Common use of Renewal Option Clause in Contracts

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, the right and option to extend the Term of this Lease for one (1) period of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.

Appears in 5 contracts

Samples: Lease (ViewRay, Inc.), Lease (ViewRay, Inc.), Lease (Viewray Inc)

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Renewal Option. Landlord hereby grants to TenantProvided no Event of Default shall have occurred and be continuing and Lessee shall have duly given the notice required by Section 22.2, and Tenant the corresponding notice under the Other Lease and shall haveupon the renewal of the Units hereunder concurrently renew the units under the Other Lease and Lessee has not exercised its option to purchase the Units pursuant to Section 22.3, Lessee shall have the right and, upon the giving of a notice under this Section 22.4 as below provided, the right obligation to lease pursuant to this Lease all (but not less than all) of the Units at the expiration of the Basic Term or any applicable Renewal Term. Lessee may exercise this renewal option by giving Lessor written notice not less than 90 days and option not more than 360 days prior to the end of the Basic Term (or, in the circumstances described below the then Renewal Term) that Lessee elects to renew this Lease with respect to all, but not less than all, of the Units then leased hereunder at a rental payment calculated by reference to the then fair market rental value (a "Fair Market Renewal") or a fixed rental (a "Fixed Rate Renewal"). At Lessee's option, such renewal may, in the case of a Fair Market Renewal, be for a renewal term of one or more years or, in the case of a Fixed Rate Renewal, be for an initial renewal term of three years (but not to extend beyond the Outside Renewal Date) and in connection with any renewal term following the initial renewal term, a term of one year or more expiring not later than the Outside Renewal Date, in each case as Lessee shall specify in such notice, which notice shall be irrevocable. The Basic Rent for each Unit during any Renewal Term of this Lease for one (1) period of five (5) years (the "Renewal Rent") shall (a) in the case of any Fixed Rate Renewal, be 1/12th of 100% of the average annual Basic Rent allocated over the period from the end of the Basic Rent Holiday through the Basic Term Expiration Date, payable monthly in arrears and (b) in the case of any Fair Market Renewal, be 100% of the Fair Market Rental Value determined as of the commencement of the applicable Renewal Term; provided, however, that in the case of the first two years of the Fair Market Renewal period(s) that immediately follow the Basic Term Expiration Date (whether under Section 22.4 or Section 6.1), be 105% of the Fair Market Rental Value determined as of the commencement of the applicable Renewal Term; provided further, however, that the preceding proviso shall not apply in the event that the Lessee provides the Lessor, at the Lessee's sole cost and expense, with an opinion of independent tax counsel selected by Lessor (which counsel shall be selected by Lessor from among four nationally recognized law firms proposed by Lessee, each of which must be experienced in leveraged leasing transactions similar to the transactions contemplated herein) to the effect that applicable Treasury Regulations (or other administrative pronouncements upon which taxpayers may rely for Federal income tax purposes) will permit rent for such Renewal Term at a rate equal to 100% of the fair market rent determined as of the time of such Renewal Term without resulting in any adverse Federal income tax consequences to the Owner Participant Parent (within the meaning of the Tax Indemnity Agreement) under Code Section 467 or any successor provision thereto. The Each Renewal Term shall commence immediately upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being of Basic Term or the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the preceding Renewal Term, and as the denominator of which is case may be. Lessee shall not be entitled to enter any Fixed Rate Renewal following the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount expiry of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodFair Market Renewal.

Appears in 3 contracts

Samples: Equipment Lease Agreement (Trinity Industries Inc), Equipment Lease Agreement (Trinity Industries Inc), Equipment Lease Agreement (Trinity Industries Inc)

Renewal Option. Landlord hereby grants (a) Subject to Tenantthe terms of this Section 10, and Tenant shall have, the right and have one (1) option (“Second Renewal Option”) to extend the Term of this Lease for one (1) a consecutive period of five sixty (560) years months beyond the expiration of the Renewal Term (the Second Renewal Term”). The Second Renewal Term shall commence upon the day next following the last day Option is personal to Tenant and may not be exercised by any sublessee or assignee of the initial TermTenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant shall notify to Landlord in writing of its election to extend this Lease for the Renewal Term given not more than two hundred seventy (270) days and not less than six one hundred eighty (6180) months days prior to the expiration of the initial TermRenewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocable. The Second Renewal Option 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 this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time being of Tenant’s delivery of the essence with respect to Election Notice or at any time from the date of delivery of such notification. Election Notice thereof shall be deemed sufficient if given through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the manner hereinafter provided. If Landlord does not receive such written notice financial condition of the Tenant, as and when required herein, of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall terminate be void and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The validly exercised Second Renewal Term shall be upon all of the terms, covenants same terms and conditions of this as the Lease, as amended, except that (x) the Fixed annual Base Rent during the Second Renewal Term shall be increased by adding the CPI Adjustment Amount (defined below) equal to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Fair Market Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day commencement of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Second Renewal Term; and (y) Tenant shall have no right further renewal options pursuant to renew this Lease if, either at Section 10 or any provision of the time Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant notifies Landlord of its election prior to extend this Lease or upon the commencement date of the Second Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.

Appears in 3 contracts

Samples: Office Building Lease (Rimini Street, Inc.), Office Building Lease (Rimini Street, Inc.), Office Building Lease (GP Investments Acquisition Corp.)

Renewal Option. Landlord hereby grants to TenantProvided no Event of Default shall have occurred and be continuing and Lessee shall have duly given the notice required by Section 22.2, and Tenant the corresponding notices under the Other Leases and shall haveupon the renewal of the Units hereunder concurrently renew the Other Units under the Other Leases and Lessee has not exercised its option to purchase the Units pursuant to Section 22.3, Lessee shall have the right and, upon the giving of a notice under this Section 22.4 as below provided, the right obligation to lease pursuant to this Lease all (but not less than all) of the Units at the expiration of the Basic Term or any applicable Renewal Term. Lessee may exercise this renewal option by giving Lessor written notice not less than 90 days and option not more than 360 days prior to the end of the Basic Term (or, in the circumstances described below the then Renewal Term) that Lessee elects to renew this Lease with respect to all, but not less than all, of the Lease Agreement (TRLI 2001-1C) Units then leased hereunder at a rental payment calculated by reference to the then fair market rental value (a "Fair Market Renewal") or a fixed rental (a "Fixed Rate Renewal"). At Lessee's option, such renewal may, in the case of a Fair Market Renewal, be for a renewal term of one or more years or, in the case of a Fixed Rate Renewal, be for an initial renewal term of three years (but not to extend beyond the Outside Renewal Date) and in connection with any renewal term following the initial renewal term, a term of one year or more expiring not later than the Outside Renewal Date, in each case as Lessee shall specify in such notice, which notice shall be irrevocable. The Basic Rent for each Unit during any Renewal Term of this Lease for one (1) period of five (5) years (the "Renewal Rent") shall (a) in the case of any Fixed Rate Renewal, be 1/12th of 100% of the average annual Basic Rent allocated over the period from the end of the Basic Rent Holiday through the Basic Term Expiration Date, payable monthly in arrears and (b) in the case of any Fair Market Renewal, be 100% of the Fair Market Rental Value determined as of the commencement of the applicable Renewal Term; provided, however, that in the case of the first two years of the Fair Market Renewal period(s) that immediately follow the Basic Term Expiration Date (whether under Section 22.4 or Section 6.1), be 105% of the Fair Market Rental Value determined as of the commencement of the applicable Renewal Term; provided further, however, that the preceding proviso shall not apply in the event that the Lessee provides the Lessor, at the Lessee's sole cost and expense, with an opinion of independent tax counsel selected by Lessor (which counsel shall be selected by Lessor from among four nationally recognized law firms proposed by Lessee, each of which must be experienced in leveraged leasing transactions similar to the transactions contemplated herein) to the effect that applicable Treasury Regulations (or other administrative pronouncements upon which taxpayers may rely for Federal income tax purposes) will permit rent for such Renewal Term at a rate equal to 100% of the fair market rent determined as of the time of such Renewal Term without resulting in any adverse Federal income tax consequences to the Owner Participant Parent (within the meaning of the Tax Indemnity Agreement) under Code Section 467 or any successor provision thereto. The Each Renewal Term shall commence immediately upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being of Basic Term or the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the preceding Renewal Term, and as the denominator of which is case may be. Lessee shall not be entitled to enter any Fixed Rate Renewal following the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount expiry of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodFair Market Renewal.

Appears in 3 contracts

Samples: Equipment Lease Agreement (Trinity Industries Inc), Lease Agreement (Trinity Industries Inc), Lease Agreement (Trinity Industries Inc)

Renewal Option. Landlord hereby grants Lessee may renew this Lease as provided in the following clause (i) and subject to Tenantthe following clause (ii): -107- 109 (i) Exercise of Renewal Option. Provided that this Lease has not been previously terminated and that no Default or Event of Default shall have occurred and be continuing at the time of the giving of irrevocable notice hereinafter referred to in this clause (i) or at the time of the commencement of the Renewal Term, and Tenant shall haveLessee, the right and option to extend the Term of at its option, may renew this Lease for one (1) Renewal Term consisting of a period of equal to five (5) years (the “Renewal Term”)years. The right to renew this Lease for such Renewal Term pursuant to this clause (i) shall commence be exercised upon the day next following irrevocable notice from Lessee received by Lessor of Lessee's election to so renew this Lease not less than twelve (12) months and not more than twenty-four (24) months prior to the last day of the initial Basic Term. Tenant The Renewal Rent for the Renewal Term shall notify Landlord be the "fair market rental value" of the Aircraft for such Renewal Term (the "renewal fair market rental value") as determined in writing accordance with the Appraisal Procedure. For purposes of this paragraph (i), the Appraisal Procedure shall be initiated by Lessee no earlier than nine (9) months prior to the end of the Basic Term. If Lessee shall fail to exercise its election option to extend the term of this Lease for the Renewal Term not less than six (6) months prior in accordance with the provisions of this paragraph, all of Lessee's rights to extend the expiration of the initial Term, time being of the essence with respect to Term for such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate expire. Lessee shall pay all reasonable costs and be of no further force or effectexpenses, including, without limitation, reasonable legal fees and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the termsexpenses, covenants and conditions of this Leaseincurred by Lessor, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, Owner Participant and the denominator Indenture Trustee in connection with the exercise of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodoption.

Appears in 3 contracts

Samples: Aircraft Lease Agreement (America West Airlines Inc), Aircraft Lease Agreement (America West Airlines Inc), Aircraft Lease Agreement (America West Airlines Inc)

Renewal Option. As long as no Event of Default shall have occurred and be continuing hereunder, Landlord hereby grants shall grant to Tenant, and Tenant shall have, the right and option to extend renew (the Term "Renewal Option") the term of this Lease for one Two (12) period additional periods of five (5) years each (the "Renewal Term”Term(s). The Renewal Term shall commence upon the day next following the last day of the initial Term"). Tenant shall notify Landlord in writing exercise such Renewal Option by delivering written notice of its such election to extend this Lease for the Renewal Term not less than six Landlord at least nine (69) months prior to the expiration of the initial Term or a Renewal Term, time being as the case may be. The renewal of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants same terms and conditions of this Lease, except that (a) the Fixed Base Rent during each Renewal Term shall be increased by adding as adjusted as set forth in ARTICLE 3; (b) Tenant shall have no option to renew this Lease beyond the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date expiration of the Renewal Term, and Terms; (c) Tenant shall not have the denominator of which is the Index as right to assign its renewal rights to any sublessee of the first day Property or a portion thereof or to any assignee of this Lease, nor may any such sublessee or assignee exercise or enjoy the benefit of such renewal rights; (d) the Suite shall be provided in its then-existing condition (on an "as is" basis in the broadest sense of the third Lease Year. Ifterm) at the time each Renewal Term commences; and, during the Lease Term the Bureau of Labor Statistics ceases (e) there shall not be any rent abatement period and Tenant shall not be entitled to maintain the Indexany cash payment, then such other index concessions or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount allowance of any such adjustmentnature or amount whatsoever. Notwithstanding the foregoing, Tenant shall have no right to exercise such option to renew, and Landlord shall have no obligation to renew this Lease ifLease, either at the time Tenant notifies Landlord of its election to extend unless (i) this Lease or shall be in full force and effect upon the commencement date of the exercise of the Renewal Option and upon the date of expiration of the Initial Term or the Renewal Term, as the case may be; and (ii) on the date of exercise of the Renewal Option and on the date of expiration of the initial Term or the Renewal Term, as the case may be, no Event of Default shall have occurred or be continuing hereunder. If Tenant is in default hereunder beyond any applicable grace shall fail to exercise a Renewal Option within the time permitted or cure periodconditions (i) and (ii) set forth above are not entirely satisfied, such Renewal Option shall automatically terminate and this Lease expire at the expiration of the initial Term.

Appears in 3 contracts

Samples: Lease Agreement (Windrose Medical Properties Trust), Lease Agreement (Windrose Medical Properties Trust), Lease Agreement (Windrose Medical Properties Trust)

Renewal Option. Landlord hereby grants to TenantSo long as Sublessee is not in default after any applicable notice and cure period and has not been in default after any applicable notice and cure period under the Sublease on more than two (2) occasions during the Expansion Space Term, Sublessee physically occupies the entire Expansion Space, and Tenant Sublessee has not assigned or further sublet the Expansion Space (except in the event of a Permitted Assignment under the Master Lease which has been consented to by Lessor to the extent required by the Master Lease), then subject to the terms of the Master Lease and the receipt of any consent required from Lessor, Sublessee shall have, the right and have one (1) option to extend the Expansion Space Term as to the Expansion Space only through the expiration date of this Lease for one the Original Sublease as to the Existing Premises (1i.e., through January 31, 2025) period at a Base Rent equal to three percent (3%) over the Base Rent payable immediately preceding the commencement of five such option term (5) years which Base Rent will thereafter increase on each anniversary of the commencement date of such option term by three percent (the “Renewal Term”3%)). The Renewal Term option contained in this Section 12 shall commence upon the day next following the last day be exercised by Sublessee, if at all, only by delivery of the initial Term. Tenant shall notify Landlord in writing of its election written notice (“Option Notice”) to extend this Lease for the Renewal Term not less Sublessor no later than six nine (69) months prior to the expiration of the initial Expansion Space Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter providedstating that Sublessee is exercising its option. If Landlord does not receive such written notice as Sublessee timely and when required hereinproperly exercises its option to extend, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Expansion Space Term shall be extended upon all of the terms, covenants terms and conditions of this Leaseset forth in the Sublease, as amended, except that the Fixed Base Rent for the Expansion Space shall be increased by adding as indicated above. The exercise of this option is expressly contingent upon the CPI Adjustment Amount (defined below) receipt of Lessor’s consent to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year extension of the initial Expansion Space Term by a ratio, pursuant to the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics terms of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodMaster Lease.

Appears in 2 contracts

Samples: Gossamer Bio, Inc., Gossamer Bio, Inc.

Renewal Option. Provided Tenant is not in default under any of the terms and provisions herein contained and further provided Tenant is occupying the Demised Premises at the time the option is exercised, Landlord hereby grants to Tenant, and Tenant shall have, the right and one (1) option to extend the Term of renew this Lease for one (1) period of five (5) years (years, commencing on the “Renewal day following the expiration of the existing Lease Term”). The Renewal renewal term shall be upon all the terms and conditions as the existing Lease Term with the sole exception that the Base Annual Rent shall commence upon be adjusted to reflect the day next following then fair market rental value. Fair market rental value shall mean the last day then prevailing rent for premises comparable in size and use to the Demised Premises, located in buildings comparable in size and use to, and in the general vicinity of, the Building, leased on terms comparable to the terms contained in this Lease, taking into consideration all allowances for tenant improvements, moving expenses, landlord expenses, rent abatement, brokerage expenses, tenant benefits, parking charges or any other market concessions which may be commonly available at the time in question. Landlord shall provide Tenant with its estimate of the initial TermFair Market Rental Value within thirty (30) days from Tenant’s notice to Landlord of its intent to exercise the renewal option. In the event Tenant disagrees as to Landlord’s estimate of the Fair Market Rental Value, it shall notify Landlord in writing of its election such disagreement within twenty (20) days from receipt of Landlord’s notice of Fair Market Rental Value and shall provide Landlord with Tenant’s commercially reasonable estimate of the Fair Market Rental Value. In the event Landlord disagrees with Tenant’s proposed amount, the parties hereby agree to extend this Lease for appoint a mutually acceptable unrelated independent arbitrator to resolve the Renewal Term dispute and agree to be bound by the decision of such arbitrator. Tenant and Landlord shall equally split the cost of the independent arbitrator. The foregoing option to renew shall be exercised by written notice to Landlord given not less than six three hundred sixty-five (6365) months days prior to the expiration of the initial Term, time being existing Term of this Lease. Time is of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord Tenant’s exercise of its election option to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodrenew.

Appears in 2 contracts

Samples: Lease (Bankrate, Inc.), Lease (Bankrate Inc)

Renewal Option. Landlord hereby grants to TenantProvided that no Event of Default shall be continuing at the time of the exercise of the option herein provided and at the time of the commencement of the Renewal Term (as hereinafter defined), and Tenant shall havehave the right, the right and option at its option, to extend the original Lease Term of this Lease (“Original Term”), for one a renewal term (1“Renewal Term”) period of five (5) years (the “Renewal Term”). The Renewal Term shall to commence upon the day next immediately following the last day expiration of the initial Original Term. Tenant shall notify , by giving notice to Landlord in writing of its election to extend this Lease for the Renewal Term not less than six nine (69) nor more than eighteen (18) months prior to the expiration Expiration Date of this Lease and, upon the initial giving of such notice, this Lease, subject to the provisions hereof, shall be automatically extended for the Renewal Term with the same force and effect as if the Renewal Term had been originally included in the Lease Term, time being . Time shall be of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as exercise by Tenant of the then-scheduled expiration dateoption. The Renewal Term shall be upon all All of the terms, covenants and conditions of this Lease, Lease shall continue in full force and effect during the Renewal Term except that (a) the Fixed Basic Rent shall be increased by adding as hereinafter set forth, (b) the CPI Adjustment Amount Base Tax Factor shall be the fiscal tax year and the Base Operating Factor shall be the calendar year during which the Renewal Term Commences; (defined belowc) the terms of this Lease relating to the then-current Fixed RentWork Letter and the performance of Landlord’s Work and Tenant’s Work shall not be applicable to the Renewal Term and (d) there shall be no further privilege of extension of this Lease beyond the Renewal Term. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Basic Rent payable for by Tenant during the last first year of the initial Renewal Term shall be the fair market basic rent prevailing at the commencement of the Renewal Term for rental of space comparable in size to the Premises in privately owned multi-tenanted office buildings owned by a ratioother than governmental entities comparable in age, size, quality and location to the Building, as determined in the first instance by Landlord, based upon then current leases for such space, taking into account tenant improvement allowances. No less than thirty (30) days following Landlord’s receipt of Tenant’s notice to extend the Lease for the Renewal Term, Landlord shall notify Tenant in writing of its determination of the Basic Rent for the first year of the Renewal Term as set forth above. In the event Tenant disagrees with such determination Landlord and Tenant shall attempt in good faith to agree on such Basic Rent. In the event Landlord and Tenant fail to reach an agreement on such rental rate at least four (4) months prior to the expiration of the then current term, the numerator of which is dispute as to Basic Rent shall be arbitrated pursuant to the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics provisions of the United States Department Article XXII, and Tenant shall pay Basic Rent as determined by Landlord pending the outcome of Labor (such arbitration subject to the “Index”) on adjustment by reason thereof. After final determination of the date nearest Basic Rent for the commencement date first year of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, same shall increase during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date each subsequent year of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodTerm two and one-half (2.5%) percent over the Basic Rent for the prior year.

Appears in 2 contracts

Samples: Lease Agreement (Cerecor Inc.), Lease Agreement (Cerecor Inc.)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, the right have a personal and non-transferable option to extend renew the Term term of this Lease for one (1J) period term of five (5) years (years. Such renewal tenn shall begin the “Renewal Term”). The Renewal Term shall commence upon the first day next following the last day expiration of the initial immediately preceding Term. Tenant shall notify have the right to exercise the renewal option confe1Tcd herein by giving Landlord in writing of its election to extend this Lease for the Renewal Term not less than six notice at least two hundred seventy (6270) months days prior to the expiration of the initial then current Term; provided that, at the time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as exercise and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration datecommencement of the renewal tenn (a) no Event of Default has occWTed and remains uncured beyond the applicable cure period; and (b) Tenant has not sublet or assigned any portion of the Premises. The Renewal Term renewal option shall be upon subject to all of the terms, covenants terms and conditions contained in this I.ease, except that Minimum Annual Rent during the renewal term shall be at 95% of Market Rent, but in no event less than the Minimum Annual Rent in effect immediately preceding the renewal tem1. "Market Rent" shall be the anticipated rate in effect for the Premises as of the commencement of the renewal term, together with any market rate increases during the renewal term, based upon the rents generally in e!Tect for renewed leases of space in the area in which the Building is located of equivalent quality, size, utility and location, and taking into account the length of the renewal term and the credit standing of Tenant. Landlord shall lease the Premises to Tenant in their then-current condition, and Landlord shall not provide to Tenant any allowances (e.g., moving allowance, construction allowance, free rent or the like) or other tenant inducements. In the event that Tenant shall exercise an option to renew this Lease, then the Market Rent shall be agreed upon in a meeting of the parties hereto held at least ninety (90) days prior to the expiration of the then current Term. If the parties are able to agree on an amount of Market Rent that is mutually satisfactory, then such agreements shall be placed in writing and shall be signed by the parties hereto and shall thereupon become a part of this Lease. If the parties hereto arc unable to agree upon the Market Rent at least thirty (30) days prior to the commencement of any renewal term, except that then the Fixed disagreement shall be promptly submitted to arbitration. In such event, each party shall select an arbitrator having not less than ten (I 0) years' actual experience in the commercial real estate brokerage business, and the arbitrators so selected shall immediately meet for the purpose of hearing and deciding the dispute and fixing the relevant rate of rent. ff the two arbitrators selected agree on Market Rent, their decision shall be binding on both parties. If the two arbitrators selected cannot agree on the Market Rent within ten (10) business days after appointment (the "Initial Review Period"), but the rates differ by less than five percent (5%), the Market Rent shall be increased the average of the two rates. If the rates differ by adding more than five percent (5%), no later than five (5) business days following the CPI Adjustment Amount (defined belowexpiration of the Jnitial Review Period, tht,; two arbitrators shall select a third arbitrator with qualifications similar to their own. Within ten ( 10) to business days following appointment, the then-current Fixed third arbitrator shall select one of the two rental rates promulgated by the first two arbitrators as the Market Rent. The “CPI Adjustment Amount” is calculated by multiplying If the Fixed Rent payable for arbitrators cannot agree on the last year third arbitrator, they shall petition the presiding judge of the initial Term local state court having jurisdiction to appoint such arbitrator to act as an umpire between the arbitrators selected by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics Landlord and Xxxxxx. The decision of the United States Department of Labor (third arbitrator or presiding judge, as the “Index”) case may be, shall be binding on both parties. Landlord and Tenant shall each be responsible to pay their respective arbitrators and will share equally the date nearest the commencement date cost of the Renewal Termthird arbitrator. Failure of Tenant properly to exercise the option herein granted shall be construed as a waiver of such option, and the denominator of which is Lease shall then terminate at the Index as expiration of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall current Tenn. [REMAINDER OF XXXX INTENTIONALLY LEFT BLANK] !4 Date signed: Date signed: Attest: Landlord and Xxxxxx have no right to renew executed this Lease ifon the respective date(s) set forth below. Landlord: LSOP 3 MD 3, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.LLC By: ~ . -=-- - - / Name:- 8a~:f:..Mttf.6ws.£l,,\\ ll\e l\tx\ Title: Senior Vice Prcsicfent '1 Tenant: ASCEl'iD ONE CORPORATION 15

Appears in 2 contracts

Samples: Lease Agreement (Nava Health Md, LLC), Lease Agreement (Nava Health Md, LLC)

Renewal Option. Landlord hereby grants to Tenantagrees that as long as Tenant is not in monetary default under the terms of the Lease beyond any applicable notice and cure period, and Tenant shall have, have the right and option to extend renew the Term of this Lease for one either a renewal term of ten (110) period years or a renewal term of five (5) years years, at Tenant’s option (the “Renewal Term”). The Renewal Term shall , to commence upon at the day next following the last day expiration of the initial TermTerm of the Lease and to expire on the fifth (5th) anniversary or tenth (10th) anniversary thereof, as applicable. In the event Tenant elects to renew for a term of five (5) years, Tenant shall have the right to renew this Lease for additional five (5) years at the end of the initial renewal Term of this Lease. Tenant shall notify Landlord in writing exercise its option to renew the Term of its the Lease by delivering written notice of such election specifying whether Tenant elects to extend this renew the term of the Lease for the Renewal Term not less than six five (65) years or ten (10) years, to Landlord at least twelve (12) months prior to the expiration of the initial Term. Except as set forth in the next paragraph, time being Tenant’s exercise of such option shall be irrevocable. Any such renewal shall be upon the same terms and conditions of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in Lease as it may have been amended, except (a) the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, Base Rental during the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as at the prevailing Market Base Rental Rate at the beginning of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the applicable Renewal Term, and (b) the denominator exercise of which is the Index any renewal option if at all, shall be as to all of the first day of the third Lease Year. IfLeased Premises, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index and there shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date exercise a renewal option for less than all of the Renewal TermLeased Premises. Notwithstanding anything contained in this Exhibit F to the contrary, all rights provided to Tenant is in default hereunder beyond this Lease, including but not limited to, renewal rights, signage rights and other similar rights are assignable to any applicable grace or cure periodassignee.

Appears in 2 contracts

Samples: Office Lease Agreement (Exterran Energy Solutions, L.P.), Office Lease Agreement (Exterran Holdings Inc.)

Renewal Option. Landlord hereby grants Tenant acknowledges and agrees that Tenant has no further rights of renewal or similar rights in or to the Premises or the Building, except as follows: Subject to the conditions herein, provided that (a) Tenant has not assigned the Lease or sublet any portion of the Premises other than to an entity controlling, controlled by or under common control with Tenant, or to any successor of Tenant resulting from a merger or consolidation of Tenant, and (b) Tenant is not in default under the Lease beyond any applicable notice, grace or cure period, Tenant shall havehave the right, the right and option at Tenant’s option, to elect to extend the Term of this the Lease for one (1) period of five (5) years (the “Renewal Term”). The Renewal Term Term, if properly exercised in accordance herewith, shall commence upon on December 1, 2022, or on the first day next following the last day any subsequent extension of the initial Term. Tenant shall notify Landlord in writing Term under Section 13 of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration dateAmendment. The Renewal Term shall be upon all exercised by Tenant giving written notice of the termsexercise thereof (the “Renewal Notice”) to Landlord on or before the day that is nine (9) months, covenants and conditions but not more than twelve (12) months, prior to the then applicable Expiration Date of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this extend the Term of the Lease, and the Renewal Notice shall not be effective, if (i) Tenant fails to timely give its Renewal Notice as provided herein, or (ii) a default by Tenant exists under the Lease ifbeyond any applicable notice, either at grace or cure period (x) when Landlord receives the time Tenant notifies Landlord of its election to extend this Lease Renewal Notice, or (y) upon the expiration of the Term of the Lease prior to the commencement date of the Renewal Term. In the event Tenant properly exercises the Renewal Term, within ten (10) days of receipt of such Renewal Notice, Landlord shall provide the annual Base Rent at which Landlord is willing to lease the Premises to Tenant for the Renewal Term (the “Renewal Rent”), which Renewal Rent shall be based on the “then current fair market rent rate” for buildings of comparable size, type and class located in the same area of Coral Gables, Florida, under leases and renewal amendments being negotiated and entered into at or about the time the Renewal Rent is being determined, giving appropriate consideration to tenant creditworthiness, tenant concessions, length of the term, landlord or building services provided to a tenant, brokerage commissions, tenant improvement allowances and similar factors. If Tenant in its reasonable judgment determines that Landlord’s proposed Renewal Rent does not accurately reflect the then current fair market rent rate, Tenant is shall provide Landlord written notice of its objection to Landlord’s determination of the Renewal Rent within ten (10) days after Tenant’s receipt of Landlord’s determination of Renewal Rent. If Tenant timely delivers notice of its objection to Landlord’s determination of Renewal Rent as set forth above, then for a period of thirty (30) days after the date of Tenant’s notice (the “Negotiation Period”), Landlord and Tenant shall work together in default hereunder beyond any good faith to agree upon the Renewal Rent. If Landlord and Tenant fail to agree on the Renewal Rent within such Negotiation Period, Tenant shall, within ten (10) days after expiration of the Negotiation Period, by written notice to Landlord, elect either (i) to withdraw its Renewal Notice, in which event the Lease shall expire on the then applicable grace Expiration Date, or cure period.(ii) to submit the Renewal Rent to determination in accordance with the following procedures (the “Appraisal Election”):

Appears in 2 contracts

Samples: Confidential Treatment (Catalyst Pharmaceutical Partners, Inc.), Confidential Treatment (Catalyst Pharmaceuticals, Inc.)

Renewal Option. Landlord hereby grants to TenantProvided no Event of Default shall have occurred and be continuing and Lessee shall have duly given the notice required by Section 22.2, and Tenant the corresponding notice under the Other Lease and shall haveupon the renewal of the Units hereunder concurrently renew the units under the Other Lease and Lessee has not exercised its option to purchase the Units pursuant to Section 22.3, Lessee shall have the right and, upon the giving of a notice under this Section 22.4 as below provided, the right obligation to lease pursuant to this Lease all (but not less than all) of the Units at the expiration of the Basic Term or any applicable Renewal Term. Lessee may exercise this renewal option by giving Lessor written notice not less than 90 days and option not more than 360 days prior to the end of the Basic Term (or, in the circumstances described below the then Renewal Term) that Lessee elects to renew this Lease with respect to all, but not less than all, of the Units then leased hereunder at a rental payment calculated by reference to the then fair market rental value (a "Fair Market Renewal") or a fixed rental (a "Fixed Rate Renewal"). At Lessee's option, such renewal may, in the case of a Fair Market Renewal, be for a Lease Agreement (TRLI 2001-1B) renewal term of one or more years or, in the case of a Fixed Rate Renewal, be for an initial renewal term of three years (but not to extend beyond the Outside Renewal Date) and in connection with any renewal term following the initial renewal term, a term of one year or more expiring not later than the Outside Renewal Date, in each case as Lessee shall specify in such notice, which notice shall be irrevocable. The Basic Rent for each Unit during any Renewal Term of this Lease for one (1) period of five (5) years (the "Renewal Rent") shall (a) in the case of any Fixed Rate Renewal, be 1/12th of 100% of the average annual Basic Rent allocated over the period from the end of the Basic Rent Holiday through the Basic Term Expiration Date, payable monthly in arrears and (b) in the case of any Fair Market Renewal, be 100% of the Fair Market Rental Value determined as of the commencement of the applicable Renewal Term; provided, however, that in the case of the first two years of the Fair Market Renewal period(s) that immediately follow the Basic Term Expiration Date (whether under Section 22.4 or Section 6.1), be 105% of the Fair Market Rental Value determined as of the commencement of the applicable Renewal Term; provided further, however, that the preceding proviso shall not apply in the event that the Lessee provides the Lessor, at the Lessee's sole cost and expense, with an opinion of independent tax counsel selected by Lessor (which counsel shall be selected by Lessor from among four nationally recognized law firms proposed by Lessee, each of which must be experienced in leveraged leasing transactions similar to the transactions contemplated herein) to the effect that applicable Treasury Regulations (or other administrative pronouncements upon which taxpayers may rely for Federal income tax purposes) will permit rent for such Renewal Term at a rate equal to 100% of the fair market rent determined as of the time of such Renewal Term without resulting in any adverse Federal income tax consequences to the Owner Participant Parent (within the meaning of the Tax Indemnity Agreement) under Code Section 467 or any successor provision thereto. The Each Renewal Term shall commence immediately upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being of Basic Term or the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the preceding Renewal Term, and as the denominator of which is case may be. Lessee shall not be entitled to enter any Fixed Rate Renewal following the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount expiry of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodFair Market Renewal.

Appears in 2 contracts

Samples: Lease Agreement (Trinity Industries Inc), Lease Agreement (Trinity Industries Inc)

Renewal Option. Landlord Lessor hereby grants Lessee (but no assignee or subtenant) two (2) options to Tenantrenew this Lease, and Tenant shall have, the right and each option to extend the Term of this Lease be for one (1) a period of five sixty(60) months, for a total of one hundred twenty (5120) years (months in the “Renewal Term”)event both renewal options are exercised. The Renewal Term Each said renewal option shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord be exercised by Lessee notifying Lessor thereof in writing of its election to extend this Lease for the Renewal Term not less more than six two hundred seventy (6270) months and at least two hundred ten (210) days prior to the expiration of the initial Termthen current lease or renewal term, time being as the case may be. In the event a renewal agreement has not been executed at least one hundred twenty (120) days prior to the expiration date of the essence with respect to current lease or renewal term, the option shall automatically become null and void. Each such notification. Notice thereof renewal shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon subject to all of the terms, covenants terms and conditions of this Lease, Lease except that (i) the Fixed Rent rentals payable during each renewal term shall be increased by adding as set forth below and (ii) no further renewal option shall exist during the CPI Adjustment Amount second renewal term. It shall be a condition to Lessee's exercising any renewal option herein granted that (defined belowy) Lessee not be then in default under this Lease and (z) Lessee shall have previously exercised the immediately preceding renewal option, if any, so that the second renewal option may not be exercised if Lessee has failed to exercise the then-current Fixed Rentfirst renewal option. The “CPI Adjustment Amount” is calculated by multiplying Base Rent for each renewal term shall be based on not less than 95% of the Fixed then prevailing rental rates for properties of equivalent quality, size, utility and location in the Dallas/Forth Worth market, with the length of the lease term and the creditworthiness of the Lessee taken into account; provided, however, that in no event shall the Base Rent payable in any renewal period be less than the Base Rent for the last year month immediately preceding said renewal period. Upon notification from Lessee of its intent to exercise each renewal option, Lessor shall, within fifteen (15) days thereafter, notify Lessee in writing of the initial Term Base Rent for the applicable renewal term; Lessee shall, within fifteen (15) days following receipt of same, notify Lessor in writing of the acceptance or rejection of the proposed Base Rent. In the event of rejection by a ratioLessee, Lessee may rescind the exercise of such renewal option by written notice to Lessor within such fifteen (15) day period for acceptance or rejection. If Lessee does not so rescind such exercise, the numerator of which is Base Rent for the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index applicable renewal term shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.determined as follows:

Appears in 2 contracts

Samples: Office Lease (Exe Technologies Inc), Office Lease (Exe Technologies Inc)

Renewal Option. Landlord (a) As long as Lessee is not in uncured default in the performance of its covenants under this lease of which Lessor has given Lessee written notice, Lessee is hereby grants to Tenant, and Tenant shall have, granted the right and option to extend renew the Term term of this Lease lease for one (1) additional period of five three (53) years (years, the “Renewal Term”). The Renewal Term shall ” to commence upon at the day next following the last day expiration of the initial Termterm of this lease. Tenant Lessee shall notify Landlord in writing of exercise its election option to extend this Lease for the Renewal Term renew as follows: Lessee shall deliver written notice to Lessor no greater than 9 months but not less than six (6) months prior to the expiration of the initial Termterm of this lease, time being that Lessee may exercise its renewal option. Within thirty (30) days of Lessor’s receipt of Lessee’s written notice, Lessor shall notify Lessee in writing of the essence with respect to Market Base Rental Rate (hereinafter defined) that Lessee shall pay during such notificationrenewal term. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive Within sixty (60) days after receipt of such written notice as and when required hereinfrom Lessor, Lessee shall, if it elects, deliver written notice to Lessor of its election to exercise its renewal option hereunder. If Lessee does not respond within such sixty (60) day period, Lessee’s right to renew hereunder shall terminate. All terms of this lease shall apply to such renewal option, except (i) the Base Rental (hereinafter defined) during the Renewal Term shall terminate and be of no further force or effectthe then prevailing Market Base Rental Rate at the time Lessee exercises the respective renewal option, and (ii) Lessee shall not have an option to renew this Lease shall expire as of lease beyond the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and (iii) Lessee shall not have the denominator of which is the Index as right to assign its renewal rights to any sublessee or assignee of the first day of Premises nor may a sublessee or assignee exercise such renewal right, and (iv) the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, leasehold improvements will be provided in their then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either existing condition (i.e. on an “as-is” basis) at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodTerm commences.

Appears in 2 contracts

Samples: Lease Agreement (Dexterity Surgical Inc), Lease Agreement (Dexterity Surgical Inc)

Renewal Option. Landlord hereby grants (a) Provided that all the following have not occurred at the time of Tenant’s exercise of the Renewal Option: (1) Tenant is not in default of any of the terms, covenants and conditions hereof beyond any applicable notice and/or cure periods, (2) Tenant’s right to Tenantpossession of the Premises has not been terminated, and (3) Tenant has not assigned any of its interest in this Lease or sublet any portion of the Premises, other than in connection with a Permitted Transfer, then Tenant shall have, have the right and option to extend the Lease Term of this Lease (the “Renewal Option”) for one (1) further sixty (60) month period of five (5) years (hereinafter the “Renewal Term”). The Such extension of the Lease Term shall be on the same terms, covenants and conditions as provided for in the Lease Term, except as set forth in this Section, and, except that the Base Rent during the Renewal Term shall commence upon be at fair market base rent then in effect on equivalent properties, of equivalent size, in equivalent areas, with the day next following the last day length of the initial TermRenewal Term and the credit standing of Tenant to be taken into account and otherwise based on the factors listed below, (the “Fair Market Base Rent”). Tenant shall notify deliver written notice to Landlord in writing of its election Tenant’s intent to extend this Lease for exercise the Renewal Term Option granted herein (the “Renewal Request Notice”) not more than twelve (12) months nor less than six nine (69) months prior to the expiration of the initial Term, time being Lease Term of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter providedthis Lease. If Landlord does not receive such written notice as and when required hereinTenant mutually agree, using their respective good faith efforts, in writing upon the base rent for the Renewal Term within thirty (30) days after written exercise by Tenant of this Renewal Option, Landlord shall terminate and be of no further force or effectlease the Premises to Tenant during the Renewal Term in their then-current, “AS IS, WHERE IS” with all faults condition, and this Lease Landlord shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the termsnot provide to Tenant any allowances (e.g. moving allowance, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Termconstruction allowance, and the denominator of which is like) or other tenant inducements, except to the Index as extent determined appropriate in connection with the determination of the first day of the third Lease YearFair Market Base Rent. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right further renewal options unless expressly granted by Landlord in writing. Fair Market Base Rent will take into account all relevant factors, including, without limitation: (1) the location, quality, size, condition, and age of the Building and the level of LEED® certification of the Building then in effect; (2) the use, location, size, and/or floor levels of the space in question, including view, elevator, lobby exposure, etc.; (3) definition of “rentable” area; (4) the extent of leasehold improvements in the space in question or to renew this Lease ifbe provided (other than any improvements already installed in the Premises), either at and/or any allowance for same; (5) abatements (including base rental, operating expenses and real estate taxes, and parking charges); (6) the parking rates set forth in Landlord’s rent proposal, the parking rates charged for comparable parking for tenants in comparable buildings and inclusion and/or exclusion of parking charges in rental; (7) lease takeovers and assumptions; (8) programming/space planning/interior architecture and engineering allowances; (9) relocation allowances; (10) tenant improvement allowances or refurbishment allowances, including those set forth in Landlord’s rent proposal; (11) distinction between “gross” and “net” leases; (12) base year or dollar amounts for escalation purposes (both ad valorem/real estate taxes and other operating expenses); (13) any other adjustments (including, for example, indices) to base rental; (14) credit standing and financial stature of Tenant (or the applicable transferee pursuant to a Permitted Transfer) and any applicable tenants; (15) term or length of lease; (16) the time Tenant notifies Landlord the particular rental rate under consideration was agreed upon or is to become effective and the period of its election time from the date such rate is determined to extend this Lease the date it will be effective; (17) the extent of services provided or upon to be provided; (18) inclusions and exclusions for operating expenses; (19) the commencement date total amount of space in the Renewal TermBuilding leased to Tenant; (20) presence, Tenant absence or amount of leasing commissions to the extent applicable; and (21) any other concession or inducement and/or relevant terms or conditions that a reasonable and knowledgeable real estate professional would include in making such fair value rental rate determination. The determination of Fair Market Base Rent will not take into account any transaction that is in default hereunder beyond not a typical market-driven transaction, such as a sale-leaseback or any applicable grace or cure periodfinancing type lease transaction.

Appears in 2 contracts

Samples: Lease Agreement (Sunnova Energy International Inc.), Lease Agreement (Sunnova Energy International Inc.)

Renewal Option. 1. If, and only if, on the Expiration Date and the date Tenant notifies Landlord hereby grants of its intention to renew the term of this Lease (as provided below), (i) Tenant is not in default under this Lease, (ii) Tenant then occupies and the Premises then consist of at least all the original Premises and (iii) this Lease is in full force and effect, then Tenant, but not any assignee or subtenant of Tenant, shall have and Tenant shall have, the right and may exercise an option to extend the Term of renew this Lease for one (1) period additional term of five (5) years (the "Renewal Term”). The Renewal Term shall commence ") upon the day next following the last day of the initial Term. Tenant shall notify Landlord same terms and conditions contained in writing of its election to extend this Lease with the exceptions that (x) this Lease shall not be further available for renewal and (y) the rental for the Renewal Term not shall be the "Renewal Rental Rate", but in no event will the Base Annual Rent be less than six the Base Annual Rent for the last twelve (612) calendar months prior to the expiration of the initial Term, time being term of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration dateLease. The Renewal Term shall be upon all of Rental Rate is hereby defined to mean the termsthen prevailing rents (including, covenants and conditions of this Leasewithout limitation, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) those similar to the then-current Fixed Basic Annual Rent and Additional Rent. The “CPI Adjustment Amount” is calculated ) payable by multiplying renewal tenants having a credit standing substantially similar to that of Tenant, for properties of equivalent quality, size, utility and location as the Fixed Rent payable Premises, including any additions thereto, located within the area described below and leased for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of renewal term approximately equal to the Renewal Term, and . The Renewal Rental Rate will take into consideration the denominator of which is tenant inducements offered in the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used renewal transactions considered by Landlord in determining the amount of any such adjustmentRenewal Rental Rate. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodTHE TENANT'S OPERATING EXPENSE STOP AND TENANT'S REAL ESTATE TAXES STOP SHALL BE ADJUSTED TO BE THE ACTUAL SUCH EXPENSES FOR THE YEAR THE RENEWAL OCCURS.

Appears in 2 contracts

Samples: Lease Agreement (McAfee Associates Inc), Lease Agreement (Networks Associates Inc/)

Renewal Option. Landlord hereby grants to TenantA. If Tenant is not in default under any term or condition of the Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant shall havenamed herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the right and option to extend Lease for all or a portion of the Term of this Lease Leased Premises (but no less than one floor) for one (1) additional period of five (5) years (the “Renewal Term”), by delivering written notice (the “Renewal Notice”) of the exercise thereof to Landlord not earlier than twelve (12) months nor later than nine (9) months before the expiration of the then current Term. The Base Rent payable for each month during the Renewal Term shall commence upon be the day next following the last day Fair Market Rent (as defined below) as of the initial commencement date of the Renewal Term. Within thirty (30) days after receipt of Tenant’s Renewal Notice, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then Xxxxxx’s written notice shall include Tenant’s determination of its election the Fair Market Rent. If Tenant does not deliver Xxxxxx’s written determination of Fair Market Rent to extend this Lease for Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Renewal Term not less than Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior to the expiration commencement of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “IndexTrigger Date) on ), Landlord and Tenant have not agreed in writing as to the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the IndexFair Market Rent, then such other index or standard as will most nearly accomplish within ten (10) business days following the aim or purpose of Trigger Date (the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing“Withdrawal Deadline”), Tenant shall have no the one time right to renew this withdraw its Renewal Notice, and the Lease ifshall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, either at the time Tenant notifies Landlord parties shall proceed to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, Xxxxxx’s exercise of its election renewal option right hereunder shall be binding upon Tenant and not subject to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodrescission except as provided herein.

Appears in 2 contracts

Samples: Office Building Lease (Marqeta, Inc.), Office Building Lease (Marqeta, Inc.)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall havehave two (2) options (each, the right and option a “Renewal Option”) to extend the Term of this the Lease for one (1) period the entire Premises then being leased to Tenant for terms of five (5) years each (the each, a “Renewal Term”). The If the first Renewal Option is exercised, the first Renewal Term shall commence upon on the day next following after the last Expiration Date. If the second renewal term is exercised, the second Renewal Term shall commence on the day after the Expiration Date of the initial first Renewal Term. Each Renewal Option shall be void if an Event of Default by Tenant shall notify Landlord in writing exists, either at the time of its election to extend this Lease for exercise of such Renewal Option or the time of commencement of such Renewal Term. The second Renewal Term shall be void if Tenant fails to exercise the first Renewal Option. Each Renewal Option must be exercised, if at all, by written notice from Tenant to Landlord given not more than eighteen (18) months and not less than six twelve (612) months prior to the expiration of the initial TermTerm (as previously extended, time being of the essence with respect to such notificationif applicable). Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Each Renewal Term shall be upon all of the terms, covenants same terms and conditions of this Leaseas the original Term, except that (a) the Fixed Base Rent payable pursuant to Section 6.1 with respect to each Renewal Term shall be increased by adding equal to ninety-five percent (95%) of the CPI Adjustment Prevailing Market Rent as of the commencement of the Renewal Term, as determined pursuant to Exhibit C, (b) Tenant shall not be entitled to any Tenant Improvement Allowance during the Renewal Term, (c) the L-C Amount shall remain as the amount determined in accordance with Section 6.5(a) below; and (defined belowd) from and after the exercise of a Renewal Option, (i) all references to “Expiration Date” shall be deemed to refer to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date day of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases (ii) all references to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index “Term” shall be used in determining deemed to include the amount of any such adjustmentRenewal Term. Notwithstanding the foregoing, The Renewal Options are personal to Tenant and shall have no right to renew be inapplicable and null and void if Tenant assigns its interest under this Lease if, either at the time Tenant notifies to any Transferee other than a Permitted Transferee. Landlord of its election shall not be responsible for any commissions or fees related to extend this Lease or upon the commencement date Tenant’s exercise of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodOption.

Appears in 2 contracts

Samples: Commercial Lease (Jazz Pharmaceuticals PLC), Commercial Lease (Jazz Pharmaceuticals PLC)

Renewal Option. Landlord hereby grants to 50.01 Provided that: (i) the tenant named on the first page of this Lease or a Successor Entity, as defined in Section 4.13, above (collectively, “Named Tenant”) is not in default under this Lease on the Extension Notice Date (as defined below) and on the Extension Term Commencement Date (as defined below) after notice (in which event Named Tenant’s rights under this Article shall be suspended until the earlier of (i) Named Tenant’s timely and full cure of the default alleged in such notice, at which time Named Tenant’s rights hereunder shall be reinstated, and (ii) the expiration of Named Tenant’s time in which to cure such default, at which time Named Tenant’s rights hereunder shall be extinguished); and (ii) Named Tenant shall have, occupy no less than ninety (90%) percent of the Premises for the conduct of its business on the Extension Notice Date and on the Expiration Date; then the Named Tenant shall have the one-time right and option (the “Extension Right”) to extend the Term of this Lease with respect to the entire Premises for one (1) period of five (5) years (the “Renewal Extension Term”). The Renewal Extension Term shall commence upon on the day next immediately following the last Expiration Date (the “Extension Term Commencement Date”) and shall expire on the day immediately preceding the fifth (5th) anniversary of the initial Term. Tenant Extension Term Commencement Date (the “Extension Term Expiration Date”), unless the Extension Term shall notify Landlord in writing sooner end pursuant to any of its election to extend the terms, covenants or conditions of this Lease for or pursuant to law. The Extension Right may be exercised with respect to the Renewal Term not less entire Premises only and shall be exercisable by Named Tenant delivering to Landlord a notice (the “Extension Notice”) no later than six the date (6the “Extension Notice Date”) months that is three hundred sixty-five (365) days prior to the expiration Expiration Date, as to which date time is of the initial Termessence, time being and upon the giving of such notice, subject to the essence with respect to such notification. Notice thereof shall be deemed sufficient if given provisions set forth below in the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinthis Article, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all extended for the period of the Extension Term without execution or delivery of any other or further document, with the same force and effect as if the Extension Term had originally been included in the Term. All of the terms, covenants and conditions of this LeaseLease shall continue in full force and effect during the Extension Term, except including items of Additional Rent and escalation which shall remain payable on the terms herein set forth. In the event that the Fixed Rent Named Tenant shall fail to give the Extension Notice to Landlord on or prior to the Extension Notice Date, the Named Tenant shall be increased by adding deemed to have waived its Extension Right hereunder. Landlord shall have the CPI Adjustment Amount (defined below) right, in its sole discretion, to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year waive any or all of the initial Term by a ratioforegoing conditions to Tenant’s exercise of its Extension Right. Upon the giving of the Extension Notice, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Named Tenant shall have no further right to renew this Lease if, either at the time Tenant notifies Landlord of its election or option to extend this Lease or upon renew the commencement date Term. Tenant’s failure to timely exercise its Extension Right in compliance with all of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodrequirements of this Article shall be deemed a waiver of Tenant’s Extension Right hereunder.

Appears in 2 contracts

Samples: Agreement (Schrodinger, Inc.), Agreement (Schrodinger, Inc.)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall havehave the right, at its option (referred to herein as the right and option “Renewal Option”), to extend renew the Term of this Lease Lease, for one (1) the entire Leased Property, for up to three consecutive renewal terms, each for a period of five (5) years (the each, a “Renewal Term”). The , which shall commence on the day following the scheduled Termination Date as it may have previously been extended (the “Renewal Term shall commence upon Commencement Date”) and expire on the day next following the last day fifth (5th) anniversary of the initial TermTermination Date (the “Renewal Term Expiration Date”). Tenant shall notify Landlord in writing of its election to extend this Lease for To exercise the Renewal Term Option, Tenant must give written notice to Landlord not less than six (6) months 6 months, and no more than 18 months, prior to the expiration of the initial Term, time being then current Term of the essence with respect its intention to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, exercise the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable Option for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and which notice shall be irrevocable (the denominator “Renewal Notice”). The failure of which is Tenant to timely deliver the Index as Renewal Notice in accordance with this Section III.B shall be deemed a permanent waiver of Tenant’s right to renew the Term of this Lease beyond the then current Termination Date. Except for the Renewal Option, Tenant shall have no other right to extend or renew the Term of the first day of the third Lease YearLease. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at exercise the time Renewal Option if a Tenant notifies Landlord Event of its election to extend this Lease or upon Default exists on the commencement date of the Renewal Notice or on the Renewal Term Commencement Date. Upon exercising the Renewal Option in accordance with the terms hereof, the Term shall be deemed to be extended without the execution of any further instrument. All terms of this Lease, including periodic adjustments to Base Rent and the Minimum Charity Care Amount, shall apply during a Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.

Appears in 2 contracts

Samples: Hospital Facility Lease Agreement, Hospital Facility Lease Agreement

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have two (2) options (the right and option “Renewal Options”) to extend the Term of this Lease for one (1) a period of five (5) years (each, a “Renewal Term”, and respectively the “First Renewal Term” and the “Second Renewal Term”). The Each Renewal Term shall commence upon (i) must be exercised, if at all, as to the day next following the last day entire Premises subject to this Lease as of the initial Commencement Date (unless reduced pursuant to condemnation) and (ii) will be void if this Lease has previously expired or terminated with respect to any part of the Premises leased by Tenant hereunder as of the Commencement Date (other than as a result of condemnation), or if the Premises then leased by Tenant hereunder shall be less than 100% of the Premises as of the Commencement Date such that a portion of the Buildings shall be available to Landlord to lease to others. Each Renewal Option shall be void if an Event of Default by Tenant exists, either at the time of exercise of the applicable Renewal Option or the time of commencement of the applicable Renewal Term. Each Renewal Option must be exercised, if at all, by written notice from Tenant shall notify to Landlord in writing of its election to extend this Lease for the Renewal Term given not less than six twelve (612) months prior to the expiration of the initial Term, time being Term (in the case of the essence with respect First Renewal Term), and not less than twelve (12) months prior to such notification. Notice thereof shall be deemed sufficient if given the expiration of the First Renewal Term (in the manner hereinafter providedcase of the Second Renewal Term). If Landlord does not receive such written notice as and when required hereinFor the avoidance of doubt, the Second Renewal Term shall terminate and be of no further force or effect, and this Lease void unless the First Renewal Option shall expire as of the then-scheduled expiration datebe timely exercised by Tenant. The Each Renewal Term shall be upon all of the terms, covenants same terms and conditions of this Leaseas the original Term, except that the Fixed Base Rent applicable to the relevant Renewal Term shall be increased by adding the CPI Adjustment Amount (defined below) equal to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed greater of (i) Base Rent payable under this Lease for the last full year immediately preceding the effectiveness of that Renewal Term or (ii) Prevailing Market Rent as of the initial Term by commencement of that Renewal Term, as determined pursuant to Exhibit C. As a ratio, condition to the numerator of which is exercise and the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date effectiveness of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoingOption, Tenant shall be required to modify the Letter of Credit so that the Letter of Credit will have no right a face amount equal to renew this Lease if, either at the time Tenant notifies Landlord Required Amount and otherwise meet the requirements of its election Section 4.7 with respect to extend this Lease or upon the commencement date Term as extended by Tenant’s exercise of the Renewal Term, Option. The Renewal Option is personal to Tenant is and shall be inapplicable and null and void if Tenant assigns its interest under this Lease (including an “Assignment” as defined in default hereunder beyond any applicable grace or cure periodSection 15.1 but excluding short-term Subleases contemplated by Section 15.5).

Appears in 2 contracts

Samples: Lease (Silicon Graphics Inc), Lease (Google Inc.)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, an option (the right and option "Option") to extend the Term term of this Lease for one (1) additional period of five (5) years (the "Renewal Term”). The Renewal Term shall commence upon ") under the day next following the last day of the initial Termterms set forth below. Tenant shall notify Landlord in writing not be entitled to exercise the Option unless each of the following conditions shall be fully satisfied at the time of its election exercise: (i) the Lease shall be in full force and effect; (ii) the Tenant originally named in this Lease, or its permitted assignees, shall be in possession of the entire Premises; and (iii) Tenant shall not then be in default under any of the material terms, provisions, covenants or conditions of the Lease beyond any applicable notice and cure periods. In order to extend this Lease for exercise the Renewal Term Option, Tenant must first give written request to Landlord, not less than six twelve (612) months prior to the expiration Expiration Date of the initial TermInitial Lease Term for delivery of Landlord's determination of Market Rent, time being of the essence with respect to such notificationas defined below. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Base Rent for each Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) equal to the then-current Fixed Market Rent, as determined in accordance with this section ("Market Rent"). The “CPI Adjustment Amount” is calculated by multiplying the Fixed Within thirty (30) days following its receipt of Tenant's request, Landlord shall advise Tenant of Market Rent payable for the last each year of the initial Term by a ratio, the numerator of which is the Consumer Price Index respective Renewal Term. Market Rent (including escalations for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date successive years of the Renewal Term, and the denominator of which is the Index as ) shall be determined by Landlord in its reasonable judgment. Landlord's determination of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index Market Rent shall be used based, as Landlord reasonably deems appropriate, upon then current and projected rents for space in determining the Building, adjusted for any special conditions applicable to such space and leases, for location, length of term, amount of any such adjustmentspace and other factors Landlord deems relevant in computing rents for space in the Building, including adjustments for anticipated inflation. Notwithstanding Tenant may exercise its option by notifying Landlord, within 30 days from the foregoing, date on which Tenant shall have no right to renew this Lease if, either at the time Tenant notifies was first advised by Landlord of its election determination of Market Rent, that Tenant has elected to extend this exercise the Option at the Market Rent determined by Landlord or proceed as provided below. If Tenant exercises the Option as provided, the Expiration Date of the Lease or upon shall be extended for the commencement date length of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.Term and Base Rent shall be adjusted to

Appears in 2 contracts

Samples: Letter Agreement (1997 Corp), Andrx Corp

Renewal Option. Landlord Section 4.3 of the Lease is hereby grants to Tenant, deleted in its entirety and replaced with the following: “Tenant shall have, have the right and option (the “Renewal Option”) to extend the Term of this the Lease for one the entire Premises then being leased to Tenant for a term of two (1) period of five (52) years (the “Renewal Term”). The Renewal Term shall commence upon on the day next following after the last day Expiration Date. The Renewal Option shall be void if a default by Tenant exists, either at the time of exercise of the initial Renewal Option or the time of commencement of the Renewal Term. The Renewal Option must be exercised, if at all, by written notice from Tenant shall notify to Landlord in writing of its election to extend this Lease for the Renewal Term given not less than six (6) months prior to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants same terms and conditions of this Leaseas the original Term, except that (a) the Fixed Base Rent payable during the Renewal Term shall be increased by adding the CPI Adjustment Amount (defined below) equal to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Base Rent payable for the last year month of the initial Term by a ratiooriginal Term, the numerator plus $0.05 per square foot of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics Rentable Area of the United States Department Premises, and the Base Rent shall increase by $0.05 per square foot of Labor (Rentable Area of the “Index”) Premises on the date nearest first anniversary of the commencement date of the Renewal Term, (b) Tenant shall not be entitled to any tenant improvement allowance during the Renewal Term; and (c) from and after the exercise of the Renewal Option, (i) all references to “Expiration Date” shall be deemed to refer to the last day of the Renewal Term, and (ii) all references to “Term” shall be deemed to include the denominator Renewal Term. The Renewal Option is personal to Tenant and shall be inapplicable and null and void if Tenant assigns its interest under the Lease (other than to an affiliate of which is Tenant).” “In the Index as event Tenant exercises its Renewal Option, Landlord shall have the right to terminate the Lease effective at any time after the twelve (12) month anniversary of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodTerm upon at least six (6) months prior written notice to Tenant.

Appears in 2 contracts

Samples: Lease (Silver Spring Networks Inc), Lease (Silver Spring Networks Inc)

Renewal Option. Landlord hereby grants to TenantTenant the option ("Renewal Option") to renew and extend the term of this Lease, provided that at the time the Renewal Option is exercised, this Lease shall be in full force and effect and Tenant shall have, the right and option to extend the Term of this Lease for one not be in default beyond any applicable cure period hereunder. The renewal term (1) period of five (5) years (the “"Renewal Term”)") shall be sixty (60) months commencing upon the expiration of the original term of the Lease. The Renewal Term Option shall commence upon the day next following the last day be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of the initial Term. Tenant shall notify exercise to Landlord in writing of its election to extend this Lease for the Renewal Term not less later than six Two Hundred Seventy (6270) months days prior to the expiration of the initial Term, time being original term of the essence with respect to such notificationLease. Notice thereof shall be deemed sufficient if given in Any renewal and extension of the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, Lease for the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as at 95% of the then-scheduled expiration datethen current market terms and conditions. The Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Term shall be upon all Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before thirty (30) days after the delivery of the terms, covenants renewal Notice Landlord and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) Tenant cannot agree in writing to the then-"current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by market terms and conditions" to be applicable during a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the denominator of which is Landlord, one by the Index as Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the first day State of Texas as applied to the facts found by him, her or them. The cost of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index appraisers shall be used paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in determining writing to the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right "current market terms and conditions" to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of be applicable during the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodmay terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Option.

Appears in 2 contracts

Samples: Lease Agreement (Pervasive Software Inc), Lease Agreement (Pervasive Software Inc)

Renewal Option. Landlord hereby grants to Tenant (but not any assignee or subtenant of Tenant, and Tenant shall haveeven if Landlord's consent is obtained as required in the Lease), is granted the right and option to extend the Term term of this Lease for one two extended terms of sixty (160) period months each, provided (a) Tenant is not in default at the time of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day exercise of the initial Termoption, and (b) Tenant gives written notice of its exercise of the option at least two hundred ten (210) days prior to the expiration of the original term, or the first extended term, of the Lease, as applicable. Landlord shall, within fifteen (15) days of its receipt of Tenant's notice, notify Tenant in writing of its opinion concerning the proposed renewal rate, which shall be the fair market rental value described in the immediately succeeding paragraph, and the Tenant shall, within thirty (30) days of its receipt of Landlord's notice of the renewal rate, during which time Landlord and Tenant shall confer and attempt to reach an agreement regarding the reasonableness of the proposed renewal rate, notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration acceptance or rejection of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter providedproposed rental rate. If Landlord does not receive and Tenant are unable to mutually agree on the renewal rate within such written notice as and when required hereinthirty (30) day period, then the Renewal Term renewal options described in this paragraph shall automatically terminate and be of no without further force or effect, and this Lease shall expire as of the then-scheduled expiration datenotice. The Renewal Term Each such extension term shall be upon all of the same terms, covenants conditions, and conditions of this Leaserentals, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined belowi) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no further right of renewal after the last extension term prescribed above, and (ii) the Rent amount shall be increased to renew this Lease if, either fair market rental value of the Premises at the time Tenant notifies Landlord of exercises its election to extend this Lease or upon the commencement date election. Fair market rental value of the Renewal TermPremises for each extension term will be determined by the parties, Tenant is in default hereunder beyond any applicable grace or cure period.their reasonable discretion and upon their combined good faith efforts, considering the rental market for comparable land and improvements in substantially the same condition, in comparable locations, used for similar purposes, and under terms similar to those set forth in this Lease. 24 EXHIBIT "C-2" RENT

Appears in 2 contracts

Samples: Lease Agreement (H R Window Supply Inc), Lease Agreement (H R Window Supply Inc)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have the right and option to extend the Term of renew this Lease for one (1) period renewal term of five three (53) years (the “herein referred to individually as a "Renewal Term”)") which shall commence on the day following the expiration of the Term defined in this Lease and end on the third anniversary of the commencement date of the Renewal Term, unless the Renewal Term shall sooner terminate pursuant to the terms of this Lease or otherwise. The Renewal Term shall commence upon the day next following the last day of the initial Term. only if (i) Tenant shall notify have notified Landlord in writing of its election to extend this Lease for the Renewal Term not less than six at least nine (69) months prior to the expiration of the initial then existing Term, time being and (ii) immediately prior to the expiration of the Term, this Lease shall be in full force and effect and no Event of Default shall have occurred and be continuing. Time is of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as giving of the then-scheduled expiration datenotice of Tenant's exercise of a renewal option. The A Renewal Term shall be upon subject to all of the agreements, terms, covenants and conditions of this Leasehereof binding upon Tenant and Landlord, except that the Fixed Rent basic annual rent (as defined in Section 2.1) shall be increased by adding at the CPI Adjustment Amount greater of the current rent under the Lease or the then fair market rent, escalating annually at the then market escalation rate. Upon the commencement of a Renewal Term, (defined belowx) such Renewal Term shall be added to and become part of the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year Term (but shall not be considered part of the initial Term by a ratioTerm, (y) any reference to "this Lease", to the "Term", the numerator "term of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the this Lease" or any similar expression shall be deemed to include such Renewal Term, and (z) the denominator Expiration Date shall become the expiration of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.

Appears in 2 contracts

Samples: Lease (Biolife Solutions Inc), Lease (Biolife Solutions Inc)

Renewal Option. Landlord hereby grants Subject to Tenantthe conditions hereinafter set forth and provided this Lease is then in effect, and Tenant shall have, have the right and option to extend renew the Term term of this Lease for one (1) period renewal term of five (5) years (the "Renewal Term"). The , by delivering written notice (the "Renewal Term shall commence upon Notice") to Landlord of its exercise of such right at least one hundred eighty (180) days before the day next following the last day end of the initial Term. Tenant shall notify Landlord in writing Subject to the terms of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinset forth below, the Renewal Term shall terminate begin upon the expiration of the Term. All of the terms, provisions and be covenants of no further force or effect, and this Lease shall expire as of apply to each Renewal Term except that Rent for the then-scheduled expiration date. The Renewal Term shall be upon all of the termsthen prevailing market rent for similar buildings and space in the north Dallas office market, covenants including prorata charges for common area maintenance taxes and conditions of this Leaseinsurance, except that but in no event less than the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Annual Rent payable for during the last final year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew exercise any option under this Lease if, either Section if any Event of Default exists at the time of electing a renewal option or at the time the Renewal Term would commence. If Tenant notifies Landlord fails to give timely notice of its election Tenant's intention to extend renew this Lease, the Term of this Lease or upon shall expire on the commencement date scheduled expiration date, and Tenant shall have no further option to renew this Lease. If Tenant does not exercise any such option in a timely manner, then Landlord shall have the right during the remainder of the Renewal Term, Tenant is in default hereunder beyond any applicable grace Term of this Lease to advertise the availability of the Premises for sale or cure period.lease. In this Lease the phrases "term of this Lease," "term hereof," "

Appears in 1 contract

Samples: Lease Agreement (Residential Healthcare Properties Inc)

Renewal Option. Landlord hereby grants to TenantProvided Tenant complies with all terms and conditions of the Lease and is not, and at the time of exercise, in default, Tenant shall have, the right and have an option to extend renew the Term of this Lease (the “Renewal Option”), for one (1) period of an additional five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day renewal of the initial Term. Tenant shall notify Landlord in writing Lease would be on the same terms and conditions of its election to extend this Lease except for Base Rent which shall be calculated as provided below. If Tenant elects to exercise the Renewal Term not less than six Option, it shall give written notice to Landlord at least one hundred eighty (6180) months days prior to the expiration of the initial original five (5) year Term. Provided the Renewal Option has been properly exercised, time being wherever the term “Term” appears in this Lease, it shall include the Renewal Term. EXHIBIT B SUPPLEMENTAL LEASE DOCUMENTS [To Be Attached] NONE EXHIBIT C EXAMPLE OF ACCEPTABLE LETTER OF CREDIT [GRAPHIC REMOVED HERE] RBC PO Box 1220 Centura IRREVOCABLE STANDBY LETTER OF CREDIT Rxxxx Xxxxx, XX 00000-0000 Date of Issue: March 12, 2002 Expiry Date: Mxxxx 00, 0000 Xxxxxxx Bank Letter of Credit Number Advising Bank Letter of Credit Number 2002-77 Beneficiary Applicant Applicant LARSCOM, INCORPORATED Silicon Wireless Corporation 1000 XxXxxxxxxx Xxxxx 600 Xxxxx Xxxxx Milpitas, CA 95305 Dxxxxx, XX 00000 Amount Currency One Hundred Fifty Three Thousand Four Hundred $153,473.00 U.S. Dollars Seventy-Three Dollars &00/100 We hereby issue this Irrevocable Standby Letter of Credit in your favor, which is available in one or more drawings not exceeding $153,473.00 in the aggregate against your draft by written request to RBC Centura at sight drawn on RBC Centura Bank bearing the Clause “Drawn tender Letter of Credit Number 2002-77 accompanied by the following: Beneficiary signed statement reading: We understand and agree that at any and all times Beneficiary shall be entitled to draw upon this Irrevocable Standby Letter of Credit in the event that Beneficiary provides us with a written statement purportedly signed by one of its officers reading: “This draw in the amount of One Hundred Fifty Three Thousand Four Hundred Seventy-Three Dollars & 00/100 ($153,473.00) under your Irrevocable Standby Letter of Credit No. 2002-77 represents funds due and owing to us as a result of the essence with respect Applicant’s failure to such notification. Notice thereof shall be deemed sufficient if given in perform its obligations under that certain Sublease by and between LARSCOM, INCORPORATED, as landlord, and Silicon Wireless Corporation, as Tenant.” We acknowledge and agree that upon receipt of the manner hereinafter provided. If Landlord does not receive such written notice as and when documentation required herein, we will honor Beneficiary’s draws against this Irrevocable Standby Letter of Credit without inquiry into the Renewal Term shall terminate and be accuracy of no further force or effect, and this Lease shall expire as Beneficiary’s signed statement regardless of whether Applicant disputes the then-scheduled expiration date. The Renewal Term shall be upon all content of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodstatement.

Appears in 1 contract

Samples: Sublease Agreement (Larscom Inc)

Renewal Option. Landlord hereby grants to Tenant31.1. So long as an Event of Default has not occurred and is not then continuing past any applicable notice and cure periods, and Tenant shall have, subject to the right and option to extend the Term provisions of this Lease for Section 31, Tenant is hereby granted a one (1) time option (the “Renewal Option”) to renew the Term as to all (but not part) of the Premises (including, any space added to the Premises by agreement of Landlord and Tenant but only to the extent Landlord and Tenant agreed at such time that this Section 31 would be applicable thereto) for a period of five (5) years (the “``Renewal Term”). The ) such Renewal Term shall to commence upon at the day next following the last day expiration of the initial Initial Term. Tenant shall notify Landlord in writing must furnish landlord with written notice of its election intent to extend this Lease for exercise the Renewal Term not less Option no later than six nine (69) months prior to the expiration of the initial TermInitial Term (the “Intent Notice”). If Tenant timely delivers the Intent Notice to Landlord, time being Landlord shall no later than eight (8) months prior to the expiration of the essence with respect Initial Term deliver to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such Tenant written notice as and when required herein, the Renewal Term shall terminate and be make of no further force or effect, and this Lease shall expire as Landlord’s determination of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount Market Rental Rate (defined below) to as of the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying commencement of the Fixed Rent payable Renewal Term and the parking rental for the last year Parking Permits (if applicable pursuant to subsection 31.2.2 below). If Tenant timely furnished the Intent Notice to Landlord as provided above, Tenant may exercise the Renewal Option by delivering written notice of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor such election (the “IndexElection Notice”) on to Landlord no later than thirty (30) days after receipt of Landlord’s notice of the date nearest Market Rental Rate. lf Tenant timely delivers the Intent Notice and the Election Notice to Landlord, but at any time prior to the commencement date of tic Renewal Term an Event of Default has occurred and is then continuing past any applicable notice and cure periods, Landlord, at its solo option during the continuance of such Event of Default, may terminate Tenant’s election to exercise the Renewal TermOption and the Renewal Option shall expire and thereafter shall not be exercisable by Tenant. If Tenant fails to timely exercise the Renewal Option by failing to timely deliver the Intent Notice or the Election Notice as provided above, the Renewal Option shall terminate automatically, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no waived forever its right to renew this Lease if, either at and extend the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.

Appears in 1 contract

Samples: Lease (Hallmark Financial Services Inc)

Renewal Option. Landlord hereby grants to TenantProvided no Event of Default then exists, and as reasonably determined by Landlord, Tenant shall have, have the right and option (“Renewal Option”) to extend the Term of this Lease for one (1) additional one hundred twenty (120) calendar month period of five (5) years (the “Renewal Term”). The ) upon written notice (“Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Option Notice”) to Landlord in writing of its election to extend this Lease for the Renewal Term given not less than six (6) months and no more than twelve (12) months prior to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, Tenant fails to exercise the Renewal Term Option strictly within the time period set forth in this Section 5, then Tenant’s Renewal Option shall terminate automatically lapse and be of no further force or and effect. In the event that Tenant timely exercises the Renewal Option, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon the same terms and conditions as are in effect under this Lease immediately preceding the commencement of such Renewal Term, subject to the increase in Monthly Base Rent to the prevailing market rental rate, as determined by Landlord in its sole discretion; provided that the Monthly Base Rent during the Renewal Term shall be at no less than the amount of Monthly Base Rent in effect immediately prior to such renewal. For purposes of this Section 5, the “prevailing market rental rate” shall mean the rate charged for comparable buildings and land (in size, condition, location, etc.) in the other comparable type and style buildings and land in the Park, and if no such comparable improvements and land exist within the Park then comparable industrial improvements and land in the submarket of Houston, Texas, which are comparable to the Premises taking into consideration all relevant factors (including, without limitation, size of land, type of stabilization, location of the termsspace, covenants the floor level, extent of leasehold improvements (existing or to be provided and conditions taking into consideration who pays for such improvements) except for those improvements paid for by Tenant or cash allowances therefor, rental abatements, lease takeover/assumptions, moving expenses and other concessions, term of lease, extent of services to be provided, distinction between “net” and “gross” lease, base year or amount allowed by Landlord for payment of building operating expenses (expense stop) and any other relevant term or condition. If Tenant delivers to Landlord the Renewal Option Notice in accordance with this LeaseSection 5, except that Landlord shall, within thirty (30) days after receipt of same, deliver to Tenant the Fixed Rent shall be increased by adding the CPI Adjustment Amount Landlord’s Response (defined belowherein so called) to the then-current Fixed Renewal Option Notice which shall set forth the Monthly Base Rent for the Renewal Term. Tenant shall have fifteen (15) days from receipt of Landlord’s Response setting forth the proposed new Monthly Base Rent to either accept or reject such proposed new Monthly Base Rent. The “CPI Adjustment Amount” is calculated by multiplying In the Fixed event (i) Tenant rejects the new Monthly Base Rent payable for set forth in Landlord’s Response, or (ii) Tenant does not timely respond to Landlord’s Response, in each event, this Lease shall terminate at the last year end of the initial Term by a ratio, Term. Commencing with the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date second lease year of the Renewal Term, and the denominator of which is the Index as of on the first day of the third Lease Year. If, each successive lease year during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodthe Monthly Base Rent shall be increased by two and half a percent (2.5%) per lease year.

Appears in 1 contract

Samples: Land Lease Agreement (Vivakor, Inc.)

Renewal Option. Provided Tenant is not then in default under this Lease, Landlord hereby grants Tenant the right, exercisable upon written notice to Tenant, and Tenant shall have, the right and option to extend the Term of this Lease for one Landlord at least nine (1) period of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (69) months prior to the expiration of the initial Termthen current term of this Lease, time being to renew this Lease for one (1) additional term of five (5) years upon the same terms and conditions as contained in this Lease except that (a) Rent shall be calculated as set forth below, and (b) the terms and conditions of Exhibit C hereto shall be inapplicable to such renewal term. In the event Tenant provides Landlord with written notice of its intent to so extend this Lease as set forth above, Landlord shall, within thirty (30) days after it receives such notice from Tenant, provide Tenant with a written notice specifying the proposed Rent, additional rent and any other applicable economic terms for such renewal term reasonably determined by Landlord based upon the then current market rates, and Tenant shall have thirty (30) days after receipt of same from Landlord in which to accept or reject the proposed terms. If Tenant objects to any of the essence proposed terms and Landlord and Tenant are unable to reach an agreement thereon, Landlord and Tenant shall each, at its expense, select a real estate broker, agent or appraiser with respect current experience in and knowledge of the applicable rental market, and such representatives shall select a third such representative (at both parties' expense), to determine by majority vote the Rent, additional rent and any other applicable economic terms to be applicable to such notificationrenewal term, such determination to be made within thirty (30) days after Landlord receives Tenant's notice of objection to Landlord's proposed economic terms for the renewal term. Notice thereof shall be deemed sufficient Notwithstanding the foregoing, if given for any reason, Landlord and Tenant are unable to agree upon the economic terms for the renewal term within one hundred twenty (120) days after Tenant notifies Landlord in the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinwriting of its intent to exercise its option to renew this Lease, the Renewal Term Tenant's right to renew this Lease shall terminate and be of no further force or and effect, . In the event Landlord and Tenant agree upon the economic terms for the renewal term and this Lease shall expire is extended as of herein provided, Landlord will, at Tenant's request, at Landlord's sole cost and expense, repaint and recarpet the then-scheduled expiration date. The Renewal Term shall be upon all of Office Space per the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodexisting Building standards.

Appears in 1 contract

Samples: Lease Agreement (Lightspan Inc)

Renewal Option. Landlord hereby grants to Tenant, and (a) Tenant shall have, have the right and option to extend renew ("Renewal Option") the Term of this the Lease as amended herein for one (1) period additional term of five (5) years (the “"Renewal Term"). The Renewal Term shall commence upon , commencing July 1, 2004, and expiring at 11:59 p.m. (Denver time), June 30, 2009 on the day next following condition that Tenant is not in default (after the last day expiration of applicable cure periods) under the Lease as amended herein at the time Tenant gives notice of exercise of the initial Renewal Option or at the time of commencement of the Renewal Term. Such renewal shall be on all of the terms, covenants and conditions of the Lease, as amended herein, except: (i) Tenant shall notify Landlord in writing not have any right to further renewal beyond such additional five-year Renewal Term; (ii) Tenant shall not have any Second Right of its election to extend this Lease Refusal during such Renewal Term; (iii) the annual Base Rent for the Premises for the Renewal Term not shall be the greater of (A) $19.50 multiplied by the number of rentable square feet comprising the Premises at the time of the commencement of the Renewal Term or (B) the Fair Market Rental Rate (as hereinafter defined) of the Premises; PROVIDED, HOWEVER, that in the event the Fair Market Rental Rate is less than six $19.50 on a per rentable square foot basis, the annual Base Rent for the Renewal Term shall be a market rate reasonably determined by Landlord based upon lease and/or lease renewal transactions (6collectively the "Lease Transactions") pertaining to office space in the Building comparable to the Premises, entered into within three (3) months prior to preceding the expiration date of Tenant's delivery of notice exercising the Renewal Option, PROVIDED, in no event, shall the annual Base Rent during the Renewal Term be less than $14.00 multiplied by the number of rentable square feet comprising the premises at the time of the initial commencement of the Renewal Term; (iv) Landlord's Operating Expense Contribution shall mean $6.60 per square foot; (v) all parking spaces provided to Tenant for lease under the Parking Agreement shall be available for lease by Tenant during the Renewal Term at the monthly rate(s) announced from time to tune by the Operator of the Parking Garage. Tenant's Renewal Option shall be exercised only by Tenant giving Landlord written notice of Tenant's election to renew, on or before October 31, 2003, time being of the essence with respect to such notificationnotice. Notice thereof As of the date the Renewal Term begins, the Lease as herein amended shall be deemed sufficient if given modified in the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinset forth above, without the Renewal Term shall terminate and be necessity of no any further force agreement or effectdocument; PROVIDED, HOWEVER, that either party to this First Amendment shall, upon request of the other party, execute, acknowledge, and this Lease shall expire as deliver an instrument evidencing such renewal and modification of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index Lease as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.herein amended,

Appears in 1 contract

Samples: Jato Communications Corp

Renewal Option. Landlord hereby grants to TenantWhile this Lease is in full force and effect, provided that Tenant is not in default of any of the terms, covenants and conditions hereof beyond applicable cure periods, Tenant shall have, have the right and option to extend the Term of this Lease for one (1) period consecutive additional term(s) of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months 120-days prior written notice to the expiration Landlord. Such extension or renewal of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of on the same terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to as provided for in the then-current Fixed Term provided however that Base Rent for the first year of the renewal term shall be calculated based on ninety-five (95%) percent of Fair Market Rent as hereinafter defined. “Fair Market Rent” shall mean the amount of Base Rent a new tenant with comparable net worth and creditworthiness as Tenant has paid for comparable space in a similar building within the same general area of Pompano Beach, Florida, as the Property within the prior six (6) month period. After receipt by Landlord of Tenant’s renewal notice, Landlord and Tenant will have a period of twenty (20) days within which to agree on the Fair Market Rent. If Landlord and Tenant agree on the Fair Market Rent, then they shall immediately execute an amendment to the Lease stating the agreed upon amount equal to the Fair Market Rent. If Landlord and Tenant are unable to agree for any reason on the fair Market Rent within said twenty (20) day period, then the parties agree that the current Fair Market Rent will be based upon an amount as determined by a board of three (3) licensed real estate brokers. Landlord and Tenant shall each appoint one (1) broker within seven (7) days after expiration of the twenty (20) day period, or sooner if mutually agreed upon, satisfying the requirements set forth below. The two (2) brokers so appointed shall elect a third (3rd) broker within seven (7) days after they both have been appointed. Each broker shall be licensed in the State of Florida as a real estate broker, specializing in the field of commercial leasing and having no less than five (5) years experience in such field, and recognized as ethical and reputable within his or her field. Each broker, within seven (7) days after the third broker is selected, shall submit his or her determination of the Fair Market Rent. The “CPI Adjustment Amount” is calculated by multiplying current Fair Market Rent for purposes of this Lease shall be the Fixed mean of the two closest rental rate determinations. In arriving at their individual determinations of Fair Market Rent, each broker shall consider the standard set forth in this Section 11.01 and shall also analyze all the components of the Lease, and apply to them the current market factors. Base Rent payable for the last renewal term shall increase each year of the initial Term applicable renewal term by a ratio, 3% over the numerator previous years’ Base Rent. The renewal option contained herein shall automatically terminate upon the earlier to occur of which is (1) the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics expiration of the United States Department then applicable Term if a Renewal Notice has not been given, or (2) the early termination of Labor this Lease as a result of Tenant's Default or (2) the “Index”) on the date nearest the commencement date early termination of Tenant’s right to possession of the Renewal Term, and the denominator Leased Premises as a result of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodTenant's Default.

Appears in 1 contract

Samples: Commercial Lease Agreement (Basanite, Inc.)

Renewal Option. Landlord hereby grants to Tenant, and The Tenant shall have, have the right and option to extend privilege of renewing the Term of this Lease for one a further term of Five (5) Years on the same terms and conditions as contained herein save and except for Basic Annual Rental Rate which shall be negotiated at then current market rates (but not to exceed $6.50 per sq. ft. per annum) and save and except for a further automatic right of renewal. Notice of the Tenant exercising this right of renewal must be given to the Landlord in writing at least Six (6) Months prior to the expiration of the extended term herein. Except as amended herein, all other terms of the Lease shall remain in full force and effect. Canadian Tomken Inc. Per: /Signature/ Date: Nov 22 / 99 ------------------ -------------- Doug Bibby-President Delphax Systems Per: /Signature/ Xxxx: Dec 24 / 99 ------------------ -------------- We have authority to bind our respective parties. 2ND AMENDMENT TO LEASE AGREEMENT DATED 29TH JUNE 1989 BETWEEN CANADIAN TOMKEN INC. AND DELPHAX SYSTEMS Both parties have discussed and agreed to amend the lease agreement as follows: Clause I -TERM The termination date is extended to August 31, 2000. Clause III - ADDITIONAL RENT Rental rates per square foot for calculation of basic annual rent are agreed to: From September 1) , 1995 to August 31, 1997: $4.00 From September 1, 1997 to August 31, 2000: $4.50 RENEWAL OPTION The tenant shall have the option of renewing the term for a further period of five (5) years (following the “Renewal Term”)expiration of the extended term, on the same terms and conditions as contained in the lease agreement except for rental amount. The Renewal Term rental amount in the period will be negotiated based on the market conditions and not to exceed $5.00 per square feet. The tenant shall commence upon give written notice to exercise such option to renew to the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election landlord to extend this Lease for the Renewal Term not that effect no less than six (6) months prior to the expiration of the initial Termlease term at which time the rental amount would be agreed mutually. All other terms and conditions remain unchanged. CANADIAN TOMKEN INC. DELPHAX SYSTEMS Per /Signature/ Per /Signature/ ------------------ ---------------- Dated Feb 23/95 Dated February 23/95 ----------------- -------------- AMENDMENT TO LEASE AGREEMENT DATED 29TH JUNE 1989 BETWEEN CANADIAN TOMKEN INC. AND DELPHAX SYSTEMS Both parties have discussed and agreed to amend the lease agreement. Clause I -GRANT The area described as 25,000 square feet is changed to 24,038 square feet. Clause II -TERM The termination date is extended to August 31, time being 1995. Clause III - RENT AND ADDITTONAL RENT Rental rates per square foot for calculation of basic annual rent are changed to: From September 1, 1992 to May 31, 1993: $6.00 From June 1, 1993 to August 31, 1994: $5.00 From September 1, 1994 to August 31, 1995 $4.00 RENEWAL OPTION The tenant shall have the option of renewing the term for a further period of two years following the expiration of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given extended term, on the same terms and conditions as contained in the manner hereinafter providedlease agreement except for rental amount. If Landlord does not receive such The tenant shall give written notice as and when required herein, to exercise such option to renew to the Renewal Term shall terminate and be of landlord to that effect no further force or effect, and this Lease shall expire as less than six (6) months prior to the expiration of the then-scheduled expiration datelease term at which time the rental amount would be agreed mutually. The Renewal Term shall be upon all of the terms, covenants . All other terms and conditions of this Leaseremain unchanged. CANADIAN TOMKEN INC. DELPHAX SYSTEMS Per /Signature/ Per /Signature/ -------------- ---------------- Dated June 13/93 Dated June 1/93 -------------- --------------- THIS LEASE, except that dated the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first 29th day of the third Lease Year. IfJune, during the Lease Term the Bureau of Labor Statistics ceases 1989, is made pursuant to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.THE SHORT FORMS OF LEASES ACT OF ONTARIO

Appears in 1 contract

Samples: Lease Agreement (Delphax Technologies Inc)

Renewal Option. Landlord hereby grants to TenantProvided that Lessee (at the time of the delivery of the Extension Notice and at the end of the initial Lease Term) is not in default of the Lease (beyond all applicable cure periods), and Tenant Lessee shall have, the right and option to extend the Term of this Lease for have one (1) period of five (5) years year renewal option by providing irrevocable notice (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election "Extension Notice") to extend this Lease for the Renewal Term not less than Lessor at least six (6) months prior to the expiration end of the initial Lease Term. Terms and conditions for such renewal term shall be at a continuation of the Base Rental schedule (including escalations in accordance with Paragraph 3 of the Lease). Lessee's renewal option shall be applicable regardless of whether Lessee or an assignee or sublessee of Lessee occupies all or any portion of the Premises. Notwithstanding the previous sentence (and irrespective of the amount of space at the Premises that Lessee subleases at the time it delivers the Extension Notice), if, at the end of the initial Lease Term, time being Lessee is then currently subleasing more than fifty percent (50%) of the essence Premises to a person or entity other than an Affiliated Company (as such term is defined in Special Stipulation X above), Lessee's Renewal Option shall be null and void and of no further force and/or effect and the Lease Term shall terminate at the end of the initial Lease Term. Further, if at any time during the initial Lease Term, Lessee provides Lessor with notice that Lessee intends to assign the Lease and the entire Premises to a person or entity other than an Affiliated Company (and such assignment includes the Renewal Option), Lessor shall have the option (but not the obligation) to recapture the entire Premises (with such recapture to become effective as of the effective date of the proposed assignment), by providing Lessee with written notice (the "Recapture Notice") of Lessor's election to so recapture the entire Premises, on or prior to that date which is five (5) business days following Lessee's notice to Lessor of such proposed assignment. Lessor's failure to timely provide Lessee with the Recapture Notice shall render Lessor's recapture right (as described herein) (with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as proposed assignment) null and when required herein, the Renewal Term shall terminate void and be of no further force or and/or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term Option under this Special Stipulation XIII shall be upon all of exercisable only with respect to the terms, covenants and conditions of entire Premises under this Lease, except that including the Fixed Rent shall be increased by adding entire Additional Space (as defined in Special Stipulation XIV) if the CPI Adjustment Amount (defined below) Additional Space has been leased pursuant to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of Special Stipulation XIV during the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Lease Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.

Appears in 1 contract

Samples: Lease (Somera Communications Inc)

Renewal Option. Landlord hereby grants to TenantA. If Tenant has not committed an Event of Default more than twice during the Term (as such Term may have previously been extended), and Tenant shall haveis occupying the entire Premises at the time of such election, Tenant may renew the right and option to extend the Term of this Lease for one two (12) period additional periods of five three (53) years (the each, a “Renewal Term”). The Renewal Term shall commence upon the day next following the last day , by delivering written notice of the initial Term. Tenant shall notify exercise thereof (the “Renewal Notice”) to Landlord in writing of its election to extend this Lease for the Renewal Term not less earlier than nine (9) months nor later than six (6) months prior to before the expiration of the initial Extension Term, time being of or the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in first Renewal Term, as the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration datecase may be. The Base Rent payable for each month during each Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor prevailing rental rate (the “IndexPrevailing Rental Rate), at the commencement of the subject Renewal Term, for renewals of space in the Project of equivalent quality, size, utility and location, with the length of the Renewal Term, the credit standing of Tenant and the condition of the improvements to the Premises to be taken into account. Within thirty (30) days after receipt of Tenant’s Renewal Notice for the subject Renewal Term, Landlord shall deliver to Tenant written notice of the Prevailing Rental Rate for the subject Renewal Term and shall advise Tenant of the required adjustment to Rent, if any, and the other terms and conditions offered. Tenant shall, within ten (10) days after receipt of Landlord’s notice, notify Landlord in writing whether Tenant accepts or rejects Landlord’s determination of the Prevailing Rental Rate, and if Tenant rejects Landlord’s determination, Tenant shall indicate whether Tenant desires to determine the Prevailing Rental Rate in accordance with Paragraph B below. If Tenant timely delivers the Renewal Notice to Landlord, and Tenant timely notifies Landlord that Tenant accepts Landlord’s determination of the Prevailing Rental Rate, then, on the date nearest or before the commencement date of the subject Renewal Term, Landlord and the denominator of which is the Index as of the first day of the third Lease Year. If, during Tenant shall execute an amendment to the Lease extending the Term on the Bureau of Labor Statistics ceases to maintain same terms provided in the IndexLease, then such other index or standard except as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.follows:

Appears in 1 contract

Samples: Lease (Qualstar Corp)

Renewal Option. Landlord hereby grants to Tenant, and If Tenant shall have, the right duly and option to extend the Term of this Lease for one (1) period of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon faithfully perform all of the terms, covenants and conditions of this Lease and so long as Tenant has not notified Landlord of its desire to assign the Lease or sublet all or any portion of the Premises, Tenant shall have the right exercisable by giving written notice to Landlord not later than October 31, 1998, to extent the Term of this Lease for the five year period of February 1, 1999, to January 31, 2004, upon the same terms and conditions as contained in the Lease, except that the Fixed Base Rent for the Premises shall be at 95% of the then prevailing market rate for comparable space in the Building as determined by the Landlord, the Additional Rent shall be increased the same as then being offered by adding the CPI Adjustment Amount Landlord for comparable space in the Building (defined below) to without any limitation on the then-current Fixed RentOperating Expense Escalation Amount). The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year If Tenant shall duly and faithfully perform all of the initial terms, covenants and conditions of this Lease and has exercised its option to extend the Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department Lease to January 31, 2004, and so long as Tenant has not notified the Landlord of Labor (its desire to assign the “Index”) on the date nearest the commencement date Lease or sublet all or any portion of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoingPremises, Tenant shall have no the right exercisable by giving written notice to renew this Lease ifLandlord not later than October 31, either at the time Tenant notifies Landlord of its election 2003, to extend this the Term of the Lease or for the five year period of February 1, 2004 to January 31, 2009, upon the commencement date same terms and conditions contained in the Lease, except that the Base Rent for the Premises shall be at 95% of the Renewal Termthen prevailing market rate for comparable space in the Building as determined by Landlord, Tenant is the Additional Rent shall be the same as then being offered by Landlord for comparable space in default hereunder beyond the Building (without any applicable grace or cure periodlimitation on the Operating Expense Escalation Amount).

Appears in 1 contract

Samples: Lease Amendment Agreement (Mobius Management Systems Inc)

Renewal Option. Landlord hereby grants to Tenant, (a) Provided this Lease is in effect and Tenant is not in default hereunder beyond the expiration of any applicable grace, notice and/or cure periods, either at the time of the exercise of this option or at the time of the commencement of the Renewal Term, Tenant shall have, have the right and option to extend renew the Term of this Lease initial term for one (1) period of ), five (5) years year renewal term (the “Renewal Term”). The Renewal Term shall commence ) upon the day next following the last day of the initial Term. Tenant shall notify Landlord same terms as in writing of its election to extend this Lease for Confidential Treatment Requested by Compass, Inc. Pursuant to 17 C.F.R. Section 200.83 (including items of Additional Rent and escalations), except that (i) the Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, Minimum Rent during the Renewal Term shall terminate and be of no further force or effectdetermined as provided below, and this Lease shall expire as of (ii) the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable Base Operating Factor for the last year of the initial Term by a ratioentire Premises (ie., the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, 10th and 11th Floors and the denominator of which is Fifth Amendment Current Premises) shall mean the Index as of Operating Expenses for the first day of 2025 calendar year, (iii) the third Lease Year. IfBase Tax Amount for the entire Premises (ie., during the Lease Term 10th and 11th Floors and the Bureau of Labor Statistics ceases to maintain Fifth Amendment Current Premises) shall mean the IndexTaxes due for the New York City fiscal tax year commencing July 1, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing2025 and ending June 30, 2026 and (iv) Tenant shall have no right to renew this the Term of the Lease iffor any period beyond the Renewal Term. Tenant shall exercise its option with respect to the Renewal Term, either if at the time all, by giving written notice to Landlord on or before February 28, 2024. The failure by Tenant notifies Landlord to duly give notice of its election exercise of its right to extend renew the Term shall be deemed a waiver of such right. Upon Landlord’s receipt of such notice from Tenant, this Lease Lease, subject to the provisions of this Article, shall be automatically extended for the Renewal Term with the same force and effect as if the Renewal Term had been originally included in the Term. The Minimum Rent during the Renewal Term shall be the fair market Minimum Rent as determined pursuant to the provisions hereof, by arbitration or upon by agreement of Landlord and Tenant as of the commencement date of the Renewal Term. Landlord shall not be responsible for any fees or commissions due to any broker or other agent with which Tenant has had dealings in connection with the Renewal Term unless otherwise agreed to in writing by Landlord and Tenant shall indemnify, Tenant is in default hereunder beyond defend and hold Landlord harmless from and against any applicable grace and all loss, cost, liability and expense arising out of any claim made by any of such brokers or cure periodagents. The renewal option set forth herein may only be exercised by the Named Tenant.

Appears in 1 contract

Samples: Lease (Urban Compass, Inc.)

Renewal Option. Landlord hereby grants to TenantProviding Tenant is not in default under this Lease, and -------------- Tenant shall have, have the right and option to extend the Term of renewal this Lease for one (1) period of two consecutive five (5) years (the “Renewal Term”)year periods. The Renewal Term shall commence upon Base Rent for the day next following option period will be the last day Fair Rental Value Base Rent (as determined below) in the competitive rental market in which the Building is located at the time of the renewal. In the event Tenant fails to give notice to Landlord of Tenant's exercise of the first renewal option at least 180 days prior to the expiration or termination of the initial Lease Term, both of these options shall expire and Tenant's option to renew this Lease shall terminate. If Tenant timely exercises the first option and is not in default under this Lease, Tenant may exercise the second option by giving notice to Landlord at least 180 days prior to the expiration or termination of the first renewal term, and the second option shall expire and Tenant's option to renew this Lease shall terminate if it fails to timely exercise the option. Time is of the essence. If either or both of these options are properly exercised, then the term of that renewal period shall be included in the definition of Lease Term and, except for the adjustment of Rent and Base Year as provided below, all of the provisions of this Lease shall apply to the renewal term(s). If Tenant properly exercises one or both of the renewal options, then within 20 days thereafter, Landlord shall deliver to Tenant its computation of the fair rental value Base Rent for the Leased Premises for that renewal five- year period and the Base Year or Expense Stop that applies to it, which shall be determined without any allowance or reduction for brokerage commissions or leasing fees, tenant improvements, free rent or other rental concessions and without regard to the condition of or tenant improvements in the Leased Premises ("Fair Rental Value Base Rent"). Tenant shall notify Landlord in writing within 15 days after it receives Landlord's computation of its election to extend this Lease Fair Rental Value Base Rent if it disagrees with Landlord's proposal for the Renewal Term Fair Rental Value Base Rent for the applicable five-year period. If Tenant gives such a notice and Landlord and Tenant cannot less than six (6) months prior to agree upon the expiration Fair Rental Value Base Rent within 15 days thereafter, then Landlord and Tenant shall select a commercial real estate broker who specializes in leasing commercial office space in the market area of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given Building and who has leased commercial office space in the manner hereinafter provided. If Landlord does not receive such written notice Denver metropolitan area for at least the preceding 10 years ("Commercial Broker") to determine the Fair Rental Value Base Rent (as and when required herein, the Renewal Term shall terminate and be of no further force or effectdefined above), and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be if they cannot agree upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.single Commercial Broker within 10

Appears in 1 contract

Samples: Office Lease (Commnet Cellular Inc)

Renewal Option. Landlord hereby grants to TenantProvided Tenant is in possession of the Premises and is not in default of any term, and covenant or condition of this Lease, Tenant shall have, have the right and option to extend renew the Term term of this Lease for one (1) additional period of five (5) years (the "Renewal Term”). The Renewal Term shall ") to commence immediately upon the day next following the last day expiration of the initial Lease Term upon the same terms, covenants and conditions as contained in this Lease except that (i) the Base Rental at the "Prevailing Market Rate"; (ii) there shall be no abatement of rent; (iii) Landlord shall not be obligated to construct, pay for, or grant an allowance with respect to improvements to the premises unless otherwise specifically provided for in this Lease, and (iv) there shall be no further option to renew the Lease Term, except as specifically provided herein. The Prevailing Market Rate shall mean the then current market renewal rental activity for Class A office space in the Westshore area of Tampa, Florida. In order to exercise the options granted herein, Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term writing, not less than six twelve (612) months prior to the expiration of the initial Lease Term that it is exercising its option to renew the Lease Term. On receipt of such notice, time being Landlord will in writing, not less than thirty (30) days after receipt of a notice from Tenant, notify Tenant what the Base Rental will be for such Renewal Term. Tenant shall within fifteen (15) days of Landlord's notice of the essence with respect to Base Rental for such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and notify Landlord if Tenant accepts or disputes such Base Rental. If Tenant notifies Landlord within the denominator aforesaid fifteen (15) day period that Tenant disputes the Base Rental quoted by Landlord, the parties shall during the following thirty (30) days negotiate in good faith to determine the Base Rental for such Renewal Term. If within said thirty (30) day period the parties are unable to agree on the Base Rental, then within ten (10) days thereafter, each party shall select a duly qualified licensed appraiser experienced in appraising commercial property in the vicinity of which the Building who will submit appraisals for the Premises within thirty (30) days of their appointment. If the difference between the appraisals is five percent (5%) or less, the Index as Base Rental shall be determined by the average of the two appraisals. If the difference is greater than five percent (5%) then the two appraisers shall select a third qualified appraiser who will submit an appraisal within thirty (30) days following the submission of the first day appraisal. The Base Rental shall then be the average of the two closest appraisals. The fees of such appraiser shall be paid by the party appointing the appraiser. The fees of the third Lease Year. Ifappraiser, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Indexif any, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining shared equally by the amount of any such adjustmentparties. Notwithstanding In the foregoingevent the Tenant exercises the option, Landlord and Tenant shall have no right to renew execute a modification of this Lease if, either acknowledging said renewal and setting forth the Base Rental. The option shall be void if at the time of such option Tenant notifies Landlord is not in possession of its election to extend the Premises or is in default of this Lease or upon Tenant fails to deliver the commencement date of requisite notice thereof within the Renewal Termtime period specified. The option granted herein shall not be severed from the Lease, Tenant is in default hereunder beyond any applicable grace separately sold, assigned or cure periodtransferred.

Appears in 1 contract

Samples: Lease Agreement (Florida Business Bancgroup Inc)

Renewal Option. Landlord hereby grants to Tenant, Lessor and Tenant shall have, Lessee agree that the right and option to extend the Term term of this Lease may, at the option of Lessee, be extended for one (1) period additional term of five (5) years (the “"Renewal Term"). The Renewal Term shall commence upon ; provided that, (i) this Lease is in full force and effect and no condition or event of default exists uncured at the day next following the last day time of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for and at the commencement of the Renewal Term Term; (ii) Lessee gives written notice to Lessor, not more than eight (8) months nor less than six (6) months prior to the expiration end of the initial TermTerm of this Lease advising Lessor of Lessee's conditional election to extend the Term of this Lease; (iii) within fifteen (15) days of receipt of Lessee's conditional exercise of its option to extend the term of this Lease, Lessor shall advise Lessee of what it determines to be the then prevailing market Base Rent Rate for comparable space in the Building at the time being the Renewal Term commences and failure of the essence with respect Lessor to such notification. Notice respond within ten (1) business days after receipt thereof shall be deemed sufficient if given a response that there is no increase in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, Base Rent Rate for the Renewal Term Term; and (iv) within fifteen (15) days of receipt of Lessor's determination of the prevailing market Base Rent Rate ("as is" with no broker commission payable space), Lessee shall terminate and either (a) rescind its election, or (b) confirm its election--failure of Tenant to respond shall be a rescission of no further force or effect, and its election. The renewal of this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants same terms and conditions of this Lease, except that (a) the Fixed Base Rent during the Renewal Term shall be increased by adding the CPI Adjustment Amount prevailing market Base Rent rate (defined belowsimilarly defined) to for space in a similar building in The Woodlands area at the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial time Renewal Term by a ratiocommences, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100b) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant Lessee shall have no right option to renew this Lease ifbeyond the Renewal Term set out above, either (c) the leasehold improvements will be provided in their then existing condition (on an "as is" basis) at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal TermTerm commences, Tenant is in default hereunder beyond any applicable grace or cure period.(d) the "

Appears in 1 contract

Samples: Lease Agreement (Exult Inc)

Renewal Option. Landlord hereby grants to TenantIf: (i) Tenant is not in default past applicable notice and cure periods at the time of exercising the renewal option and at the commencement of the renewal term; and (ii) the original Tenant has not assigned the Lease or sublet the Premises; at the time of such election and at the commencement of the renewal term, and then Tenant shall have, the right and option to extend the Term of may renew this Lease for one two (12) period additional consecutive periods of five (5) years each, by delivering written notice of the exercise thereof (the “Renewal TermNotice”) to Landlord not earlier than twelve (12) months nor later than nine (9) months before the expiration of the then-current term. The Minimum Monthly Rent payable for each month during such extended Lease Term shall be the prevailing rental rate at the commencement of such extended Lease Term for renewals of space in the Building of equivalent quality, size, utility and location, with the length of the extended Lease Term and the credit standing of Tenant to be taken into account (the “Prevailing Rental Rate”). The Within thirty (30) days after receipt of Tenant’s Renewal Term Notice, Landlord shall commence upon the day next following the last day deliver to Tenant written notice of the initial TermPrevailing Rental Rate and shall advise Tenant of the required adjustment to Minimum Monthly Rent, if any, and the other terms and conditions offered. Tenant shall shall, within ten (10) days after receipt of Landlord’s notice, notify Landlord in writing whether Tenant accepts or rejects Landlord’s determination of its election the Prevailing Rental Rate. If Tenant and Landlord are unable to extend this Lease for the Renewal Term agree on a mutually acceptable Prevailing Rental Rate not less later than six sixty (660) months days prior to the expiration of the initial Termthen-current term, time being then Landlord and Tenant shall each appoint a qualified broker doing business in the area, in turn those two independent brokers shall appoint a third broker and the Prevailing Rental Rate for the Premises as of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as expiration of the then-scheduled expiration date. The Renewal Term current term shall be upon all the rate in the middle of the terms, covenants rates as determined by the three (3) brokers. Landlord and conditions Tenant shall equally share in the expense of this appraisal. Tenant shall, within five (5) Business Days of such determination of the Prevailing Rental Rate, notify Landlord in writing whether Tenant elects to renew the Lease. In the event Tenant timely elects to renew the Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest or before the commencement date of the Renewal applicable extended Lease Term, Landlord and the denominator of which is the Index as of the first day of the third Tenant shall execute an amendment to this Lease Year. If, during extending the Lease Term on the Bureau of Labor Statistics ceases to maintain the Indexsame terms provided in this Lease, then such other index or standard except as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.follows:

Appears in 1 contract

Samples: Office Lease Agreement (Inovio Pharmaceuticals, Inc.)

Renewal Option. Landlord hereby grants to TenantIf Tenant has not committed an uncured Event of Default at any time during the Term, and Tenant shall haveis occupying the entire Premises at the time of such election, the right and option to extend the Term of Tenant may renew this Lease for one (1) additional period of five (5) years years, by delivering written notice of the exercise thereof to Landlord not earlier than twelve (12) months nor later than nine (9) months before the expiration of the Term. The Base Rent payable for each month during such extended Term shall be the prevailing rental rate (the “Renewal TermPrevailing Rental Rate”). The Renewal Term shall commence upon , at the day next following commencement of such extended Term, for renewals of readily available and occupiable space for comparable market spec buildings with a five to ten percent standard office finish (not including any build-to-suit buildings) in the last day North I-25 industrial submarket, of equivalent quality, size, utility and location, with the length of the initial Termextended Term (or the prior extended term, as applicable) and the credit standing of Tenant to be taken into account, but not the value of any specialized improvements unique to Tenant’s operations nor the value of any Tenant improvements paid for by Tenant. Within thirty (30) days after receipt of Tenant’s notice to renew, Landlord shall deliver to Tenant written notice of the Prevailing Rental Rate and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Tenant shall shall, within ten (10) days after receipt of Landlord’s notice, notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration whether Tenant accepts or rejects Landlord’s determination of the initial Term, time being Prevailing Rental Rate. If Tenant timely notifies Landlord that Tenant accepts Landlord’s determination of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinPrevailing Rental Rate, the Renewal Term shall terminate and be of no further force then, on or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest before the commencement date of the Renewal extended Term, Landlord and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right execute an amendment to renew this Lease ifextending the Term on the same terms provided in this Lease, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.except as follows:

Appears in 1 contract

Samples: Industrial Lease Agreement (Solid Power, Inc.)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, an option (the right and option "Option") to extend the Term term of this Lease for one (1) additional period of five (5) years (the "Renewal Term”). The Renewal Term shall commence upon ") under the day next following the last day of the initial Termterms set forth below. Tenant shall notify Landlord in writing not be entitled to exercise the Option unless each of the following conditions shall be fully satisfied at the time of its election exercise: (i) the Lease shall be in full force and effect; (ii) the Tenant originally named in this Lease, or its permitted assignees, shall be in possession of the entire Premises; and (iii) Tenant shall not then be in default under any of the material terms, provisions, covenants or conditions of the Lease beyond any applicable notice and cure periods. In order to extend this Lease for exercise the Renewal Term Option, Tenant must first give written request to Landlord, not less than six twelve (612) months prior to the expiration Expiration Date of the initial TermInitial Lease Term for delivery of Landlord's determination of Market Rent, time being of the essence with respect to such notificationas defined below. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Base Rent for each Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) equal to the then-current Fixed Market Rent, as determined in accordance with this section ("Market Rent"). The “CPI Adjustment Amount” is calculated by multiplying the Fixed Within thirty (30) days following its receipt of Tenant's request, Landlord shall advise Tenant of Market Rent payable for the last each year of the initial Term by a ratio, the numerator of which is the Consumer Price Index respective Renewal Term. Market Rent (including escalations for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date successive years of the Renewal Term, and the denominator of which is the Index as ) shall be determined by Landlord in its reasonable judgment. Landlord's determination of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index Market Rent shall be used based, as Landlord reasonably deems appropriate, upon then current and projected rents for space in determining the Building, adjusted for any special conditions applicable to such space and leases, for location, length of term, amount of any such adjustmentspace and other factors Landlord deems relevant in computing rents for space in the Building, including adjustments for anticipated inflation. Notwithstanding Tenant may exercise its option by notifying Landlord; within 30 days from the foregoing, date on which Tenant shall have no right to renew this Lease if, either at the time Tenant notifies was first advised by Landlord of its election determination of Market Rent, that Tenant has elected to extend this exercise the Option at the Market Rent determined by Landlord or proceed as provided below. If Tenant exercises the Option as provided, the Expiration Date of the Lease or upon shall be extended for the commencement date length of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.Term and Base Rent shall be adjusted to

Appears in 1 contract

Samples: Cybear Inc

Renewal Option. Landlord hereby grants to TenantSo long as there is then no uncured Event of Default by Tenant under this Lease and there have not been two or more monetary events of default by Tenant during the Initial Term, and Tenant shall have, have the right and option to extend the Term of renew this Lease (the “Renewal Option”) for one (1) period additional term of five (5) years (the “Renewal TermPeriod). The Renewal Term shall commence upon the day next following the last day ) by delivery of written notice of the initial Term. Tenant shall notify exercise of such Renewal Option to Landlord in writing of its election to extend this Lease for (the Renewal Term not less Notice”) no earlier than six twelve (612) months nor later than nine (9) months prior to the expiration of the initial Initial Term, time being of . In the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord event that Tenant does not receive such written notice as timely and when required hereinproperly exercise Tenant’s Renewal Option, the Renewal Term all rights of renewal set forth in this Section, shall terminate and be of no further force or effect, and this Lease shall expire . Tenant must exercise the Renewal Option as to all of the then-scheduled expiration datethen existing Premises. The Renewal Term Period shall be upon all of on the terms, covenants same terms and conditions of as are provided in this Lease, except that the Fixed Base Rent for the Renewal Period shall be increased by adding equal to the CPI Adjustment Amount Fair Market Value Rental (defined in Section 17.27 below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year as of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal TermFair Market Value Rental Notice, and the denominator of which is the Index as of the first day of the third Lease Yearthere shall be no Improvement Allowance. If, during If the Lease Term the Bureau of Labor Statistics ceases is extended pursuant to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date Tenant’s exercise of the Renewal TermOption, Landlord shall prepare, and Landlord and Tenant is in default hereunder beyond any applicable grace will execute and deliver an amendment to this Lease extending the Term and specifying the new Base Rent as the Fair Market Value Rental; provided, however, that the failure of the parties to enter into such an amendment will not affect the validity of Tenant’s exercise of the Renewal Option or cure periodthe obligations of the parties during the Renewal Period.

Appears in 1 contract

Samples: Lease (Tesco Corp)

Renewal Option. Landlord hereby grants to Tenant, Provided that no event of default or sublease has ever occurred under any term or provision contained in this Lease and Tenant is not in default beyond any applicable grace and cure period pursuant to this Lease, Tenant (but not any assignee or sublessee) shall have, have the right and option to extend the Term of this Lease for one (1) period of five (5) years (the “Renewal TermOption). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify ) to renew this Lease, by written notice delivered to Landlord in writing of its election to extend this Lease for the Renewal Term not less no later than six nine (69) months prior to the expiration of the initial Lease Term, time being for an additional term (the “Renewal Term”) of sixty (60) months under the same terms, conditions and covenants contained in the Lease, except that (a) no abatements or other concessions, if any, applicable to the initial Lease Term shall apply to the Renewal Term; (b) the Base Rental shall be equal to the market rate for comparable office space located in the Building as of the essence with respect end of the initial Lease Term as reasonably determined by Landlord, (c) Tenant shall have no option to renew this Lease beyond the expiration of the Renewal Term; and (d) all leasehold improvements within the Premises shall be provided in their then existing condition (on an “As Is” basis) at the time the Renewal Term commences. Failure by Tenant to notify Landlord in writing of Tenant’s election to exercise the Renewal Option herein granted within the time limits set forth for such notificationexercise shall constitute a waiver of such Renewal Option. Notice thereof In the event Tenant elects to exercise the Renewal Option as set forth above, Landlord shall, within thirty (30) days thereafter, notify Tenant in writing of the proposed rental for the Renewal Term (the “Proposed Renewal Rental”). Tenant shall within thirty (30) days following delivery of the Proposed Renewal Rental by Landlord notify Landlord in writing of the acceptance or rejection of the Proposed Renewal Rental. If Tenant accepts Landlord’s proposal, then the Proposed Renewal Rental shall be the rental rate in effect during the Renewal Term. Failure of Tenant to respond in writing during the aforementioned thirty (30) day period shall be deemed sufficient if given in an acceptance by Tenant of the manner hereinafter providedProposed Renewal Rental. If Should Tenant reject Landlord’s Proposed Renewal Rental during such thirty (30) day period, then Landlord does not receive such written notice as and when required herein, Tenant shall negotiate during the thirty (30) day period commencing upon Tenant’s rejection of Landlord’s Proposed Renewal Rental to determine the rental for the Renewal Term. In the event Landlord and Tenant are unable to agree to a rental for the Renewal Term during said thirty (30) day period, then the Renewal Option shall terminate and be of no further force or effectnull and void and the Lease shall, pursuant to its terms and this Lease shall expire as provisions, terminate at the end of the then-scheduled expiration dateoriginal Lease Term. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date Upon exercise of the Renewal TermOption by Tenant and subject to the conditions set forth hereinabove, and the denominator Lease shall be extended for the period of which is such Renewal Term without the Index as necessity of the first day execution of any further instrument or document, although if requested by either party, Landlord and Tenant shall enter into a written agreement modifying and supplementing the Lease in accordance with the provisions hereof. Any termination of the third Lease Year. If, during the initial Lease Term shall terminate all renewal rights hereunder. The renewal rights of Tenant hereunder shall not be severable from the Bureau of Labor Statistics ceases to maintain the IndexLease, then nor may such other index rights be assigned or standard as will most nearly accomplish the aim or purpose otherwise conveyed in connection with any permitted assignment of the Index shall be used in determining the amount of Lease. Landlord’s consent to any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date assignment of the Renewal Term, Tenant is in default hereunder beyond Lease shall not be construed as allowing an assignment of such rights to any applicable grace or cure periodassignee.

Appears in 1 contract

Samples: Office Lease Agreement (Quest Resource Corp)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, at its option (each such option being referred to herein as a "Renewal Option"), the right to renew and option to extend the Term of this Lease for one (1) period two consecutive terms of five (5) years each (the “each such renewal term being referred to herein as a "Renewal Term"). The first Renewal Term shall commence immediately upon the day next following the last day expiration of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for Term and the second Renewal Term not less shall commence immediately upon the expiration of the first Renewal Term by Tenant's giving written notice thereof to Landlord no earlier than six twelve (612) months months, and no later than nine (9) months, prior to the expiration of the then existing initial Term or Renewal Term, as the case may be. Once Tenant shall exercise any Renewal Option, Tenant may not thereafter revoke such exercise, except as expressly set forth below. Tenant shall not have the right to exercise any Renewal Option at a time being that an Event of Default (or an event which with notice and/or lapse of time could become an Event of Default) under this Lease has occurred. Tenant's failure to exercise timely a Renewal Option for any reason whatsoever shall conclusively be deemed a waiver of such Renewal Option and any future Renewal Option. At Landlord's option, Landlord may adjust the Annual Rent for any Renewal Term to an annual rate equal to the Fair Market Value Rate (as hereinafter defined) as of the essence with respect commencement of such Renewal Term. As used in this Lease, "Fair Market Value Rate" shall mean the fair market value rental rate per square foot of rentable area per year in effect at the commencement of the applicable Renewal Term for comparable tenants taking comparable space in comparable conditions under comparable terms in comparable buildings in the same rental market (hereinafter called "Comparable Buildings"); provided, however, that in no event shall the Annual Rent for the first Renewal Tenn be less than the Annual Rent for the last twelve (12) months of the initial Term and in no event shall the Annual Rent for the second Renewal Term be less than the Annual Rent for the last twelve (12) months of the immediately preceding Renewal Term. It is also agreed and understood that the Fair Market Value Rate shall include: (a) rent; and (b) rental operating expenses, property tax, and utility and expense adjustments that are being included as part of the terms and conditions of industrial tenant leases for comparable tenants in Comparable Buildings as of the time of determination of the Fair Market Value Rate. Landlord shall advise Tenant within fifteen (15) days after Tenant exercises any Renewal Option of the Fair Market Value Rate which shall be in effect as of the commencement date of the respective Renewal Term. Tenant shall then have fifteen (15) days to notify Landlord of its acceptance or rejection of the Fair Market Value Rate for such notificationRenewal Term. Notice thereof In the event Tenant fails to so notify Landlord within such fifteen (15) day period, Tenant shall be deemed sufficient if given to have accepted the Fair Market Value Rate proposed by Landlord. Notwithstanding the prohibition on Tenant's right to revoke its exercise of the Renewal Option, in the manner hereinafter provided. If event Tenant and Landlord does not receive are unable to agree on the Fair Market Value Rate for any Renewal Term within sixty (60) days after Tenant exercises its Renewal Option for such written notice as and when required hereinRenewal Term, Tenant shall be deemed to have revoked the Renewal Term Option and such Renewal Option, together with any future Renewal Option, shall terminate be deemed null and be void and of no further force or effect. Tenant shall take the Premises "as is" for any Renewal Term and Landlord shall have no obligation to make any improvements or alterations to the Premises. Except as set forth in this Article, and this Lease shall expire as the leasing of the then-scheduled expiration date. The Premises for any Renewal Term shall be upon the same terms and conditions as the leasing of the Premises for the initial Term and shall be upon and subject to all of the terms, covenants and conditions provisions of this Lease, except that the Fixed Rent . Any Renewal Option granted to Tenant under this Article shall be increased personal to Tenant and shall not be transferred, encumbered, or assigned by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year Tenant or in any manner transferred to, or exercised by, any subtenant of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodTenant.

Appears in 1 contract

Samples: Lease (Lmi Aerospace Inc)

Renewal Option. Landlord hereby grants Provided Tenant has not terminated the Lease pursuant to Tenantparagraph 4 of this Seventh Amendment to Agreement of Lease, and Tenant shall have, have the right and option to extend the Term term of this the Lease for the Building #3 Space only for two (2) consecutive terms of one (1) period of five (5) years year each (the "Sixth Renewal Term" and the "Seventh Renewal Term," respectively). The Sixth Renewal Term shall commence upon the day next immediately following the last day expiration of the initial Fifth Renewal Term, and the Seventh Renewal Term shall commence immediately following expiration of the Sixth Renewal Term, if applicable. So long as Tenant shall notify Landlord is not in writing default of its election the Lease, Tenant may exercise the right to extend this the term of the Lease for the Sixth Renewal Term not and Seventh Renewal Term only by delivering to Landlord written notice of Tenant's exercise of such right no less than six three (63) months prior to the expiration of the initial Termextant renewal term, time being of the essence with respect to such notificationessence. Notice thereof shall be deemed sufficient if given in The terms and conditions of the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Fifth Renewal Term shall terminate continue in full force and be of no further force or effect, and this Lease shall expire as of effect for the then-scheduled expiration date. The Sixth Renewal Term shall be upon all of and the termsSeventh Renewal Term, covenants and conditions of this Leaseif applicable, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable monthly rental for the last year of Leased Premises during the initial Sixth Renewal Term by a ratio, and the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Seventh Renewal Term, if applicable, shall be $42,259.50. Notwithstanding the above, if Tenant, itself or its affiliate or subsidiary is in default under the Lease or is not in full possession of the Building #3 Space continuously during the last three (3) months of the Fifth Renewal Term or the Sixth Renewal Term, whichever is applicable, and at the denominator commencement of which is the Index applicable renewal term, Landlord may, at its option, terminate the Lease as to the Building #3 Space only, as of the first last day of the third Lease Year. If, during Fifth Renewal Term or the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Sixth Renewal Term, Tenant whichever is in default hereunder beyond any applicable grace or cure periodapplicable.

Appears in 1 contract

Samples: Haemonetics Corp

Renewal Option. Landlord hereby grants Subject to the terms and provisions of this Section 27, Tenant, and Tenant shall haveat its option, the right and option to may extend the Term of this Lease for one (1) period of five sixty (560) years (months at the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day end of the initial Term (the "Renewal Term"). To exercise such option, Tenant shall notify must deliver notice of the exercise thereof (the "Renewal Notice") to Landlord in writing of its election to extend this Lease for the Renewal Term not less no earlier than six eighteen (618) months months, and no later than twelve (12) months, prior to the expiration of the initial Term. During the Renewal Term, time being all of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as terms and when required hereinprovisions of this Lease will apply, except that (a) after the Renewal Term shall terminate and there will be of no further force right of renewal; (b) the Base Year will be changed to the calendar year during which the applicable Renewal Term will commence; and (c) the Base Rent during the Renewal Term will be payable at a rate per square foot of rentable area of the Premises per year equal to ninety-five percent (95%) of the prevailing market rate then offered for comparable non-sublease, non-equity space in comparable buildings in the Costa Mesa area and for a comparable term taking into consideration any tenant improvement allowances, commissions and other concessions Landlord is then offering (or effectthe lack thereof) contained in such comparable transaction (the "Renewal Rental Rate"). During the thirty (30) days after Tenant delivers its Renewal Notice, the parties shall negotiate in good faith the Renewal Rental Rate at which Base Rent will be payable during the Renewal Term ("Negotiation Period") and if the parties cannot agree on a Renewal Rental Rate during the Negotiation Period, then the Renewal Rental Rate shall be determined pursuant to Section 27.2 below; provided that in no event shall the Renewal Rental Rate be less than the Rent in effect under this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) immediately prior to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.

Appears in 1 contract

Samples: Lease Agreement (Tickets Com Inc)

Renewal Option. (a) Provided the Tenant exercises the Four Year Space Option and/or the Five 42 43 Year Space Option, Landlord hereby grants to Tenant, and Tenant shall have, the right and option to extend the Term as to all or a part of the Premises (provided that each such Renewal Option may not be exercised for less than fifty thousand (50,000) rentable square feet, all of which shall be in not more than three reasonably contiguous blocks, and may not be exercised for more than the entire Premises subject to this Lease as of the commencement date of the Renewal Term) for two sequential five (5) year periods (such renewal options are referred to herein individually as the "Renewal Option" and collectively as the "Renewal Options"). The first Renewal Option shall run from the expiration of the first one hundred and twenty (120) months of the Lease Term, for one period of five (15) years and the second Renewal Option shall run from the expiration of the first Renewal Option for a period of five (5) years (individually and collectively the "Renewal Term"). The Each Renewal Term Option shall commence upon be exercised, if at all, by notice (the day next following the last day of the initial Term. Tenant shall notify "Renewal Notice") to Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months at any time prior to the expiration date nine (9) months (twelve (12) months if Tenant then occupies more than 100,000 rentable square feet in the Building) prior to the Expiration Date of the initial then applicable Term, time being of the essence with respect to such notification. Notice thereof which notice shall be deemed sufficient irrevocable by Tenant. Notwithstanding the foregoing, if given in an event of default exists under this Lease and all applicable grace periods have expired at the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, time Tenant exercises the Renewal Term shall terminate and be of no further force Option or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest at the commencement date of the Renewal Term, Landlord shall have, in addition to all of Landlord's other rights and remedies under this Lease, the denominator right to terminate the applicable Renewal Option and to cancel unilaterally Tenant's exercise of such Renewal Option, in which is event the Index as Expiration Date of the first day of the third this Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining and remain the amount of any such adjustment. Notwithstanding the foregoingthen scheduled Expiration Date, and Tenant shall have no right further rights under this Lease to renew or extend the Term. The provisions of this Lease ifSection 28.19 shall be personal to PeopleSoft, either at the time Tenant notifies Landlord of Inc. and its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodPermitted Assignees.

Appears in 1 contract

Samples: Office Lease (Peoplesoft Inc)

Renewal Option. Landlord Any and all renewal options presently set forth in the Lease, including, without limitation, the renewal option set forth in Paragraph 1 of Exhibit F to the Lease, are hereby grants to Tenantdeleted in their entireties. In lieu thereof, and Tenant shall have, at its option (each such option being referred to herein as a Renewal Option), the right to renew and option to extend the Term of this Lease for one (1) period two consecutive terms of five (5) years each (the “each such renewal term being referred to herein as a Renewal Term). The first Renewal Term shall commence immediately upon the day next following the last day expiration of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for Extended Term and the second Renewal Term not less shall commence immediately upon the expiration of the first Renewal Term by Tenant's giving written notice thereof to Landlord no earlier than six fifteen (615) months months, and no later than twelve (12) months, prior to the expiration of the initial then existing Extended Term or Renewal Term, as the case may be. Once Tenant shall exercise any Renewal Option, Tenant may not thereafter revoke such exercise, except as expressly set forth below. Tenant shall not have the right to exercise any Renewal Option at a time being that an Event of Default (or an event which with notice and/or lapse of time could become an Event of Default) under the essence with respect Lease has occurred and is continuing. Tenant's failure to such notification. Notice thereof timely exercise a Renewal Option for any reason whatsoever shall conclusively be deemed sufficient if given in a waiver of such Renewal Option and any future Renewal Option. At Landlord's option, Landlord may adjust the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the annual Basic Rent for any Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire to an annual rate equal to the Fair Market Value Rate (as hereinafter defined) as of the thencommencement of such Renewal Term. As used in the Lease, Fair Market Value Rate shall mean the fair market value rental rate per square foot of rentable area per year in effect at the commencement of the applicable Renewal Term for comparable tenants taking comparable space in comparable conditions under comparable terms in comparable multi-scheduled expiration datetenant office buildings in northwest Austin, Texas (hereinafter called Comparable Buildings), taking into account location, structured parking, amenities within walking distance, signage, access, visibility, and any rental concessions and/or tenant improvements (or allowance therefor) which are being provided to Tenant. It is also agreed and understood that the Fair Market Value Rate shall include: (a) rent; and (b) rental operating expenses, property tax, and utility and expense adjustments that are being included as part of the terms and conditions of office tenant leases for comparable tenants in Comparable Buildings as of the time of determination of the Fair Market Value Rate. The Fair Market Value Rate, for purposes of this Amendment, shall be calculated in the same manner as the Market Rate (as used in the Lease) was calculated in Exhibit F-1 of the Lease. Tenant shall take the Premises as is for any Renewal Term and Landlord shall have no obligation to make any improvements or alterations to the Premises. Except as set forth in this Paragraph, the leasing of the Premises for any Renewal Term shall be upon the same terms and conditions as the leasing of the Premises for the Extended Term and shall be upon and subject to all of the termsprovisions of the Lease. Any Renewal Option granted to Tenant under this Paragraph shall be personal to Tenant and shall not be transferred, covenants and conditions encumbered, or assigned by Tenant (except pursuant to a Permitted Transfer, as defined in Section 9.8 of this the Lease, except that the Fixed Rent shall be increased or pursuant to an assignment which has been consented to by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year Landlord under Article 9 of the initial Term by a ratioLease) or in any manner transferred to, the numerator or exercised by, any subtenant of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodTenant.

Appears in 1 contract

Samples: Lease (Convio, Inc.)

Renewal Option. Landlord hereby grants to TenantProvided that: (i) Tenant (including any Qualified Tenant Affiliate) is in possession of at least seventy five percent (75%) of the Premises and no Event of Default exists at the time of the exercise of such option or arises subsequent thereto, and no event exists which by notice and/or the passage of time would constitute an Event of Default if not cured within the applicable cure period provided under this Lease; and (ii) Tenant has not sublet or assigned any of its rights, title, and interest in and to this Lease except to qualified Tenant Affiliate, Tenant (or any Qualified Tenant Affiliate which is the bona fide assignee of Tenant’s entire leasehold interest in and to the Premises) shall have, have the right and option to extend the Term of renew this Lease for one (1) period consecutive renewal term of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. years, provided Tenant shall notify notifies Landlord in writing of its election to extend this Lease for the Renewal Term exercise of such option not less sooner than six fifteen (615) months nor later than twelve (12) months prior to the expiration of the initial TermTermination Date (“Tenant’s Renewal Notice”), time being of the essence essence. If Tenant fails to deliver timely Tenant’s Renewal Notice to Landlord or if Landlord fails to receive it, this option contained in this Section 41 shall automatically expire. If this option in this Section 41 is exercised timely, Landlord and Tenant shall have thirty (30) days after Tenant’s timely exercise of this renewal option in which to agree on the Annual Rent and rent escalations to be payable for the renewal period, provided that: (i) regardless of subsection (ii) which follows, in no event shall such Annual Rent be less than the then current escalated rate; (ii) Annual Rent and the rent escalations shall be at one hundred percent (100%) of the fair market rate, including the amount (i.e. on a per square foot basis) of tenant concessions and improvement allowances then being offered by landlords to actual tenant-occupants in comparable buildings in downtown Washington, D.C. under leases for office purposes of generally similar quantities of space for renewals (not for new space), but as also determined by the mutual agreement of Landlord and Tenant; and (iii) the Base Year for the renewal term shall be the calendar year in which the renewal term commences; (iv) Tenant shall post an increase in its Security Deposit which is commensurate with respect such new Annual Rent if an Event of Default shall have occurred within the twenty four (24) months immediately prior to the effective date of such notificationrenewal; and (v) all other provisions of this Lease shall remain the same during the renewal term, except that Tenant shall have no further renewal option. Notice thereof If Landlord and Tenant agree on the Annual Rent and rent escalations for said period, they shall execute an amendment to this Lease within ten (10) business days after such agreement stating the monthly rent and rent escalations payable for such period, and such amendment shall be attached to this Lease and become a part hereof. Should Landlord and Tenant be unable for any reason to agree upon a new Annual Rent within said thirty (30) days after Tenant’s exercise of this option, then the Annual Rent and rent escalations shall be determined by appraisal by a board of three (3) real estate brokers. One of such brokers shall be named by Landlord, one by Tenant, and the two so appointed shall select a third. Such brokers shall be licensed as real estate brokers in the District of Columbia, and shall have not less than ten (10) years’ experience in the field of commercial office leasing in the East End Submarket of downtown Washington, D.C. Each shall be recognized as being ethical and reputable within its field. Landlord and Tenant agree to make their appointments promptly within five (5) business days after the expiration of the thirty (30) day period, and the two brokers shall promptly select a third broker within five (5) business days thereafter. Each broker shall, within five (5) business days after selection of the third broker, submit its determination of the Annual Rent and rent escalations and the Annual Rent and rent escalations shall be deemed sufficient if given to be the rent and escalations determined by the third broker, unless it is higher than the higher of the two values determined by the first two brokers, in which event the higher of the first two appraisals shall be the Annual Rent and escalations, or unless it is lower than the lower of the two values determined by the first two brokers, in which event the lower of the first two appraisals shall be the Annual Rent and escalations. In arriving at its rental rate determinations, each broker shall consider and analyze all material components of the Lease, and review terms being offered to prospective office tenants for comparable space in comparable office buildings and locations in the manner hereinafter providedWashington, D.C. metropolitan area for leases commencing on or about the time of commencement of the renewal period. In nonevent shall the Annual Rent so determined be less than the Annual Rent for the immediately preceding Lease Year. Landlord and Tenant shall each pay the fee of the broker-selected by it and they shall share equally the payment of the fee of the third broker. If Landlord does not receive and Tenant agree on the Annual Rent and rent escalations for said period, they shall immediately execute an amendment to this Lease stating the monthly rent and rent escalations payable for such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effectperiod, and such amendment shall be attached to this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by become a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustmentpart hereof. Notwithstanding the foregoing, unless Tenant shall have no right entered into a written renewal amendment with Landlord as aforesaid, Tenant may withdraw its exercise of this renewal option in this Section 41 by giving written notice to Landlord at any time prior to the beginning of the tenth (10th) month before the Termination Date. If Tenant fails to provide timely such notice to Landlord and Tenant shall have also failed to enter into such written amendment, the parties shall nonetheless be deemed under this Lease to have agreed irrevocably in writing to renew this the Lease if, either at in accordance with the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date foregoing brokers’ determination of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodAnnual Rent and rent escalations.

Appears in 1 contract

Samples: Lease Agreement (Lionbridge Technologies Inc /De/)

Renewal Option. Landlord hereby grants to TenantProvided that no event of default or sublease has ever occurred under any term or provision contained in the Lease and no condition exists which with the passage of time or the giving of notice or both would constitute an event of default either on the date Tenant exercises its Renewal Option (as defined herein) or upon the commencement of the Renewal Term (as defined herein), and Tenant shall have, have the right and option (the “Renewal Option”) to extend renew the Term Lease for the entirety of this Lease the Premises for one (1) period of separate, additional five (5) years year period (the “Renewal Term”). The , by written notice (“Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Notice”) delivered to Landlord in writing of its election to extend this Lease for the Renewal Term not less no later than six nine (69) months prior to the expiration of the initial Term, time being of Term under the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the same terms, conditions and covenants and conditions of contained in this Lease, except that (a) no abatements or other concessions, if any, applicable to the Fixed Term shall apply to the Renewal Term; (b) the monthly Basic Rent shall be increased by adding the CPI Adjustment Amount (defined below) equal to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying Fair Net Effective Market Rate for comparable Class A office space being offered in the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index southeast Denver office submarket as of the first day end of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, determined by Landlord and Tenant as set forth hereafter (“Fair Net Effective Market Rate”); (c) Tenant shall have no right to renew this Lease if, either Renewal Option beyond the expiration of Renewal Term; and (d) all leasehold improvements within the Premises shall be provided in their then existing condition (on an “as is” basis) at the time the Renewal Term commences. Failure by Tenant notifies Landlord to provide the Renewal Notice within the time limits set forth herein shall constitute a waiver of such Renewal Option. In the event Tenant delivers its election Renewal Notice as set forth above no later than nine (9) months prior to extend this Lease or upon the commencement date expiration of the Term, Landlord and Tenant, upon written notice from Landlord, shall have a period of sixty (60) days in which to agree on the Fair Net Effective Market Rate. If they agree within that period, they shall immediately execute an amendment to the Lease stating the Monthly Base Rent for the applicable Renewal Term. If after negotiating in good faith Landlord and Tenant shall fail to agree upon such Fair Net Effective Market Rate within the sixty (60) day period, then each party shall, within ten (10) days designate by written notice to the other party one (1) licensed Colorado real estate broker with appropriate experience and of good reputation, having at least five (5) years’ experience in the southeast Denver office submarket (“Broker(s)”). The two Brokers so designated shall together determine whether Landlord’s determination of the Fair Net Effective Market Rate or Tenant’s determination of the Fair Net Effective Market Rate is closest to the Fair Net Effective Market Rate for the space in question. Landlord and Tenant shall each require the Brokers to make such determination and report it in writing to Landlord and Tenant within twenty (20) days after such selection, and each party shall use its best efforts to secure such determination within such time period. If the two selected Brokers agree as to which rate is in default hereunder beyond any applicable grace or cure periodclosest, the rate agreed to shall be deemed the effective rental rate. If the two selected Brokers fail to agree pursuant to this procedure, they shall together immediately select a third Broker who shall then (within ten (10) days of the Brokers’ selection) determine which rate is closest to the Fair Net Effective Market Rate as determined by the third Broker. The third Broker shall notify Landlord and Tenant of the Broker’s determination and the rental rate selected shall be the effective rental rate. Each party will pay the fee of the Broker selected by it and one-half (‘/2) of the fee of the third Broker.

Appears in 1 contract

Samples: Lease Agreement (Interhealth Facility Transport, Inc.)

Renewal Option. Landlord hereby grants to TenantProvided Tenant is in possession of the Premises and is not in default of any term, and covenant or condition of this Lease, Tenant shall have, have the right and option to extend renew the Term term of this Lease for one two (12) period additional periods of five (5) years each (the "Renewal Term(s)") to commence immediately upon the expiration of the initial Lease Term or the expiration of the first Renewal Term”). The , as applicable, upon the same terms, covenants and conditions as contained in this Lease except that (i) the Base Rental for the first five (5) year Renewal Term shall commence upon the day next following the last day be equal to one hundred and four percent (104%) of the initial Base Rental due immediately prior to the first year of the first five (5) year Renewal Term and Base Rental shall increase by four percent (4%) thereafter for each year of the first five (5) year Renewal Term and the Base Rental during the second five (5) year Renewal Term shall be the greater of (a) the Base Rental received under this Lease for the rental year immediately preceding the second five (5) year Renewal Term or (b) the "Prevailing Market Rate"; (ii) there shall be no abatement of rent;(iii) Landlord shall not be obligated to construct, pay for, or grant an allowance with respect to improvements to the premises unless otherwise specifically provided for in this Lease, and (iv) there shall be no further option to renew the Lease Term, except as specifically provided herein. The Prevailing Market Rate shall mean the then current market renewal rental activity for Class A office space in Westshore area of Tampa, Florida. In order to exercise the options granted herein, Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term writing, not less than six twelve (612) months prior to the expiration of the initial Lease Term or the first Renewal Term, time being if applicable, that it is exercising its option to renew the Lease Term. On receipt of such notice for the second five (5) year Renewal Term, Landlord will in writing, not less than thirty (30) days after receipt of a notice from Tenant, notify Tenant what the base rental will be for such Renewal Term. Tenant shall within fifteen (15) days of Landlord of the essence with respect notice of the Base Rental for such Renewal Term notify Landlord if Tenant accepts or disputes such Base Rental. If Tenant notifies Landlord within the aforesaid fifteen (15) day period that Tenant disputes the Base Rental quoted by Landlord, the parties shall during the following thirty (30) days negotiate in good faith to determine the Base Rental for such notificationRenewal Term. Notice thereof If within said thirty (30) day period the parties are unable to agree on the Base Rental, then within ten (10) days thereafter, each party shall select a duly qualified licensed appraiser experienced in appraising commercial property in the vicinity of the Building who will submit appraisals for the Premises within thirty (30) days of their appointment. If the difference between the appraisals is five percent (5%) or less, the Base Rental shall be deemed sufficient if given in determined by the manner hereinafter providedaverage of the two appraisals. If the difference is greater than five percent (5%) then the two appraisers shall select a third qualified appraiser who will submit an appraisal within thirty (30) days following the submission of the first appraisal. The Base Rental shall then be the average of the two closest appraisals. The fees of such appraiser shall be paid by the party appointing the appraiser. The fees of the third appraiser, if any, shall be shared equally by the parties. In the event the Tenant exercises the option, Landlord does not receive such written notice as and when required herein, the Renewal Term Tenant shall terminate and be execute a modification of no further force or effect, and this Lease shall expire as acknowledging said renewal and setting forth the Base Rental. Additionally, provided that Tenant is in possession of the then-scheduled expiration date. The Renewal Term Premises and is not in default of any term, covenant or condition of this Lease, Tenant shall be upon all have the option of extending the term of the terms, covenants Lease for six (6) months (the "6 Month Option") under the same terms and conditions of this Lease, except that the Fixed Rent Base Rental shall be increased by adding the CPI Adjustment Amount equal to One Hundred Twenty-Five Percent (defined below125%) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, Base Rental immediately due and owing under the numerator of which is Lease at the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics expiration of the United States Department of Labor (Initial Lease term. In order to exercise the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoingoption granted herein, Tenant shall have no right notify Landlord in writing not less than twelve (12) months prior to expiration of the Initial Lease Term that it is exercising the 6 Month Option. In the event Tenant exercises the 6 Month Option and other options to renew the terms of the Lease shall be deemed null and void. The options granted in this Lease if, either Section 2 shall be void if at the time of such option Tenant notifies Landlord is not in possession of its election to extend the Premises or is in default of this Lease or upon Tenant fails to deliver the commencement date of requisite notice thereof within the Renewal Termtime period specified. The options granted herein shall not be severed from the Lease, Tenant is in default hereunder beyond any applicable grace separately sold, assigned or cure periodtransferred.

Appears in 1 contract

Samples: Lease Agreement (Outback Steakhouse Inc)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have the right and option to extend the Term of renew this Lease as to the Expansion Space for one (1) period Renewal Term commencing December 1, 2005, and expiring March 31, 2010, which is the expiration date of five (5) years (the “Renewal Term”)Lease Term for the original Premises. The Such Renewal Term shall commence upon be subject to the day next following the last day provisions of the initial TermLease and at the then current market rental rate for renewal leases in Class A office buildings in the Westshore Business District of Tampa, Florida, as such rental rate is reasonably determined by agreement of Landlord and Tenant or determined by the three-appraiser method described below if Landlord and Tenant cannot agree. Tenant shall notify exercise such Renewal Option by written notice to Landlord in writing of its election to extend this Lease for the Renewal Term not less given no later than six (6) months prior to the expiration of the initial TermDecember 1, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided2004. If Landlord does not receive and Tenant, acting in good faith, have not, within thirty (30) days after such written notice as exercise, executed a renewal amendment to the Lease which amendment states, inter alia, the rental rate applicable to the Expansion Space during the Renewal Term, then Landlord and when required hereinTenant shall each select a MAT appraiser who, in turn, shall select a third MAT appraiser. The three (3) appraisers shall determine by majority action the market rental rate for renewal leases in Class A office buildings in the Westshore Business District of Tampa, Florida. The determination of the three appraisers shall be binding on Landlord and Tenant and shall establish the rental rate for the Expansion Space during such Renewal Term. The above notwithstanding, the rental rate for the Expansion Space during the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as less than the average rental rate for the Expansion Space for the two (2) years of the then-scheduled expiration dateExpansion Space Term immediately preceding the Renewal Term. The Renewal Term Landlord and Tenant shall each bear the cost of the appraiser they selected and shall share equally the cost of the third appraiser. Tenant may exercise its option to renew and Tenant’s exercise of that option shall be upon all effective only if, at the time of the terms, covenants Tenant’s exercise and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of any Renewal Term, the Lease is in full force and effect and Tenant is not in default under the Lease beyond any applicable cure period; provided that Tenant must, in any event, cure any then existing default within its applicable cure period or such exercise shall, at Landlord’s option, be deemed ineffective and null and void in its entirety. Upon exercise of the Renewal Option and determination of the rental rate, the Lease as to the Expansion Space shall be extended for the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.

Appears in 1 contract

Samples: Lease (Outback Steakhouse Inc)

Renewal Option. Landlord hereby grants to TenantSection 50.01. Provided Tenant has fully and faithfully complied with all of the terms, provisions and covenants of this lease agreement, Tenant shall havehave the right, on a one time, irrevocable basis to renew the right and option to extend the Demised Term of this Lease lease for one (1) period of additional five (5) years (the “Renewal Term”)year term. The Renewal Term shall commence upon the day next following the last day of the initial Term. Such election to renew by Tenant shall notify Landlord must be made in writing of its election to extend this Lease for the Renewal Term not less later than six twelve (612) months prior to the expiration of the initial original Demised Term, as to which date time being is of the essence with respect essence. In the event Tenant so elects to such notification. Notice thereof shall be deemed sufficient if given in renew the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinterm of this lease pursuant hereto, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased Annual Base Rental payable by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last Tenant in each year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index renewal term shall be used in determining an amount equal to the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either annual fair market value ("FMV') at the time Tenant notifies Landlord of Tenant's notice of its election to extend this Lease or upon renew. If Landlord and Tenant are unable to agree as to the commencement date FMV, within thirty (30) days of the Renewal Termreceipt of the Tenant's notice to renew hereunder, then each party shall immediately thereafter retain an independent appraiser who is a member of MAI who shall within thirty (30) days of being retained prepare an appraisal report setting forth the FMV rental of the property. Each party shall pay the fees and expenses of their respective appraiser. In the event the reports of the two appraisers results in a FMV rent difference of $27,450.00 per year or less, then the Annual Base Rental shall be that amount which is the average of the two stated annual FMV's. If, on the other hand, the reports yield a value difference of more than $27,450.00 per year, then the two appraisers shall select a third appraiser, whose fees shall be paid by the parties hereto on an equal (50/50) basis. In such case such third appraiser shall prepare a report, also within thirty (30) days of being retained, setting forth its analysis of the annual FMV rental of the property, and the parties agree that the annual rental value determined by said third appraiser shall be the Annual Base Rental amount to be paid by the Tenant; provided, however, that said amount shall in no event be less than the rental value determined by the appraiser selected by the Tenant is in default hereunder beyond any applicable grace or cure periodnor more than the rental amount arrived at by the appraiser selected by the Landlord.

Appears in 1 contract

Samples: Lease Agreement (Logical Design Solutions Inc)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall havehave the right, the right privilege and option to extend the Term term of this Lease for one two (12) period successive periods of five (5) years (under the “Renewal Term”). The Renewal Term same terms and conditions of this Lease then in effect except that the economic lease terms for any option period shall commence upon the day next following the last day equal 95% of "Fair Market Rental Value" of the initial TermPremises as determined below. Tenant Tenant, if it elects to exercise any option, shall notify do so by giving Landlord in writing written notice of its election to extend this Lease for the Renewal Term not less than six such exercise at least one hundred eighty (6180) months days prior to the expiration of the initial Termthen existing term of this Lease. If Tenant timely exercises it option to extend the term of this Lease as provided for in this paragraph, time being Landlord and Tenant shall, within thirty (30) days thereafter, undertake their mutual good faith and reasonable efforts to mutually agree in writing upon the fair market rental value for the Premises which will be applicable during the particular extension term for which Tenant shall have exercised its option (and such mutually agreed upon fair market fixed rent shall be 95% of the essence with respect "Fair Market Rental Value" applicable to the determination of Monthly Rent for such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter providedextended term). If Landlord does not receive and Tenant are unable to agree in writing upon the fair market rental value of the Premises within such written notice as 30-day period, then, within fifteen (15) days following the expiration of such 30-day period, Landlord and when required hereinTenant shall each name a professional MAI appraiser, the Renewal Term who shall terminate and be of no further force a qualified, professional, licensed appraiser unaffiliated with either Landlord or effectTenant, and this Lease shall expire notify the other party in writing as to the identity of the then-scheduled expiration datesuch party's appraiser. The Renewal Term two appraisers thus appointed shall, by agreement between them to be reached within ten (10) days following their appointment, appoint a third appraiser, who shall also be upon all of the termsa qualified, covenants and conditions of this Leaseprofessional licensed appraiser unaffiliated with Landlord, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal TermTenant and/or such two previously appointed appraisers, and the denominator of which is three appraisers so appointed shall determine the Index as Fair Market Rental Value of the first Premises for the option period in question. Within thirty (30) days of the appointment of such third appraiser, the appraisers shall notify, in writing, both Landlord and Tenant of their findings. If the three appraisers are unable to agree upon a valuation, then the valuation agreed upon by any two of them shall be binding. If none of the three appraisers thus selected are able to agree on the valuation within such 30-day period, then the average of the valuations of the two appraisers closest to each other shall be binding. Landlord and Tenant shall each pay the cost of the appraiser appointed by them and shall each pay one-half of the cost of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodappraiser.

Appears in 1 contract

Samples: Office Lease (Hoovers Inc)

Renewal Option. Landlord hereby grants A. Provided that Tenant is not in default with respect to Tenantthe performance of any of its material obligations hereunder beyond the expiration of applicable notice and cure periods, and Tenant shall have, have the right and option to extend the Term term of this Lease for one two (12) period successive periods of five (5) years (the each, a “Renewal Term”). The Tenant's right to extend the Lease for a Renewal Term shall commence upon the day next following the last day be exercised, if at all, by Tenant's delivery of the initial Term. Tenant shall notify Landlord in writing written notice of its election to extend this Lease for the Renewal Term not do so no less than six twelve (612) nor more than fifteen (15) months prior to the expiration of Termination Date, as the initial same may have been extended by the first Renewal Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Base Rent due during the first year of each Renewal Term shall be the fair market rent for the Premises as reasonably determined by Landlord, which shall be based on the value that would be agreed upon between a landlord and a tenant entering into a new lease on or about the date on which the Renewal Term is to begin for a comparable term and for space comparable to the Premises in the Building and buildings comparable to the Building in the market area. Such determination of fair market rent shall take into account all of relevant factors, including but not limited to any material economic differences between the terms, covenants and conditions terms of this LeaseLease and any comparison lease. Thereafter, except that the Fixed Base Rent during each Renewal Term shall be increased by adding the CPI Adjustment Amount increase two and one-half percent (defined below2.5%) annually. Except as expressly provided in this Section 33, all other provisions of this Lease shall apply to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying Renewal Terms, provided, however, that in no event shall Landlord be obligated to perform any additional improvements to the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, Premises and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, provided further that Tenant shall have no right not be entitled to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodadditional renewal terms.

Appears in 1 contract

Samples: Lease (Quantum-Si Inc)

Renewal Option. Landlord hereby grants to TenantA. If Tenant has not committed an Event of Default at any time during the Term, and Tenant shall have(or a Permitted Transferee) is occupying the entire Premises at the time of such election, the right and option to extend the Term of Tenant may renew this Lease for one (1) additional period of five (5) years (the “Renewal Term”). The , by delivering written notice (the “Renewal Term shall commence upon the day next following the last day Notice”) of the initial Term. Tenant shall notify exercise thereof to Landlord in writing of its election to extend this Lease for the Renewal Term not less earlier than six twelve (612) months prior to nor later than nine (9) months before the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, The Base Rent payable for each month during the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire the Fair Market Rent (as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year as of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term. Within thirty (30) days after receipt of Tenant’s Renewal Notice, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant of the required adjustment to Base Rent, if any, and the denominator other terms and conditions offered. Within ten (10) days after receipt of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoingLandlord’s Fair Market Rent Proposal, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then Tenant’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver Tenant’s written determination of Fair Market Rent to Landlord within ten (10) days after receipt of Landlord’s Fair Market Rent Proposal, then Landlord shall provide Tenant with a second notice (the “Second Notice”) that contains the following statement in bold and capital letters: “THIS IS A SECOND REQUEST FOR TENANT’S DETERMINATION OF FAIR MARKET RENT PURSUANT TO EXHIBIT G ATTACHED TO THE LEASE. IF TENANT FAILS TO RESPOND WITHIN FIVE (5) BUSINESS DAYS AFTER RECEIPT OF THIS NOTICE, THEN TENANT SHALL BE DEEMED TO HAVE ACCEPTED LANDLORD’S DETERMINATION OF FAIR MARKET RENT.” If Tenant fails to respond to such Second Notice within five (5) Business Days after receipt by Tenant, then Tenant will be deemed to have no right accepted Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent, then Landlord and Tenant shall attempt in good faith to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or agree upon the Fair Market Rent. If by that date which is five (5) months prior to the commencement date of the Renewal TermTerm (the “Trigger Date”), Landlord and Tenant is have not agreed in default hereunder beyond any applicable grace or cure periodwriting as to the Fair Market Rent, the parties shall determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below.

Appears in 1 contract

Samples: Office Lease Agreement (Guidewire Software, Inc.)

Renewal Option. Landlord hereby grants to TenantProvided the Tenant is not in default beyond ---------- --------------- any applicable grace or cure period hereunder, and Tenant shall have, have the right and option to extend the Term term of this Lease for one (1) period additional term of five (5) years (the “Renewal "Extended Term”). The Renewal Term shall commence ") commencing upon the day next following the last day expiration of the initial Termterm. Tenant shall notify Landlord in writing of its election exercise the right to extend the term of this Lease for the Renewal Term not less than six by written notice to Landlord no later nine (69) months prior to the expiration of the initial Term, time being term. The Rent for the Extended Term shall be the greater of the essence then current Rent or the Market Rent as hereafter defined. The market rent ("Market Rent") shall be determined by Landlord based on leases then currently under negotiation or recently executed for the Property. If no such leases are under negotiation or have been recently executed, then Market Rent shall be reasonably determined by Landlord based on comparable office space in the town or city in which the Premises are located (if any such space exists) taking into account, among other factors, amenities, setting, location and demographics. Landlord shall notify Tenant of the Market Rent within a reasonable period after Tenant notifies Landlord that Tenant is exercising the option to extend, provided Landlord shall not be required to set the Market Rent prior to ten (10) months before the expiration of the Term. If Tenant disagrees with respect Landlord's determination of the Market Rent and the parties are unable to agree upon a Market Rent within thirty (30) days after Landlord's notice thereof, then the Market Rent shall be determined by appraisal made as hereinafter provided by a board of three (3) reputable independent commercial real estate brokers, each of whom shall have at least ten (10) years of experience in the Greater Boston office rental market and each of whom is hereinafter referred to as "appraiser". Tenant and Landlord shall each appoint one such notificationappraiser and the two (2) appraisers so appointed shall appoint the third appraiser. Notice thereof The cost and expenses of each appraiser appointed separately by Tenant and Landlord shall be home by the party who appointed the appraiser. The cost and expenses of the third appraiser shall be shared equally by Tenant and Landlord. Landlord and Tenant shall appoint their respective appraisers at least five (5) months prior to commencement of the period for which Market Rent is to be determined and shall designate the appraisers so appointed by notice to the other party. The two appraisers so appointed and designated shall appoint the third appraiser at least four (4) months prior to the commencement of such period and shall designate such appraiser by notice to Landlord and Tenant. The board of three (3) appraisers shall determine the Market Rent of the space in question as of the commencement of the period to which the Market Rent shall apply and shall notify Landlord and Tenant of their determinations at least sixty (60) days prior to the commencement of such period. If the determinations of the Market Rent of any two (2) or all three (3) appraisers shall be identical in amount, said amount shall be deemed sufficient if given to be the Market Rent of the subject space. If the determinations of all three (3) appraisers shall be different in the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinamount, the Renewal Term average of the two (2) values nearest in amount shall terminate be deemed the Market Rent. The Market Rent of the subject space determined in accordance with the provisions of this Section shall be binding and be conclusive on Tenant and Landlord. All of no further force or effectthe covenants, agreements, terms and conditions contained in this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) apply to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Extended Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.

Appears in 1 contract

Samples: Lease Agreement (Network Engines Inc)

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Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have two (2) options (the right and option “Renewal Options”) to extend the Term of this Lease for one (1) a period of five (5) years (each, a “Renewal Term”, and respectively the “First Renewal Term” and the “Second Renewal Term”). The Each Renewal Term shall commence upon (i) must be exercised, if at all, as to the day next following the last day entire Premises subject to this Lease as of the initial Commencement Date (unless reduced pursuant to condemnation) and (ii) will be void if this Lease has previously expired or terminated with respect to any part of the Premises leased by Tenant hereunder as of the Commencement Date (other than as a result of condemnation), or if the Premises then leased by Tenant hereunder shall be less than 100% of the Premises as of the Commencement Date. Each Renewal Option shall be void if an Event of Default by Tenant exists, either at the time of exercise of the applicable Renewal Option or the time of commencement of the applicable Renewal Term. Each Renewal Option must be exercised, if at all, by written notice from Tenant shall notify to Landlord in writing of its election to extend this Lease for the Renewal Term given not less than six twelve (612) months prior to the expiration of the initial Term, time being Term (in the case of the essence with respect First Renewal Term), and not less than twelve (12) months prior to such notification. Notice thereof shall be deemed sufficient if given the expiration of the First Renewal Term (in the manner hereinafter providedcase of the Second Renewal Term). If Landlord does not receive such written notice as and when required hereinFor the avoidance of doubt, the Second Renewal Term shall terminate and be of no further force or effect, and this Lease void unless the First Renewal Option shall expire as of the then-scheduled expiration datebe timely exercised by Tenant. The Each Renewal Term shall be upon all of the terms, covenants same terms and conditions of this Leaseas the original Term, except that the Fixed Base Rent applicable to the relevant Renewal Term shall be increased by adding the CPI Adjustment Amount (defined below) equal to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed greater of (i) Base Rent payable under this Lease for the last full year immediately preceding the effectiveness of that Renewal Term or (ii) Prevailing Market Rent as of the initial Term by commencement of that Renewal Term, as determined pursuant to Exhibit C. As a ratio, condition to the numerator of which is exercise and the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date effectiveness of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoingOption, Tenant shall be required to modify the Letter of Credit so that the Letter of Credit will have no right a face amount equal to renew this Lease if, either at the time Tenant notifies Landlord Required Amount and otherwise meet the requirements of its election Section 4.7 with respect to extend this Lease or upon the commencement date Term as extended by Tenant’s exercise of the Renewal Term, Option. The Renewal Option is personal to Tenant is and shall be inapplicable and null and void if Tenant assigns its interest under this Lease (including an “Assignment” as defined in default hereunder beyond any applicable grace or cure periodSection 15.1 but excluding short-term Subleases contemplated by Section 15.11).

Appears in 1 contract

Samples: Lease (Silicon Graphics Inc)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, In the right and event that Sublessor determines that it will -------------- exercise the option to extend set forth in Section 11.13 of the Term of Lease, Sublessor shall so advise Sublessee in writing (the "Extension Notice") on or before August 1, 1998, and Sublessee shall advise Sublessor whether or not it wishes to renew this Lease Sublease for one (1) the period of five (5) years extension of the Main Lease by giving written notice to Sublessor on or before September 1, 1998 (the “Renewal Term”"Response Notice"). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election A failure to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof respond by Sublessee shall be deemed sufficient if given to be notice that Sublessee does not wish to extend the term of this Sublease. Prior to giving such Extension Notice, Sublessor shall contact Landlord and use reasonable efforts to attempt to agree with Landlord as to the Fair Rental Value, as defined in the manner hereinafter providedLease, for the extension term. If the Fair Rental Value has been so agreed, Sublessor shall advise Sublessee in the Extension Notice of such agreement and, if it has not been agreed, Sublessor shall indicate, without having any liability for such information to Sublessee, what rental levels, if any, have been suggested by Landlord does and, based solely on inquiry of at least one commercial real estate broker, what it has been advised is a fair market rent. If Sublessee gives Sublessor an affirmative Response Notice, Sublessor shall have by the giving of such notice extended the term of this Sublessee (subject to Sublessor's ability to consummate the extension of the Main Lease) upon the financial terms on which the Main Lease is extended. Nothing herein shall be deemed to preclude Sublessor from negotiating a new lease with Landlord subject to the provisions of the next succeeding sentence, below. Whether or not receive Sublessor undertakes to extend the Lease, or to terminate, or to negotiate a new lease, Sublessor shall not rent or otherwise occupy the Subleased Premises if Sublessee indicates to Sublessor in writing on or before September 1, 1998 that it wishes to remain in such written notice as and when required hereinpremises after the term hereof; except, the Renewal Term shall terminate and be of no further force however, that if Sublessee has given or effectbeen deemed to give a negative Response Notice, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during Sublessor nevertheless extends the Lease Term pursuant to Section 11.13 thereof, Sublessor may rent, occupy, sublet, or otherwise lease and control the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodSubleased Premises.

Appears in 1 contract

Samples: Lease (Lycos Inc)

Renewal Option. Landlord hereby grants In addition to Tenantthe extension of the term provided in this Amendment, and Tenant shall have, the right and have one five (5) year option to extend the Term term of the Lease for the Remaining Premises as hereinafter set forth. Tenant acknowledges that Article Twenty-Two of the Original Lease was deleted by the Second Amendment, and that Tenant has no further right to extend the term of the Lease except as provided in this Section. Tenant shall have the right and option, which said option and right shall not be severed from this Lease or separately assigned, mortgaged or transferred, to extend the term for one (1) additional period of five (5) years (hereinafter referred to as the “Renewal TermExtension Period”). The Renewal Term shall commence upon the day next following the last day of the initial Term. , provided that (a) Tenant shall notify give Landlord in writing notice of its election to extend this Lease for the Renewal Term not less than six Tenant’s exercise of such option at least twelve (612) full calendar months prior to the expiration of the initial Term, term as extended by this Amendment and (b) no default shall exist at the time being of giving each applicable notice and the commencement of the essence with respect Extension Period and (c) the original Tenant named in this Amendment, or its successor by acquisition or merger, is occupying the Premises both at the time of giving the each applicable notice and at the time of commencement of such Extension Period. Except for the amount of fixed annual base rent (which is to such notification. Notice thereof be determined as hereinafter provided), all the terms, covenants, conditions, provisions and agreements in the Lease contained shall be deemed sufficient if given applicable to the additional period through which the term of the Lease shall be extended as aforesaid, except that there shall be no further options to extend the term nor shall Landlord be obligated to make or pay for any improvements to the Premises nor pay any inducement payments of any kind or nature unless hereafter expressly agreed to by the parties in writing. If Tenant shall give notice of its exercise of each such option to extend in the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinwithin the time period provided aforesaid, the Renewal Term shall terminate and be term of no further force or effect, and this Lease shall expire as be extended upon the giving of each such notice without the requirement of any further attention on the part of either Landlord or Tenant If Tenant shall fail to give timely notice of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount exercise of any such adjustment. Notwithstanding the foregoingoption as aforesaid, Tenant shall have no right to renew extend the Term of this Lease ifLease, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date being of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodessence of the foregoing provisions.

Appears in 1 contract

Samples: Lease (Lionbridge Technologies Inc /De/)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, the right and option to extend the Term of renew this Lease for one additional term of twelve (112) period of five months (5) years (the “Renewal Term”). The If this option is exercised, references in the Lease to the Term shall include the Renewal Term. Tenant must exercise the option to renew, if at all, by giving Landlord written notice of such exercise not less than ninety (90) days and not more than one hundred and twenty (120) days prior to expiration of the then current Term. Upon exercise of the option to renew or an agreement by Landlord and Tenant to renew the Term, the Term shall be extended through the expiration date of the Renewal Term on the same terms and conditions as contained herein, except that there shall be no further right to renew the Term beyond the one (1) Renewal Term. (b) for the Renewal Term, the monthly Base Rent during the Renewal Term shall commence upon be the day next following same as during the last day original Term of this Lease and Landlord shall not have the initial right to increase the Base Rent during the Renewal Term. If Tenant exercises the option to renew this Lease Landlord and Tenant shall notify Landlord in writing of its election execute and deliver an amendment to extend this Lease setting forth such fact, the amount of Base Rent for the Renewal Term not less than six (6) months prior to and all other matters consistent with the expiration foregoing. Upon any assignment of this Lease or any sublease or recapture of all or part of the initial TermPremises, time being the right to exercise the option to renew shall terminate. The right to exercise the option to renew shall also terminate upon any Event of Default by Tenant or the essence termination of this Lease or of Tenant’s right of possession; provided, if the option to renew is exercised or the Term is otherwise renewed upon mutual agreement by the parties and this Lease or Tenant’s right of possession is terminated due to an Event of Default, Landlord’s damages shall include damages with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.

Appears in 1 contract

Samples: Purchase and Sale Agreement

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, the right and option to extend the Term of this Lease for one (1) period of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify giving Landlord in writing of its election to extend this Lease for the Renewal Term not less than six one -------------- hundred eighty (6180) months days prior written notice in each instance, shall have the right to renew the expiration of the initial Term, time being of the essence Term with respect to such notification. Notice thereof shall be deemed sufficient if given all space in the manner hereinafter provided. If Landlord does not receive such written notice Building then under lease to Tenant for two (2) additional three (3) year periods at a rental equal to the Fair Market Value Rental Rate (as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to for comparable office buildings in the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year vicinity of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index Building. At such time as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election Tenant's desire to extend renew this Lease, Landlord shall within fifteen (15) days thereafter notify Tenant of Landlord's interpretation of the Fair Market Value Rental Rate. Tenant may accept the rate as quoted, or elect to enter into negotiations with Landlord for a period not to exceed sixty (60) days, during which both parties will negotiate on a diligent, good faith basis to arrive at an agreement concerning the Fair Market Value Rental Rate. Should an agreement not be reached by both parties during said sixty (60) day period, then the Fair Market Value Rental Rate shall be determined as provided in this section. Within ten (10) days following the end of such sixty (60) day period, each party shall appoint an independent appraiser having the designation of MAI and is knowledgeable with respect to valuation of rental rates in the geographic area of the Building. Each appraiser shall be asked to give such appraiser's professional opinion as to the Fair Market Value Rental Rate for the Premises. Each appraiser shall be asked to deliver such appraiser's opinion simultaneously to Landlord and Tenant within fifteen (15) days after the appointment of such appraiser. If a party fails to appoint an appraiser, then the Fair Market Value Rental Rate shall be determined by the single appraiser appointed. If the opinions of the Fair Market Value Rental Rate differ by no more than ten (10) percent of the lower of such Rates, then the average of the Fair Market Value Rental Rates contained in such opinions shall be the Fair Market Value Rental Rate for the relevant renewal term. Otherwise, the two (2) appraisers shall appoint a third appraiser to give such third appraiser's professional opinion as to the Fair Market Value Rental Rate which shall be no lower than the lower of the two (2) prior opinions and no higher than the higher of the two (2) prior opinions. The determination of such third appraiser of the Fair Market Value Rental Rate shall govern; provided, however, that in no event shall the Fair Market Value Rental Rate be less than the Annual Base Rent for the prior term of this Lease (the initial term or upon any renewal term, as the commencement date case may be). The cost of the Renewal Termappraiser appointed by Landlord shall be paid by Landlord. The cost of the appraiser appointed by Tenant shall be paid by Tenant. The cost of the third appraiser, if any, shall be shared equally by Landlord and Tenant. Tenant is in default hereunder beyond any applicable grace or cure periodmay exercise the second renewal option only if Tenant has exercised the first renewal option.

Appears in 1 contract

Samples: Office Lease (Stereotaxis, Inc.)

Renewal Option. (a) As long as an event of default by Tenant has not occurred and is continuing after applicable notice and cure periods, Landlord shall grant and does hereby grants to Tenant, and grant Tenant shall have, the right and option to extend renew (the Term "First Renewal Option") the term of this Lease for one (1) a period of five sixty (560) years additional months (the "First Renewal Term"). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing exercise the First Renewal Option by delivering written notice of its such election to extend this Lease for the Renewal Term not less than six Landlord at least twelve (612) months prior to the expiration of the initial Term, time being term of the essence with respect to such notificationthis Lease. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be The renewal of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants same terms and conditions of this Lease, except that (i) the Fixed Rent Base Rental Rate during the First Renewal Term shall be increased by adding calculated based on the CPI Adjustment Amount prevailing Market Base Rental Rate (defined belowas hereinafter defined) at the time the First Renewal Term commences; (ii) with the exception of the potential assignees and sublessees described in Paragraph 5(b) of this Exhibit "G", Tenant shall not have the right to assign its renewal rights to any sublessee of the Demised Premises or any portion thereof or to any assignee of the Lease, nor may any such sublessee or assignee exercise or enjoy the benefit of such renewal rights; (iii) the leasehold improvements will be provided in their then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying existing condition at the Fixed Rent payable for time the last year of the initial First Renewal Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Termcommences, and the denominator of which is the Index as of the first day of the third Lease Year. If(iv) there shall not be any rent abatement period and Tenant shall not be entitled to cash payment, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index concessions or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount allowance of any such adjustmentnature or amount whatsoever. Notwithstanding the foregoing, Tenant shall have no right to exercise such option to renew, and Landlord shall have no obligation to renew this Lease, unless (A) this Lease shall be in full force and effect upon the date of the exercise of the First Renewal Option and upon the date of the expiration of the original term, and (B) on the date of the exercise of the First Renewal Option and on the date of the expiration of the original term there shall exist no event of default on the part of Tenant under this Lease for which Landlord has given notice and which remains uncured by Tenant after the expiration of any applicable period of grace or cure. If Tenant shall fail to exercise the First Renewal Option within the time permitted or conditions (A) and (B) set forth above are not entirely satisfied, the First Renewal Option shall automatically terminate, this Lease shall expire at the expiration of the original term and Tenant shall have no further right thereafter to renew this Lease if, either at or to acquire any interest whatsoever in the time Demised Premises. If Tenant notifies shall remain in possession of the Demised Premises after the expiration of the original term without there having been executed between Landlord of its election and Tenant an amendment to extend this Lease or upon as contemplated by the commencement date terms of the Renewal Termthis Section, then Tenant is shall be a Tenant holding over as provided in default hereunder beyond any applicable grace or cure periodthis Lease.

Appears in 1 contract

Samples: Lease Agreement (Focal Communications Corp)

Renewal Option. Landlord hereby grants Subject to TenantSection 10 below, if no uncured Event of Default exists at the time of exercise or at the commencement of the extended term, and Tenant shall haveis occupying at least seventy-five percent (75%) of the entire Reduced Premises at the time of such election, Tenant may renew the right and option to extend the Term of this Lease Lease, as hereby amended, for one (1) additional period of five three (53) years years, by delivering written notice of the exercise thereof to Landlord not earlier than twelve (12) months nor later than nine (9) months before the expiration of the Extension Term. The Base Rent payable for each month during such extended term shall be the prevailing fair market rental rate (the “Renewal Term”"Prevailing Market Rental Rate"). The Renewal Term shall commence upon , at the day next following commencement of such extended term, for renewals of space in the last day Building or complex, if applicable, of equivalent quality, size, utility and location, with the length of the initial Termextended term and the credit standing of Tenant to be taken into account. Within thirty (30) days after receipt of Tenant's notice to renew, Landlord shall deliver to Tenant written notice of the Prevailing Market Rental Rate and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Tenant shall shall, within ten (10) days after receipt of Landlord's notice, notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration whether Tenant accepts or rejects Landlord's determination of the initial Term, time being Prevailing Market Rental Rate. If Tenant timely notifies Landlord that Tenant accepts Landlord's determination of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinPrevailing Market Rental Rate, the Renewal Term shall terminate and be of no further force then, on or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest before the commencement date of the Renewal extended Term, Landlord and Tenant shall execute an amendment to this Lease extending the denominator of which is Extension Term on the Index as of the first day of the third Lease Year. If, during same terms provided in the Lease Term the Bureau of Labor Statistics ceases to maintain the Indexas amended by this Amendment, then such other index or standard except as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.follows:

Appears in 1 contract

Samples: Office Lease Agreement (Allos Therapeutics Inc)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, Provided that on the right and option to extend date of the Term Renewal Notice (as herein defined) or as of this Lease for one (1) period of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial then current Lease Term. , no monetary or material non-monetary default by Tenant has occurred under the Lease and is continuing after any applicable notice is given and any applicable cure period has expired, Tenant shall notify have the option of further extending the Lease Term (the "Option to Renew") for up to two (2) additional consecutive renewal terms (each, a "Renewal Term") of sixty (60) months each, subject to and in accordance with the following terms and conditions: (i) Tenant shall exercise each Option to Renew by giving Landlord in writing written notice (the "Renewal Notice") of its election Tenant’s exercise of the Option to extend this Lease for the Renewal Term not less Renew no earlier than six eighteen (618) months and no later than nine (9) months prior to the expiration of the initial then current Lease Term; (ii) the applicable Renewal Term, time being if any, shall commence on the day immediately following the last day of the essence with respect then current Lease Term; (iii) the Base Rent rate applicable to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall be equal to 95% of the then Fair Market Rate (as herein defined) for the then Premises as determined pursuant hereto; and (iv) if Tenant does not timely exercise the Option to Renew for a Renewal Term, then all of Tenant’s rights to renew or extend the Lease Term shall automatically terminate and be null and void and of no further force or effect. As used herein, the term "Fair Market Rate" means the amount per rentable square foot of the then Premises that a willing, comparable renewal tenant would pay and a willing, comparable landlord would accept in an arm's length transaction, for delivery on or about the expiration of the then current Lease Term for comparable renewal, non-expansion space in the Building and in other comparable buildings located in the Dallas North Tollway submarket of Dallas, Texas, similarly improved, and taking into account the location, size, quality and age of the respective buildings, any allowances to be provided (such as construction allowances, moving allowances, tenant finish allowances, rent credits, etc. – it being understood that the parties have agreed that Tenant shall be entitled to an actual tenant improvement allowance determined as a component of Fair Market Rent, as opposed to simply taking into consideration the value of such an allowance and also that Landlord and Tenant have agreed that any tenant improvements in the Premises which were paid for and installed by Tenant shall not be included in the consideration of Fair Market Rent), rent abatements, and other rent concessions and occupancy cost comparisons and taking into account the other terms and provisions hereof and any other relevant considerations. In no event shall the Fair Market Rate impute a value upon leasehold improvements or fixtures installed by Tenant at its expense. Landlord shall have the obligation to determine the Fair Market Rate and other terms and conditions of the Renewal Term, and to notify Tenant thereof, within thirty (30) days after Landlord’s receipt of the Renewal Notice ("Option Rent Notice"). If Tenant does not accept Landlord’s determination of 95% of the Fair Market Rate of the Renewal Term within thirty (30) days after Tenant’s receipt of Landlord’s Option Rent Notice, or if Landlord fails to timely provide its Option Rent Notice, then Tenant may either (a) retract the Renewal Notice, whereupon Tenant's right to exercise the Option to Renew hereunder shall automatically terminate and be null and void and of no further force or effect, and the Lease shall automatically expire on the expiration of the then current Lease Term; or (b) notify Landlord in writing of Tenant’s appointment of a licensed real estate agent who shall have been active over the five (5) ADDENDUM TO OFFICE LEASE -1- year period ending on the date of such appointment in the leasing of office space in Comparable Buildings (an "Expert") and the identity and contact information of such Expert. Upon receipt of written notice from Tenant of the appointment, identity and contact information of an Expert, Landlord shall, within fifteen (15) days thereafter, appoint its own Expert and furnish Tenant with the identity and contact information of such Expert. The instructions of the two (2) Experts appointed by the parties hereunder shall be to agree to a value of 95% of Fair Market Rate based on the criteria contained in this Paragraph 2. If the value of 95% of Fair Market Rate determined by one Expert is within five percent (5%) of the value of 95% of Fair Market Rate determined by the other Expert, then the average of the two values of 95% of Fair Market Rates shall be the value of 95% of Fair Market Rate hereunder. However, if the two (2) Experts are unable to agree within ten (10) business days on the value of 95% of Fair Market Rate, and the value of 95% of Fair Market Rate determined by one Expert is more than five percent (5%) of the value of 95% of Fair Market Rate determined by the other Expert, then the two (2) Experts will jointly appoint a third Expert (meeting the qualifications above), who shall be subject to the written approval of Landlord and Tenant. If the two (2) Experts jointly appoint a third Expert who is not approved in writing by either or both of Landlord and Tenant, then the two (2) Experts shall continue to jointly appoint a third Expert until Landlord and Tenant both approve such third Expert and Tenant shall be permitted to extend the then Expiration Date of this Lease by one day for each day of delay, at the same Base Rent as is payable for the last month of the then current Term). The value of 95% of Fair Market Rate will thereupon be determined by the third Expert based on the criteria contained in this Paragraph 2 and such determination shall be conclusive and binding on Landlord and Tenant unless it is higher than the higher of the first two (2) determinations, in which case, the middle of the three (3) determinations will control for all purposes. If Tenant is not willing to accept the value of 95% of Fair Market Rental determined in accordance with the foregoing determination process, then Tenant shall have the right, exercisable by giving Landlord written notice no later than ten (10) business days after the conclusion of the determination process and reimbursing to Landlord all of Landlord’s commercially reasonable out-of-pocket costs of the determination not to exceed $10,000.00, to retract the Renewal Notice, whereupon Tenant's right to exercise the Option to Renew hereunder shall automatically terminate and be null and void and of no further force or effect, and this Lease shall automatically expire at the end of the then current Lease Term (as the same may have been extended as set forth above). NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS PARAGRAPH 2, (1) Tenant's rights pursuant to this Paragraph 2 are personal to Tenant and non-transferable except pursuant to an assignment in accordance with the provisions of the Lease to a permitted transferee pursuant to a permitted disposition as set forth in Section 16.5 of the Lease or other assignee receiving assignment of all of Tenant’s interest in and under the Lease and assuming all of Tenant’s obligations accruing under the Lease from and after the date of such assignment; (2) Tenant’s rights pursuant to this Paragraph 2 shall automatically terminate if Tenant fails to timely deliver the Renewal Notice to Landlord; and (3) Tenant’s rights pursuant to this Paragraph 2 shall automatically terminate if, on the date Tenant delivers an Renewal Notice to Landlord or as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third then current Lease Year. IfTerm, during a monetary or material non-monetary default by Tenant has occurred under the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of and is continuing after any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond applicable notice was given and any applicable grace or cure periodperiod has expired.

Appears in 1 contract

Samples: Office Lease (Copart Inc)

Renewal Option. Landlord hereby grants Subject to the terms and provisions of this Section, Tenant, and Tenant shall haveat its option, the right and option to may extend the Term of this Lease for the Premises (as extended hereunder) for one (1) additional period of five either for (5a) years 36 months after the expiration of the Term; or (b) 60 months after the expiration of the Term (as extended hereunder) (the “Expansion Premises Renewal Term”). The To exercise the Expansion Premises Renewal Term shall commence upon the day next following the last day Term, Tenant must deliver Notice of the initial Term. Tenant shall notify exercise thereof (a “Expansion Premises Renewal Notice”) to Landlord in writing of its election to extend this Lease for the Renewal Term not less no earlier than six (6) 12 months and no later than nine months prior to the expiration of Extension Expiration Date. During the initial Expansion Premises Renewal Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants terms and conditions provisions of this Leasethe Lease will apply, except that (a) after the Fixed commencement of the Expansion Premises Renewal Term there will be no further right to renew the Lease, and (b) the Base Rent shall during the Expansion Premises Renewal Term for the Premises will be increased by adding payable at the CPI Adjustment Amount (defined below) rate per square foot of Rentable Area in the Premises equal to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying Fair Market Rent (as defined and as determined in accordance with the Fixed Rent payable for the last year terms of the initial Term by a ratioLease set forth in Addendum No. 1); provided, however, that in determining Fair Market Rent, the numerator of which is parties shall also take into consideration the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) length on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Yearrenewal. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as Tenant will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this extend the Term, and Tenant’s Expansion Premises Renewal Notice will be ineffective, if a default under the Lease if, either beyond any applicable notice or cure period exists at the time the Expansion Premises Renewal Notice is given or at the time the Expansion Premises Renewal Term is scheduled to commence. Any termination of the Lease terminates all rights under this Section. Any assignment or subletting by Tenant notifies Landlord of its election to extend this the Lease or upon the commencement date of all or a portion of the Premises terminates Tenant’s rights with respect to the Expansion Premises Renewal Term, Tenant is unless Landlord consents to the contrary in default hereunder beyond any applicable grace writing at the time of such subletting or cure periodassignment. Tenant’s rights regarding the Expansion Premises Renewal Term may not be transferred separate and apart from Tenant’s interest in the Lease and/or the Premises.

Appears in 1 contract

Samples: Service Office Lease (Ecollege Com)

Renewal Option. Landlord hereby grants (a) Subject to Tenantthe terms and conditions of this Paragraph 21, and Tenant shall have, have the right and option to extend renew the Term for all of this Lease the Premises for one (1) period renewal term (the “Renewal Term) of five (5) years years, by notice (the a “Renewal TermNotice). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify ) delivered to Landlord in writing of its election to extend this Lease for the Renewal Term not more than eighteen (18) months and not less than six twelve (612) months prior to the expiration of the initial Term, time being of the essence; provided, however, no Event of Default shall remain outstanding either on the date such Renewal Notice is given or on the Renewal Term Commencement Date (as hereinafter defined. Upon the giving of such Renewal Notice, the Term of this Lease shall be extended for the Renewal Term with the same force and effect as if such Renewal Term had originally been included in the Term. The Renewal Term shall commence on the day following the last day of the initial Term (the “Renewal Term Commencement Date”) and shall terminate on the day immediately preceding the fifth (5th) anniversary of the Renewal Term Commencement Date or such earlier date as this Lease may terminate pursuant to the terms and conditions of this Lease. Time is of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, giving of the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration dateNotice. The Renewal Term shall be upon all of the agreements, terms, covenants and conditions of this Lease, except that (w) the Fixed Base Rent shall be increased by adding the CPI Adjustment Amount Fair Market Value (defined belowas hereinafter defined), (x) after the exercise of the option with respect to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying Renewal Term, Tenant shall have no further right to renew the Fixed Rent payable Term, (y) the Base Year for Real Estate Taxes shall be the last fiscal year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) commencing on the date nearest July 1st prior to the Renewal Term Commencement Date, and (d) the Base Year for Operating Expenses shall be the calendar year ending on the December 31st immediately preceding the Renewal Term Commencement Date. Upon the commencement date of the Renewal Term, (A) the Renewal Term shall be added to and the denominator of which is the Index as become part of the first day Term, (B) any reference in this Lease to the “Term”, the “term of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index this Lease” or standard as will most nearly accomplish the aim or purpose of the Index any similar expression shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right deemed to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of include the Renewal Term, and (C) the expiration of the Renewal Term shall become the Expiration Date. Any termination, cancellation or surrender of the entire interest of Tenant is in default hereunder beyond under this Lease at any applicable grace or cure periodtime during the Term shall terminate the foregoing right of renewal of Tenant hereunder.

Appears in 1 contract

Samples: Sublease (Karuna Therapeutics, Inc.)

Renewal Option. Provided no Event of Default exists, or any state of facts, which, with notice or the passage of time, or both, would constitute an Event of Default under this Lease, either at the time such option is exercised or at the time the Renewal Period commences, Landlord hereby grants to Tenant, and Tenant shall have, the right and option (the “Renewal Option”) to extend the Term of this Lease with respect to all of the Premises for one (1) additional consecutive period of five (5) years (the “Renewal TermPeriod”). The Renewal Term Option shall commence upon be exercised by Tenant delivering written notice to Landlord at least twelve (12) months prior to the day next following the last day Expiration Date of the initial Term. The Rent for the Renewal Period (the “Renewal Rental Rate”) shall be the fair market rental rate, which shall be the rental rate then being charged by landlords (including Landlord) in the market area in which the Premises is located on new leases or on renewed leases to tenants of a similar credit quality to Tenant for space of similar quality and size as the Premises, taking into account all relevant factors, including without limitation, location, age, extent and quality of the Premises, length of term, amenities of the Premises, location, definition of net rentable area, and, if any, abatement provisions reflecting free rent, improvement allowances, brokerage commissions and any other concessions which would be granted by Landlord or a comparable landlord. Within thirty (30) days after Tenant’s exercise of the Renewal Option, Landlord shall notify Landlord Tenant in writing of its election to extend this Lease for the proposed Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice Rental Rate as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published determined by the Bureau above formula. Tenant shall have ten (10) days from the receipt of Labor Statistics of the United States Department of Labor Landlord’s notice (the “IndexOutside Agreement Date”) on the date nearest the commencement date to either accept or dispute Landlord’s determination of the Renewal Term, and Rental Rate or cancel the denominator of which is the Index as exercise of the first day of Renewal Option. In the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoingevent that Tenant disputes Landlord’s determination, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies so notify Landlord of its election to extend this Lease or upon the commencement date and each party shall make a separate determination of the Renewal Term, Tenant is Rental Rate which shall be submitted to each other and to arbitration in default hereunder beyond any applicable grace or cure period.accordance with the following procedure:

Appears in 1 contract

Samples: Lease (Netezza Corp)

Renewal Option. Landlord hereby grants Upon written notice to Tenant, and Tenant shall have, the right and option to extend the Term of this Lease for one (1) period of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than manner aforesaid at least six (6) months prior to the expiration of this Lease and provided Tenant is not in default in the initial Term, time being performance of the essence with respect obligations of Tenant pursuant to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effectthis Lease, and this Lease shall expire further provided that, as of the then-scheduled expiration datedate of written notice of renewal, Tenant shall have the right to renew this Lease for one (1) additional term of years each. The Renewal Term shall be upon all of the terms, covenants All terms and conditions of said renewal term shall be as otherwise set forth in this LeaseLease with the exception of the Base Rental to be paid by Tenant to Landlord, except which shall be calculated in the following manner: The base monthly rental for the renewal option shall be $ per month ($ annually), plus, Landlord shall increase Tenant’s annual rent to reflect a portion of any increase for a preceding year in the (“CPI-U”), Consumer Price Index applicable to all urban consumers of all items as published by the Federal Bureau of Labor Statistics. The increase in rent authorized under the preceding sentence for a particular year shall equal 100 percent of the CPI increase for the immediately preceding year. This annual increase in rent, if any, authorized under the preceding sentence shall not exceed a per annum average of 3 percent per year during the period of this lease agreement or any renewal period. This annual increase, if any, shall be prorated over each month of the coming year and shall become effective with the next monthly rent payment, provided that the Fixed Rent Landlord shall be increased by adding notify Tenant in writing, within one hundred twenty (120) days after the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last close of each year of the initial Term by a ratioamount, if any, of any annual rental increase authorized under this paragraph. It is understood that the numerator of which above Index is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) now being published monthly by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease YearLabor. If, during the Lease Term the Should said Bureau of Labor Statistics ceases change the manner of computing such Index, the Bureau shall be requested to maintain furnish a conversion factor designated to adjust a new Index to the Indexone previously in use, and the adjustments to the new Index shall be made on the basis of such conversion factor. Should publication of said Index be discontinued by said Bureau of Labor Statistics, then such other index or standard Index as will may be published by such Bureau most nearly accomplish the aim or purpose of the approaching said discontinued Index shall be used in determining making the amount adjustments herein provided for. Should said Bureau discontinue the publication of any Index herein contemplated, then such adjustmentIndex as may be published by another United States Governmental Agency as application of an appropriate conversion factor to be furnished by the governmental agency publishing the adopted Index shall be adopted. Notwithstanding If such governmental agency will not furnish such conversion factor then the foregoing, Tenant parties shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or agree upon the commencement date conversion factor or a new Index; and, in the event agreement cannot be reached as to such conversion factor or such new Index, then the parties hereto agree to submit the matter to arbitrators, in accordance with the rules of the Renewal Term, Tenant is American Arbitration Association and judgment or decree upon the award rendered by the arbitrators may be rendered in default hereunder beyond any applicable grace or cure periodcourt having jurisdiction thereof. All rent shall be paid in the manner as otherwise provided herein.

Appears in 1 contract

Samples: Lease (1st Independence Financial Group, Inc.)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have two (2) options (the right and option “Renewal Options”) to extend the Term of this Lease for one (1) a period of five (5) years (each, a “Renewal Term”, and respectively the “First Renewal Term” and the “Second Renewal Term”). The Each Renewal Term shall commence upon (i) must be exercised, if at all, as to the day next following the last day entire Premises subject to this Lease as of the initial Commencement Date (unless reduced pursuant to condemnation) and (ii) will be void if this Lease has previously expired or terminated with respect to any part of the Premises leased by Tenant hereunder as of the Commencement Date (other than as a result of condemnation), or if the Premises then leased by Tenant hereunder shall be less than 100% of the Building. Each Renewal Option shall be void if an Event of Default by Tenant exists, either at the time of exercise of the applicable Renewal Option or the time of commencement of the applicable Renewal Term. Each Renewal Option must be exercised, if at all, by written notice from Tenant shall notify to Landlord in writing of its election to extend this Lease for the Renewal Term given not less than six twelve (612) months prior to the expiration of the initial Term, time being Term (in the case of the essence with respect First Renewal Term), and not less than twelve (12) months prior to such notification. Notice thereof shall be deemed sufficient if given the expiration of the First Renewal Term (in the manner hereinafter providedcase of the Second Renewal Term). If Landlord does not receive such written notice as and when required hereinFor the avoidance of doubt, the Second Renewal Term shall terminate and be of no further force or effect, and this Lease void unless the First Renewal Option shall expire as of the then-scheduled expiration datebe timely exercised by Tenant. The Each Renewal Term shall be upon all of the terms, covenants same terms and conditions of this Leaseas the original Term, except that the Fixed Base Rent applicable to the relevant Renewal Term shall be increased by adding the CPI Adjustment Amount (defined below) equal to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed greater of (i) Base Rent payable under this Lease for the last full year immediately preceding the effectiveness of that Renewal Term or (ii) Prevailing Market Rent as of the initial Term by commencement of that Renewal Term, as determined pursuant to Exhibit C. As a ratio, condition to the numerator of which is exercise and the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date effectiveness of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoingOption, Tenant shall be required to modify the Letter of Credit so that the Letter of Credit will have no right a face amount equal to renew this Lease if, either at the time Tenant notifies Landlord Required Amount and otherwise meet the requirements of its election Section 4.7 with respect to extend this Lease or upon the commencement date Term as extended by Tenant’s exercise of the Renewal Term, Option. The Renewal Option is personal to Tenant is and shall be inapplicable and null and void if Tenant assigns its interest under this Lease (including an “Assignment” as defined in default hereunder beyond any applicable grace or cure periodSection 15.1 but excluding short-term Subleases contemplated by Section 15.11).

Appears in 1 contract

Samples: Security Agreement (Silicon Graphics Inc)

Renewal Option. Landlord Section 24 of the Sublease is hereby grants deleted in its entirety. At any time during the Temporary Term, provided neither party has notified the other of its exercise of its right to Tenantterminate the Sublease, and Tenant Assignee shall have, have the right and option to extend the Term term of this Lease for one (1) period of five (5) years the Sublease to expire on June 30, 2012 (the “Renewal TermOption”). The Renewal Assignee may exercise such option by giving written notice thereof to Sublandlord, and upon such exercise, (i) the term of the Sublease shall be automatically extended to expire on June 30, 2012 (the “Expiration Date”) (and the Temporary Term shall commence upon be deemed terminated), and (ii) neither party shall have any further right to terminate the day next following Sublease pursuant to subsection (a) above. In the last day event Assignee fails to exercise the Renewal Option on or before the end of the initial Temporary Term, then the Sublease shall expire at the end of the Temporary Term. Tenant shall notify Landlord in writing The period from the date of its election to extend this Lease for Assignee’s exercise of the Renewal Option until the Expiration Date is hereinafter called the “Extended Term”. The date on which Assignee exercises the Renewal Option is hereinafter called the “Extended Term Commencement Date” or “ETCD”. Promptly after Assignee’s exercise of the Renewal Option, Sublandlord and Assignee shall execute a written agreement acknowledging such exercise of the Renewal Option; however, the term of the Sublease shall be extended on the Extended Term Commencement Date, notwithstanding the failure of Sublandlord and Assignee to enter into such agreement. If Assignee does not less than six (6) months prior to exercise the Renewal Option on or before the expiration of the initial Temporary Term, time being of the essence with respect to such notification. Notice thereof Renewal Option shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodwaived.

Appears in 1 contract

Samples: Intervoice Inc

Renewal Option. Landlord hereby grants to TenantSECTION 40.01. Provided (i) Tenant is not then in default under any of the terms, and Tenant shall have, the right and option to extend the Term covenants or conditions of this Lease on Tenant's part to be observed or performed beyond any applicable grace periods for one the curing of such default; and (1ii) period Tenant and its subsidiaries and affiliates (as defined in Section 11.05), in contradistinction to any subtenants or occupants, shall then be in occupancy of at least sixty (60%) percent of the space leased to Tenant under this Lease (for the purposes of this Article 40, any space leased to Tenant under this Lease which has been eliminated from the Demised Premises pursuant to Section 11.03 shall be deemed space leased to Tenant under this Lease), Tenant shall have the single option to renew this Lease and the Demised Term for a single renewal term (referred to as the "Renewal Term") of five (5) years (commencing on the “Renewal Term”). The Renewal Term shall commence upon the day date next following the last day of the initial Term. Tenant shall notify Landlord Expiration Date set forth in writing of its election Section 1.02.A. and ending, unless sooner terminated pursuant to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this LeaseLease or pursuant to law, except that on the last day (referred to as the "Extended Expiration Date") of the calendar month in which the day immediately preceding the fifth (5th) anniversary date of the commencement of the Renewal Term shall occur. If Tenant exercises such option in accordance with the provisions and limitations of this Article, this Lease and the Demised Term shall be renewed for the Renewal Term at a Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) equal to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year fair market annual rental value of the initial Term by a ratio, the numerator Demised Premises as of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and as agreed by the denominator parties or determined in accordance with the provisions of which is Section 40.03, but in no event shall the Index Fixed Rent for the Renewal Term be less than the Fixed Rent in effect as of the first day Expiration Date (before giving effect to any abatement or apportionment of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or Fixed Rent) but otherwise upon the commencement date of same then executory terms, covenants and conditions as the Renewal Termoriginal Demised Term (including, Tenant is but not limited to, Owner's Basic Tax Liability set forth in default hereunder beyond any applicable grace or cure period.Section 23.01.D. and Base Operating Expenses set forth in Section 23.01.I.)

Appears in 1 contract

Samples: Lease Agreement (Nelson Communications Inc)

Renewal Option. Landlord hereby grants to Tenant, and Provided Tenant is not in default of its obligations under this Lease beyond the expiration or any applicable cure period. Tenant shall havehave two (2) options, the right and option to extend the Term of this Lease each for one (1) period a term of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election years, to extend this Lease at fair market rent for comparable space in terms of location identity, tenant improvements (specifically excluding the value of the improvements made by Tenant), age and condition in the Hayward area. In no event will the monthly rental for the Renewal Term not renewal period be less than six the rental for the last month of the previous term. Tenant shall give landlord written notice of its intent to exercise its option at least two hundred forty (6240) months days prior to the expiration of the initial Termthen current lease term. Within fifteen (15) days after Tenant exercises its option to renew, time being Landlord will provide Tenant with the fair market rent, as determined by Landlord. Tenant shall have fifteen (15) clays from notification by Landlord of proposed rent to accept or reject Landlord’s market rent. If Tenant does not accept Landlord’s rental figure within the essence with respect fifteen (15) day period, the parties shall attempt to such notification. Notice thereof determine the rent as follows: Within ten (10) days after Tenant’s rejection of Landlord’s rent determination, each party hereto shall appoint one representative who shall be deemed sufficient if given a licensed real estate broker with at least ten (10) years experience in leasing R&D/ Manufacturing space in the manner hereinafter provided. If Landlord does not receive such written notice County of Alameda to act as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration datean arbitrator. The Renewal Term two (2) arbitrators so appointed shall be attempt in good faith to agree upon all of the terms, covenants then current rental value for the subsequent five (5) nears for the use to which Tenant is then utilizing the leased Premises pursuant to the terms and conditions of this Lease, except . In the event that the Fixed Rent arbitrators are unable to reach agreement upon the rent to be paid for the Premises during any extended term within sixty (60) days from notification by Landlord to Tenant or Landlord’s rental determination for such extended term either party shall be increased by adding thereafter have the CPI Adjustment Amount (defined below) right to terminate discussions with respect to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Termextension option at any time prior to any such agreement, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases neither purls shall thereafter have any obligation or liability with respect to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodextension option.

Appears in 1 contract

Samples: Assignment of Lease (Kosan Biosciences Inc)

Renewal Option. Landlord hereby grants to TenantProvided this Lease is in full force and effect and no default by Lessee has occurred hereunder, and Tenant Lessee shall have, have the right and option to extend the Term of renew this Lease for one (1) period five (5) year term upon providing Lessor with written notice one hundred eighty (180) days prior to the current expiration. The renewal term shall be subject to the terms and conditions set forth in this Lease, and the rent shall be at ninety five percent (95%) of the fair market value at the time of the renewal for similarly improved space in similar properties in the surrounding area, taking into account market concessions. Lessee's rights as to this option are personal to the original Lessee executing the Lease and may not be exercised or be assigned, voluntarily, by or to any person or entity other than the original Lessee (and any Permitted Assignee). Such fair market value shall be as determined by the agreement of the parties, or, if the parties cannot agree within thirty (30) days after Lessee has exercised this right to renew, then the fair market value shall be determined by three appraisers who are certified appraisers with at least five (5) years (experience appraising office space in the “Renewal Term”)vicinity of the Premises, selected and governed by the Rules of the American Arbitration Association. The Renewal Term shall commence upon the day next following the last day cost of the initial Termappraisers shall be shared equally by Lessor and Lessee. Tenant The value of improvements to the Premises paid for by Lessee shall notify Landlord not be considered in writing determining Fair Market Rent. All other terms and conditions contained in the Lease, as the same may be amended from time to time by the parties in accordance with the provisions of the Lease, shall remain in full force and effect and shall apply during the Option term. If the Fair Market Rent is determined by appraisal and if Lessee does not, in Lessee's sole discretion, approve the rental amount established thereby, then Lessee may rescind its exercise of the renewal option by giving Lessor written notice of such election to extend this Lease for the Renewal Term not less than six rescind within ten (610) months prior to the expiration days after such monthly rent amount has been established. If Lessee rescinds its exercise of the initial Termrenewal option, time being of then (i) the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term Lease shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date Lease term would otherwise have expired absent Lessee's exercise of the Renewal Term, renewal option and the denominator of which is the Index as (ii) Lessee shall pay all costs and expenses of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodappraisal.

Appears in 1 contract

Samples: Office Lease (PMC Sierra Inc)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have the right to renew and option to extend the term of this Lease for the Renewal Term of (herein so called) upon and subject to the following terms and conditions: Tenant may extend this Lease for one (1) period Renewal Term of five (5) years by Tenant's giving Landlord a Renewal Notice no more than twelve (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not 12) months and no less than six nine (69) months prior to the expiration of the initial term. Such Renewal Term shall commence immediately upon the expiration of the initial term and upon exercise of such renewal option the expiration date of the term shall automatically become the last day of the Renewal Term. If Tenant does not renew the Lease in a timely manner for the Renewal Term, time being of the essence then Tenant's rights with respect to such notificationRenewal Term shall expire and be of no further force and effect. Notice thereof shall The exercise by Tenant of the renewal option set forth herein must be deemed sufficient made, if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinat all, by delivery of the Renewal Term Notice to Landlord on or before the dates set forth above. Once Tenant shall exercise such renewal option, Tenant may not thereafter revoke such exercise. At Landlord's election, Tenant's renewal option shall terminate and be of no further force or effecteffect if (i) an Event of Default exists under the Lease at the time Tenant attempts to exercise its renewal option, (ii) Tenant defaults under any provision of the Lease after exercising its renewal option and such default continues beyond any applicable cure period provided in the Lease, (iii) at any time during the Term of the Lease, as extended, Tenant assigns the Lease to a third party, or (iv) at the time Tenant attempts to exercise its renewal option, Tenant has subleased or has demonstrated an intention to sublease more than fifty percent (50%) or more of the Premises to an unrelated third party. Tenant shall take the Premises "as is" for the Renewal Term and, other than as may then be a component of the "Fair Market Rental Rate", Landlord shall have no obligation to make any improvements or alterations to same; provided, however, Landlord shall comply with its repair and maintenance obligations as set forth in this Lease. Annual Base Rent for the Renewal Term shall be the "Fair Market Rental Rate" multiplied by the number of square feet of net rentable area in the Building, but in no event less than the Base Rent for the last Lease Year of the initial term. Within thirty (30) days after the date of Tenant's Renewal Notice, Landlord and Tenant shall endeavor in good faith to agree upon the Fair Market Rental Rate applicable to the Building for each year of the Renewal Term. In the event Landlord and Tenant are unable to agree upon the Fair Market Rental Rate within the aforesaid thirty (30) day period, Landlord and Tenant shall each select a broker to determine the Fair Market Rental Rate within thirty-five (35) days after the date of the Renewal Notice. Each broker shall make an independent determination of the Fair Market Rental Rate of the Building for each year of the Renewal Term. If the two brokers so appointed agree on the Fair Market Rental Rate for each year of the Renewal Term within forty (40) days after the date of the Renewal Notice, the Fair Market Rental Rate shall be the amount determined by them. If the two brokers so appointed do not agree on the Fair Market Rental Rate within forty (40) days after the date of the Renewal Notice, the two brokers shall jointly appoint a third broker on or before the forty-fifth (45th) day after the date of the Renewal Notice. The third broker shall make a valuation within fifty (50) days after the date of the Renewal Notice and the Fair Market Rental Rate for each year of the Renewal Term shall be an amount equal to the quotient obtained by dividing the sum of the Fair Market Rental Rates determined by the two brokers who were closest to each other in amount, by two. Each broker appointed shall be an individual of recognized competence who has a minimum of ten (10) consecutive years' experience in the leasing of office space in the suburban Northern Virginia area immediately preceding such engagement. All valuations of the Fair Market Rental Rate shall be in writing, shall be expressed in terms of an annual rent per square foot of rentable area, and shall take into consideration that the Premises are to be taken in "as is" condition for any renewal period. Each broker shall determine the Fair Market Rental Rate on the basis of all relevant factors affecting Fair Market Rental Rates such as concessions then being offered in the marketplace. The party appointing each broker shall be obligated, promptly after receipt of the valuation report prepared by the broker appointed by such party, to deliver a copy of such valuation report to the other party in the manner provided elsewhere in this Lease for the giving of notices. If a third broker is appointed, the third broker shall expire as be directed, at the time of his appointment, to deliver copies of his valuation report, promptly after its completion, to Landlord and Tenant in the manner provided elsewhere in this Lease for the giving of notices. The expenses of each of the then-scheduled expiration datefirst two brokers appointed shall be borne by the party appointing such broker. The expenses of the third broker appointed shall be paid one-half by Landlord and one-half by Tenant. Tenant shall not be entitled to any rental abatement concessions, additional renewal options or other similar concessions during any Renewal Term, except to the extent they constitute part of the determination of the Fair Market Rental Rate. Except as set forth herein, the leasing of the Premises for the Renewal Term shall be upon the same terms and conditions as are applicable for the initial term and shall be upon and subject to all of the terms, covenants and conditions provisions of this Lease, except that including, without limitation, the Fixed Rent obligation of Tenant to pay any costs or amounts payable by Tenant to Landlord under the Lease. Tenant's rights under this Section 16.32 shall be increased by adding the CPI Adjustment Amount (defined below) personal to Tenant and shall not inure to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year benefit of any assignee or occupant of the initial Term by a ratio, the numerator of Premises other than an assignee which is the Consumer Price Index for All Urban Consumersa successor corporation into which or with which Tenant is merged or consolidated or which acquires substantially all of Tenant's assets and property, Cleveland-Akronor to any subsidiary, All Items (1982-1984=100) published by the Bureau affiliate or parent company of Labor Statistics Tenant, or any subsidiary of the United States Department parent company of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodTenant.

Appears in 1 contract

Samples: Stanford Telecommunications Inc

Renewal Option. Landlord The renewal option set forth in the Addendum to the Lease is hereby grants to Tenantdeleted in its entirety. In lieu thereof, and Tenant shall have, at its option (the “Renewal Option”), the right to renew and option to extend the Term of this Lease for one (1) period term of five (5) years (the “Renewal Term”). The Renewal Term shall commence immediately upon the day next following the last day expiration of the initial Term. Tenant shall notify Extended Term by Tenant’s giving written notice thereof to Landlord in writing of its election to extend this Lease for the Renewal Term not less no earlier than six twelve (612) months months, and no later than nine (9) months, prior to the expiration of the initial Extended Term. Once Tenant shall exercise the Renewal Option, Tenant may not thereafter revoke such exercise, except as expressly set forth below. Tenant shall not have the right to exercise the Renewal Option at a time being that an event of default (or an event which with notice and/or lapse of time could become an event of default) under this Lease has occurred. Tenant’s failure to exercise timely the essence with respect to such notification. Notice thereof Renewal Option for any reason whatsoever shall conclusively be deemed sufficient if given in a waiver thereof. At Landlord’s option, Landlord may adjust the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, Base Rent for the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire at an annual rate equal to the Fair Market Value Rate (as hereinafter defined) for the Renewal Term as of the then-scheduled expiration date. The commencement of the Renewal Term for comparable tenants taking comparable space in comparable conditions under comparable terms (including any rental concessions and/or tenant improvements or allowance therefor which are being provided) in comparable buildings in the same rental market (hereinafter called “Comparable Buildings”); provided, however, that in no event shall the Base Rent for the Renewal Term be upon all less than the Base Rent for the last twelve (12) months of the termsExtended Term. It is also agreed and understood that the Fair Market Value Rate shall include: (a) rent; and (b) rental operating expenses, covenants property tax, and utility and expense adjustments that are being included as part of the terms and conditions of this Lease, except that industrial tenant leases for comparable tenants in Comparable Buildings as of the Fixed Rent time of determination of the Fair Market Value Rate. Landlord shall advise Tenant within twenty (20) days after Tenant exercises the Renewal Option of the Fair Market Value Rate which shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year in effect as of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term. Tenant shall then have fifteen (15) days to notify Landlord of its acceptance or rejection of the Fair Market Value Rate for the Renewal Term. In the event Tenant fails to so notify Landlord within such fifteen (15) day period, Tenant shall be deemed to have accepted the Fair Market Value Rate proposed by Landlord. Notwithstanding the prohibition on Tenant’s right to revoke its exercise of the Renewal Option, in the event Tenant and Landlord are unable to agree on the Fair Market Value Rate for the Renewal Term within sixty (60) days after Tenant exercises the Renewal Option, Tenant shall be deemed to have revoked the Renewal Option, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index Renewal Option shall be used in determining the amount deemed null and void and of any such adjustmentno further force or effect. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at take the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of Leased Premises “as is” for the Renewal Term, and Landlord shall have no obligation to make any improvements or alterations to the Leased Premises. Except as set forth in this paragraph, the leasing of the Premises for the Renewal Term shall be upon the same terms and conditions as the leasing of the Premises for the Extended Term and shall be upon and subject to all of the provisions of this Lease. Any Renewal Option granted to Tenant is under this Paragraph shall be personal to Tenant and shall not be transferred, encumbered, or assigned by Tenant or in default hereunder beyond any applicable grace manner transferred to, or cure period.exercised by, any subtenant of Tenant. 5

Appears in 1 contract

Samples: Commercial Lease Agreement (Adams Golf Inc)

Renewal Option. Landlord hereby grants to TenantProvided Tenant is not and has not been in default under this Lease beyond any applicable notice and cure period, and subject to the terms and conditions of this Section 2.13, Tenant shall have, the right and option to extend the Term of this Lease for have one (1) period of five (5) years option to renew (the “Renewal Option to Renew”) the Lease Term with respect to the entire Premises, for a period of sixty (60) months following the scheduled expiration date of the initial Lease Term (such sixty (60) month period, the “Option Term”). The Renewal Term shall commence upon If the day next Option to Renew is exercised during any applicable cure period following an event, which with the last day passage of time or the initial Term. Tenant shall notify Landlord in writing giving of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration notice, or both, would constitute an Event of the initial TermDefault, time being of the essence with respect to then such notification. Notice thereof exercise shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as void and when required herein, the Renewal Term shall terminate and be of no further force or effect, and . Except as set forth in this Section 2.13 or otherwise stated as being applicable only to the initial Lease shall expire as Term (or any prior portion of the then-scheduled expiration date. The Renewal Term shall be upon Lease Term), all of the terms, covenants terms and conditions of this Lease, except that Lease shall remain the Fixed same during the Option Term. Monthly Base Rent during the Option Term shall be increased the then Fair Market Rental Rate. “Fair Market Rental Rate” shall mean the net effective market rental (plus any escalations thereof) then being offered and accepted by adding the CPI Adjustment Amount (defined below) tenants for space comparable to the then-current Fixed RentPremises in size, quality, utility and location in the Project and in the Westlake Village market area, taking into account the credit worthiness of the tenant, the length of the term, the base year, allowances and concessions and the quality of the existing tenant improvements. The “CPI Adjustment Amountnet effective market rentalis calculated by multiplying shall equal the Fixed Rent payable for the last year arithmetic average of the initial Term by a ratiorental rate over the term of such comparable lease, provided that the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics value of the United States Department of Labor (then existing improvements in the “Index”) on the date nearest the commencement date of the Renewal TermPremises shall be taken into account in determining what improvements are granted by landlords under similar circumstances, and the denominator of which is the Index as value of the first day of the third free parking under this Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall also be used taken into account in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodFair Market Rental Rate.

Appears in 1 contract

Samples: Office Lease (Mannkind Corp)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have the right and option to extend the Term of this Lease for the Premises for one (1) additional period of five (5) years (the "Renewal Option"), under and subject to the following terms and conditions: (a) The renewal term (the "Renewal Term”). The Renewal Term ") shall commence upon be for a five (5)-year period commencing on the day next immediately following the last day Expiration Date of the initial TermTerm and expiring at midnight on the day immediately preceding the fifth (5th) anniversary thereof. (b) Tenant shall notify Landlord in writing of its election to extend this Lease for must exercise the Renewal Term not less than six Option, if at all, by written notice to Landlord delivered at least nine (69) months prior to the expiration of the initial TermExpiration Date, time being of the essence with respect essence. (c) At the time Tenant delivers its notice of election to such notification. Notice thereof exercise the Renewal Option to Landlord, there is no Event of Default, this Lease shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as full force and when required herein, the Renewal Term shall terminate and be of no further force or effect, and Tenant shall not have assigned this Lease shall expire as of or sublet the then-scheduled expiration datePremises, excluding any assignment or sublease permitted under Section 18(b) hereof. (d) The Renewal Term shall be upon all of on the terms, covenants same terms and conditions of contained in this Lease, except that (i) the Fixed Minimum Annual Rent shall be increased by adding the CPI Adjustment Amount Fair Market Rental Rate for the Premises, and (defined belowii) Tenant shall not be entitled to any allowances or other concessions with respect to the then-current Fixed RentRenewal Term. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable (e) Except for the last year specific Renewal Term set forth above, there shall be no further privilege of renewal. (f) Within thirty (30) days following Landlord's receipt of Tenant's notice of its exercise of the initial Term by a ratioRenewal Option, the numerator Landlord shall advise Tenant of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics Landlord's determination of the United States Department of Labor (the “Index”) on the date nearest the commencement date of Fair Market Rental Rate for the Renewal Term, and which shall include a reasonably detailed basis for such determination. In the denominator of which is the Index as event Tenant disagrees with Landlord's determination of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoingFair Market Rental Rate, Tenant shall have no right provide to renew this Lease if, either at Landlord its determination of the time Fair Market Rental Rate for the Renewal Term within fifteen (15) days after receipt of Landlord's determination. If Tenant notifies and Landlord of its election cannot mutually agree to extend this Lease or upon the commencement date of Fair Market Rental Rate for the Renewal Term, Tenant shall, but only within ten (10) days after delivery of Tenant's determination of the Fair Market Rental Rate, either (I) rescind by written notice to Landlord its exercise of the Renewal Option or (II) require by written notice to Landlord that the determination of the Fair Market Rental Rate be made by a panel of three (3) independent real estate appraisers or real estate brokers with at least ten (10) years experience in commercial leasing in the Mt. Laurel, New Jersey area ("Qualified Appraiser"), one Qualified Appraiser to be selected by Tenant, the second Qualified Appraiser to be selected by Landlord, and the third Qualified Appraiser to be selected by joint agreement of the two appointed appraisers (the "Panel of Appraisers"). The determination of the Panel of Appraisers shall be final and binding upon the parties. Within fifteen (15) days following Tenant's written notice that it will require that the determination of the Fair Market Rental Rate be made by Qualified Appraisers, each of Landlord and Tenant shall, by written notice to the other, designate its respective Qualified Appraiser. Within ten (10) days following the appointment of the second of such Qualified Appraisers, the two Qualified Appraisers so designated shall select a third Qualified Appraiser In the event that the two Qualified Appraisers are unable to agree upon the third Qualified Appraiser within such ten (10) day period, then Landlord and Tenant shall attempt to agree upon the third Qualified Appraiser within five (5) days thereafter, and if they fail to do so the third Qualified Appraiser shall be a Qualified Appraiser appointed under the commercial arbitration rules of the American Arbitration Association relating to appointment of arbitrators. The Panel of Appraisers so chosen shall render their decision as to the Fair Market Rental Rate, which must be either Landlord's determination or Tenant's determination and no sum in between, within ten (10) days following the appointment of the third Qualified Appraiser. In rendering their decision, the Panel of Appraisers shall be required to determine the Fair Market Rental Rate as such term is in default hereunder beyond herein defined. The party whose determination is not selected by the Panel of Appraisers as the Fair Market Rental Rate shall bear the costs of all of the Panel of Appraisers and for any applicable grace or cure periodgeneral arbitration costs. 31.

Appears in 1 contract

Samples: Lease Agreement (Intest Corp)

Renewal Option. Landlord Tenant is hereby grants granted two (2) options to Tenantrenew this Lease upon the following terms and conditions: At the time of the exercise of each option to renew and at the time of the said renewal, the Tenant shall not be in default in. accordance with the terms and provisions of this Lease, and Tenant shall have, be in possession of the right and Premises pursuant to this Lease. Notice of the exercise of the option shall be sent to extend the Term Landlord in writing at least nine (9) .months but not more than twelve (12) months before the expiration of the current term of this Lease Lease. Each renewal term shall be for one (1) a period of five (5) years (the “Renewal Term”). The Renewal Term shall years, to commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to at the expiration of the initial TermTerm of this Lease, time being of or the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice first renewal term, as and when required herein, the Renewal Term shall terminate and be of no further force or effectapplicable, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants terms and conditions of this Lease, except that other than the Fixed Rent Basic Rent, shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rentapply during any such renewal term. The “CPI Adjustment Amount” is calculated by multiplying annual Fixed Basic Rent to be paid during each renewal term shall not be less than that paid for the Fixed Rent payable for Premises during the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics original term of the United States Department of Labor (Lease, or the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as last year of the first day renewal term, as applicable. However, if the fair rental value per square foot at the commencement of the third Lease Yearrenewal term shall exceed the rent as established in the preceding sentence, the Tenant shall pay such fair rental value. IfIn determining the fair rental value, during the Lease Term Landlord shall notify Tenant of the Bureau of Labor Statistics ceases to maintain the Indexfair rental value as established by Landlord. Should Tenant dispute Landlord’s determination, then the Tenant shall be free to, at the Tenant’s sole cost and expense, employ the services of an appraiser familiar with office buildings located within the North Wales, Pennsylvania area comparable to the Building, who shall be a member of MAI and who shall render an appraisal. If the Landlord and the Tenant’s appraiser cannot agree on the fair rental value, or in such other index or standard as will most nearly accomplish case, on an independent appraiser acceptable to both, either party may request the aim or purpose American Arbitration Association to appoint such independent appraiser who shall be a member of MAI familiar with office buildings in the area of the Index Building who shall render an appraisal, and in such event the judgment of a majority of the three appraisers shall be used final and binding upon the parties. The parties shall share equally in determining the amount cost of any such adjustmentindependent appraiser. Notwithstanding Pending resolution of the foregoingissue of fair rental value, the Tenant shall have no right to renew this Lease if, either at pay the time Tenant notifies Landlord as of its election to extend this Lease or upon the commencement date of the Renewal Termrenewal term, Tenant is in default hereunder beyond any applicable grace or cure period.the Fixed Basic Rent as established by Landlord, subject to retroactive adjustment upon final determination of this issue. Any payments which are required as a result of a retroactive adjustment shall be made by the party required to make a payment within fifteen (15) days of such determination. EXHIBIT A (BUILDING) EXHIBIT B RULES AND REGULATIONS

Appears in 1 contract

Samples: Office Lease (Icon PLC /Adr/)

Renewal Option. Landlord hereby grants Provided Tenant is not in default under this Lease at the time of Tenant’s exercise of the Option to TenantRenew (as defined below) or any time thereafter up to the commencement of the Option Term (as defined below) beyond any applicable notice and cure periods and subject to the terms and conditions of this Section 2.10, and Tenant shall have, the right and option to extend the Term of this Lease for have one (1) period of five (5) years option to renew (the “Renewal Option to Renew”) the Lease Term with respect to the entire Premises for a period of thirty six (36) months (the “Option Term”). The Renewal Term Except as set forth in this Section 2.10, all terms and conditions of this Lease shall commence upon remain the day next following same during the last day Option Term. Rent during the Option Term, if any, shall be the then Fair Market Rental Rate. “Fair Market Rental Rate” shall mean the rental, including all escalations, Operating Costs, Property Taxes, additional rent and other charges at which tenants, (i) pursuant to leases or related agreement(s) which are executed prior to the commencement of the initial Option Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less , but no more than six (6) months prior to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Interest Notice (as defined below), and (ii) which have a term which is reasonably anticipated to commence within nine (9) months immediately preceding, or after, the commencement of the Option Term, for non-equity, non-sublease, non-encumbered, space comparable in size, location and quality to the denominator Premises, in an arms-length transaction of unrelated parties, for a term comparable to the Option Term, which comparable space is located in office buildings comparable to the Index as Project in terms of age, services, quality and location in Westlake Village, California (“Comparable Buildings”), taking into consideration and granting the following concessions: (a) rental abatement concessions, if any, being granted such tenants in connection with such comparable space, (b) tenant improvements or allowances to be provided for such comparable space, (c) a new 2018 base year, and (d) all other concessions, if any, being granted such tenants in connection with such comparable space, provided that the value of the first day then existing tenant improvements in each space shall be taken into account in determining what improvements are granted by landlords under similar circumstances. In addition, other material economic differences between this Lease and any comparison lease or amendment such as length of term, the manner in which the landlord under any comparison lease or amendment is reimbursed for taxes and operating expenses (including the applicable “base year” used to calculate pass through charges, if any), the value of parking ratios and parking locations at each space (considering the certainty of parking rights and how parking rights are structured), the value, if any, of signage availability, exposure and visibility at each space, the divisibility of the third Lease Year. Iffloor plate of each space, during the Lease Term the Bureau relative load factor of Labor Statistics ceases to maintain the Index, then such each space and all other index or standard as will most nearly accomplish the aim or purpose relevant factors (positive and negative) of the Index each space shall be used taken into account in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodFair Market Rental Rate.

Appears in 1 contract

Samples: Office Lease (Kythera Biopharmaceuticals Inc)

Renewal Option. Landlord hereby grants to Tenant, and (a) Tenant shall have, the right and option to may extend the Term of this Lease for one (1) period of two additional five (5) years year terms such extended term to be subject to the same terms and conditions as are contained in the Lease except the Rent set forth in Section 1(c) shall be the prevailing Fair Market Rate, as hereinafter defined. Provided that Tenant requests the same no more than eighteen (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not 18) months and no less than six seventeen (617) months prior to the expiration of the initial then current Lease Term, time being Landlord, no later than fifteen (15) months prior to the expiration of the essence with respect then current Lease Term, shall give Tenant written notice of its proposed Fair Market Rate. Tenant shall give Landlord written notice if it intends to exercise this option, which notice must be given at least twelve months prior to the expiration of the initial Term for the first option to renew and twelve months prior to the expiration of the first renewal term for the second option to renew; each such notification. Notice thereof notice shall be deemed sufficient if given in the manner hereinafter providedstate whether Landlord's proposed Fair Market Rate is acceptable to Tenant. If Landlord does not receive such written notice as and when required hereinLandlord's proposed Fair Market Rate is acceptable to Tenant, the Renewal Term shall terminate and be of no further force or effect, and then this Lease shall expire be renewed with such proposed Fair Market Rate as the Rent payable pursuant to Section 1(c). The Fair Market Rate as used herein shall mean the fair market rental rate then being charged for like space similarly situated in industrial/manufacturing buildings giving due consideration to all matters as are customarily and appropriately considered by landlords and tenants engaged in leasing similar space of approximately the same size and within a 5-mile radius of RiverTech Park as of the then-scheduled expiration date. The Renewal Term shall be upon all time of such determination and the terms, covenants and conditions terms of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year including, without limitation, age and condition of the initial Term by a ratiobuilding, rental and other concessions, finish allowances, the numerator creditworthiness and net worth of which is the Consumer Price Index for All Urban Consumerstenant, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, offered inducements and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term which would be offered for comparable properties. In the Bureau event the parties cannot reach an agreement as to the prevailing Fair Market Rate within thirty (30) days of Labor Statistics ceases Tenant's notice to maintain the Indexrenew, then such other index or standard as will most nearly accomplish the aim or purpose of the Index Fair Market Value shall be used in determining determined by the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodprocedure described below.

Appears in 1 contract

Samples: Lease Agreement (Mykrolis Corp)

Renewal Option. Landlord hereby grants to TenantProvided that no Event of Default is then existing under this Lease, and Tenant shall have, have the right and option to extend the Term of this Lease for one (1) period of five (5) years (the "Renewal Term”). The Renewal Term shall commence upon Option") to renew the day next following the last day Lease with respect to all or any portion of the initial Term. Tenant shall notify Landlord in writing Premises, by delivering written notice of its such election to extend this Lease for the Renewal Term Landlord not less than six twelve (612) months nor more than fifteen (15) months prior to the expiration of the initial Term or any previously exercised Renewal Term, time being . If Tenant exercises any option for less than all of the essence with respect Premises, such space shall (a) comprise no less than two (2) full contiguous floors, (b) any additional space covered by the Renewal Option shall be contiguous space and contiguous to such notification. Notice thereof two (2) full floors, and (c) any partial floor included by Tenant shall be deemed sufficient reasonably configured so as to leave Landlord with space in a reasonably leasable configuration based on customary space planning standards and applicable Legal Requirements. Tenant shall have the right to exercise any Renewal Option in any combination of five (5) year periods of up to a total of twenty (20) years plus a one time option to extend for a one (1) year period (such elected period being the "Renewal Term"). Tenant's notice to Landlord exercising a Renewal Option shall specify the space to be covered thereby (if given less than all of the Premises) and the length of Tenant's proposed Renewal Term. Failure of Tenant to exercise its Renewal Option in the manner hereinafter provided. If Landlord does not receive such written notice as time periods set forth herein shall render all remaining Renewal Options void and when required herein, the Renewal Term shall terminate and be of no further force and effect. Within fifteen (15) days of Landlord's receipt of the notice of the exercise of the Renewal Option, Landlord shall provide Tenant with written notice of its estimation of the prevailing MRR for such Renewal Space. Tenant shall then have fifteen (15) days to notify Landlord in writing that it accepts or effectrejects Landlord's determination of MRR and to provide Landlord with Tenant's estimation of MRR. If the parties cannot agree on a determination of MRR within fifteen (15) days thereafter, and Tenant may (i) withdraw its election to exercise the Renewal Option or (ii) elect that the MRR be determined in accordance with the appraisal provisions contained herein. Once such MRR is determined, within fifteen (15) days thereafter, Tenant may withdraw its election to exercise the Renewal Option. Any such renewal of this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants same terms and conditions of this Lease, except that (i) the Fixed Rent Base Rental during the Renewal Term shall be increased by adding based on ninety-five percent (95%) of the CPI Adjustment Amount MRR at the time of determination of the MRR; (defined belowii) Tenant shall pay the standard rate then being charged for the Parking Permits to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items Garage with respect to all Parking Permits then issued to Tenant; (1982-1984=100iii) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right option to renew this Lease if, either beyond the expiration of the twenty (20) year renewal period; (iv) the leasehold improvements will be provided to Tenant in their then-existing condition (on an "as is" basis) at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal TermTerm commences, Tenant is and (v) items such as the Landlord's and Tenant's insurance and other non-rental terms shall be adjusted to amounts and terms then standard for comparable leases with comparable tenants in default hereunder beyond any applicable grace or cure periodHouston, Texas.

Appears in 1 contract

Samples: Lease Agreement (Cabot Oil & Gas Corp)

Renewal Option. Landlord Contingent upon Tenant satisfying all of the following conditions, (the "CONDITIONS") Tenant is hereby grants to Tenant, and Tenant shall have, the right and granted an option to extend the Lease Term for an additional term of this Lease for one thirty-six (36) months ("EXTENSION TERM") commencing on September 1, 2000 and expiring on August 31, 2003, the Conditions being that: (i) period of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing have fully performed all of its election convenants, duties and obligations hereunder during the Lease Term; and (ii) Tenant shall have given written notice to extend this Lease for the Renewal Term Landlord of Tenants exercise of such option not less than six one hundred eighty (6180) months days prior to the expiration of the initial present Lease Term, time being . Time is of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written exercise of this Renewal Option and should Tenant fail to exercise this option by timely notice as and when required herein, or fail to satisfy the Renewal Term Conditions, this Renewal Option shall terminate lapse and be of no further force or effect, and this Lease shall expire as . In the event that Tenant satisfies all of the then-scheduled expiration date. The Renewal Conditions and effectively exercises such Option, then Landlord and Tenant shall execute an amendment in a form and content satisfactory in all respects to both Landlord and Tenant and the Rental for said Extension Term shall be upon all the Prevailing Market Rate. The "Prevailing Market Rate" shall mean the then prevailing market rate for base rental for Leases comparable to this Lease for comparable space. The Prevailing Market Rate shall be determined by Landlord and Tenant by mutual agreement and, if Landlord and Tenant cannot agree, the Prevailing Market Rate shall be established in the manner as specified in the balance of this subparagraph. Within ten (10) days after receipt of Tenant's exercise of an extension option, but no earlier than one hundred eighty (180) days prior to the expiration of the termsLease Term, covenants and conditions as it may have been extended, Landlord shall advise Tenant of this Leaseits determination of the Prevailing Market Rate, except that on a square foot basis. Within thirty (30) days after receipt of Landlord's determination of the Fixed Rent Prevailing Market Rate, Tenant shall advise Landlord, in writing, as to whether or not Tenant accepts or rejects the Prevailing Market Rate specified by Landlord. Failure to accept or reject the Prevailing Market Rate specified by Landlord shall be increased deemed acceptance by adding Tenant. If Tenant accepts such Prevailing Market Rate, then such rate shall be charged during the CPI Adjustment Amount applicable extension period for Base Rental. If Tenant rejects such Prevailing Market Rate, Tenant shall specify in such notice its selection of a real estate appraiser, who shall act on Tenant's behalf in determining the Prevailing Market Rate. Within ten (defined below10) days after Landlord's receipt of Tenant's rejection of the Landlord's specification of the Prevailing Market Rate and Tenant's selection of the real estate appraiser, Landlord, by written notice to Tenant, shall designate a real estate appraiser, who shall represent Landlord in the then-current Fixed Rentdetermination of the Prevailing Market Rate. The “CPI Adjustment Amount” is calculated Within ten (10) days of the selection of the Landlord's appraiser, the two appraisers shall by multiplying written report, each render their respective determinations of the Fixed Rent payable Prevailing Market Rate for the last year extension period in question. Each appraiser shall consider in determining the Prevailing Market Rate, among other factors, what financial inducements are then being offered to a tenant who is wiling to relocate, such as free rent, tenant improvement allowances, or moving allowances (if such considerations are appropriate for the current market conditions). If the determinations of the initial Term by a ratiotwo appraisers do not agree, the numerator appraisers shall select a third appraiser who shall then select the Prevailing Market Rate within twenty (20) days after the appointment of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published such third appraiser. Landlord and Tenant agree that they shall be bound by the Bureau of Labor Statistics determination of the United States Department appraiser(s). Landlord shall bear the fee and expenses of Labor (its appraiser; Tenant shall bear the “Index”) on fee and expenses of its appraiser; and Landlord and Tenant shall each share the date nearest the commencement date of the Renewal Term, fee and the denominator of which is the Index as of the first day expenses of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodappraiser.

Appears in 1 contract

Samples: Office Building Lease Agreement (Texoil Inc /Nv/)

Renewal Option. Provided Tenant is not in default under this Lease and that no event or condition exists which with notice and the expiration of any grace period would constitute an event of default under this Lease at the time an option may be exercised and at the time the Renewal Option (as defined below) commences, Landlord hereby grants to Tenant, and Tenant shall have, one option (the right and option “Renewal Option”) to extend the Term of this Lease with respect to all of the Premises for one (1) an additional period of five (5) years (the “Renewal TermPeriod”). The Renewal Term shall commence upon Option may be exercised by Tenant delivering written notice (the day next following the last day of the initial Term. Tenant shall notify “Renewal Notice”) to Landlord in writing of its election to extend this Lease for the Renewal Term not less than at least six (6) months prior to the expiration of the initial then current Lease Term. In the event that Tenant fails timely to give such notice to Landlord, this Lease shall automatically terminate at the end of the Lease Term, time being and Tenant shall have no further option to extend the Lease Term. Time is of the essence with respect to such notificationin the exercise of the Renewal Option[s]. Notice thereof The rate of base Rent (the “Renewal Rental Rate”) for the Renewal Period shall be deemed sufficient equal to the then current market rental rate at the Property charged by Landlord, taking into account all relevant factors. Not later than thirty (30) days following Landlord’s receipt of the Renewal Notice, Landlord shall provide Tenant with Landlord’s good faith estimate (“Landlord’s FMV Notice”) of such Renewal Rental Rate. Tenant shall have thirty (30) days from its receipt of Landlord’s FMV Notice to notify Landlord whether Tenant accepts or rejects Landlord’s determination of the Renewal Rental Rate. If Tenant is unwilling to accept Landlord’s determination of the Renewal Rental Rate as set forth in Landlord’s FMV Notice, and if given the parties are unable to reach agreement thereon within thirty (30) days after the delivery of Tenant’s notice to Landlord rejecting such rental determination, then the Renewal Option shall lapse, the Lease shall automatically terminate at the end of the Term and Tenant shall have no further option to extend the term of this Lease. Landlord and Tenant shall execute an amendment to this Lease within thirty (30) days after the determination of the Renewal Rental Rate, which amendment shall set forth the extended Lease Term and the Renewal Rental Rate. Except for the change in the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinrate of Rent, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term Period shall be upon subject to all of the terms, covenants terms and conditions of this Lease, except that Lease and the Fixed Rent Premises shall be increased by adding delivered in their then “as is” condition at the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of time the Renewal Period commences. Neither any option granted to Tenant in this Lease or in any collateral instrument to renew or extend the Lease Term, and nor the denominator exercise of which is the Index as any such option by Tenant, shall prevent Landlord from exercising any option or right granted or reserved to Landlord in this Lease or in any collateral instrument or that Landlord may otherwise have, to terminate this Lease or any renewal or extension of the first day of the third Lease Year. If, during the Lease Term either during the Bureau original Lease Term or during the renewed or extended term. Any renewal or extension right granted to Tenant shall be personal to Tenant and may not be exercised by any assignee, subtenant or legal representative of Labor Statistics ceases Tenant. Any termination of this Lease shall serve to maintain the Index, then terminate any such other index renewal or standard as will most nearly accomplish the aim or purpose extension of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoingLease Term, whether or not Tenant shall have no right exercised any option to renew this or extend the Lease if, either at Term. No option granted to Tenant to renew or extend the time Lease Term shall be deemed to give Tenant notifies Landlord of its election any further option to extend this Lease renew or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodextend.

Appears in 1 contract

Samples: Spinal Elements Holdings, Inc.

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have the right and option to extend the Term of this Lease (the “Renewal Option”) for one (1) period of five (5) years commencing on the day following the Expiration Date and ending the fifth anniversary of the Expiration Date (such period, the “Renewal Term”). The Renewal Term shall commence upon Option must be exercised, if at all, by written notice by Tenant to Landlord (the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term Notice”) not less later than six two hundred seventy (6270) months days prior to the expiration of Expiration Date. Notwithstanding the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinforegoing, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term Option shall be upon all of null and void and Tenant shall have no right to extend the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) if on the date nearest Tenant exercises the Renewal Option or on the date immediately preceding the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, : (a) Tenant is in default hereunder under this Lease beyond the expiration of any applicable notice and/or grace period; or cure (b) Tenant shall not be creditworthy in the reasonable judgment of Landlord (Tenant being deemed creditworthy if its financial condition is the same or better than its financial condition as of the Commencement Date as evidenced by Tenant’s financial statements then available), or (c) Tenant shall have previously assigned this Lease or sublet all or any portion of the Premises for the remainder of the Term unless such assignment or sublet was an Approved Transferee. During the Renewal Term all of the terms and conditions set forth in this Lease applicable to the Premises during the initial Term shall apply except that the Fixed Rent payable by Tenant for the Premises during the Renewal Term shall be the then Current Market Rent (as hereinafter defined). For purposes of this Article 39 the term “Current Market Rent” shall be the then rental rate for comparable space in Chesterbrook Corporate Center® and in Comparable Buildings, inclusive of tenant improvement allowances, concessions, current base years and the like, provided, however, notwithstanding anything contained in this Article 39 to the contrary, in no event shall the Fixed Rent during the Renewal Term be less than the Fixed Rent in effect during the final lease year of the initial Term. Landlord and Tenant shall endeavor in good faith to mutually agree upon the Current Market Rate within thirty (30) days after Landlord’s receipt of the Renewal Notice. If Landlord and Tenant are unable to agree upon the Current Market Rate within such thirty (30) day period, Tenant may withdraw it Renewal Notice in which event the Term shall expire on the Expiration Date and the terms and conditions of this Article 39 shall be null and void and of no further force and effect. In the event that Tenant does not withdraw its Renewal Notice Tenant shall be deemed to have agreed to Landlord’s proposed Current Market Rent.

Appears in 1 contract

Samples: Agreement of Lease (Ym Biosciences Inc)

Renewal Option. Landlord hereby grants to TenantProvided that Tenant is not in material default of any of the terms, covenants and conditions hereof beyond the expiration of applicable notice and cure periods set forth herein, Tenant shall have, will have the right and option to extend the Term original term of this Lease for one two (12) period further terms of five sixty (560) years months each. Such extension(s) of the original term shall be on the same terms, covenants and conditions as provided for in the original term except for this Section 2.04 and except that the rental rate specified in Section 1.11 of this Lease during each extended term shall be at the fair market rental in effect at the beginning of the extended term on equivalent properties, of equivalent size, in equivalent areas in Dallas County, Texas (the “Renewal Term”"Fair Market Rent"). The Renewal Term shall commence upon Tenant will deliver written notice to Landlord of Tenant's intent to exercise a renewal option granted herein not more than twelve (12) months nor less than nine (9) months prior to the day next following the last day expiration of the initial Termoriginal term of this Lease or the first extended term, as the case may be. In the event Tenant shall notify Landlord in writing of its election fails to deliver such written notice within the time period set forth above, Tenant's right to extend this Lease for the Renewal Term not less than term hereunder shall expire and be of no further force Tenant JJ Landlord JH 4 and effect. Failure to exercise the first renewal option shall render the second renewal option null and void. If Tenant exercises an option in accordance with the foregoing, the parties will have until the date that is six (6) months prior to the date that the original term or the first extension term, as the case may be, will expire in order to agree on Base Rent during the extension term. If the parties agree on the Base Rent for the extension term during that period, they shall immediately execute an amendment to this Lease stating the Base Rent. If the parties are unable to agree on Base Rent for the extended term during that period, then the Base Rent for the extension period will be established by appraisal and will be 100% of Fair Market Rental as determined by the appraisal. Landlord and Tenant shall each appoint one appraiser at least five (5) months prior to the expiration of the initial Termoriginal term or first extension term, as the case may be; provided, however, that if either party fails to designate an appraiser within the time being period specified, then the appraiser who is designated shall conclusively determine the Fair Market Rental. If two (2) appraisers are designated, then they shall submit within thirty (30) days after the second thereof has been designated their appraisals of the essence Fair Market Rental. Each appraiser shall prepare a written appraisal report that shall conform with the standard of professional practice of the American Institute of Real Estate Appraisers. Landlord and Tenant intend that the "Fair Market Rental" shall be deemed to be the rent per square foot of rentable area of industrial/office space that is then being charged for similar space located in buildings in the area of the Building that are comparable in quality and offer similar amenities to the Building and involving leases with similar terms and conditions (including, but not limited to, free rent, brokerage commissions, and all other monetary and nonmonetary concessions), and involving the use of the premises for the permitted uses hereunder, but shall not include value added by alterations and/or improvements made by Tenant, at Tenant's expense. The industrial office spaces used for comparison shall be comparable in size, quality and design to the Property, and such industrial office spaces used for comparison shall be comparable to the Property with respect to their location within such notificationbuildings, the quality and quantity of tenant improvements installed at each landlord's expense, the services provided by each landlord to such tenant, and the financial strength of Tenant. Notice thereof Should the two appraisers be unable to agree within said thirty (30) days, the two appraisers shall each submit an independent written appraisal and together they shall designate one additional person as appraiser within five (5) days following the expiration of said 30-day period; provided, however, that if the difference between the two appraisals is five percent (5%) or less of the lowest appraisal, then an additional appraiser shall not be designated and the Fair Market Rental shall equal the average of the two appraisals that are submitted. The third appraiser shall submit an independent written appraisal within thirty (30) days following his or her appointment. If the two appraisers cannot agree upon a third appraiser, then either party hereunder may request that a judge of a Dallas State District Court appoint such third appraiser. The Fair Market Rental shall be deemed sufficient if given equal to the average of the two written appraisals which are closest, and the third appraisal shall be disregarded. Each party shall bear the cost of the appraiser appointed by it and the parties shall share equally in the manner hereinafter providedcost of the third appraiser. If No person shall be appointed or designated an appraiser unless he or she is an independent appraiser who is a currently certified member of the American Institute of Real Estate Appraisers (with Tenant JJ Landlord does JH 5 MAI designation) and unless he or she has at least five (5) years experience as an appraiser in Dallas County. The third appraiser shall not receive such written notice have ever been employed (full-time or part-time or on a consulting basis) by Landlord or Tenant. In the event that the Fair Market Rental is not established before the commencement of the extended term, Tenant shall continue to pay the Base Rent in effect at the end of the original term or first extension term, as the case may be, and when required hereinthe Fair Market Rental has been established, the Renewal Term new Base Rent shall terminate and be of no further force or effect, and this Lease shall expire retroactively effective as of the then-scheduled expiration date. The Renewal Term shall be upon all beginning of the terms, covenants extended term and conditions of this Lease, except that Tenant shall pay Landlord any deficiency within thirty (30) days after the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year establishment of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodnew Base Rent.

Appears in 1 contract

Samples: Lease Agreement (Icon Health & Fitness Inc)

Renewal Option. Provided that (i) this Lease shall be in full force and effect as of the date of the Renewal Notice (as hereinafter defined) and as of the Expiration Date; (ii) there shall not then be existing a default under this Lease which is continuing after notice by Landlord hereby grants to TenantTenant and the expiration of the applicable cure period, and (iii) Tenant shall havebe in actual occupancy of not less than two (2) full floors of the entire Premises (portions of the premises occupied by other parties pursuant to Section 11.12 shall be deemed to be occupied by Tenant for the purposes of this Section 26.01), the right and then Tenant originally herein named shall have one (1) option to extend the Term of this Lease for one (1) a period of five ten (510) years (the “Renewal Term”)) commencing on the day after the Expiration Date. Such option shall be exercisable by written notice (the “Renewal Notice”) to Landlord given not earlier than twenty four (24) months prior to nor later than fifteen (15) months prior to the Expiration Date. The Renewal Term shall commence upon the day next following the last day constitute an extension of the initial Term. Tenant shall notify Landlord in writing Term of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants same terms and conditions of this Leaseas the initial Term, except that the Fixed Rent (i) there shall be increased by adding no further option to renew the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year Term of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of this Lease in the Renewal Term, (ii) Landlord shall not be required to furnish any materials or perform any work to prepare the Premises for Tenant’s occupancy and Landlord shall not be required to reimburse Tenant for any Alterations made or to be made by Tenant, and (iii) the denominator Base Rent for the Renewal Term shall be payable at a rate per annum equal to the fair market rental value of which is the Index Premises as of the first day of the third Lease Year. IfRenewal Term as determined by Landlord based upon comparable space in the Building (including existing executed leases, during as well as pending transactions pursuant to letters of intent) and in comparable buildings in the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose vicinity of the Index Building, including all of Landlord’s services provided for in this Lease, and with the Premises considered as vacant, and in “as is” condition on the Renewal Term Commencement Date. The calculation of the fair market value shall be used in determining the amount of any such adjustmenttake into account all relevant factors and may include escalations on a fixed or CPI basis. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of During the Renewal Term, all Additional Rent that Tenant is obligated to pay under this Lease during the initial Term hereof for Real Estate Taxes and Operating Expenses shall continue without interruption, it being the intention of the parties hereto that the Renewal Term shall be deemed a part of and continuation of the initial Term of this Lease. If Tenant shall duly and timely give the Renewal Notice, then not later than twelve (12) months prior to the Expiration Date, Landlord shall respond to Tenant’s Renewal Notice with Landlord’s calculation of fair market value, provided, however, (i) the fact that the base years for Real Estate Taxes and Operating Expenses shall remain unchanged and shall be taken into account in default hereunder beyond any applicable grace or cure perioddetermining fair market value hereunder, and (ii) Landlord shall not be bound by such Landlord’s calculation of fair market value if the parties determine fair market value pursuant to Section 26.02.

Appears in 1 contract

Samples: MF Global Ltd.

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, the right and option to renew and extend the Term term of this Lease for one (1) period term of five sixty (560) years months (the “Renewal TermPeriod”). In the event Tenant elects to exercise the option described herein, all terms and conditions of this Lease shall continue in full force and effect except as set forth in this Paragraph. The monthly rent to be paid during the Renewal Term Period (the “Renewal Rate”) shall commence upon be the day next following the last day fair market value of the initial Premises as determined by the market rental rate for buildings comparable to the Project, at the commencement of such extended Lease Term, for space of equivalent quality, size, utility and location, with the length of the extended Lease Term and the credit standing of Tenant to be taken into account; provided, however, the Base Rent for the Renewal Period shall not be less than the then-applicable Base Rent for the Premises nor exceed $3.90 per square foot on an annual basis. Initials: /s/ KS /s/ RL Landlord Tenant shall notify Notice of Tenant’s intention to exercise the option must be given to Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Termprimary term of this Lease, and Tenant must not be in default (after any applicable notice and cure period) under this Lease at either the time being that this option must be exercised or the commencement of the essence with respect Renewal Period; otherwise, this Renewal Option shall be null and void and of no further force or effect. Tenant’s failure to such notification. Notice thereof give notice of exercise of the Renewal Option shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive a waiver of such written notice as option and when required herein, the Renewal Term shall terminate and such option will then be of no further force or effect, and this Lease . Landlord shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor deliver written notice (the “IndexLandlord Notice”) to Tenant, within fifteen (15) days after Landlord’s receipt of a timely Renewal Option notice, which sets forth the Renewal Rate after the Landlord’s reasonable determination of the fair market value of the Premises as set forth in this Paragraph. Landlord and Tenant shall negotiate in good faith to attempt to reach agreement on the date nearest Renewal Rate. If Landlord and Tenant are unable to come to an agreement as to the commencement date Renewal Rate within thirty (30) days of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the IndexLandlord Notice, then such other index or standard as will most nearly accomplish the aim or purpose of the Index this Renewal Option shall be used in determining deemed waived and of no effect. If Landlord and Tenant agree on the amount of any such adjustment. Notwithstanding the foregoingRenewal Rate, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date promptly execute and deliver an amendment of the Lease in form and substance satisfactory to Landlord and Tenant to evidence the exercise of this Renewal TermOption and the effect thereof. In the event the Premises are sublet or assigned other than to an Affiliate, Tenant is in default hereunder beyond any applicable grace or cure periodthis renewal option shall be null and void and of no effect.

Appears in 1 contract

Samples: Lease Agreement (Ufp Technologies Inc)

Renewal Option. Landlord hereby grants to TenantIf Tenant has not committed an Event of Default at any time during the New Space Term, and Tenant shall haveis occupying the entire Premises at the time of such election, Tenant may renew the right and option to extend the Term of this Lease for one (1) additional period of five (5) years years, by delivering written notice of the exercise thereof to Landlord not later than twelve (12) months before the expiration of the New Space Term. The Minimum Rent payable for each month during such extended Term shall be the prevailing rental rate (the “Renewal TermPrevailing Rental Rate”). The Renewal Term shall commence upon , at the day next following commencement of such extended Term, for renewals of space in comparable buildings in the last day central Scottsdale market, of equivalent quality, size, utility and location, with the length of the initial Termextended Term and the credit standing of Tenant to be taken into account. Within thirty (30) days after receipt of Tenant’s notice to renew, Landlord shall deliver to Tenant written notice of Landlord’s determination of the Prevailing Rental Rate and shall advise Tenant of the required adjustment to Minimum Rent, if any, and the other terms and conditions offered. Tenant shall shall, within ten (10) days after receipt of Landlord’s notice, notify Landlord in writing whether Tenant accepts or rejects Landlord’s determination of the Prevailing Rental Rate. If Tenant timely notifies Landlord that Tenant rejects Landlord’s determination of the Prevailing Rental Rate, then the Prevailing Rental Rate as of commencement of the renewal Term shall be determined as follows: within thirty (30) days after receipt of Landlord’s notice specifying Landlord’s determination of the Prevailing Rental Rate, Tenant, at its election sole cost, shall obtain and deliver in writing to extend this Lease Landlord a determination of the Prevailing Rental Rate for the Renewal Premises for a term equal to the renewal Term from a broker (“Tenant’s Broker”) licensed in the State of Arizona and with not less than six ten (610) months prior to years’ experience in leasing space in comparable buildings in the expiration of central Scottsdale market. If Landlord accepts such determination, the initial Term, time being of Minimum Rent for the essence with respect to such notification. Notice thereof renewal Term shall be deemed sufficient if given in adjusted to an amount based upon the manner hereinafter providedPrevailing Rental Rate determined by Tenant’s Broker. If Landlord does not receive accept such written notice as determination within fifteen (15) days after receipt of the determination by Tenant’s Broker, Landlord shall designate a broker (“Landlord’s Broker”) licensed in the State of Arizona and when required hereinwith not less than ten (10) years’ experience in leasing space in comparable buildings in the central Scottsdale market. If Landlord’s Broker and Tenant’s Broker cannot together agree on the Prevailing Rental Rate, Landlord’s Broker and Tenant’s Broker shall name a third broker, similarly qualified, within five (5) days after the Renewal Term appointment of Landlord’s Broker. Each of said three (3) brokers shall terminate and be of no further force or effect, and this Lease shall expire determine the Prevailing Rental Rate for the Premises as of the then-scheduled expiration datecommencement of the renewal Term for a five (5) year term within fifteen (15) days after the appointment of the third broker. The Renewal Minimum Rent payable by Tenant effective as of the commencement of the renewal Term shall be upon all adjusted to an amount equal to the arithmetic average of such three determinations; provided, however, that if any such broker’s determination deviates more than ten percent (10%) from the median of such determinations, the Minimum Rent payable shall be an amount equal to the average of the termstwo closest determinations. Landlord shall pay the costs and fees of Landlord’s Broker in connection with any determination hereunder, covenants and conditions Tenant shall pay the costs and fees of this Lease, except that the Fixed Rent Tenant’s Broker in connection with such determination. The costs and fees of any third broker shall be increased paid one half ( 1⁄2) by adding Landlord and one half ( 1⁄2) by Tenant. Upon the CPI Adjustment Amount (defined below) to determination of the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Minimum Rent payable for the last year renewal Term as aforesaid, or if Tenant timely notifies Landlord that Tenant accepts Landlord’s determination of the initial Term by a ratioPrevailing Rental Rate, the numerator of which is the Consumer Price Index for All Urban Consumersthen, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest or before the commencement date of the Renewal renewal Term, Landlord and the denominator of which is the Index as of the first day of the third Lease YearTenant shall execute XXXXXX CENTER II/TPI COMPOSITES, INC. If, during an amendment to the Lease extending the Term on the Bureau of Labor Statistics ceases to maintain same terms provided in the IndexLease (as amended by this Amendment), then such other index or standard except as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.follows:

Appears in 1 contract

Samples: Office Lease Agreement (Tpi Composites, Inc)

Renewal Option. Landlord hereby grants to Tenant, and A. Tenant shall have, have the right and option to extend and renew the Term term of this Lease lease with respect to the then existing demised premises, in its then “as is” condition, for one (1) additional period of five (5) years (years, commencing on the “Renewal Term”). The Renewal Term shall commence upon first day of the day next following sixteenth Lease Year and ending on the last day of the initial twentieth Lease Year (the “Extended Term. Tenant shall notify Landlord ”), upon the same terms and conditions as contained in writing this lease (unless changed or modified by mutual agreement) except that (i) the fixed annual rental rate, without electricity (and subject to operating expense and real estate tax escalation additional rents pursuant to paragraphs B and C of its election to extend this Lease Article 2 hereof, respectively), for the Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Extended Term shall be upon all a sum equal to one hundred percent (100%) of the terms, covenants fair and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable reasonable annual market rental rate for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index demised premises as of the first day of the third Lease Extended Term, taking into account the rentals at which leases are being concluded for comparable space in the building and in comparable buildings in the same rental area as the building and all other relevant factors, including the new Base Year and base tax year applicable to the Extended Term, as hereinafter provided; (ii) for the Extended Term: under paragraph B of Article 2, the term “Base Year. If, ” shall mean the Expenses for the building project for the calendar year during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon which the commencement date of the Renewal Extended Term occurs; and the first “comparative year” under said paragraph B of Article 2 shall be the calendar year immediately following such calendar year during which the commencement date of the Extended Term occurs; (iii) for the Extended Term: under paragraph C of Article 2, the term “base tax year” shall mean the real estate taxes assessed against the building project for the New York City real estate tax year during which the commencement date of the Extended Term occurs; and the first “comparative year” under said paragraph C of Article 2 shall be the New York City real estate tax year immediately following such base tax year; and (iv) this lease, as extended for the Extended Term, Tenant is shall contain no renewal option. The exercise of such option shall only be effective upon, and in default hereunder beyond any applicable grace or cure period.strict compliance with, the following terms and conditions:

Appears in 1 contract

Samples: Non Disturbance and Attornment Agreement (Coty Inc /)

Renewal Option. Landlord hereby grants to Tenant, Provided that this Lease is in full force and effect and Tenant is not in default hereunder, Tenant shall have, have the right and option to extend the Term of this Lease on the same terms, conditions and provisions as contained in this Lease, except as otherwise expressly provided herein, for one two (12) period periods of five (5) years each (each, an "Extension Period"). If exercised in accordance herewith, the Extension Period shall commence on the first (1st) day after such scheduled Lease Expiration Date or on the first day after the expiration of the first Extension Period, as the case may be (hereinafter referred to in this Section 23.33 as the "Expiration Date") and the rental rate shall be at the then prevailing market base rent for comparable quality space in similar class buildings in the Downtown St. Louis Business District, taking into account all rental terms such as free rent, moving allowances, allowances for tenant improvements, step rent structure, base years for operating expense and tax escalation, and lease commissions, if any (the “Renewal Term”"Prevailing Market"). The Renewal Term shall commence upon renewal option may only be exercised in accordance with the day next following the last day of the initial Termprocedures set forth herein. Tenant shall notify Landlord in writing of its election As a prerequisite to Tenant's right so to extend the Term of this Lease for the Renewal Term Lease, not less than six fifteen (615) months prior to the expiration Expiration Date, Tenant shall, by written notice to Landlord (the "Preliminary Notice"), notify Landlord of Tenant's preliminary intent to exercise such renewal option and request that Landlord determine the Prevailing Market rate for the Premises as it would be during the Extension Period. Within thirty (30) days following Landlord's receipt of the initial TermPreliminary Notice, time being Landlord will notify Tenant of such Prevailing Market rate as reasonably determined by Landlord. Not less than twelve (12) months prior to the Expiration Date, Tenant may, by written notice to Landlord ("Extension Notice"), then elect to exercise Tenant's option to extend the Term of the essence with respect Lease. If Tenant shall fail to give any such notificationExtension Notice, Tenant's right to exercise such option and all subsequent options shall cease and be void. Notice thereof shall be deemed sufficient Additionally, if given the option to extend the Lease Term is not exercised in the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinaforesaid manner, the Renewal Lease Term shall terminate and be of no further force or effect, Tenant's rights hereunder and this Lease its rights to occupy and possess the Premises shall expire as of on the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount Expiration Date (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratioi.e., the numerator of which is scheduled Lease Expiration Date or the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as end of the first day Extension Period, as the case may be). In the event Tenant disagrees with Landlord's determination of such Prevailing Market rate, then within no more than fifteen (15) days after Tenant receives Landlord's determination of such rate Tenant shall give Landlord notice of its desire to arbitrate such rate, which notice shall be accompanied by the identity of an arbitrator appointed by Tenant. Thereafter, Landlord shall have fifteen (15) days in which to appoint its arbitrator, and within fifteen (15) days after the appointment of Landlord's arbitrator the two arbitrators theretofore appointed shall appoint a third arbitrator. After such third appointment, the three arbitrators thus elected shall have thirty (30) days in which to establish the Prevailing Market rate as defined above in dispute between Landlord and Tenant, which determination shall be final and binding upon the parties hereto. Each arbitrator appointed hereunder shall be a licensed real estate broker with experience in office space leasing, and no such arbitrator shall have any other existing contractual relationship with either party hereto. Landlord and Tenant shall pay the fees of their respectively appointed arbitrators and the fee of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index arbitrator shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.shared equally by

Appears in 1 contract

Samples: Nondisturbance and Subordination Agreement (Ebs Building LLC)

Renewal Option. Landlord hereby grants to Tenant(i) If this Lease is in effect and if Tenant is not then in default hereunder beyond the applicable period of grace, and Tenant shall have, have the right and option (the "Renewal Option") to extend the Term as to all (but not part, except as set forth in the next succeeding sentence) of this Lease the Premises for one two (12) period additional periods, each of five (5) years (each the "Renewal Term”). The ") if Tenant gives Landlord written notice of Tenant's exercise of each such option (the "Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term Notice") not less later than six eighteen (618) months prior to the expiration of the initial Termthen-current Term (the "Notice Cut-Off Date"), time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date timely delivery of the Renewal TermNotice being an express condition of valid exercise of each said option. At Tenant's election, and Tenant may exclude from a Renewal Option only (i) all or any part of any Expansion Space added to the denominator Premises after the date of which this Lease (but any such partial exclusion must be such that any excluded area is the Index reasonably susceptible of re-leasing by Landlord, as reasonably determined by Landlord) and/or (ii) all or any part of the first day portion of the third Lease Year. If, during Premises located on the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose eighth (8th) floor of the Index shall be used in determining the amount of Building depicted on Exhibit "A-3" attached hereto (but any such adjustmentpartial exclusion must be such that any excluded area is reasonably susceptible of re-leasing by Landlord, as reasonably determined by Landlord), provided that Tenant designates such election in the Renewal Notice. An election to so exclude a portion of the Premises from the Renewal Option will be irrevocable once made. Notwithstanding the foregoing, if Landlord wishes to assert that Tenant may not exercise a Renewal Option by reason of an outstanding default by Tenant of its obligations under the Lease, Landlord must so notify Tenant within ten (10) days after receipt of Tenant's Renewal Notice and afford Tenant the opportunity to cure the default in accordance with and within the cure period provided by the provisions of this Lease, after which cure (if any) Tenant's Renewal Notice shall have no right be deemed effective even if given after the Notice Cut-Off Date. If Tenant fails to renew cure such default in accordance with and within the cure period provided by the provisions of this Lease ifLease, either Tenant's Renewal Notice of exercise shall be deemed ineffective. If Tenant effectively exercises a Renewal Option, the first Renewal Term shall commence at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date expiration of the initial Term of the Lease, and the second Renewal Term shall commence at the expiration of the first Renewal Term. As a condition to exercising the second Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodmust have exercised the first Renewal Term.

Appears in 1 contract

Samples: Agreement of Lease (American Business Financial Services Inc /De/)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have the right and option to extend renew ("Renewal Option") the Term of this Lease for one (1) period additional term of five (5) years (the “"Renewal Term”). The Renewal Term shall commence ") commencing upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Termscheduled Term of this Lease under Section 2 (and as extended pursuant to the terms of either Section 30 or Section 31 hereof), on the condition that Tenant is not in default under this Lease at the time being Tenant gives notice of exercise of its Renewal Option or at the time of commencement of the essence with respect to such notificationRenewal Term. Notice thereof Such renewal shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon on all of the terms, covenants and conditions of this Lease, except that except: (i) Tenant shall not have any right to further renewal beyond such additional five-year term; and (ii) the Fixed annual Basic Rent for the Premises for the renewal term shall be increased by adding at the CPI Adjustment Amount (defined below) prevailing market rates for office space in the Building comparable to the then-current Fixed RentPremises at the time the Renewal Term begins. The “CPI Adjustment Amount” is calculated by multiplying In no event shall the Fixed Basic Rent payable for during the last year Renewal Term be less than the Basic Rent payable under this Lease immediately prior to the commencement of the Renewal Term. Tenant's Renewal Option shall be exercised only by Tenant giving Landlord written notice of Tenant's election to renew not less than nine (9) months prior to the expiration of the initial Term by a ratioof this Lease, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics time being of the United States Department essence with respect to such notice. As of Labor (the “Index”) on the date nearest the commencement date Renewal Term begins, this Lease shall be deemed modified in the manner set forth above, without the necessity of any further agreement or document; provided, however, that either party to this Lease shall, upon request of the Renewal Termother party, execute, acknowledge, and the denominator deliver an instrument evidencing such renewal and modification of which is the Index as this Lease. All of the first day terms and provisions of the third Lease Year. IfLease, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Indexas herein amended and supplemented, then such other index or standard as will most nearly accomplish the aim or purpose of the Index are hereby ratified and confirmed, and shall be used remain in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodfull force and effect.

Appears in 1 contract

Samples: Lease Agreement (Multi Link Telecommunications Inc)

Renewal Option. Landlord hereby grants to Tenant, and (a) Tenant shall have, have one (1) option (the right and option "Renewal Option") to extend the Term of this Lease with for one (1) a period of five three (53) years and ten (10) months beyond the New Expiration Date (the "Renewal Term"). The Renewal Term Option shall commence upon be effective only if Tenant is not in Default under this Lease, nor has any event occurred which with the day next following giving of notice or the last day passage of time, or both, would constitute a Default hereunder, either at the time of exercise of the initial Renewal Option or the time of commencement of the Renewal Term. The Renewal Option must be exercised, if at all, by written notice (the "Election Notice") from Tenant shall notify to Landlord in writing of its election to extend this Lease for the Renewal Term given not more than nine (9) months nor less than six seven (67) months prior to the expiration of the initial TermExtension Period. Except as hereinafter provided in this Paragraph 6(a), any such notice given by Tenant to Landlord shall be irrevocable. If Tenant fails to exercise the Renewal Option in a timely manner as provided for above, the Renewal Option shall be void (time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, essence) and this Lease shall expire as automatically terminate on the New Expiration Date without the necessity of notice from either party to the then-scheduled expiration dateother. The Renewal Term shall be upon all of the terms, covenants same terms and conditions of this Leaseas the Extension Period, except that the Fixed annual Base Rent during the Renewal Term shall be increased by adding the CPI Adjustment Amount (defined below) equal to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying prevailing market rate for space in similarly situated buildings in the Fixed Rent payable for the last year vicinity of the initial Term by a ratioBuilding comparable to the Premises in location, the numerator of which is the Consumer Price Index for All Urban Consumerssize, Cleveland-Akroncondition, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest quality and type at the commencement date of the Renewal Term; provided however that in no event shall the Base Rent for the Renewal Term be less than the Base Rent for the last month of the Term. As used herein, the term "prevailing market rate" shall mean the base annual rental for such comparable space, taking into account any additional rental and all other payments and escalations payable hereunder and by tenants under leases of such comparable space, any tenant improvement allowances, leasing commissions and other monetary concessions offered hereunder and under such other leases, and the denominator relative creditworthiness of which is Tenant and such other tenants. Landlord shall notify Tenant in writing (such notice being hereinafter referred to as the Index as "Renewal Rate Notice") of the first day prevailing market rate for the Renewal Term within thirty (30) days after Landlord's receipt of the third Lease YearElection Notice. IfTenant shall have sixty (60) days after receipt of the Renewal Rate Notice (the "Response Period") to advise Landlord whether or not Tenant agrees with Landlord's determination of the prevailing market rate and, if Tenant disagrees with such determination, to discuss and negotiate such rate with Landlord. If Tenant agrees with Landlord's determination, or if during the Lease Term Response Period the Bureau of Labor Statistics ceases to maintain the Indexparties agree in writing on a different rental rate, then Landlord and Tenant shall promptly enter into an amendment to this Lease providing for the lease of the Premises by Tenant during the Renewal Term upon the terms stated in the Renewal Rate Notice or such other index or standard terms as will most nearly accomplish may be agreed to by the aim or purpose parties during the Response Period, each in the exercise of its sole and absolute discretion. If Tenant disputes Landlord's determination of the Index shall be used prevailing market rate and if the parties fail to agree in determining writing on a different rental rate prior to the amount expiration of any such adjustment. Notwithstanding the foregoingResponse Period, Tenant shall have no the right to renew rescind its Election Notice in writing within the Response Period and neither party shall have any further rights or obligations under this Lease if, either at Paragraph 6(a). If Tenant fails to provide Landlord with written notice of rescission prior to the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date expiration of the Renewal TermResponse Period, then Tenant is shall be deemed to have accepted Landlord's determination of the prevailing market rate (except to the extent that Landlord and Tenant have agreed in default hereunder beyond any applicable grace or cure periodwriting on a different rental rate as provided in this Paragraph 6(a)).

Appears in 1 contract

Samples: Industrial Lease Agreement (Centigram Communications Corp)

Renewal Option. Landlord hereby grants to Provided Tenant is not in Default when Tenant delivers such notice, Tenant may renew this Lease for two (2) additional periods of three (3) years each on the same terms provided in this Lease, except that the Base Rent payable for each month shall be the market rate for space of equivalent size, quality and utility taking into account the credit standing of Tenant, and ; Tenant shall have, the right and deliver written notice to Landlord indicating whether or not Tenant elects to preserve its option to extend the Lease Term of this Lease for no later than one hundred twenty (1120) period of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months days prior to the expiration of the initial Lease Term, including any extension thereof (“Election Date”). Within thirty (30) days after the Election Date, Landlord shall provide Tenant with a proposed Base Rent Renewal Rate. The proposed Base Rent Renewal Rate shall be determined by Landlord in its reasonable discretion, taking into account the factors described hereinabove. If Tenant shall object to Landlord’s proposed Base Rent Renewal Rate, Landlord and Tenant shall negotiate in good faith to determine a mutually acceptable Base Rent Renewal Rate. If Landlord and Tenant reach mutual agreement on or before the day 90 days prior to the expiration of the Lease Term (the “Renewal Target Date”), such rate shall be the Base Rent Renewal Rate, and Landlord and Tenant shall enter into an agreement confirming Tenant’s exercise of this Renewal Option at such Base Rent Renewal Rate. If Landlord and Tenant fail to reach mutual agreement on or before the Renewal Target Date, Tenant may notify Landlord in writing within ten (10) days after the Renewal Target Date that Tenant invokes the arbitration procedure set forth below to determine the Base Rent Renewal Rate. Notwithstanding anything contained herein to the contrary: (a) if Tenant fails to deliver written notice indicating whether or not it elects to preserve its Renewal Option prior to the Election Date, Tenant shall be deemed to have elected not to extend the Lease Term and the renewal option set forth herein shall automatically terminate, and (b) Tenant’s rights hereunder shall terminate if (i) this Lease expires or is canceled, or because of an event of Default, this Lease or Tenant’s right to possession of the Premises is terminated, or (ii) Tenant fails to timely exercise its renewal option hereunder, time being of the essence with respect to Tenant’s exercise thereof. Upon delivery and receipt of such notification. Notice thereof shall be deemed sufficient if given notice that Tenant rejects Landlord’s proposed Base Rent Renewal Rate, the parties will attempt within seven (7) days thereafter to mutually appoint an appraiser who will select (in the manner hereinafter providedset forth below) the Base Rent Renewal Rate (the “Deciding Appraiser”). The Deciding Appraiser must have at least five (5) years of full-time commercial appraisal experience with projects comparable to the Property and be a member of a reputable national appraisal association. The Deciding Appraiser may not have any material financial or business interest in common with either of the parties. If Landlord and Tenant are not able to agree upon a Deciding Appraiser within such seven (7) day period, each party will within fifteen (15) days thereafter separately select an appraiser meeting the criteria set forth above, which two appraisers will, within seven days of their selection, mutually appoint a third appraiser meeting the criteria set forth above (and who also does not receive have any material financial or business interest in common with either of the two selecting appraisers) to be the Deciding Appraiser. Within twenty (20) days after the appointment (by either method) of the Deciding Appraiser, Landlord and Tenant will submit to the Deciding Appraiser their respective determinations of Base Rent Renewal Rate and any related information. Within twenty-one (21) days after such written notice as and when required hereinappointment of the Deciding Appraiser, the Deciding Appraiser will review each party’s submittal (and such other information as the Deciding Appraiser deems necessary) and will select, in total and without modification, the submittal presented by either Landlord or Tenant as the Base Rent Renewal Term shall terminate and be of no further force or effectRate. Subject to the previous sentence, and this Lease shall expire if the Deciding Appraiser timely receives one party’s submittal, but not both, the Deciding Appraiser must designate the submitted proposal as the Base Rent Renewal Rate for the applicable extension of the then-scheduled expiration dateLease Term. The Any determination of the Base Rent Renewal Term Rate made by the Deciding Appraiser in violation of the provisions of this Rider 2 shall be upon all beyond the scope of authority of the terms, covenants Deciding Appraiser and conditions of this Lease, except that the Fixed Rent shall be increased null and void. If the determination of Base Rent Renewal Rate is made by adding the CPI Adjustment Amount (defined below) a Deciding Appraiser, Landlord and Tenant will each pay, directly to the thenDeciding Appraiser, one-current Fixed Renthalf (1/2) of all fees, costs and expenses of the Deciding Appraiser. The “CPI Adjustment Amount” is calculated by multiplying Landlord and Tenant will each separately pay all costs, fees and expenses of their respective additional appraiser (if any) used to determine the Fixed Rent payable Deciding Appraiser. LANDLORD: Rainier Asset Management Company, LLC, as agent for the last year of the initial Term by a ratioTenant-in-Common Owners Date: TENANT: NEI, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.Inc. Date: TO INDUSTRIAL REAL ESTATE LEASE

Appears in 1 contract

Samples: Industrial Real Estate Lease (Network Engines Inc)

Renewal Option. Landlord hereby grants to Tenant(a) So long as the Lease is in full force and effect, and Tenant shall haveis not in default in the performance of any of the covenants or terms and conditions of the Lease, either at the right and time of exercise of the option set forth herein or at the commencement of the renewal term set forth herein, Tenant is hereby granted the one-time option to extend renew the Term term of this Ninth Amendment to Lease (the "Renewal Option") for one (1) a period of five three (53) additional years (the "Renewal Term"). The Renewal Term shall , to commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to at the expiration of the initial Term, time being term of the essence with respect to such notificationthis Ninth Amendment. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be The renewal of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants same terms and conditions of this Lease, except that except: (1) the Fixed Base Rent during the Renewal Term shall be increased by adding calculated as set forth below based on the CPI Adjustment Amount prevailing "Market Annual Base Rental Rate" (as defined below), but shall in no event be less than the Base Rent that Tenant is then paying under the terms of this Ninth Amendment; (2) Tenant shall have no option to renew this Ninth Amendment beyond the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date expiration of the Renewal Term, and ; (3) Tenant shall not have the denominator of which is the Index as right to assign its renewal rights to any subtenant of the first day Premises or assignee of the third Lease Year. IfLease, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of nor may any such adjustment. Notwithstanding subtenant or assignee exercise or enjoy the foregoing, Tenant shall have no right to renew this Lease if, either benefit of such renewal rights: and (4) the leasehold improvements in the Premises will be provided in their then-existing condition (on an "as is" basis) at the time Tenant notifies the Renewal Term commences; provided however, that Landlord may provide an allowance for improvements as part of its election to extend this Lease or upon the commencement date Landlord's determination of the Renewal TermMarket Annual Base Rental Rate. LANDLORD AGREES TO NEGOTIATE, Tenant is in default hereunder beyond any applicable grace or cure periodIN GOOD FAITH, A TENANT IMPROVEMENT ALLOWANCE.

Appears in 1 contract

Samples: Lease (Telemate Net Software Inc)

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