Options to Extend Lease Term. (a) Landlord hereby grants to Tenant three (3) options (the "Options") to extend the Lease Term for additional term(s) of either ten (10) years or twenty (20) years (the "Extension(s)"), on the same terms and conditions as set forth in this Lease, but at an increased Base Rent as set forth below and without any additional Option(s) other than those granted in this Section 2.05, and except that the obligations of Landlord set forth in Section 7.02 of this Lease shall not be applicable and shall not be in force for any Extensions. Each Option shall be exercised only by written notice delivered to Landlord not less than three hundred sixty five (365) days before the expiration of the initial Lease Term or the preceding Extension of the Lease Term, respectively, which notice shall also state the duration of the subject Extension. If Tenant fails to deliver Landlord written notice of the exercise of an Option within the prescribed time period, such Option and any succeeding Options shall lapse, and there shall be no further right to extend the Lease Term. Each Option shall be exercisable by Tenant on the express conditions that at the time of the exercise, and at all times thereafter and prior to the commencement of such Extension, Tenant shall not be in default under any of the provisions of this Lease beyond the expiration of any applicable notice and/or cure periods. Following Tenant's timely and valid exercise of an Option, Landlord shall prepare and Tenant shall execute and deliver to Landlord an amendment to this Lease confirming the term of the Extension and the amount of Base Rent payable by Tenant during such Extension. Time is of the essence with respect to Tenant's exercise of the Option(s) granted in this Section 2.05.
Options to Extend Lease Term. Landlord hereby grants to Tenant one option to extend the Lease Term for a period of two (2) years and one option to extend the Lease Term for a period of three (3) years thereafter (each right to extend referred to as the "Option" and each period referred to as the "Option Term"), on the following terms and conditions:
Options to Extend Lease Term. Lessee shall have the option pursuant to paragraph 3.2 to extend the term of this Lease for two (2) additional terms at Market Rate rent as set forth in paragraph 4.3 of this Lease. Paragraph 4.3 of Lease shall be amended to two (2) options.
Options to Extend Lease Term. Provided Tenant is not in default at the ---------------------------- time of each exercise, Tenant shall have two (2) options to extend the term of the Lease, each for a period of five (5) years, upon all of the terms and conditions herein stated. Landlord shall give written notice to Tenant no later than two hundred seventy (270) days prior to the end of the initial term and the then current term of the Lease that Tenant's option to extend will expire if not exercised and the date of expiration. Tenant shall provide written notice to Landlord no later than one hundred eighty (180) days prior to the expiration of the initial term or the then current term of the Lease of Tenant's option to extend the initial term or the then current term.
Options to Extend Lease Term. Lessee shall have two options to extend the Lease Term each for an additional FIVE YEARS, subject to all of the terms, covenants and conditions of this Lease. During the first such five year extension period, Lessee shall pay fixed rent at the rate of $450,000 per annum, and during the second five year extension period of said extended Lease Term, Lessee shall pay Fixed Rent at the fair market value rate at the time of the exercise of the option Lessee shall pay all other items of Rent during both such extension periods. If the aforesaid first option has been duly exercised, Lessee shall have a second option to extend the Lease Term for an additional FIVE YEARS, subject to all of the terms, covenants and conditions of this Lease. During said second extension of the Lease Term, Lessee shall pay Fixed Rent at the fair market value rent at the time of the exercise of the second option and shall pay all other items of Rent. To be effective, Lessee must give Lessor written notice of Lessee’s election to extend the Lease Term not less than 180 DAYS prior to the expiration of the then existing Lease Term. Lessee’s right to extend the Lease Term pursuant to this Article 36 shall be conditioned upon there being no default by Lessee in the observance or performance of any of the terms, covenants and conditions of this Lease either at the time of the exercise of the option or on the expiration of the then existing Lease Term.
Options to Extend Lease Term. Provided Tenant is not then in default of any term, covenant or condition of this Lease beyond any applicable notice and/or cure periods , Tenant shall have the option to extend the term of this Lease for the Renewal Terms, to commence immediately upon the expiration of the Initial Term or the First Renewal Term, as applicable; provided, however, if Tenant has been placed in default hereunder by Landlord and Tenant has disputed such default in good faith by written notice to Landlord, Tenant shall continue to have the option described hereinabove. Tenant's rental of the Premises during each Renewal Term shall be upon the same terms, covenants and conditions contained in this Lease, except that Tenant shall pay to Landlord as Base Rent that amount equal to the then "Prevailing Market Rate" for the Premises for the applicable Renewal Term, as hereinafter defined (including annual adjustments). Landlord acknowledges that the inclusion of this Section 3.3 granting Tenant an option to extend this Lease was a material inducement to Tenant in entering this Lease. Accordingly, Landlord agrees that, for purposes of this Section 3.3, Tenant may in good faith dispute a default on the ground that the economic detriment of the default on the Landlord is de minimis and grossly disproportionate to a forfeiture of the Tenant's option to extend the Lease. For purposes of this Section 3.3, the term "Prevailing Market Rate" shall mean the then prevailing market renewal rate
Options to Extend Lease Term. Provided Tenant is not in default of its obligations to Landlord pursuant to this Lease beyond any applicable cure period at the time of exercising its option to extend the Term, Tenant shall have the option to extend the Initial Term of this Lease for all or any portion of the Premises for two (2) additional periods of five (5) years each (the "First Renewal Term", the "Second Renewal Term" or collectively the "Renewal Terms") to commence immediately upon the expiration of the Initial Term or the First Renewal Term, as applicable. Tenant shall be required to extend the Term for at least one (1) full floor of the Premises; provided, however, that if the data center comprises less than one (1) full floor and Tenant desires to extend the Term for only the area where the data center is located, Tenant shall have the right to extend the Term for an area which is less than a full floor.
Options to Extend Lease Term. The Lessor hereby grants the option to extend the Lease Term upon all the terms, covenants and conditions contained in this Lease for the number of extension period(s) specified in Section 1.9 and for the period for each extension option specified in Section 1.9, in no event to extend beyond the last termination date specified in Section 1.9. The Lessee may exercise each option granted upon written notice delivered to the Lessor six (6) months prior to the applicable termination date of the then current Lease Term, provided that (a) the Lessee shall not be in default of a material obligation under this Lease beyond any applicable cure periods, and (b) the Lessee shall be in possession of the Premises for the use specified in Section 1.11. In the event that the Lessee is in default of any material obligation of the Lessee under this Lease beyond any applicable cure periods on the date the extended Lease Term is to commence, then, at the Lessor's option, the extension shall not commence and this Lease shall thereupon terminate. In the event the extended Lease Term does not commence, (except if the result of a force majeure or the default of the Lessor) whether due to the Lessee's failure to give a timely notice or otherwise, any and all options to extend shall automatically become invalid and of no further force or effect. Pacific Freeport Industrial Park Page 3 (Westinghouse Electric Corporation)
Options to Extend Lease Term. 3.2.1 Provided that the Tenant shall keep, observe and perform all of the terms, covenants and conditions of this Lease on Tenant's part to be kept, observed and performed, and provided further, that at the time of the exercise of any option granted pursuant to this Section 3.2, or the commencement of any extension term, Tenant shall not be in default of any of the terms, covenants and conditions of this Lease after any applicable notice and/or cure periods, Tenant may extend the Lease Term for two (2) additional successive ten (10) year periods. Tenant may exercise each option to extend the Lease Term only by giving written notice to Landlord not less than one hundred eighty (180) days and not more than two hundred forty (240) days prior to the expiration of the original Lease Term or the applicable option period, as the case may be.
Options to Extend Lease Term. A. Prior to the expiration of the initial term of this lease, Lessee shall have the option to extend the term of this lease for five (5) additional one (1) year terms by providing Lessors with written notice of Lessee's intent to extend the term of the lease for the next up-coming one-year term. Such notice to extend will be provided by Lessee to Lessor not later than 60 days prior to the expiration of the then-current lease term.
