Common use of Option to Extend the Lease Term Clause in Contracts

Option to Extend the Lease Term. X. Xxxxx and Exercise of Option: Landlord grants to Tenant, subject to the terms and conditions set forth in this Section 18.A, two (2) options (the "Options") to extend the Lease Term for an additional term (the "Option Term"). Each Option Term shall be for a period of sixty (60) months and shall be exercised, if at all, by written notice to Landlord no earlier than fifteen (15) months prior to the date the Lease Term would expire but for such exercise but no later than nine (9) months prior to the date the Lease Term would expire but for such exercise, time being of the essence for the giving of such notice. Further, Tenant may only exercise the Options provided it concurrently exercises its options to extend the lease for Building 1. If Tenant exercises the Option, all of the terms, covenants and conditions of this Lease shall apply except for the grant of additional Options pursuant to this Section, provided that Base Monthly Rent for the Premises payable by Tenant during the Option Term shall be ninety five percent (95%) of the Fair Market Rental as hereinafter defined. Notwithstanding anything herein to the contrary, if Tenant is in monetary or material non-monetary default beyond any applicable notice and cure period under any of the terms, covenants or conditions of this Lease either at the time Tenant exercises the Option or at any time thereafter prior to the commencement date of the Option Term, then Landlord shall have, in addition to all of Landlord's other rights and remedies provided in this Lease, the right to terminate the Option upon notice to Tenant, in which event the Lease Term shall not be extended pursuant to this Section 18.A. As used herein, the term "

Option to Extend the Lease Term. X. Xxxxx and Exercise of Option: Landlord grants to Tenant, subject to the terms and conditions set forth in this Section 18.A, two (2) options (the "Options") to extend the Lease Term for an additional term (the "Option Term"). Each Option Term shall be for a period of sixty (60) months and shall be exercised, if at all, by written notice to Landlord no earlier than fifteen (15) months prior to the date the Lease Term would expire but for such exercise but no later than nine (9) months prior to the date the Lease Term would expire but for such exercise, time being of the essence for the giving of such notice. Further, Tenant may only exercise the Options provided it concurrently exercises its options to extend the lease for Building 1. If Tenant exercises the Option, all of the terms, covenants and conditions of this Lease shall apply except for the grant of additional Options pursuant to this Section, provided that Base Monthly Rent for the Premises payable by Tenant during the Option Term shall be the greater of (i) the Base Monthly Rent applicable to the period immediately prior to the commencement of the Option Term, and (ii) ninety five percent (95%) of the Fair Market Rental as hereinafter defined. Notwithstanding anything herein to the contrary, if Tenant is in monetary or material non-monetary default beyond any applicable notice and cure period under any of the terms, covenants or conditions of this Lease (beyond applicable cure periods) either at the time Tenant exercises the Option or at any time thereafter prior to the commencement date of the Option Term, then Landlord shall have, in addition to all of Landlord's other rights and remedies provided in this Lease, the right to terminate the Option upon notice to Tenant, in which event the Lease Term shall not be extended pursuant to this Section 18.A. As used herein, the term "

Option to Extend the Lease Term. X. Xxxxx and Exercise of Option: Landlord grants to Tenant, subject to the terms and conditions set forth in this Section 18.A, two (2) options (the "Options") to extend the Lease Term for an additional term (the each an "Option Term"). Each Option Term shall be for a period of sixty (60) months and shall be exercised, if at all, by written notice to Landlord no earlier than fifteen eighteen (1518) months prior to the date the Lease Term would expire but for such exercise but no later than nine twelve (912) months prior to the date the Lease Term would expire but for such exercise, time being of the essence for the giving of such notice. Further, Tenant may only exercise the Options provided it concurrently exercises its options to extend the lease for Building 1. If Tenant exercises the Option, all of the terms, covenants and conditions of this Lease shall apply except for the grant of additional Options pursuant to this Section, provided that Base Monthly Rent for the Premises payable by Tenant during the Option Term shall be the greater of (i) the Base Monthly Rent applicable to the period immediately prior to the commencement of the Option Term, and (ii) ninety five percent (95%) of the Fair Market Rental as hereinafter defined. Notwithstanding anything herein to the contrary, if Tenant is in monetary or material non-monetary default beyond any applicable notice and cure period under any of the terms, covenants or conditions of this Lease either at the time Tenant exercises the Option or at any time thereafter prior to the commencement date of the Option Term, then Landlord shall have, in addition to all of Landlord's other rights and remedies provided in this Lease, the right to terminate the Option upon notice to Tenant, in which event the Lease Term shall not be extended pursuant to this Section 18.A. As used herein, the term "

Option to Extend the Lease Term. X. Xxxxx and Exercise of Option: Provided Tenant simultaneously exercises its option to extend the lease term for Building 4, Landlord grants to Tenant, subject to the terms and conditions set forth in this Section 18.A, two (2) options (the "Options") to extend the Lease Term for an additional term (the "Option Term"). Each Option Term shall be for a period of sixty (60) months and shall be exercised, if at all, by written notice to Landlord no earlier than fifteen (15) months prior to the date the Lease Term would expire but for such exercise but no later than nine (9) months prior to the date the Lease Term would expire but for such exercise, time being of the essence for the giving of such notice. Further, Tenant may only exercise the Options provided it concurrently exercises its options to extend the lease for Building 1. If Tenant exercises the Option, all of the terms, covenants and conditions of this Lease shall apply except for the grant of additional Options pursuant to this Section, provided that Base Monthly Rent for the Premises payable by Tenant during the Option Term shall be the greater of (i) the Base Monthly Rent applicable to the period immediately prior to the commencement of the Option Term, and (ii) ninety five percent (95%) of the Fair Market Rental as hereinafter defined. Notwithstanding anything herein to the contrary, if Tenant is in monetary or material non-monetary default beyond any applicable notice and cure period under any of the terms, covenants or conditions of this Lease (beyond applicable cure periods) either at the time Tenant exercises the Option or at any time thereafter prior to the commencement date of the Option Term, then Landlord shall have, in addition to all of Landlord's other rights and remedies provided in this Lease, the right to terminate the Option upon notice to Tenant, in which event the Lease Term shall not be extended pursuant to this Section 18.A. As used herein, the term "

Option to Extend the Lease Term. X. Xxxxx A. Grant and Exercise of Option: Landlord grants to Tenant, subject to the subjecx xx xxx terms and conditions set forth in this Section 18.A, two an option (2) options (the "OptionsOption") to extend the Lease Term for an additional term (the "Option Term"). Each The Option Term shall be for a period of sixty three (603) months years and shall be exercised, if at all, by written notice to Landlord no earlier than fifteen eighteen (1518) months prior to the date the Lease Term would expire but for such exercise but no later than nine twelve (912) months prior to the date the Lease Term would expire but for such exercise, time being of the essence for the giving of such notice. Further, Tenant may only exercise the Options provided it concurrently exercises its options to extend the lease for Building 1. If Tenant exercises the Option, all of the terms, covenants and conditions of this Lease shall apply except for the grant of additional Options pursuant to this Section, provided that Base Monthly Rent for the Premises payable by Tenant during the Option Term shall be ninety five percent (95%) of at the Fair Market Rental as hereinafter defined. Notwithstanding anything herein to the contrary, if Tenant is in monetary or material non-monetary default (beyond any applicable notice and cure period periods) under any of the terms, covenants or conditions of this Lease either at the time Tenant exercises the Option or at any time thereafter prior to the commencement date of the Option Term, then Landlord shall have, in addition to all of Landlord's other rights and remedies provided in this Lease, the right to terminate the Option upon notice to Tenant, in which event the Lease Term shall not be extended pursuant to this Section 18.A. As used herein, the term "

Option to Extend the Lease Term. X. Xxxxx and Exercise of Option: Landlord grants to Tenant, subject to the terms and conditions set forth in this Section 18.A, two one (21) options option (the "OptionsOption") to extend the Lease Term for an additional term (the "Option Term"). Each The Option Term shall be for a period of sixty (60) months and shall be exercised, if at all, by written notice to Landlord no earlier than fifteen twelve (1512) months prior to the date the Lease Term would expire but for such exercise but no later than nine (9) months prior to the date the Lease Term would expire but for such exercise, time being of the essence for the giving of such notice. Further, Tenant may only exercise the Options provided it concurrently exercises its options to extend the lease for Building 1. If Tenant exercises the Option, all of the terms, covenants and conditions of this Lease shall apply except for the grant of additional Options pursuant to this Section, provided that Base Monthly Rent for the Premises payable by Tenant during the Option Term shall be ninety five percent the greater of (95%i) the average amount of Base Monthly Rent paid during the initial Lease Term ("Floor Rent"), and (ii) the Fair Market Rental as hereinafter defined. Notwithstanding anything herein to the contrary, if Tenant is in monetary or material non-monetary default beyond any applicable notice and cure period under any of the terms, covenants or conditions of this Lease beyond applicable cure periods either at the time Tenant exercises the Option or at any time thereafter prior to the commencement date of the Option Term, then Landlord shall have, in addition to all of Landlord's other rights and remedies provided in this Lease, the right to terminate the Option upon notice to Tenant, in which event the Lease Term shall not be extended pursuant to this Section 18.A. As used herein, the term "

Option to Extend the Lease Term. X. Xxxxx and Exercise of Option: Landlord hereby grants to TenantTenant (and not their assignee or sublessee that is not a Permitted Transferee, unless such option is at Fair Market Value), upon and subject to the terms and conditions set forth in this Section 18.AParagraph 35, two Two (2) options (the "Options") to extend the term of the Lease Term for an additional term (the "Option Term")) of Three (3) years each provided Tenant has not been in default after expiration of the applicable notice and cure period within twelve months of (a) the date of exercise of the Option, or (b) at the commencement of the Option Term. Each The Option Term shall be for a period of sixty (60) months and shall be exercised, if at all, by written notice to Landlord no earlier than fifteen on or before the date that is Eight (15) 8) months prior to the date expiration of the Lease Term would expire but for such exercise but no later than nine (9) months prior to the date the Lease Term would expire but for such exercise, time being of the essence for the giving of such notice. Further, Tenant may only exercise the Options provided it concurrently exercises its options to extend the lease for Building 1Term. If Tenant exercises exercise the Option, all each of the terms, covenants and conditions of this Lease shall apply during the Option Term, except for that the grant of additional Options pursuant to this Section, provided that Base Monthly Rent for the Premises payable by Tenant during the Option Term shall be ninety five percent (95%) of at the Fair Market Rental rate as hereinafter defineddetermined by three brokers, one selected by the Tenant, one by the Landlord and a third ( the `Neutral Broker') by the two brokers who have been selected. Notwithstanding anything herein to The brokers selected by the contrary, Landlord and Tenant shall meet and confer and if Tenant is in monetary or material non-monetary default beyond any applicable notice and cure period under they are within 5% of each other on any of the termsquantitative decisions ( i.e annual increases, covenants or conditions of this Lease management fees, monthly rentals etc.) the averages shall be utilized for that category. If they are more than 5% apart the Neutral Broker shall select that number from either at party which is closest to the time Tenant exercises the Option or at any time thereafter Neutral Broker's determination. The Brokers shall be selected sixty days prior to the commencement date of the Option Term, then Landlord shall have, in addition to all of Landlord's other rights and remedies provided in this LeaseLease termination, the right to terminate the Option upon notice to Tenant, in which event the Neutral broker within 50 days of Lease Term termination and they shall not be extended pursuant to this Section 18.A. As used herein, the term "meet and confer within 40 days of Lease termination and arrive at a decision within 7 days thereafter.

Option to Extend the Lease Term. X. Xxxxx and Exercise of Option: Landlord grants to Tenant, subject to the terms and conditions set forth in this Section 18.A, two (2) options (the "Options") to extend the Lease Term for an additional term (the "Option Term"). Each Option Term shall be for a period of sixty (60) months and shall be exercised, if at all, by written notice to Landlord no earlier than fifteen eighteen (1518) months prior to the date the Lease Term would expire but for such exercise but no later than nine twelve (912) months prior to the date the Lease Term would expire but for such exercise, time being of the essence for the giving of such notice. Further, Tenant may only exercise the Options provided it concurrently exercises its options to extend the lease for Building 1. If Tenant exercises the Option, all of the terms, covenants and conditions of this Lease shall apply except for the grant of additional Options pursuant to this Section, provided that Base Monthly Rent for the Premises payable by Tenant during the Option Term shall be ninety five percent the greater of (95%i) the average amount of Net Base Monthly Rent paid during the initial Lease Term ("Floor Rent"), and (ii) the Fair Market Rental as hereinafter defined. Notwithstanding anything herein to the contrary, if Tenant is in monetary or material non-monetary default beyond any applicable notice and cure period under any of the terms, covenants or conditions of this Lease beyond applicable cure periods either at the time Tenant exercises the Option or at any time thereafter prior to the commencement date of the Option Term, then Landlord shall have, in addition to all of Landlord's other rights and remedies provided in this Lease, the right to terminate the Option upon notice to Tenant, in which event the Lease Term shall not be extended pursuant to this Section 18.A. As used herein, the term "

Option to Extend the Lease Term. X. Xxxxx A. Grant and Exercise of Option: Landlord grants to Tenant, subject to suxxxxx xx the terms and conditions set forth in this Section 18.A, two an option (2) options (the "OptionsOption") to extend the Lease Term for an additional term (the "Option Term"). Each The Option Term shall be for a period of sixty three (603) months years and shall be exercised, if at all, by written notice to Landlord no earlier than fifteen eighteen (1518) months prior to the date the Lease Term would expire but for such exercise but no later than nine twelve (912) months prior to the date the Lease Term would expire but for such exercise, time being of the essence for the giving of such notice. Further, Tenant may only exercise the Options provided it concurrently exercises its options to extend the lease for Building 1. If Tenant exercises the Option, all of the terms, covenants and conditions of this Lease shall apply except for the grant of additional Options pursuant to this Section, provided that Base Monthly Rent for the Premises payable by Tenant during the Option Term shall be ninety five percent (95%) of at the Fair Market Rental as hereinafter defined. Notwithstanding anything herein to the contrary, if Tenant is in monetary or material non-monetary default (beyond any applicable notice and cure period periods) under any of the terms, covenants or conditions of this Lease either at the time Tenant exercises the Option or at any time thereafter prior to the commencement date of the Option Term, then Landlord shall have, in addition to all of Landlord's other rights and remedies provided in this Lease, the right to terminate the Option upon notice to Tenant, in which event the Lease Term shall not be extended pursuant to this Section 18.A. As used herein, the term "

Option to Extend the Lease Term. X. Xxxxx and Exercise of Option: Landlord hereby grants to Tenant, upon and subject to the terms and conditions set forth in this Section 18.Aparagraph, two (2) options (the "Options") to extend the term of the Lease Term for an additional term (the "Option Term"). Each , each Option Term shall to be for a period of sixty (60) months and provided Tenant is not in default at (i) the date of exercise of the Option, or (ii) at the commencement of the Option Term. The Options shall be exercised, if at all, by written notice to Landlord no earlier than fifteen on or before the date that is twelve (1512) months prior to the date the Lease Term would expire but for such exercise but no later than nine (9) months prior to the date the Lease Term would expire but for such exercise, time being expiration of the essence for the giving of such notice. Further, Tenant may only exercise the Options provided it concurrently exercises its options to extend the lease for Building 1then-current Lease Term. If Tenant exercises the Option, all each of the terms, covenants and conditions of this Lease shall apply during the Option Term, except for that the grant of additional Options pursuant to this Section, provided that Base Monthly Rent for the Premises payable by Tenant during the Option Term Period shall be the ninety five percent (95%) of the fair market monthly rent for the Premises (the "Fair Market Rental Rent") as hereinafter defined. Notwithstanding anything herein to the contrary, if Tenant is in monetary or material non-monetary default beyond any applicable notice and cure period under any of the terms, covenants or conditions of this Lease either at the time Tenant exercises the Option or at any time thereafter prior to the commencement date of the Option TermPeriod. The foregoing notwithstanding, Tenant shall have only two (2) Options to extend the term of the Lease. Fair Market Rent for the Premises shall mean the rental and all other monetary payments including any escalations and adjustments thereto (including without limitation Consumer Price Indexing) then being obtained for new leases of space comparable in age and quality to the Premises in the Locality of the Building that Landlord shall have, in addition to all of Landlord's other rights and remedies provided in this Lease, the right to terminate could obtain during the Option upon notice Tern from a third party desiring to lease the Premises for the Option Term. The appraisers shall be instructed that the foregoing five percent (5%) discount is intended to reduce comparable rents which include (i) brokerage commissions, (ii) tenant improvement allowances, and (iii) vacancy costs, to account for the fact that Landlord will not suffer such costs. The determination of the Fair Market Rent for the Premises sha11 not include any part of the rental value added to the Premises as a consequence of construction of Alterations or improvements made by Tenant or at Tenant, in which event the Lease Term shall not be extended pursuant to this Section 18.A. As used herein, the term "'s expense.

Option to Extend the Lease Term. X. Xxxxx A. Grant and Exercise of Option: Landlord hereby grants to Tenant, subject upxx xxx xubject to the terms and conditions set forth in this Section 18.Aparagraph, two (2) options the option (the "OptionsOption") to extend the Lease Term for an additional term (the "Option Term"). Each , which Option Term shall be for a period of sixty (60) months and months. The Option Term shall be exercised, if at all, by written notice to Landlord no earlier than fifteen on or before the date that is six (156) months prior to the date the Lease Term would expire but for such exercise but no later than nine (9) months prior to the date the Lease Term would expire but for such exercise, time being of the essence for the giving of such notice. Further, Tenant may only exercise the Options provided it concurrently exercises its options to extend the lease for Building 1Expiration Date. If Tenant exercises the Option, all each of the terms, covenants and conditions of this Lease except this paragraph shall apply except for the grant of additional Options pursuant to this Section, provided that Base Monthly Rent for the Premises payable by Tenant during the Option Term as though the expiration date of the Option Term was the date originally set forth herein as the Expiration Date, provided that the Base Monthly Rent to be paid shall be ninety five percent the greater of (95%i) the Base Monthly Rent applicable to the period immediately prior to the commencement of the Option Term, or (ii) the Fair Market Rental Rental, as hereinafter defined, for the Premises for the Option Term. Notwithstanding anything Anything contained herein to the contrarycontrary notwithstanding, if Tenant is in monetary or material non-monetary default beyond any applicable notice and cure period under any of the terms, covenants or conditions of this Lease either at the time Tenant exercises the Option or at any time thereafter prior to the commencement date of the Option Term, then Landlord shall have, in addition to all of Landlord's other rights and remedies provided in this Lease, the right to terminate the Option upon notice to Tenant, in which event the expiration date of this Lease Term shall not be extended pursuant to this Section 18.A. and remain the Expiration Date. As used herein, the term "Fair Market Rental" for the Premises shall mean the rental and all other monetary payments including any escalations and adjustments thereto (including without limitation Consumer Price Indexing) then being obtained for new leases of space comparable in age and quality to the Premises in the locality of the Building that Landlord could obtain during the Option Term from a third party desiring to lease the Premises for the Option Term. Fair Market Rental shall further take into account that (i) that Tenant is in occupancy of the Premises and making functional use of the space in its then existing condition, and (ii) that no brokerage commission is payable.

Option to Extend the Lease Term. X. Xxxxx Grant and Exercise of Option: Landlord grants to Tenant, subject to the terms and conditions set forth in this Section 18.A, two (2) options (the "Options") to extend the Lease Term for an additional term (the "Option Term"). Each Option Term shall be for a period of sixty (60) months and shall be exercised, if at all, by written notice to Landlord no earlier than fifteen eighteen (1518) months prior to the date the Lease Term would expire but for such exercise but no later than nine twelve (912) months prior to the date the Lease Term would expire but for such exercise, time being of the essence for the giving of such notice. Further, Tenant may only exercise the Options provided it concurrently exercises its options to extend the lease for Building 1. If Tenant exercises the Option, all of the terms, covenants and conditions of this Lease shall apply except for the grant of additional Options pursuant to this Section, provided that Base Monthly Rent for the Premises payable by Tenant during the Option Term shall be ninety five percent the greater of (95%i) the average amount of Net Base Monthly Rent paid during the initial Lease Term ("Floor Rent"), and (ii) the Fair Market Rental as hereinafter defined. Notwithstanding anything herein to the contrary, if Tenant is in monetary or material non-monetary default beyond any applicable notice and cure period under any of the terms, covenants or conditions of this Lease beyond applicable cure periods either at the time Tenant exercises the Option or at any time thereafter prior to the commencement date of the Option Term, then Landlord shall have, in addition to all of Landlord's other rights and remedies provided in this Lease, the right to terminate the Option upon notice to Tenant, in which event the Lease Term shall not be extended pursuant to this Section 18.A. As used herein, the term "

Option to Extend the Lease Term. X. Xxxxx and Exercise of Option: Landlord hereby grants to Tenant, upon and subject to the terms and conditions set forth in this Section 18.AArticle, two one (21) options option (the "OptionsOption") to extend the Lease Term for an additional term (the "Option Term")) of one hundred twenty (120) months. Each Such Option Term shall be for a period of sixty (60) months and shall be exercised, if at all, by written notice to Landlord no earlier than fifteen the date that is twelve (1512) months prior to the date the Lease Term would expire but for such exercise Expiration Date but no later than the date that is nine (9) months prior to the date the Lease Term would expire but for such exercise, time being of the essence for the giving of such notice. Further, Tenant may only exercise the Options provided it concurrently exercises its options to extend the lease for Building 1Expiration Date. If Tenant exercises the Option, all each of the terms, covenants and conditions of this Lease except this paragraph shall apply except for during the grant Option Term as though the expiration date of additional Options pursuant to this Sectionthe Option Term was the date originally set forth herein as the Expiration Date, provided that the Base Monthly Rent for the Premises payable to be paid by Tenant during the Option Term shall be the greater of (i) 90% of the Base Monthly Rent payable for the first month of the original Lease Term as provided in Article 4 of this Lease, or (ii) ninety five percent (95%) of the Fair Market Rental Rental, as hereinafter defined, for the Premises for the Option Term. Notwithstanding anything Anything contained herein to the contrarycontrary notwithstanding, if Tenant is in monetary or material non-monetary default beyond any applicable notice and cure period under any of the terms, covenants or conditions of this Lease either at the time Tenant exercises the Option or at any time thereafter prior to the commencement date of the Option Term, then Landlord shall have, in addition to all of Landlord's other rights and remedies provided in this Lease, the right to terminate the Option upon notice to Tenant, in which event the expiration date of this Lease Term shall not be extended pursuant to this Section 18.A. and remain the Expiration Date. As used herein, the term "Fair Market Rental" for the Premises shall mean the rental and all other monetary payments including any escalations and adjustments thereto (including without limitation Consumer Price Indexing) then being obtained for new leases of space comparable in age and quality to the Premises in the locality of the Building that Landlord could obtain during the Option Term from a third party desiring to lease the Premises for the Option Term based upon the current use and other potential uses of the Premises. The appraisers shall be instructed that the foregoing five percent (5%) discount of the Fair Market Rental is intended to reduce comparable rents which include (i) brokerage commissions, (ii) tenant improvement allowances, and (iii) vacancy costs, to account for the fact that Landlord will not suffer such costs in the event Tenant exercises its Option.

Option to Extend the Lease Term. X. Xxxxx and Exercise of Option: Landlord Provided Tenant simultaneously exercises its option to extend the lease for Xxxxxxxx 0 xxx Xxxxxxxx 0, Xxxxxxxx grants to Tenant, subject to the terms and conditions set forth in this Section 18.A, two (2) options (the "Options") to extend the Lease Term for an additional term (the "Option Term"). Each Option Term shall be for a period of sixty (60) months and shall be exercised, if at all, by written notice to Landlord no earlier than fifteen (15) months prior to the date the Lease Term would expire but for such exercise but no later than nine (9) months prior to the date the Lease Term would expire but for such exercise, time being of the essence for the giving of such notice. Further, Tenant may only exercise the Options provided it concurrently exercises its options to extend the lease for Building 1. If Tenant exercises the Option, all of the terms, covenants and conditions of this Lease shall apply except for the grant of additional Options pursuant to this Section, provided that Base Monthly Rent for the Premises payable by Tenant during the Option Term shall be the greater of (i) the Base Monthly Rent applicable to the period immediately prior to the commencement of the Option Term, and (ii) ninety five percent (95%) of the Fair Market Rental as hereinafter defined. Notwithstanding anything herein to the contrary, if Tenant is in monetary or material non-monetary default beyond any applicable notice and cure period under any of the terms, covenants or conditions of this Lease (beyond applicable cure periods) either at the time Tenant exercises the Option or at any time thereafter prior to the commencement date of the Option Term, then Landlord shall have, in addition to all of Landlord's other rights and remedies provided in this Lease, the right to terminate the Option upon notice to Tenant, in which event the Lease Term shall not be extended pursuant to this Section 18.A. As used herein, the term "

Option to Extend the Lease Term. X. Xxxxx and Exercise of Option: Landlord grants to Tenant, subject to the terms and conditions set forth in this Section 18.A, two one (21) options option (the "Options"“Option”) to extend the Lease Term for an additional term (the "“Option Term"”). Each The Option Term shall be for a period of sixty (60) months and shall be exercised, if at all, by written notice to Landlord no earlier than fifteen eighteen (1518) months prior to the date the Lease Term would expire but for such exercise Expiration Date but no later than nine twelve (912) months prior to the date the Lease Term would expire but for such exerciseExpiration Date, time being of the essence for the giving of such notice. Further, Tenant may only exercise the Options provided it concurrently exercises its options to extend the lease for Building 1. If Tenant exercises the Option, all of the terms, covenants and conditions of this Lease except this Section shall apply except for during the grant Option Term as though the expiration date of additional Options pursuant to this Sectionthe Option Term was the date originally set forth herein as the Expiration Date, provided that Base Monthly Rent for the Premises payable by Tenant during the Option Term shall be the greater of (i) One Hundred Thirty Five Thousand and No/100 Dollars ($135,000.00), and (ii) ninety five percent (95%) of the Fair Market Rental as hereinafter defined. Notwithstanding anything herein to the contrary, if Tenant is in monetary or material non-monetary default beyond any applicable notice and cure period under any of the terms, covenants or conditions of this Lease either at the time Tenant exercises the Option or at any time thereafter prior to the commencement date of the Option Term, then Landlord shall have, in addition to all of Landlord's ’s other rights and remedies provided in this Lease, the right to terminate the Option upon notice to Tenant, in which event the expiration date of this Lease Term shall not be extended pursuant to this Section 18.A. and remain the Expiration Date. As used herein, the term "“Fair Market Rental” is defined as the rental and all other monetary payments, including any escalations and adjustments thereto (including without limitation Consumer Price Indexing) that Landlord could obtain during the Option Term from a third party desiring to lease the Premises, based upon the current use and other potential uses of the Premises, as determined by the rents then being obtained for new leases of space comparable in age and quality to the Premises in the locality of the Building. Fair Market Rental shall further take into account that Tenant is in occupancy and making functional use of the Premises in its then existing condition. Fair Market Rental shall additionally include only value of the 67,000 sf of land associated with Building Addition and shall exclude the balance of the value of Building Addition if such addition has been constructed by Tenant. The appraisers shall be instructed that the foregoing five percent (5%) discount is intended to reduce comparable rents which include (i) brokerage commissions, (ii) tenant improvement allowances, and (iii) vacancy costs, to account for the fact that Landlord will not suffer such costs in the event Tenant exercises its Option.