option was not exercised or at the expiration of this Lease with respect to the Phase I Building for which the extension option was exercised), 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~~-year period ("Extended Term"~~) ~~following~~ years each, the first commencing upon the expiration of the initial term hereof and the second (applicable only to the Building or Buildings as to which a first extended term has been duly elected) commencing upon the expiration of such first extended term, if any. Exercise of such option with respect to the first such extended term shall be by ~~giving~~ written notice ~~of exercise of the option ("Option Notice")~~ to Landlord at least nine (9) months ~~before the expiration of the term. Commencing on the first day of the Extended Term Tenant shall pay Landlord ninety-five percent~~ and not more than twelve (~~95%~~12) ~~of the fair market value of the Premises for the extended Term. The fair market value shall include but not be limited~~ months prior to all economic benefits to Landlord such as monthly rent, periodic rent adjustments, expense reimbursements, and all other monetary consideration, exclusive of any and all concessions being given in the market place, which constitutes a part of the fair market value of the Premises at the time of 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 ~~Lease that is chargeable for similar use for comparable space in the geographic area of the Premises~~first extended term hereof. If Tenant is in default hereunder on the date of ~~giving the Option Notice, the Option Notice shall be totally ineffective,~~ such notice or ~~if Tenant is in default~~ on the date ~~the Extended Term~~ any extended term is to commence, then the ~~Extended Term~~ exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the ~~initial term. The parties shall have 30 days after~~ then current term hereof (or at such earlier time as Landlord receives the Option Notice in which to agree on fair market value during the Extended Term If the parties agree on the fair market value for the Extended Term during that period, they shall immediately execute an amendment may elect pursuant to the ~~Lease stating the fair market value. If the parties are unable to agree on the fair market value for the Extended Term within that period, then within 10 days after the expiration~~ default provisions of that period each party, at its 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 fair market value 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 fair market value for the Extended Term. If they are unable to agree within 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 10 days after the last day the two appraisers are given to set the fair market value. Each of the parties shall bear one half of the cost of 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 30 days after the selection of the third appraiser, a majority of the appraisers shall set the fair market value for the Extended Term. If a majority of the appraisers are unable to set the fair market value 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 fair market value for the Premises during the Extended Term. In setting the fair market value for the Extended Term, the appraiser or appraisers shall consider the use to which the Premises are restricted under this Lease, and shall not consider the highest and best use for the Premises without regard to the restriction on use of the Premises contained in this Lease. If, however, the low appraisal and/or the high appraisal are/is more than 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 fair market value 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 fair marker value for the Premises during the Extended Term. After the fair market value for the Extended Term has been set, the appraisers shall immediately notify the parties). If Tenant ~~objects~~ 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 ~~fair market value that has been set~~“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 ~~the~~ no right to have this Lease expire at the end of the term, provided that Tenant pays all the costs in connection with the appraisal procedure that set the fair market value. Tenant's election to allow this Lease to expire at the end of the term must be exercised within 10 days after receipt of notice from the appraisers of the fair market value for the Extended Term. If Tenant does not exercise its election within the 10-day period, extend the term of this Lease ~~shall be extended as provided in this paragraph. Tenant shall have no other right to extend the term~~ beyond ~~the Extended Term~~its prescribed term.

Appears in 1 contract

Samples: Sub Sublease (Assembly Biosciences, Inc.)

Option to Extend Term. Tenant ~~is given~~ shall have the option to extend the term for a 5-year period ("Extended Term") following expiration of the initial term, by giving written notice of exercise of the option ("Option Notice") to Landlord at least nine (9) months before the expiration of the term. Commencing on the first day of the Extended Term Tenant shall pay Landlord ninety-five percent (95%) of the fair market value of the Premises for the extended Term. The fair market value shall include but not be limited to all economic benefits to Landlord such as monthly rent, periodic rent adjustments, expense reimbursements, and all other monetary consideration, exclusive of any and all concessions being given in the market place, which constitutes a part of the fair market value of the Premises at the time of the expiration of the initial term of the Lease that is chargeable for similar use for comparable space in the geographic area of the Premises. If Tenant is in default on the date of giving the Option Notice, the Option Notice shall be totally ineffective, or if Tenant is in default on the date the Extended Term is to commence, the Extended Term shall not commence and this Lease shall expire at the end of the initial term. The parties shall have 30 days after Landlord receives the Option Notice in which to agree on fair market value during the Extended Term If the parties agree on the fair market value for the Extended Term during that period, they shall immediately execute an amendment to the Lease stating the fair market value. If the parties are unable to agree on the fair market value for the Extended Term within that period, then within 10 days after the expiration of that period each party, at its 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 fair market value 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 fair market value for the Extended Term. If they are unable to agree within 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 10 days after the last day the two appraisers are given to set the fair market value. Each of the parties shall bear one half of the cost of 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 30 days after the selection of the third appraiser, a majority of the appraisers shall set the fair market value for the Extended Term. If a majority of the appraisers are unable to set the fair market value 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 fair market value for the Premises during the Extended Term. In setting the fair market value for the Extended Term, the appraiser or appraisers shall consider the use to which the Premises are restricted under this Lease, and shall not consider the highest and best use for the Premises without regard to the restriction on use of the Premises contained in this Lease. If, however, the low appraisal and/or the high appraisal are/is more than 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 fair market value 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 fair marker value for the Premises during the Extended Term. After the fair market value for the Extended Term has been set, the appraisers shall immediately notify the parties. If Tenant objects to the fair market value that has been set, Tenant shall have the right to have this Lease expire at the end of the term, provided that Tenant pays all the costs in connection with the appraisal procedure that set the fair market value. Tenant's election to allow this Lease to expire at the end of the term must be exercised within 10 days after receipt of notice from the appraisers of the fair market value for the Extended Term. If Tenant does not exercise its election within the 10-day period, the term of this Lease ~~shall be extended~~ for the entire Premises for two (2) additional periods of five (5) years each (the "Premises Options"). The period of the First Premises Option is referred to herein as ~~provided in this paragraph~~the "First Option Term", and the period of the second Premises Option is referred to as the "Second Option Term.". The First Option Term and the Second Option Term are sometimes hereinafter collectively referred to as the "Option Term". Tenant shall have no right or interest to exercise any Premises Option unless: (a) Tenant gives the Landlord written notice of its intent to exercise the Premises Option no earlier than three hundred thirty (330) days prior to the end of the Term, or any prior extension thereof, and no later than two hundred seventy (270) days prior to the end of the Term, or any prior extension thereof (the "Extension Notice"); (b) There shall be no uncured Event of Default on the date the Extension Notice is delivered to Landlord and on the date the Option Term commences; (c) Tenant or an Affiliate Transferee occupies more than fifty percent (50%) of the Rentable Area of the Premises; and (d) Tenant has not filed for or sought protection under any bankruptcy statute. Annual Base Rent during the First Option Term and during the Second Option Term shall be as set forth in Section 4.01(b) of the Lease. Time is of the essence with respect to Tenant's exercise of the Premises Option. Tenant's failure to exactly comply with any of the time or other ~~right~~ requirements herein, shall cause the Premises Option to automatically expire and, in such event, this Lease shall terminate upon the expiration of the Term. The option to extend the ~~term beyond~~ Term pursuant hereto for the ~~Extended Term~~Option Term shall be personal to Iomega Corporation and shall not be exercisable by or for the benefit of any assignee, subtenant or other transferee of Iomega Corporation, except that the Premises Option may be transferred by Iomega Corporation to an Affiliate Transferee in connection with a Transfer of the entire Lease to an Affiliate Transferee and may be exercised by such Affiliate Transferee.

Appears in 1 contract

Samples: Agreement Regarding Lease (Iomega Corp)

Option to Extend Term. ~~Tenant is given the option to extend the term for a 5-year period ("Extended Term") following expiration~~ As of the ~~initial term~~RP Commencement Date, by giving written notice of exercise of the option ("Option Notice") to Landlord at least nine (9) months before the expiration of the term. Commencing on the first day of the Extended Term Tenant shall pay Landlord ninety-five percent (95%) of the fair market value of the Premises for the extended Term. The fair market value shall include but not be limited to all economic benefits to Landlord such as monthly rent, periodic rent adjustments, expense reimbursements, and all other monetary consideration, exclusive of any and all concessions being given in the market place, which constitutes a part of the fair market value of the Premises at the time of the expiration of the initial term Section 35 of the Lease ~~that is chargeable for similar use for comparable space in the geographic area of the Premises. If Tenant is in default on the date of giving the Option Notice, the Option Notice~~ shall be ~~totally ineffective, or if Tenant is in default on~~ modified by adding the ~~date the Extended Term is~~ following provisions to ~~commence, the Extended Term shall not commence and this Lease shall expire at~~ the end of the ~~initial term. The parties shall have 30 days after~~ first full paragraph of such Section: “If Landlord receives the Option Notice in which to agree on fair market value during the Extended Term If the parties agree on the fair market value for the Extended Term during that period, they shall immediately execute an amendment to the Lease stating the fair market value. If the parties and Tenant are unable to agree on the ~~fair market value~~ Market Rate for the ~~Extended~~ Renewal Term within ~~that period~~ten (10) days of receipt by Landlord of the Option Notice for the Renewal Term, ~~then within 10 days after the expiration of that period each party~~Landlord and Tenant each, at its cost and by giving notice to the other party, shall appoint a competent and impartial commercial real estate ~~appraiser~~ broker (hereinafter “broker”) with at least ~~5 years~~ ten (10) years’ full-time commercial ~~appraisal~~ real estate brokerage experience in the geographical area ~~in which~~ of the Premises ~~are located~~ to ~~appraise and~~ set the ~~fair market value~~ Market Rate for the ~~Extended~~ Renewal Term. If either Landlord or Tenant does not appoint a broker within ten (10) days after the other party has given notice of the name of its broker, the single broker appointed shall be the sole broker and shall set the Market Rate for the Renewal Term. If two ~~appraisers~~ (2) brokers are appointed by ~~the parties~~ Landlord and Tenant as stated in this paragraph, they shall meet promptly and attempt to set the ~~fair market value~~ Market Rate. In addition, if either of the first two (2) brokers fails to submit their opinion of the Market Rate within the time frames set forth below, then the single Market Rate submitted shall automatically be the initial monthly Base Rent for the ~~Extended Term~~Renewal Term and shall be binding upon Landlord and Tenant. If ~~they~~ the two (2) brokers are unable to agree within 30 ten (10) days after the second ~~appraiser~~ broker has been appointed, they shall attempt to ~~elect~~ select a third ~~appraiser~~ broker, meeting the qualifications stated in this paragraph within 10 ten (10) days after the last day the two ~~appraisers~~ (2) brokers are given to set the ~~fair market value~~Market Rate. ~~Each~~ If the two (2) brokers are unable to agree on the third broker, either Landlord or Tenant by giving ten (10) days’ written notice to the other party, can apply to the Presiding Judge of the ~~parties~~ Superior Court of the county in which the Premises is located for the selection of a third broker who meets the qualifications stated in this paragraph. Landlord and Tenant each shall bear ~~one~~ one-half ( 1/2) of the cost of appointing the third ~~appraiser~~ broker and of paying the third ~~appraiser's~~ broker’s fee. The third ~~appraiser~~broker, however selected, shall be a person who has not previously acted in any capacity for either ~~party~~Landlord or Tenant. Within 30 fifteen (15) days after the selection of the third ~~appraiser~~broker, ~~a majority~~ the third broker shall select one of the ~~appraisers shall set~~ two Market Rates submitted by the ~~fair market value~~ first two brokers as the Market Rate for the ~~Extended~~ Renewal Term. ~~If a majority~~ The determination of the ~~appraisers are unable to set~~ Market Rate by the ~~fair market value within the stipulated period of time, the three appraisals~~ third broker shall be ~~added together~~ binding upon Landlord and their total divided by three; the resulting quotient shall be the fair market value for the Premises during the Extended Term. In setting the fair market value for the Extended Term, the appraiser or appraisers shall consider the use to which the Premises are restricted under this Lease, and shall not consider the highest and best use for the Premises without regard to the restriction on use of the Premises contained in this Lease. If, however, the low appraisal and/or the high appraisal are/is more than 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 fair market value 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 fair marker value for the Premises during the Extended Term. After the fair market value for the Extended Term has been set, the appraisers shall immediately notify the parties. If Tenant objects to the fair market value that has been set, Tenant shall have the right to have this Lease expire at the end of the term, provided that Tenant pays all the costs in connection with the appraisal procedure that set the fair market value. Tenant's election to allow this Lease to expire at the end of the term must be exercised within 10 days after receipt of notice from the appraisers of the fair market value for the Extended Term. If Tenant does not exercise its election within the 10-day period, the term of this Lease shall be extended as provided in this paragraph. Tenant shall have no other right to extend the term beyond the Extended Term.”

Appears in 1 contract

Samples: Second Amendment (Rainmaker Systems Inc)

Option to Extend Term. 8.15.1. Provided (a) that there has not been an Event of Default (as defined in Article 7 of this Lease), (b) this Lease is still in full force and effect, and (c) Tenant is ~~given~~ occupying one hundred percent (100%) of the entire Premises (except with respect to (a) a Permitted Transfer or (b) a sublease (which does not fall under the definition of Permitted Transfer) of 20,000 rentable square feet or less of the entire Premises), Tenant shall have the option to extend the term of this Lease with respect to the entire Premises for two (2) successive five (5) year periods (the “Extension Terms”, each an “Extension Term”) commencing on the day immediately succeeding the expiration date of the then current term, under the same terms, covenants and conditions contained in this Lease (except that Landlord shall not be obligated to refurbish the either the 18 Cxxxxx Premises or the 14 Cxxxxx Premises, nor provide any allowance therefor, and there shall be no further extension options for a 5-third option term); provided, however, that (i) the Base Rent for the first (1st) Extension Term with respect to the 18 Cxxxxx Premises and the 14 Cxxxxx Premises, as applicable, shall be equal to the greater of (a) the Base Rent in effect during the last year ~~period ("Extended Term") following expiration~~ of the initial ~~term~~Lease term with respect to the 18 Cxxxxx Premises and the 14 Cxxxxx Premises, ~~by giving written notice of exercise of the option~~ as applicable, and (~~"Option Notice"~~b) ~~to Landlord at least nine (9) months before the expiration of the term. Commencing on the first day of the Extended Term Tenant shall pay Landlord~~ ninety-five percent (95%) of the fair market value of the Premises for the extended Term. The fair market value shall include but not be limited to all economic benefits to Landlord such as monthly rent, periodic rent adjustments, expense reimbursements, and all other monetary consideration, exclusive of any and all concessions being given in the market place, which constitutes a part of the fair market value of the Premises at the time of the expiration of the initial term of the Lease that is chargeable for similar use Fair Market Rent for comparable space in the ~~geographic area~~ 18 Cxxxxx Building and the 14 Cxxxxx Building, as applicable, and the Bedford/Lexington/Burlington lab and office submarket, having due regard for the size, location and use of the 18 Cxxxxx Premises and the 14 Cxxxxx Premises, as applicable, and (ii) the Base Rent for the second (2nd) Extension Term with respect to the 18 Cxxxxx Premises and the 14 Cxxxxx Premises, as applicable, shall be equal to the greater of (y) the Base Rent in effect during the last year of the then current term with respect to the 18 Cxxxxx Premises and the 14 Cxxxxx Premises, as applicable, and (z) the Fair Market Rent for comparable space in the 18 Cxxxxx Building and the 14 Cxxxxx Building, as applicable, and the Bedford/Lexington/Burlington lab and office submarket, having due regard for the size, location and use of the 18 Cxxxxx Premises and the 14 Cxxxxx Premises, as applicable. ~~If Tenant~~ Regardless of whether the Base Rent with respect to the 18 Cxxxxx Premises or the 14 Cxxxxx Premises, as applicable, for the applicable Extension Term is calculated based on (a), (b), (y), or (z), as applicable, above in ~~default on the date of giving the Option Notice~~this Section 8.15.1, the ~~Option Notice~~ Base Rent with respect to the 18 Cxxxxx Premises or the 14 Cxxxxx Premises, as applicable, of the applicable Extension Term shall include annual increases consistent with Fair Market Rent increases at the time of Tenant’s renewal exercise. In the event Tenant exercises its option to extend the then current term as provided herein, the expiration date shall be ~~totally ineffective, or if Tenant~~ that date which is ~~in default on~~ the ~~date the Extended Term is to commence, the Extended Term shall not commence and this Lease shall expire at the end~~ last day of the ~~initial term. The parties~~ applicable Extension Term, and Landlord and Tenant shall have 30 days after Landlord receives the Option Notice in which to agree on fair market value during the Extended Term If the parties agree on the fair market value for the Extended Term during that period, they shall immediately thereupon execute an amendment to this Lease in form satisfactory to Landlord (the ~~Lease stating the fair market value. If the parties are unable to agree on the fair market value for the Extended~~ “Extension Term ~~within that period, then within 10 days after~~ Amendment”) extending the expiration ~~of that period each party, at its cost~~ date to this Lease and ~~by giving notice~~ modifying the Base Rent with respect to the ~~other party~~18 Cxxxxx Premises or the 14 Cxxxxx Premises, ~~shall appoint a real estate appraiser with at least 5 years full-time commercial appraisal experience~~ as applicable, in the area in which the Premises are located to appraise and set the fair market value 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 fair market value for the Extended Term. If they are unable to agree within 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 10 days after the last day the two appraisers are given to set the fair market value. Each of the parties shall bear one half of the cost of 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 30 days after the selection of the third appraiser, a majority of the appraisers shall set the fair market value for the Extended Term. If a majority of the appraisers are unable to set the fair market value 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 fair market value for the Premises during the Extended Term. In setting the fair market value for the Extended Term, the appraiser or appraisers shall consider the use to which the Premises are restricted under this Lease, and shall not consider the highest and best use for the Premises without regard to the restriction on use of the Premises contained in this Lease. If, however, the low appraisal and/or the high appraisal are/is more than 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 fair market value 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 fair marker value for the Premises during the Extended Term. After the fair market value for the Extended Term has been set, the appraisers shall immediately notify the parties. If Tenant objects to the fair market value that has been set, Tenant shall have the right to have this Lease expire at the end of the term, provided that Tenant pays all the costs in connection accordance with the appraisal procedure that set the fair market value. Tenant's election to allow this Lease to expire at the end of the term must be exercised within 10 days after receipt of notice from the appraisers of the fair market value for the Extended Term. If Tenant does not exercise its election within the 10-day period, the term provisions of this ~~Lease shall be extended as provided in this paragraph. Tenant shall have no other right to extend the term beyond the Extended Term~~Section.

Appears in 1 contract

Samples: Lease (Quanterix Corp)

Option to Extend Term. ~~Tenant~~ If Lessee is ~~given the~~ not in default of Lease terms, then Lessee shall have a one time option to extend the ~~term~~ terms hereof for ~~a 5-year~~ an additional period of three (~~"Extended Term"~~3) ~~following expiration of the initial term,~~ years which said option shall be exercised by giving written notice to Landlord not less than one hundred eighty (180) days prior to the termination of the original terms hereof. Upon the exercise of ~~the~~ said option ("Option Notice") to Landlord at least nine (9) months before the expiration of the term. Commencing on the first day of the Extended Term Tenant shall pay Landlord ninety-five percent (95%) of the fair market value of the Premises for the extended Term. The fair market value shall include but not be limited to all economic benefits to Landlord such as monthly rent, periodic rent adjustments, expense reimbursements, and all other monetary consideration, exclusive of any and all concessions being given in the market place, which constitutes a part of the fair market value of the Premises at the time of the expiration of the initial term of the Lease that is chargeable for similar use for comparable space in the geographic area of the Premises. If Tenant is in default on the date of giving the Option Notice, the Option Notice shall be totally ineffective, or if Tenant is in default on the date the Extended Term is to commence, the Extended Term shall not commence and this Lease shall expire at the end of the initial term. The parties shall have 30 days after Landlord receives the Option Notice in which to agree on fair market value during the Extended Term If the parties agree on the fair market value for the Extended Term during that period, they shall immediately execute an amendment to the Lease stating the fair market value. If the parties are unable to agree on the fair market value for the Extended Term within that period, then within 10 days after the expiration of that period each party, at its 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 fair market value 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 fair market value for the Extended Term. If they are unable to agree within 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 10 days after the last day the two appraisers are given to set the fair market value. Each of the parties shall bear one half of the cost of 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 30 days after the selection of the third appraiser, a majority of the appraisers shall set the fair market value for the Extended Term. If a majority of the appraisers are unable to set the fair market value 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 fair market value for the Premises during the Extended Term. In setting the fair market value for the Extended Term, the appraiser or appraisers shall consider the use to which the Premises are restricted under this Lease, and shall not consider the highest and best use for the Premises without regard to the restriction on use of the Premises contained in this Lease. If, however, the low appraisal and/or the high appraisal are/is more than 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 fair market value 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 fair marker value for the Premises during the Extended Term. After the fair market value for the Extended Term has been set, the appraisers shall immediately notify the parties. If Tenant objects to the fair market value that has been set, Tenant shall have the right to have this Lease expire at the end of the term, provided that Tenant pays all the costs in connection with the appraisal procedure that set the fair market value. Tenant's election to allow this Lease to expire at the end of the term must be exercised within 10 days after receipt of notice from the appraisers of the fair market value for the Extended Term. If Tenant does not exercise its election within the 10-day periodLessee, the term of this Lease shall be extended ~~as provided in~~ for the additional period of three (3) years upon all of the terms, covenants and conditions herein contained; provided, however, that the monthly rental due and payable hereunder shall be at the then prevailing market rates. LESSOR AND LESSEE HAVE CAREFULLY READ AND REVIEWED THIS LEASE AND EACH TERM AND PROVISION CONTAINED HEREIN AND, BY EXECUTION OF THIS LEASE, SHOW THEIR INFORMED AND VOLUNTARY CONSENT THERETO. THE PARTIES HEREBY AGREE THAT, AT THE TIME THIS LEASE IS EXECUTED, THE TERMS OF THIS LEASE ARE COMMERCIALLY REASONABLE AND EFFECTUATE THE INTENT AND PURPOSE OF LESSOR AND LESSEE WITH RESPECT TO THE PREMISES. THIS LEASE HAS BEEN PREPARED FOR SUBMISSION TO YOUR ATTORNEY FOR APPROVAL. THE PARTIES SHALL RELY SOLELY UPON THE ADVICE OF THEIR OWN LEGAL COUNSEL AS TO THE LEGAL AND TAX CONSEQUENCES OF THIS LEASE. The parties hereto have executed this ~~paragraph~~Lease at the place on the dates specified above to their respective signatures. ~~Tenant shall have no other right to extend the term beyond the Extended Term.~~Executed at Vancouver Executed at ----------------------- On January 29, 2001 on -------------------- -------------------------------- LESSOR: JH KELLY LLC LESSEE: PROFILE TECHNOLOGIES INC. Xx: By: ------------------------------------- -------------------------------- Name Printed: Name Printed: -------------------------- ----------------------

Appears in 1 contract

Samples: Profile Technologies Inc

Option to Extend Term. ~~Tenant is given~~ Attached here of and incorporated herein by reference. LESSOR AND LESSEE HAVE CAREFULLY READ AND REVIEWED THIS LEASE AND EACH TERM AND PROVISION CONTAINED HEREIN, AND BY THE EXECUTION OF THIS LEASE SHOW THEIR INFORMED AND VOLUNTARY CONSENT THERETO. THE PARTIES HEREBY AGREE THAT, AT THE TIME THIS LEASE IS EXECUTED, THE TERMS OF THIS LEASE ARE COMMERCIALLY REASONABLE AND EFFECTUATE THE INTENT AND PURPOSE OF LESSOR AND LESSEE WITH RESPECT TO THE PREMISES. IF THIS LEASE HAS BEEN FILLED IN, IT HAS BEEN PREPARED FOR SUBMISSION TO YOUR ATTORNEY FOR HIS APPROVAL. FURTHER, EXPERTS SHOULD BE CONSULTED TO EVALUATE THE CONDITION OF THE PROPERTY AS TO THE POSSIBLE PRESENCE OF ASBESTOS, STORAGE TANKS OR HAZARDOUS SUBSTANCES. NO REPRESENTATION OR RECOMMENDATION IS MADE BY THE AMERICAN INDUSTRIAL REAL ESTATE ASSOCIATION OR BY THE REAL ESTATE BROKER(S) OR THEIR AGENTS OR EMPLOYEES AS TO THE LEGAL SUFFICIENCY, LEGAL EFFECT, OR TAX CONSEQUENCES OF THIS LEASE OR THE TRANSACTION TO WHICH IT RELATES; THE PARTIES SHALL RELY SOLELY UPON THE ADVICE OF THEIR OWN COUNSEL AS TO THE LEGAL AND TAX CONSEQUENCES OF THIS LEASE. IF THE SUBJECT PROPERTY IS LOCATED IN A STATE OTHER THAN CALIFORNIA, AN ATTORNEY FROM THE STATE WHERE THE PROPERTY IS LOCATED SHOULD BE CONSULTED. The parties hereto have executed this Lease at the ~~option~~ place on the dates specified above to ~~extend~~ their respective signatures. Executed at La Hxxxx, XX Xxxxxxxx xx Xx Xxxxx, XX ----------------------------------- ----------------------------------- on September 21, 1995 on September 21, 1995 -------------------------------------------- -------------------------------------------- by LESSOR: by LESSEE: /s/ Ellix X. Xxxxxx /s/ Harrx X. Xxxxx, Xxesident ---------------------------------------------- ---------------------------------------------- Ellix X. Xxxxxx XCEL Arnoxx Xxxcuits, Inc. ---------------------------------------------- ---------------------------------------------- Harrx X. Xxxxx, Xxesident By By XCEL Arnoxx Xxxcuits, Inc. -------------------------------------------- ------------------------------------------ Name Printed: Name Printed: --------------------------------- -------------------------------- Title: Title: ---------------------------------------- ---------------------------------------- By By -------------------------------------------- -------------------------------------------- Name Printed: Name Printed: --------------------------------- --------------------------------- Title: Title: ---------------------------------------- ---------------------------------------- Address: Address: -------------------------------------- -------------------------------------- ---------------------------------------------- ---------------------------------------------- Tel. No. ( ) Fax No. ( ) Tel. No. ( ) Fax No. ( ) --- --------- --- --------- --- --------- --- --------- NOTICE: These forms are often modified to meet changing requirements of law and industry needs. Always write or call to make sure you are utilizing the ~~term~~ most current form: American Industrial Real Estate Association, 345 Xxxxx Xxxxxxxx Xxxxxx, Xxxxx X-0, Xxx Xxxxxxx, XX 00000. (013) 687-0000. Xxx. No. (213) 000-0000. 11 49. Periodic Cost of Living Adjustment. The monthly rent provided for ~~a 5-~~in paragraph 1.5 shall be subject to adjustment and increase (but shall not be subject to decrease) as the commencement of 9/15/95 and each year ~~period~~ thereafter ("~~Extended Term~~the adjustment date") ~~following expiration~~ as follows: The base for computing the adjustment is the Consumer Price Index (Los Angeles-Long Beach Metropolitan Area, all Items Consumer Price Index), published by the United States Department of ~~the initial term~~Labor, ~~by giving written notice~~ Bureau of ~~exercise of the option~~ Labor Statistics ("~~Option Notice~~Index") to Landlord at least nine (9) months before the expiration of the term. Commencing on the first day of the Extended Term Tenant shall pay Landlord ninety-five percent (95%) of the fair market value of the Premises which is published for the extended Term. The fair market value shall include but not be limited to all economic benefits to Landlord such as monthly rent, periodic rent adjustments, expense reimbursements, and all other monetary consideration, exclusive of any and all concessions being given in the market place, which constitutes a part of the fair market value of the Premises at the time of the expiration of the initial term of the Lease that is chargeable for similar use for comparable space in the geographic area of the Premises. If Tenant is in default on date nearest the date of ~~giving~~ the Option Notice, the Option Notice shall be totally ineffective, or if Tenant is in default on the date the Extended Term is to commence, the Extended Term shall not commence and this Lease shall expire at the end commencement of the initial term. The parties shall have 30 days after Landlord receives the Option Notice in which to agree on fair market value during the Extended Term If the parties agree on the fair market value for the Extended Term during that period, they shall immediately execute an amendment to the Lease stating the fair market valueterm ("Beginning Index"). If the ~~parties are unable to agree on~~ Index published nearest the ~~fair market value~~ adjustment date ("Extension Index") has increased over the Beginning Index, the minimum monthly rent for the ~~Extended Term within that period~~following year (until the next rent adjustment) shall be set by multiplying the minimum monthly rent set forth in paragraph 1.5 by a fraction, ~~then within 10 days after~~ the ~~expiration~~ numerator of ~~that period each party, at its cost~~ which is the Extension Index and ~~by giving notice to~~ the ~~other party,~~ denominator of which is the Beginning Index. In no case shall ~~appoint a real estate appraiser with at least 5 years full-time commercial appraisal experience~~ the minimum monthly rent be less than the minimum monthly rent set forth in ~~the area in which the Premises are located to appraise and set the fair market value for the Extended Term~~paragraph 1.5. If the two appraisers are appointed by the parties as stated in this paragraph, they shall meet promptly and attempt to set the fair market value for the Extended Term. If they are unable to agree within 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 10 days after the last day the two appraisers are given to set the fair market value. Each On adjustment of the parties shall bear one half of the cost of 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 30 days after the selection of the third appraiser, a majority of the appraisers shall set the fair market value for the Extended Term. If a majority of the appraisers are unable to set the fair market value 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 fair market value for the Premises during the Extended Term. In setting the fair market value for the Extended Term, the appraiser or appraisers shall consider the use to which the Premises are restricted under this Lease, and shall not consider the highest and best use for the Premises without regard to the restriction on use of the Premises contained in this Lease. If, however, the low appraisal and/or the high appraisal are/is more than 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 fair market value 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 fair marker value for the Premises during the Extended Term. After the fair market value for the Extended Term has been set, the appraisers shall immediately notify the parties. If Tenant objects to the fair market value that has been set, Tenant shall have the right to have this Lease expire at the end of the term, provided that Tenant pays all the costs in connection with the appraisal procedure that set the fair market value. Tenant's election to allow this Lease to expire at the end of the term must be exercised within 10 days after receipt of notice from the appraisers of the fair market value for the Extended Term. If Tenant does not exercise its election within the 10-day period, the term of this Lease shall be extended minimum monthly rent as provided in this ~~paragraph. Tenant~~ lease, the adjusted rent shall ~~have no other right to extend~~ automatically constitute the ~~term beyond the Extended Term~~minimum monthly rent set forth in paragraph 1.5.

Appears in 1 contract

Samples: Microtel International Inc

Option to Extend Term. In the event that Tenant i) has not been and is not in material default during the Term of this Lease, and ii) has not assigned or sublet more than 25 percent (25%) of the Premises during the last two (2) years of the Term to other than an affiliate of Tenant, Tenant is ~~given~~ hereby granted the ~~option~~ Option to extend the term of this Lease for a an additional five (5-) year ~~period~~ term by giving Landlord written notice ("~~Extended Term") following expiration of the initial term, by giving written notice of exercise of the option ("Option~~ Written Notice") of its intention to ~~Landlord~~ do so at least ~~nine~~ seven (97) months before the expiration of the term. Commencing on the first day of the Extended Term Tenant shall pay Landlord ninety-five percent (95%) of the fair market value of the Premises for the extended Term. The fair market value shall include but not be limited prior to all economic benefits to Landlord such as monthly rent, periodic rent adjustments, expense reimbursements, and all other monetary consideration, exclusive of any and all concessions being given in the market place, which constitutes a part of the fair market value of the Premises at the time of the expiration of the initial ~~term~~ Term of ~~the Lease that is chargeable for similar use for comparable space~~ this Lease. The terms and conditions as contained in the geographic area of the Premises. If Tenant is in default on the date of giving the Option Notice, the Option Notice shall be totally ineffective, or if Tenant is in default on the date the Extended Term is to commence, the Extended Term shall not commence and this Lease shall ~~expire~~ remain in effect during this five (5) year extension term (the "Extension Term"), except that the Rent shall be increased (but not decreased) as set forth below: The initial Rent for the Extension Term shall be at the ~~end~~ then fair market rental for the Premises (but no less than the Rent payable in the month immediately preceding the first month of the ~~initial term~~Extension Term). ~~The parties shall have 30 days after~~ In the event that Tenant and Landlord ~~receives the Option Notice in which to agree on fair market value during the Extended Term If the parties~~ do not agree on the fair market ~~value for the Extended Term during that period~~rental, ~~they~~ then Tenant and Landlord shall ~~immediately execute an amendment~~ select a qualified appraiser to ~~the Lease stating the~~ determine such fair market ~~value~~rental. If The cost of said appraisal shall be borne equally by Landlord and Tenant. In the ~~parties are unable to~~ event that Tenant and Landlord shall not agree on the ~~fair market value for the Extended Term~~ appraiser within ~~that period~~sixty (60) days of Tenant's Written Notice to Landlord, then ~~within 10 days after~~ the expiration of that period each party, at its 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 fair market value 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 fair market value for the Extended Term. If they are unable to agree within 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 10 days after the last day the two appraisers are given to set the fair market value. Each President of the ~~parties shall bear one half~~ San Francisco chapter of the ~~cost~~ Society of ~~appointing the third~~ Industrial and Office Realtors shall select an independent and qualified appraiser ~~and of paying the third appraiser's fee. The third appraiser, however selected,~~ whose decision shall be a person who has not previously acted in any capacity for either party. Within 30 days after the selection of the third appraiser, a majority of the appraisers shall set the fair market value for the Extended Term. If a majority of the appraisers are unable to set the fair market value 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 fair market value for the Premises during the Extended Term. In setting the fair market value for the Extended Term, the appraiser or appraisers shall consider the use to which the Premises are restricted under this Lease, and shall not consider the highest and best use for the Premises without regard to the restriction binding on use of the Premises contained in this Lease. If, however, the low appraisal and/or the high appraisal are/is more than 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 fair market value 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 fair marker value for the Premises during the Extended Term. After the fair market value for the Extended Term has been set, the appraisers shall immediately notify the parties. ~~If Tenant objects~~ Notwithstanding the foregoing, the Rent for the Extension Term shall be increased as of the 31st month of the Extension Term in proportion to the ~~fair market value that has been set, Tenant shall have~~ increase in the right to have this Lease expire at the end of the term, provided that Tenant pays all the costs in connection with the appraisal procedure that set the fair market value. Tenant's election to allow this Lease to expire at the end of the term must be exercised within 10 days after receipt of notice from the appraisers of the fair market value Consumer Price Index for the ~~Extended Term~~prior 30 months. ~~If Tenant does not exercise its election within the 10-day period, the term of this Lease~~ The Security Deposit shall be ~~extended as provided in this paragraph. Tenant shall have no other right~~ reduced to ~~extend~~ Thirty Three Thousand and no/100's Dollars ($33,000) during the ~~term beyond the Extended~~ Extension Term.

Appears in 1 contract

Samples: Industrial Lease (Nexar Technologies Inc)

Option to Extend Term. ~~Tenant~~ Lessee is given the option to extend the term --------------------- on all the provisions contained in the Lease, except for monthly rent, for a five (5-) year period ("~~Extended Term~~extended term") following the expiration of the initial term, by giving written notice of exercise of the option ("~~Option Notice~~option notice") to ~~Landlord~~ Lessor at least ~~nine (9) months~~ 180 days but not more than 365 days before the expiration of the term. Commencing on the first day of the Extended Term Tenant shall pay Landlord ninety-five percent (95%) of the fair market value of the Premises for the extended Term. The fair market value shall include but not be limited to all economic benefits to Landlord such as monthly rentProvided that, periodic rent adjustments, expense reimbursements, and all other monetary consideration, exclusive of any and all concessions being given in the market place, which constitutes a part of the fair market value of the Premises at the time of the expiration of the initial term of the Lease that is chargeable for similar use for comparable space in the geographic area of the Premises. If Tenant if Lessee is in default on the date of giving the ~~Option Notice~~option notice, the ~~Option Notice~~ option notice shall be totally ineffective, or if ~~Tenant~~ Lessee is in default on the date the ~~Extended Term~~ extended term is to commence, the ~~Extended Term~~ extended term shall not commence and this ~~Lease~~ lease shall expire at the end of the initial term. The monthly rent for the first year of the extended term shall be the then prevailing market rent of comparable premises within close proximity of the Premises ("Extended Term Rent") and shall be agreed xxxx.xx the parties. The parties shall have 30 thirty (30) days after ~~Landlord~~ Lessor receives the ~~Option Notice~~ option notice in which to agree on ~~fair market value during~~ the Extended Term Rent. If the parties agree on the ~~fair market value for the~~ Extended Term Rent during that period, they shall immediately execute an amendment to this lease stating the Extended Term Rent. In no case shall the monthly rent be less than the monthly rent for month 60 of the Lease ~~stating the fair market value~~as provided in paragraph 50 herein. If the parties are unable to agree on the ~~fair market value for the~~ Extended Term Rent within ~~that period~~the period specified herein, then within 10 ten (10) days after the expiration of that period ~~each party, at its cost and by giving notice to~~ the ~~other party,~~ parties shall appoint a mutually acceptable real estate appraiser or broker with at least 5 five (5) years ~~full-~~full time commercial ~~appraisal~~ real estate experience in the area in which the Premises are located to appraise and set the fair market value 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 fair market value for the Extended Term. If they are unable to agree within 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 10 days after the last day the two appraisers are given to set the fair market value. Each of the parties shall bear one half of the cost of 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 30 days after the selection of the third appraiser, a majority of the appraisers shall set the fair market value for the Extended Term. If a majority of the appraisers are unable to set the fair market value 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 fair market value for the Premises during the Extended Term. In setting the fair market value for the Extended Term, the appraiser or appraisers shall consider the use to which the Premises are restricted under this Lease, and shall not consider the highest and best use for the Premises without regard to the restriction on use of the Premises contained in this Lease. If, however, the low appraisal and/or the high appraisal are/is more than 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 fair market value 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 fair marker value for the Premises during the Extended Term. After the fair market value for the Extended Term ~~has been set, the appraisers shall immediately notify~~ Rent. Any associated costs will be split equally between the parties. If ~~Tenant objects~~ the parties cannot agree on the appointment of a mutually acceptable real estate appraiser or broker within the time period specified, then each party shall have ten (10) days to select a real estate appraiser or broker of its choice to establish the Extended Term Rent within thirty (30)-days of his or her selection. Each party shall be responsible for payment of compensation to the ~~fair market~~ appraiser or broker chosen by that party. If for any reason either one of the appraisals is not completed within thirty (30) days, as provided herein, then the appraisal that is completed at that time shall establish the Extended Term Rent. If both appraisals are completed and the two appraisers /brokers cannot agree on the monthly rent for the extended term, then they shall select a third mutually acceptable appraiser or broker to establish a third Extended Term Rent within thirty (30) days of his or her selection. The average of the two appraisals closest in value ~~that has been set, Tenant~~ shall ~~have~~ then become the ~~right~~ Extended Term Rent. The costs of the third appraisal shall be split equally between the parties. The monthly rent for the extended term shall be subject to ~~have this Lease expire~~ adjustment at the ~~end~~ commencement of the ~~term, provided that Tenant pays all the costs in connection with the appraisal procedure that set the fair market value. Tenant's election to allow this Lease to expire at the end~~ second year of the extended term ~~must~~ and each year thereafter ("the adjustment date") as follows: the base for computing the adjustment is the Consumer Price Index for All Urban Consumers for San Xxxxxxx co-Oakland-San Xxxx published by the U.S. Department of Labor, Bureau of Labor Statistics ("Index") which is in effect on the date the extended term commences ("Beginning Index"). The Index published two months prior to the adjustment date in question ("Extension Index") is to be ~~exercised within 10 days after receipt of notice from~~ used in determining the ~~appraisers~~ amount of the ~~fair market value~~ adjustment. If the Extension Index has increased over the Beginning Index, the monthly rent for the ~~Extended Term. If Tenant does not exercise its election within~~ following year shall be set by multiplying the ~~10-day period~~monthly rent for the previous year by a fraction, the ~~term~~ numerator of ~~this Lease~~ which is the Extension Index and the denominator of which is the Beginning Index. In no case shall the monthly rent be ~~extended as provided~~ less than the monthly rent in ~~this paragraph. Tenant shall have no other right~~ effect immediately prior to ~~extend~~ the ~~term beyond the Extended Term~~adjustment date then occurring.

Appears in 1 contract

Samples: Critical Path Inc

Option to Extend Term. Tenant ~~is given~~ shall have the option to extend the term of this Lease with respect to any one or more of the Buildings, on a Building by Building basis (provided, however, that notwithstanding any other provisions of this Section 2.6, if the Connector Bridge is constructed as contemplated in Section 1.1(a) of this Lease and if Tenant elects to exercise this extension option with respect to one but not both of the Phase I Buildings, then Landlord's election regarding removal of the Connector Bridge by Landlord at Tenant's expense, as provided in Section 12.2(c) of this Lease, shall be exercisable in Landlord's discretion either at the expiration of this Lease with respect to the Phase I Building for a which the extension option was not exercised or at the expiration of this Lease with respect to the Phase I Building for which the extension option was exercised), 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~~-year period ("Extended Term"~~) ~~following~~ years each, the first commencing upon the expiration of the initial term hereof and the second (applicable only to the Building or Buildings as to which a first extended term has been duly elected) commencing upon the expiration of such first extended term, if any. Exercise of such option with respect to the first such extended term shall be by ~~giving~~ written notice ~~of exercise of the option ("Option Notice")~~ to Landlord at least nine (9) months ~~before the expiration of the term. Commencing on the first day of the Extended Term Tenant shall pay Landlord ninety-five percent~~ and not more than twelve (~~95%~~12) ~~of the fair market value of the Premises for the extended Term. The fair market value shall include but not be limited~~ months prior to all economic benefits to Landlord such as monthly rent, periodic rent adjustments, expense reimbursements, and all other monetary consideration, exclusive of any and all concessions being given in the market place, which constitutes a part of the fair market value of the Premises at the time of 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 ~~Lease that is chargeable for similar use for comparable space in the geographic area of the Premises~~first extended term hereof. If Tenant is in default hereunder on the date of ~~giving the Option Notice, the Option Notice shall be totally ineffective,~~ such notice or ~~if Tenant is in default~~ on the date ~~the Extended Term~~ any extended term is to commence, then the ~~Extended Term~~ exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the ~~initial term. The parties shall have 30 days after~~ then current term hereof (or at such earlier time as Landlord receives the Option Notice in which to agree on fair market value during the Extended Term If the parties agree on the fair market value for the Extended Term during that period, they shall immediately execute an amendment may elect pursuant to the ~~Lease stating the fair market value. If the parties are unable to agree on the fair market value for the Extended Term within that period, then within 10 days after the expiration~~ default provisions of that period each party, at its 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 fair market value 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 fair market value for the Extended Term. If they are unable to agree within 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 10 days after the last day the two appraisers are given to set the fair market value. Each of the parties shall bear one half of the cost of 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 30 days after the selection of the third appraiser, a majority of the appraisers shall set the fair market value for the Extended Term. If a majority of the appraisers are unable to set the fair market value 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 fair market value for the Premises during the Extended Term. In setting the fair market value for the Extended Term, the appraiser or appraisers shall consider the use to which the Premises are restricted under this Lease, and shall not consider the highest and best use for the Premises without regard to the restriction on use of the Premises contained in this Lease. If, however, the low appraisal and/or the high appraisal are/is more than 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 fair market value 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 fair marker value for the Premises during the Extended Term. After the fair market value for the Extended Term has been set, the appraisers shall immediately notify the parties). If Tenant ~~objects~~ 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 ~~fair market value that has been set~~"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 ~~the~~ no right to have this Lease expire at the end of the term, provided that Tenant pays all the costs in connection with the appraisal procedure that set the fair market value. Tenant's election to allow this Lease to expire at the end of the term must be exercised within 10 days after receipt of notice from the appraisers of the fair market value for the Extended Term. If Tenant does not exercise its election within the 10-day period, extend the term of this Lease ~~shall be extended as provided in this paragraph. Tenant shall have no other right to extend the term~~ beyond ~~the Extended Term~~its prescribed term.

Appears in 1 contract

Samples: Sublease (Prothena Corp PLC)

Option to Extend Term. Landlord shall notify Tenant ~~is given~~ in writing at --------------------- least twelve (12) months prior to the Expiration Date of the initial Term of the Lease and/or twelve (12) months prior to the expiration of the first Extended Term (defined below), as applicable, as to whether Landlord will exercise its right to repossess the Premises from and after the Expiration Date or the expiration of the first Extended Term, as applicable (the "Recapture Right"). If Landlord, in Landlord's sole and absolute discretion, exercises this Recapture Right, then (i) the Lease shall terminate on the Expiration Date or the expiration of the first Extended Term, as applicable, (ii) Tenant shall have no right to extend this Lease for the Extended Term(s) (defined below), (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 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 Premises for their own use, Landlord shall be free to use the balance of the Premises for any purposes whatsoever, including, without limitation, assigning or subleasing the balance of the Premises to any person or entity for any purpose whatsoever. If Landlord does not timely exercise its Recapture Right as to 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 as to the entire Premises (but not less than the entire Premises) for ~~a 5~~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 ~~period~~ Extended Term (each, an "Extended Term"). Tenant may exercise the foregoing option to extend if and only if (i) ~~following expiration~~ 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, by giving written notice of exercise~~ Term of the ~~option~~ Lease or eleven (~~"Option Notice") to Landlord at least nine (9~~11) months ~~before~~ prior to the expiration date of the first one-year Extended Term, as applicable, (ii) Tenant extends the term with respect to the entire Premises (and not solely a portion of the Premises) and (iii) Tenant is not in material default of the Lease (following the expiration of ~~the term. Commencing on the first day of the Extended Term Tenant shall pay Landlord ninety-five percent (95%~~any applicable cure periods without cure) of the fair market value of the Premises for the extended Term. The fair market value shall include but not be limited to all economic benefits to Landlord such as monthly rent, periodic rent adjustments, expense reimbursements, and all other monetary consideration, exclusive of any and all concessions being given in the market place, which constitutes a part of the fair market value of the Premises either at the time of giving notice of its irrevocable election to extend or on the ~~expiration~~ commencement date of each Extended Term. If each of the ~~initial~~ 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 ~~that is chargeable for similar use for comparable space in~~ shall lapse and be null and void and the ~~geographic area~~ terms and provisions of the second sentence of this Section 2.3 shall apply as though Landlord had exercised its Recapture Right as to the Premises. ~~If Tenant is in default on~~ All of the ~~date~~ terms and provisions of ~~giving the Option Notice, the Option Notice shall be totally ineffective, or if Tenant is in default on the date the Extended Term is to commence, the Extended Term shall not commence and~~ this Lease shall ~~expire at the end of the initial term. The parties shall have 30 days after Landlord receives the Option Notice in which to agree on fair market value~~ apply during the Extended Term ~~If the parties agree on the fair market value for the Extended Term during~~ except that period, they shall immediately execute an amendment to the Lease stating the fair market value. If the parties are unable to agree on the fair market value for the Extended Term within that period, then within 10 days after the expiration of that period each party, at its 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 fair market value 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 fair market value for the Extended Term. If they are unable to agree within 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 10 days after the last day the two appraisers are given to set the fair market value. Each of the parties shall bear one half of the cost of appointing the third appraiser and of paying the third appraiser's fee. The third appraiser, however selected, (a) there shall be a person who has not previously acted in any capacity for either party. Within 30 days after the selection of the third appraiser, a majority of the appraisers shall set the fair market value for the Extended Term. If a majority of the appraisers are unable to set the fair market value 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 fair market value for the Premises during the Extended Term. In setting the fair market value for the Extended Term, the appraiser or appraisers shall consider the use to which the Premises are restricted under this Lease, and shall not consider the highest and best use for the Premises without regard to the restriction on use of the Premises contained in this Lease. If, however, the low appraisal and/or the high appraisal are/is more than 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 fair market value 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 fair marker value for the Premises during the Extended Term. After the fair market value for the Extended Term has been set, the appraisers shall immediately notify the parties. If Tenant objects to the fair market value that has been set, Tenant shall have the right to have this Lease expire at the end of the term, provided that Tenant pays all the costs in connection with the appraisal procedure that set the fair market value. Tenant's election to allow this Lease to expire at the end of the term must be exercised within 10 days after receipt of notice from the appraisers of the fair market value for the Extended Term. If Tenant does not exercise its election within the 10-day period, the term of this Lease shall be extended as provided in this paragraph. Tenant shall have no ~~other~~ further right to extend the term of the Lease beyond the second Extended Term, (b) except as expressly provided in this Lease, Landlord shall have no obligation to make improvements to the Premises of any nature whatsoever, (c) Tenant shall not be entitled to any abatement of Monthly Base Rent during either Extended Term and (d) 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. Tenant ~~is given~~ shall have the option to extend the term for a 5-year period ("Extended Term") following expiration of the initial term, by giving written notice of exercise of the option ("Option Notice") to Landlord at least nine (9) months before the expiration of the term. Commencing on the first day of the Extended Term Tenant shall pay Landlord ninety-five percent (95%) of the fair market value of the Premises for the extended Term. The fair market value shall include but not be limited to all economic benefits to Landlord such as monthly rent, periodic rent adjustments, expense reimbursements, and all other monetary consideration, exclusive of any and all concessions being given in the market place, which constitutes a part of the fair market value of the Premises at the time of the expiration of the initial term of the Lease that is chargeable for similar use for comparable space in the geographic area of the Premises. If Tenant is in default on the date of giving the Option Notice, the Option Notice shall be totally ineffective, or if Tenant is in default on the date the Extended Term is to commence, the Extended Term shall not commence and this Lease shall expire at the end of the initial term. The parties shall have 30 days after Landlord receives the Option Notice in which to agree on fair market value during the Extended Term If the parties agree on the fair market value for the Extended Term during that period, they shall immediately execute an amendment to the Lease stating the fair market value. If the parties are unable to agree on the fair market value for the Extended Term within that period, then within 10 days after the expiration of that period each party, at its 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 fair market value 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 fair market value for the Extended Term. If they are unable to agree within 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 10 days after the last day the two appraisers are given to set the fair market value. Each of the parties shall bear one half of the cost of 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 30 days after the selection of the third appraiser, a majority of the appraisers shall set the fair market value for the Extended Term. If a majority of the appraisers are unable to set the fair market value 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 fair market value for the Premises during the Extended Term. In setting the fair market value for the Extended Term, the appraiser or appraisers shall consider the use to which the Premises are restricted under this Lease, and shall not consider the highest and best use for the Premises without regard to the restriction on use of the Premises contained in this Lease. If, however, the low appraisal and/or the high appraisal are/is more than 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 fair market value 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 fair marker value for the Premises during the Extended Term. After the fair market value for the Extended Term has been set, the appraisers shall immediately notify the parties. If Tenant objects to the fair market value that has been set, Tenant shall have the right to have this Lease expire at the end of the term, provided that Tenant pays all the costs in connection with the appraisal procedure that set the fair market value. Tenant's election to allow this Lease to expire at the end of the term must be exercised within 10 days after receipt of notice from the appraisers of the fair market value for the Extended Term. If Tenant does not exercise its election within the 10-day period, the term of this Lease ~~shall be extended~~ for the entire Premises for two (2) additional periods of five (5) years each (the “Premises Options”). The period of the First Premises Option is referred to herein as ~~provided in this paragraph~~the “First Option Term”, and the period of the second Premises Option is referred to as the “Second Option Term.”. The First Option Term and the Second Option Term are sometimes hereinafter collectively referred to as the “Option Term”. Tenant shall have no right or interest to exercise any Premises Option unless: (a) Tenant gives the Landlord written notice of its intent to exercise the Premises Option no earlier than three hundred thirty (330) days prior to the end of the Term, or any prior extension thereof, and no later than two hundred seventy (270) days prior to the end of the Term, or any prior extension thereof (the “Extension Notice”); (b) There shall be no uncured Event of Default on the date the Extension Notice is delivered to Landlord and on the date the Option Term commences; (c) Tenant or an Affiliate Transferee occupies more than fifty percent (50%) of the Rentable Area of the Premises; and (d) Tenant has not filed for or sought protection under any bankruptcy statute. Annual Base Rent during the First Option Term and during the Second Option Term shall be as set forth in Section 4.01(b) of the Lease. Time is of the essence with respect to Tenant’s exercise of the Premises Option. Tenant’s failure to exactly comply with any of the time or other ~~right~~ requirements herein, shall cause the Premises Option to automatically expire and, in such event, this Lease shall terminate upon the expiration of the Term. The option to extend the ~~term beyond~~ Term pursuant hereto for the ~~Extended Term~~Option Term shall be personal to Iomega Corporation and shall not be exercisable by or for the benefit of any assignee, subtenant or other transferee of Iomega Corporation, except that the Premises Option may be transferred by Iomega Corporation to an Affiliate Transferee in connection with a Transfer of the entire Lease to an Affiliate Transferee and may be exercised by such Affiliate Transferee.

Appears in 1 contract

Samples: Office Lease (Jni Corp)

Common use of Option to Extend Term Clause in Contracts