Common use of Option to Extend Clause in Contracts

Option to Extend. Upon expiration of the primary term of this Lease, Tenant is granted an option to extend the term of this Lease for one (1) additional sixty (60) month period, with the same terms and conditions as are included in this Lease, subject, however, to renegotiation of the rent provided in paragraph 4 of this Lease. The primary term and the extension terms will be collectively referred to in this Lease as the “term.” Tenant shall notify Landlord within not less than one hundred twenty (120) days prior to the expiration of the primary term of this Lease or prior to the expiration of each extension term of Tenant’s exercise of its option to extend this Lease, provided that in the circumstances described in paragraph 13, the options to extend the term may be exercised earlier as provided in paragraph 13, and if the option to extend is exercised earlier as provided in paragraph 13, nevertheless, the rental payable as provided in paragraph 4 shall be determined at the time and in the manner provided in paragraph 4 and this paragraph 3. During the following sixty (60) day period, Tenant and Landlord shall negotiate and arrive at an agreement or disagreement of the amount of rent to be paid during the applicable extension term. If Landlord and Tenant agree upon the rent to be paid during the applicable extension term, Landlord and Tenant shall at the end of the sixty (60) day period enter into a new written lease or an amendment agreement setting forth the amount of rental Tenant shall be required to pay pursuant paragraph 4 for the applicable extension term and any other additional terms to which Landlord and Tenant have agreed. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, a fair market appraisal comparison of comparable properties will be completed by an independent party upon which the Landlord and Tenant may use to negotiate the amount of rent to be paid during the applicable extension term. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, either Landlord or Tenant may, by written notice to the other party given within the ensuing thirty (30) day period, elect to invoke the arbitration provisions of this Lease to determine the rent Tenant shall be required to pay pursuant to paragraph 4 for the applicable extension term.

Appears in 3 contracts

Sources: Lease Agreement (Rightnow Technologies Inc), Lease Agreement (Rightnow Technologies Inc), Lease Agreement (Rightnow Technologies Inc)

Option to Extend. Upon Provided Tenant is not in default in its obligations hereunder beyond any applicable cure period, Tenant shall have the option to extend this Lease for one additional successive term (hereinafter referred to, as applicable, as the “Extended Term”) commencing immediately upon the expiration of the primary term initial Term hereof and continuing for a period of five (5) years, provided that Tenant proceeds strictly in accordance with the provisions of this LeaseArticle 35. On or before the date that is one hundred twenty (120) prior to the Expiration Date for the Term (the “Notice Date”), Tenant is granted an option shall advise Landlord in writing that Tenant wishes to extend the term of this Lease for one (1) additional sixty (60) month period, with the same terms and conditions as are included in this Lease, subject, however, to renegotiation of the rent provided in paragraph 4 of this Lease. The primary term and the extension terms will be collectively hereinafter referred to in this Lease as the term.” Tenant shall notify Landlord within not less than one hundred twenty (120) days prior to the expiration of the primary term of this Lease or prior to the expiration of each extension term of Tenant’s exercise of its option to extend this Lease, provided that in the circumstances described in paragraph 13, the options to extend the term may be exercised earlier as provided in paragraph 13, and if the option to extend is exercised earlier as provided in paragraph 13, nevertheless, the rental payable as provided in paragraph 4 shall be determined Extension Notice”). If at the time Landlord receives Tenant’s Extension Notice this Lease is in full force and in effect without default on the manner provided in paragraph 4 and this paragraph 3. During part of the following sixty (60) day Tenant beyond any applicable cure period, Tenant and Landlord shall negotiate and arrive at an agreement or disagreement of the amount of rent to be paid then, during the applicable extension term. If Landlord and Tenant agree upon the rent to be paid during the applicable extension term, Landlord and Tenant shall at the end of the sixty (60) day period enter into a new written lease or an amendment agreement setting forth the amount of rental Tenant shall be required to pay pursuant paragraph 4 for the applicable extension term and any other additional terms to which Landlord and Tenant have agreed. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, a fair market appraisal comparison of comparable properties will be completed by an independent party upon which the Landlord and Tenant may use to negotiate the amount of rent to be paid during the applicable extension term. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, either Landlord or Tenant may, by written notice to the other party given within the ensuing next thirty (30) day perioddays, elect Landlord shall notify Tenant in writing of the Base Rent pursuant to invoke Article 3 of the arbitration provisions of this Lease to determine the rent Tenant which shall be required to pay pursuant to paragraph 4 due for the applicable extension termExtended Term. The Base Rent specified by Landlord shall be equal to the greater of: (a) the Base Rent scheduled to be paid for the last year of the Term without giving effect to any partial or complete abatements of Base Rent (the “Rent Notice”); or (b) ninety five percent (95%) Landlord’s projected fair market Base Rent as of the commencement of the Extended Term, for comparable space in comparable buildings in New Haven (the “FMV Rent Notice”).

Appears in 3 contracts

Sources: Lease Agreement (Arvinas Holding Company, LLC), Lease Agreement (Arvinas Holding Company, LLC), Lease Agreement (Arvinas Holding Company, LLC)

Option to Extend. Upon (a) Tenant shall have two options to extend the Lease for consecutive ten year periods (each an “Extended Term”) upon expiration of the primary term then current Term, at a Minimum Rent equal to the then-market rental rate. Tenant shall give Landlord written notice of this Lease, Tenant is granted an ▇▇▇▇▇▇'s intent to exercise Tenant's option to extend the term of this Lease for one (1) additional sixty (60) month period, with the same terms and conditions as are included in this Lease, subject, however, to renegotiation of the rent provided in paragraph 4 of this Lease. The primary term and the extension terms will be collectively referred to in this Lease as the “term.” Tenant shall notify Landlord within not less than one hundred twenty (120) on or before 180 days prior to the expiration Expiration Date of the primary term of this Lease or prior to the expiration of each extension term of Tenant’s exercise of its option to extend this Lease, provided that in the circumstances described in paragraph 13, the options to extend the term may be exercised earlier as provided in paragraph 13, and if the option to extend is exercised earlier as provided in paragraph 13, nevertheless, the rental payable as provided in paragraph 4 shall be determined at the time and in the manner provided in paragraph 4 and this paragraph 3. During the following sixty (60) day period, Tenant and Landlord shall negotiate and arrive at an agreement or disagreement of the amount of rent to be paid during the then applicable extension term. If Landlord and Tenant agree upon the rent to be paid during the applicable extension termUpon receipt of such notice, Landlord and Tenant shall at have 30 days to agree on the end of the sixty (60) day period enter into a new written lease or an amendment agreement setting forth the amount of rental Tenant shall market rate for Minimum Rent to be required to pay pursuant paragraph 4 for charged during the applicable extension term and any other additional terms Extended Term. (b) If the parties are unable to which reach agreement within 30 days after Landlord receives Tenant's Notice, Landlord and Tenant have agreed. If Tenant shall, within 40 days after the date Landlord receives Tenant's Notice, each appoint a broker ("Landlord's Rent Broker" and Landlord fail "Tenant's Rent Broker," respectively) who is knowledgeable in commercial property values in the area in which the Premises are located, and Landlord's Rent Broker and Tenant's Rent Broker shall attempt to agree upon the rent market rental rate applicable to be paid during the Premises. If Landlord's Rent Broker and ▇▇▇▇▇▇'s Rent Broker are unable to reach agreement within 70 days after the date of Landlord's receipt of Tenant's Notice, they shall, within 80 days after the date of Landlord's receipt of Tenant's Notice, appoint an additional Rent Broker ("Additional Rent Broker") with the same qualifications and, within 15 days after such appointment, each of Landlord's Rent Broker and ▇▇▇▇▇▇'s Rent Broker will submit their respective written reports of the market rental rate applicable extension term during to the sixty (60) day period of negotiationsPremises to the Additional Rent Broker. Within 10 days thereafter, a fair market appraisal comparison of comparable properties the Additional Rent Broker shall determine Minimum Rent for the extended term, which will be completed rate proposed by an independent party upon which Landlord's Rent Broker or the Landlord rate proposed by Tenant's Rent Broker. If, within 80 days after ▇▇▇▇▇▇▇▇' s receipt of Tenant's Notice, Landlord's Rent Broker and Tenant may use to negotiate the amount of rent to be paid during the applicable extension term. If Tenant and Landlord fail to Tenant's Rent Broker do not agree upon and designate the rent to be paid during the applicable extension term during the sixty (60) day period of negotiationsAdditional Rent Broker, either Landlord or Tenant maymay request that the local office of the American Arbitration Association (or, if such organization or its successor shall no longer be in existence, a recognized national arbitration association mutually satisfactory to both parties), designate the Additional Rent Broker, and the Additional Rent Broker so designated shall, for all purposes, have the same standing and powers as though the Additional Rent Broker had been initially appointed by written ▇▇▇▇▇▇▇▇'s ▇▇▇▇ ▇▇▇▇▇▇ and ▇▇▇▇▇▇'s Rent Broker. Landlord and Tenant shall each bear the cost of its Rent Broker and shall share equally the cost of the Additional Rent Broker. (c) This option to extend will be of no further force and effect if Tenant does not timely exercise its option, Tenant does not timely accept the Rent Notice, or Tenant is in default under this Lease after notice and time to cure at the time it exercises this option. If ▇▇▇▇▇▇ accepts the Rent Notice, ▇▇▇▇▇▇ will execute an amendment to this Lease so confirming the extension of the Lease and the new Minimum Rent within 30 days of receipt of the same from Landlord. This option is personal to the other party given within the ensuing thirty (30) day period, elect to invoke the arbitration provisions of this Lease to determine the rent named Tenant shall be required to pay and its permitted successors and assigns pursuant to paragraph 4 for the applicable extension termsubparagraph 22(b).

Appears in 2 contracts

Sources: Building Lease (Solera National Bancorp, Inc.), Building Lease (Solera National Bancorp, Inc.)

Option to Extend. Upon expiration of Tenant shall have the primary term of this Leaseright, Tenant is granted an option to be exercised as hereinafter provided, to extend the term of this Lease for one 1 period of 3 years (1) additional sixty (60) month period“Extension Term”), with on the same following terms and conditions and subject to the limitations hereinafter set forth. The Extension Term shall be upon the same terms, covenants and conditions as are included in this Lease, subject, however, to renegotiation of except that Basic Rent shall be the rent provided in paragraph 4 of this LeaseFair Market Basic Rent for such space on the date such Extension Term shall commence. The primary term and the extension terms will be collectively referred to in this Lease as the “term.” Tenant shall notify Landlord within not less than one hundred twenty (120) days prior to the expiration of the primary term of this Lease or prior to the expiration of each extension term of Tenant’s exercise of its option to extend this Lease, provided that in the circumstances described in paragraph 13, the options desire to extend the term may be exercised earlier as provided for the Extension Term by notifying Landlord in paragraph 13writing (the “Extension Notification”) at least 9 months prior to the commencement date of the Extension Term; if Tenant fails to timely deliver the Extension Notification to Landlord, and if the then Tenant’s option to extend is exercised earlier as provided in paragraph 13, nevertheless, the rental payable as provided in paragraph 4 shall be determined at the time and in the manner provided in paragraph 4 and this paragraph 3automatically terminate. During the following sixty (60) day period, Tenant and Landlord shall negotiate and arrive at an agreement or disagreement Upon Landlord’s receipt of the amount of rent to be paid during the applicable extension term. If Landlord and Tenant agree upon the rent to be paid during the applicable extension termExtension Notification, Landlord and Tenant shall at make a good faith effort to agree upon the end Fair Market Basic Rent of the sixty (60) day period enter into a new written lease or an amendment agreement setting forth the amount of rental Tenant shall be required to pay pursuant paragraph 4 Premises for the applicable extension term Extension Term. “Fair Market Basic Rent” shall mean that net annual basic rent per rentable square foot of the Premises as of the commencement of the Extension Term that a willing credit-worthy tenant would pay and any that a willing landlord would accept in an arms length bona fide negotiation for space comparable to the Premises in condition, quality, size and location, with neither party under a compulsion for the appropriate term. In determining “Fair Market Basic Rent,” the parties shall consider rental rates, rent concessions, and other additional economic terms that a comparable landlord, acting reasonably and in good faith, is then offering or would then offer, to which a lessee similar to Tenant for a similar term. In the event that Landlord and Tenant have agreed. If Tenant and Landlord fail to agree upon the rent Fair Market Basic Rent within 90 days of Landlord’s receipt of the Extension Notification, then Tenant’s extension right shall automatically terminate. Tenant’s option to extend as set forth in this Section shall be paid during the applicable extension term during the sixty (60) day period of negotiations, a fair market appraisal comparison of comparable properties will be completed by an independent party contingent upon which the Landlord this Lease being in full force and effect and Tenant may use not being in default in the performance of any of the terms, covenants and conditions herein contained in respect to negotiate the amount a matter as to which notice of rent to be paid during the applicable extension term. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, either Landlord or Tenant may, by written notice to the other party default has been given hereunder which has not been remedied within the ensuing thirty (30) day period, elect to invoke the arbitration provisions of time limited in this Lease to determine the rent Tenant shall be required to pay pursuant to paragraph 4 for the applicable extension termLease.

Appears in 2 contracts

Sources: Lease Agreement (G Iii Apparel Group LTD /De/), Lease Agreement (G Iii Apparel Group LTD /De/)

Option to Extend. Upon expiration of the primary term of this Lease, ---------------- Tenant is granted an option to extend the term of this Lease for one three (13) additional sixty (60) month periodperiods, with each (each an "extension term") upon the same terms and conditions as are included in this Lease, subject, however, to renegotiation of the rent provided in paragraph 4 of this Lease. The primary term and the extension terms will be collectively referred to in this Lease as the "term." Tenant shall notify Landlord within not less than one hundred twenty (120) days prior to the expiration of the primary term of this Lease or prior to the expiration of each extension term of Tenant’s 's exercise of its option to extend this Lease, provided that in the circumstances described in paragraph 13, the options to extend the term may be exercised earlier as provided in paragraph 13, and if the option to extend is exercised earlier as provided in paragraph 13, nevertheless, the rental payable as provided in paragraph 4 shall be determined at the time and in the manner provided in paragraph 4 and this paragraph 3. During the following sixty (60) day period, Tenant and Landlord shall negotiate and arrive at an agreement or disagreement of the amount of rent to be paid during the applicable extension term. If Landlord and Tenant agree upon the rent to be paid during the applicable extension term, Landlord and Tenant shall at the end of the sixty (60) day period enter into a new written lease or an amendment agreement setting forth the amount of rental Tenant shall be required to pay pursuant paragraph 4 for the applicable extension term and any other additional terms to which Landlord and Tenant have agreed. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, a fair market appraisal comparison of comparable properties will be completed by an independent party upon which the Landlord and Tenant may use to negotiate the amount of rent to be paid during the applicable extension term. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, either Landlord or Tenant may, by written notice to the other party given within the ensuing thirty (30) day period, elect to invoke the arbitration provisions of this Lease to determine the rent Tenant shall be required to pay pursuant to paragraph 4 for the applicable extension term.

Appears in 2 contracts

Sources: Lease Agreement (Rightnow Technologies Inc), Lease Agreement (Rightnow Technologies Inc)

Option to Extend. Upon expiration of the primary term of this Lease, Tenant is granted an option to extend the term of this Lease for one three (13) additional sixty (60) month periodperiods, with each (each an "extension term") upon the same terms and conditions as are included in this Lease, subject, however, to renegotiation of the rent provided in paragraph 4 of this Lease. The primary term and the extension terms will be collectively referred to in this Lease as the "term." Tenant shall notify Landlord within not less than one hundred twenty (120) days prior to the expiration of the primary term of this Lease or prior to the expiration of each extension term of Tenant’s 's exercise of its option to extend this Lease, provided that in the circumstances described in paragraph 13, the options to extend the term may be exercised earlier as provided in paragraph 13, and if the option to extend is exercised earlier as provided in paragraph 13, nevertheless, the rental payable as provided in paragraph 4 shall be determined at the time and in the manner provided in paragraph 4 and this paragraph 3. During the following sixty (60) day period, Tenant and Landlord shall negotiate and arrive at an agreement or disagreement of the amount of rent to be paid during the applicable extension term. If Landlord and Tenant agree upon the rent to be paid during the applicable extension term, Landlord and Tenant shall at the end of the sixty (60) day period enter into a new written lease or an amendment agreement setting forth the amount of rental Tenant shall be required to pay pursuant paragraph 4 for the applicable extension term and any other additional terms to which Landlord and Tenant have agreed. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, a fair market appraisal comparison of comparable properties will be completed by an independent party upon which the Landlord and Tenant may use to negotiate the amount of rent to be paid during the applicable extension term. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, either Landlord or Tenant may, by written notice to the other party given within the ensuing thirty (30) day period, elect to invoke the arbitration provisions of this Lease to determine the rent Tenant shall be required to pay pursuant to paragraph 4 for the applicable extension term.

Appears in 2 contracts

Sources: Lease Agreement Modification (Rightnow Technologies Inc), Lease Agreement (Rightnow Technologies Inc)

Option to Extend. Upon expiration of the primary term of this Lease, Tenant is granted an option to extend the term of this Lease for one two (12) additional sixty (60) month periodperiods, with each (each an “extension term”) upon the same terms and conditions as are included in this Lease, subject, however, to renegotiation of the rent provided in paragraph 4 of this Lease. The primary term and the extension terms will be collectively referred to in this Lease as the “term.” Tenant shall notify Landlord within not less than one hundred twenty (120) days prior to the expiration of the primary term of this Lease or prior to the expiration of each extension term of Tenant’s exercise of its option to extend this Lease, provided that in the circumstances described in paragraph 13, the options to extend the term may be exercised earlier as provided in paragraph 13, and if the option to extend is exercised earlier as provided in paragraph 13, nevertheless, the rental payable as provided in paragraph 4 shall be determined at the time and in the manner provided in paragraph 4 and this paragraph 3. During the following sixty (60) day period, Tenant and Landlord shall negotiate and arrive at an agreement or disagreement of the amount of rent to be paid during the applicable extension term. If Landlord and Tenant agree upon the rent to be paid during the applicable extension term, Landlord and Tenant shall at the end of the sixty (60) day period enter into a new written lease or an amendment agreement setting forth the amount of rental Tenant shall be required to pay pursuant paragraph 4 for the applicable extension term and any other additional terms to which Landlord and Tenant have agreed. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, a fair market appraisal comparison of comparable properties will be completed by an independent party upon which the Landlord and Tenant may use to negotiate the amount of rent to be paid during the applicable extension term. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, either Landlord or Tenant may, by written notice to the other party given within the ensuing thirty (30) day period, elect to invoke the arbitration provisions of this Lease to determine the rent Tenant shall be required to pay pursuant to paragraph 4 for the applicable extension term.

Appears in 2 contracts

Sources: Lease Agreement (Rightnow Technologies Inc), Lease Agreement (Rightnow Technologies Inc)

Option to Extend. Upon expiration Tenant may extend the Term subject to all of the primary term following conditions: a. If Tenant is not in default under the Lease at the time of the exercise of this Leaseoption or at the commencement of the extended Term, Tenant may extend the Term for 2 extension terms of 5 years each (each, an Extension Term), commencing on the next day after the then-current Expiration Date, by giving Landlord an extension notice at least 9 months, but not more than 12 months, prior to the then-current Expiration Date (the Extension Notice Period). b. If Tenant gives a valid extension notice, then subject to this Section 13, the Term is granted an extended for 5 years upon the same terms as in the Lease (as amended hereby), except that the Rent and other applicable terms adjust based on the Market Rate (defined and determined below), and Tenant has no further option to extend the Term after both options set forth in this Section 13 are exercised. If Tenant does not give an extension notice during the applicable Extension Notice Period, then this option expires automatically at the end of the applicable Extension Notice Period. c. Within 30 days after Landlord receives Tenant’s extension notice, Landlord shall deliver a notice to Tenant specifying the Market Rate (the Market Rate Notice). The term Market Rate means the minimum rent, refurbishment allowance, and other economic terms that a non-encumbered, non-equity tenant, having a credit standing substantially similar to that of this Tenant as of the date of the Lease for one (1) additional sixty (60) month period, with and requiring substantially the same space and terms as Tenant, would be able to obtain from a willing landlord comparable to Landlord, in arms-length negotiations for comparable space located within the Industrial Center and other comparable buildings in the Grand Prairie/Arlington markets, and leased at the time in question for a comparable period of time, as determined by Landlord in its reasonable discretion based upon current market conditions as for comparable space located within the Industrial Center and other comparable buildings in the Grand Prairie/Arlington markets. In determining Market Rate, Landlord shall consider, among other things and in addition to base rent and refurbishment allowance: (i) Operating Expense treatment, (ii) rental abatement concessions, (iii) lease takeover payments, (iv) whether or not brokerage commissions are included in this Leaseinvolved, subjectand (v) other allowance, howeverinducements, to renegotiation of the rent provided in paragraph 4 of this Lease. The primary term and the extension terms will be collectively referred to in this Lease as the “termconcessions. d. Tenant shall notify Landlord within not less than one hundred twenty (120) 15 days prior to after the expiration date of the primary term Market Rate Notice whether it approves Landlord’s designation of this Lease or prior to Market Rate (the expiration of each extension term of Tenant’s exercise of its option to extend this Lease, provided that in the circumstances described in paragraph 13, the options to extend the term may be exercised earlier as provided in paragraph 13Response Notice), and if Tenant does not timely give a Response Notice, Tenant is deemed to approve the option to extend is exercised earlier as provided in paragraph 13, nevertheless, the rental payable as provided in paragraph 4 shall be determined at the time and Market Rate specified in the manner provided in paragraph 4 Market Rate Notice. If Tenant gives a valid Response Notice that it disapproves of Landlord’s designation of Market Rate, then Landlord and this paragraph 3. During the following sixty (60) day period, Tenant and Landlord shall negotiate and arrive at an agreement or disagreement in good faith for a period of 20 days after the date of the amount of rent Response Notice to be paid during reach agreement on the applicable extension termMarket Rate. If Landlord and Tenant agree upon do not reach agreement on the rent Market Rate within the 20-day period, then Tenant, as its sole remedy, may either (i) revoke its exercise notice by delivering a Revocation Notice (herein so called) to Landlord within 5 days after the end of the 20-day negotiation period (the Revocation Period), or (ii) deliver an Arbitration Notice (herein so called) to Landlord before the end of the Revocation Period, notifying Landlord of its election to submit the determination of Market Rate to arbitration, to be paid during conducted by the applicable extension termAmerican Arbitration Association office located in Dallas, Texas, in accordance with Section 13(e) below. If Tenant does not deliver a Revocation Notice or an Arbitration Notice before the end of the Revocation Period, then Tenant is deemed to have given a timely Revocation Notice. e. If Tenant gives a valid Arbitration Notice, then Landlord, or its designated representative, and Tenant shall each place in a separate sealed envelope their final proposal as to Market Rate (as to each party individually, Final Proposal) and shall meet with each other within 10 days after the last day of the Revocation Period (the Meeting Date). At the meeting, Landlord and Tenant shall at exchange and then open the end of the sixty (60) day period enter into a new written lease or an amendment agreement setting forth the amount of rental Tenant shall be required to pay pursuant paragraph 4 for the applicable extension term and any other additional terms to which envelopes in each other’s presence. If Landlord and Tenant have agreed. If Tenant and Landlord fail to do not mutually agree upon the rent to be paid during Market Rate within 5 days after the applicable extension term during Meeting Date, then the sixty (60) day period of negotiations, a fair market appraisal comparison of comparable properties Market Rate will be completed by an independent party upon which submitted to baseball-style arbitration, and within 15 days after the Meeting Date, Landlord and Tenant may use shall agree upon and jointly appoint a 3-member arbitration panel (the Panel) to negotiate conduct the amount arbitration. In appointing the Panel, Landlord and Tenant shall choose real estate professionals (excluding appraisers and attorneys) with knowledge of rent the Grand Prairie and Arlington markets for industrial space comparable to be paid during the applicable extension termIndustrial Center. If Landlord and Tenant and Landlord fail to do not agree upon and appoint a 3-member Panel within 15 days after the rent Meeting Date, then within 5 days, Landlord and Tenant shall each appoint one panel member, and within 5 days thereafter, the two appointed members shall select the third. The determination of the Panel will be limited solely to be paid during the applicable extension term during issue whether Landlord’s or Tenant’s Final Proposal is closer to the sixty (60) day period of negotiationsactual Market Rate for the Premises as determined by the Panel. The Panel may hold hearings and require briefs from Landlord and Tenant as the Panel, either in its sole discretion, determines is necessary. In addition, Landlord or Tenant maymay submit to the Panel and the other party, by written notice within 5 days after the appointment thereof, any market data and additional information that the party deems relevant to the determination of Market Rate (MR Data), and the other party given may submit a reply in writing within 5 days after receipt of such MR Data. The Panel shall, within 30 days after its appointment, notify Landlord and Tenant whether Landlord’s or Tenant’s Final Proposal is closer to the ensuing thirty (30) day periodactual Market Rate for the Premises as determined by the Panel. The Panel’s decision is binding upon Landlord and Tenant. The cost of arbitration shall be paid by Landlord and Tenant equally, elect except that each party will be responsible for its own legal fees and costs of experts in connection with its presentation of information and evidence to invoke the arbitration provisions of Panel. f. If the Term is extended under this Section 13, Landlord shall prepare, and Landlord and Tenant shall promptly execute and deliver, an amendment to the Lease to determine reflect the rent Tenant shall be required extension of the Term and, if applicable, the modification of the Premises. g. The Option to pay pursuant to paragraph 4 for Extend contained in Section 8 of the applicable extension termFirst Amendment is hereby deleted in its entirety.

Appears in 2 contracts

Sources: Commercial Lease Agreement (Neos Therapeutics, Inc.), Commercial Lease Agreement (Neos Therapeutics, Inc.)

Option to Extend. Upon expiration of Landlord hereby grants to Tenant the primary term of this Lease, Tenant is granted an option to extend the term of this the Lease for one (1) additional sixty consecutive two (602) month periodyear period (the “Extension Option”). If exercised, with the same term of the first Extension Option will commence on April 1, 2012. The Extension Option is granted subject to each and all of the following terms and conditions as are included in this Lease, subject, however, to renegotiation of the rent provided in paragraph 4 of this Lease. The primary term and the extension terms will be collectively referred to in this Lease as the “term.” conditions: (a) Tenant shall notify give to Landlord within not less than one hundred twenty (120) days on a date which is prior to the expiration date that the applicable option period would commence (if exercised) by at least one hundred eighty (180) days and not more than two hundred seventy (270) days, a written notice of the primary term of this Lease or prior to the expiration of each extension term of Tenant’s exercise of its option to extend this Lease, provided that in the circumstances described in paragraph 13, the options to extend the term may be exercised earlier as provided in paragraph 13, and if the option to extend is exercised earlier as provided in paragraph 13the Lease for said additional term, nevertheless, the rental payable as provided in paragraph 4 shall be determined at the time and in the manner provided in paragraph 4 and this paragraph 3. During the following sixty (60) day period, Tenant and Landlord shall negotiate and arrive at an agreement or disagreement being of the amount essence. If notification of rent the exercise of an option is not so given and received, all options granted hereunder shall automatically expire. (b) All of the terms and conditions of the Lease except where specifically modified by this Amendment shall apply to be paid each option term. (c) The monthly Base Rent payable during the applicable extension term. If Landlord option term shall be the Market Rate on the date the applicable option term commences. (d) The term “Market Rate” shall mean the annual amount per rentable square foot that a willing, comparable renewal tenant would pay and Tenant agree upon a willing, comparable landlord of a similar office building would accept at arm’s length for similar space, giving appropriate consideration to the following matters: (i) annual rental rates per rentable square foot; (ii) the type of escalation clauses (including, but without limitation, operating expense, real estate taxes, and CPI) and the extent of liability under the escalation clauses (i.e., whether determined on a “net lease” basis or by increases over a particular base year or base dollar amount); (iii) rent to be paid abatement provisions reflecting free rent and/or no rent during the lease term; (iv) length of lease term; (v) size and location of premises being leased; and (vi) other generally applicable extension termteens and conditions of tenancy for similar space; provided, Landlord and however, Tenant shall at not be entitled to any tenant improvement or refurbishment allowance. The Market Rate may also designate periodic rental increases, a new Base Year and similar economic adjustments. The Market Rate shall be the end Market Rate in effect as of the sixty (60) day period enter into a new written lease or an amendment agreement setting forth the amount beginning of rental Tenant shall be required to pay pursuant paragraph 4 for the applicable extension term option period, even though the determination may be made in advance of that date, and any other additional terms to which Landlord and Tenant have agreed. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, a fair market appraisal comparison of comparable properties will be completed by an independent party upon which the Landlord and Tenant parties may use to negotiate recent trends in rental rates in determining the amount proper Market Rate as of rent to be paid during the applicable extension term. If Tenant and Landlord fail to agree upon beginning of the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, either Landlord or Tenant may, by written notice to the other party given within the ensuing thirty (30) day option period, elect to invoke the arbitration provisions of this Lease to determine the rent Tenant shall be required to pay pursuant to paragraph 4 for the applicable extension term.

Appears in 2 contracts

Sources: Standard Business Park Lease (GLAUKOS Corp), Standard Business Park Lease (GLAUKOS Corp)

Option to Extend. Upon expiration of the primary term of this Lease, Tenant is granted an at its option to may extend the term of this Lease for one (1) extension term of five (5) years by serving written notice thereof upon Landlord at least twelve (12) months before the expiration of the initial lease term, provided that at the time of such notice and at the commencement of such extended term, no event of default, as defined in Paragraph 13 of this Lease, shall have occurred. Upon the service of such notice and subject to the conditions set forth in the preceding sentence, this Lease shall be extended without the necessity of the execution of any further instrument or document. Such extended term shall commence upon the expiration date of the initial lease term, expire upon the annual anniversary of such date five (5) years thereafter, and be upon the same terms, covenants, and conditions as provided in this Lease for the initial term, except that the Basic Rental payable during the extended term shall be at the prevailing rate for comparable space in the Building, at the commencement of such extended term, which new Basic Rental shall be adjusted as provided in and under this Lease. Payment of all additional rent and other charges required to be made by Tenant as provided in this Lease for the initial term shall continue to be made during the extended term. Any termination of this Lease during the initial term shall terminate all rights of extension hereunder. Any assignment or subletting by Tenant pursuant to Paragraph 9 of this Lease, other than to a Fortune 500 company or an Affiliate, if any, shall terminate the option of Tenant contained herein. Notwithstanding the foregoing, in no event shall the Basic Rental for the extension term be less than the Basic Rental during the last year of the initial term. 74 RIDER NO. 501 TERMINATION OPTION Tenant shall have the option to terminate this Lease on the last day of any month after the date which is five (5) years and eight (8) months after the Commencement Date of this Lease (as applicable, the "Termination Date"); provided that (i) Tenant gives Landlord at least nine (9) months prior written notice to terminate, and (ii) Tenant is not in default under the Lease at the time of the giving of such notice nor on the Termination Date. Additionally, Tenant's right to terminate hereunder is conditioned upon the payment in full by Tenant, on or before the Termination Date, of (a) all Basic Rental, Additional Rental and other sums owed by Tenant under the Lease through and including the Termination Date; and (b) an amount equal to the sum of (i) the amount obtained by multiplying $5,685,000.00 by a fraction having as its numerator, the number of months remaining in the initial Lease Term, and having as its denominator, the number sixty (60), plus (ii) month periodthe unamortized cost of all tenant improvement allowances, leasing commissions and other transaction costs actually paid by Landlord in connection with this Lease with interest thereon at the same terms rate of twelve and conditions one-half percent (12.5%) per annum (collectively, the "Termination Payment"). After Landlord's receipt of the Termination Payment, and so long as are included Tenant has surrendered the Premises in the condition required under this Lease, subjectneither party shall have any rights, howeverliabilities or obligations under this Lease for the period accruing after the Termination Date, to renegotiation except those which, by the provisions of this Lease, expressly survive the rent provided in paragraph 4 termination of this Lease. The primary term and the extension terms will be collectively referred to in 75 EXHIBIT F ROOFTOP LICENSE AGREEMENT THIS ROOFTOP LICENSE AGREEMENT (this Lease "Agreement") is entered into as the “term.” Tenant shall notify Landlord within not less than one hundred twenty (120) days prior to the expiration of the primary term ____ day of this Lease or prior to the expiration of each extension term of Tenant’s exercise of its option to extend this Lease_________, provided that in the circumstances described in paragraph 13, the options to extend the term may be exercised earlier as provided in paragraph 13, and if the option to extend is exercised earlier as provided in paragraph 13, nevertheless, the rental payable as provided in paragraph 4 shall be determined at the time and in the manner provided in paragraph 4 and this paragraph 3. During the following sixty (60) day period, Tenant and Landlord shall negotiate and arrive at an agreement or disagreement of the amount of rent to be paid during the applicable extension term. If Landlord and Tenant agree upon the rent to be paid during the applicable extension term, Landlord and Tenant shall at the end of the sixty (60) day period enter into a new written lease or an amendment agreement setting forth the amount of rental Tenant shall be required to pay pursuant paragraph 4 for the applicable extension term and any other additional terms to which Landlord and Tenant have agreed. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, a fair market appraisal comparison of comparable properties will be completed by an independent party upon which the Landlord and Tenant may use to negotiate the amount of rent to be paid during the applicable extension term. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, either Landlord or Tenant may1996, by written notice to the other party given within the ensuing thirty and between CRESCENT REAL ESTATE EQUITIES LIMITED PARTNERSHIP (30"Licensor") day periodand PAGEMART WIRELESS, elect to invoke the arbitration provisions of this Lease to determine the rent Tenant shall be required to pay pursuant to paragraph 4 for the applicable extension termINC. ("Licensee").

Appears in 2 contracts

Sources: Office Lease (Pagemart Wireless Inc), Office Lease (Pagemart Inc)

Option to Extend. Upon expiration of the primary term of this LeaseProvided that Tenant is not then in default hereunder, Tenant is granted an shall have the option to extend the term terms of this Lease for one an additional period of five (15) additional sixty (60) month period, with years from the same terms and conditions as are included in this Lease, subject, however, to renegotiation end of the rent provided in paragraph 4 Lease Term so long as Tenant delivers written notice to Landlord of this Lease. The primary term and the extension terms will be collectively referred Tenant's exercise of its option to in this Lease as the “term.” Tenant shall notify Landlord within extend not less later than one hundred twenty (120) 180 days prior to the expiration of the primary term Lease Term. Such extended terms shall be on the same terms, conditions, and covenants of this Lease or prior to the expiration of each extension term of Tenant’s exercise of its option to extend this Lease, provided that in the circumstances described in paragraph 13, the options to extend the term may be exercised earlier as provided in paragraph 13, and if the option to extend is exercised earlier as provided in paragraph 13, nevertheless, the rental payable as provided in paragraph 4 shall be determined at the time and in the manner provided in paragraph 4 and this paragraph 3. During the following sixty (60) day period, Tenant and Landlord shall negotiate and arrive at an agreement or disagreement of except for the amount of rent Fixed Rent, which shall be adjusted to be paid a rate equal to 95% of the then Fair Market Rate for comparable office space, as mutually determined by Landlord and Tenant. During such extended term, Landlord shall have no obligation to provide any allowance to Tenant for tenant improvements or refurbishment of the demised premises, and Tenant shall continue to Lease the entire 43,708 rentable square feet of the demised premises "AS IS." Other than the amount, Fixed Rent payable during the applicable extension termextended term shall be payable at the same time on the same terms and conditions as during the initial Lease Term. If In no event, however, will the operating of this Paragraph Q result in an annual Fixed Rent to Landlord for the demised premises at a rate of less than $12.00 per rentable square foot." i) Landlord and Tenant hereby covenant and agree upon that Paragraph S of Article X of the rent to be paid during Lease, Paragraph 7 of the applicable extension term, Landlord Second Amendment and Tenant shall the Paragraph entitled "Extension" appearing at the end of the sixty (60) day period enter into a new written lease first page of the Third Amendment are hereby deleted in their entirety and shall no longer have any force or an amendment agreement setting forth the amount of rental Tenant shall be required to pay pursuant paragraph 4 for the applicable extension term and any other additional terms to which Landlord and Tenant have agreed. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, a fair market appraisal comparison of comparable properties will be completed by an independent party upon which the Landlord and Tenant may use to negotiate the amount of rent to be paid during the applicable extension term. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, either Landlord or Tenant may, by written notice to the other party given within the ensuing thirty (30) day period, elect to invoke the arbitration provisions of this Lease to determine the rent Tenant shall be required to pay pursuant to paragraph 4 for the applicable extension termeffect whatsoever.

Appears in 1 contract

Sources: Lease (Haemonetics Corp)

Option to Extend. Upon expiration Provided that Tenant is not in breach or default of any of the primary term terms, conditions, covenants, obligations or provisions of the Lease to which this LeaseRider is attached, then Tenant shall have, and is granted an hereby granted, the option to extend the term of this Lease for one period of five (15) additional sixty years. If Tenant desires to exercise its option to extend the Initial Term, Tenant must give Landlord notice in writing of its intent to do so at least nine (609) month periodmonths prior to the expiration of the Initial term. The Annual Basic Rental payable by Tenant to Landlord during the first year of the Renewal Term shall be the rental during the last year of the initial term increased by 7%, and thereafter with annual bumps to be mutually agreed to at the time of the renewal. (a) The determination of the Annual Basic Rental does not reduce the Tenant’s obligation to pay or reimburse Landlord for operating expenses and other reimbursable items as set forth in the Lease, and Tenant shall reimburse and pay Landlord as set forth in the Lease with respect to such operating expenses and other items with respect to the Premises during the Renewal Term. (b) Except for this Option to Extend and the Annual Basic Rental as determined above, Tenant’s occupancy of the Premises during the extended term shall be on the same terms and conditions as are included in this Lease, subject, however, to renegotiation of the rent provided in paragraph 4 of this Lease. The primary term and the extension terms will be collectively referred to in this Lease as the “term.” Tenant shall notify Landlord within not less than one hundred twenty (120) days effect immediately prior to the expiration of the primary term of this initial Lease or prior Term. (c) If the Lease is extended for an additional lease term, then Landlord shall prepare and Tenant shall execute an amendment to the expiration of each Lease confirming the extension term of Tenant’s exercise of to the Lease Term and the other provisions applicable thereto (the “Amendment”). (d) If Tenant exercises its option to extend this Lease, provided that in the circumstances described in paragraph 13, the options right to extend the term may of the Lease for the extended term pursuant to this exhibit, the term “Lease Term” as used in the Lease, shall be exercised earlier construed to include, when practicable, the extended term except as provided in paragraph 13, and if the option to extend is exercised earlier as provided in paragraph 13, nevertheless, the rental payable as provided in paragraph 4 shall be determined at the time and in the manner provided in paragraph 4 and this paragraph 3. During the following sixty (60e) day period, Tenant and Landlord shall negotiate and arrive at an agreement or disagreement of the amount of rent to be paid during the applicable extension term. If Landlord and Tenant agree upon the rent to be paid during the applicable extension term, Landlord and Tenant shall at the end of the sixty (60) day period enter into a new written lease or an amendment agreement setting forth the amount of rental Tenant shall be required to pay pursuant paragraph 4 for the applicable extension term and any other additional terms to which Landlord and Tenant have agreed. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, a fair market appraisal comparison of comparable properties will be completed by an independent party upon which the Landlord and Tenant may use to negotiate the amount of rent to be paid during the applicable extension term. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, either Landlord or Tenant may, by written notice to the other party given within the ensuing thirty (30) day period, elect to invoke the arbitration provisions of this Lease to determine the rent Tenant shall be required to pay pursuant to paragraph 4 for the applicable extension termabove.

Appears in 1 contract

Sources: Industrial Lease (Studio One Media, Inc.)

Option to Extend. Upon expiration of the primary term of this Lease, Tenant is granted an option two options to extend the term of this Lease Lease, each for one (1) an additional sixty (60) month periodmonths, with upon the same terms and conditions as are included in this Lease, subject, however, to renegotiation of the rent provided in paragraph 4 of this Lease. The primary term and the extension terms will be collectively referred to in this Lease as the “term.” ”. Tenant shall notify Landlord within not less than one hundred twenty (120) days prior to the expiration of the primary term of this Lease or prior to the expiration of each extension term of Tenant’s exercise of its option to extend this Lease, provided that in the circumstances described in paragraph 13, the options to extend the term may be exercised earlier as provided in paragraph 13, and if the option to extend is exercised earlier as provided in paragraph 13, nevertheless, the rental payable as provided in paragraph 4 shall be determined at the time and in the manner provided in paragraph 4 and this paragraph 3. A. This paragraph shall apply in the event that Tenant notifies Landlord during the primary term of the Lease of Tenant’s intention to exercise an option to renew for the initial extension term. During the following sixty (60) day period, Tenant and Landlord shall negotiate and arrive at an agreement or disagreement of the amount of rent to be paid during the applicable initial extension term. If Landlord and Tenant agree upon the rent to be paid during the applicable initial extension term, Landlord and Tenant shall at the end of the sixty (60) day period enter into a new written lease or an amendment agreement setting forth the amount of rental Tenant shall be required to pay pursuant paragraph 4 for the applicable initial extension term and any other additional terms to which Landlord and Tenant have agreed. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable initial extension term during the sixty (60) day period of negotiations, a fair market appraisal comparison of comparable properties will be completed by an independent party upon which the Landlord and Tenant may use to negotiate the amount of rent to be paid during the applicable extension term. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable initial extension term during the sixty (60) day period of negotiations, either Landlord or Tenant may, by written notice to the other party given within the ensuing thirty (30) day period, elect to invoke the arbitration provisions of this Lease to determine the rent Tenant shall be required to pay pursuant to paragraph 4 a fair market rental for the applicable extension term. Within seven (7) days after receiving notice of the fair market rental as determined by the arbitrator, Tenant may notify Landlord of Tenant’s decision not to exercise the option to renew for the initial extension term. In the absence of such notice, Tenant shall be bound to pay the rent determined by the arbitrator for the initial extension term. B. This paragraph shall apply in the event that Tenant notifies Landlord during the initial extension term of the Lease of Tenant’s intention to exercise an option to renew for the second extension term. The rent payable during the second extension term shall be the rent payable during the last year of the initial extension term as adjusted annually by CPI in accordance with paragraph 4

Appears in 1 contract

Sources: Lease Agreement (Rightnow Technologies Inc)

Option to Extend. Upon expiration As long as Tenant has not been in an Event of Default, beyond any applicable cure period, during the initial Term of the primary term Lease and is not in an Event of Default, beyond any applicable cure period, under the Lease at the time of its exercise of this Leaseoption, Tenant is granted an option to extend the term of this Lease for shall have one (1) Option to Extend the Term of this Lease in accordance with the provisions of this paragraph for an additional sixty term of five (605) month periodyears, with on all the same terms and conditions as are included with the exception of Base Rent payable under Section 2 hereof, which shall be the-then prevailing base rent being charged for reasonably comparable space in this Leasethe Chantilly, subjectVirginia market. In addition, howeverLandlord shall not provide Tenant any improvement allowance in connection with the extension, unless otherwise agreed to renegotiation by the parties. If Tenant elects to exercise the foregoing Option to Extend, it shall give Landlord written notice of its election to do so on or before the rent provided in paragraph 4 of this Lease. The primary term and the extension terms will be collectively referred to in this Lease as the “term.” Tenant shall notify Landlord within not less than one hundred twenty (120) date which is 180 days prior to the expiration of the primary then-current term of this Lease or prior to the expiration of each extension term of Tenant’s exercise of its option to extend this Lease, provided time being of the essence, which notice shall also request that Landlord furnish Tenant with the Base Rent for the extended term which shall be derived as aforesaid. Provided, however, in the circumstances described in paragraph 13, the options to extend the term may be exercised earlier as provided in paragraph 13, and if the option to extend is exercised earlier as provided in paragraph 13, nevertheless, the rental payable as provided in paragraph 4 shall be determined at the time and in the manner provided in paragraph 4 and this paragraph 3. During the following sixty (60) day period, Tenant and Landlord shall negotiate and arrive at an agreement or disagreement of the amount of rent to be paid during the applicable extension term. If Landlord and Tenant agree upon the rent to be paid during the applicable extension term, Landlord and Tenant shall at the end of the sixty (60) day period enter into a new written lease or an amendment agreement setting forth the amount of rental Tenant shall be required to pay pursuant paragraph 4 for the applicable extension term and any other additional terms to which event Landlord and Tenant have agreed. If Tenant not signed an amendment to this Lease, using good faith efforts, for any reason confirming the extended term of the Lease and Landlord fail to agree upon setting forth the rent to Base Rent for that term of the Lease, time being of the essence, then Tenant's extension of the Lease shall be paid during the applicable extension term during the sixty (60) day period of negotiations, a fair market appraisal comparison of comparable properties will be completed by an independent party upon which the Landlord deemed null and Tenant may use to negotiate the amount of rent to be paid during the applicable extension term. If Tenant void and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, either Landlord or Tenant may, by written notice to the other party given within the ensuing thirty (30) day period, elect to invoke the arbitration provisions of this Lease shall expire on the expiration date as if the above extension option had not been exercised. This Option to determine the rent Extend is personal to Tenant shall be required only, and is not assignable. Tenant has no Option(s) to pay pursuant to paragraph 4 for the applicable extension termExtend this Lease except as set forth in this paragraph.

Appears in 1 contract

Sources: Lease Agreement (Exigent International Inc)

Option to Extend. Upon Tenant shall have an option to extend this Lease for an additional term (hereinafter referred to as “Extended Term”) commencing immediately upon the expiration of the primary initial term hereof and continuing for a period of five (5) years, provided that Tenant proceeds strictly in accordance with the provisions of this LeaseSection L. During November of 2007, Tenant is granted an option shall advise Landlord in writing that Tenant wishes to extend the term of this Lease for one (1) additional sixty (60) month hereinafter referred to as “Tenant’s Extension Notice”). If at the time Landlord receives Tenant’s Extension Notice this Lease is in full force and effect without default on the part of the Tenant beyond any applicable cure period, with then, during the same terms next thirty (30) days, Landlord shall notify Tenant in writing of the Rent pursuant to Section IV of the Lease which shall be due for the Extended Term. The Rent specified by Landlord shall be that which the Landlord projects will be the fair market rent as of the commencement of the Extended Term, but in no event less than Twenty-Six and conditions as are included 27/100 Dollars ($26.27) per square foot of Net Rentable Area in the Premises, and which shall be determined on the agreement that there shall be no change in the Tax Base or the Operating Cost Base. Within three (3) weeks after Landlord has given Tenant notice of the Rent pursuant to Section IV of this Lease for the Extended Term, Tenant shall notify Landlord whether or not it agrees to pay such Rent. If Tenant shall agree in writing to pay such Rent, then this Lease shall be extended for the Extended Term without the execution of any additional documents, and each and every term and condition of this Lease shall apply during the Extended Term except only that the Rent specified in Section IV of this Lease during the Extended Term shall be that agreed upon by Landlord and Tenant, and the phrase “term of this Lease, subject, however, ” shall be construed to renegotiation of mean the rent provided in paragraph 4 Extended Term of this Lease. The primary term and the extension terms will be collectively referred If Tenant shall not agree in writing to in pay such Rent, this Lease shall terminate as the “term.” Tenant shall notify Landlord within not less than one hundred twenty (120) days prior to the expiration of the primary term provided in Section III of this Lease and Tenant shall vacate the Premises on or prior before such date in accordance with the provisions of this Lease. If Tenant shall fail to the expiration give Landlord written notice in November of each extension term of Tenant’s exercise of its option 2007 as hereinbefore specified, Tenant shall have no right to extend this LeaseLease for the Extended Term, provided that in the circumstances described in paragraph 13, the options to extend the term may be exercised earlier and this Lease shall terminate as provided in paragraph 13, Section III of this Lease and if Tenant shall vacate the option to extend is exercised earlier Premises as provided in paragraph 13, nevertheless, the rental payable as provided in paragraph 4 shall be determined at the time Section III and in the manner provided in paragraph 4 and this paragraph 3. During the following sixty (60) day period, Tenant and Landlord shall negotiate and arrive at an agreement or disagreement of the amount of rent to be paid during the applicable extension term. If Landlord and Tenant agree upon the rent to be paid during the applicable extension term, Landlord and Tenant shall at the end of the sixty (60) day period enter into a new written lease or an amendment agreement setting forth the amount of rental Tenant shall be required to pay pursuant paragraph 4 for the applicable extension term and any other additional terms to which Landlord and Tenant have agreed. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, a fair market appraisal comparison of comparable properties will be completed by an independent party upon which the Landlord and Tenant may use to negotiate the amount of rent to be paid during the applicable extension term. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, either Landlord or Tenant may, by written notice to accordance with the other party given within the ensuing thirty (30) day period, elect to invoke the arbitration provisions of this Lease to determine the rent Tenant shall be required to pay pursuant to paragraph 4 for the applicable extension termLease.

Appears in 1 contract

Sources: Lease Agreement (Ace Comm Corp)

Option to Extend. Upon expiration of the primary term of this Lease, Tenant is granted an option to extend the term of this Lease for one (1) additional sixty (60) month period, with upon the same terms and conditions as are included in this Lease, subject, however, to renegotiation of the rent provided in paragraph 4 of this Lease. The primary term and the extension terms will be collectively referred to in this Lease as the “term.” Tenant shall notify Landlord within not less than one hundred twenty (120) days prior to the expiration of the primary term of this Lease or prior to the expiration of each extension term of Tenant’s exercise of its option to extend this Lease, provided that in the circumstances described in paragraph 13, the options to extend the term may be exercised earlier as provided in paragraph 13, and if the option to extend is exercised earlier as provided in paragraph 13, nevertheless, the rental payable as provided in paragraph 4 shall be determined at the time and in the manner provided in paragraph 4 and this paragraph 3. During the following sixty (60) day period, Tenant and Landlord shall negotiate and arrive at an agreement or disagreement of the amount of rent to be paid during the applicable extension term. If Landlord and Tenant agree upon the rent to be paid during the applicable extension term, Landlord and Tenant shall at the end of the sixty (60) day period enter into a new written lease or an amendment agreement setting forth the amount of rental Tenant shall be required to pay pursuant paragraph 4 for the applicable extension term and any other additional terms to which Landlord and Tenant have agreed. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, a fair market appraisal comparison of comparable properties will be completed by an independent party upon which the Landlord and Tenant may use to negotiate the amount of rent to be paid during the applicable extension term. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, either Landlord or Tenant may, by written notice to the other party given within the ensuing thirty (30) day period, elect to invoke the arbitration provisions of this Lease to determine the rent Tenant shall be required to pay pursuant to paragraph 4 for the applicable extension term.

Appears in 1 contract

Sources: Lease Agreement (Rightnow Technologies Inc)

Option to Extend. Upon expiration of 27.01 Tenant shall have the primary term of this Lease, Tenant is granted an option to extend the term Term of this the Lease for one two (12) additional sixty periods of five (605) month periodyears (each, with a “Renewal Period”) upon all of the same terms terms, covenants and conditions contained in the Lease except that Base Rent for the Renewal Period shall be equal to the Renewal Rate (as are included in this Lease, subject, however, to renegotiation of the rent provided in paragraph 4 of this Leasedefined below). The primary term and the extension terms will be collectively referred to in this Lease as the “term.” Tenant shall notify Landlord within not less than one hundred twenty (120) days prior be entitled to the expiration of the primary term of this Lease or prior to the expiration of each extension term of Tenant’s exercise of its option to extend hereunder so long as (i) Tenant shall have delivered to Landlord written notice of its election to exercise such option not less than six (6) months prior to the commencement date of the applicable Renewal Period, and (ii) Tenant shall not be in default under this Lease. 27.02 Within thirty (30) days of its receipt of notice from Tenant of Tenant’s election to exercise its renewal option, provided that Landlord shall notify Tenant of the Renewal Rate to be charged as Base Rent for the Renewal Period. As used herein, the term “Renewal Rate” shall mean the rental rates then being charged to tenants of comparable size to Tenant in comparable buildings in the circumstances described area. Tenant shall have thirty (30) days to notify Landlord in paragraph 13, writing of its desire to accept the options Renewal Rate or object to extend the term may be exercised earlier as provided in paragraph 13, and if the option to extend is exercised earlier as provided in paragraph 13, nevertheless, the rental payable as provided in paragraph 4 shall be determined at the time and in the manner provided in paragraph 4 and this paragraph 3. During the following sixty (60) day period, Tenant and Landlord shall negotiate and arrive at an agreement or disagreement of the amount of rent to be paid during the applicable extension termRenewal Rate. If Landlord and Tenant agree upon rejects the rent to be paid during the applicable extension termRenewal Rate, Landlord and Tenant shall at the end of the sixty (60) day period enter into a new written lease or an amendment agreement setting forth the amount of rental Tenant shall be required to pay pursuant paragraph 4 for the applicable extension term and any other additional terms to which Landlord and Tenant have agreed. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, a fair market appraisal comparison of comparable properties will be completed by an independent party upon which the Landlord and Tenant may use attempt to negotiate the amount of rent to be paid during the applicable extension terma mutually acceptable Renewal Rate. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiationsIf, either Landlord or Tenant may, by written notice to the other party given within the ensuing after thirty (30) day perioddays, elect Landlord and Tenant are unable to invoke reach agreement on the arbitration provisions of Renewal Rate, then this Lease to determine shall terminate on the rent Tenant last day of the initial Term and the Term of the Lease shall not be required to pay extended pursuant to paragraph 4 for the applicable extension termthis Article 27.

Appears in 1 contract

Sources: Industrial Space Lease (Dj Orthopedics Inc)

Option to Extend. Upon expiration Subsection G of Lease Exhibit E to the primary term of this Leaseoriginal Lease is deleted in its entirety and replaced with the following. Tenant shall have the right, Tenant is granted an option to be exercised as hereinafter provided, to extend the term of this Lease for one two (12) additional sixty periods of five (605) month years each (each such period, with a “Next Extension Term”), on the same following terms and conditions and subject to the limitations hereinafter set forth. Each Next Extension Term shall be upon the same terms, covenants and conditions as are included in this Lease, subject, however, except that Base Rent shall be the greater of (A) the annual Base Rent in effect immediately prior to renegotiation the Next Extension Term; and (B) the Fair Market Base Rent for such space on the date such Next Extension Term shall commence. “Fair Market Base Rent” shall mean that net annual base rent per rentable square foot of the rent provided Premises as of the commencement of the Next Extension Term that a willing credit-worthy tenant would pay and a willing landlord would accept in paragraph 4 of this Leasean arms length bona fide negotiation for space comparable to the Premises in condition, quality, size and location in the Maple Grove, Minnesota area, with neither party under a compulsion for the appropriate term. The primary term and the extension terms will be collectively referred to in this Lease as the “term.” Tenant shall notify Landlord within not less than one hundred twenty (120) days prior to the expiration of the primary term of this Lease or prior to the expiration of each extension term of Tenant’s exercise of its option to extend this Lease, provided that in the circumstances described in paragraph 13, the options desire to extend the term may be exercised earlier as provided for the Next Extension Term by notifying Landlord in paragraph 13, and if the option writing (“Extension Notification”) at least nine (9) months prior to extend is exercised earlier as provided in paragraph 13, nevertheless, the rental payable as provided in paragraph 4 shall be determined at the time and in the manner provided in paragraph 4 and this paragraph 3. During the following sixty (60) day period, Tenant and Landlord shall negotiate and arrive at an agreement or disagreement commencement of the amount Next Extension Term. Upon Landlord’s receipt of rent to be paid during the applicable extension term. If Landlord and Tenant agree upon the rent to be paid during the applicable extension termExtension Notification, Landlord and Tenant shall at make a good faith effort to agree upon the end Fair Market Base Rent of the sixty (60) day period enter into a new written lease or an amendment agreement setting forth the amount of rental Tenant shall be required to pay pursuant paragraph 4 Premises for the applicable extension term and any other additional terms to which Next Extension Term. In the event that Landlord and Tenant have agreed. If Tenant and Landlord fail to agree upon the rent Fair Market Base Rent within forty-five (45) days of Landlord’s receipt of the Extension Notification, then Tenant’s extension right shall automatically terminate. Tenant’s option to extend as set forth in this Section shall be paid during the applicable extension term during the sixty (60) day period of negotiations, a fair market appraisal comparison of comparable properties will be completed by an independent party contingent upon which the Landlord this Lease being in full force and effect and Tenant may use not being in default in the performance of any of the terms, covenants and conditions herein contained in respect to negotiate the amount a matter as to which notice of rent to be paid during the applicable extension term. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, either Landlord or Tenant may, by written notice to the other party default has been given hereunder which has not been remedied within the ensuing thirty (30) day period, elect to invoke the arbitration provisions of time limited in this Lease to determine the rent Tenant shall be required to pay pursuant to paragraph 4 for the applicable extension termLease.

Appears in 1 contract

Sources: Lease (Vascular Solutions Inc)

Option to Extend. Upon expiration of a. Subject to the primary term of terms and conditions set forth in this LeaseParagraph 56, Tenant is granted an may at its option to extend the term Term (the “Extension Option”) of this Lease for one (1) additional sixty one (601) month periodyear term (the “Extension Term”). If Tenant exercises the Extension Option hereunder, with all of the same terms terms, covenants and conditions as are included of this Lease shall continue in full force and effect during the Extension Term, including provisions regarding payment of Additional Rent, which shall remain payable on the terms herein set forth, except that (i) Tenant shall have no further right to extend this Lease, subject(ii) Tenant shall take the Premises in their then “as-is” state and condition, howeverand no work shall be required of Landlord, to renegotiation of (iii) the Monthly Rent payable by Tenant for the Premises shall be the then-fair market rent provided in paragraph 4 for the Premises based upon the terms of this Lease, as renewed. The primary term and the extension terms will be collectively referred To exercise an Extension Option, Tenant must deliver notice to in this Lease as the “term.” Tenant shall notify Landlord within not less no sooner than one hundred twenty eighteen (12018) days months nor later than twelve (12) months prior to the expiration of the primary term initial Term of this Lease Lease. b. The Monthly Rent for the Premises during the Extension Term shall be the prevailing market rental rate for Comparable Space (as defined below) for a term commencing on or prior about the commencement date of the Extension Term (the “Market Rate”). For this purpose, “Comparable Space” shall mean commercial office space comparable to the expiration Premises that is (i) comparable in size, location, and quality to the Premises; (ii) leased for a term comparable to the Extension Term; and (iii) located in comparable projects in Palo Alto. For purposes of each extension term of Tenant’s exercise of its option to extend this Lease, provided that in the circumstances described in paragraph 13Paragraph 56, the options term “Market Rate” shall mean the rental rate that would be applicable for a lease term commencing on the commencement date of the Extension Term and that would be payable in any arms’ length negotiations for the Premises in their then as-is condition, which rental rate shall be established by reference to extend rental terms in leases actually executed for comparable space under primary lease (and not sublease), taking into consideration the term may location of the Building and existing amenities, situated in similar buildings engaged in then-prevailing ordinary rental market practices with respect to tenant concessions (if any) (e.g. not offering promotional deals and other concessions to tenants in an effort to alleviate cash flow problems or in response to a greater than average vacancy rate in a particular building). Notwithstanding the foregoing, in no event shall the Market Rate be exercised earlier less than 103% of the Monthly Rent for the last full calendar month of the initial Term (including where Market Rent is determined by an arbitrator, as provided in paragraph 13, and if the option to extend is exercised earlier as provided in paragraph 13, nevertheless, the rental payable as provided in paragraph 4 shall be determined at the time and in the manner provided in paragraph 4 and this paragraph 3. During the following sixty (60) day period, Tenant and Landlord shall negotiate and arrive at an agreement or disagreement of the amount of rent to be paid during the applicable extension term. If Landlord and Tenant agree upon the rent to be paid during the applicable extension term, Landlord and Tenant shall at the end of the sixty (60) day period enter into a new written lease or an amendment agreement setting forth the amount of rental Tenant shall be required to pay pursuant paragraph 4 for the applicable extension term and any other additional terms to which Landlord and Tenant have agreed. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, a fair market appraisal comparison of comparable properties will be completed by an independent party upon which the Landlord and Tenant may use to negotiate the amount of rent to be paid during the applicable extension term. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, either Landlord or Tenant may, by written notice to the other party given within the ensuing thirty (30) day period, elect to invoke the arbitration provisions of this Lease to determine the rent Tenant shall be required to pay pursuant to paragraph 4 for the applicable extension termbelow).

Appears in 1 contract

Sources: Industrial Lease (Scilex Holding Co)

Option to Extend. Upon expiration So long as Tenant is not in material default under the terms of the primary term of this Lease, Tenant is granted an option shall have the right to extend the term of this the Lease for one two (12) additional sixty terms of five (605) month periodyears each (the "Extension Terms"). Tenant agrees to notify Landlord in writing of Tenant's intent to renew at twelve (12) months prior to the termination of the then current lease term. The rental rate during the Extension Terms shall be equal to the then Fair Market Rental Rate (adjusted for lease concessions) for comparable space located in Lower ▇▇▇▇▇ ▇▇▇▇, with Seattle, Washington. Within thirty (30) days following Tenant's notice to Landlord of Tenant's desire to extend the same Lease, Landlord shall notify Tenant of the proposed Extended Term Base Rent, which shall be equal to the then Fair Market Rental Rate of the Premises. Fair Market Rental Rate shall be defined as the annual Base Rent (projected from the date of the commencement of the payment of annual rental to which it applies) which Tenant would expect to pay and Landlord would expect to receive under leases of space of comparable size and quality to the Premises and as provided for in and on terms and conditions as are included in comparable to, this Lease, subject, however, Lease covering premises similar to renegotiation the Premises. Tenant shall have thirty (30) days following receipt of Landlord's notice of the rent provided proposed Extended Term Base Rent, in paragraph 4 of this Lease. The primary term and the extension terms will be collectively referred which to in this Lease as the “term.” Tenant shall notify accept such determination; or to agree with Landlord within not less than one hundred twenty (120) days prior to the expiration of the primary term of this Lease or prior to the expiration of each extension term of Tenant’s exercise of its option to extend this Lease, provided that in the circumstances described in paragraph 13, the options to extend the term may be exercised earlier as provided in paragraph 13, and if the option to extend is exercised earlier as provided in paragraph 13, nevertheless, the rental payable as provided in paragraph 4 shall be determined at the time and in the manner provided in paragraph 4 and this paragraph 3. During the following sixty (60) day period, Tenant and Landlord shall negotiate and arrive at an agreement or disagreement of the amount of rent to be paid during the applicable extension term. If Landlord and Tenant agree upon the rent to be paid during the applicable extension term, Landlord and Tenant shall at the end of the sixty (60) day period enter into on a new written lease or an amendment agreement setting forth the amount of rental Tenant shall be required to pay pursuant paragraph 4 for the applicable extension term and any other additional terms to which Landlord and Tenant have agreedstipulated Fair Market Rental Rate. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiationsnotifies Landlord, a fair market appraisal comparison of comparable properties will be completed by an independent party upon which the Landlord and Tenant may use to negotiate the amount of rent to be paid during the applicable extension term. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, either Landlord or Tenant may, by written notice to the other party given within the ensuing aforesaid thirty (30) day period, elect to invoke that Tenant disputes the arbitration provisions of this Lease Prevailing Market Rate quoted by Landlord, the parties shall, during the following thirty (30) days, negotiate in good faith to determine the rent Tenant Annual Base Rent for the renewal Term. If within said thirty-day period the parties are unable to agree on the Annual Base Rent, then within ten (10) days thereafter, each party shall select a qualified appraiser experienced in appraising commercial rental properties in the vicinity of the Building, who shall submit appraisals for the Premises within thirty (30) days of their appointment. If the difference between the appraisals is five percent (5%) or less, the Prevailing Market Rate shall be required determined to pay pursuant be the average of the two appraisals. If the difference is greater than five percent (5%), then the two appraisers shall select a third qualified appraiser who shall submit an appraisal within the thirty (30) days following the submission of the first appraisals. The Prevailing Market Rate shall then be the average of the two (2) closest appraisals. The fees of each appraiser shall be paid by the party appointing the appraiser and the fees of the third appraiser, if any, shall be shared equally by the parties. The option shall be void if, at the time of exercise of such option, Tenant is not in possession of the Premises or is in default under this Lease or if Tenant fails to paragraph 4 for deliver the applicable extension termrequisite notice thereof within the time period specified above. The option granted herein shall not be severed from this Lease, separately sold, assigned, or transferred.

Appears in 1 contract

Sources: Office Lease Agreement (F5 Networks Inc)

Option to Extend. Upon Provided that, and for only so long as the Tenant is not then in default beyond any applicable notice and cure period, the Landlord will, upon the request in writing by the Tenant given at least nine (9) months and not more than twelve (12) months prior to the expiration of the primary term then current Term of this Lease, grant to the Tenant is granted an option the right to extend the term Term of this Lease for one (1) additional sixty further period of five (605) month periodyears, with on the same terms and conditions as are included in this Leasethe Lease except that there shall be no further option to extend and there shall be no Base Building Work, subject, however, to renegotiation of the rent provided in paragraph 4 of this Leaseno fixturing period and no Inducement or rent-free period. The primary annual Basic Rent for the extension term shall be the prevailing fair market basic rent 120 days prior to the commencement of such extension term for similar premises of similar size, quality, use and location and LEED accreditation in downtown Ottawa, without deduction or allowance for or consideration of any tenant inducements, leasehold improvement allowances, rent-free periods, lease takeovers, turnkey or “build-to-suit” arrangements or other concessions or inducements then being offered or given by landlords for similar premises in downtown Ottawa as aforesaid to achieve such rental (the “Extension Annual Basic Rent”). The Extension Annual Basic Rent shall be mutually agreed to by the Landlord and the extension terms will be collectively referred to in this Lease as the “term.” Tenant shall notify Landlord within not less than one hundred twenty at least ninety (12090) days prior to the expiration commencement of the primary term of this Lease or prior to extension term, failing which the expiration of each extension term of Tenant’s exercise of its option to extend this Lease, provided that in the circumstances described in paragraph 13, the options to extend the term may be exercised earlier as provided in paragraph 13, and if the option to extend is exercised earlier as provided in paragraph 13, nevertheless, the rental payable as provided in paragraph 4 Extension Annual Basic Rent shall be determined at by arbitration by a single arbitrator acting under the time provisions of the Arbitration Act, 1991 (Ontario) and in the manner provided in paragraph 4 accordance with this Subsection 9. The Tenant covenants and this paragraph 3. During the following sixty (60) day period, Tenant agrees to execute an extension and Landlord shall negotiate and arrive at an amending agreement or disagreement of the amount of rent to be paid during the applicable extension term. If Landlord and Tenant agree upon the rent to be paid during the applicable extension term, Landlord and Tenant shall at the end of the sixty (60) day period enter into a new written lease or an amendment agreement setting forth the amount of rental Tenant shall be required to pay pursuant paragraph 4 for the applicable extension term and any other additional terms to which Landlord and Tenant have agreed. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, a fair market appraisal comparison of comparable properties will be completed prepared by an independent party upon which the Landlord (and Tenant may use agreed to negotiate by the amount of rent Tenant, acting reasonably) to be paid during the applicable extension term. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, either Landlord or Tenant may, by written notice give effect to the other party given within the ensuing thirty (30) day period, elect to invoke the arbitration provisions of this Lease to determine the rent Tenant shall be required to pay pursuant to paragraph 4 foregoing for the applicable each extension term.

Appears in 1 contract

Sources: Lease Agreement (Shopify Inc.)

Option to Extend. Upon expiration of the primary term of this Leaseoriginal Lease is deleted in its entirety. Tenant shall have the right, Tenant is granted an option to be exercised as hereinafter provided, to extend the term of this Lease for one two (12) additional sixty periods of five (605) month years each (each such period, with a “Next Extension Term”), on the same following terms and conditions and subject to the limitations hereinafter set forth. Each Next Extension Term shall be upon the same terms, covenants and conditions as are included in this Lease, subject, however, except that Base Rent shall be the greater of (A) the annual Base Rent in effect immediately prior to renegotiation the Next Extension Term; and (B) the Fair Market Base Rent for such space on the date such Next Extension Term shall commence. “Fair Market Base Rent” shall mean that net annual base rent per rentable square foot of the rent provided Premises as of the commencement of the Next Extension Term that a willing credit-worthy tenant would pay and a willing landlord would accept in paragraph 4 of this Leasean arms length bona fide negotiation for space comparable to the Premises in condition, quality, size and location in the Plymouth, Minnesota area, with neither party under a compulsion for the appropriate term. The primary term and the extension terms will be collectively referred to in this Lease as the “term.” Tenant shall notify Landlord within not less than one hundred twenty (120) days prior to the expiration of the primary term of this Lease or prior to the expiration of each extension term of Tenant’s exercise of its option to extend this Lease, provided that in the circumstances described in paragraph 13, the options desire to extend the term may be exercised earlier as provided for the Next Extension Term by notifying Landlord in paragraph 13, and if the option writing (“Extension Notification”) at least nine (9) months prior to extend is exercised earlier as provided in paragraph 13, nevertheless, the rental payable as provided in paragraph 4 shall be determined at the time and in the manner provided in paragraph 4 and this paragraph 3. During the following sixty (60) day period, Tenant and Landlord shall negotiate and arrive at an agreement or disagreement commencement of the amount Next Extension Term. Upon Landlord’s receipt of rent to be paid during the applicable extension term. If Landlord and Tenant agree upon the rent to be paid during the applicable extension termExtension Notification, Landlord and Tenant shall at make a good faith effort to agree upon the end Fair Market Base Rent of the sixty (60) day period enter into a new written lease or an amendment agreement setting forth the amount of rental Tenant shall be required to pay pursuant paragraph 4 Premises for the applicable extension term and any other additional terms to which Next Extension Term. In the event that Landlord and Tenant have agreed. If Tenant and Landlord fail to agree upon the rent Fair Market Base Rent within forty-five (45) days of Landlord’s receipt of the Extension Notification, then Tenant’s extension right shall automatically terminate. Tenant’s option to extend as set forth in this Section shall be paid during the applicable extension term during the sixty (60) day period of negotiations, a fair market appraisal comparison of comparable properties will be completed by an independent party contingent upon which the Landlord this Lease being in full force and effect and Tenant may use not being in default in the performance of any of the terms, covenants and conditions herein contained in respect to negotiate the amount a matter as to which notice of rent to be paid during the applicable extension term. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, either Landlord or Tenant may, by written notice to the other party default has been given hereunder which has not been remedied within the ensuing thirty (30) day period, elect to invoke the arbitration provisions of time limited in this Lease to determine the rent Tenant shall be required to pay pursuant to paragraph 4 for the applicable extension termLease.

Appears in 1 contract

Sources: Lease (Vascular Solutions Inc)

Option to Extend. Upon expiration of Tenant shall have the primary term of this Lease, Tenant is granted an option to extend the term of this Lease Term for one (1) additional sixty period of five (605) month period, with years commencing upon the same terms and conditions as are included in this Lease, subject, however, to renegotiation expiration of the rent provided in paragraph 4 of this Leaseinitial Lease Term. The primary term and the extension terms will Such option shall be collectively referred to in this Lease as the “term.” exercised only by Tenant shall notify giving written notice thereof which is received by Landlord within not less than one hundred twenty nine (1209) days months prior to the expiration of the primary term initial Lease Term, time being of the essence; provided, however, Tenant shall be entitled to exercise the option to extend granted herein, and the Lease Term shall, in fact, be extended by reason of such exercise, only if this Lease is in full force and effect and Tenant is not in default hereunder beyond any applicable notice and cure periods. In the event that the Lease Term is in fact extended pursuant to the foregoing, then any such extension shall be upon all of the same terms, covenants, provisions and conditions as contained in this Lease except the monthly Base Rent during each extension period shall be adjusted to be the Market Rent (as hereinafter defined) for the Premises. As used herein, “Market Rent” means the product obtained by multiplying (i) the monthly rental rate per square foot then established and prevailing in the Building for new leases or lease renewals or, if no such new leases or lease renewals have been entered into within the twelve (12) month period preceding the date for which the determination is being made, then the established and prevailing rental rate per square foot being charged as of such date for comparable space to other tenants in other comparable buildings in the north suburban Chicago metropolitan area, all as determined in good faith by Landlord; by (ii) the total rentable square feet of floor area contained within the Premises. The Market Rent may increase during the extension period depending on then current market escalations, conditions and terms at the time the Market Rent is determined. At least seven (7) months prior to the expiration of each extension term of Tenant’s exercise of its option to extend this Leasethe initial Lease Term, provided that in the circumstances described in paragraph 13, the options to extend the term may be exercised earlier as provided in paragraph 13, and if the option to extend is exercised earlier as provided in paragraph 13, nevertheless, the rental payable as provided in paragraph 4 shall be determined at the time and in the manner provided in paragraph 4 and this paragraph 3. During the following sixty (60) day period, Tenant and Landlord shall negotiate and arrive at an agreement or disagreement notify Tenant of the amount of rent to be paid during the applicable extension term. If Landlord Market Rent and Tenant agree upon the rent to be paid during the applicable extension term, Landlord and Tenant shall at the end of the sixty (60) day period enter into a new written lease or an amendment agreement setting forth the amount of rental Tenant shall be required to pay pursuant paragraph 4 for the applicable extension term and any other additional terms to which Landlord and Tenant have agreed. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, a fair market appraisal comparison of comparable properties will be completed by an independent party upon which the Landlord and Tenant may use to negotiate the amount of rent to be paid during the applicable extension term. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, either Landlord or Tenant may, by written notice to which is received by Landlord on or before the other party given within tenth (10th) day, time being of the ensuing thirty essence, after Tenant’s receipt of notice of the Market Rent from Landlord, either (30i) day periodwithdraw its exercise of the option, elect to invoke the arbitration provisions of in which event this Lease shall terminate upon the expiration of the initial Lease Term or (ii) advise Landlord that Tenant desires to determine the rent Market Rent by appraisal in accordance with the following: Tenant shall be required to pay pursuant to paragraph 4 for shall, within ten (10) days after the applicable extension term.date of Tenant’s notice, select a Broker (as hereinafter

Appears in 1 contract

Sources: Lease (PharMEDium Healthcare Holdings, Inc.)

Option to Extend. Upon expiration of Tenant shall have the primary term of this Leaseoption, Tenant is granted an option to be exercised as hereinafter set forth, to extend the term of this Lease for an additional five (5) year period, to follow consecutively after the original term of this Lease (hereinafter referred to as the "Extended Term"), upon the condition that, on the last date on which Tenant is entitled to exercise such option and on the last day of the term of this Lease, this Lease is in full force and effect and Tenant is not in default hereunder. Tenant shall exercise its option by giving written notice of its election to extend the term of this Lease to Landlord not less than one (1) additional sixty year prior to the expiration of the term of this Lease but in no event earlier than two (602) month periodyears prior to the expiration of the term of this Lease. Upon such exercise, with the term of this Lease shall be automatically extended for the Extended Term without the requirement of any further instrument, upon all of the same terms terms, provisions and conditions as are included set forth in this Lease, subject, however, except that the net rent payable during the Extended Term of this Lease shall be equal to renegotiation the greater of (i) the rent calculated and determined by applying the rent adjustments and increases set forth in Section 2.01 of this Lease as if the Lease Years of the Extended Term were part of the initial term (e.g., the rent for the first Lease Year of the Extended Term shall be the greater of 1.03 times the rent for the last year of the original term and the Annual Rent CPI adjustment applied to such last year of the original term); and (ii) the then market rate per square foot for the Premises (the "Market Rate"), which Market Rate shall be adjusted and increased during each Lease Year of the Extended Term by applying the rent adjustments and increases provided for in paragraph 4 Section 2.01 of this Lease. The primary term and the extension terms will be collectively referred to As used in this Lease, Market Rate shall be determined by Landlord. Landlord shall, no later than nine (9) months prior to the expiration of the original term of this Lease, advise Tenant of its determination of Market Rate for the first Lease Year of the Extended Term if it determines that same is greater than the rent would be applying the adjustments and increases thereto as set forth in Section 2.01 of this Lease and (i) above. If Landlord does not advise Tenant of the “term.” Market Rent, then rent during the Extended Term shall be determined and calculated under (i) hereinabove. If Tenant disagrees with Landlord's determination of Market Rate, Tenant shall so notify Landlord in writing no later than fifteen (15) days following receipt of Landlord's advice of Market Rate. If Landlord and Tenant cannot agree on the Market Rate as above described within not less thirty (30) days after Tenant's notice of disagreement, then each party shall, within fifteen (15) days following the 30-day workout period, select an independent MAI appraiser, each having at least five (5) years of experience in the appraisal of commercial real estate in Dade County, Florida, with reasonable experience in the appraisal of warehouse buildings in the City of Miami, Florida, to make a determination of the Market Rate. Both MAl appraisers chosen by Landlord and Tenant shall then agree upon a third MAl appraiser, and each of the three appraisers shall submit their appraisals to Landlord and Tenant no later than one hundred twenty thirty (12030) days prior to the expiration of the primary original term of this Lease or prior Lease. The Market Rate shall be the average of the determination of the three appraisals, provided, however, if the difference in Market Rate of any appraisal is less than five (5%) percent of the average of the other two appraisals, then the Market Rate shall be the average of the two closest appraisals. Each party shall pay the fees and costs of the appraiser it has selected and both parties shall split the fees and costs of the third appraiser equally. Notwithstanding anything contained in this Section 22.01 to the expiration contrary, in no event shall the Market Rate be less than Annual Rent would be if calculated and determined under (i) hereinabove. During the Extended Term, the Market Rate (if applicable) shall be increased each year, on the anniversary date, by multiplying the rent for the immediately preceding Lease Year by 1.03 or by the application of each extension term of Tenant’s exercise of its option the Section 2.01 CPI adjustment to extend this Leasethe immediately preceding Lease Year, provided that whichever results in the circumstances described in paragraph 13, greater rent. In the options to extend event that the term may be exercised earlier as provided in paragraph 13, and if the aforesaid option to extend is exercised earlier as provided duly exercised, all references contained in paragraph 13, nevertheless, the rental payable as provided in paragraph 4 shall be determined at the time and in the manner provided in paragraph 4 and this paragraph 3. During the following sixty (60) day period, Tenant and Landlord shall negotiate and arrive at an agreement or disagreement of the amount of rent to be paid during the applicable extension term. If Landlord and Tenant agree upon the rent to be paid during the applicable extension term, Landlord and Tenant shall at the end of the sixty (60) day period enter into a new written lease or an amendment agreement setting forth the amount of rental Tenant shall be required to pay pursuant paragraph 4 for the applicable extension term and any other additional terms to which Landlord and Tenant have agreed. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, a fair market appraisal comparison of comparable properties will be completed by an independent party upon which the Landlord and Tenant may use to negotiate the amount of rent to be paid during the applicable extension term. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, either Landlord or Tenant may, by written notice to the other party given within the ensuing thirty (30) day period, elect to invoke the arbitration provisions of this Lease to determine the rent Tenant term of this Lease, whether by number of years or number of months, shall be required construed to pay pursuant refer to paragraph 4 for the applicable extension termoriginal term of this Lease, as extended as aforesaid, whether or not specific reference thereto is made in this Lease.

Appears in 1 contract

Sources: Lease Agreement (Revenge Marine Inc)

Option to Extend. Upon expiration of the primary term of this Lease, Tenant is granted an option to extend the term of this Lease for one (1) additional sixty one hundred twenty (60120) month period, with (an "extension term") upon the same terms and conditions as are included in this Lease, subject, however, to renegotiation of the rent provided in paragraph 4 of this Lease. The primary term and the extension terms will be collectively referred to in this Lease as the "term." Tenant shall notify Landlord within not less than one hundred twenty (120) days prior to the expiration of the primary term of this Lease or prior to the expiration of each extension term of Tenant’s 's exercise of its option to extend this Lease, provided that in the circumstances described in paragraph 13, the options to extend the term may be exercised earlier as provided in paragraph 13, and if the option to extend is exercised earlier as provided in paragraph 13, nevertheless, the rental payable as provided in paragraph 4 shall be determined at the time and in the manner provided in paragraph 4 and this paragraph 3. During the following sixty (60) day period, Tenant and Landlord shall negotiate and arrive at an agreement or disagreement of the amount of rent to be paid during the applicable extension term. If Landlord and Tenant agree upon the rent to be paid during the applicable extension term, Landlord and Tenant shall at the end of the sixty (60) day period enter into a new written lease or an amendment agreement setting forth the amount of rental Tenant shall be required to pay pursuant paragraph 4 for the applicable extension term and any other additional terms to which Landlord and Tenant have agreed. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, a fair market appraisal comparison of comparable properties will be completed by an independent party upon which the Landlord and Tenant may use to negotiate the amount of rent to be paid during the applicable extension term. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, either Landlord or Tenant may, by written notice to the other party given within the ensuing thirty (30) day period, elect to invoke the arbitration provisions of this Lease to determine the rent Tenant shall be required to pay pursuant to paragraph 4 for the applicable extension term.

Appears in 1 contract

Sources: Lease Agreement (Rightnow Technologies Inc)

Option to Extend. Upon expiration of the primary term of this Lease, Tenant is granted an option to extend the term The Term of this Lease may be extended, at the option of Tenant, for one (1) additional sixty period of five (605) years, such period being herein sometimes referred to as the "Extended Term", as follows: A. Such option to extend shall be exercised by Tenant by giving written notice to Landlord on or before but not later than the last day of the sixtieth (60th) full calendar month period, with following the Area B Commencement Date. B. The Extended Term shall be on the same terms terms, convenants and conditions as are included in of this Lease, subjectexcluding the provisions of Sections 30 and 32 hereof, however, to renegotiation and except for the payment of rent during the rent provided in paragraph 4 Extended Term. Any termination of this Lease. The primary term and Lease during the extension terms will be collectively referred to in this Lease as the “term.” Tenant shall notify Landlord within not less than one hundred twenty (120) days prior to the expiration of the primary term original Term of this Lease or the Extended Term shall terminate all rights hereunder. The option to extend the Term of this Lease is personal to TenFold Corporation and may not be exercised by or for the benefit of any other party, other than an assignee to whom this Lease is assigned pursuant to Section 15.H(b). C. The Base Rent during the Extended Term shall be the Market Rental Rate as hereafter defined. For purposes of this Lease, "Market Rental Rate" shall mean the net rental, as of the date for which such Market Rental Rate is being calculated, per annum per rentable square foot for comparable space of comparable size for a similar term for fully credit-worthy tenants by reference to first-class space primarily in the Building, and secondarily in other buildings comparable to the Building in age and quality in the downtown Chicago area, but excluding those leases where the tenant has an equity interest in the property. Upon written request of ▇▇▇▇▇▇, Landlord shall advise Tenant one (1) month prior to the expiration date by which Tenant must exercise the option granted hereby, of each extension term the Market Rental Rate at which it is prepared to offer the Premises to Tenant for the Extended Term. In addition to the Base Rent above provided, Tenant shall and hereby agrees to continue to pay to Landlord Additional Charges in accordance with the provisions of Tenant’s exercise Section 3 of its option to extend this Lease, provided that in the circumstances described in paragraph 13, the options to extend the term may be exercised earlier as provided in paragraph 13, and if the option to extend is exercised earlier as provided in paragraph 13, nevertheless, the rental payable as provided in paragraph 4 shall be determined at the time and in the manner provided in paragraph 4 and this paragraph 3. During the following sixty (60) day period, Tenant and Landlord shall negotiate and arrive at an agreement or disagreement of the amount of rent to be paid during the applicable extension term. If Landlord and Tenant agree upon the rent to be paid during the applicable extension term, Landlord and Tenant shall at the end of the sixty (60) day period enter into a new written lease or an amendment agreement setting forth the amount of rental Tenant shall be required to pay pursuant paragraph 4 for the applicable extension term and any other additional terms to which Landlord and Tenant have agreed. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, a fair market appraisal comparison of comparable properties will be completed by an independent party upon which the Landlord and Tenant may use to negotiate the amount of rent to be paid during the applicable extension term. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, either Landlord or Tenant may, by written notice to the other party given within the ensuing thirty (30) day period, elect to invoke the arbitration provisions of this Lease to determine the rent Tenant shall be required to pay pursuant to paragraph 4 for the applicable extension term.

Appears in 1 contract

Sources: Lease (Tenfold Corp /Ut)

Option to Extend. Upon expiration of the primary term of this Lease, ----------------- Tenant is granted an option to extend the term of this Lease for one (1) additional sixty one hundred twenty (60120) month period, with (an "extension term") upon the same terms and conditions as are included in this Lease, subject, however, to renegotiation of the rent provided in paragraph 4 of this Lease. The primary term and the extension terms will be collectively referred to in this Lease as the "term." Tenant shall notify Landlord within not less than one hundred twenty (120) days prior to the expiration of the primary term of this Lease or prior to the expiration of each extension term of Tenant’s 's exercise of its option to extend this Lease, provided that in the circumstances described in paragraph 13, the options to extend the term may be exercised earlier as provided in paragraph 13, and if the option to extend is exercised earlier as provided in paragraph 13, nevertheless, the rental payable as provided in paragraph 4 shall be determined at the time and in the manner provided in paragraph 4 and this paragraph 3. During the following sixty (60) day period, Tenant and Landlord shall negotiate and arrive at an agreement or disagreement of the amount of rent to be paid during the applicable extension term. If Landlord and Tenant agree upon the rent to be paid during the applicable extension term, Landlord and Tenant shall at the end of the sixty (60) day period enter into a new written lease or an amendment agreement setting forth the amount of rental Tenant shall be required to pay pursuant paragraph 4 for the applicable extension term and any other additional terms to which Landlord and Tenant have agreed. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, a fair market appraisal comparison of comparable properties will be completed by an independent party upon which the Landlord and Tenant may use to negotiate the amount of rent to be paid during the applicable extension term. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, either Landlord or Tenant may, by written notice to the other party given within the ensuing thirty (30) day period, elect to invoke the arbitration provisions of this Lease to determine the rent Tenant shall be required to pay pursuant to paragraph 4 for the applicable extension term.

Appears in 1 contract

Sources: Lease Agreement (Rightnow Technologies Inc)

Option to Extend. Upon expiration of the primary term of this Lease, Tenant is granted an given the option to extend the term of this Lease for one (1) additional sixty (60) month period, with Term on all the same terms and conditions as are included provisions contained in this Lease, subjectexcept for Base Rent (which shall be adjusted in accordance with this Section), however, to renegotiation for [four (4)] five (5) year periods (“Extension Term(s)”) following expiration of the rent provided initial Lease Term by giving notice of exercise of the option (“Option Notice”) to Landlord at least twelve (12) months before the expiration of the initial Lease Term or the applicable Extension Term. Notwithstanding the foregoing, if Tenant is in paragraph 4 default beyond the designated cure period on the date of giving the Option Notice, the Option Notice shall be totally ineffective, or if Tenant is in default beyond the designated cure period on the date the Extension Term is to commence, the applicable Extension Term shall not commence, and this LeaseLease shall expire at the end of the initial Lease Term or the then current Extension Term. The primary term Extended Term(s) shall be personal to the original Tenant hereunder and shall terminate and be of no further force or effect following any Transfer under Article 10 below. The Base Rent shall be adjusted in accordance with Section 1.13 above. [The Base Rent shall be adjusted annually during the extension terms will Extension Term in accordance with Section 2. below. The Base Rent to be collectively referred paid for the first year of the Extension Term, if exercised, shall be equal to the "Fair Market Rental Rate" for the Premises, determined by the Landlord and Tenant, based on a Base Rent then being paid by tenants of retail spaces of equivalent size in this Lease as comparable projects similar in size, location, amenities, tenant mix, condition, drawing ability and quality to the “term.” Tenant Project, provided that notwithstanding anything to the contrary set forth herein, in no event shall notify Landlord within not be Base Rent for the first year of the Extension Term be less than one hundred twenty the Base Rent in effect immediately prior to the Extension Term. In the event Landlord and Tenant are unable to agree on a Base Rent applicable for the first year of the Extension Term, at least ninety (12090) days prior to the expiration commencement date of the primary term Extension Term, the Base Rent shall be determined as follows: Landlord and Tenant shall each appoint an independent real estate appraiser with at least five (5) years commercial appraisal experience in the ▇▇▇▇ Point area, and having no financial interest, relationship, or affiliation with either party, or having any business dealings with either party for the previous five (5) years. Within thirty (30) days after their appointment, each appraiser shall provide a written appraisal of this Lease or prior to Base Rent for the expiration first year of the Extension Term, based upon the above criteria. The Base Rent for the first year of such Extension Term shall be the average of two (2) appraisals. However, if the appraisals differ by more than ten percent (10%), then a third similarly qualified appraiser shall be appointed by the first two (2) appraisers within ten (10) days thereafter, which third appraiser shall also provide a written appraisal of Base Rent. Base Rent shall then be the average of three (3) appraisals, except that any appraisal which differs by more than ten percent (10%) from both of the other appraisals shall be discarded and the Base Rent shall be the average of two (2) remaining appraisals. If no two (2) appraisals are within ten percent (10%) of each extension term other, then the issue of Tenant’s exercise of its option Base Rent shall be submitted to extend this Leasea binding arbitration before the Judicial Arbitration Mediation Services in Orange County, provided that in California, whose decision as to Base Rent shall be binding on the circumstances described in paragraph 13parties. Each party shall bear equally, the options cost of the foregoing procedures.] Tenant shall have no other right to extend the term may be exercised earlier as provided in paragraph 13, and if beyond the option to extend is exercised earlier as provided in paragraph 13, nevertheless, the rental payable as provided in paragraph 4 shall be determined at the time and in the manner provided in paragraph 4 and this paragraph 3. During the following sixty (60) day period, Tenant and Landlord shall negotiate and arrive at an agreement or disagreement of the amount of rent to be paid during the applicable extension term. If Landlord and Tenant agree upon the rent to be paid during the applicable extension term, Landlord and Tenant shall at the end of the sixty (60) day period enter into a new written lease or an amendment agreement setting forth the amount of rental Tenant shall be required to pay pursuant paragraph 4 for the applicable extension term and any other additional terms to which Landlord and Tenant have agreed. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, a fair market appraisal comparison of comparable properties will be completed by an independent party upon which the Landlord and Tenant may use to negotiate the amount of rent to be paid during the applicable extension term. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, either Landlord or Tenant may, by written notice to the other party given within the ensuing thirty (30) day period, elect to invoke the arbitration provisions of this Lease to determine the rent Tenant shall be required to pay pursuant to paragraph 4 for the applicable extension termExtension Term.

Appears in 1 contract

Sources: Retail Lease

Option to Extend. Upon expiration of the primary term of this Lease, Tenant is granted an option to extend the term of this Lease for shall have one (1) option to extend this Lease in accordance with the provisions of this paragraph, as long as Tenant has not been and is not then in default under the terms of the lease, for an additional sixty term of five (605) month period, with years upon the same terms and conditions as are included in this Lease, subject, however, to renegotiation with the exception of Base Rental payable under Section 4 of the rent provided Lease which shall be Landlord's then prevailing Base Rental being charged by Landlord for space in paragraph 4 the Building reasonably comparable to the Premises. If Tenant elects to exercise the foregoing option to extend, it shall give Landlord written notice of this Leaseits election to do so on or before August 1, 2000 but not prior to May 1, 2000, time being of the essence, which notice shall also request that Landlord furnish Tenant with the Base Rental for the extended term which shall be derived using Landlord's then prevailing rate for space actually leased in the Building comparable to the Premises. The primary Landlord shall furnish Tenant, in writing, within fifteen (15) days of receipt of Tenant's notice of exercise with the Base Rental figure for the term and extension. In the event that Landlord's Base Rental figure is unacceptable to Tenant, for any reason whatsoever, then Tenant shall have the right to void its previous notice to extend its Lease by providing written notice to Landlord, such notice to be given within fifteen (15) days, time being of the essence, of receipt of Landlord's written notice stipulating the Base Rental figure. Upon Tenant giving such notice, the extension terms will of the Lease shall be collectively referred to in deemed null and void and this Lease shall expire on its initial expiration date as if the “term.” above extension option had not been exercised. If Tenant shall fails to notify Landlord within not less than one hundred twenty (120the stipulated time that the Base Rental figure is unacceptable then Tenant shall be deemed to have accepted the Base Rental figure. Tenant has no option(s) days prior to the expiration of the primary term of this Lease or prior to the expiration of each extension term of Tenant’s exercise of its option to extend this LeaseLease except as set forth in this paragraph. PROPERTY NAME: Trafalgar Plaza AGENCY DISCLOSURE Florida real estate licensees are required by law to disclose which party they represent in a transaction and to allow a party the right to choose or refuse among the various agency relationships. The purpose of the AGENCY DISCLOSURE is to acknowledge that the disclosure occurred and that the consumer has been informed of the various agency relationships which are available in a real estate transaction. The following descriptions of terms, provided that agency relationships and the respective duties and obligations are based upon Florida Law (Chapter 475, Florida Statutes). Lessor's Agent (a) The fiduciary duties of loyalty, confidentiality, obedience, full disclosure, accounting and the duly to use skill, care and diligence. To the Lessee and Lessor: (a) A duty of honesty and fair dealing. (b) A duty to disclose all facts known to the Lessor's agent materially affecting the value of the property which are not known to, or readily observable by the parties in a residential transaction. Lessee's Agent A licensee who is engaged by and act as the circumstances described in paragraph 13, agent of the options to extend Lessee only is known as the term may be exercised earlier as provided in paragraph 13, and if the option to extend is exercised earlier as provided in paragraph 13, nevertheless, the rental payable as provided in paragraph 4 shall be determined at the time and in the manner provided in paragraph 4 and this paragraph 3Lessee's agent. During A Lessee's agent has the following sixty duties and obligations: To the Lessee: (60a) day periodThe fiduciary duties or loyalty, Tenant confidentiality, obedience, full disclosure, accounting and Landlord shall negotiate the duty to use skill, care and arrive at an agreement or disagreement diligence. To the Lessor and Lessee: (a) A duty of the amount of rent to be paid during the applicable extension term. If Landlord honesty and Tenant agree upon the rent to be paid during the applicable extension term, Landlord and Tenant shall at the end of the sixty (60) day period enter into a new written lease or an amendment agreement setting forth the amount of rental Tenant shall be required to pay pursuant paragraph 4 for the applicable extension term and any other additional terms to which Landlord and Tenant have agreed. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, a fair market appraisal comparison of comparable properties will be completed by an independent party upon which the Landlord and Tenant may use to negotiate the amount of rent to be paid during the applicable extension term. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, either Landlord or Tenant may, by written notice to the other party given within the ensuing thirty (30) day period, elect to invoke the arbitration provisions of this Lease to determine the rent Tenant shall be required to pay pursuant to paragraph 4 for the applicable extension termdealing.

Appears in 1 contract

Sources: Office Lease (Quikbiz Internet Group Inc)

Option to Extend. Upon expiration of Lessor hereby grants to Lessee the primary term of this Lease, Tenant is granted an option to extend the term of this the Lease for one (1) additional sixty five (605) month periodyear period (“Option”), with commencing when the then current term expires upon each and all of the following conditions: A. In order to exercise the Option, Lessee must give written notice pursuant to the Lease of such election to Lessor and Lessor must receive the same at least one hundred eighty (180) days prior to the date that the option period would commence, time being of the essence. If proper notification of the exercise of the Option is not given, Lessee shall have no further or additional right to extend the term of the Lease. B. Except for the provisions of the Lease granting this option to extend the term, all of the terms and conditions as are included of this Lease except where specifically modified by this option to extend shall apply. This option to extend is personal to the Lessee and its affiliates. C. The Base Rent in this Lease, subject, however, to renegotiation effect at the expiration of the rent provided last month of the Term of this Lease shall be adjusted to reflect the then-current fair market rental for comparable space in paragraph 4 the Building or Project and in other similar buildings in the same rental market, taking into account the specific provisions of this Lease which will remain constant, and the Building amenities, location, identity, quality, age, condition, term of lease, tenant improvements, services provided, and other pertinent items (“Adjusted Base Rent”). In no event shall the Adjusted Base Rent be less than the Base Rent in effect at the expiration of the then current term of the Lease. Lessor shall advise Lessee of the Adjusted Base Rent for the Premises for the renewal term based on Lessor’s reasonable determination of fair market rental value, no later than ninety (90) days prior to the end of the then current term of this Lease. The primary term Lessor and Lessee shall negotiate in good faith to agree on the extension terms will be collectively referred fair market rental value of the Premises for the renewal term. If Lessee and Lessor are unable to agree on a mutually acceptable rental rate for any such increase period within thirty (30) days after notification by Lessor to Lessee of Lessor’s reasonable determination of the Adjusted Base Rent for the increase period, but in this Lease as any even no later than the “term.” Tenant shall notify Landlord within not less than one hundred twenty date which is sixty (12060) days prior to the expiration of the primary term of this Lease then current term, then on or prior to the expiration of before such date Lessor and Lessee shall each extension term of Tenantappoint a licensed real estate broker with at least ten (10) year’s exercise of its option to extend this Lease, provided that experience in leasing industrial space in the circumstances described area in paragraph 13, which the options Building is located to extend act as arbitrators. The two (2) arbitrators so appointed shall determine the term may be exercised earlier as provided in paragraph 13, and if the option to extend is exercised earlier as provided in paragraph 13, nevertheless, the fair market rental payable as provided in paragraph 4 shall be determined at the time and in the manner provided in paragraph 4 and this paragraph 3. During the following sixty (60) day period, Tenant and Landlord shall negotiate and arrive at an agreement or disagreement of the amount of rent to be paid during the applicable extension term. If Landlord and Tenant agree upon the rent to be paid during the applicable extension term, Landlord and Tenant shall at the end of the sixty (60) day period enter into a new written lease or an amendment agreement setting forth the amount of rental Tenant shall be required to pay pursuant paragraph 4 value for the applicable extension term Premises for the increase period based on the above criteria and any other additional terms to which Landlord and Tenant have agreed. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period each shall submit his or her determination of negotiations, a such fair market appraisal comparison of comparable properties will be completed by an independent party upon which the Landlord rental value to Lessor and Tenant may use to negotiate the amount of rent to be paid during the applicable extension term. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiationsLessee in writing, either Landlord or Tenant may, by written notice to the other party given within the ensuing thirty (30) days after appointment. If the two (2) arbitrators so appointed cannot agree to the fair market rental value for the increase period within such 30 day period, elect to invoke the arbitration provisions of this Lease to two (2) arbitrators shall within five (5) days thereafter appoint a third arbitrator who shall be a licensed real estate broker with at least ten (10) year’s experience in leasing industrial space in the area in which the Building is located. The third arbitrator so appointed shall independently determine the rent Tenant fair market rental value for the Premises for the increase period within fifteen (15) days after appointment, by selecting from the proposals submitted by each of the first two arbitrators the one that most closely approximates the third arbitrator’s determination of such fair market rental value. The third arbitrator shall have no right to adopt a compromise or middle ground or any modification of either of the proposals submitted by the first two arbitrators. The proposal chosen by the third arbitrator as most closely approximating the third arbitrator’s determination of the fair market rental value for the increase period shall constitute the decision and award of the arbitrators and shall be required final and binding of the parties. Each party shall pay the fees and expenses of the arbitrators appointed by such party and one-half (1/2) of the fees and expenses of the third Second Amendment arbitrator. If either party fails to pay pursuant appoint an arbitrator, or if either of the first two arbitrators fails to paragraph 4 for submit his or her proposal of fair market rental value to the applicable extension termother party, in each case within the time periods set forth above, then the decision of the other party’s arbitrator shall be considered final and binding.

Appears in 1 contract

Sources: Lease (Artius Acquisition Inc.)

Option to Extend. Upon expiration of 27.01 Tenant shall have the primary term of this Lease, Tenant is granted an option to extend the term Term of this the Lease for one (1) additional sixty period of five (605) month periodyears (the "Renewal Period") upon all of the terms, with the same terms covenants and conditions contained in the Lease except that Base Rent for the Renewal Period shall be equal to the Renewal Rate (as are included in this Lease, subject, however, to renegotiation of the rent provided in paragraph 4 of this Leasedefined below). The primary term and the extension terms will be collectively referred to in this Lease as the “term.” Tenant shall notify Landlord within not less than one hundred twenty (120) days prior be entitled to the expiration of the primary term of this Lease or prior to the expiration of each extension term of Tenant’s exercise of its option to extend hereunder so long as (i) Tenant shall have delivered to Landlord written notice of its election to exercise such option on or before July 31, 2012, and (ii) Tenant shall not be in default of any non-monetary or material non-monetary obligations or covenants under this LeaseLease on the date on which Tenant exercises its option to extend, provided that or at any time through and including the commencement date of the Renewal Period. 27.02 Within thirty (30) days of its receipt of notice from Tenant of Tenant's election to exercise its renewal option, Landlord shall notify Tenant of the Renewal Rate to be charged as Base Rent for the Renewal Period. As used herein, the term "Renewal Rate" shall mean the rental rates then being charged to tenants of comparable size to Tenant in comparable buildings in the circumstances described area. Tenant shall have thirty (30) days to notify Landlord in paragraph 13, writing of its desire to accept the options Renewal Rate or object to extend the term may be exercised earlier as provided in paragraph 13, and if the option to extend is exercised earlier as provided in paragraph 13, nevertheless, the rental payable as provided in paragraph 4 shall be determined at the time and in the manner provided in paragraph 4 and this paragraph 3. During the following sixty (60) day period, Tenant and Landlord shall negotiate and arrive at an agreement or disagreement of the amount of rent to be paid during the applicable extension termRenewal Rate. If Landlord and Tenant agree upon rejects the rent to be paid during the applicable extension termRenewal Rate, Landlord and Tenant shall at the end of the sixty (60) day period enter into a new written lease or an amendment agreement setting forth the amount of rental Tenant shall be required to pay pursuant paragraph 4 for the applicable extension term and any other additional terms to which Landlord and Tenant have agreed. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, a fair market appraisal comparison of comparable properties will be completed by an independent party upon which the Landlord and Tenant may use attempt to negotiate the amount of rent to be paid during the applicable extension terma mutually acceptable Renewal Rate. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiationsIf, either Landlord or Tenant may, by written notice to the other party given within the ensuing after thirty (30) day perioddays, elect Landlord and Tenant are unable to invoke reach agreement on the arbitration provisions of Renewal Rate, then this Lease to determine shall terminate on the rent Tenant last day of the initial Term and the Term of the Lease shall not be required to pay extended pursuant to paragraph 4 for the applicable extension termthis Article XXVII.

Appears in 1 contract

Sources: Office Space Lease (Medical Staffing Network Holdings Inc)

Option to Extend. Upon expiration of the primary term of this LeaseProvided Tenant is not in default in its obligations hereunder beyond any applicable notice and cure period, Tenant is granted an shall have the option to extend the term of this Lease for one additional successive term (1hereinafter referred to, as applicable, as the " Extended Term") additional sixty commencing immediately upon the expiration of the initial Term hereof and continuing for a period of five (605) month periodyears, provided that Tenant proceeds strictly in accordance with the same terms and conditions as are included in this Lease, subject, however, to renegotiation of the rent provided in paragraph 4 provisions of this LeaseArticle 35. The primary term and On or before the extension terms will be collectively referred to in this Lease as the “term.” Tenant shall notify Landlord within not less than date that is one hundred twenty (120) days prior to the expiration of Expiration Date for the primary Term (the "Notice Date"), Tenant shall advise Landlord in writing that Tenant wishes to extend the term of this Lease or prior (hereinafter referred to the expiration of each extension term of as “Tenant’s exercise of its option to extend this Lease, provided that in the circumstances described in paragraph 13, the options to extend the term may be exercised earlier as provided in paragraph 13, and if the option to extend is exercised earlier as provided in paragraph 13, nevertheless, the rental payable as provided in paragraph 4 shall be determined 's Extension Notice”). If at the time Landlord receives Tenant's Extension Notice this Lease is in full force and in effect without default on the manner provided in paragraph 4 and this paragraph 3. During part of the following sixty (60) day Tenant beyond any applicable cure period, Tenant and Landlord shall negotiate and arrive at an agreement or disagreement of the amount of rent to be paid then, during the applicable extension term. If Landlord and Tenant agree upon the rent to be paid during the applicable extension term, Landlord and Tenant shall at the end of the sixty (60) day period enter into a new written lease or an amendment agreement setting forth the amount of rental Tenant shall be required to pay pursuant paragraph 4 for the applicable extension term and any other additional terms to which Landlord and Tenant have agreed. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, a fair market appraisal comparison of comparable properties will be completed by an independent party upon which the Landlord and Tenant may use to negotiate the amount of rent to be paid during the applicable extension term. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, either Landlord or Tenant may, by written notice to the other party given within the ensuing next thirty (30) day perioddays, elect Landlord shall notify Tenant in writing of the Base Rent pursuant to invoke Article 3 of the arbitration provisions of this Lease to determine the rent Tenant which shall be required to pay pursuant to paragraph 4 due for the applicable extension termExtended Term. The Base Rent specified by Landlord shall be equal to the greater of: (a) the Base Rent scheduled to be paid for the last year of the Term without giving effect to any partial or complete abatements of Base Rent (the “Rent Notice”); or (b) ninety five percent (95%) Landlord’s projected fair market Base Rent as of the commencement of the Extended Term, for comparable space in comparable buildings in New Haven, with all relevant factors considered (the “FMV Rent Notice”).

Appears in 1 contract

Sources: Lease Agreement (Arvinas, Inc.)

Option to Extend. Upon Tenant shall have an option to extend this Lease for an additional term (hereinafter referred to as “First Extended Term”) of five (5) years commencing immediately upon the expiration of the primary initial term of this LeaseLease and terminating at the end of the 59th calendar month after the month in which the First Extended Term begins, provided that Tenant proceeds strictly in accordance with the provisions of this Section XLVIII. During the month of June, 2017, Tenant is granted an option shall advise Landlord in writing that Tenant wishes to extend the term of this Lease for one (1) additional sixty (60) month the First Extended Term. If at the time Landlord receives Tenant’s Extension Notice this Lease is in full force and effect without default on the part of the Tenant beyond any notice and applicable cure period, then, during the month of July, 2017, Landlord shall notify Tenant in writing of the Rent pursuant to Section IV of the Lease which shall be due for the First Extended Term. The Rent specified by Landlord shall be that which the Landlord projects will be the fair market rent as of the commencement of the First Extended Term, but in no event less than Eleven and Fifteen one-hundredths Dollars ($11.15) per rentable square foot. Within three (3) weeks after Landlord has given Tenant notice of the Rent pursuant to Section IV of this Lease for the First Extended Term in accordance with the same terms hereof, Tenant shall notify Landlord whether or not it agrees to pay such rent. If Tenant shall agree in writing to pay such rent, then this Lease shall be extended for the First Extended Term without the execution of any additional documents, and conditions as are included each and every term and condition of this Lease shall apply during the First Extended Term except only that the rent specified in Section IV of this Lease during the First Extended Term shall be that agreed upon by Landlord and Tenant, and the phrase “term of this Lease, subject, however, ” shall be construed to renegotiation of mean the rent provided in paragraph 4 First Extended Term of this Lease. The primary term and the extension terms will be collectively referred If Tenant shall not agree in writing to in pay such rent, this Lease shall terminate as the “term.” Tenant shall notify Landlord within not less than one hundred twenty (120) days prior to the expiration of the primary term provided in Section III of this Lease and Tenant shall vacate the premises on or prior to before such date in accordance with the expiration provisions of each extension term of Tenant’s exercise of its option to extend this Lease, provided unless Tenant shall have advised Landlord in writing within three (3) weeks of Landlord’s notice that in Tenant exercises its right to submit the circumstances described in paragraph 13, the options to extend the term may be exercised earlier as provided in paragraph 13, and if the option to extend is exercised earlier as provided in paragraph 13, nevertheless, the rental payable as provided in paragraph 4 shall be determined at the time and in the manner provided in paragraph 4 and this paragraph 3. During the following sixty (60) day period, Tenant and Landlord shall negotiate and arrive at an agreement or disagreement of the amount determination of rent for the First Extended Term to be paid during the applicable extension termarbitration process described hereinafter. If Landlord and Tenant agree upon Within the rent first thirty (30) days after Tenant’s election to be paid during submit the applicable extension termissue to arbitration, Landlord and Tenant shall each select an independent real estate broker, who must have at least ten years experience in the end ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ to render a written opinion of the sixty (60) day period enter into a new rent under Section IV which shall be due during the First Extended Term, which written lease or an amendment agreement setting opinions shall set forth the amount of rental Tenant fair market rent for comparable premises in the ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ (taking into consideration relevant concessions and costs provided for and incident to comparable transactions) and shall be required to pay pursuant paragraph 4 for the applicable extension term and any other additional terms to which Landlord and Tenant have agreed. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, a fair market appraisal comparison of comparable properties will be completed by an independent party upon which the Landlord and Tenant may use to negotiate the amount of rent to be paid during the applicable extension term. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, either Landlord or Tenant may, by written notice to the other party given rendered within the ensuing next thirty (30) day period. If the rental rates set forth in the two opinions are within ten percent (10%) of each other, elect the average of the two amounts shall be the rent for the First Extended Term; if the rental rates set forth in the two opinions are not within ten percent (10%) of each other, the two independent real estate brokers shall select a third real estate broker, with the same experience qualification described herein who within the next thirty (30) days shall select which of the two initial amounts shall constitute the fair market rent for the First Extended Term. Whether the rental rate is that determined by the average of the two opinions, or by the third real estate broker, that determination shall be conclusive and binding upon Landlord and Tenant, and the lease shall be extended for the First Extended Term without the execution of any additional documents, provided that in no event however shall the rent under Section IV during the First Extended Term be less than Eleven and Fifteen one-hundredths Dollars ($11.15) per rentable square foot. If Tenant shall fail to invoke give Landlord written notice in June, 2017 as hereinbefore specified, Tenant shall no right to extend this Lease for the arbitration First Extended Term, and this Lease shall terminate as provided in Section III of this Lease and Tenant shall vacate the premises on or before such date in accordance with the provisions of this Lease. Tenant shall have an option to extend this Lease for an additional term (hereinafter referred to determine as “Second Extended Term”) commencing immediately upon the expiration of the First Extended Term hereof and continuing for a period of 59 months, provided that Tenant proceeds strictly in accordance with the provisions of this Section XLVIII. During the month of June 2022, Tenant shall advise Landlord in writing that Tenant wishes to extend the term of this Lease (hereinafter referred to as “Tenant’s Second Extension Notice”). If at the time Landlord receives Tenant’s Second Extension Notice this Lease is in full force and effect without default on the part of the Tenant beyond any notice and applicable cure period, then, during the month of July, 2022, Landlord shall notify Tenant in writing of the Rent pursuant to Section IV of the Lease which shall be due for the Second Extended Term. The Rent specified by Landlord shall be that which the Landlord projects will the fair market rent as of the commencement of the Second Extended Term, but in no event less than the Rent due pursuant to Section IV of this Lease during the last year of the First Extended Term of this Lease per rentable square foot. Within three (3) weeks after Landlord has given Tenant notice of the Rent pursuant to Section IV of this Lease for the Second Extended Term, Tenant shall notify Landlord whether or not it agrees to pay such rent. If Tenant shall agree in writing to pay such rent, then this Lease shall be extended for the Second Extended Term without the execution of any additional documents, and each and every term and condition of this Lease shall apply during the Second Extended Term except only that the rent specified in Section IV of this Lease during the Second Extended Term shall be that agreed upon by Landlord and Tenant, and the phrase “term of this Lease” shall be construed to mean the Second Extended Term of this Lease. If Tenant shall be required not agree in writing to pay pursuant such rent, this Lease shall terminate on termination date of First Extended Term and Tenant shall vacate the premises on or before such date in accordance with the provisions of this Lease, unless Tenant shall have advised Landlord in writing within three (3) weeks of Landlord’s notice that Tenant exercises its right to paragraph 4 submit the determination of rent for the applicable extension termSecond Extended Term to the arbitration process described hereinafter. Within the first thirty (30) days after Tenant’s election to submit the issue to arbitration, Landlord and Tenant shall each select an independent real estate broker, who must have at least ten years experience in the ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ to render a written opinion of the rent under Section IV which shall be due during the Second Extended Term, which written opinions shall set forth the fair market rent for comparable premises in the ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ (taking into consideration relevant concessions and costs provided for and incident to comparable transactions) and shall be rendered within the next thirty (30) day period. If the rental rates set forth in the two opinions are within ten percent (10%) of each other, the average of the two amounts shall be the rent for the Second Extended Term; if the rental rates set forth in the two opinions are not within ten percent (10%) of each other, the two independent real estate professionals shall select a third real estate broker, with the same experience qualification described herein who within the next thirty (30) days shall select which of the two initial amounts shall constitute the fair market rent for the Second Extended Term. Whether the rental rate is that determined by the average of the two opinions, or by the third real estate broker, that determination shall be conclusive and binding upon Landlord and Tenant, and the lease shall be extended for the Second Extended Term without the execution of any additional documents, provided that in no event shall the rent under Section IV during the Second Extended Term be less than the per rentable square foot rent during the last year of the First Extended Term. If Tenant shall fail to give Landlord written notice in June, 2022 as hereinbefore specified, Tenant shall no right to extend this Lease for the Second Extended Term, and this Lease shall terminate on the termination date of the First Extended Term and Tenant shall vacate the premises on or before such date in accordance with the provisions of this Lease.

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Sources: Lease Agreement (Ade Corp)