Common use of OPTION TO RENEW Clause in Contracts

OPTION TO RENEW. Tenant shall have one (1) option to renew (the "Option") the Lease for one five (5) year term, at the Prevailing Market Rent (as hereinafter defined), plus Tenant's Percentage of all Operating Costs and Taxes, and all other charges pursuant to the Lease, provided that Tenant: (i) is not in currently in default; and (ii) has not been in default of any term or provision of the Lease two or more times during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option shall be exercised no later than nine (9) months but not more than twelve (12) months prior to the expiration of the original term. If Tenant fails to timely exercise the Option in the manner herein specified, then the Option shall immediately and automatically terminate and be of no further force or effect. Time is of the essence with respect to the exercise of the Option. Except as otherwise specifically provided herein, all provisions of the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect during the Option Period; provided, however, that the Base Rent for the initial year of the Option Period shall be set at the Prevailing Market Rent (as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent for the Premises as of the first month of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as follows:

Appears in 2 contracts

Samples: Assignment of Lease (NBC Internet Inc), Xoom Inc

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OPTION TO RENEW. (a) Tenant shall have the option (the “Renewal Option”) to extend the term of this Lease, for one (1) option to renew (the "Option") the Lease for one additional period of five (5) year term, at years (being referred to herein as a “Renewal Term”) upon the Prevailing Market Rent (as hereinafter defined), plus Tenant's Percentage terms and conditions contained in this Section if each of all Operating Costs and Taxes, and all other charges pursuant to the Lease, provided that Tenantfollowing conditions shall be fully satisfied: (i) is not At the time of the exercise of the Renewal Option and at the commencement of the Renewal Term, this Lease shall be in currently in default; full force and effect, (ii) has not been the Tenant named in default of any term this Lease shall have continuously occupied the Premises, without interruption, sublease or provision assignment since the original Commencement Date through the date of the Lease two or more times during commencement of the initial Lease Renewal Term, regardless (iii) no event of whether any default shall exist at the time of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional exercise of the Option; providedRenewal Option or at the commencement of the Renewal Term, however(iv) no facts or circumstances shall exist at the time of the exercise of the Renewal Option or at the commencement of the Renewal Term which, that with notice and/or lapse of time, could constitute an event of default, (v) Tenant shall have provided written notice to Landlord in accordance with the terms of this Lease of Tenant’s exercise of the Renewal Option (a “Renewal Notice”) and such Renewal Notice shall actually be exercised received by Landlord no later than nine (9) months but not more than twelve (12) months prior to the expiration commencement of the original termRenewal Term, and (vi) prior to the commencement of the Renewal Term, Tenant shall have executed and delivered to Landlord such documents as may reasonably be requested by Landlord to evidence the extension of the expiration date of the Lease in accordance with this Section 1.3. If The Renewal Notice shall be irrevocable once given by Tenant to Landlord. In the event the Tenant fails to timely exercise deliver to Landlord the Option in Renewal Notice as required above, or if the manner herein specified, then the Option shall immediately other terms and automatically terminate and be of no further force or effect. Time is of the essence with respect to conditions for the exercise of the Option. Except as otherwise specifically provided hereinRenewal Option have not been satisfied, all provisions of then the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect during the Option Period; provided, however, that the Base Rent for the initial year of the Option Period shall be set at the Prevailing Market Rent (as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Renewal Option shall be deemed null and void and Tenantthis Lease shall expire or terminate as otherwise provided in the Lease, without regard to any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent for the Premises as of the first month of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as follows:extension contemplated by this Section 1.3.

Appears in 2 contracts

Samples: Lease Agreement (Protective Products of America, Inc.), Lease Agreement (Protective Products of America, Inc.)

OPTION TO RENEW. Tenant shall have one (1) is hereby granted the option to renew (extend the "Option") the term of this Lease for one two (2) five (5) year termperiods, at hereinafter referred to a the Prevailing Market Rent (as hereinafter defined)"First Extended Term" and the "Second Extended Term", plus Tenant's Percentage of all Operating Costs and Taxesrespectively, and all other charges pursuant to the Lease, provided that Tenant: (i) is not in currently in default; and (ii) has not been in default of any term or provision of the Lease two or more times during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering to Landlord written giving notice of Xxxxxx's unconditional exercise of the Optionoption ("Option Notice") to Landlord at least six (6) months, but not more than one (1) year, before the expiration of the Basic Term or the First Extended Term, as the case may be; provided, however, that if Tenant is in default on the date of giving any such Option Notice, or if any event has occurred that but for the passage of time or the giving of notice, or both, would constitute a material default, the Option Notice shall be exercised no later than nine totally ineffective, and provided further, that if Tenant is in default or if any event has occurred that but for the passage of time or the giving of notice, or both, would constitute a default, on the date that the First Extended Term or the Second Extended Term (9collectively the "Extended Terms") months but would otherwise commence, at Landlord's option, such Extended Term shall not more than twelve (12) months prior to commence and this Lease shall expire at the expiration end of the original termBasic Term, or at the end of the First Extended Term, as the case may be. In the event Tenant gives notice of exercise of option, which notice is ineffective for any reason stated herein, Landlord shall provide Tenant with prompt written notice of rejection of such notice of exercise of option. Tenant shall have no other right to extend the term beyond the Second Extended Term described herein. During the Extended Terms all of the terms and provisions contained herein shall apply except that commencing at the beginning of each Extended Term, the Annual Basic Rent shall be increased to an amount equal to ninety-five percent (95%) of the fair market Rental ("FMR") for the Premises unless Tenant elects to arbitrate the fair market rental, as set forth herein. Landlord shall notify Tenant of the FMR within sixty (60) days after receipt of Tenant's Option Notice. Tenant shall then have sixty (60) days following Tenant's receipt of Landlord's determination of the FMR within which to confirm or to revoke its election to renew the Lease. If Tenant fails to timely exercise the Option in the manner herein specifiedrevoke its election, then the Option Tenant's consent to FMR shall immediately be deemed given and automatically terminate and be of no further force or effect. Time is of the essence with respect to the exercise of the Option. Except as otherwise specifically provided herein, all provisions of the Lease, this Addendum and all other exhibits to the Lease shall continue be deemed extended. If Tenant elects arbitrate the issue of FMR, such dispute shall be resolved by means of banding arbitration in full force and effect during accordance with the Option Period; provided, however, that the Base Rent for the initial year commercial arbitration rules of the Option Period American Arbitration Association. Arbitration shall be set at conducted by a sole M.A.I. appraiser appointed by the Prevailing Market Rent (as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the OptionAmerican Arbitration Association. Landlord and Tenant shall have 30 days following split the exercise cost of arbitration. Thereafter, Rental shall be increased annually (the Option "Extended Term Adjustment Date") based upon increases (if any) in the Index, but in no event shall the increase be less than two percent (2%) or greater than six percent (6%). The most recent Index in publication prior to the Extended Term, shall be the Base Index. On each Extended Term Adjustment Date, the Annual Rental shall be increased by a percentage equal to the percentage increase, if any, in the most recent Index in publication prior to the Extended Term Adjustment Date (the "Comparison Index") over the Base Index ("Adjusted Annual Rental"). When the Adjusted Annual Rental payable as of each Extended Term Adjustment Date is determined, Landlord shall give Tenant written notice of such Adjusted Annual Rental and the manner in which to agree as to the Prevailing Market Rent for the Premises as of the first month of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as follows:it was computed.

Appears in 2 contracts

Samples: Alpha Technologies Group Inc, Alpha Technologies Group Inc

OPTION TO RENEW. Tenant Lessee shall have one (1) option to renew (extend the "Option") the term of this Lease for one a period of five (5) year termyears. To exercise the option, at the Prevailing Market Rent (as hereinafter defined), plus Tenant's Percentage of all Operating Costs and Taxes, and all other charges pursuant to the Lease, provided that Tenant: (i) is not in currently in default; and (ii) has not been in default of any term or provision of the Lease two or more times during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering to Landlord Lessee must give written notice of Xxxxxx's unconditional exercise of its exercising the Option; provided, however, that the Option shall be exercised no later than nine (9) months but not more than twelve (12) months option to Lessor on or before two years prior to the expiration of the original termPrimary Term. If Tenant fails Lessee may exercise this option to timely exercise renew only if: (1) Lessee is not in default in the performance of this Lease when Lessee gives notice of its exercising of the option; (2) Lessee and Lessor are able to agree, within the time frame set forth below, upon an amount for a monthly rental during the five (5) year term of the option (“Option Term”); (3) Lessee and Lessor shall make a good faith effort to agree upon a rental amount; and (4) Lessee remains in full compliance with the Lease until the Primary Term expires. The monthly rental for the Option in the manner herein specified, then the Option shall immediately and automatically terminate and be of no further force or effect. Time is of the essence with respect to the exercise of the Option. Except as otherwise specifically provided herein, all provisions of the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect during the Option Period; provided, however, that the Base Rent for the initial year of the Option Period Term shall be set at the Prevailing Market Rent (as such term is defined below). The Option is personal to Tenant negotiated between Lessor and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that Lessee at the time that Lessee exercises its option, subject to the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option requirement that each year’s rent shall be deemed null not less than the previous year’s rent paid by Lessee hereunder. If Lessor and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent for the Premises as of the first month of the Option Period. In the event Landlord and Tenant Lessee are unable to agree on upon the Prevailing Market Rent amount of the monthly rental for the Option Term within such thirty two hundred and seventy (30270) day perioddays of the expiration of the Primary Term, then this option to renew shall, without further action by Lessor, be deemed to be wholly and conclusively terminated, and Lessee shall vacate the Prevailing Market Rent shall be determined as follows:Leased Premises by the end of the Primary Term.

Appears in 2 contracts

Samples: Commercial Lease Agreement (Argyle Security, Inc.), Commercial Lease Agreement (Argyle Security, Inc.)

OPTION TO RENEW. Subject to the condition that Tenant shall have not, at the time Landlord s2 receives an Option Notice hereunder or at the time of commencement of any Renewal Term s3 hereunder, be in default of any of the terms of this Lease beyond applicable notice and cure periods S4 {if any), Tenant is hereby granted the option to renew the Lease Term for two (2) periods, the first of which shall be one hundred twenty (120) months and the second of which shall be sixty {60) months (singularly, a “Renewal Term” and collectively, the “Renewal Terms”). The first Renewal Term will commence on the day following the expiration of the Initial Term of this Lease and the remaining Renewal Term will commence on the day following the expiration of the immediately preceding Renewal Term. Tenant must exercise this option, If at all, by delivering irrevocable written notioe of such election (the “Option Notice”) to Landlord at least one year, but no sooner than eighteen (18) months, prior to expiration of the lnlllal Term or the immediately preceding Renewal Term, as applicable. If Tenant does not validly deliver an Option Notice to renew the Lease Term for one (1) option to renew (the "Option") the Lease for one five (5) year term, at the Prevailing Market Rent (as hereinafter definedor more Renewal Term(s), plus Tenant's Percentage the provisions of all Operating Costs and Taxes, and all other charges pursuant to the Lease, provided that Tenant: (i) is not in currently in default; and (ii) has not been in default of any term or provision of the Lease two or more times during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option this Paragraph 25.1 shall be exercised no later than nine (9) months but not more than twelve (12) months prior to the expiration of the original term. If Tenant fails to timely exercise the Option in the manner herein specified, then the Option shall immediately null and automatically terminate void and be of no further force or effect. Time is Any such renewal of the essence with respect to the exercise of the Option. Except as otherwise specifically provided herein, all provisions of the Lease, this Addendum and all other exhibits to the Lease shall continue in full force be upon the same terms and effect during the Option Period; provided, however, conditions as this Lease except that the Base Rent for the initial year of the Option Period shall be set at the Prevailing Market Rent (as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent for the Premises as of the first month of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent during each Renewal Term shall be determined as follows:provided in Paragraph 25,2 and Landlord shall have no obligation to perform any tenant Improvements or other work in connection with any such renewal of this Lease. Except to the extent specifically provided in this Paragraph 25.1, Tenant has no rights to renew the Lease Term.

Appears in 2 contracts

Samples: Evotec SE, Evotec AG

OPTION TO RENEW. Landlord hereby grants the Tenant shall have the Option to Renew the Initial Term of the Lease for one (1) option to renew (the "Option") the Lease for one additional five (5) year term, at the Prevailing Market Rent (as hereinafter defined), plus Tenant's Percentage of all Operating Costs period upon and Taxes, and all other charges pursuant subject to the Lease, provided that Tenant: Terms and Conditions set forth herein (i) is not in currently in default; and (ii) has not been in default of any term or provision of the Lease two or more times during the initial Lease “Option Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month period”). The Option may shall be exercised only exercised, if at all, by Xxxxxx delivering written notice, delivered to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option shall be exercised no later earlier than nine (9) months but not more nor later than twelve six (126) months prior to the expiration date of the original termOption Term. If In the event Tenant fails to timely exercise exercises the Option, each of the Terms, covenants, and conditions of the Lease shall apply during the Option in Term as though the manner herein specified, then expiration date of the Option shall immediately and automatically terminate and be of no further force or effect. Time is Term was the date originally set forth herein as the expiration date of the essence with respect Initial Term except that the monthly Rent to be paid during the Option Term shall be equal to Landlord’s published rates (for space located on the ground floor of the Building), but in no event shall the monthly rental payable during the Option Term be less than the monthly Rent payable to Landlord during the last full calendar month of the initial Term. Anything contained herein to the exercise contrary notwithstanding, if Tenant is in material default under any of the Option. Except as otherwise specifically Terms, covenants, or conditions of this Lease, either at the time Tenant exercised the Option or any time thereafter prior to the commencement date of the Option Term, and such default is not cured within the applicable cure period, Landlord shall have, in addition to all of Landlord’s other rights and remedies provided herein, all provisions of in the Lease, this Addendum and all other exhibits the right to the Lease shall continue in full force and effect during Terminate the Option Period; providedalready exercised by Tenant upon notice to Tenant, however, that in which event the Base Rent for expiration of this lease shall be and remain the expiration date of the initial year of the Option Period shall be set at the Prevailing Market Rent (as such term is defined below)Term period. The This Option is personal to the original Tenant executing the Lease and may not be assigned or exercised after any assignment or assigned, voluntarily or involuntarily, by, or to, sublease of any person or entity portion of the Premises (other than Tenant. The Option is not assignable separate and apart from to an affiliate to Tenant as permitted under Paragraph 21 of this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent for the Premises as of the first month of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as follows:).

Appears in 1 contract

Samples: Weekly Services (Premier Commercial Bancorp)

OPTION TO RENEW. Tenant shall have the option to renew this Lease (the “Renewal Option”) for one (1) option additional term of seven (7) years, commencing upon the expiration of the initial Term of this Lease. The Renewal Option must be exercised, if at all, by written notice given by Tenant to Landlord not earlier than fifteen (15) full calendar months prior to expiration of the initial Term of this Lease and not later than twelve (12) full calendar months prior to expiration of the initial Term of this Lease. Notwithstanding the foregoing, at Landlord’s election, the Renewal Option shall be null and void and Tenant shall have no right to renew (this Lease pursuant thereto if on the "Option") date Tenant exercises the Lease for one five (5) year term, at option or on the Prevailing Market Rent (as hereinafter defined), plus Tenant's Percentage date immediately preceding the commencement of all Operating Costs and Taxes, and all other charges pursuant to the Lease, provided that Tenant: renewal period (i) the Tenant originally named in this Lease is not in currently occupancy of at least eighty percent (80%) of the rentable square footage of the Premises then demised hereunder or does not intend to continue to occupy at least eighty percent (80%) of the rentable square footage of the Premises then demised hereunder (but intends to assign this Lease or sublease or vacate a portion of the Premises that would result in default; and such occupancy threshold not be met), or (ii) has not been Tenant is in default of any term or provision of the Lease two or more times during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional exercise of the Optionits obligations under this Lease; provided, however, that in the Option case of a non-monetary default hereunder where Landlord shall be exercised no later than nine (9) months but not more than twelve (12) months prior have previously given Tenant written notice of such default, Landlord may not exercise its election to the expiration void Tenant’s exercise of the original term. If Tenant’s renewal option unless Landlord gives written notice of such default to Tenant and Tenant fails to timely exercise the Option in the manner herein specified, then the Option shall immediately and automatically terminate and be of no further force or effect. Time is of the essence with respect to the exercise of the Option. Except as otherwise specifically provided herein, all provisions of the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect during the Option Period; provided, however, that the Base Rent for the initial year of the Option Period shall be set at the Prevailing Market Rent cure such default within five (as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%5) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 business days following the exercise of the Option in which to agree as to the Prevailing Market Rent for the Premises as of the first month of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as follows:thereafter.

Appears in 1 contract

Samples: Office Lease (Conceptus Inc)

OPTION TO RENEW. (a) As of the Effective Date, Tenant acknowledges and represents that Tenant's option to renew the Lease provided in Section 31.16 of the Lease has been superseded by this Amendment and is of no further force and effect. ,Notwithstanding the foregoing, provided no Event of Default has occurred and is continuing under the Lease at the time same is exercised, Tenant shall have one (1) a single option to renew the initial Term of the Lease (as amended by this Amendment) (hereinafter in this Section 9, the "OptionOriginal Term") the Lease for one additional term of five (5) year termyears (the "Renewal Term"). Such Renewal Term, at if exercised, would start on December 1, 2008, and end on November 30, 2013. Such extension would be on the Prevailing Market Rent same terms and conditions as are set forth in (and are last applicable under) the Lease (as hereinafter definedamended by this Amendment), plus Tenant's Percentage of all Operating Costs and Taxesexcept that, and all other charges pursuant to the Lease, provided that Tenantduring such Renewal Term: (i) is not Tenant's annual rate of Fixed Rent shall be as provided in currently in defaultSection 9 (b) immediately following; (ii) there shall be no fit-up or construction or other work or allowance or concessions relating to preparing the Premises for Tenant's occupancy; (iii) there shall be no initial free Fixed Rent and Escalation Rent abatement period; and (iiiv) has not been in default there shall be no further option to renew., The exercise of any term or provision of such option to renew the Lease two or more times during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may must be accomplished as follows: not be more than five (5) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option shall be exercised no later than the date which is nine (9) months but not more than twelve (12) months prior to the expiration last day of the original termOriginal Term (time being of the essence), Tenant, if it wishes to exercise such option, must notify Landlord in writing that Tenant elects to renew for such 5-year Renewal Term, or be deemed to have waived Tenant's option to renew. If Tenant fails Notwithstanding anything to timely exercise the Option contrary contained in the manner herein specified, then the Option Lease (as amended by this Amendment): (A) Tenant's option to renew shall immediately and automatically terminate and be of no further force or effect. Time is of the essence apply only with respect to the exercise entire Premises as then constituted, and not to a portion or portions of the Option. Except Premises as otherwise specifically provided hereinthen constituted; (3) if Tenant fails to properly and timely exercise its option to renew hereunder, all provisions said option shall be null and void; (C) Tenant's option to renew shall be limited to Initial Tenant (or any Affiliate of Initial Tenant succeeding to Initial Tenant's interest hereunder pursuant to the terms of the LeaseLease or any successor to Initial Tenant's interest in this Lease by bona- fide merger or acquisition) only, this Addendum and all shall not be transferred or assigned to any other exhibits to party; and (D) Tenant must be in occupancy of the entire Premises, as then constituted under the Lease shall continue in full force and effect during the Option Period; provided, however, that the Base Rent for the initial year of the Option Period shall be set at the Prevailing Market Rent (as such term is defined belowamended by this Amendment). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent for the Premises as of the first month of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as follows:option.

Appears in 1 contract

Samples: Premises Relocation and Lease Amendment Agreement (National Patent Development Corp)

OPTION TO RENEW. Tenant shall have one ONE (1) option Option to renew (the "Option") Renew the Lease for one five an additional term of SIXTY (560) year termmonths. Such Option to Renew is on an "as-is" basis and all terms and conditions shall remain the same, except that the Base Rental shall be modified to the then current market rate for space at the Building. In order to exercise this option, Tenant must provide written notice to Landlord of its intent to exercise this right at least ONE HUNDRED EIGHTY (180) days prior to the expiration of the Lease Term. LANDLORD'S DETERMINATION OF THE FAIR MARKET RENTAL VALUE OF THE PREMISES SHALL TAKE INTO ACCOUNT THE FAIR MARKET RENTAL OF SIMILAR BUILDINGS IN THE NORTH CENTRAL SUBMARKET. LANDLORD AND TENANT SHALL EXECUTE AN AMENDMENT TO THIS LEASE EVIDENCING THE EXERCISE OF THE RENEWAL OPTION AND THE REVISIONS TO THIS LEASE RESULTING FROM THE EXERCISE OF THE RENEWAL OPTION. Notwithstanding the foregoing, if, at any time during the Prevailing Market Rent (as hereinafter defined), plus Tenant's Percentage term of all Operating Costs and Taxes, and all other charges pursuant to the this Lease, provided that Tenant: (i) Tenant is not in currently in default; and (ii) has not been or becomes in default of any term or provision of the this Lease two or more times during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may and such default has not be more than five (5) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option shall be exercised no later than nine (9) months but not more than twelve (12) months prior to the expiration of the original term. If Tenant fails to timely exercise the Option in the manner herein specifiedbeen cured, then the Tenant shall waive and have no rights whatsoever with regard to this Option shall immediately and automatically terminate and be of no further force or effectto Renew. Time is of the essence with respect to the exercise of the Option. Except as otherwise specifically provided herein, all provisions of the LeaseFurther, this Addendum and all other exhibits Option to the Lease shall continue in full force and effect during the Option Period; provided, however, that the Base Rent for the initial year of the Option Period shall be set at the Prevailing Market Rent (as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent for the Premises as of the first month of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as follows:Renew IS FULLY ASSIGNABLE BY TENANT TO ANY SUBSEQUENT WHOLLY-OWNED RELATED ENTITY OR ASSIGNEE.

Appears in 1 contract

Samples: Lease Agreement (Asset Acceptance Capital Corp)

OPTION TO RENEW. Tenant shall have the option to renew the Term of --------------- this Lease for three (1) additional periods of one (1) option to renew year each (the "OptionFirst Renewal Term") the Lease for one five (5) year term, at the Prevailing Market Rent (as hereinafter defined"Second Renewal Term" and "Third Renewal Term", respectively), plus Tenant's Percentage of all Operating Costs and Taxes, and all other charges pursuant subject to the Leasefollowing terms and conditions. Tenant shall be permitted to exercise the options granted herein, provided that Tenant: (i) Tenant (or an assignee or subtenant to which Landlord has consented) is in possession of the Premises, and is not in currently in defaultdefault of any term, covenant or condition of this Lease; and (ii) at the time Tenant notifies Landlord that it intends to exercise any of such options, Tenant provides Landlord with a copy of its corporate charter (or such other assurance, as may be reasonably acceptable to Landlord) evidencing that the term of Tenant's existence has been extended through at least the end of the renewal term for which the option is then being exercised. In the event Tenant is unable to provide evidence that the term of Tenant's existence has been extended at the time of Tenant's notice to exercise the option to renew, then Landlord will permit such renewal, subject to the terms of this paragraph 4, and provided (a) at the time Tenant delivers notice to Landlord that it is exercising its option to renew, Tenant advises Landlord of its intention to extend its existence; and (b) not less than ninety (90) days prior to the end of the term then in effect, Tenant delivers to Landlord satisfactory evidence that Tenant's existence has been extended, or if such evidence is not available on or before such ninety (90) day period, Tenant provides Landlord with an unconditional and irrevocable letter of credit from an area banking institution approved by Landlord in an amount equal to six (6) months Annual Basic Rent ('Letter of Credit'). Such Letter of Credit shall be held by Landlord in accordance with the terms of the immediately following paragraphs. If a Letter of Credit is required, Tenant shall deliver same to Landlord on or before that date which is (90) days prior to the end of the term then effect. Such Letter of Credit shall be held by Landlord as security for the performance by Tenant of all the covenants and obligations of Tenant set forth in this Lease. Said Letter of Credit shall contain terms whereby it can be drawn on by Landlord at sight on any date during the then applicable renewal term on which issuer shall receive from Landlord a certification signed by Landlord stating that an Event of Default has occurred by Tenant under the Lease or that (contrary to Tenant's earlier stated intention) the term of Tenant's existence has not been extended. If an Event of Default has occurred, Landlord shall have the right to apply any amounts so drawn against all amounts then due and owing by Tenant under this Lease and/or against sums expended by Landlord to cure existing defaults by Tenant. Any balance left of the sum received from drawing on the Letter of Credit, after the curing of defaults and/or the payment of amounts due by Tenant, shall be held by Landlord, without interest, as a cash security deposit. In the event Landlord shall draw on any Letter of Credit provided by Tenant, Tenant shall replace same no later than thirty (30) days after the date of such drawing, and if same is not replaced it shall constitute an Event of Default under the terms of this Lease and Landlord shall have the benefit of all remedies permitted pursuant to the terms of this Lease and the laws of the State in default which the Premises is located. If (contrary to Tenant's earlier stated intention) the term of Tenant's existence is not extended, this Lease shall terminate within ten (10) business days of Landlord's notice thereof and Landlord shall have the right to draw on the entire amount of the Letter of Credit and retain the full amount so drawn. Tenant acknowledges and agrees that it shall keep the Letter of Credit in full force and effect through the earlier to occur of (x) the end of the applicable renewal term; (y) or until Tenant shall have furnished Landlord with written evidence, reasonably satisfactory to Landlord, of its continuing existence, at which time, Landlord shall return the Letter of Credit to Tenant. In the event the term of the Letter of Credit must be renewed, then not more than thirty (30) days prior to any term expiration date of the Letter of Credit, Tenant shall provide Landlord with a replacement Letter of Credit or provision an amendment extending the existing Letter of Credit. Should Tenant fail to provide Landlord with a replacement Letter of Credit (or an extension) on or before the expiration date of the Letter of Credit, Landlord shall have the right to draw on the entire amount of said Letter of Credit and hold it, without interest, for the benefit of Landlord as security for the faithful performance of the Lease two until the Letter of Credit is replaced (or more times during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwiseextended) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five thirty (530) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option shall be exercised no later than nine (9) months but not more than twelve (12) months prior to the following expiration of the original then applicable renewal term. If the Letter of Credit is not replaced (or extended), the amount drawn by Landlord shall be returned to Tenant, less all costs incurred by Landlord in curing or satisfying any default by Tenant, within a reasonable time after the Termination Date of the then applicable renewal term. If Tenant fails to timely exercise deliver any required Letter of Credit, such failure to deliver same shall constitute a default under this Lease and Landlord shall have the Option in the manner herein specifiedright to pursue all remedies available to under this Lease and at law (including, then the Option shall immediately and automatically terminate and be without limitation, termination of no further force or effectthis Lease). Time is of the essence The foregoing provisions with respect to the exercise Letter of Credit shall apply to each option to renew. Each of the Option. Except Renewal Terms shall be upon the same terms, covenants and conditions as otherwise specifically provided herein, all provisions of the contained in this Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect during the Option Period; provided, however, that the Base Rent for the initial year of the Option Period shall be set at the Prevailing Market Rent (as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent for the Premises as of the first month of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as followsexcept that:

Appears in 1 contract

Samples: Harbor Global Co LTD

OPTION TO RENEW. (a) Provided that no uncured breach or default on the part of Tenant shall then exist under this Lease and that this Lease shall then be in full force and effect, Tenant shall have the option (the “Renewal Option”) to extend the Term of this Lease for one (1) option to renew (the "Option") the Lease for one additional term of five (5) year term, at years (the Prevailing Market Rent (as hereinafter defined“Renewal Term”), plus Tenant's Percentage of all Operating Costs and Taxes, and all other charges pursuant to the Lease, provided that Tenant: (i) is not in currently in default; and (ii) has not been in default of any term or provision of the Lease two or more times during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month period. The Renewal Option may shall be exercised exercisable only by Xxxxxx Tenant giving by delivering to Landlord written notice of Xxxxxx's unconditional the exercise of thereof (herein called the Option; provided, however, that the Option shall be exercised no “Renewal Notice”) to Landlord received by Landlord not later than the date that is nine (9) months but not more prior, nor earlier than the date that is twelve (12) months prior prior, to the expiration of the original termTerm, TIME BEING OF THE ESSENCE. If Tenant fails shall lease the Premises during the Renewal Term in its then current condition, and Landlord shall have no obligation to timely exercise perform any work to the Option in Premises, or to provide Tenant with any allowances (e.g., moving allowance, construction allowance, and the manner herein specifiedlike) or other tenant inducements. The Renewal Term shall commence on the date immediately succeeding the Expiration Date, then and end on the Option shall immediately and automatically terminate and be of no further force or effect. Time is fifth (5th) anniversary of the essence with respect to Expiration Date (such anniversary being herein called the exercise of the Option. Except as otherwise specifically provided herein, all provisions of the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect during the Option Period; provided, however, that the Base Rent for the initial year of the Option Period shall be set at the Prevailing Market Rent (as such term is defined below“Renewal Expiration Date”). The Option is personal Landlord, at its option, may render the Renewal Notice null and void upon notice thereof to Tenant and may not be exercised or assignedif, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time that Landlord receives the Option is exercisable by Tenantsame, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option Tenant shall be deemed null and void and Tenant, any assignee, in uncured breach or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent for the Premises as of the first month of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as follows:default under this Lease.

Appears in 1 contract

Samples: Agreement of Lease (Voxware Inc)

OPTION TO RENEW. Tenant shall have one (1) LESSOR grants to LESSEE, subject to the conditions set forth below, the right and option to renew this lease for two (2) periods of three (3) year(s) each. Each year after the "Option"first two years there will be an annual rate adjustment of 5%. (sales tax subject to change) If LESSEE exercises any such option, LESSOR shall maintain and retain LESSEE's Security Deposit and other Funds to secure LESSOR's performance under the Lease for one five lease. LESSEES shall accrue a 5% annual interest on the Security Deposit (5) year term, at the Prevailing Market Rent (as hereinafter defined$2,000), plus Tenant(equivalent to $100), with such interest being credited to the LESSEE's Percentage of all Operating Costs and Taxestwelfth (12th) months payment. Except as provided above, and otherwise subject to and on all of the terms and conditions herein contained, all other charges pursuant terms and conditions of this lease are to be and remain in full force and effect. This option must be exercised by the Leasegiving to LESSOR, provided that Tenant: on or before ninety (i90) is not in currently in default; and (ii) has not been in default of any term or provision days of the Lease two expiration date of this lease, or more times during the initial Lease Termany option period, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional the exercise thereof by LESSEE; but LESSEE shall in no event be entitled to renew the term hereof, even though such notice be timely given, unless LESSEE shall have timely performed all of its obligations hereunder, and shall not be in default in the Option; providedperformance of any terms of this lease, however, that on the Option shall be exercised no later than nine (9) months but not more than twelve (12) months prior to date of the expiration of the original terminitial term hereof. If Tenant fails to timely exercise the Option LESSOR shall, within ten (10) days of receipt of LESSEE's notice of election of such option, acknowledge in the manner herein specified, then the Option shall immediately and automatically terminate and be of no further force or effect. Time writing that said lease is of the essence with respect to the exercise of the Option. Except as otherwise specifically provided herein, all provisions of the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect during the Option Period; provided, however, that the Base Rent extended for the initial year of the Option Period shall be set at the Prevailing Market Rent (as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent for the Premises as of the first month of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day said option period, the Prevailing Market Rent shall be determined as follows:.

Appears in 1 contract

Samples: Lease Agreement (American Quantum Cycles Inc)

OPTION TO RENEW. Tenant The Lessee shall have one (1) the option to renew this Lease Agreement for two (the "Option"2) the Lease for one five additional three-year terms (5) year term, at the Prevailing Market Rent (as hereinafter defined“Option Term I” & “Option Term II), plus Tenant's Percentage of all Operating Costs and Taxes, and all other charges pursuant . Each option to renew may be exercised in writing by Lessee delivered to the LeaseLessor at any time, provided but in no event shall said option to renew be exercised later than ninety (90) days prior to the end of the then current Term. Said Option may be exercised by the Lessee only in the event that Tenant: all rents and/ or other payments due the Lessor as set forth by this Lease Agreement (iincluding any applicable grace periods) is not have been paid in currently full and that all material provisions of this Lease Agreement have been fully observed. Notwithstanding the foregoing, in default; and (ii) the event that Lessee has not been in default of any term or provision of the Lease two hereunder three (3) or more times during the initial Lease Termthen existing term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option shall be exercised no later than nine (9) months but not more than twelve (12) months prior to the expiration of the original term. If Tenant fails to timely exercise the Option in the manner herein specified, then the Option shall immediately and automatically terminate and be of no further force or effect. Time is of the essence with respect to the exercise of the Option. Except as otherwise specifically provided herein, all provisions of the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect during the Option Period; provided, however, that the Base Rent for the initial year of the Option Period shall be set at the Prevailing Market Rent (as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to reject Lessee’s option to renew, in its sole discretion, and Lessee shall thereafter vacate the Premises in accordance with the termination provisions of this Lease, as if no options to renew have been offered. If the Lessee does not exercise its option to renew and has not vacated the Option. Landlord and Tenant shall have 30 days following Premises or any part thereof at the exercise close of the Term or any Option in which to agree as to Term, it shall be considered a holdover tenant. As such, the Prevailing Market Rent for Lessee shall serve at the Premises as will of the first month Lessor, and the monthly rental rate shall increase by fifty percent (50%) over the then applicable rent. All other terms and conditions of the Option Period. In the event Landlord Lease Agreement shall remain in force and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as follows:effect.

Appears in 1 contract

Samples: Lease Agreement (Salient Surgical Technologies, Inc.)

OPTION TO RENEW. Tenant shall have one (1a) option to renew (the "Option") the Lease for one five (5) year termProvided that, at the Prevailing Market Rent (as hereinafter defined)time of such exercise, plus Tenant's Percentage of all Operating Costs and Taxes, and all other charges pursuant to the Lease, provided that Tenant: (i) this Lease Agreement is not in currently in default; full force and effect, and (ii) has not been in default no Event of any term Default shall have occurred and be continuing (either at the time of exercise or provision at the commencement of an Extended Term), Tenant shall have the exclusive right and option to extend the Term of this Lease Agreement for up to two or more times during (2) additional terms (each an “Extended Term” and collectively, the initial Lease Term, regardless “Extended Terms”) of whether any of the defaults were cured ten (timely or otherwise10) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month period. The Option may be exercised only years each by Xxxxxx delivering giving written notice to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option shall be exercised no not later than nine three (93) months but not more nor earlier than twelve (12) months prior to the expiration date of the original termTerm then in effect. If The effective giving of such notice of extension by Tenant shall automatically extend the Term of this Lease Agreement for the applicable Extended Term, and no instrument of renewal or extension need be executed, In the event that Tenant fails timely to timely exercise the Option in the manner herein specifiedgive such notice to Landlord, then the Option this Lease Agreement shall immediately and automatically terminate at the end of the Term then in effect, and be of Tenant shall have no further force or effectoption to extend the Term of this Lease Agreement, unless Landlord accepts such untimely notice in writing. Time is Each Extended Term shall commence on the day immediately succeeding the expiration date of the essence with respect to Term then in effect, and shall end on the exercise day immediately preceding the tenth (10th) anniversary of the Optionfirst day of such Extended Term. Except as otherwise specifically provided hereinEach Extended Term shall be on all the terms and conditions of this Lease Agreement, all provisions of the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect except: (i) during the Option Period; providedsecond Extended Term, howeverTenant shall have no further option to extend the Term, that and (ii) the Base Rent for the initial year of the Option Period each Extended Term shall be set at adjusted in accordance with Paragraph (c), below, based on the Prevailing Market Rent (as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent for the Premises CPI-U as of the first month commencement of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as follows:applicable Extended Term.

Appears in 1 contract

Samples: Facilities Lease Agreement (Cornell Companies Inc)

OPTION TO RENEW. So long as the Lease is in full force and effect and Tenant shall have one (1) either at the time of exercising the Option to Renew described in this Paragraph or at the time of the commencement of the following described Option Period is not in default under the Lease either at the time of the exercise of the Option to Renew described in this Paragraph or at the time of the commencement of each of the following described Option Periods: Tenant is hereby granted an option to renew the Lease (the "Option"“Option to Renew”) for two (2) successive renewal terms (the “Option Periods”), each commencing upon the day next following the expiration of the then current Lease Term. The Option Periods shall each be for one a term of five (5) year term, at the Prevailing Market Rent (as hereinafter defined), plus Tenant's Percentage of all Operating Costs and Taxes, and all other charges pursuant to the Lease, provided that Tenant: (i) is not in currently in default; and (ii) has not been in default of any term or provision years. The terms of the Lease two or more times during the initial Option Period shall be the same as during the current Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month periodperiod except as provided below. The Option may be exercised only by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option shall Renew must be exercised no later less than nine one hundred eighty (9180) months but not more than twelve (12) months days prior to the expiration of the original termLease by written notice to Landlord sent by registered or certified mail, return receipt requested. If In the event Tenant fails to timely exercise the Option notify Landlord, in the manner herein specified, then the this Option to Renew shall immediately and automatically terminate and be of no further force or and effect. Time is of the essence with respect to the exercise of the Option. Except as otherwise specifically provided herein, all provisions of the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect during The annual rental for the Option Period; providedPeriods shall be Fifth Thousand and No/100 Dollars ($50,000.00) adjusted by the CPI, howeverin accordance with the terms of Section 2 of this Agreement. The annual rental shall be adjusted on May 1, that 2006 and May 1, 2011, and such adjustments shall be based on the percentage difference between the Price Index for the months of March, 2006 and March, 2011, respectively, and the Price Index for the Base Rent for the initial year of the Option Period shall be set at the Prevailing Market Rent (as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this LeaseYear. In no event shall the event that at the time the annual rental during any Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent period decrease below Fifty Thousand and No/100 Dollars (20%) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent for the Premises as of the first month of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as follows:$50,000.00).

Appears in 1 contract

Samples: Lease (Midwest Banc Holdings Inc)

OPTION TO RENEW. Tenant shall have Lessor hereby grants to Lessee one (1) option to renew (the "Option") the Lease for one five (5) year term, at (“Option Term”) option (“Renewal Option”) to further extend the Prevailing Market Rent Term of this Lease (as hereinafter defined“Extended Term”), plus Tenant's Percentage of all Operating Costs and Taxes, and all other charges pursuant to the Lease, provided that Tenant: (i) is not in currently in default; and (ii) has not been in default of any term or provision of the Lease two or more times during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Renewal Option shall be exercised by Lessee’s delivery of written notice (“Option Notice”) to Lessor no later than nine (9) calendar months but not more and no earlier than twelve (12) calendar months prior to the expiration of the original termTerm of the Lease as extended herein. If Tenant fails to timely exercise Provided that (i) an Event of Default under this Lease is not existing at the time Lessee delivers the Option in Notice to Lessor, through and including the manner herein specified, then time the Option Term is scheduled to commence, and the Lease is in full force and effect, (ii) Lessee has not sublet or assigned more than 50% of the Premises, and (iii) Lessee has properly exercised the Renewal Option as prescribed herein, , the Term of this Lease shall immediately be extended to include the Option Term, and automatically terminate all terms, covenants and conditions of the Lease shall remain unmodified and in full force and effect, except those conditions that were applicable to the original Term and this Amendment only (such as, but not limited to, any Lessee improvement allowance, abated Rental, options to renew or expand the Premises, and any provisions of the Lease or this Amendment that specifically state that they apply to the original Term or this Amendment only; said terms shall be deleted in their entirety and of no further force or effect. Time is of the essence with respect to the exercise of the Option. Except as otherwise specifically provided herein, all provisions of the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect during the Option Period; provided, however, that the Base Rent for the initial year of the Option Period shall be Term set at the Prevailing Market Rent (as such term is defined belowforth in this Paragraph 7). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent for the Premises as of the first month of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as follows:Lessor Initials Lessee Initials

Appears in 1 contract

Samples: CalAmp Corp.

OPTION TO RENEW. Tenant shall have and is hereby granted one (1) option to renew this Lease (the "Option"“Option to Renew”) with respect to all (but not less than all) of the Lease Premises for one five (5) year term, at years (the Prevailing Market Rent (as hereinafter defined), plus Tenant's Percentage of all Operating Costs and Taxes, and all other charges pursuant to the Lease, provided that Tenant: (i“Renewal Term”) is by notice in writing received by Landlord not in currently in default; and (ii) has not been in default of any term or provision of the Lease two or more times during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more less than five (5) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option shall be exercised no later than nine (9) months but and not more than twelve fifteen (1215) months prior to the expiration of the original term. If Tenant fails to timely exercise the Option in the manner herein specified, then the Option shall immediately and automatically terminate and be of no further force or effect. Time is of the essence with respect to the exercise of the Option. Except as otherwise specifically provided herein, all provisions Term of the Lease, time being of the essence for the giving of such notice. All of the covenants, conditions and ACTIVE 685132794v3 provisions of this Addendum and all other exhibits Lease shall be applicable to the Lease shall continue in full force Renewal Term, except that (i) the Annual and effect during the Option Period; provided, however, that the Monthly Base Rent for the initial year of the Option Period shall be set at adjusted to the Prevailing then current Market Rent Rental Rate (as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent for the Premises as of the date the Renewal Term is to commence, but in no event shall the Base Rent for first year of any Renewal Term be less than the Base Rent for the last full month of the prior Term, with appropriate market rate increases each year thereafter, (ii) there shall be no further option to extend the Term, and (iii) Landlord shall have no obligation to improve the Premises. Landlord shall advise Tenant of the new monthly rental rate for a Renewal Term within fifteen (15) days after a request therefor from Tenant and Tenant, by exercise of its option, shall be deemed to have accepted the rent for the Renewal Term proposed by Xxxxxxxx; provided however that Tenant’s failure to timely make such request shall not extend the date upon which Tenant must give notice of its exercise of the Option Periodto Renew. In no event shall the event Landlord Annual and Tenant are unable Monthly Base Rent be subject to agree on the Prevailing Market Rent within such thirty (30) day perioddetermination or modification by any person, the Prevailing Market Rent shall be determined entity, court or authority other than as follows:expressly set forth herein.

Appears in 1 contract

Samples: Apyx Medical Corp

OPTION TO RENEW. (a) Provided that Tenant does not have a history of repeated nonperformance of its monetary obligations and there shall not then be existing an Event of Default under this Lease, Tenant shall have one (1) option to renew (extent the "Option") the Term of this Lease for one the Renewal term of five (5) year term, at the Prevailing Market Rent years (as hereinafter defined), plus Tenant's Percentage of all Operating Costs and Taxes, and all other charges pursuant to set forth in Subparagraph 1(q) commencing on the Lease, provided that Tenant: day after the Expiration Date. Such option shall be exercisable by written notice (ithe "Renewal Notice") is not in currently in default; and (ii) has not been in default of any term or provision of the Lease two or more times during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option shall be exercised no given not later than nine six (9) months but not more than twelve (126) months prior to the expiration Expiration Date. Notwithstanding the preceding sentence, Landlord in its sole discretion, may waive any Event of Default by Tenant and no such Event may be used by Tenant to negate the effectiveness of Tenant's exercise of this option. The Renewal Term shall constitute an extension of the original term. If Tenant fails initial Term of this Lease and shall be upon all of the same terms and conditions as the initial Term, except that (i) there shall be no further option to timely exercise renew the Option Term of this Lease in the manner herein specifiedRenewal Term, then (ii) Landlord shall not be required to furnish any materials or perform any work to prepare the Option Premises for Tenant's occupancy and Landlord shall immediately not be required to reimburse Tenant for any Alterations made or to be made by Tenant, and automatically terminate and be of no further force or effect. Time is of the essence with respect to the exercise of the Option. Except as otherwise specifically provided herein, all provisions of the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect during the Option Period; provided, however, that (iii) the Base Rent for the initial year of the Option Period Renewal Term shall be set payable at the Prevailing Market Rent (as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as rate per annum equal to the Prevailing Market Rent for fair market rental value of the Premises as of the first month day of the Option PeriodRenewal Term. In During the event Landlord and Renewal Term, all Additional Rent that Tenant are unable is obligated to agree on pay under this Lease during the Prevailing Market Rent within such thirty (30) day periodinitial Term hereof shall continue without interruption, it being the Prevailing Market Rent intention of the parties hereto that the Renewal Term shall be determined as follows:deemed a part of and continuation of the initial Term of this Lease.

Appears in 1 contract

Samples: Second Sublease Agreement (Internet Commerce Corp)

OPTION TO RENEW. (a) Landlord hereby grants Tenant shall have one (1) option to renew (the "Option") extend the Lease Term, for one (1) additional consecutive period(s) of five (5) year termyears, at which would commence immediately upon the end of the Lease Term (such period, and if more than one, each such period being an "Option Term"). The Option Term shall be upon the same terms and conditions as are provided in the Lease, except that the Base Rent during the Option Term will be the Prevailing Market Rent Rent, as specified below in subparagraph (as hereinafter definedb), plus Tenant's Percentage of all Operating Costs and Taxes, and all other charges pursuant to the Lease, provided that Tenant: (i) is not in currently in default; and (ii) has not been in default of any term or provision of the Lease two or more times during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option Term shall be exercised no by Tenant giving notice to Landlord, not later than nine (9) months but not more than twelve (12) months 365 days prior to the expiration date of the original termthen current Lease Term. If Tenant fails to timely exercise provide such notice to Landlord on or before such date, Tenant's rights under this section shall be null and void. Additionally, Tenant's rights to extend the Lease Term for the Option in Term shall be automatically null and void immediately if any of the manner herein specified, then following conditions occurs prior to the commencement of the Option shall immediately and automatically terminate and be of no further force Term or effect. Time is the exercise by Tenant of the essence with respect to the exercise Option Term: (a) there shall be an Event of the Option. Except as otherwise specifically provided herein, all provisions of Default by Tenant under the Lease, this Addendum and all other exhibits to or (b) Tenant shall have assigned the Lease shall continue in full force and effect during the Option Period; provided, however, that the Base Rent for the initial year or sublet all or any potion of the Option Period shall be set at Premises. EXHIBIT "F" TENANT ACCEPTANCE LETTER This declaration is hereby attached to and made part of the Prevailing Market Rent (lease agreement dated March ___, 2009 entered into by and between 1000 XXXXXXXX XXXXXX INVESTMENT LP, a Delaware limited partnership as such term is defined below). The Option is personal to Tenant Landlord and may not be exercised or assigned__________________________________________________, voluntarily or involuntarily, by, or to, any person or entity other than a _______________________ as Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by undersigned, as Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent for the Premises hereby confirms as of the first month _____ day of ________, _____ the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as followsfollowing:

Appears in 1 contract

Samples: Lease Agreement (Car Charging Group, Inc.)

OPTION TO RENEW. Paragraph 4 of the Second Amendment, entitled “Option to Renew”, and paragraph 6 of the Third Amendment, entitled “Option to Extend”, are deleted in their entireties and shall be of no further force or effect. However, in lieu of the foregoing deleted option to renew and option to extend, and provided Tenant is not in default hereunder at the time of exercise thereof, Tenant shall have the option to renew the Lease, as amended by this Fifth Amendment, for one (1) option to renew (the "Option") the Lease for one additional term of five (5) year term, at years upon the Prevailing Market Rent (same terms and conditions as hereinafter defined), plus Tenant's Percentage of all Operating Costs and Taxes, and all other charges pursuant to the Lease, as amended by this Fifth Amendment, except as provided that Tenant: (i) is not hereinafter. In order to exercise its option to renew for the renewal term, Tenant must notify Landlord in currently in default; and (ii) has not been in default of any term or provision writing of the Lease two or more times during the initial Lease Term, regardless exercise of whether any of the defaults were cured said option to renew at least one hundred eighty (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5180) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option shall be exercised no later than nine (9) months but not more than twelve (12) months prior to the expiration end of the original term. If Tenant fails Third Extended Term, or this option to timely exercise the Option in the manner herein specified, then the Option renew shall immediately terminate and automatically terminate expire and be of no further force or effect. Time is of However, if Tenant exercises its option to renew for the essence with respect to renewal term by giving the exercise of the Option. Except as otherwise specifically provided hereinrequired notice above, all provisions of then in such case the Lease, as amended by this Addendum Fifth Amendment, shall be renewed for a five (5) year term upon the same terms and all other exhibits to conditions as the Lease shall continue in full force Lease, as amended by this Fifth Amendment, including without limitation, the same Annual and effect during the Option Period; provided, however, that the Monthly Base Rent for in effect at the initial year end of the Option Period Third Extended Term, increased as of the next Base Rent escalation date and on an annual basis thereafter as provided in paragraph 2 of this Fifth Amendment as if the renewal term were part of the Third Extended Term, except that Landlord shall be set at provide Tenant with a with a refurbishment allowance (the Prevailing Market Rent “Allowance”) in the amount of Six Dollars (as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%$6.00) or more per rentable square foot of the Premises, for use by Tenant for the Option costs of interior improvements actually made to the Premises by Tenant within six (6) months before or within six (6) months after the beginning of the renewal term, but except for the Allowance, Tenant shall accept the Premises in "as is" condition and Landlord shall have no obligation to upfit or improve the same or provide any allowance therefor, and Tenant shall not be deemed to have any additional renewal option. Any improvements made to the Premises by Tenant as provided above shall be deemed null subject to the terms and void conditions of Section 6.1. of the Original Lease, and Tenant, Landlord shall pay to Tenant any assignee, portion of the Allowance earned by Tenant for such improvements within thirty (30) days after receipt of copies of paid invoices and lien waivers from all applicable parties for such work. Any portion of the Allowance unused by Tenant within six (6) months before or any sublessee, within six (6) months after the beginning of the renewal term shall not have the right be forfeited to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent for the Premises as of the first month of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as follows:no further right thereto.

Appears in 1 contract

Samples: Lease Agreement (Premier Alliance Group, Inc.)

OPTION TO RENEW. Provided this Lease is in full force and effect and an Event of Default (as defined in Section 7.3 below) has not occurred at the time of notification or commencement, Tenant shall have one (1) option to renew (the "“Renewal Option") the this Lease for one a term of five (5) year term, at years (the Prevailing Market Rent (as hereinafter defined“Renewal Term”), plus Tenant's Percentage for the portion of all Operating Costs the Leased Premises being leased by Tenant as of the date the Renewal Term is to commence, on the same terms and Taxes, and all other charges pursuant to the conditions set forth in this Lease, provided that Tenantexcept as modified by the terms, covenants and conditions as set forth below: (i) 1.4.1 If Tenant elects to exercise the Renewal Option, then Tenant shall provide Landlord with written notice no earlier than the date which is not in currently in default; and (ii) has not been in default of any term or provision of the Lease two or more times during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than three hundred sixty five (5365) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option shall be exercised no later than nine (9) months but not more than twelve (12) months prior to the expiration of the original termTerm of this Lease but no later than the date which is two hundred seventy (270) days prior to the expiration of the Term of this Lease. If Tenant fails to timely exercise the Option in the manner herein specifiedprovide such notice, then the Option Tenant shall immediately and automatically terminate and be of have no further force or effectadditional right to extend or renew the Term of this Lease. Time is 1.4.2 The Annual Base Rental and Monthly Base Rental in effect at the expiration of the essence with respect to the exercise Term of the Option. Except as otherwise specifically provided herein, all provisions of the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect during the Option Period; provided, however, that the Base Rent for the initial year of the Option Period shall be set at adjusted to reflect the Prevailing Market Rent (as such term is defined below)) rate. The Option is personal to Landlord shall advise Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option shall be deemed null new Annual Base Rental and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent Monthly Base Rental for the Leased Premises as of the first month of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such no later than thirty (30) day period, days after receipt of Tenant's written request therefor. Said request shall be made no earlier than thirty (30) days prior to the first date on which Tenant may exercise its Renewal Option under this Section 1.4. Said notification of the new Annual Base Rental and Monthly Base Rental may include a provision for its escalation (or reduction) to provide for a change in the Prevailing Market Rent rate between the time of notification and the commencement of the Renewal Term. 1.4.3 This Renewal Option is not transferable except to a Permitted Transferee (as defined in Section 8.5); the parties hereto acknowledge and agree that they intend that the aforesaid option to renew this Lease shall be “personal” to Tenant as set forth above (or its Permitted Transferee) and that in no event will any assignee or sublessee have any rights to exercise the aforesaid option to renew, except for a Permitted Transferee. 1.4.4 If the Renewal Option is validly exercised or if Tenant fails to validly exercise the Renewal Option, Tenant shall have no further right to extend the term of this Lease. 1.4.5 For purposes of this Renewal Option, “Prevailing Market” shall mean the arms length fair market annual rental rate per rentable square foot under renewal leases and amendments entered into on or about the date on which the Prevailing Market is being determined hereunder for space comparable to the Leased Premises in the Building and buildings comparable to the Building in the same rental market in the San Jose, California area as follows:of the date the Renewal Term is to commence, taking into account the specific provisions of this Lease which will remain constant. The determination of Prevailing Market shall take into account any material economic differences between the terms of this Lease and any comparison lease or amendment, such as rent abatements, construction costs and other concessions and the manner, if any, in which the landlord under any such lease is reimbursed for operating expenses and taxes. The determination of Prevailing Market shall also take into consideration any reasonably anticipated changes in the Prevailing Market rate from the time such Prevailing Market rate is being determined and the time such Prevailing Market rate will become effective under this Lease. 1.5

Appears in 1 contract

Samples: Office Space Lease Agreement

OPTION TO RENEW. Subject to the terms and conditions of Subsection 34(e) below, Tenant shall have two (2) option(s) (each an “Option”) to extend the Term of the Lease for sixty (60) months (the “Extended Term”) upon the same terms and conditions, except for (i) Base Rent, which shall be the Fair Market Rental Value, as defined below, of the Premises, and (ii) the cap on Controllable Operating Expenses shall not longer apply. Tenant shall have the right to elect to renew the term for less than the entire Premises, but not less than one wing per floor and must retain at least one (1) full floor. Each option shall be exercised by Tenant’s written notice to renew Landlord not less than two hundred seventy (the "Option"270) days, nor more than three hundred sixty five (365) days, prior to the Lease for one five (5) year term, at the Prevailing Market Rent (as hereinafter defined), plus Tenant's Percentage of all Operating Costs Expiration Date and Taxes, and all other charges pursuant to the Lease, provided that Tenant: (i) is not in currently in default; and (ii) has not been in default of any term or provision such notice shall identify which portions of the Lease two or more times during the initial Lease TermPremises are subject to such extension; [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month periodMARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. The Option may be exercised only by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that if such notice does not specify which portions of the Option Premises are subject to such extension, then Tenant shall be deemed to have exercised no later than nine (9) months but not more than twelve (12) months prior to the expiration of the original term. If Tenant fails to timely exercise the its Option in the manner herein specified, then the Option shall immediately and automatically terminate and be of no further force or effect. Time is of the essence with respect to the exercise entire Premises then being leased by Tenant. If Tenant shall not have delivered its election notice to Landlord within the time period set forth above, then the Option(s) shall automatically terminate and the Term of the Option. Except as otherwise specifically provided herein, all provisions of the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect during the Option Period; provided, however, that the Base Rent for the initial year of the Option Period shall be set at the Prevailing Market Rent (as such term is defined below). The Option is personal to Tenant and may not be exercised or assignedso extended. Upon successfully exercising an Option, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, parties shall enter into an amendment to this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of confirming the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent for the Premises as of the first month of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as follows:applicable Extended Term.

Appears in 1 contract

Samples: Lease (Cerus Corp)

OPTION TO RENEW. All provisions under the Lease and any exhibits thereto relating to renewal of the Lease are hereby replaced by the following: Tenant shall have is granted the right to extend the term of this Lease beyond the expiration date of the term as set forth in this Third Amendment for one period of sixty (160) option to renew months (the "OptionExtended Term") the Lease for one five (5) year term, at the Prevailing Market Rent (as hereinafter defined), plus Tenant's Percentage of all Operating Costs and Taxes, and all other charges pursuant to the Lease, provided that Tenant: (i) . Tenant may not exercise its Extension Right if it is not then in currently in default; and (ii) default beyond any applicable cure period or if it has not ever been in default of beyond any term or provision of the Lease two or more times during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be applicable cure period more than five two (52) days late twice within a times in any twelve (12) month period. The Option Tenant may be exercised only exercise its Extension Right by Xxxxxx delivering written notice thereof to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option shall be exercised no not later than nine (9) months but not more than twelve (12) months prior to the expiration of the original term. If Tenant fails to timely exercise In the Option Extended Term, all terms and conditions of this Lease shall apply, except (i) there shall be no tenant improvement allowance, no right of first opportunity, and no further renewal rights, and (ii) the Base Monthly Rent for the first thirty-six (36) months of the Extended Term shall be ninety-five percent (95%) of the then prevailing market rate for a similar lease and term for similarly situated and improved space in the manner Bothell-Woodinville High-Tech Industrial Market (the unadjusted number being referred to herein specifiedas the "Fair Market Rent"), provided that in no event shall the Base Monthly Rent for the Extended Term be less than the Base Monthly Rent for the last month of the initial term, and (iii) at the beginning of the thirty-seventh (37th) month of the Extended Term, Base Rent for the balance of the Extended Term shall be adjusted based upon the increase in the Consumer Price Index, all Urban Consumers, for the Seattle/Tacoma SMSA, published by the United States Department of Labor, Bureau of Labor Statistics ("Index") which is in effect on the first day of the Extended Term ("Beginning Index"). The corresponding index ("Extension Index") which is in effect on the first day of the thirty-seventh (37th) month of the Extended Term shall be used as a comparison in determining the amount of the Base Rent Increase. In calculating the CPI increase, the Base Monthly Rent shall be increased to equal the product achieved by multiplying the Base Monthly Rent due with respect to that first paying month of the Extended Term by a fraction, the numerator of which is the Extension Index and the denominator of which is the Beginning Index. If the method of computing the Index is changed from that in effect when the Beginning Index was established, then the Option Beginning Index and all Extension Indexes shall immediately and automatically terminate and be converted in accordance with the conversion factor published by the United States Department of no further force Labor, Bureau of Labor Statistics. If during the Term, the Index is (a) discontinued or effect(b) revised without such a Conversion Factor being so published, such other government index or computation with which it is replaced shall be used in order to obtain substantially the same result as would be obtained if the Index had not been discontinued or revised. Time is Extension Rights shall apply to all of the essence with respect Premises then under lease to Tenant. Tenant's Extension Right is personal and may not be exercised by any assignee or sub lessee other than an Affiliate of Tenant or a successor by merger or consolidation. If Landlord and Tenant are not able to agree on the exercise Fair Market Rent component of the Option. Except as otherwise specifically provided herein, all provisions of the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect during the Option Period; provided, however, that the Base Rent for the initial year Extended Term within thirty days after Tenant's notice of the Option Period election to renew, then such Fair Market Rent shall be set at the Prevailing Market Rent (determined by arbitration as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Optionfollows. Landlord and Tenant shall have 30 days following each select an appraiser with at least ten years experience in the exercise of office/high-tech industrial market in the Option in which to agree as to eastside area. If the Prevailing Market Rent for the Premises as of the first month of the Option Period. In the event Landlord and Tenant two appraisers are unable to agree within ten days after their selection, they shall select a similarly qualified third appraiser (the "Neutral Appraiser"). If the three appraisers are unable to agree unanimously on the Prevailing Fair Market Rent within such thirty fourteen (3014) day perioddays after appointment of the neutral Appraiser, the Prevailing issue shall be resolved by the three appraisers in accordance with the following procedure. The appraiser selected by each of the parties shall state in writing his determination of the Fair Market Rent supported by the reasons therefore with counterpart copies to each party. The appraisers shall arrange for a simultaneous exchange of such proposed resolutions. The role of the Neutral Appraiser shall be determined to select which of the two proposed resolutions most closely approximates his determination of Fair Market Rent. The Neutral Appraiser shall have no right to propose a middle ground or any modification of either of the two proposed resolutions. The resolution he chooses as follows:most closely approximating his determination shall constitute the decision of the appraisers and be final and binding upon the parties. Each party shall bear cost of its own appraiser, and the non-prevailing party shall pay the costs of the Neutral Appraiser.

Appears in 1 contract

Samples: Lease Premier (Icos Corp / De)

OPTION TO RENEW. If the Tenant shall have one be desirous of taking a tenancy of the Premises for a further term of ONE (1) option to renew (the "Option") the Lease for one five (5) year term, at the Prevailing Market Rent (as hereinafter defined), plus Tenant's Percentage of all Operating Costs and Taxes, and all other charges pursuant to the Lease, provided that Tenant: (i) is not in currently in default; and (ii) has not been in default of any term or provision of the Lease two or more times during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option shall be exercised no later than nine (9) months but not more than twelve (12) months prior to YEAR from the expiration of the original term. If Tenant fails said term hereby granted at the rent and on the terms and conditions hereinafter mentioned, it shall not less than seven (7) months before the expiration of the said term hereby granted give to timely exercise the Option Landlord notice in writing of such its desire and if it shall have paid the manner rent hereby reserved and shall have performed and observed the stipulations conditions or agreements herein specified, contained and on its part to be observed or performed up to the termination of the tenancy hereby created then the Option shall immediately and automatically terminate and be Landlord will let the Premises to the Tenant for the said further term of no further force or effect. Time is ONE (1) YEAR from the expiration of the essence with respect said term hereby granted at the rental to be agreed by the exercise parties within three (3) months from the expiration of this tenancy failing which at the Optionprevailing market rent to be determined by a chartered survey or to be appointed by the Chairman of The Hong Kong Institution of Chartered Surveyors at the material time. Except as otherwise specifically provided herein, all provisions of the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect during the Option Period; provided, however, that the Base Rent for the initial year of the Option Period The prevailing market rent shall be set at the Prevailing Market Rent (as such term is defined below)binding and conclusive. The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option chartered surveyor shall be deemed null to act as an expert and void not as an arbitrator in any determination made by him hereunder and Tenant, any assignee, his determination shall be conclusive and binding on all concerned. All the costs and expenses incurred in determining the prevailing market rent shall be borne and paid by the parties hereto in equal share. *In that event the parties shall execute another tenancy agreement that contains the same stipulations conditions or any sublessee, shall not have agreements as are herein contained except this Clause for renewal and the right to exercise the Option. Landlord and Tenant shall have 30 days following bear the exercise whole costs of the Option in which to agree as to the Prevailing Market Rent for the Premises as preparation of the first month said another tenancy agreement and its counterpart and the stamp duty thereon and the registration fee (if any) of the Option Period. In Urban Land Registry or the event Landlord and Tenant are unable to agree on relevant New Territories Land Registry as the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent case may be shall be determined as follows:wholly borne by the Tenant.

Appears in 1 contract

Samples: Euro Tech Holdings Co LTD

OPTION TO RENEW. Tenant shall have the right and option to extend the term of this Lease for one (1) option to renew (the "Option") the Lease for one additional period of five (5) year term, at years (the Prevailing Market Rent (as hereinafter defined"Extended Term"), plus Tenant's Percentage of all Operating Costs and Taxes, and all other charges pursuant to the Lease, provided that Tenant: (i) is not in currently in default; and (ii) has not been in default of any term or provision of the Lease two or more times during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month period. The Option may be exercised only Extended Term shall commence (if at all) immediately upon the Expiration Date. Tenant shall exercise its right and option to extend the term of this Lease for the Extended Term (if at all) by Xxxxxx delivering to giving Landlord written notice of Xxxxxx's unconditional exercise of same on or before the Option; provided, however, that the Option shall be exercised no later than nine two hundred seventieth (9270th) months but not more than twelve (12) months day prior to the expiration date that would be the first day of the original term. If Extended Term (but in no event shall Tenant fails be entitled to timely exercise deliver such notice before the Option in three hundred and sixty fifth (365lh) day prior to the manner herein specified, then date that would be the Option shall immediately and automatically terminate and be of no further force or effect. Time is first day of the essence with respect Extended Term). Anything herein to the contrary notwithstanding, Tenant may not exercise any right and option provided for in this Paragraph 6 at any time (a) as of which an Event of Default pursuant to Article 10 of this Lease shall exist, (b) after Landlord shall have terminated Tenant's right to possession of the Option. Except as otherwise specifically provided herein, all provisions of the Premises pursuant to Section 10.0 xx this Lease, or (c) after this Addendum and all other exhibits to the Lease shall continue in full force have otherwise been terminated. The Extended Term shall be upon the same terms and effect during conditions as the Option Period; providedinitial term, howeverexcept as follows: (a) Tenant shall have no additional right or option to extend the term of this Lease, that (b) no additional Landlord's Work shall be performed, and (c) the monthly Base Rent for the initial year of the Option Period Extended Term shall be set at the Prevailing Market Rent (as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more fair market rental of the Premises, as the Option Premises exists at the time of such renewal or, if then damaged or destroyed, as the same would exist after repair or restoration of such damage or destruction, but in no event less than the monthly Base Rent for the month immediately preceding the Extended Term. The fair market rental for the Extended Term shall be deemed null and void and determined by Landlord. Within fifteen (15) business days after Landlord receives Tenant, any assignee, or any sublessee, shall not have 's notice exercising the right to exercise extend the Option. Landlord and Tenant shall have 30 days following the exercise term of the Option in which to agree as to Leasx, Xxxdlord shall give Tenant a notice stating Landlord's determination of the Prevailing Market monthly Base Rent for the Premises as Extended Term. Within fifteen (15) business days after receiving Landlord's notice. Tenant shall give a written notice to Landlord in which Tenant either accepts Landlord's determination of the first month monthly Base Xxxx xor the Extended Xxxx xx rejects such determination. If Tenant accepts Landlord's determination of the Option Period. In monthly Base Rent for the event Landlord Extended Xxxx, xxe term of this Lease shall be extended for the Extended Term, subject to the agreements, covenants and Tenant are unable to agree on conditions of this Lease and the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market monthly Base Rent shall be the amount so determined as follows:by Landlord. If Tenant does not accept such determination (either by rejecting such xxxxxmination or failing to accept Landlord's determination), Tenant's right to extend the term of this Lease for the Extended Texx xxxll terminate.

Appears in 1 contract

Samples: Gigabeam Corp

OPTION TO RENEW. Tenant shall have the option to renew this Lease (the "Renewal Option") for one (1) option additional term of seven (7) years, commencing upon the expiration of the initial Term of this Lease. The Renewal Option must be exercised, if at all, by written notice given by Tenant to Landlord not earlier than fifteen (15) full calendar months prior to expiration of the initial Term of this Lease and not later than twelve (12) full calendar months prior to expiration of the initial Term of this Lease. Notwithstanding the foregoing, at Landlord's election, the Renewal Option shall be null and void and Tenant shall have no right to renew (this Lease pursuant thereto if on the "Option") date Tenant exercises the Lease for one five (5) year term, at option or on the Prevailing Market Rent (as hereinafter defined), plus Tenant's Percentage date immediately preceding the commencement of all Operating Costs and Taxes, and all other charges pursuant to the Lease, provided that Tenant: renewal period (i) the Tenant originally named in this Lease is not in currently occupancy of at least eighty percent (80%) of the rentable square footage of the Premises then demised hereunder or does not intend to continue to occupy at least eighty percent (80%) of the rentable square footage of the Premises then demised hereunder (but intends to assign this Lease or sublease or vacate a portion of the Premises that would result in default; and such occupancy threshold not be met), or (ii) has not been Tenant is in default of any term or provision of the Lease two or more times during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional exercise of the Optionits obligations under this Lease; provided, however, that in the Option case of a non-monetary default hereunder where Landlord shall be exercised no later than nine (9) months but not more than twelve (12) months prior have previously given Tenant written notice of such default, Landlord may not exercise its election to the expiration void Tenant's exercise of the original term. If Tenant's renewal option unless Landlord gives written notice of such default to Tenant and Tenant fails to timely exercise the Option in the manner herein specified, then the Option shall immediately and automatically terminate and be of no further force or effect. Time is of the essence with respect to the exercise of the Option. Except as otherwise specifically provided herein, all provisions of the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect during the Option Period; provided, however, that the Base Rent for the initial year of the Option Period shall be set at the Prevailing Market Rent cure such default within five (as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%5) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 business days following the exercise of the Option in which to agree as to the Prevailing Market Rent for the Premises as of the first month of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as follows:thereafter.

Appears in 1 contract

Samples: Sublease (Aerohive Networks, Inc)

OPTION TO RENEW. Provided Tenant is In possession of the Premises and is not in default of any term, covenant or condition of this Lease, Tenant shall have the option to renew the Term of this Lease for one (1) option to renew (the "Option") the Lease for one additional period of five (5) year termyears ("Renewal Term") to commence immediately upon the expiration of the initial Term. Said Renewal Term shall be upon the same terms, at the Prevailing Market Rent (covenants and conditions as hereinafter defined), plus Tenant's Percentage of all Operating Costs and Taxes, and all other charges pursuant to the contained in this Lease, provided except that Tenant: (i) is not in currently in default; and there shall be no further right of renewal except as specifically provided herein, (ii) has there shall be no abatement of rent, (iii) Landlord shall not been be obligated to construct, pay for or grant an allowance with respect to tenant improvements unless otherwise specifically provided for in default of any term or provision of this Lease, (iv) the Lease two or more times Annual Basic Rent payable by Tenant during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Renewal Term shall be as follows: PSF --- Period Basic Rent or Additional Rent which may not be more than five (------ ---------- Year 1: $7.00 Year 2: $7.25 Year 3: $7.50 Year 4: $7.75 Year 5) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering : $8.00 In order to exercise the option granted herein, Tenant shall so notify Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option shall be exercised no later than nine (9) months but in writing not more than twelve (12) months nor less than nine (9) months prior to the expiration of the original term. If Tenant fails to timely exercise the Option in the manner herein specified, then the Option shall immediately and automatically terminate and be of no further force or effect. Time is of the essence with respect to the exercise of the Option. Except as otherwise specifically provided herein, all provisions of the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect during the Option Period; provided, however, that the Base Rent for the initial year of the Option Period shall be set at the Prevailing Market Rent (as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this LeaseTerm. In the event that at the time the Option is exercisable by TenantTenant exercises said option, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following execute a modification to this Lease acknowledging such renewal and setting forth the new Annual Basic Rent. The option shall be void if, at the time of exercise of the Option such option, Tenant is not in which to agree as to the Prevailing Market Rent for possession of the Premises as or if there is an Event of Default under this Lease or if Tenant fails to deliver the first month of requisite notice thereof within the Option Periodtime period specified above. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day periodThe option granted herein shall not be severed from this Lease, the Prevailing Market Rent shall be determined as follows:separately sold, assigned or transferred.

Appears in 1 contract

Samples: Inphonic Inc

OPTION TO RENEW. Tenant Subject to Section 7 hereof, the Subtenant shall have one two (12) option additional options to renew (the "Option") the Lease this Sublease for one consecutive five (5) year termterms (the “First Renewal Term” and the “Second Renewal Term”, at respectively). Subtenant shall provide written notice to Sublandlord of Subtenant’s exercise of its renewal option for the Prevailing Market Rent (as hereinafter defined), plus Tenant's Percentage of all Operating Costs and Taxes, and all other charges pursuant to the Lease, provided that Tenant: (i) is not in currently in default; and (ii) has not been in default of any term or provision of the Lease two or more times during the initial Lease First Renewal Term, regardless of whether any of the defaults were cured which notice must be received by Sublandlord not less than one hundred eighty (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5180) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option shall be exercised no later than nine (9) months but not more than twelve (12) months prior to the expiration of the original termTerm of this Sublease to be effective. If Tenant fails Upon receipt by the Sublandlord of such notice, the Subtenant and the Sublandlord shall be bound to timely the provisions of this Deed of Sublease during the First Renewal Term without the necessity of any further acts by the Sublandlord or the Subtenant. The Subtenant shall provide written notice to Sublandlord of Subtenant’s exercise of its renewal option for the Option in Second Renewal Term, which notice must be received by Sublandlord not less than one hundred eighty (180) days prior to the manner herein specified, then the Option shall immediately and automatically terminate and be of no further force or effect. Time is expiration of the essence with respect First Renewal Term to be effective. Upon receipt by the Sublandlord of such notice, the Subtenant and the Sublandlord shall be bound to the exercise of the Option. Except as otherwise specifically provided herein, all provisions of this Deed of Sublease during the LeaseSecond Renewal Term without the necessity of any further acts by the Sublandlord or the Subtenant. All other terms, conditions, and obligations of both the Sublandlord and Subtenant contained in this Addendum and all other exhibits to the Lease Sublease shall continue in full force and effect during throughout the Option Period; providedFirst Renewal Term and the Second Renewal Term, however, that the Base Rent for the initial year of the Option Period shall be set at the Prevailing Market Rent (as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent for the Premises as of the first month of the Option Period. In the event Landlord and Tenant extent such renewal options are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as follows:executed.

Appears in 1 contract

Samples: arlington.granicus.com

OPTION TO RENEW. Tenant shall have the option to renew this Lease (the “Renewal Option”) for one (1) option to renew (the "Option"additional term(s) the Lease for one of five (5) year termyears, commencing upon the expiration of the initial Term of this Lease. The Renewal Option must be exercised, if at all, by written notice given by Tenant to Landlord not earlier later than eighteen (18) full calendar months prior to expiration of the initial Term of this Lease and not later than fifteen (15) full calendar months prior to expiration of the initial Term of this Lease. Notwithstanding the foregoing, at Landlord’s election, the Prevailing Market Rent (as hereinafter defined), plus Tenant's Percentage Renewal Option shall be null and void and Tenant shall have no right to renew this Lease pursuant thereto if on the date Tenant exercises the option or on the date immediately preceding the commencement of all Operating Costs and Taxes, and all other charges pursuant to the Lease, provided that Tenant: renewal period (i) the Tenant originally named in this Lease is not in currently occupancy of at least seventy-five percent (75%) of the rentable square footage of the Premises then demised hereunder or does not intend to continue to occupy at least seventy-five percent (75%) of the rentable square footage of the Premises then demised hereunder (but intends to assign this Lease or sublease or vacate a portion of the Premises that would result in default; and such occupancy threshold not be met), or (ii) has not been Tenant is in default of any term or provision of the Lease two or more times during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional exercise of the Optionits obligations under this Lease; provided, however, that in the Option case of a monetary default hereunder where Landlord shall be exercised no later than nine (9) months but not more than twelve (12) months prior have previously given Tenant written notice of such default, Landlord may not exercise its election to the expiration void Tenant’s exercise of the original term. If Tenant’s renewal option unless Landlord gives written notice of such default to Tenant and Tenant fails to timely exercise the Option in the manner herein specified, then the Option shall immediately and automatically terminate and be of no further force or effect. Time is of the essence with respect to the exercise of the Option. Except as otherwise specifically provided herein, all provisions of the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect during the Option Period; provided, however, that the Base Rent for the initial year of the Option Period shall be set at the Prevailing Market Rent cure such default within five (as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%5) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent for the Premises as of the first month of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as follows:Business Days thereafter.

Appears in 1 contract

Samples: Office Lease (Intersil Corp/De)

OPTION TO RENEW. Section 42.1. (A) Provided that both at the time of the exercise of the Renewal Option (as hereinafter defined) and at the time of the commencement of the Renewal Term: (i) this Lease shall be in full force and effect; (ii) there shall not then be existing a monetary or material, non-monetary Event of Default under this Lease; and (iii) Tenant, its affiliates and Permitted Occupants shall be in physical occupancy of at least two (2) full floors of the Premises, Tenant shall have one (1) option to renew extend the Term of this Lease (the "“Renewal Option") the Lease for one five (5) year term, at the Prevailing Market Rent (as hereinafter defined), plus Tenant's Percentage of all Operating Costs and Taxes, and all other charges pursuant to for the Lease, provided that Tenant: (i) is not in currently in default; and (ii) has not been in default of any term or provision of the Lease two or more times during the initial Lease Renewal Term, regardless on the terms of whether any of the defaults were cured this Lease (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month periodexcept as set forth below). The Renewal Option may be exercised only by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option shall be exercised no later than nine (9) months but not more than twelve (12) months prior to the expiration of the original term. If Tenant fails to timely exercise the Option in the manner herein specified, then the Option shall immediately and automatically terminate and be of no further force or effect. Time is of the essence with respect to the exercise entire Premises or with respect to a portion of the Option. Except as otherwise specifically provided herein, all provisions Premises comprised of the Leaseentire seventh and eighth floors, this Addendum and all other exhibits as specified by Tenant in the Renewal Notice. If Tenant sends a Renewal Notice but fails to specify whether Tenant is exercising the Renewal Option with respect to the Lease shall continue in full force and effect during the Option Period; provided, however, that the Base Rent for the initial year of the Option Period shall be set at the Prevailing Market Rent (as such term is defined below). The Option is personal entire Premises or with respect to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or only a sublease exists as to twenty percent (20%) or more portion of the Premises, Tenant shall be deemed to have exercised the Renewal Option for the entire Premises. The Renewal Option shall be deemed null exercisable by written notice (the “Renewal Notice”) to Landlord given not earlier than twenty-four (24) months (subject to an earlier exercise pursuant to Article 43), nor later than fifteen (15) months (time being of the essence), prior to the Fixed Expiration Date. Notwithstanding the first sentence of this Section 42.1, Landlord, in its sole discretion, may waive any default by Tenant or occupancy requirement and void and no such default or occupancy requirement may be used by Tenant to negate the effectiveness of Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the ’s exercise of the Option in which to agree as to the Prevailing Market Rent for the Premises as of the first month of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as follows:Renewal Option.

Appears in 1 contract

Samples: Agreement of Lease (Medidata Solutions, Inc.)

OPTION TO RENEW. (a) Provided that Tenant is not then in default, Tenant shall have a one (1) time option to renew this Lease (the "“Renewal Option") with respect to all, but not less than all, of the Lease Premises for one a five (5) year extended term, at commencing upon the Prevailing Market Rent (as hereinafter defined), plus Tenant's Percentage of all Operating Costs Expiration Date and Taxes, and all other charges pursuant to the Lease, provided that Tenant: (i) is not in currently in default; and (ii) has not been in default of any term or provision of the Lease two or more times during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than ending five (5) days late twice within a twelve (12) month periodyears thereafter, upon the same terms and conditions as this Lease except for Base Rent, which shall be determined as described below, and that the Renewal Option thus exercised shall no longer exist. The Renewal Option may shall be exercised personal to Tenant and shall only be exercisable by Xxxxxx delivering to Landlord written notice Tenant if Tenant is actually occupying at least eighty percent (80%) of Xxxxxx's unconditional the Premises at the time of Tenant’s exercise of the Renewal Option and at the commencement of the Renewal Term. In order to exercise any Renewal Option; provided, however, that Tenant shall give written notice (the “Election Notice”) to Landlord of Tenant’s intention to exercise such Renewal Option shall be exercised no later than nine (9) months but not more than twelve (12) months nor less than nine (9) months prior to the expiration of Expiration Date, and if such notice is not so given, the original term. If Tenant fails to timely exercise the Option in the manner herein specified, then the Renewal Option shall immediately terminate. Tenant hereby expressly acknowledges and automatically terminate and be of no further force or effect. Time agrees that time is of the essence for purposes of notice of exercise of any Renewal Option and that Tenant’s failure to do so within such time period will relieve Landlord of any obligation under this Section. Except as provided in subparagraph (b) below, if Tenant timely delivers the Election Notice to Landlord and is not in default under this Lease at the time the Renewal Term commences, Landlord and Tenant shall be deemed to have entered into an extension of this Lease with respect to the exercise entirety of the OptionPremises for a five (5) year extended term on the terms and conditions set forth herein. Except as otherwise specifically provided herein, all provisions of the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect during the Option Period; provided, however, The parties hereto acknowledge that the Base Rent for the initial year of the Option Period Landlord shall be set at the Prevailing Market Rent (as such term is defined below). The Option is personal under no obligation to Tenant and may expend or agree to expend funds in connection with any Renewal Option, including, but not be exercised or assigned, voluntarily or involuntarily, by, or limited to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as funds for improvement to twenty percent (20%) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent for the Premises as of the first month of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as follows:.

Appears in 1 contract

Samples: Lease Agreement (Taleo Corp)

OPTION TO RENEW. Provided Tenant is not then in default of the Lease, and is still occupying the Premises, Tenant shall have the Option to Renew the Lease in any one or any combination thereof of Tenant’s Premises (defined as the entire third (3rd) floor, the entire second (2nd) floor and any suite leased at the time on the first (1st) floor) for one (1) option to renew (the "Option") the Lease for one additional period of five (5) year term, at years (the Prevailing Market Rent (as hereinafter defined“Renewal Term”), plus Tenant's Percentage of all Operating Costs and Taxes, and all other charges pursuant to the Lease, provided that Tenant: (i) is not in currently in default; and (ii) has not been in default of any term or provision of the Lease two or more times during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month period. The Option may to Renew must be exercised only exercised, if at all, by Xxxxxx delivering written notice (“Election Notice”) from Tenant to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option shall be exercised no later than nine (9) months but given not more than twelve three hundred sixty five (12365) months days and not less than two hundred and seventy (270) days prior to the expiration of the original termFifth Renewal Term. Any such Election Notice given by Tenant to Landlord shall be irrevocable. The Option to Renew and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under the Lease, as amended hereby, either at the time Tenant exercises the Option to Renew or as of the commencement of the Renewal Term, or (ii) there is an event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default under the Lease, as amended hereby, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Renewal Term or (iii) if there has been any materially adverse change in the financial condition of the Tenant, as of the commencement of the Renewal Term. If Tenant fails to timely exercise the Option to Renew in the manner herein specifieda timely manner, as provided for above, then the Option to Renew shall immediately be void and automatically terminate and be of no further force or and effect. Time is The validly exercised Renewal Term shall be upon the same terms and conditions as the Lease, as amended, except that: (1) the annual Base Rent during the Sixth Renewal Term shall be equal to be one hundred (100%) of the essence with respect then Fair Market Rental Rate for space of comparable size, quality and location; and (2) Tenant shall have no further renewal options pursuant to the exercise of the Option. Except as otherwise specifically provided herein, all provisions this Section 11 or any provision of the Lease, this Addendum ; and all other exhibits to the Lease shall continue in full force and effect during the Option Period; provided, however, that the Base Rent for the initial year of the Option Period shall be set at the Prevailing Market Rent (as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other 3) No later than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent for the Premises as of the first month of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day perioddays prior to the commencement of the Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the monthly Base Rent due for the last month of the Renewal Term. Upon the commencement of the Renewal Term, the Prevailing Market Rent term “Security Deposit” shall automatically include such additional Security Deposit and such additional Security Deposit shall be determined as follows:held pursuant to the terms of Article 5 of the Lease.

Appears in 1 contract

Samples: Office Building Lease (GP Investments Acquisition Corp.)

OPTION TO RENEW. Tenant shall have one (1a) Landlord hereby grants to tenant an option to renew (the "Option") the this Lease for one five (5ONE additional period(s) year term, at the Prevailing Market Rent (as hereinafter defined), plus Tenant's Percentage of all Operating Costs and Taxes, and all other charges pursuant to the Lease, provided that Tenant: (i) is not in currently in default; and (ii) has not been in default of any term or provision of the Lease two or more times during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option shall be exercised no later than nine (9) months but not more than twelve (12) months prior to ONE years each after the expiration of the original term. If Tenant fails to timely exercise the Option in the manner herein specified, then the Option shall immediately and automatically terminate and be term of no further force or effect. Time is of the essence with respect to the exercise of the Option. Except as otherwise specifically provided herein, all provisions of the this Lease, under the same terms, conditions and covenants so far as is applicable, as in this Addendum and all other exhibits to the Lease shall continue in full force and effect during the Option Period; providedLease, however, except that the Base Rent any rents payable for the initial year of the first Option Period shall be calculated in the same manner as set forth in Paragraph 4 hereof, except that any percentage limitations on the increase in rent to be effective during the first and/or second Option Periods shall be negotiated by the parties at the Prevailing Market Rent (time any such Option Period takes effect, and shall be mutually agreed upon by the parties. If Tenant exercises the options for the first and/or second Option Periods, and if at the commencement of the second and/or third Option Periods, Landlord and Tenant have not reached an agreement, despite their best efforts and good faith to do so, as to the applicable percentage limitations non the increases in the rental to be paid during such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, byPeriods, or toif there shall then be a dispute between Landlord and Tenant as to the good faith of the other party to so negotiate, Tenant shall have the obligation to pay the rental during such Option Periods as the same would be calculated pursuant to Paragraph 4 hereof, without reference to any person or entity other than Tenant. The Option is not assignable separate and apart from this Leasepercentage limitations contained therein. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option percentage eliminations shall be deemed null and void and Tenant, agreed upon at any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and time after Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent exercised its option for the Premises as of the first month of the second and/or third Option Period. In the event Landlord and Periods, any overpayment or underpayment by Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as follows:immediately adjusted.

Appears in 1 contract

Samples: Lease Agreement (Envirometrics Inc /De/)

OPTION TO RENEW. Tenant Provided that GLOBALSECURE HOLDINGS LTD., a Delaware corporation (GSH), INC., a Delaware non-profit corporation (“GSH”) is not then in default and has not been in default more than twice during the Term, in each case both at the time of exercise of the Renewal Option, as hereinafter defined, and at the commencement of the Renewal Period, as hereinafter defined, and is then in occupancy of the Premises at the time of exercise of the Renewal Option, as hereinafter defined, and at the time of the commencement of the Renewal Period, as hereinafter defined, GSH shall have one (1) option to renew (the "“Renewal Option") to extend the Term of the Lease for one (1) additional five (5) year term, at period (the Prevailing Market Rent (as hereinafter defined), plus Tenant's Percentage of all Operating Costs and Taxes, and all other charges pursuant to “Renewal Period”) after the Lease, provided that Tenant: (i) is not in currently in default; and (ii) has not been in default of any term or provision expiration of the Lease two or more times during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Renewal Option shall be exercised no exercisable only by written notice given by GSH to Landlord not later than nine (9) months but not more months, nor earlier than twelve (12) months months, prior to the expiration of the original terminitial Term. If Tenant fails to In the event that GSH does not timely exercise the Option in the manner herein specifiedRenewal Option, then the said Renewal Option shall immediately be null and automatically terminate void and be of no further force or effect. Time is , time being of the essence with respect to in the exercise of the OptionRenewal Option and it being acknowledged and agreed by GSH that Landlord shall be entitled to rely on any failure by GSH to give written notice of its exercise of its Renewal Option by the date set forth herein for such exercise thereof. Except as otherwise specifically provided herein, all provisions All terms and conditions of the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect be applicable during the Option Period; provided, however, Renewal Period except that the amount of Base Rent charged for the initial year of the Option Renewal Period shall be set at the then “Prevailing Market Rent (as such term is defined below). The Option is personal Rent”, which shall be the rent for comparable office space in comparable buildings in the “Wxxx Xxx” xxxxxxxxx xx Xxxxxxxxxx, XX taking into account the Base Year and any concessions provided to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by TenantIf within thirty (30) days following delivery of GSH’s notice, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall GSH have 30 days following the exercise of the Option in which to agree as to not mutually agreed on the Prevailing Market Rent for the Premises Renewal Period, then within ten (10) days after the expiration of such thirty-day period, each party shall give written notice to the other setting forth the name and address of a Broker (as of the first month of the Option Period. In the event Landlord and Tenant are unable hereinafter defined) selected by such party who has agreed to agree on act in such capacity, to determine the Prevailing Market Rent within such thirty (30) day periodRent. If either party shall fail to select a Broker as aforesaid, the Prevailing Market Rent shall be determined by the Broker selected by the other party. Each Broker shall thereupon independently make his determination of the Prevailing Market Rent within twenty (20) days after the appointment of the second Broker. If the two Brokers’ determinations are not the same, but the higher of such two values is not more than one hundred five percent (105%) of the lower of them, then the Prevailing Market Rent shall be deemed to be the average of the two values. If the higher of such two values is more than one hundred five percent (105%) of the lower of them, then the two Brokers shall jointly appoint a third Broker within ten (10) days after the second of the two determinations described above has been rendered. The third Broker shall independently make his determination of the Prevailing Market Rent within twenty (20) days after his appointment. The highest and the lowest determinations of value among the three Brokers shall be disregarded and the remaining determination shall be deemed to be the Prevailing Market Rent. Within thirty (30) days after the Prevailing Market Rent is determined as follows:aforesaid, the parties shall execute an amendment to this Lease setting forth the new Rent to be paid for the Renewal Period. For the purposes of this Section 39, “Broker” shall mean a real estate broker licensed in the District of Columbia, who has been regularly engaged in such capacity in the business of commercial office leasing in Washington, DC for at least ten (10) years immediately preceding such person’s appointment hereunder. Each party shall pay for the cost of its Broker and one-half of the cost of the third Broker.

Appears in 1 contract

Samples: Office Lease (Global Secure Corp.)

OPTION TO RENEW. Provided that Tenant is not in default hereunder beyond the applicable cure period on the date of the Notice to Renew (as hereinafter defined) or on the Expiration Date and on each such date shall be in occupancy of all or a portion of the Demised Premises, Tenant shall have one the right to extend the Term, as to the portion of the Demised Premises then occupied by Tenant, for the Renewal Terms described in Article 1 hereof, upon the same terms and conditions as are herein provided, except that (1a) option Monthly Fixed Rent during the Renewal Term shall be at an annual rate equal to renew ninety-five percent (95%) of the "Option") the Lease for one five (5) year term, at the Prevailing annual Fair Market Rent (as hereinafter defined), plus Tenant's Percentage of all Operating Costs and Taxes, and all other charges pursuant to ) for the Lease, provided that Tenant: (i) is not in currently in default; and (ii) has not been in default of any term or provision Premises for the first year of the Lease two or more times during the initial Lease Renewal Term, regardless of whether any of the defaults were cured with annual increases thereafter as set forth in Landlord’s Fair Market Rent Notice, (timely or otherwiseb) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering Tenant shall have no option to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option shall be exercised no later than nine (9) months but not more than twelve (12) months prior to renew this Lease beyond the expiration of the original term. If Tenant fails to timely exercise second Renewal Term, and (c) the Option in the manner herein specified, then the Option shall immediately and automatically terminate and be of no further force or effect. Time is of the essence with respect to the exercise of the Option. Except as otherwise specifically provided herein, all provisions of the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect during the Option Period; provided, however, that the Base Rent for the initial year of the Option Period Premises shall be set at the Prevailing Market Rent delivered in their existing condition (on an “as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that is” basis) at the time the Option is exercisable Renewal Term commences. Such right shall be exercised by Tenant, this Lease has been assigned, or a sublease exists as Tenant by giving notice (the “Notice to twenty percent Renew”) to Landlord not less than two hundred seventy (20%270) or days and not more than three hundred sixty-five (365) days prior to the Expiration Date of the Premisesinitial Term or first Renewal Term, as the Option case may be. Tenant may not exercise the second Renewal Term unless it has exercised the first Renewal Term. Time shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have of the right to exercise the Option. Landlord and Tenant shall have 30 days following essence for the exercise of each option and once exercised the Option Notice to Renew may not be rescinded by Tenant. The renewal options set forth in which this Section 2.4 are personal to agree as CNF, Inc. and shall not inure to the Prevailing Market Rent for the Premises as benefit of the first month of the Option Period. In the event Landlord and Tenant are unable any third party other than pursuant to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as follows:a Permitted Transfer.

Appears in 1 contract

Samples: Lease Agreement (Intelepeer Inc)

OPTION TO RENEW. a. Subject to the provisions of Section 26 of the Lease, and provided that Tenant is not in default beyond any applicable cure period at the time of Tenant's exercise of the Option, Tenant shall have one (1) option to renew (the "Option") the Lease for one five (5) year term, at the Prevailing Market Rent (as hereinafter defined), plus Tenant's Percentage of all Operating Costs and Taxes, and all other charges pursuant option to the Lease, provided that Tenant: (i) is not in currently in default; and (ii) has not been in default of any term or provision of the Lease two or more times during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option shall be exercised no later than nine (9) months but not more than twelve (12) months prior to the expiration of the original term. If Tenant fails to timely exercise the Option in the manner herein specified, then the Option shall immediately and automatically terminate and be of no further force or effect. Time is of the essence with respect to the exercise of the Option. Except as otherwise specifically provided herein, all provisions of the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect during the Option Period; provided, however, that the Base Rent for the initial year of the Option Period shall be set at the Prevailing Market Rent (as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from renew this Lease. In the event that at the time Tenant exercises the Option is exercisable by Tenantpursuant to this Paragraph 12, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the Tenant must concurrently exercise its right to exercise renew the Option. lease by and between Landlord and Tenant dated December 12, 1996, as amended by that certain Lease Amendment dated September 2, 1997 (the "First Amendment"), as further amended by that certain Second Lease Amendment dated February 8, 1999 (the "Second Amendment), as further amended by that certain Third Lease Amendment dated ________________, and as further amended by that certain Fourth Lease Amendment dated as of the date hereof (the "Fourth Amendment"), and as the same may hereafter be amended from time to time, for the premises located at 2092 Xxxxxxx Xxxx, Rockville, Maryland 20850. Tenant shall have 30 provide to Landlord on a date which is prior to the date that the option period would commence (if exercised) by at least two hundred seventy (270) days following and not more than three hundred sixty five (365) days, a written notice of the exercise of the option to extend the Lease for the additional option term, time being of the essence. Such notice shall be given in accordance with Section 40 of the Lease as modified by Section 26.6 hereof. If notification of the exercise of this Option in which to agree as is not so given and received, the Option granted under this Paragraph 12 shall automatically expire. Base Rent applicable to the Prevailing Market Rent Premises for the Premises Option Term shall be equal to the Fair Market Rental, as defined hereinafter. All other terms and conditions of the first month of Lease shall remain the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as follows:same.

Appears in 1 contract

Samples: Visual Networks Inc

OPTION TO RENEW. Tenant shall have is hereby granted the right to extend the Term of the Lease beyond the expiration date of the Extended Term for one (1) option to renew (the "Option") the Lease for one five (5) year term, at the Prevailing Market Rent (as hereinafter defined), plus Tenant's Percentage successive period of all Operating Costs and Taxes, and all other charges pursuant to the Lease, provided that Tenant: (i) is not in currently in default; and (ii) has not been in default of any term or provision of the Lease two or more times during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option shall be exercised no later than nine (9) months but not more than twelve Twelve (12) months prior (the "Second Extended Term"). This right to the expiration of the original termextend may be exercised by Tenant only by giving Landlord written notice ("Notice") no later than September 30, 2006 and no earlier than July 31, 2006. If Tenant fails to timely exercise the Option has defaulted in the manner herein specified, then the Option shall immediately and automatically terminate and be of no further force or effect. Time is of the essence with respect to the exercise of the Option. Except as otherwise specifically provided herein, all provisions of its obligations under the Lease, and failed to cure such defaults within any applicable cure period, then Tenant's right to extend the Lease for the Second Extended Term shall automatically terminate. Tenant's right to extend the Lease for the Second Extended Term is personal to Tenant and may not be exercised by any subtenant or assignee of Tenant. Tenant's extension rights shall apply to all of the Property then leased by Tenant under this Addendum Lease. From and after the commencement of the Second extended Term, all other exhibits to of the terms, covenants, and conditions of the Lease shall continue in full force and effect during the Option Period; providedas written, however, except that the this Section 5 shall be deleted in its entirety and Base Monthly Rent for the initial year of the Option Period Second Extended Term shall be set at the Prevailing Market then current rent accepted by Landlord for similar space within the Project, but not less than the Base Monthly Rent (as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent effect for the Premises as of the first last month of the Option PeriodExtended Term. In Tenant shall include with its Notice copies of Tenant's then-current financial statement as well as financial statements from the event three (3) years prior to the current financial statement year, and shall provide Landlord with such other financial information regarding Tenant as Landlord may require. Tenant's right to extend the Term of this Lease for the Second Extended Term is contingent upon Landlord approving such financial statements and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day periodinformation, the Prevailing Market Rent which approval shall not be determined as follows:unreasonably withheld.

Appears in 1 contract

Samples: Lease (Helix Biomedix Inc)

OPTION TO RENEW. (a) Provided that Tenant is not then in default, Tenant shall have a one (1) time option to renew this Lease (the "“Renewal Option") with respect to all, but not less than all, of the Lease Premises for one a five (5) year extended term, at commencing upon the Prevailing Market Rent (as hereinafter defined), plus Tenant's Percentage of all Operating Costs Expiration Date and Taxes, and all other charges pursuant to the Lease, provided that Tenant: (i) is not in currently in default; and (ii) has not been in default of any term or provision of the Lease two or more times during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than ending five (5) days late twice within a twelve (12) month periodyears thereafter, upon the same terms and conditions as this Lease except for Base Rent, which shall be determined as described below, and that the Renewal Option thus exercised shall no longer exist. The Renewal Option may shall be exercised personal to Tenant and any transferee pursuant to a Permitted Transfer, and shall only be exercisable by Xxxxxx delivering Tenant (i) with respect to Landlord written notice the entire Premises, if Tenant is actually occupying at least sixty percent (60%) of Xxxxxx's unconditional the Premises at the time of Tenant’s exercise of the Renewal Option and at the commencement of the Renewal Term, or (ii) with respect to the portion of the Premises then being occupied by Tenant, if Tenant desires to renew only such portion of the Premises. In order to exercise any Renewal Option; provided, however, that Tenant shall give written notice (the “Election Notice”) to Landlord of Tenant’s intention to exercise such Renewal Option shall be exercised no later not more than nine (9) months but not more nor less than twelve six (126) months prior to the expiration of Expiration Date, and if such notice is not so given, the original term. If Tenant fails to timely exercise the Option in the manner herein specified, then the Renewal Option shall immediately terminate. Tenant hereby expressly acknowledges and automatically terminate and be of no further force or effect. Time agrees that time is of the essence for purposes of notice of exercise of any Renewal Option and that Tenant’s failure to do so within such time period will relieve Landlord of any obligation under this Section. Except as provided in subparagraph (b) below, if Tenant timely delivers the Election Notice to Landlord and is not in default under this Lease at the time the Renewal Term commences, Landlord and Tenant shall be deemed to have entered into an extension of this Lease with respect to the exercise entirety of the OptionPremises for a five (5) year extended term on the terms and conditions set forth herein. Except as otherwise specifically provided herein, all provisions of the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect during the Option Period; provided, however, The parties hereto acknowledge that the Base Rent for the initial year of the Option Period Landlord shall be set at the Prevailing Market Rent (as such term is defined below). The Option is personal under no obligation to Tenant and may expend or agree to expend funds in connection with any Renewal Option, including, but not be exercised or assigned, voluntarily or involuntarily, by, or limited to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as funds for improvement to twenty percent (20%) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent for the Premises as of the first month of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as follows:.

Appears in 1 contract

Samples: Lease Agreement (Tercica Inc)

OPTION TO RENEW. Tenant shall have one (1) option to renew and extend this Lease each for an additional three (the "Option") the Lease for one five (53) year termterm on the same covenants, terms and conditions as stated in this Lease provided that: (1) at the Prevailing Market Rent time of the exercise of such right and at the time the extension Term begins, Tenant shall not be in default in the performance of any of the covenants, terms and conditions contained in this Lease; (b) that this Lease shall not have been terminated during the initial Term or any additional extension of the Term and shall be in full force and effect at the date of such exercise of the option to renew and at the date the extension Term begins; (c) that such extension shall not be effective as hereinafter defined), plus Tenant's Percentage to any portions of all Operating Costs the Premises that are subleased at any time between the date of exercise of such right and Taxes, and all other charges pursuant to the Lease, provided that Tenant: (i) is not in currently in defaultdate the extension Term begins; and (iid) has not been that each renewal period shall be on the same terms, covenants and conditions contained in default of any term or provision this Lease except that the Base Rent for each extension Term shall be the last year of the Lease two initial or more times during the initial Lease first renewal Term’s Base Rent, regardless as applicable, plus three percent (3%) and three percent (3%) additional each year thereafter. Tenant shall exercise its rights of whether any renewal for each extension of the defaults were cured (timely or otherwise) or remained uncured with or without Term granted hereby only in the acquiescence following manner: at any time after the Commencement Date of Lessor with the exception of payment of Basic Rent or Additional Rent which may this Lease, but not be more than five (5) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option shall be exercised no later than nine six (9) months but not more than twelve (126) months prior to the expiration end of the original termthen-current Term. Tenant shall notify Landlord in writing of its election to exercise the right to renew the Term of this Lease for one or more additional periods. If Tenant fails to timely exercise the Option notify Landlord in the manner herein specifiedwriting, then the Option shall immediately and automatically terminate and be of no further force or effect. Time is of the essence with respect to the exercise of the Option. Except as otherwise specifically provided herein, all provisions of the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect during the Option Period; provided, however, that the Base Rent for the initial year of the Option Period shall be set at the Prevailing Market Rent (as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not to have the right waived its Option to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent for the Premises as of the first month of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as follows:Renew.

Appears in 1 contract

Samples: Lease Agreement (Cardio Diagnostics Holdings, Inc.)

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OPTION TO RENEW. So long as the Lease is in full force and effect and Tenant shall have one (1) either at the time of exercising the Option to Renew described in this Paragraph or at the time of the commencement of the following described Option Period is not in default under the Lease either at the time of the exercise of the Option to Renew described in this Paragraph or at the time of the commencement of each of the following described Option Periods: Tenant is hereby granted an option to renew the Lease (the "OptionOption to Renew") for two (2) successive renewal terms (the "Option Periods"), each commencing upon the day next following the expiration of the then current Lease Term. The Option Periods shall each be for one a term of five (5) year term, at the Prevailing Market Rent (as hereinafter defined), plus Tenant's Percentage of all Operating Costs and Taxes, and all other charges pursuant to the Lease, provided that Tenant: (i) is not in currently in default; and (ii) has not been in default of any term or provision years. The terms of the Lease two or more times during the initial Option Period shall be the same as during the current Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month periodperiod except as provided below. The Option may be exercised only by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option shall Renew must be exercised no later less than nine one hundred eighty (9180) months but not more than twelve (12) months days prior to the expiration of the original termLease by written notice to Landlord sent by registered or certified mail, return receipt requested. If In the event Tenant fails to timely exercise the Option notify Landlord, in the manner herein specified, then the this Option to Renew shall immediately and automatically terminate and be of no further force or and effect. Time is of the essence with respect to the exercise of the Option. Except as otherwise specifically provided herein, all provisions of the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect during The annual rental for the Option Period; providedPeriods shall be Fifth Thousand and No/100 Dollars ($50,000.00) adjusted by the CPI, howeverin accordance with the terms of Section 2 of this Agreement. The annual rental shall be adjusted on May 1, that 2006 and May 1, 2011, and such adjustments shall be based on the percentage difference between the Price Index for the months of March, 2006 and March, 2011, respectively, and the Price Index for the Base Rent for the initial year of the Option Period shall be set at the Prevailing Market Rent (as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this LeaseYear. In no event shall the event that at the time the annual rental during any Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent period decrease below Fifty Thousand and No/100 Dollars (20%) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent for the Premises as of the first month of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as follows:$50,000.00).

Appears in 1 contract

Samples: Big Foot Financial Corp

OPTION TO RENEW. Tenant shall have the one (1) option to renew extend the Initial Term (the "Option") on the basis of each and all of the terms and conditions contained in this Lease (excluding this paragraph), as then amended, for the sole use and occupancy of Tenant, as opposed to any subtenant or assignee of Tenant, for one period of five (5) year term, at years (the Prevailing Market Rent (as hereinafter defined), plus Tenant's Percentage "Option Period") commencing the day after the expiration of all Operating Costs and Taxesthe Initial Term, and all other charges pursuant to unless sooner terminated in accordance with the Leaseterms and conditions hereof, provided that Tenant: (i) is not in currently in default; and (ii) has not been in default of any term or provision ending on the last day of the fifth consecutive Lease two or more times during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month periodYear thereafter. The Option may be exercised only by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Such Option shall be exercised no later than nine by Tenant by delivering written notice (9"Option Notice") months but not more than twelve (12) months of exercise to Landlord such that Landlord receives the Option Notice at least one year prior to the expiration of the original termInitial Term. If Notwithstanding the foregoing, in the event (i) Tenant fails to timely exercise is in monetary or material non-monetary default on the date the Option Notice is given or (ii) should Landlord have given to Tenant two or more notices regarding Tenant's failure to pay rent when due during the Initial Term or (iii) should Tenant be in monetary or material non-monetary default on the manner herein specifieddate the Initial Term expires, then the Option shall immediately and automatically terminate and be of no further force or effect. Time is of the essence with respect to the exercise of the Option. Except as otherwise specifically provided herein, all provisions of the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect during the Option Period; provided, however, that the Base Rent for the initial year of the Option Period shall be set at the Prevailing Market Rent (as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than each event Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the 's Option shall be deemed null and void and automatically terminated. Tenant, any assignee, or any sublessee, shall not have 's election to exercise the right to exercise extend the Option. Landlord and Tenant Initial Term of this Lease shall have 30 days following the exercise be deemed an acceptance of the Option in which to agree as to the Prevailing Market Rent for Building and the Premises as of the first month of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as follows:in their then existing condition.

Appears in 1 contract

Samples: Lease (Universal Electronics Inc)

OPTION TO RENEW. Tenant shall have one If: (1) option to renew (the "Option"a) the Lease for one five Tenant and the Occupant of the whole of the Leased Premises is the Tenant which executed this Agreement, (5b) year termthe Tenant has throughout the Initial Term duly, at regularly and punctually paid all of the Prevailing Market Rent (as hereinafter defined), plus Tenant's Percentage and observed all of all Operating Costs the other terms and Taxes, conditions contained in this Agreement and all other charges pursuant to the Lease, provided that Tenant: (ic) is not in currently in default; and (ii) the Tenant has not been in default of any term or provision of the Lease two or more times during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering to Landlord given written notice of Xxxxxx's unconditional its intention to exercise of this Option to Renew and received by the Option; provided, however, that the Option shall be exercised Landlord no later than nine six (9) months but not more than twelve (126) months prior to the expiration of the original term. If Tenant fails to timely exercise the Option in the manner herein specifiedInitial Term, then the Option Tenant shall immediately and automatically terminate and be of no further force or effect. Time is of the essence with respect to the exercise of the Option. Except as otherwise specifically provided herein, all provisions of the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect during the Option Period; provided, however, that the Base Rent for the initial year of the Option Period shall be set at the Prevailing Market Rent (as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise extend the Option. Landlord Term for a further period of Three (3) years on the same terms and conditions as are contained in this Agreement and the Lease, except (i) for the further right of renewal, (ii) that the Tenant shall have 30 days following accept the exercise Leased Premises in an "as is" condition at the commencement of the Option in which to agree as Renewal Term, (iii) should the Tenant not obtain a renewal, or Lease renegotiation directly through the Landlord, the Tenant shall pay an administration fee to the Prevailing Market Rent Landlord upon signing the Lease, and (iv) for the Premises as Minimum Rent payable during the Renewal Term. The Minimum Rent to be paid during the Renewal Term shall be the then current market rate mutually agreed upon by the parties by no later than ninety (90) days prior to the expiry of the first Initial Term. Notwithstanding the foregoing, in no event shall the Minimum Rent payable during the Renewal Term be less than the Minimum Rent payable during the last twelve (12) calendar month period of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as follows:Initial Term.

Appears in 1 contract

Samples: Channell Commercial Corp

OPTION TO RENEW. Provided (a) the Lease is in full force and effect, (b) Tenant is not in default hereunder at the time of notification or commencement beyond the applicable notice to cure period, (c) neither the Premises nor any part thereof have been sublet, (d) the Lease has not been assigned, (e) Tenant is an occupant of the Building under this Lease and intends to continue to use the Premises itself, and (f) that both at the time of notification and commencement there has been no material adverse change in the financial condition of the Tenant as reasonably determined by Landlord, Tenant shall have one (1) option to renew (the "Option") the Lease for one five three (53) year term, at years (the Prevailing Market Rent (as hereinafter defined), plus Tenant's Percentage of all Operating Costs and Taxes, and all other charges pursuant to the Lease, provided that Tenant: (i“Renewal Term”) is not by notice in currently in default; and (ii) has not been in default of any term or provision of the Lease two or more times during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering writing delivered to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option shall be exercised no later not less than nine six (9) months but not more than twelve (126) months prior to the expiration of the original term. If Tenant fails to timely exercise the Option in the manner herein specified, then the Option shall immediately and automatically terminate and be of no further force or effect. Time is current term of the essence with respect to the exercise Lease. All of the Option. Except as otherwise specifically provided hereincovenants, all conditions and provisions of the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect during the Option Period; providedbe applicable to each Renewal Term, however, except that the Annual and Monthly Base Rent for the initial year of the Option Period shall be set at adjusted to reflect the Prevailing Market Rent (as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent current fair market rental for the Premises as of the first month date each Renewal Term is to commence. Landlord shall advise Tenant of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent new monthly rental for a Renewal Term within such thirty (30) day perioddays after a request therefor from Tenant; Landlord’s notification of the new rental may include an escalation to provide for a change in the fair market rental between the time of notification and the commencement of the Renewal Term. In no event shall the Annual and Monthly Base Rent be subject to determination or modification by any person, entity, court or authority other than as expressly set forth herein and in no event shall the Annual and Monthly Base Rent for the Renewal Term be less than the monthly rental during the last year of the then expiring term. As each renewal option is exercised, the Prevailing Market Rent number of remaining options shall be determined as follows:reduced accordingly.

Appears in 1 contract

Samples: Lease Agreement (Mountains West Exploration Inc)

OPTION TO RENEW. Tenant Lessee shall have one (1) the right and option to renew (the "Option") the this Lease for one two (2) consecutive additional terms for each of five (5) years and two (2) years following expiration of the term hereof (which renewal terms may be exercised in whatever order Lessee deems advisable in its sole discretion, e.g., Lessee may take either the two (2) year term or the five (5) year renewal term immediately following the expiration of the initial term, at and then exercise the Prevailing Market Rent (as hereinafter definedremaining term thereafter), plus Tenant's Percentage of all Operating Costs and Taxes, and all other charges pursuant to the Lease, provided that Tenantprovided: (i) that this Lease is in full force and effect immediately prior to the date of the commencement of the renewal term; (ii) that the Lessee is not in currently in defaultdefault under any of the provisions herein; and (iiiii) has not been that Lessee is in default of any term or provision full occupancy of the Lease two or more times during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month periodPremises for its own use and intends to continue such occupancy. The Option may be exercised only by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option Such option shall be exercised no by Lessee serving on Lessor written notice to that effect not later than nine six (9) months but not more than twelve (126) months prior to the expiration of the original initial term. If Tenant fails to timely exercise Said renewal shall be upon the Option same terms, covenants, conditions and limitation as in this Lease provided, except that the monthly rental during the renewal term shall be established at the "going market rate" for comparably improved space in the manner herein specifiedgreater Pittsburgh market area, then but in no event shall the Option shall immediately and automatically terminate and monthly rental be of no further force or effect. Time is of the essence with respect to the exercise of the Option. Except as otherwise specifically provided herein, all provisions of the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect during the Option Period; provided, however, less that the Base Rent for plus Additional Rent payable to Lessor in the last month of the initial year lease term pursuant to SECTION 3 hereof. The notice of election to take the renewal term when given by Lessee shall be irrevocable and shall constitute an agreement between the parties for renewal of this Lease as herein stated. If this Lease or the right of occupancy of the Option Period Lessee hereunder shall expire, be set at the Prevailing Market Rent (as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, byterminated, or to, come to an end pursuant to any person or entity other than Tenant. The Option is not assignable separate and apart from of the provisions of this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as all rights of Lessee to twenty percent (20%) or more of the Premises, the Option renew automatically shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent for the Premises as of the first month of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as follows:terminated.

Appears in 1 contract

Samples: Lease Agreement (Tollgrade Communications Inc \Pa\)

OPTION TO RENEW. Tenant shall have (a) Inasmuch as the Lessee has, since originally novating the lease to their name, envisioned arranging a longer term lease than the March 1, 1994 agreement, Highland Industrial Park offers the following option renewals. Subject to the provisions hereof, Lessor expressly gives and grants to Lessee the right, option and privilege of extending the leasehold term of this lease one (1) option to renew time for an additional period of ten (the "Option"10) the Lease years and then four (4) times for an additional period of five (5) years each time (that is, one (1) ten (10) year extension and four (4) five (5) year termextensions in addition to the original leasehold term herein granted), at upon the Prevailing Market Rent same terms and conditions as herein set out (except as hereinafter definedprovided), plus Tenant's Percentage all of all Operating Costs which shall apply to such extended term to the same extent and Taxesas fully as if this lease had been written for the period of time covering both the original term and the extended term or terms provided in this option of extension, and all other charges pursuant in such event the word “term” in this agreement shall mean and refer to the Lease, provided that Tenant: original term as so extended. The option herewith granted by Lessor to Lessee to extend the term of this lease one (i1) is not in currently in default; time for an additional period of ten (10) years and four (ii4) has not been in default of any term or provision of the Lease two or more times during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than for an additional five (5) days late twice within a twelve (12) month period. The Option may years each time shall expire, and be of no further force and effect, unless exercised only by Xxxxxx delivering to Landlord Lessee by written notice of Xxxxxx's unconditional exercise of to Lessor on or before the Option; provided, however, that the Option shall be exercised no later than nine date which is ninety (990) months but not more than twelve (12) months days prior to the expiration of the original term. If Tenant fails to timely exercise the Option term then in the manner herein specified, then the Option shall immediately and automatically terminate and be of no further force or effect. Time is of the essence with respect to the exercise of the Option. Except as otherwise specifically provided herein, all provisions of the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect during the Option Period; provided, however, that the Base Rent for the initial year of the Option Period shall be set at the Prevailing Market Rent (as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at Lessee elects to exercise any such option of extension, then the giving of the above described notice by Lessee so notifying Lessor in writing, if given within the time hereinabove provided, shall operate to automatically extend this lease for an additional term without further action on the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more part of either of the Premises, parties hereto; provided that failure on the Option part of Lessee to give such written notice to Lessor within such time shall conclusively be deemed to be an election by Lessee to waive such option of renewal and such option shall then be null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent for the Premises as of the first month of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as follows:void.

Appears in 1 contract

Samples: Esterline Technologies Corp

OPTION TO RENEW. (a) Provided that Tenant is not then in default beyond any notice and cure periods, Tenant shall have one (1) option to renew this Lease (the "Renewal Option") with respect to all, but not less than all, of the Lease Premises for one a five (5) year term, at extended term (the Prevailing Market Rent (as hereinafter defined"Extended Term"), plus Tenant's Percentage of all Operating Costs commencing upon the Term Expiration and Taxes, otherwise upon the same terms and all other charges pursuant to the conditions as this Lease, provided except that Tenant: (i) is not in currently in default; and Base Rent shall be determined as described below, (ii) has not been there shall be no option to renew, and (iii) at Landlord's option, which Landlord may exercise in default its sole and absolute discretion based on Landlord's financial evaluation of any term or provision Tenant at the time of the Lease two or more times commencement of the Extended Term, Tenant shall be required to furnish to Landlord a new Letter of Credit in an amount not exceeding $1,850,000 but otherwise determined by Landlord in its sole and absolute discretion, which amount shall not be reduced during the initial Lease Extended Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option amount of such required Letter of Credit shall be exercised no later not exceed $350,000 if Tenant provides to Landlord evidence reasonably satisfactory to Landlord that during each of the last three (3) Lease Years of the initial Term the amount of Tenant's shareholder equity was not less than nine $100,000,000. In order to exercise the option, Tenant shall give written notice (9the "Election Notice") to Landlord of Tenant's intention to exercise such option not more then eighteen (18) months but not more nor less than twelve (12) months prior to the expiration of Term Expiration, and if such notice is not so given, the original term. If option shall terminate; the Tenant fails to timely exercise the Option in the manner herein specified, then the Option shall immediately hereby expressly acknowledges and automatically terminate and be of no further force or effect. Time agrees that time is of the essence for purposes of notice of exercise of such option and that Tenant's failure to do so within such time period will relieve Landlord of any obligation under this Section. Subject to subparagraphs (b) and (c) below, if Tenant timely delivers the Election Notice to Landlord and is not in default under this Lease at the time the Extended Term commences, Landlord and Tenant shall be deemed to have entered into an extension of this Lease with respect to the exercise entirety of the Option. Except as otherwise specifically provided herein, all provisions of the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect during the Option Period; provided, however, that the Base Rent Premises for the initial year of Extended Term on the Option Period terms and conditions set forth herein. The parties hereto acknowledge that Landlord shall be set at the Prevailing Market Rent (as such term is defined below). The Option is personal under no obligation to Tenant and may expend or agree to expend funds in connection with this option to renew, including but not be exercised or assigned, voluntarily or involuntarily, by, or limited to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as funds for improvement to twenty percent (20%) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent for the Premises as of the first month of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as follows:.

Appears in 1 contract

Samples: Commercial Office Lease (Tut Systems Inc)

OPTION TO RENEW. Provided that (a) No Event of Default exists either (i) on the date that Tenant exercises the Option to Renew granted under this Section, or (ii) at the expiration of the initial Term (unless such default is waived in writing by Landlord), (b) the original Tenant hereunder or an Affiliate, in accordance with Section 28(i), is then leasing the entire Premises, and (c) the original Tenant hereunder has not sublet or assigned any of its interest in the Lease or the Premises except as approved in Section 28, Tenant shall have the right and option, by giving notice as set forth below, to extend and renew the term of the Lease (the "Option to Renew") for one (1) option to renew (the "Option") the Lease for one additional term of five (5) year termyears (the "Renewal Term") beginning on the day immediately following expiration of the Term and upon the same terms covenants and conditions herein set forth, at except that the Prevailing Market Annual Base Rent shall be the greater of (a) the then prevailing market rate for similar space in similar buildings in the Fairfax County, Virginia area as hereinafter defined)negotiated in good faith by Landlord and Tenant, plus Tenant's Percentage of all Operating Costs or (b) the Annual Base Rent in effect for the Lease Year immediately prior to the Renewal Term and Taxesincreased by the annual increase in effect during the Term, and, unless otherwise specified in the amendment evidencing the Renewal Term, Annual Base Rent shall continue to be increased by the annual increase in effect during the Term. Notwithstanding the foregoing, Tenant shall not be entitled to any additional renewal terms subsequent to the Renewal Term, and all other charges pursuant Tenant shall not be entitled to the Leaseany rent waivers, provided that Tenant: (i) is not in currently in default; and (ii) has not been in default of any term Tenant allowances or provision of the Lease two or more times tenant improvements otherwise applicable during the initial Lease Termterm of this Lease. If Tenant desires to exercise the Option to Renew, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering to Tenant shall give Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option shall be exercised no later than thereof at least nine (9) months but not more than twelve (12) months prior to the expiration of the original termTerm. If All rights of Tenant fails to timely exercise the Option in the manner herein specified, then the Option Renewal Term hereof shall immediately and automatically terminate and be of no further force or effect. Time is of effect upon the essence with respect earlier to occur of: (w) the exercise of the Option. Except as otherwise specifically provided herein, all provisions early termination of the Lease, this Addendum and all other exhibits (x) Tenant's failure to timely or properly exercise the Option to Renew, (y) the assignment or subletting of any interest of the original Tenant hereunder in the Lease shall continue or the Premises except as provided in full force and effect during the Option Period; provided, however, that the Base Rent for the initial year of the Option Period shall be set at the Prevailing Market Rent (as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, bySection 28, or to, any person or entity other than (z) the termination of Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as 's right to twenty percent (20%) or more possession of the Premises, . If the Option shall be deemed null and void and Tenantto Renew is properly exercised, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as execute an amendment to the Prevailing Market Rent for Lease to confirm the Premises as Renewal Term and the terms and conditions of the first month of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as follows:said extended term.

Appears in 1 contract

Samples: Lease Agreement (Identix Inc)

OPTION TO RENEW. Tenant shall have one (1) option to renew (the "Option") the Lease for one and is hereby granted five (5) year term, at options (individually an “Option”) to extend this Lease beyond the Prevailing Market Rent (as hereinafter defined), plus Tenant's Percentage Initial Term for an additional period of all Operating Costs and Taxes, and all other charges pursuant to the Lease, provided that Tenant: (i) is not in currently in default; and (ii) has not been in default of any term or provision of the Lease two or more times during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve years each (12) month periodindividually an “Option Period”), upon the same terms, covenants, conditions and rental as set forth herein. The Tenant may exercise each such Option may be exercised only successively by Xxxxxx delivering giving written notice to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option shall be exercised no later not less than nine six (9) months but not more than twelve (126) months prior to the expiration of the original termInitial Term of this Lease or expiration of the then current Option Period, as applicable (the “Option Notice”). Notwithstanding the foregoing, Tenant shall not be entitled to extend the Term of this Lease if, at the time of exercise of an Option, an Event of Default has occurred and is continuing. If Tenant fails does not elect to timely exercise the Option in the manner herein specifiedextend, then the Option or shall immediately and automatically terminate and not be of no further force or effect. Time is of the essence with respect entitled pursuant to the exercise preceding sentence to extend the Term of the Optionthis Lease for an additional Option Period, all remaining rights of renewal shall automatically expire. Except as otherwise specifically provided Notwithstanding anything else contained herein, all provisions of the Lease, this Addendum if Tenant exercises an Option hereunder and all other exhibits to the Lease shall continue in full force and effect during the Option Period; provided, however, that if the Base Rent for such Option Period (pursuant to the initial year calculation called for in Section 3.2(f) hereof), (i) is less than the Base Rent that would be arrived at if the Base Rent was increased pursuant to Section 3.2(e), then Landlord may reject said Option Notice by delivering a written notice of rejection to Tenant (the “Rejection Notice”), and (ii) if the Base Rent for such Option Period (pursuant to the calculation called for in Section 3.2(f) hereof), is more than the Base Rent that would be arrived at if the Base Rent was increased pursuant to Section 3.2(e), the Tenant may withdraw its Option Notice by delivering written notice of withdrawal of the Option Period shall be set at the Prevailing Market Rent (as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent for the Premises as of the first month of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent Notice within such thirty (30) day perioddays of determination of amount of Base Rent under Section 3.2(f). Should Landlord deliver a Rejection Notice to Tenant or should Tenant withdraw its Option Notice as provided for above, Tenant’s Option Notice shall be void and of no effect and the Lease shall expire and terminate at the end of the then current Option Term. However, Tenant may, at its option, extend the Term for the applicable Option Period after receipt of Landlord’s Rejection Notice, by delivering within thirty (30) days of receipt of Landlord’s Rejection Notice a second Option Notice (the “Second Option Notice”) stating that Tenant desires to extend the Term for the Option Period and Tenant agrees to pay Base Rent equal to Base Rent obtained by the application of the formula set forth in Section 3.2(e) hereof. Tenant shall have no obligation hereunder to deliver a Second Option Notice or to so extend the Lease under the terms required in a Second Option Notice. Should Tenant timely deliver to Landlord a Second Option Notice which complies with the requirements of this Section, the Prevailing Market Rent Term of the Lease shall be determined as follows:extended for the applicable Option Period at the Base Rent called for in the Second Option Notice.

Appears in 1 contract

Samples: Lease Agreement (Susser Holdings CORP)

OPTION TO RENEW. Tenant shall have the option to renew this Lease: (i) as to Building 1 and Building 2 (but not less than both, if Tenant leases the entirety of each); or (ii) as to all of Building 1 (but not less than all) and, at Tenant’s election, such portion of Building 2 as it then leases (but not less than all of such portion), if Tenant leases all of Building 1 and a portion of, but not all, of Building 2, for one (1) additional term of ten (10) years, commencing upon the expiration of the Principal Term of the Lease (such ten-year period being referred to herein as a “Renewal Period”). The renewal option must be exercised, if at all, by written notice given by Tenant to Landlord not later than twenty-four (24) months prior to expiration of the Principal Term of this Lease. Notwithstanding the foregoing, at Landlord’s election, this renewal option shall be null and void and Tenant shall have no right to renew (this Lease if any of the "Option") the Lease for one five (5) year term, at the Prevailing Market Rent (as hereinafter defined), plus Tenant's Percentage of all Operating Costs and Taxes, and all other charges pursuant to the Lease, provided that Tenantfollowing conditions is met: (i) as of the date immediately preceding the commencement of the Renewal Period, the Tenant originally named herein (or an Affiliate or third party subject to a Shared Space Arrangement) (a) is not in currently occupancy of at least all of the entire Premises then demised hereunder, except for no more than two (2) complete floors (in defaultthe event that the Premises then consists of Building 1 and half of Building 2) or three (3) complete floors, (in the event that the Premises then consists of both Building 1 and Building 2), or (b) does not intend to continue to occupy the Premises (but intends to assign this Lease or sublet the space in whole or in part); and or (ii) has not been on the date Tenant exercises the renewal option or on the date immediately preceding the commencement date of the Renewal Period Tenant is in default of any term of its obligations under this Lease, or provision of the Lease two or more times during the initial Lease Termthere has occurred any event which, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception giving of payment a Default Existence Notice or the passage of Basic Rent time or Additional Rent which may not both would be more than five (5) days late twice within a twelve (12) month period. The Option may be exercised only default by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option shall be exercised no later than nine (9) months but not more than twelve (12) months prior to the expiration of the original term. If Tenant fails to timely exercise the Option in the manner herein specified, then the Option shall immediately and automatically terminate and be of no further force or effect. Time is of the essence with respect to the exercise of the Option. Except as otherwise specifically provided herein, all provisions of the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect during the Option Period; provided, however, that the Base Rent for the initial year of the Option Period shall be set at the Prevailing Market Rent (as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent for the Premises as of the first month of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as follows:hereunder.

Appears in 1 contract

Samples: Lease (Fibrogen Inc)

OPTION TO RENEW. (a) Tenant shall have one (1) option to renew (the "“Renewal Option") to extend the Lease Term for one five a period of two (52) year termyears beyond the Expiration Date (the “Renewal Term”). The Renewal Option is personal to Tenant and any Permitted Transferee and may not be exercised by any other sublessee or assignee, at the Prevailing Market Rent (as hereinafter defined), plus or by any other successor or assign of Tenant's Percentage of all Operating Costs and Taxes, and all other charges pursuant to the Lease, provided that Tenant: (i) . The Renewal Option shall be effective only if Tenant is not in currently in default; and (ii) Default under this Lease, nor has not been in default of any term or provision of the Lease two or more times during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor event occurred which with the exception giving of payment notice or the passage of Basic Rent time, or Additional Rent which may not be more than five (5) days late twice within both, would constitute a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering to Landlord written notice Default hereunder, either at the time of Xxxxxx's unconditional exercise of the Option; providedRenewal Option or the time of commencement of the Renewal Term. The Renewal Option must be exercised, howeverif at all, that the Option shall be exercised no later than nine by written notice (9“Election Notice”) months but from Tenant to Landlord given not more than twelve (12) months nor less than six (6) months prior to the expiration of the original termTerm. Any such notice given by Tenant to Landlord shall be irrevocable. If Tenant fails to timely exercise the Renewal Option in a timely manner as provided for above, the manner herein specified, then the Renewal Option shall immediately be void. The Renewal Term shall be upon the same terms and automatically terminate and be of conditions as the initial Term, except that (i) no further force or effect. Time is Renewal Option shall be available to Tenant at the expiration of the essence with respect to the exercise of the Option. Except as otherwise specifically provided hereinRenewal Term, all provisions of the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect during the Option Period; provided, however, that (ii) the Base Rent during the Renewal Term (the “Renewal Rate”) shall be equal to the “prevailing market rate” for space in similarly situated buildings in the initial year vicinity of the Option Period shall be set Project comparable to the Building in location, condition, quality and type at the commencement of the Renewal Term (the “Prevailing Market Rent (as such term is defined belowRate”). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent for the Premises as of the first month of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as follows:term “

Appears in 1 contract

Samples: Lease Agreement (NovaRay Medical, Inc.)

OPTION TO RENEW. Tenant The provisions set forth in this Addendum are hereby incorporated into the Lease dated October 19, 1989 by and between XXXXXX LAND & CO. (“Landlord”) and ACCURIDE CORPORATION (“Tenant”) and shall have one (1) option to renew (the "Option") same force and effect as if set forth in the Lease for one five (5) year term, at the Prevailing Market Rent (as hereinafter defined), plus Tenant's Percentage body of all Operating Costs and Taxes, and all other charges pursuant to the Lease, provided that Tenant: (i) is not in currently in default; and (ii) has not been in default of any term or provision of . To the Lease two or more times during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, extent that the Option shall be exercised no later than nine (9) months but not more than twelve (12) months prior to the expiration provisions of the original term. If Tenant fails to timely exercise the Option in the manner herein specified, then the Option shall immediately and automatically terminate and be of no further force or effect. Time is of the essence this Addendum are inconsistent with respect to the exercise of the Option. Except as otherwise specifically provided herein, all provisions those of the Lease, the provisions of this Addendum shall control. Unless otherwise defined herein, all terms used in this Addendum shall have the same definition as is given thereto in the body of the Lease. “Provided that no event of default has occurred which remains uncured (or for which a cure has not been commenced and being diligently pursued) either when the notice referred to hereinbelow is given or on the date on which such renewal term would otherwise commence, the Tenant shall be entitled to renew this Lease for an additional term (“the first renewal term”) of ten (10) years, commencing on the day immediately after the date on which (but for such renewal) the term would have expired and terminating on the tenth (10th) anniversary of such day (which anniversary shall, if this Lease is so renewed, thereafter be the expiration date for all purposes of the provisions of this Lease as applicable thereafter), by and only by giving to the Landlord express, written notice of such renewal by not less than six (6) months before the date on which the renewal term is to commence (in which event the term shall automatically be deemed to have been extended by the length of the renewal term, and all other exhibits references to the term” in the provisions of this Lease shall continue in full force and effect during thereafter mean the Option Period; provided, however, that the Base Rent for the initial year of the Option Period shall be set at the Prevailing Market Rent (term as such term is defined belowso extended). The Option is personal to Tenant terms and may not conditions for such first renewal term shall all be exercised or assignedas set forth in the body of this Lease, voluntarily or involuntarily, by, or to, any person or entity other than the annual rental, which shall be as follows: Years Monthly Rental 1, 2 $21,587.16 3, 4, 5 $22,882.39 6, 7, 8 $24,255.33 9, 10 $25,710.65 Initials/Date Landlord: /s/ [illegible] Tenant: /s/ [illegible] May 25, 1999 Xx. Xxxx Xxxxxxxxx The Package Company Suite 204 00000 Xxxx 00 Xxxx Xxxx Xxxxxxxxxx, XX 00000 Re: Renewal Option on Accuride Lease Dear Xx. Xxxxxxxxx: The purpose of this letter is to provide notice, pursuant to Section 30.3 of the lease agreement dated October 19, 1989, by and between Xxxxxx Land & Co. and Accuride Corporation, that Accuride, as Tenant under such lease, desires to exercise its right and option to renew the lease for an additional ten (10) year period. We look forward to our continuing business relationship and desire to have Xxxxx Xxxxxx of our office meet with you as soon as possible to discuss various repair and maintenance provisions described under the lease. Please contact us with any questions or comments. Sincerely, ACCURIDE CORPORATION Xxxxxxx X. Xxxxxxx President and CEO WPG/lp Df/N:/Xxxxxx lease State of Kentucky) County of Xxxxxxxxx) On May 25, 1999, before me, a Notary Public, in and for said County and State, personally appeared Xxxxxxx X. Xxxxxxx, known to me to be the person whose name is subscribed to the within instrument, and acknowledged that he executed the same. WITNESS my hand and official seal. Notary Public, Kentucky State-At-Large My Commission Expires September 19, 2002 /s/ Xxxx Xxxxxxxx Notary Public FIRST AMENDEMENT TO LEASE AGREEMENT This First Amendment to Lease Agreement (“Lease Amendment”), is entered into between The Package Company, L.L.C., a Michigan limited liability company, as successor in interest to Xxxxxx Land & Co., a Maryland general partnership (“Landlord”), and Accuride Corporation (“Tenant”). The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, following statements are a material part of this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent for the Premises as of the first month of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as followsAmendment:

Appears in 1 contract

Samples: Lease Agreement (Accuride Corp)

OPTION TO RENEW. Tenant Unless the Board requires the YMCA to formally exercise the Renewal Option (defined below), upon the expiration of the Initial Term or any Successive Term, this Agreement shall have one automatically renew for a new period of ninety-­‐nine (199) option to renew (the "Option") the Lease for one five (5) year termyears, at the Prevailing Market Rent (rent as hereinafter defined), plus Tenant's Percentage of all Operating Costs and Taxesprovided herein, and otherwise subject to and on all other charges pursuant to the Lease, provided that Tenant: (i) is not in currently in default; and (ii) has not been in default of any term or provision of the Lease two or more times during terms and conditions contained in this Agreement, except as may be mutually agreed otherwise in a writing signed by both parties. In order to effectively require the initial Lease TermYMCA to formally exercise the Renewal Option, regardless of whether any of the defaults were cured Board shall provide written notice thereof no sooner than thirty (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (1230) month period. The Option may be exercised only by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option shall be exercised no later than nine (9) months but not more than twelve (12) months prior to the expiration of the original term. If Tenant fails Initial Term or any Successive Term nor later than 24 month prior to timely exercise the Option in the manner herein specified, then the Option shall immediately and automatically terminate and be of no further force or effect. Time is expiration of the essence with respect Initial Term or any Successive Term, as the case may be. The Board grants to the exercise YMCA, subject to the conditions set forth below, the right and option to renew this Agreement, upon the expiration of the Option. Except Initial Term or any Successive Term, for a new period of ninety nine (99) years, at the rent as otherwise specifically provided herein, and otherwise subject to and on all provisions of the Leaseterms and conditions contained in this Agreement, this Addendum and all other exhibits to the Lease shall continue except as may be mutually agreed otherwise in full force and effect during the Option Period; provided, however, that the Base Rent for the initial year of the Option Period shall be set at the Prevailing Market Rent a writing signed by both parties (as such term is defined below“Renewal Option”). The Option is personal If the Board requests the YMCA to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In formally exercise the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the PremisesRenewal Option, the Renewal Option shall be deemed null exercised, if at all, by YMCA giving written notice thereof to the Board, not earlier than two years prior to the expiration of the Term of this Agreement and void and Tenantnot later than one year prior to the expiration of the Term of this Agreement. Any other provision of this Agreement to the contrary notwithstanding, any assignee, or any sublessee, YMCA shall not have the right be entitled to exercise the Renewal Option. Landlord and Tenant , unless the YMCA shall have 30 days following timely performed all of its obligations under this Agreement, and shall not be in default in the exercise performance of any such obligations and written notice of default having been provided to YMCA, on the date of such written notice and on the date of the Option in which to agree as to the Prevailing Market Rent for the Premises as expiration of the first month Initial Term or any Successive Term of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as follows:this Agreement.

Appears in 1 contract

Samples: Lease Agreement

OPTION TO RENEW. All provisions under the Lease and any exhibits thereto relating to renewal of the Lease are hereby replaced by the following: Tenant shall have is granted the right to extend the term of this Lease beyond the expiration date of the term as set forth in this Third Amendment for one period of sixty (160) option to renew months (the "OptionExtended Term") the Lease for one five (5) year term, at the Prevailing Market Rent (as hereinafter defined), plus Tenant's Percentage of all Operating Costs and Taxes, and all other charges pursuant to the Lease, provided that Tenant: (i) . Tenant may not exercise its Extension Right if it is not then in currently in default; and (ii) default beyond any applicable cure period or if it has not ever been in default of beyond any term or provision of the Lease two or more times during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be applicable cure period more than five two (52) days late twice within a times in any twelve (12) month period. The Option Tenant may be exercised only exercise its Extension Right by Xxxxxx delivering written notice thereof to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option shall be exercised no not later than nine (9) months but not more than twelve (12) months prior to the expiration of the original term. If Tenant fails to timely exercise In the Option Extended Term, all terms and conditions of this Lease shall apply, except (i) there shall be no tenant improvement allowance, no right of first opportunity, and no further renewal rights, and (ii) the Base Monthly Rent for the first thirty-six (36) months of the Extended Term shall be ninety-five percent (95%) of the then prevailing market rate for a similar lease and term for similarly situated and improved space in the manner Bothell-Woodinville High-Tech Industrial Market (the unadjusted number being referred to herein specifiedas the "Fair Market Rent"), provided that in no event shall the Base Monthly Rent for the Extended Term be less than the Base Monthly Rent for the last month of the initial term, and (iii) at the beginning of the thirty-seventh (37th) month of the Extended Term, Base Rent for the balance of the Extended Term shall be adjusted based upon the increase in the Consumer Price Index, all Urban Consumers, for the Seattle/Tacoma SMSA, published by the United States Department of Labor, Bureau of Labor Statistics ("Index") which is in effect on the first day of the Extended Term ("Beginning Index"). The corresponding index ("Extension Index") which is in effect on the first day of the thirty-seventh (37th) month of the Extended Term shall be used as a comparison in determining the amount of the Base Rent Increase. In calculating the CPI increase, the Base Monthly Rent shall be increased to equal the product achieved by multiplying the Base Monthly Rent due with respect to that first paying month of the Extended Term by a fraction, the numerator of which is the Extension Index and the denominator of which is the Beginning Index. If the method of computing the Index is changed from that in effect when the Beginning Index was established, then the Option Beginning Index and all Extension Indexes shall immediately and automatically terminate and be converted in accordance with the conversion factor published by the United States Department of no further force Labor, Bureau of Labor Statistics. If during the Term, the Index is (a) discontinued or effect(b) revised without such a Conversion Factor being so published, such other government index or computation with which it is replaced shall be used in order to obtain substantially the same result as would be obtained if the Index had not been discontinued or revised. Time is Extension Rights shall apply to all of the essence with respect Premises then under lease to Tenant. Tenant's Extension Right is personal and may not be exercised by any assignee or sublessee other than an Affiliate of Tenant or a successor by merger or consolidation. If Landlord and Tenant are not able to agree on the exercise Fair Market Rent component of the Option. Except as otherwise specifically provided herein, all provisions of the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect during the Option Period; provided, however, that the Base Rent for the initial year Extended Term within thirty days after Tenant's notice of the Option Period election to renew, then such Fair Market Rent shall be set at the Prevailing Market Rent (determined by arbitration as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Optionfollows. Landlord and Tenant shall have 30 days following each select an appraiser with at least ten years experience in the exercise of office/high-tech industrial market in the Option in which to agree as to eastside area. If the Prevailing Market Rent for the Premises as of the first month of the Option Period. In the event Landlord and Tenant two appraisers are unable to agree within ten days after their selection, they shall select a similarly qualified third appraiser (the "Neutral Appraiser"). If the three appraisers are unable to agree unanimously on the Prevailing Fair Market Rent within such thirty fourteen (3014) day perioddays after appointment of the neutral Appraiser, the Prevailing issue shall be resolved by the three appraisers in accordance with the following procedure. The appraiser selected by each of the parties shall state in writing his determination of the Fair Market Rent supported by the reasons therefore with counterpart copies to each party. The appraisers shall arrange for a simultaneous exchange of such proposed resolutions. The role of the Neutral Appraiser shall be determined to select which of the two proposed resolutions most closely approximates his determination of Fair Market Rent. The Neutral Appraiser shall have no right to propose a middle ground or any modification of either of the two proposed resolutions. The resolution he chooses as follows:most closely approximating his determination shall constitute the decision of the appraisers and be final and binding upon the parties. Each party shall bear cost of its own appraiser, and the non-prevailing party shall pay the costs of the Neutral Appraiser.

Appears in 1 contract

Samples: Lease Premier (Icos Corp / De)

OPTION TO RENEW. Tenant shall have one (1) option (“Renewal Option”) to renew extend the Term of this Lease. The Renewal Option shall be for a period of two (2) years (the "Option") the Lease for one five (5) year term, at the Prevailing Market Rent (as hereinafter defined“Renewal Term”), plus Tenant's Percentage of all Operating Costs and Taxescommencing on January 1, 2020, and ending on December 31, 2021. The Renewal Term shall be on all other charges pursuant to the provisions contained in this Lease, provided that Tenant: (i) is not in currently in default; and (ii) has not been in default of any term or provision of the Lease two or more times during the initial Lease Termincluding Base Rent. If Tenant elects to exercise its Renewal Option, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the such Renewal Option shall be exercised no later than nine by Tenant giving written notice of its exercise of such Renewal Option (9the “Renewal Notice”) months to Landlord at least six (6) months, but not more than twelve (12) months prior to months, before the expiration of the original terminitial Term. If Tenant fails to timely exercise a Renewal Notice is not sent timely, the Option in the manner herein specified, then the Renewal Option shall immediately be null and automatically terminate and be of void. Tenant shall have no further force right to extend the Term or effect. Time is of renew the essence with respect to Lease beyond the exercise of the Option. Except as otherwise specifically Renewal Term provided herein, all provisions of the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect during the Option Period; provided, however, that the Base Rent for the initial year of the Option Period shall be set at the Prevailing Market Rent (as such term is defined below). The Renewal Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, by or to, to any person or entity other than Tenant. The Renewal Option is not assignable separate and apart from this Lease. In the event that If, at the time that the Renewal Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premisesexists, the such Renewal Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise such Renewal Option. Tenant shall have no right to exercise the Renewal Option (i) if, at the time permitted for the exercise of such Renewal Option, or at any time prior to the commencement of the Renewal Term, an event of default has occurred under any of the provisions of this Lease, or (ii) if Landlord has given to Tenant two (2) or more notices of default under this Lease during the twelve (12) month period prior to the time that Tenant intends to exercise such Renewal Option. All Rent payable during the Renewal Term shall be payable in the same manner and under the same terms and conditions as Rent is paid during the initial Term. Landlord and Tenant shall have 30 days following execute and deliver appropriate documentation to evidence any renewal of this Lease and the exercise terms and conditions of the Option in which to agree as to the Prevailing Market Rent for the Premises as of the first month of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as follows:this Lease during any Renewal Term.

Appears in 1 contract

Samples: Lease Agreement

OPTION TO RENEW. Tenant shall have one Provided and upon the conditions that, (1a) option to renew (the "Option") the Lease for one five (5) year term, at the Prevailing Market Rent time Tenant exercises its right and option (as hereinafter defined), plus Tenant's Percentage of all Operating Costs and Taxes, and all other charges pursuant described below) to extend the Lease, provided that Tenant: (i) is not in currently in default; and (ii) has not been in default of any term or provision of the Lease two or more times during and immediately prior to the initial commencement date of the applicable extension term, the Lease Term, regardless shall be in full force and effect and Tenant shall not be in breach of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional exercise provisions of the Option; providedLease (whether or not the same constitutes an "Event of Default" as defined in Article 15 of the Lease), however, that and (b) during the Option shall be exercised no later than nine (9) months but not more than twelve (12) months prior to such commencement date no such Event of Default shall have occurred, Tenant shall have the expiration right and option, exercisable by giving Landlord prior written notice thereof at least nine (9) months before the commencement date of the original extension term. If Tenant fails , to timely exercise extend the Option in the manner herein specified, then the Option shall immediately and automatically terminate and be of no further force or effect. Time is term of the essence with respect Lease for one term of three (3) years, commencing on September 1, 2026 and expiring on August 31, 2029, at a monthly Fixed Rent (expressed as an annual amount per square foot of the total rentable square feet of the Premises) equal to the exercise greater of (1) the monthly Fixed Rent payable by Tenant for the month immediately preceding the commencement date of the Option. Except as otherwise specifically provided hereinextension term, all provisions of and (2) the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect during the Option Period; provided, however, that the Base Rent for the initial year of the Option Period shall be set at the Prevailing Fair Market Rent (as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent for the Premises as of the first month commencement date of the Option Periodextension term, but otherwise upon the same terms, conditions and provisions contained in the Lease including, without limitation, the obligation of Tenant to pay Additional Rent under Section 2.3 of the Lease (except that (A) Landlord shall have no obligation to perform any improvements to the Premises or provide any contribution therefor, (B) there shall be no waiver or abatement of Rent, and (C) there shall be no further right and option to extend). In As used herein, "Fair Market Rent" means the event monthly base rent, per square foot (with a tenant to pay Additional Rent of the same types described in the Lease), for a lease term equivalent to the extension term, at which Landlord is renewing leases for comparable improved office space in the complex of which the Building is a part and landlords are leasing comparable improved office space in buildings that are comparable to the Building and located in the Bala Cynwyd and Conshohocken, Pennsylvania markets (with appropriate adjustments to take account of variations in location, size and tenant fit-up costs undertaken by Landlord and such landlords) as provided to Tenant are unable to agree on the Prevailing Market Rent by Landlord's written notice within such thirty (30) days of receipt of Tenant's notice of exercise. Within ten (10) days after Txxxxx's receipt of such notice from Landlord to Tenant, Tenant shall give notice to Landlord either accepting or rejecting the Fair Market Rent (if greater than the monthly Fixed Rent payable by Tenant for the month immediately preceding the commencement date of the extension term). If Tenant rejects such terms or if Tenant fails to notify Landlord within such ten (10) day period, then the Prevailing Market Rent Lease shall be determined as follows:terminate absolutely, without the necessity of any further notice from either party, at the end of the then existing Term of the Lease. If Tenant accepts such terms, then Landlord shall prepare, and the parties shall execute, an appropriate amendment to the Lease reflecting the amendment.

Appears in 1 contract

Samples: Lease (Larimar Therapeutics, Inc.)

OPTION TO RENEW. If, and only if, Tenant shall have theretofore exercised its Right of First Offer pursuant to Paragraph 10 above and leased the First Offer Space pursuant thereto, and the term of the Lease as respects the First Offer Space shall have theretofore commenced, and the Extension Term shall have been extended by reason thereof as set forth in Paragraph 10 above, Tenant shall have the option to renew the term of the Lease for one (1) option to renew (the "Option") the Lease for one additional term of five (5) year termyears, at the Prevailing Market Rent (as hereinafter defined), plus Tenant's Percentage of all Operating Costs and Taxes, and all other charges pursuant to the Lease, provided that Tenant: (i) is not in currently in default; and (ii) has not been in default of any term or provision of the Lease two or more times during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option shall be exercised no later than nine (9) months but not more than twelve (12) months prior to commencing upon the expiration of the original termROFO Extension Term, as set forth in Paragraph 10 above. If The renewal option must be exercised, if at all, by written notice given by Tenant fails to timely exercise the Option in the manner herein specified, then the Option shall immediately and automatically terminate and be of no further force or effect. Time is of the essence with respect Landlord not later than one (1) year prior to the exercise of the Option. Except as otherwise specifically provided herein, all provisions then scheduled expiration date of the Lease. Notwithstanding the foregoing, this Addendum and all other exhibits to at Landlord’s election, the Lease shall continue in full force and effect during the Option Period; provided, however, that the Base Rent for the initial year of the Option Period renewal option shall be set at the Prevailing Market Rent (as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, Tenant shall have no right to renew the term of the Lease pursuant thereto if (I) as of the date Tenant exercises the renewal option the term of the Lease as respects the First Offer Space shall not have theretofore commenced by reason of Tenant’ s prior exercise of its Right of First Offer pursuant to Paragraph 10 above, or (II) on the right date Tenant exercises the option or on the date immediately preceding the commencement of the renewal period (i) Original Tenant is not in physical occupancy of at least seventy-five percent (75%) of the Premises then demised pursuant to exercise the Option. Landlord and Lease or Original Tenant does not intend to continue to physically occupy at least seventy-five percent (75%) of the Premises then demised pursuant to the Lease (but intends to assign the Lease or sublet or vacate the Premises in whole or in part such that the foregoing occupancy threshold will not be met), or (ii) an Event of Default (or a default that subsequently matures into an Event of Default) shall have 30 days following occurred and be continuing under the exercise of the Option in which to agree as to the Prevailing Market Rent for the Premises as of the first month of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as follows:Lease.

Appears in 1 contract

Samples: Office Lease (Marin Software Inc)

OPTION TO RENEW. Effective on the Additional Space Term Commencement Date, Section 8.1(a)(1) of the Lease shall be replaced in its entirety with the following (the remainder of Section 8.1 shall remain unchanged): “Tenant shall have one the right to exercise the Option, in its sole discretion, for (1a) option to renew the entire Leased Premises (the "Option"Current Space and the Additional Space combined), (b) the Lease for one five Current Space only and not the Additional Space, or (5c) year termthe Additional Space only and not the Current Space. The Option must be exercised, if at all, by written notice irrevocably exercising the Prevailing Market Rent (as hereinafter defined), plus Tenant's Percentage of all Operating Costs and Taxes, and all other charges pursuant to the Lease, provided that Tenant: (i) is not in currently in default; and (ii) has not been in default of any term or provision Option specifying which of the Lease two or more times during above-referenced options it is exercising (the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise“Option Notice”) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may delivered by Tenant to Landlord not be more earlier than five (5) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option shall be exercised no months and not later than nine (9) months but not more than twelve (12) months prior to the expiration Term Expiration Date (as defined in Paragraph 4 of the original termAmendment). If Tenant fails to timely exercise the Option in the manner herein specifiedFurther, then the Option shall immediately and automatically terminate and not be of no further force or effect. Time is deemed to be properly exercised if, as of the essence with respect to the exercise date of the Option. Except as otherwise specifically provided hereinOption Notice or at the Term Expiration Date, all provisions (i) Tenant is in default under this Lease, (ii) Tenant has assigned this Lease or its interest therein (other than to an affiliate or subsidiary of Tenant), or (iii) Tenant, or Tenant’s affiliate or subsidiary, is in possession of less than fifty percent (50%) of the Leasesquare footage of the Leased Premises. Provided Tenant has properly and timely exercised the Option, the term of this Addendum Lease shall be extended for the period of the Option Term, and all other exhibits to the terms, covenants and conditions of this Lease shall continue remain unmodified and in full force and effect during effect, except that (i) the Tenant Improvements set forth in Exhibit B shall not apply to the Option Period; providedTerm (Tenant shall accept the Leased Premises in its AS IS condition existing prior to the Option Term), however, that and (ii) the Base Rent for the initial year of the Option Period space being extended shall be modified as set at the Prevailing Market Rent (as such term is defined forth in subsection 8.1(a)(2) below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent for the Premises as of the first month of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as follows:.”

Appears in 1 contract

Samples: Office Building Lease (Zeltiq Aesthetics Inc)

OPTION TO RENEW. Provided that the Tenant is not in default of any of its obligations hereunder then it shall have one (1) option the right to renew (extend the "Option") term of the Lease for one additional period of five (5) year term, at years (hereinafter referred to as the Prevailing Market Rent "Renewal Term"). The rental during the Renewal Term shall be determined by the parties not less than six (6) months before the expiration of the current term and shall be the market value rent which the Landlord could obtain on the open market for the Leased Premises for the same term on a vacant possession basis but as hereinafter defined), plus improved with the Tenant's Percentage permanent leasehold improvements and as if the terms were the same as the terms of all Operating Costs the original Lease, but for the new expiry date and Taxes, excluding the fixturing period and all any other charges pursuant inducement offered to the Lease, provided that Tenant: Tenant and there will be no further right of renewal. If the parties are unable to agree on the amount of such rent six (i) is not in currently in default; and (ii) has not been in default of any term or provision of the Lease two or more times during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option shall be exercised no later than nine (9) months but not more than twelve (126) months prior to the expiration of the original term. If Tenant fails to timely exercise the Option in the manner herein specified, current term then the Option issue shall immediately and automatically terminate and be referred to a single arbitrator whose decision shall be subject to a right of no further force or effect. Time is of the essence with respect to the exercise of the Option. Except as otherwise specifically provided hereinappeal, all in accordance with the provisions of the LeaseCommercial Arbitration Act, R.S.B.C., C. 55. All other terms and conditions of this Addendum and all other exhibits to the Lease shall continue in full force and effect apply during the Option Period; providedextended term except as specifically set forth hereinbefore. Provided that, however, that in no event shall the Base Annual Rent for the initial Renewal Term be less than the Annual Rent payable in the last year of the Option Period preceding term. This right shall be set exercised by the Tenant delivering a written notice to the Landlord of its intention to extend at least nine (9) months prior to the Prevailing Market Rent (as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Leaseexpiration of the initial term. In the event that at the time Tenant fails to give such notice to the Option is exercisable by TenantLandlord as herein provided, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more shall automatically terminate at the end of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent for the Premises as of the first month of the Option Periodcurrent term. In the event Landlord and Tenant are unable of the renewal of this Lease, any reference herein to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent Term shall be determined as follows:deemed to include the Renewal Term.

Appears in 1 contract

Samples: Lease (Quantex Capital Corp)

OPTION TO RENEW. Tenant shall have one (1) option to renew the Term (the "OptionOPTION") the Lease ), for one a term of five (5) year termyears, at the Prevailing Market Rent first option period commencing immediately upon the expiration of the initial Term (as hereinafter definedthe "OPTION TERM"), plus Tenant's Percentage . The Option Term shall be upon all of all Operating Costs the terms and Taxes, and all other charges pursuant to the conditions of this Lease, provided that Tenantexcept that: (i) is not in currently in defaultFixed Rent during each year of each Option Term shall be the greater of the (x) fair rental value of the Premises at the date of the commencement of the Option Term and (y) the Annual Fixed Rent during the Term of this Lease; and (ii) has not been in default of any term or provision there shall be no further options to extend beyond the expiration of the Lease two or more times during the initial Lease Option Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering notice of exercise given by Tenant to Landlord written not less than ONE HUNDRED EIGHTY (180) days prior to the Expiration Date of the then existing Term, TIME BEING OF THE ESSENCE, with respect to such notice. The Option may not be exercised, and this Option shall be void and without further effect, if (i) the named Tenant shall have subleased more than fifty percent (50%) of the Premises or assigned this Lease at the time of such notice or as of Xxxxxx's unconditional the commencement of the Option Term to an entity other than a Tenant Affiliate or Permitted Assignee; or (ii) Tenant or its successors shall have committed an Event of Default hereunder which has not been cured at the time of commencement of any Option Term. Upon exercise of the Option; provided, however, that the Expiration Date shall be deemed to be the last day of the Option shall be exercised no later than nine Term. Within thirty (930) months but not more than twelve (12) months prior to the expiration days following notice of the original term. If Tenant fails to timely exercise the Option in the manner herein specified, then the Option shall immediately and automatically terminate and be of no further force or effect. Time is of the essence with respect to the Tenant's exercise of the Option. Except as otherwise specifically provided herein, all provisions of the Lease, this Addendum and all other exhibits to the Lease Landlord shall continue in full force and effect during the Option Period; provided, however, that the Base Rent for the initial year of the Option Period shall be set at the Prevailing Market Rent (as such term is defined below). The Option is personal deliver to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more written notice of its proposed fair rental value of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 Within thirty (30) days following such delivery of notice by Landlord, Tenant by written notice delivered to Landlord shall either: (i) accept the fair rental value as stated by Landlord; (ii) elect to submit to binding arbitration to determine fair rental value in accordance with the provisions set forth below; or (iii) rescind the exercise of the Option in which to agree as to case the Prevailing Market Rent for Lease will terminate on the Premises as Expiration Date of the first month original Term (or immediately preceding Option Term, as the case may be). Failure by the Tenant to deliver notice under this Section 42 shall automatically constitute a rescission of the Option PeriodOption(s). In the event Landlord and that Tenant are unable elects to agree on the Prevailing Market Rent within such thirty (30) day periodsubmit to binding arbitration as set forth herein, the Prevailing Market Rent shall fair rental value of the Premises will be determined in Stamford, Connecticut (the "City") before a single arbitrator as follows:

Appears in 1 contract

Samples: Lease (BKF Capital Group Inc)

OPTION TO RENEW. Provided (a) the Lease is in full force and effect, (b) Tenant is not in default hereunder at the time of notification or commencement, (c) neither the Premises nor any part thereof have been sublet, (d) the Lease has not been assigned, (e) Tenant is an occupant of the Building under this Lease and intends to continue to use the Premises itself, and (f) that both at the time of notification and commencement there has been no material adverse change in the financial condition of the Tenant as reasonably determined by Landlord, Tenant shall have one (1) option to renew (the "Option") the Lease for one five (5) year term, at years (the Prevailing Market Rent (as hereinafter defined), plus Tenant's Percentage of all Operating Costs and Taxes, and all other charges pursuant to the Lease, provided that Tenant: (i"Renewal Term") is not by notice in currently in default; and (ii) has not been in default of any term or provision of the Lease two or more times during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering writing delivered to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option shall be exercised no later not less than nine (9) months but not more than twelve (12) months prior to the expiration of the original term. If Tenant fails to timely exercise the Option in the manner herein specified, then the Option shall immediately and automatically terminate and be of no further force or effect. Time is current term of the essence with respect to the exercise Lease. All of the Option. Except as otherwise specifically provided hereincovenants, all conditions and provisions of the Lease, this Addendum and all other exhibits Lease shall be applicable to the Lease shall continue in full force and effect during the Option Period; providedRenewal Term, however, except that the Annual and Monthly Base Rent for the initial year of the Option Period shall be set at adjusted to reflect the Prevailing Market Rent (as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent current fair market rental for the Premises as of the first month date the Renewal Term is to commence. Landlord shall advise Tenant of the Option Period. In new monthly rental for the event Landlord and Tenant are unable to agree on the Prevailing Market Rent Renewal Term within such thirty (30) day perioddays after a request therefor from Tenant; Landlord's notification of the new rental may include an escalation to provide for a change in the fair market rental between the time of notification and the commencement of the Renewal Term. In no event shall the Annual and Monthly Base Rent be subject to determination or modification by any person, entity, court or authority other than as expressly set forth herein and in no event shall the Prevailing Market Annual and Monthly Base Rent shall for the Renewal Term be determined as follows:less than the monthly rental during the last year of the then expiring term.

Appears in 1 contract

Samples: Yesmail Com Inc

OPTION TO RENEW. Tenant shall have one the option to renew the Lease and the Term of the Lease for a period of sixty (60) additional months immediately following the Lease Term (the “Renewal Term”) so long as: (1) Tenant is in occupancy of the Premises at the end of the Lease Term; (2) Tenant has performed all the terms, covenants and conditions on Tenant’s part to be performed under the Lease; and (3) Tenant is not in default under the Lease. Tenant shall exercise its option to renew by: (the "Option"a) giving advance written notice to Landlord of its intent to renew the Lease for one five (5) year termand Lease Term no later than September 1, at the Prevailing Market Rent (as hereinafter defined), plus Tenant's Percentage of all Operating Costs and Taxes2007, and all other charges pursuant (b) entering into a fully-executed lease amendment and renewal agreement no later than December 1, 2007. Tenant’s failure to give Landlord timely written notice of its intent to renew the Lease, provided that or failure to timely enter into a lease amendment and renewal agreement, shall render Tenant: (i) is not in currently in default; ’s option to renew null and (ii) has not been in default of any term or provision void, and Tenant shall have no further right to renew and extend the Lease and Lease Term. All of the Lease two or more times during the initial Lease Term, regardless terms and conditions of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option shall be exercised no later than nine (9) months but not more than twelve (12) months prior to the expiration of the original term. If Tenant fails to timely exercise the Option in the manner herein specified, then the Option shall immediately and automatically terminate and be of no further force or effect. Time is of the essence with respect to the exercise of the Option. Except as otherwise specifically provided herein, all provisions of the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect during the Option PeriodRenewal Term, except that no additional Allowance shall be allowed for Tenant Improvements and the Rent during the Renewal Term shall be adjusted to, in Landlord’s sole and exclusive discretion, ninety-five percent (95%) of the then current market rates; provided, however, that the Base Rent for the initial year Landlord shall inform Tenant of the Option Period shall be set at the Prevailing Market proposed Rent (as on or before November 1, 2007 and such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent for the Premises as of the first month of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as follows:included in the lease amendment and renewal agreement.

Appears in 1 contract

Samples: Fourth Lease Amendment (TopBuild Corp)

OPTION TO RENEW. (a) Tenant shall have one (1) option to renew extend the term of the lease of the Lower Lobby A Space for one four month period until December 31, 2000 (such additional period being hereafter referred to as the "OptionLLAS Extension Period") the Lease for one five (5) year term, at the Prevailing Market Rent (as hereinafter defined), plus Tenant's Percentage of all Operating Costs and Taxes, and all other charges pursuant to the Lease, provided that the LLAS Extension Period does not interfere with Landlord's leasing plan for the Building, which determination Landlord shall make in its sole discretion. Tenant: (i) is not in currently in default; and (ii) has not been in default of any term or provision of the Lease two or more times during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month period. The Option 's option so to extend may be exercised only by Xxxxxx delivering Tenant's giving notice to that effect to Landlord written notice of Xxxxxx's unconditional exercise of the Option; providednot earlier than July 15, however2000 and not later than July 31, that the Option 2000, and time shall be exercised no later than nine (9) months but not more than twelve (12) months prior to the expiration of the original term. If Tenant fails to timely exercise the Option in the manner herein specified, then the Option shall immediately and automatically terminate and be of no further force or effect. Time is of the essence with respect to the exercise of such option. Landlord shall notify Tenant within 15 days ("Landlord's Rejection Period") after receipt of Tenant's notice duly exercising its option to extend the Option. Except as otherwise specifically provided herein, all provisions term of the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect during the Option Period; provided, however, that the Base Rent for the initial year lease of the Option Period Lower Lobby A Space that Landlord is rejecting Tenant's exercise because same interferes with Landlord's leasing plan, in which event Tenant's exercise of its option shall be set at the Prevailing Market Rent (as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option shall be deemed null and void and of no force or effect. Subject to the provisions of subsection (b) of this Section 4, upon the giving of such notice and upon the expiration of Landlord's Rejection Period without Landlord having rejected Tenant, any assignee, or any sublessee, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the 's exercise of its option, the Option in which to agree as to term of the Prevailing Market Rent lease of the Lower Lobby A Space only shall be extended for the Premises LLAS Extension Period, without the execution of any further instrument. Unless the context shall otherwise require, the LLAS Extension Period shall be upon the same terms, covenants and conditions as shall be in effect immediately prior to such extension, except that there shall be no right or option to extend the term of the first month lease of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day periodLower Lobby A Space for any period of time beyond December 31, the Prevailing Market Rent shall be determined as follows:2000.

Appears in 1 contract

Samples: Agreement (Dow Jones & Co Inc)

OPTION TO RENEW. Tenant shall have the option to renew this Lease as to the entire Premises then leased hereunder for one (1) option to renew (the "Option") the Lease for one additional term of five (5) year termyears, at commencing upon the Prevailing Market Rent (as hereinafter defined), plus Tenant's Percentage expiration of all Operating Costs and Taxes, and all other charges pursuant to the Lease, provided that Tenant: (i) is not in currently in default; and (ii) has not been in default of any initial term or provision of the Lease two or more times during the (as such initial Lease Termterm may have been extended pursuant to Paragraph 59.b.(iii) above, regardless of whether any due to Tenant’s lease of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month periodFirst Offer Space). The Option may renewal option must be exercised only exercised, if at all, by Xxxxxx delivering written notice given by Tenant to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option shall be exercised no not later than nine (9) months but not more than twelve (12) months prior to the expiration of the original term. If Tenant fails to timely exercise the Option in the manner herein specified, then the Option shall immediately and automatically terminate and be initial term of no further force or effect. Time is of the essence with respect to the exercise of the Option. Except as otherwise specifically provided herein, all provisions of the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect during the Option Period; provided, however, that the Base Rent for the initial year of the Option Period shall be set at the Prevailing Market Rent (as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In Notwithstanding the event that foregoing, at Landlord’s election, this renewal option shall be null and void and Tenant shall have no right to renew this Lease if (i) as of the time date immediately preceding the Option is exercisable by Tenant, commencement of the renewal period the Tenant originally named herein (and/or an Affiliate thereof to which this Lease has been assignedassigned pursuant to Paragraph 13.h. above) is not the Tenant hereunder or, is the Tenant hereunder, but has sublet more than fifty percent (50%) of the Premises then demised hereunder to one or more subtenants (other than an Affiliate), or a sublease exists as does not intend to twenty continue to occupy at least fifty percent (2050%) or more of the PremisesPremises (but intends to assign this Lease or to sublet more than a total of fifty percent (50%) of the space, the Option shall be deemed null and void and Tenant, any assigneeother than to an Affiliate), or any sublessee, shall not have (ii) on the right to exercise date Tenant exercises the Option. Landlord and Tenant shall have 30 days following option or on the exercise date immediately preceding the commencement date of the Option in which renewal period Tenant there exists an uncured monetary Event of Default or an uncured material non-monetary Event of Default (or a monetary breach or material non-monetary breach of this Lease by Tenant that subsequently matures into an Event of Default due to agree as Tenant’s failure to cure the Prevailing Market Rent for breach within the Premises as of the first month of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day applicable notice and/or cure period, the Prevailing Market Rent shall be determined as follows:).

Appears in 1 contract

Samples: Office Lease (Zscaler, Inc.)

OPTION TO RENEW. If the Tenant is not in default under the terms, covenants and provisions contained in this Lease Tenants at the date of the giving of the Tenant's notice hereinafter referred to and, if the Tenant has not been habitually in default in the performance of the covenants, provisos and agreements herein contained and on the part of the Tenant to be performed, then, the Tenant shall have one (1) the option to renew (the "Option") the of renewing this Lease for one five a further term of THREE (53) year termYEARS upon the expiration of the herein term provided that the Tenant shall have the option, at the Prevailing Market Rent least six (as hereinafter defined), plus Tenant's Percentage of all Operating Costs and Taxes, and all other charges pursuant to the Lease, provided that Tenant: (i) is not in currently in default; and (ii) has not been in default of any term or provision of the Lease two or more times during the initial Lease Term, regardless of whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering to Landlord written notice of Xxxxxx's unconditional exercise of the Option; provided, however, that the Option shall be exercised no later than nine (9) months but not more than twelve (126) months prior to the expiration of the original initial term but such written notice may not and shall not be given earlier than nine (9) months prior to the expiration of the initial term. If In the event that the Tenant fails to timely shall exercise the Option in the manner herein specifiedoption as aforesaid, then the Option Lease for such additional consecutive term shall immediately be upon the same terms and automatically terminate conditions as contained in this Lease, save and except that: (a) There shall be of no further force or effect. Time is additional option to renew; and (b) The annual Minimum Rent for such additional consecutive term shall be as mutually agreed upon in writing by the Tenant and the Landlord prior to the expiration of the essence with respect to initial term. The annual Minimum Rent payable in such additional consecutive term shall be based upon the exercise prevailing market rate for similar space located in a building of the Option. Except same quality as otherwise specifically provided hereinthe Building in the municipality in which the Building is located, all provisions in effect as at the expiration date of the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect during the Option Period; provided, however, that the Base Rent for the initial year then expiring period of the Option Period shall be set at the Prevailing Market Rent (as such term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time Tenant and the Option is exercisable by TenantLandlord cannot mutually agree upon the annual Gross Rent for such additional consecutive terms, then the disagreement shall be referred to arbitration. The provision of this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option paragraph shall be deemed null to be a submission to arbitration within the provisions of The Arbitration Act, and void and Tenant, any assignee, statutory modification or re-enactment thereof. If the original term or any sublesseerenewal period has expired and, shall not have the right to exercise the Option. Landlord and Tenant shall have 30 days following the exercise of the Option in which to agree as to the Prevailing Market Rent for the Premises as of the first month of the Option Period. In the event Landlord and Tenant are unable proceeding to agree on arbitrate the Prevailing Market Minimum Rent within for the subsequent renewal period then, until such thirty (30) day periodarbitration becomes final and binding, the Prevailing Market annual Minimum Rent paid by the Tenant shall be as determined by the Landlord acting reasonably using the prevailing market rate for similar space in the area located in a building of the same quality as follows:the Building and, adjusted upon receipt of the Arbitrator's decision.

Appears in 1 contract

Samples: Lease (Industrial Minerals Inc)

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