Common use of Renewal Option Clause in Contracts

Renewal Option. Landlord hereby grants to Tenant the option to extend the initial Lease Term on the same terms, conditions and provisions as contained in this Lease, except as otherwise provided herein, for one (1) period of five (5) years, the option (the “Option Period”) commencing on the day following the expiration date of this Lease. (a) Tenant’s option to extend shall be exercisable by written notice from Tenant to Landlord given no earlier than twelve (12) months, and no later than nine (9) months, prior to the expiration of the initial Lease Term, time being of the essence. (b) Base Rent per square foot of Rentable Area of the Premises payable during the Option Period shall be at the Fair Market Rental Rate (as hereinafter defined). (c) Tenant may only exercise its option to extend, and an exercise thereof shall only be effective, if at the time of Tenant’s exercise and on the Option Period commencement date, this Lease is in full force and effect and no uncured default has occurred under this Lease. In addition to the condition set forth in the first sentence of this subparagraph (c), if Tenant is in default under this Lease within thirty (30) days prior to the Option Period commencement date, and has not cured or is not in the process of diligently curing such default prior to said commencement date, then, at Landlord’s option, Tenant’s right to exercise its option may be terminated and rendered null and void by notice thereof from Landlord to Tenant. No sublessee or assignee (other than an Affiliate) shall be entitled to exercise such option. (d) Upon the valid exercise by Tenant of its option to extend. Landlord and Tenant shall enter into a written amendment to this Lease confirming the terms, conditions and provisions applicable to the Option Period as determined in accordance with the provisions of this Section, with such revisions to the Base Rent provisions of this Lease as may be necessary to conform those provisions to the rental rate applicable to the Option Period. No new options to extend shall be deemed to be created by a valid exercise of the extension option and no other provisions inapplicable to the Option Period such as, but not limited to, an obligation to construct or pay for construction or improvements or to grant rent abatements, shall be construed to govern the Option Period. (e) For purposes of this Article 18, the term “Fair Market Rental Rate” shall mean a rate comprised of (i) the prevailing base rental rate per square foot of rentable area available in the Pertinent Market (as defined below), and taking into account tenant improvement allowances, other tenant inducements, operating cost stops and tax cost stops, and brokerage commissions, all as determined by Landlord in good faith, and (ii) any escalation of any such base rental rate (based upon a fixed step and/or index) prevailing in the Pertinent Market, as determined by Landlord in good faith, taking into account (A) comparable leases (on the basis of factors such as, but not limited to, size and location of space and commencement date and term of lease), if any, recently executed for improved space in the Building, and (B) leases for comparable (on the basis of factors such as, but not limited to size and location of space and commencement date and term of lease) improved space in “flex” buildings in the Orlando, Florida, area which are comparable to the Building in reputation, quality, age, size, location and level and quality of services provided and which have reached economic stabilization and are not, for any other reason, offering below market rents (the foregoing factors not being exclusive in identifying comparable buildings) (the Building, together with such comparable buildings, if applicable, being herein referred to as the “Pertinent Market”).

Appears in 4 contracts

Sources: Industrial Real Estate Lease (LENSAR, Inc.), Industrial Real Estate Lease (LENSAR, Inc.), Industrial Real Estate Lease (LENSAR, Inc.)

Renewal Option. Landlord hereby grants Lessee may renew this Lease as provided in the following clause (i) and subject to Tenant the option 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 extend the initial Lease Term on the same terms, conditions and provisions as contained in this Leaseclause (i) or at the time of the commencement of the Renewal Term, except as otherwise provided hereinLessee, at its option, may renew this Lease for one Renewal Term consisting of a period equal to five years. The right to renew this Lease for such Renewal Term pursuant to this clause (1i) period of five (5) years, the option (the “Option Period”) commencing on the day following the expiration date of this Lease. (a) Tenant’s option to extend shall be exercisable by written exercised upon irrevocable notice from Tenant Lessee received by Lessor of Lessee's election to Landlord given no earlier so renew this Lease not less than twelve (12) monthsmonths and not more than twenty-four (24) months prior to the last day of the Basic Term. The Renewal Rent for the Renewal Term shall be the "fair market rental value" of the Aircraft for such Renewal Term (the "renewal fair market rental value") as determined in accordance with the Appraisal Procedure. For purposes of this paragraph (i), and the Appraisal Procedure shall be initiated by Lessee no later earlier than nine (9) months, months prior to the expiration end of the initial Lease Basic Term, time being of the essence. (b) Base Rent per square foot of Rentable Area of the Premises payable during the Option Period . If Lessee shall be at the Fair Market Rental Rate (as hereinafter defined). (c) Tenant may only fail to exercise its option to extend, and an exercise thereof shall only be effective, if at extend the time term of Tenant’s exercise and on the Option Period commencement date, this Lease is in full force and effect and no uncured default has occurred under this Lease. In addition to for the condition set forth in the first sentence of this subparagraph (c), if Tenant is in default under this Lease within thirty (30) days prior to the Option Period commencement date, and has not cured or is not in the process of diligently curing such default prior to said commencement date, then, at Landlord’s option, Tenant’s right to exercise its option may be terminated and rendered null and void by notice thereof from Landlord to Tenant. No sublessee or assignee (other than an Affiliate) shall be entitled to exercise such option. (d) Upon the valid exercise by Tenant of its option to extend. Landlord and Tenant shall enter into a written amendment to this Lease confirming the terms, conditions and provisions applicable to the Option Period as determined Renewal Term in accordance with the provisions of this Sectionparagraph, with such revisions to the Base Rent provisions all of this Lease as may be necessary to conform those provisions to the rental rate applicable to the Option Period. No new options Lessee's rights to extend the Term for such Renewal Term shall be deemed to be created expire. Lessee shall pay all reasonable costs and expenses, including, without limitation, reasonable legal fees and expenses, incurred by a valid Lessor, Owner Participant and the Indenture Trustee in connection with the exercise of the extension option and no other provisions inapplicable to the Option Period such as, but not limited to, an obligation to construct or pay for construction or improvements or to grant rent abatements, shall be construed to govern the Option Periodoption. (e) For purposes of this Article 18, the term “Fair Market Rental Rate” shall mean a rate comprised of (i) the prevailing base rental rate per square foot of rentable area available in the Pertinent Market (as defined below), and taking into account tenant improvement allowances, other tenant inducements, operating cost stops and tax cost stops, and brokerage commissions, all as determined by Landlord in good faith, and (ii) any escalation of any such base rental rate (based upon a fixed step and/or index) prevailing in the Pertinent Market, as determined by Landlord in good faith, taking into account (A) comparable leases (on the basis of factors such as, but not limited to, size and location of space and commencement date and term of lease), if any, recently executed for improved space in the Building, and (B) leases for comparable (on the basis of factors such as, but not limited to size and location of space and commencement date and term of lease) improved space in “flex” buildings in the Orlando, Florida, area which are comparable to the Building in reputation, quality, age, size, location and level and quality of services provided and which have reached economic stabilization and are not, for any other reason, offering below market rents (the foregoing factors not being exclusive in identifying comparable buildings) (the Building, together with such comparable buildings, if applicable, being herein referred to as the “Pertinent Market”).

Appears in 3 contracts

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

Renewal Option. Landlord hereby grants So 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 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 Tenant 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 one (1) option to extend the initial Lease Expansion Space Term on as to the same terms, conditions and provisions as contained in this Lease, except as otherwise provided herein, for one (1) period of five (5) years, the option (the “Option Period”) commencing on the day following Expansion Space only through the expiration date of the Original Sublease as to the Existing Premises (i.e., through January 31, 2025) at a Base Rent equal to three percent (3%) over the Base Rent payable immediately preceding the commencement of such option term (which Base Rent will thereafter increase on each anniversary of the commencement date of such option term by three percent (3%)). The option contained in this Lease. (a) Tenant’s option to extend Section 12 shall be exercisable exercised by Sublessee, if at all, only by delivery of written notice from Tenant (“Option Notice”) to Landlord given no earlier than twelve (12) months, and Sublessor no later than nine (9) months, months prior to the expiration of the initial Lease Expansion Space Term, time being of the essence. (b) Base Rent per square foot of Rentable Area of the Premises payable during the Option Period shall be at the Fair Market Rental Rate (as hereinafter defined). (c) Tenant may only exercise stating that Sublessee is exercising its option. If Sublessee timely and properly exercises its option to extend, the Expansion Space Term shall be extended upon all of the terms and an exercise thereof shall only be effective, if at the time of Tenant’s exercise and on the Option Period commencement date, this Lease is in full force and effect and no uncured default has occurred under this Lease. In addition to the condition conditions set forth in the first sentence Sublease, as amended, except that the Base Rent for the Expansion Space shall be as indicated above. The exercise of this subparagraph (c), if Tenant option is in default under this Lease within thirty (30) days prior expressly contingent upon the receipt of Lessor’s consent to the Option Period commencement date, and has not cured or is not in extension of the process Expansion Space Term pursuant to the terms of diligently curing such default prior to said commencement date, then, at Landlord’s option, Tenant’s right to exercise its option may be terminated and rendered null and void by notice thereof from Landlord to Tenant. No sublessee or assignee (other than an Affiliate) shall be entitled to exercise such optionthe Master Lease. (d) Upon the valid exercise by Tenant of a. If and only if Sublessee exercises its option to extend. Landlord and Tenant extend the Expansion Space Term as set forth above, then Sublessee shall enter into a written amendment to this Lease confirming have the terms, conditions and provisions applicable to the Option Period as determined in accordance with the provisions of this Section, with such revisions to the Base Rent provisions of this Lease as may be necessary to conform those provisions to the rental rate applicable to the Option Period. No new options further option to extend shall be deemed the Expansion Space Term pursuant to be created by a valid Section 14 of the Original Sublease as part of Sublessee’s exercise of the extension option to extend the Term of the Sublease through the date of expiration of the Master Lease. All terms and no other provisions inapplicable conditions set forth in Section 14 of the Original Sublease will apply to the Option Period exercise of such asoption, but not limited toand the exercise of such option will extend the Term as to the entire Premises. b. Except for the options specifically set forth above, an obligation to construct or pay for construction or improvements or to grant rent abatements, nothing herein shall be construed as permitting Sublessee to govern the Option Period. (e) For purposes exercise any extension or renewal rights or to exercise any right of this Article 18first refusal or expansion, if any such rights exist, and in no event shall Sublessor be obligated to extend the term “Fair Market Rental Rate” shall mean a rate comprised of (i) the prevailing base rental rate per square foot of rentable area available Master Lease for any reason. In addition, notwithstanding anything to the contrary in the Pertinent Market (as defined below)Sublease, and taking into account tenant improvement allowances, other tenant inducements, operating cost stops and tax cost stops, and brokerage commissions, all as determined by Landlord in good faith, and (ii) any escalation of any such base rental rate (based upon a fixed step and/or index) prevailing in the Pertinent Marketevent the Master Lease allows Sublessor the option to terminate the Master Lease early, Sublessor’s exercise of that option shall not be a default under the Sublease, as determined by Landlord in good faith, taking into account (A) comparable leases (on the basis of factors such as, but not limited to, size and location of space and commencement date and term of lease), if any, recently executed for improved space in the Building, and (B) leases for comparable (on the basis of factors such as, but not limited to size and location of space and commencement date and term of lease) improved space in “flex” buildings in the Orlando, Florida, area which are comparable to the Building in reputation, quality, age, size, location and level and quality of services provided and which have reached economic stabilization and are not, for any other reason, offering below market rents (the foregoing factors not being exclusive in identifying comparable buildings) (the Building, together with such comparable buildings, if applicable, being herein referred to as the “Pertinent Market”)amended herein.

Appears in 2 contracts

Sources: Sublease (Gossamer Bio, Inc.), Sublease (Gossamer Bio, Inc.)

Renewal Option. Landlord hereby grants 43.01 Provided Tenant is not then in default under any of the terms, (monetary or other nonmonetary, but material) covenants or conditions of this Lease on Tenant’s part to be observed or performed beyond Notice and applicable cure. Tenant shall have the option to extend renew this Lease and the initial Lease Term on the same terms, conditions and provisions as contained in this Lease, except as otherwise provided herein, for one (1) period a renewal term of five (5) years, the option years (referred to herein as the “Option PeriodRenewal Term”) commencing on the day following immediately succeeding the expiration date Expiration Date and ending, unless sooner terminated pursuant to the provisions of this Lease. (a) Tenant’s option Lease or pursuant to extend shall be exercisable by written notice from Tenant to Landlord given no earlier than twelve (12) monthslaw, and no later than nine (9) months, prior to the expiration of the initial Lease Term, time being of the essence. (b) Base Rent per square foot of Rentable Area of the Premises payable during the Option Period shall be at the Fair Market Rental Rate (as hereinafter defined). (c) Tenant may only exercise its option to extend, and an exercise thereof shall only be effective, if at the time of Tenant’s exercise and on the Option Period commencement date, this Lease is in full force and effect and no uncured default has occurred under this Leaseday preceding the fifth anniversary thereof (referred to as the “Extended Expiration Date”). In addition to the condition set forth in the first sentence of this subparagraph (c), if If Tenant is in default under this Lease within thirty (30) days prior to the Option Period commencement date, and has not cured or is not in the process of diligently curing exercises such default prior to said commencement date, then, at Landlord’s option, Tenant’s right to exercise its option may be terminated and rendered null and void by notice thereof from Landlord to Tenant. No sublessee or assignee (other than an Affiliate) shall be entitled to exercise such option. (d) Upon the valid exercise by Tenant of its option to extend. Landlord and Tenant shall enter into a written amendment to this Lease confirming the terms, conditions and provisions applicable to the Option Period as determined in accordance with the provisions and limitations of this SectionArticle, with this Lease and the Terms shall be renewed for such revisions Renewal Term upon a Fixed Rent as follows; Except as otherwise provided herein, all other executory terms, covenants and condition contained in this Lease and the Expiration Date of the Lease shall be deemed extended to the Base Rent Extended Expiration Date. 43.02 The option set forth herein may only be exercised by notice (“Renewal Notice”) given by Tenant to Landlord on or prior to April 30, 2018 (the “Notice Date”). TIME IS OF THE ESSENCE with respect to the exercise of such option. Tenant shall not have the right to give any such notice after the Notice Date, and any notice given after the Notice Date purporting to exercise such option shall have no force and effect. Landlord, within 30 days after Tenant’s request, shall confirm in writing to Tenant (“Landlord Confirmation”) whether Landlord has received the Renewal Notice and whether such Notice has been properly sent to Landlord (and, if not, setting forth any defects in such Notice or delivery thereof). Landlord’s failure to send the Landlord Confirmation within such 30 day period shall constitute Landlord’s acceptance thereof and waiver of any right to object thereto. If Landlord, within such 30 day period, shall notify Tenant of any defects in the Renewal Notice or delivery thereof, Tenant shall have the right to send a revised Renewal Notice at any time prior to the deadline for sending such Renewal Notice under this Section and the provisions of this Lease as may be necessary paragraph shall apply fully to conform those such revised Renewal Notice and any subsequent Renewal Notice. 43.03 Tenant, upon request of Landlord, from time to time, will execute and deliver to Landlord an instrument in form reasonably satisfactory to Landlord stating whether or not Tenant has exercised the option contained in the provisions to the rental rate applicable to the Option Period. No new options to extend shall be deemed to be created by a valid exercise of the extension option and no other provisions inapplicable to the Option Period such as, but not limited to, an obligation to construct or pay for construction or improvements or to grant rent abatements, shall be construed to govern the Option PeriodSection. (e) For purposes of this Article 18, the term “Fair Market Rental Rate” shall mean a rate comprised of (i) the prevailing base rental rate per square foot of rentable area available in the Pertinent Market (as defined below), and taking into account tenant improvement allowances, other tenant inducements, operating cost stops and tax cost stops, and brokerage commissions, all as determined by Landlord in good faith, and (ii) any escalation of any such base rental rate (based upon a fixed step and/or index) prevailing in the Pertinent Market, as determined by Landlord in good faith, taking into account (A) comparable leases (on the basis of factors such as, but not limited to, size and location of space and commencement date and term of lease), if any, recently executed for improved space in the Building, and (B) leases for comparable (on the basis of factors such as, but not limited to size and location of space and commencement date and term of lease) improved space in “flex” buildings in the Orlando, Florida, area which are comparable to the Building in reputation, quality, age, size, location and level and quality of services provided and which have reached economic stabilization and are not, for any other reason, offering below market rents (the foregoing factors not being exclusive in identifying comparable buildings) (the Building, together with such comparable buildings, if applicable, being herein referred to as the “Pertinent Market”).

Appears in 2 contracts

Sources: Lease Agreement (Blue Apron Holdings, Inc.), Lease Agreement (Blue Apron Holdings, Inc.)

Renewal Option. Landlord hereby grants to Tenant the option to extend the initial Lease Extension Term on the same terms, conditions and provisions as contained in this the Lease, as modified and except as otherwise provided herein, for one (1) period of five (5) years, the option years (the “Option Period”) commencing on the day following the expiration date of this Leasethe Extension Term. (a) Tenant’s option to extend shall be exercisable by written notice from Tenant to Landlord given no earlier more than twelve (12) months, months and no later less than nine (9) months, months prior to the expiration of the initial Lease Extension Term, time being of the essence. (b) Base Rent per rentable square foot of Rentable Area of the Premises payable during the Option Period shall be at one hundred percent (100%) of the Fair Market Rental Rate (as hereinafter defined). (c) Tenant may only exercise its option to extend, and an exercise thereof shall only be effective, if at the time of Tenant’s exercise and on the Option Period commencement date, this the Lease is in full force and effect and no uncured event of default by Tenant has occurred under this Leasethe Lease which remains uncured after the giving of any applicable notice and the expiration of any applicable cure period. In addition to the condition set forth in the first sentence of this subparagraph (c), if Tenant is in default under this the Lease (after the giving of any applicable notice and the expiration of any applicable cure period) within thirty (30) days prior to the Option Period commencement date, and has not cured or is not in the process of diligently curing such default prior to said commencement date, then, at Landlord’s option, Tenant▇▇▇▇▇▇’s right to exercise its option may be terminated and rendered null and void by written notice thereof from Landlord to Tenant. No sublessee or assignee (other than an Affiliate) shall be entitled to exercise such option. (d) Upon the valid exercise by Tenant of its option to extend. , Landlord and Tenant shall enter into a written amendment to this the Lease confirming the terms, conditions and provisions applicable to the Option Period as determined in accordance with the provisions of this Section, with such revisions to the Base Rent rent provisions of this the Lease as may be necessary to conform those provisions to the rental rate applicable to the Option Period. No new options to extend shall be deemed to be created by a valid exercise of the extension option and no other provisions inapplicable to the Option Period such as, but not limited to, an obligation to construct or pay for construction or improvements or to grant rent abatements, shall be construed to govern the Option Period. (e) For purposes of this Article 18, the term “Fair Market Rental Rate” shall mean a rate comprised of (i) the prevailing base rental rate per square foot of rentable area available in the Pertinent Market (as defined below), and taking into account tenant improvement allowances, other tenant inducements, operating cost stops and tax cost stops, and brokerage commissions, all as determined by Landlord in good faith, and (ii) any escalation of any such base rental rate (based upon a fixed step and/or index) prevailing in the Pertinent Market, as determined by Landlord in good faith, taking into account (A) comparable leases (on the basis of factors such as, but not limited to, size and location of space and commencement date and term of lease), if any, recently executed for improved space in the Building, and (B) leases for comparable (on the basis of factors such as, but not limited to size and location of space and commencement date and term of lease) improved space in “flex” buildings in the Orlando, Florida, area which are comparable to the Building in reputation, quality, age, size, location and level and quality of services provided and which have reached economic stabilization and are not, for any other reason, offering below market rents (the foregoing factors not being exclusive in identifying comparable buildings) (the Building, together with such comparable buildings, if applicable, being herein referred to as the “Pertinent Market”).

Appears in 2 contracts

Sources: Industrial Real Estate Lease (LENSAR, Inc.), Industrial Real Estate Lease (LENSAR, 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 granted the option to extend renew the initial Lease Term on the same terms, conditions and provisions as contained in term of this Lease, except as otherwise provided herein, lease for one (1) additional period of five three (53) years, the option (the Option Period”) commencing on the day following Renewal Term” to commence at the expiration date of the initial term of this Lease. (a) Tenant’s lease. Lessee shall exercise its option to extend renew as follows: Lessee shall be exercisable by deliver written notice from Tenant to Landlord given Lessor no earlier greater than twelve 9 months but not less than six (126) months, and no later than nine (9) months, months prior to the expiration of the initial Lease term of this lease, 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 Market Base Rental Rate (hereinafter defined) that Lessee shall pay during such renewal term. Within sixty (60) days after receipt of such written notice from 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 be the then prevailing Market Base Rental Rate at the time Lessee exercises the respective renewal option, (ii) Lessee shall not have an option to renew this lease beyond the expiration of the Renewal Term, time being (iii) Lessee shall not have the right to assign its renewal rights to any sublessee or assignee of the essencePremises nor may a sublessee or assignee exercise such renewal right, and (iv) the leasehold improvements will be provided in their then existing condition (i.e. on an “as-is” basis) at the time the Renewal Term commences. (b) Base Rent per square foot of Rentable Area of the Premises payable during the Option Period shall be at the Fair Market Rental Rate (as hereinafter defined). (c) Tenant may only exercise its option to extend, and an exercise thereof shall only be effective, if at the time of Tenant’s exercise and on the Option Period commencement date, As used in this Lease is in full force and effect and no uncured default has occurred under this Lease. In addition to the condition set forth in the first sentence of this subparagraph (c), if Tenant is in default under this Lease within thirty (30) days prior to the Option Period commencement date, and has not cured or is not in the process of diligently curing such default prior to said commencement date, then, at Landlord’s option, Tenant’s right to exercise its option may be terminated and rendered null and void by notice thereof from Landlord to Tenant. No sublessee or assignee (other than an Affiliate) shall be entitled to exercise such option. (d) Upon the valid exercise by Tenant of its option to extend. Landlord and Tenant shall enter into a written amendment to this Lease confirming the terms, conditions and provisions applicable to the Option Period as determined in accordance with the provisions of this Section, with such revisions to the Base Rent provisions of this Lease as may be necessary to conform those provisions to the rental rate applicable to the Option Period. No new options to extend shall be deemed to be created by a valid exercise of the extension option and no other provisions inapplicable to the Option Period such as, but not limited to, an obligation to construct or pay for construction or improvements or to grant rent abatements, shall be construed to govern the Option Period. (e) For purposes of this Article 18lease, the term “Fair Market Base Rental Rate” shall mean a rate comprised of (i) the prevailing base rental net effective rate per square foot of net rentable area available at which a willing lessor and a willing lessee would agree to lease comparable space to that for which the Market Base Rental Rate is being determined in comparable office buildings in the Pertinent Market (as defined below)West Loop/Galleria area of Houston, and taking Texas, which rate shall take into account tenant improvement allowancesall relevant economic and non-economic factors, other tenant inducements, operating cost stops and tax cost stops, and brokerage commissions, all as determined by Landlord in good faith, and (ii) any escalation of any such base rental rate (based upon a fixed step and/or index) prevailing in the Pertinent Market, as determined by Landlord in good faith, taking into account (A) comparable leases (on the basis of factors such as, including but not limited to: the credit-worthiness, size reputation and location other qualities of such lessee, the quality and reputation of the management of the building in question, the amount of space being offered for lease, the location within the building of such offered space, whether the space being offered is a full floor or a portion of a multi-tenant floor, the quality and commencement date and term finish of lease)the offered space as it then exists, if any, recently executed for improved space in the Building, and (B) leases for comparable (on the basis of factors such as, but not limited to size and location of space and commencement date and term of lease) improved space in “flex” buildings in the Orlando, Florida, area which are comparable to the Building in reputation, quality, age, size, location and level age and quality of services provided such building, the lease term and which have reached economic stabilization renewal options, the scheduled or actual commencement date, add-on factors, basis for paying operating expenses, parking charges and are notmarket inducements, for any other reasonsuch as free rent, offering below market rents (the foregoing factors not being exclusive in identifying comparable buildings) (the Buildingmoving expenses, together with such comparable buildingsand architectural, if applicable, being herein referred to as the “Pertinent Market”)construction and lease assumption allowances.

Appears in 2 contracts

Sources: Office Lease Agreement (Dexterity Surgical Inc), Office Lease Agreement (Dexterity Surgical Inc)

Renewal Option. Landlord hereby grants to Tenant the option to extend the initial Lease Extension Term on the same terms, conditions and provisions as contained in this the Lease, as modified and except as otherwise provided herein, for one (1) period of five (5) years, the option years (the “Option Period”) commencing on the day following the expiration date of this Leasethe Extension Term. (a) Tenant’s option to extend shall be exercisable by written notice from Tenant to Landlord given no earlier more than twelve (12) months, months and no later less than nine (9) months, months prior to the expiration of the initial Lease Extension Term, time being of the essence. (b) Base Rent per rentable square foot of Rentable Area of the Premises payable during the Option Period shall be at one hundred percent (100%) of the Fair Market Rental Rate (as hereinafter defined). (c) Tenant may only exercise its option to extend, and an exercise thereof shall only be effective, if at the time of Tenant’s exercise and on the Option Period commencement date, this the Lease is in full force and effect and no uncured event of default by Tenant has occurred under this Leasethe Lease which remains uncured after the giving of any applicable notice and the expiration of any applicable cure period. In addition to the condition set forth in the first sentence of this subparagraph (c), if Tenant is in default under this the Lease (after the giving of any applicable notice and the expiration of any applicable cure period) within thirty (30) days prior to the Option Period commencement date, and has not cured or is not in the process of diligently curing such default prior to said commencement date, then, at Landlord’s option, Tenant’s right to exercise its option may be terminated and rendered null and void by written notice thereof from Landlord to Tenant. No sublessee or assignee (other than an Affiliate) shall be entitled to exercise such option. (d) Upon the valid exercise by Tenant of its option to extend. , Landlord and Tenant shall enter into a written amendment to this the Lease confirming the terms, conditions and provisions applicable to the Option Period as determined in accordance with the provisions of this Section, with such revisions to the Base Rent rent provisions of this the Lease as may be necessary to conform those provisions to the rental rate applicable to the Option Period. No new options to extend shall be deemed to be created by a valid exercise of the extension option and no other provisions inapplicable to the Option Period such as, but not limited to, an obligation to construct or pay for construction or improvements or to grant rent abatements, shall be construed to govern the Option Period. (e) For purposes of this Article 18, the term “Fair Market Rental Rate” shall mean a rate comprised of (i) the prevailing base rental rate per square foot of rentable area available in the Pertinent Market (as defined below), and taking into account tenant improvement allowances, other tenant inducements, operating cost stops and tax cost stops, and brokerage commissions, all as determined by Landlord in good faith, and (ii) any escalation of any such base rental rate (based upon a fixed step and/or index) prevailing in the Pertinent Market, as determined by Landlord in good faith, taking into account (A) comparable leases (on the basis of factors such as, but not limited to, size and location of space and commencement date and term of lease), if any, recently executed for improved space in the Building, and (B) leases for comparable (on the basis of factors such as, but not limited to size and location of space and commencement date and term of lease) improved space in “flex” buildings in the Orlando, Florida, area which are comparable to the Building in reputation, quality, age, size, location and level and quality of services provided and which have reached economic stabilization and are not, for any other reason, offering below market rents (the foregoing factors not being exclusive in identifying comparable buildings) (the Building, together with such comparable buildings, if applicable, being herein referred to as the “Pertinent Market”).

Appears in 2 contracts

Sources: Industrial Real Estate Lease (LENSAR, Inc.), Industrial Real Estate Lease (LENSAR, Inc.)

Renewal Option. Landlord hereby grants to Tenant the option to extend the initial Lease Extension Term on the same terms, conditions and provisions as contained in this the Lease, as modified and except as otherwise provided herein, for one (1) period of five (5) years, the option years (the “Option Period”) commencing on the day following the expiration date of this Leasethe Extension Term. (a) 1. Tenant’s option to extend shall be exercisable by written notice from Tenant to Landlord given no earlier more than twelve (12) months, months and no later less than nine (9) months, months prior to the expiration of the initial Lease Extension Term, time being of the essence. (b) 2. Base Rent per rentable square foot of Rentable Area of the Premises payable during the Option Period shall be at one hundred percent (100%) of the Fair Market Rental Rate (as hereinafter defined). (c) 3. Tenant may only exercise its option to extend, and an exercise thereof shall only be effective, if at the time of Tenant’s exercise and on the Option Period commencement date, this the Lease is in full force and effect and no uncured event of default by Tenant has occurred under this Leasethe Lease which remains uncured after the giving of any applicable notice and the expiration of any applicable cure period. In addition to the condition set forth in the first sentence of this subparagraph (c), if Tenant is in default under this the Lease (after the giving of any applicable notice and the expiration of any applicable cure period) within thirty (30) days prior to the Option Period commencement date, and has not cured or is not in the process of diligently curing such default prior to said commencement date, then, at Landlord’s option, Tenant▇▇▇▇▇▇’s right to exercise its option may be terminated and rendered null and void by written notice thereof from Landlord to Tenant. No sublessee or assignee (other than an Affiliate) shall be entitled to exercise such option. (d) 4. Upon the valid exercise by Tenant of its option to extend. , Landlord and Tenant shall enter into a written amendment to this the Lease confirming the terms, conditions and provisions applicable to the Option Period as determined in accordance with the provisions of this Section, with such revisions to the Base Rent rent provisions of this the Lease as may be necessary to conform those provisions to the rental rate applicable to the Option Period. No new options to extend shall be deemed to be created by a valid exercise of the extension option and no other provisions inapplicable to the Option Period such as, but not limited to, an obligation to construct or pay for construction or improvements or to grant rent abatements, shall be construed to govern the Option Period. (e) For purposes of this Article 18, the term “Fair Market Rental Rate” shall mean a rate comprised of (i) the prevailing base rental rate per square foot of rentable area available in the Pertinent Market (as defined below), and taking into account tenant improvement allowances, other tenant inducements, operating cost stops and tax cost stops, and brokerage commissions, all as determined by Landlord in good faith, and (ii) any escalation of any such base rental rate (based upon a fixed step and/or index) prevailing in the Pertinent Market, as determined by Landlord in good faith, taking into account (A) comparable leases (on the basis of factors such as, but not limited to, size and location of space and commencement date and term of lease), if any, recently executed for improved space in the Building, and (B) leases for comparable (on the basis of factors such as, but not limited to size and location of space and commencement date and term of lease) improved space in “flex” buildings in the Orlando, Florida, area which are comparable to the Building in reputation, quality, age, size, location and level and quality of services provided and which have reached economic stabilization and are not, for any other reason, offering below market rents (the foregoing factors not being exclusive in identifying comparable buildings) (the Building, together with such comparable buildings, if applicable, being herein referred to as the “Pertinent Market”).

Appears in 2 contracts

Sources: Industrial Real Estate Lease (LENSAR, Inc.), Industrial Real Estate Lease (LENSAR, Inc.)

Renewal Option. Landlord hereby grants to Provided 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 will have the right and option to extend the initial original term of this Lease Term for two (2) further terms of sixty (60) 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 provisions as contained except that the rental rate specified in this Lease, except as otherwise provided herein, for one (1) period of five (5) years, the option (the “Option Period”) commencing on the day following the expiration date Section 1.11 of this Lease. (a) Tenant’s option to extend Lease during each extended term shall be exercisable by 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 ("Fair Market Rent"). Tenant will deliver written notice from Tenant to Landlord given no earlier of Tenant's intent to exercise a renewal option granted herein not more than twelve (12) months, and no later months nor less than nine (9) months, months prior to the expiration of the initial original term of this Lease Termor the first extended term, as the case may be. In the event Tenant fails to deliver such written notice within the time being period set forth above, Tenant's right to extend the 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 essence. (b) Base Rent per square foot of Rentable Area of original term or first extension term, as the Premises payable during case may be; provided, however, that if either party fails to designate an appraiser within the Option Period time period specified, then the appraiser who is designated shall be at conclusively determine the Fair Market Rental Rate Rental. If two (as hereinafter defined). (c2) Tenant may only exercise its option to extendappraisers are designated, and an exercise thereof then they shall only be effective, if at the time of Tenant’s exercise and on the Option Period commencement date, this Lease is in full force and effect and no uncured default has occurred under this Lease. In addition to the condition set forth in the first sentence of this subparagraph (c), if Tenant is in default under this Lease submit within thirty (30) days prior to after the Option Period commencement date, and second thereof has not cured or is not in been designated their appraisals of the process Fair Market Rental. Each appraiser shall prepare a written appraisal report that shall conform with the standard of diligently curing such default prior to said commencement date, then, at Landlord’s option, Tenant’s right to exercise its option may be terminated and rendered null and void by notice thereof from Landlord to Tenant. No sublessee or assignee (other than an Affiliate) shall be entitled to exercise such option. (d) Upon professional practice of the valid exercise by Tenant American Institute of its option to extendReal Estate Appraisers. Landlord and Tenant shall enter into a written amendment to this Lease confirming intend that the terms, conditions and provisions applicable to the Option Period as determined in accordance with the provisions of this Section, with such revisions to the Base Rent provisions of this Lease as may be necessary to conform those provisions to the rental rate applicable to the Option Period. No new options to extend "Fair Market Rental" shall be deemed to be created by a valid exercise 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 extension option Building that are comparable in quality and no other provisions inapplicable offer similar amenities to the Option Period such asBuilding and involving leases with similar terms and conditions (including, but not limited to, an obligation to construct or pay free rent, brokerage commissions, and all other monetary and nonmonetary concessions), and involving the use of the premises for construction or the permitted uses hereunder, but shall not include value added by alterations and/or improvements or to grant rent abatementsmade by Tenant, at Tenant's expense. The industrial office spaces used for comparison shall be construed comparable in size, quality and design to govern the Option Period. (e) For purposes of this Article 18Property, and such industrial office spaces used for comparison shall be comparable to the Property with respect to their location within such buildings, the term “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. 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 Rate” shall mean 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 rate comprised third appraiser, then either party hereunder may request that a judge of (i) a Dallas State District Court appoint such third appraiser. The Fair Market Rental shall be equal to the prevailing base rental rate per square foot average of rentable area available 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 Pertinent cost of the third appraiser. 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 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 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 defined below)the case may be, and taking into account tenant improvement allowanceswhen the Fair Market Rental has been established, other tenant inducements, operating cost stops the new Base Rent shall be retroactively effective as of the beginning of the extended term and tax cost stops, and brokerage commissions, all as determined by Tenant shall pay Landlord in good faith, and any deficiency within thirty (ii30) any escalation days after the establishment of any such base rental rate (based upon a fixed step and/or index) prevailing in the Pertinent Market, as determined by Landlord in good faith, taking into account (A) comparable leases (on the basis of factors such as, but not limited to, size and location of space and commencement date and term of lease), if any, recently executed for improved space in the Building, and (B) leases for comparable (on the basis of factors such as, but not limited to size and location of space and commencement date and term of lease) improved space in “flex” buildings in the Orlando, Florida, area which are comparable to the Building in reputation, quality, age, size, location and level and quality of services provided and which have reached economic stabilization and are not, for any other reason, offering below market rents (the foregoing factors not being exclusive in identifying comparable buildings) (the Building, together with such comparable buildings, if applicable, being herein referred to as the “Pertinent Market”)new Base Rent.

Appears in 1 contract

Sources: Lease Agreement (Icon Health & Fitness Inc)

Renewal Option. Landlord hereby grants to Tenant 15.1.1. Tenant, provided this Lease shall then be in full force and effect, shall have the option (herein called the “Renewal Option”) to extend the initial Term for an additional three (3) year period (the “Renewal Term”), which Renewal Term shall com­mence on the date immediately succeeding the Expiration Date, and end on the third (3rd) anniversary of the Expiration Date (such anniversary being herein called the “Renewal Expiration Date”). The Renewal Option may be exercisable only if Tenant first provides Landlord with written notice of Tenant’s intent to exercise the Renewal Option (herein called the “Intent to Renew”) not later than the date that is fifteen (15) months prior, nor earlier than the date that is eighteen (18) months prior, to the Expiration Date (time being of the essence). The parties agree that for a period of ninety (90) days from the date Landlord receives Tenant’s written notice of its Intent to Renew, they shall negotiate in good faith to agree upon the Renewal Term Fixed Rent for the Renewal Term pursuant to the provisions of Section 15.1.3(c) below. Landlord, at its option, may render Tenant’s written notice of its Intent to Renew or the Renewal Notice null and void upon notice thereof to Tenant if, at the time that Landlord receives the same, Tenant shall be in default under this Lease beyond any applicable notice and/or cure period. 15.1.2. If Tenant exercises the Renewal Option in accordance with the terms set forth herein, then this Lease shall thereupon be extended for the Renewal Term on upon all the same terms, covenants and conditions and provisions as are contained in this LeaseLease and applicable prior to the Renewal Term, except as otherwise provided hereinthat for, for one and during, the Renewal Term: (1) period of five the Fixed Rent shall be the Renewal Term Fixed Rent (5as hereinafter defined) yearsfor the Renewal Term, as determined as hereinafter set forth; (2) the option Expiration Date shall be the Renewal Expiration Date; (the “Option Period”3) commencing on the day following the expiration date any provisions of this LeaseLease setting forth (i) workletter or other work obligations of Landlord, (ii) work allowances or contributions to be made by Landlord or (iii) abatements of Rent, shall not apply; and (4) the provisions of Section 15.1.1 above relating to Tenant’s right to renew the Term shall not be applicable. (a) Tenant’s option to extend shall be exercisable by written notice from Tenant to Landlord given no earlier than twelve (12) months, and no later than nine (9) months, prior to the expiration of the initial Lease Term, time being of the essence. (b) Base Rent per square foot of Rentable Area of the Premises payable during the Option Period shall be at the Fair Market Rental Rate (as hereinafter defined). (c) Tenant may only exercise its option to extend, and an exercise thereof shall only be effective, if at the time of Tenant’s exercise and on the Option Period commencement date, this Lease is in full force and effect and no uncured default has occurred under this Lease. In addition to the condition set forth in the first sentence of this subparagraph (c), if Tenant is in default under this Lease within thirty (30) days prior to the Option Period commencement date, and has not cured or is not in the process of diligently curing such default prior to said commencement date, then, at Landlord’s option, Tenant’s right to exercise its option may be terminated and rendered null and void by notice thereof from Landlord to Tenant. No sublessee or assignee (other than an Affiliate) shall be entitled to exercise such option. (d) Upon the valid exercise by Tenant of its option to extend. Landlord and Tenant shall enter into a written amendment to this Lease confirming the terms, conditions and provisions applicable to the Option Period as determined in accordance with the provisions of this Section, with such revisions to the Base Rent provisions of this Lease as may be necessary to conform those provisions to the rental rate applicable to the Option Period. No new options to extend shall be deemed to be created by a valid exercise of the extension option and no other provisions inapplicable to the Option Period such as, but not limited to, an obligation to construct or pay for construction or improvements or to grant rent abatements, shall be construed to govern the Option Period. (e) For purposes of this Article 18As used herein, the term “Fair Market Rental RateRenewal Term Fixed Rentfor the Renewal Term shall mean a fixed rent payable at a per annum rate comprised equal to the product of (i) the prevailing base rental rate per square foot of rentable area available in the Pertinent Renewal Fair Market (as defined below)Fixed Rent for such Renewal Term, and taking into account tenant improvement allowances, other tenant inducements, operating cost stops and tax cost stops, and brokerage commissions, all as determined multiplied by Landlord in good faith, and (ii) any escalation the number of any such base rental rate (based upon a fixed step and/or index) prevailing rentable square feet in the Pertinent Market, as determined by Landlord in good faith, taking into account (A) comparable leases (on the basis of factors such as, but not limited to, size and location of space and commencement date and term of lease), if any, recently executed for improved space in the Building, and (B) leases for comparable (on the basis of factors such as, but not limited to size and location of space and commencement date and term of lease) improved space in “flex” buildings in the Orlando, Florida, area which are comparable to the Building in reputation, quality, age, size, location and level and quality of services provided and which have reached economic stabilization and are not, for any other reason, offering below market rents (the foregoing factors not being exclusive in identifying comparable buildings) (the Building, together with such comparable buildings, if applicable, being herein referred to as the “Pertinent Market”)Premises.

Appears in 1 contract

Sources: Lease Agreement (Teltronics Inc)

Renewal Option. Tenant may renew the Term for the entire Premises for a period of five years following the expiration of the Term, by delivering written notice of the exercise thereof to Landlord hereby grants not earlier than January 31, 2019 or later than July 31, 2019. The Basic Rent payable for the entire Premises for each month during such extended Term shall be the prevailing rental rate (the “Prevailing Rental Rate”), at the commencement of such extended Term, for renewals of space in the Building of equivalent quality, size, utility and location, with the length of the extended Term and the credit standing of Tenant to be taken into account. Within 30 days after receipt of Tenant’s notice to renew, Landlord shall deliver to Tenant written notice of the option Prevailing Rental Rate and shall advise Tenant of the required adjustment to extend Basic Rent, if any, and the initial other terms and conditions offered. Tenant shall, within ten business 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 accepts Landlord’s determination of the Prevailing Rental Rate, then, on or before the commencement date of the extended Term, Landlord and Tenant shall execute an amendment to the Lease extending the Term on the same terms, terms and conditions and provisions as contained provided in this the Lease, except as otherwise provided herein, for one (1) period of five (5) years, the option (the “Option Period”) commencing on the day following the expiration date of this Lease. (a) Tenant’s option to extend shall be exercisable by written notice from Tenant to Landlord given no earlier than twelve (12) months, and no later than nine (9) months, prior to the expiration of the initial Lease Term, time being of the essence. (b) Base Rent per square foot of Rentable Area of the Premises payable during the Option Period shall be at the Fair Market Rental Rate (as hereinafter defined). (c) Tenant may only exercise its option to extend, and an exercise thereof shall only be effective, if at the time of Tenant’s exercise and on the Option Period commencement date, this Lease is in full force and effect and no uncured default has occurred under this Lease. In addition to the condition set forth in the first sentence of this subparagraph (c), if Tenant is in default under this Lease within thirty (30) days prior to the Option Period commencement date, and has not cured or is not in the process of diligently curing such default prior to said commencement date, then, at Landlord’s option, Tenant’s right to exercise its option may be terminated and rendered null and void by notice thereof from Landlord to Tenant. No sublessee or assignee (other than an Affiliate) shall be entitled to exercise such option. (d) Upon the valid exercise by Tenant of its option to extend. Landlord and Tenant shall enter into a written amendment to this Lease confirming the terms, conditions and provisions applicable to the Option Period as determined in accordance with the provisions of this Section, with such revisions to the Base Rent provisions of this Lease as may be necessary to conform those provisions to the rental rate applicable to the Option Period. No new options to extend shall be deemed to be created by a valid exercise of the extension option and no other provisions inapplicable to the Option Period such as, but not limited to, an obligation to construct or pay for construction or improvements or to grant rent abatements, shall be construed to govern the Option Period. (e) For purposes of this Article 18, the term “Fair Market Rental Rate” shall mean a rate comprised of (i) the prevailing base rental rate per square foot of rentable area available in the Pertinent Market (as defined below), and taking into account tenant improvement allowances, other tenant inducements, operating cost stops and tax cost stops, and brokerage commissions, all as determined by Landlord in good faith, and (ii) any escalation of any such base rental rate (based upon a fixed step and/or index) prevailing in the Pertinent Market, as determined by Landlord in good faith, taking into account (A) comparable leases (on the basis of factors such as, but not limited to, size and location of space and commencement date and term of lease), if any, recently executed for improved space in the Building, and (B) leases for comparable (on the basis of factors such as, but not limited to size and location of space and commencement date and term of lease) improved space in “flex” buildings in the Orlando, Florida, area which are comparable to the Building in reputation, quality, age, size, location and level and quality of services provided and which have reached economic stabilization and are not, for any other reason, offering below market rents (the foregoing factors not being exclusive in identifying comparable buildings) (the Building, together with such comparable buildings, if applicable, being herein referred to as the “Pertinent Market”).follows:

Appears in 1 contract

Sources: Lease Agreement (RetailMeNot, Inc.)

Renewal Option. Landlord hereby grants to So 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, Tenant shall have the option to extend renew this Lease (the initial Lease Term on the same terms, conditions and provisions as contained in this Lease, except as otherwise provided herein, “Renewal Option”) for one (1) period additional term of five (5) years, the option years (the “Option Renewal Period”) commencing on the day following the expiration date by delivery of this Lease. (a) Tenant’s option to extend shall be exercisable by written notice from Tenant of the exercise of such Renewal Option to Landlord given (the “Renewal Notice”) no earlier than twelve (12) months, and no months nor later than nine (9) months, months prior to the expiration of the initial Lease Initial Term. In the event that Tenant does not timely and properly exercise Tenant’s Renewal Option, time being all rights of renewal set forth in this Section, shall terminate and be of no further force or effect. Tenant must exercise the Renewal Option as to all of the essence. (b) Base Rent per square foot of Rentable Area of the Premises payable during the Option then existing Premises. The Renewal Period shall be at on the same terms and conditions as are provided in this Lease, except that the Base Rent for the Renewal Period shall be equal to the Fair Market Value Rental Rate (defined in Section 17.27 below) as hereinafter defined). (c) Tenant may only exercise its option to extendof the date of the Fair Market Value Rental Notice, and there shall be no Improvement Allowance. If the Lease Term is extended pursuant to Tenant’s exercise of the Renewal Option, Landlord shall prepare, and Landlord and Tenant will execute and deliver an exercise thereof shall only be effectiveamendment to this Lease extending the Term and specifying the new Base Rent as the Fair Market Value Rental; provided, if at however, that the time failure of the parties to enter into such an amendment will not affect the validity of Tenant’s exercise and on the Option Period commencement date, this Lease is in full force and effect and no uncured default has occurred under this Lease. In addition to the condition set forth in the first sentence of this subparagraph (c), if Tenant is in default under this Lease within thirty (30) days prior to the Option Period commencement date, and has not cured or is not in the process of diligently curing such default prior to said commencement date, then, at Landlord’s option, Tenant’s right to exercise its option may be terminated and rendered null and void by notice thereof from Landlord to Tenant. No sublessee or assignee (other than an Affiliate) shall be entitled to exercise such option. (d) Upon the valid exercise by Tenant of its option to extend. Landlord and Tenant shall enter into a written amendment to this Lease confirming the terms, conditions and provisions applicable to the Option Period as determined in accordance with the provisions of this Section, with such revisions to the Base Rent provisions of this Lease as may be necessary to conform those provisions to the rental rate applicable to the Option Period. No new options to extend shall be deemed to be created by a valid exercise of the extension option and no other provisions inapplicable to Renewal Option or the Option Period such as, but not limited to, an obligation to construct or pay for construction or improvements or to grant rent abatements, shall be construed to govern obligations of the Option parties during the Renewal Period. (e) For purposes of this Article 18, the term “Fair Market Rental Rate” shall mean a rate comprised of (i) the prevailing base rental rate per square foot of rentable area available in the Pertinent Market (as defined below), and taking into account tenant improvement allowances, other tenant inducements, operating cost stops and tax cost stops, and brokerage commissions, all as determined by Landlord in good faith, and (ii) any escalation of any such base rental rate (based upon a fixed step and/or index) prevailing in the Pertinent Market, as determined by Landlord in good faith, taking into account (A) comparable leases (on the basis of factors such as, but not limited to, size and location of space and commencement date and term of lease), if any, recently executed for improved space in the Building, and (B) leases for comparable (on the basis of factors such as, but not limited to size and location of space and commencement date and term of lease) improved space in “flex” buildings in the Orlando, Florida, area which are comparable to the Building in reputation, quality, age, size, location and level and quality of services provided and which have reached economic stabilization and are not, for any other reason, offering below market rents (the foregoing factors not being exclusive in identifying comparable buildings) (the Building, together with such comparable buildings, if applicable, being herein referred to as the “Pertinent Market”).

Appears in 1 contract

Sources: Lease (Tesco Corp)

Renewal Option. Landlord hereby grants to Provided that no default has occurred, Tenant the shall have one (1) option to extend the initial Term of its Lease Term on of the same termsPremises, conditions and provisions as contained in from the date upon which this Lease, except as Lease would otherwise provided hereinexpire, for one (1) period of five (5) years, the option years (the “Option Extended Period”) commencing on upon the day following the expiration date of this Lease.terms and conditions: (a) Tenant’s option If Tenant elects to extend exercise said option, it shall be exercisable do so by written giving notice from Tenant of such election to Landlord given no earlier than twelve (12) months, and no later than on or before the date which is nine (9) months, prior months before the Termination Date. Tenant agrees that it shall have forever waived its right to exercise any such option if it shall fail for any reason whatsoever to give such notice to Landlord by the expiration time provided herein for giving of the initial Lease Termsuch notice, whether such failure is inadvertent or intentional, time being of the essenceessence as to the exercise of such option. (b) Base Rent per square foot of Rentable Area of If Tenant elects to exercise said option, the Premises payable during the Option Period Term shall be at automatically extended for the Fair Market Rental Rate Extended Period without execution of an extension or renewal lease. However, within ten (as hereinafter defined)10) days after request of either party following the effective exercise of such option, Landlord and tenant shall execute, acknowledge and deliver to each other duplicate originals of an instrument confirming that such option was effectively exercised. (c) The Extended Period shall be upon the same terms and conditions as are in effect immediately preceding the commencement of any such Extended Period; provided, however, that Tenant may only exercise its shall have no further right or option to extendextend the Term for any period of time beyond the expiration of the Extended Period and provided further, and an exercise thereof shall only be effective, if at the time of Tenant’s exercise and on the Option Period commencement date, this Lease is in full force and effect and no uncured default has occurred under this Lease. In addition to the condition set forth that in the first sentence Extended Period the Base Rent shall be the “Fair Market Rental” for the Premises, provided, however, that in no instance shall the Base Rent for the Extended Period be less than the annual Basic Rent payable in the last year of this subparagraph (c), if the Term. The “Fair Market Rental” shall be the Base Rent agreed upon by the Landlord and Tenant is in default under this Lease within thirty (30) days prior to the Option Period commencement date, and has not cured or is not in the process of diligently curing such default prior to said commencement date, then, at Landlord’s option, after Tenant’s right exercise of the applicable option. If the parties shall fail to agree upon Fair Market Rental within thirty (30) days after Tenant’s exercise its option may be terminated and rendered null and void by notice thereof from Landlord to Tenant. No sublessee or assignee (other than an Affiliate) shall be entitled to exercise such option. (d) Upon the valid exercise by Tenant of its option to extendrenew, then each party shall designate an independent licensed MAI appraiser located in Monmouth and Middlesex counties to render an appraisal of the Fair Market Rental under the terms of this Lease, which appraisals shall be exchanged within sixty (60) days after Tenant’s exercise of the applicable option. If the two (2) appraisals shall be within ten (10%) percent of one another, then the Fair Market Rental for the applicable Extended Period shall be the average of the two (2) appraisals. If the two (2) appraisals are not within ten (10%) percent of one another (i.e., if the higher appraisal is more than one hundred ten (110%) percent of the lower appraisal) the two (2) appraisers shall within twenty (20) days after their exchange of appraisals, jointly designate a third independent MAI appraiser (the cost of whom shall be shared equally by Landlord and Tenant Tenant), who shall enter into a written amendment within twenty (20) days of appointment select one of the two (2) appraisals that he or she deems to this Lease confirming more closely represent the terms, conditions Fair Market Rental for the Premises and provisions such rental shall during the applicable to the Option Extension Period as determined in accordance with the provisions of this Section, with such revisions to the Base Rent provisions of this Lease as may be necessary to conform those provisions to the rental rate applicable to the Option Period. No new options to extend shall be deemed to be created by a valid exercise of the extension option and no other provisions inapplicable to the Option Period such as, but not limited to, an obligation to construct or pay for construction or improvements or to grant rent abatements, shall be construed to govern the Option Period. (e) For purposes of this Article 18, the term “Fair Market Rental Rate” shall mean a rate comprised of (i) the prevailing base rental rate per square foot of rentable area available in the Pertinent Market (as defined below), and taking into account tenant improvement allowances, other tenant inducements, operating cost stops and tax cost stops, and brokerage commissions, all as determined by Landlord in good faith, and (ii) any escalation of any such base rental rate (based upon a fixed step and/or index) prevailing in the Pertinent Market, as determined by Landlord in good faith, taking into account (A) comparable leases (on the basis of factors such as, but not limited to, size and location of space and commencement date and term of lease), if any, recently executed for improved space in the Building, and (B) leases for comparable (on the basis of factors such as, but not limited to size and location of space and commencement date and term of lease) improved space in “flex” buildings in the Orlando, Florida, area which are comparable to the Building in reputation, quality, age, size, location and level and quality of services provided and which have reached economic stabilization and are not, for any other reason, offering below market rents (the foregoing factors not being exclusive in identifying comparable buildings) (the Building, together with such comparable buildings, if applicable, being herein referred to as the “Pertinent Market”)Rental.

Appears in 1 contract

Sources: Lease (BioPlus Acquisition Corp.)

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 Tenant terminate the Sublease, Assignee shall have the option to extend the initial Lease Term term of the Sublease to expire on the same termsJune 30, conditions and provisions as contained in this Lease, except as otherwise provided herein, for one (1) period of five (5) years, the option 2012 (the “Option PeriodRenewal Option) commencing on the day following the expiration date of this Lease. (a) Tenant’s ). Assignee may exercise such option to extend shall be exercisable by giving written notice from Tenant thereof to Landlord given no earlier than twelve (12) monthsSublandlord, and no later than nine (9) monthsupon such exercise, prior to the expiration of the initial Lease Term, time being of the essence. (b) Base Rent per square foot of Rentable Area of the Premises payable during the Option Period shall be at the Fair Market Rental Rate (as hereinafter defined). (c) Tenant may only exercise its option to extend, and an exercise thereof shall only be effective, if at the time of Tenant’s exercise and on the Option Period commencement date, this Lease is in full force and effect and no uncured default has occurred under this Lease. In addition to the condition set forth in the first sentence of this subparagraph (c), if Tenant is in default under this Lease within thirty (30) days prior to the Option Period commencement date, and has not cured or is not in the process of diligently curing such default prior to said commencement date, then, at Landlord’s option, Tenant’s right to exercise its option may be terminated and rendered null and void by notice thereof from Landlord to Tenant. No sublessee or assignee (other than an Affiliate) shall be entitled to exercise such option. (d) Upon the valid exercise by Tenant of its option to extend. Landlord and Tenant shall enter into a written amendment to this Lease confirming the terms, conditions and provisions applicable to the Option Period as determined in accordance with the provisions of this Section, with such revisions to the Base Rent provisions of this Lease as may be necessary to conform those provisions to the rental rate applicable to the Option Period. No new options to extend shall be deemed to be created by a valid exercise of the extension option and no other provisions inapplicable to the Option Period such as, but not limited to, an obligation to construct or pay for construction or improvements or to grant rent abatements, shall be construed to govern the Option Period. (e) For purposes of this Article 18, the term “Fair Market Rental Rate” shall mean a rate comprised of (i) the prevailing base rental rate per square foot term of rentable area available in the Pertinent Market Sublease shall be automatically extended to expire on June 30, 2012 (as defined belowthe “Expiration Date”) (and the Temporary Term shall be deemed terminated), and taking into account tenant improvement allowances, other tenant inducements, operating cost stops and tax cost stops, and brokerage commissions, all as determined by Landlord in good faith, and (ii) neither party shall have any escalation further right to terminate the Sublease pursuant to subsection (a) above. In the event Assignee fails to exercise the Renewal Option on or before the end of any the Temporary Term, then the Sublease shall expire at the end of the Temporary Term. The period from the date of 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 base rental rate (based upon a fixed step and/or index) prevailing in exercise of the Pertinent MarketRenewal Option; however, as determined by Landlord in good faith, taking into account (A) comparable leases (the term of the Sublease shall be extended on the basis Extended Term Commencement Date, notwithstanding the failure of factors Sublandlord and Assignee to enter into such asagreement. If Assignee does not exercise the Renewal Option on or before the expiration of the Temporary Term, but not limited to, size and location of space and commencement date and term of lease), if any, recently executed for improved space in the Building, and (B) leases for comparable (on the basis of factors such as, but not limited to size and location of space and commencement date and term of lease) improved space in “flex” buildings in the Orlando, Florida, area which are comparable to the Building in reputation, quality, age, size, location and level and quality of services provided and which have reached economic stabilization and are not, for any other reason, offering below market rents (the foregoing factors not being exclusive in identifying comparable buildings) (the Building, together with such comparable buildings, if applicable, being herein referred to as the “Pertinent Market”)Renewal Option shall be deemed waived.

Appears in 1 contract

Sources: Assignment, Assumption, and Amendment of Sublease (Intervoice Inc)

Renewal Option. Landlord hereby grants If the lease is not in default at the time each option is exercised or at the time the renewal term is to commence, Tenant shall have the option to extend the initial Lease Term on the same terms, conditions and provisions as contained in renew this Lease, except as otherwise provided herein, lease for one three (13) period successive terms of five (5) yearsyears each, as follows: (1) Each of the option (the “Option Period”) commencing renewal terms shall commence on the day following expiration of the expiration date of this Leasepreceding term. (a2) Tenant’s The option to extend shall may be exercisable exercised by written notice from Tenant to Landlord given no earlier not less than twelve (12) months, and no later than nine (9) months, 180 days prior to the expiration last day of the initial Lease Term, time being expiring term. The giving of such notice shall be sufficient to make the lease binding for the renewal term without further act of the essence. parties. Landlord and Tenant shall then be bound to take the steps required in connection with the determination of rent as specified below. If Tenant shall fail to give any such notice within such one hundred eighty (b180) Base Rent per square foot of Rentable Area of the Premises payable during the Option Period shall be at the Fair Market Rental Rate (as hereinafter defined). (c) Tenant may only day time limit, Tenant's right to exercise its option to extend, and an exercise thereof shall only be effective, if at the time of Tenant’s exercise and on the Option Period commencement date, this Lease is in full force and effect and no uncured default has occurred under this Lease. In addition to the condition set forth in the first sentence of this subparagraph (c), if Tenant is in default under this Lease within nevertheless continue until thirty (30) days prior after Landlord shall have given Tenant notice of Landlord's election to the Option Period commencement dateterminate such option, and has not cured or Tenant may exercise such option at any time until the expiration of said thirty (30) day period. It is not the intention of the parties to avoid forfeiture of Tenant's rights to extend the term of this Lease under any of the options set forth in the process of diligently curing such default prior this Section 1.3 through inadvertent failure to said commencement date, then, at Landlord’s option, Tenant’s right to exercise its option may be terminated and rendered null and void by give notice thereof from Landlord within the time limits prescribed. During any extension of the term all Sections of this Lease will be effective, and references to Tenant. No sublessee or assignee (other than an Affiliate) shall be entitled to exercise such optionterm will incorporate the extensions. (d3) Upon The terms and conditions of the valid exercise by lease for each renewal term shall be identical with the original term except for rent and except that Tenant of its will no longer have any option to extendrenew this lease that has been exercised. Landlord and Tenant Rent for a renewal term shall enter into a written amendment to this Lease confirming the terms, conditions and provisions applicable to the Option Period as determined in accordance with the provisions of this Section, with such revisions to the Base Rent provisions of this Lease as may be necessary to conform those provisions to the rental rate applicable to during the Option Period. No new options to extend shall be deemed to be created by a valid exercise last year of the extension option and no other provisions inapplicable to the Option Period such aspreceding original or renewal term adjusted as provided herein. ▇▇▇▇▇▇▇▇▇, but not limited to▇▇▇▇▇▇, an obligation to construct or pay for construction or improvements or to grant rent abatementsTWEET, shall be construed to govern the Option Period. ▇▇▇▇▇▇▇▇, ▇▇▇▇▇ & ▇▇▇▇▇ ▇▇ ▇▇▇ ▇▇▇ ▇▇▇▇▇, ▇▇ ▇▇▇▇▇ (e▇▇▇) For purposes of this Article 18, the term “Fair Market Rental Rate” shall mean a rate comprised of (i) the prevailing base rental rate per square foot of rentable area available in the Pertinent Market (as defined below), and taking into account tenant improvement allowances, other tenant inducements, operating cost stops and tax cost stops, and brokerage commissions, all as determined by Landlord in good faith, and (ii) any escalation of any such base rental rate (based upon a fixed step and/or index) prevailing in the Pertinent Market, as determined by Landlord in good faith, taking into account (A) comparable leases (on the basis of factors such as, but not limited to, size and location of space and commencement date and term of lease), if any, recently executed for improved space in the Building, and (B) leases for comparable (on the basis of factors such as, but not limited to size and location of space and commencement date and term of lease) improved space in “flex” buildings in the Orlando, Florida, area which are comparable to the Building in reputation, quality, age, size, location and level and quality of services provided and which have reached economic stabilization and are not, for any other reason, offering below market rents (the foregoing factors not being exclusive in identifying comparable buildings) (the Building, together with such comparable buildings, if applicable, being herein referred to as the “Pertinent Market”).▇▇▇-▇▇▇▇

Appears in 1 contract

Sources: Commercial Lease (Norwester Brewing Co Inc)

Renewal Option. Landlord hereby grants Provided Tenant is in compliance with all of the terms and conditions contained herein and provided Tenant has not assigned this Lease or sublet all or any portion of the Demised Premises and is itself in occupation and conducting business in the whole of the Demised Premises in accordance with the terms of this Lease (other than a permitted assignment or sublease to an Affiliate of Tenant or a transaction expressly permitted without Landlord’s consent pursuant to Section 11.02 of this Lease), Tenant expressly acknowledging and agreeing that the option rights contained herein are personal to the original named Tenant, Tenant shall have one (1) option to extend the initial Term of its lease of the Demised Premises, from the date upon which this Lease Term on the same terms, conditions and provisions as contained in this Lease, except as would otherwise provided herein, expire for one (1) period extended period(s) of five (5) years, the option years (the herein referred to as an Option Extended Period”) commencing on ), upon the day following the expiration date terms and conditions: 1. If Tenant elects to exercise said option, it shall do so by giving notice of this Lease. (a) Tenant’s option to extend shall be exercisable by written notice from Tenant such election to Landlord given no earlier than twelve on or before the date which is one (121) months, and no later than nine (9) months, prior to year before the expiration beginning of the initial Lease TermExtended Period. Tenant agrees that it shall have forever waived its right to exercise such option if it shall fail for any reason whatsoever to give such notice to Landlord by the time provided herein for the giving of such notice, whether such failure is inadvertent or intentional, time being of the essenceessence as to the exercise of such option. 2. If Tenant elects to exercise said option, the Term shall be automatically extended for the Extended Period covered by the option so exercised without execution of an extension or renewal lease. Within ten (b10) Base days after request of either party following the effective exercise of any such option, however, Landlord and Tenant shall execute, acknowledge and deliver to each other duplicate originals of an instrument in recordable form confirming that such option was effectively exercised. 3. The Extended Period shall be upon the same terms and conditions as are in effect immediately preceding the commencement of the Extended Period except as otherwise expressly provided herein. Tenant shall have no right or option to extend the Term for any period of time beyond the expiration of the Extended Period. In the Extended Period (1) the provisions of paragraph R4 of this Rider shall not be applicable and Tenant shall be responsible for all Real Estate Taxes with respect to the Demised Premises pursuant to Article 6 of this Lease and (2) in the Extended Period the Fixed Rent shall be as follows: (a) The Fixed Rent during the Extended Period shall be at Fair Market Value (“FMV”). FMV shall be determined by mutual agreement of the parties. If the parties are unable to agree on the FMV, the parties shall choose a licensed Real Estate Appraiser who shall determine the FMV. The cost of said Real Estate Appraiser shall be borne equally by the parties. If the parties are unable to agree on a licensed Real Estate Appraiser, each party shall select one Appraiser to appraise the FMV. If the difference between the two appraisals is 20% or less of the lower appraisal, then the FMV shall be the average of the two appraisals. If the difference between the two appraisals is greater than 20% of the lower appraisal, the two Appraisers shall select a third licensed Real Estate Appraiser to appraise the FMV. The FMV shall in such case be the average of the three appraisals. The cost of the third appraisal shall be borne equally by the parties. The Fixed Rent for the Extended Period shall be calculated without the applicability of paragraph R4 of this Rider. Anything to the contrary contained herein notwithstanding, the Fixed Rent for the Extended Period shall not be less than $8.35 per square foot of Rentable Area of the Premises payable during the Option Period shall be at the Fair Market Rental Rate (as hereinafter defined)Floor Space per annum. (c) Tenant may only exercise its option to extend4. Any termination, and an exercise thereof shall only be effectiveexpiration, if at the time cancellation or surrender of Tenant’s exercise and on the Option Period commencement date, this Lease is in full force and effect and no uncured default has occurred under this Leaseshall terminate any right or option for the Extended Period(s) not yet exercised. 5. In addition to Landlord shall have the condition set forth in the first sentence of this subparagraph (c)right, if Tenant is in default under this Lease within for thirty (30) days prior after receipt of notice of Tenant’s election to exercise any option to extend the Option Period commencement dateTerm, to reject Tenant’s election if Tenant gave such notice while Tenant was in default in the performance of any of its obligations under the Lease, and has not cured or is not in the process of diligently curing such default prior to said commencement date, then, at Landlord’s option, rejection shall automatically render Tenant’s right election to exercise its such option may be terminated and rendered null and void by and of no effect (unless such default is timely cured within any applicable notice thereof from Landlord to Tenant. No sublessee or assignee (other than an Affiliate) shall be entitled to exercise such option. (d) Upon the valid exercise by Tenant of its option to extend. Landlord and Tenant shall enter into a written amendment to this Lease confirming the terms, conditions and provisions applicable to the Option Period as determined in accordance with the provisions of this Section, with such revisions to the Base Rent provisions of this Lease as may be necessary to conform those provisions to the rental rate applicable to the Option Period. No new options to extend shall be deemed to be created by a valid exercise of the extension option and no other provisions inapplicable to the Option Period such as, but not limited to, an obligation to construct or pay for construction or improvements or to grant rent abatements, shall be construed to govern the Option Period. (e) For purposes of this Article 18, the term “Fair Market Rental Rate” shall mean a rate comprised of (i) the prevailing base rental rate per square foot of rentable area available in the Pertinent Market (as defined below), and taking into account tenant improvement allowances, other tenant inducements, operating cost stops and tax cost stops, and brokerage commissions, all as determined by Landlord in good faith, and (ii) any escalation of any such base rental rate (based upon a fixed step and/or index) prevailing in the Pertinent Market, as determined by Landlord in good faith, taking into account (A) comparable leases (on the basis of factors such as, but not limited to, size and location of space and commencement date and term of lease)cure period, if any, recently executed for improved space expressly provided in the Building, and (B) leases for comparable (on the basis of factors such as, but not limited to size and location of space and commencement date and term of lease) improved space in “flex” buildings in the Orlando, Florida, area which are comparable to the Building in reputation, quality, age, size, location and level and quality of services provided and which have reached economic stabilization and are not, for any other reason, offering below market rents (the foregoing factors not being exclusive in identifying comparable buildings) (the Building, together with such comparable buildings, if applicable, being herein referred to as the “Pertinent Market”this Lease). 6. The options provided herein to extend the Term of the Lease may not be severed from the Lease or separately sold, assigned or otherwise transferred.

Appears in 1 contract

Sources: Lease Agreement (Vs Direct Inc.)

Renewal Option. Landlord hereby grants to Tenant the option to extend the initial Lease Suite 1550 Term on the same terms, conditions and provisions as contained in this LeaseAmendment, except as otherwise provided herein, for one (1) period of five (5) years, years (such period being referred to as the option (the “"Option Period”) commencing on "), which option may be exercised by Tenant independently of any other options provided for in the day following Lease and notwithstanding that the expiration date Lease may terminate with respect to other portions of this Leasethe Building currently leased by Tenant. Tenant's Proportionate Share as to Suite 1550 alone, is 0.8976%. (a) Tenant’s 's option to extend shall be exercisable by written notice from Tenant to Landlord given no earlier later than twelve (12) months, and no later than nine (9) months, months prior to the expiration of the initial Lease Suite 1550 Term, time being of the essence. If the option is not so exercised, such option shall thereupon expire. (b) Monthly Base Rent per square foot of Rentable Area of the Premises rentable area payable during the Option Period shall be at equal to 95% of the Fair Market Rental Rate (market rate, as hereinafter defined)determined the same manner as is prescribed in Section 33.D of the Original Lease. (c) Tenant may only exercise its this option to extend, and an exercise thereof shall only be effective, if at the time of Tenant’s 's exercise and on the Option Period commencement date, this the Lease is in full force and effect and no uncured Tenant is not in material default has occurred under this Leasethe Lease (after expiration of any applicable notice and cure period). In addition to the condition set forth in the first sentence of this subparagraph (c), if Tenant is in material default under this the Lease (after expiration of any applicable notice and cure period) within thirty (30) days prior to the Option Period commencement date, and has not cured or is not in the process of diligently curing such default prior to said commencement date, then, at Landlord’s 's option, Tenant’s 's right to exercise its option may be terminated and rendered null and void by notice thereof from Landlord to Tenant. No sublessee or assignee (other than an Affiliate) shall be entitled to exercise such option. (d) Upon the valid exercise by Tenant of its this option to extend. Landlord and Tenant shall enter into a written amendment to this Lease confirming renew the termsSuite 1550 Term, conditions and provisions applicable to except under the Option Period as determined in accordance with the provisions of this Section, with such revisions to the Base Rent provisions of this Lease as may be necessary to conform those provisions to the rental rate applicable to the Option Period. No new options to extend shall be deemed to be created by a valid exercise of the extension option and no other provisions inapplicable to the Option Period such as, but not limited to, an obligation to construct or pay for construction or improvements or to grant rent abatements, shall be construed to govern the Option Period. (e) For purposes of this Article 18, the term “Fair Market Rental Rate” shall mean a rate comprised of following circumstances: (i) a successor by merger or other consolidation with Tenant or an acquirer of substantially all of the prevailing base rental rate per square foot assets of rentable area available in the Pertinent Market (as defined below), and taking into account tenant improvement allowances, other tenant inducements, operating cost stops and tax cost stops, and brokerage commissions, all as determined by Landlord in good faithTenant may exercise this option to renew, and (ii) any escalation a sublessee of any such base rental rate the entire Suite 1550 space for the remainder of the Suite 1550 Term, or an assignee of the Lease (based upon a fixed step and/or indexas to Suite 1550) prevailing in the Pertinent Marketwhich has been approved by Landlord, as determined by Landlord in good faith, taking into account may exercise this option to renew if and only if (A) comparable leases (on Landlord agreed, at the basis time of factors granting its consent to the assignment, that such as, but not limited to, size and location of space and commencement date and term of lease), if any, recently executed for improved space in assignee would have the Buildingright to exercise this option, and (B) leases for comparable Tenant agreed, at the time of its assignment, to remain fully liable under the Lease (on as to Suite 1550 ) through the basis of factors such as, but not limited to size and location of space and commencement date and term of lease) improved space in “flex” buildings in the Orlando, Florida, area which are comparable to the Building in reputation, quality, age, size, location and level and quality of services provided and which have reached economic stabilization and are not, for any other reason, offering below market rents (the foregoing factors not being exclusive in identifying comparable buildings) (the Building, together with such comparable buildings, if applicable, being herein referred to as the “Pertinent Market”).Option

Appears in 1 contract

Sources: Lease (Northern Trust Corp)

Renewal Option. Landlord hereby grants to Tenant shall, provided the option to extend the initial Lease Term on the same terms, conditions and provisions as contained in this Lease, except as otherwise provided herein, for one (1) period of five (5) years, the option (the “Option Period”) commencing on the day following the expiration date of this Lease. (a) Tenant’s option to extend shall be exercisable by written notice from Tenant to Landlord given no earlier than twelve (12) months, and no later than nine (9) months, prior to the expiration of the initial Lease Term, time being of the essence. (b) Base Rent per square foot of Rentable Area of the Premises payable during the Option Period shall be at the Fair Market Rental Rate (as hereinafter defined). (c) Tenant may only exercise its option to extend, and an exercise thereof shall only be effective, if at the time of Tenant’s exercise and on the Option Period commencement date, this Lease is in full force and effect and no uncured Tenant is not in default has occurred under any of the other terms and conditions of the Lease at the time of notification or commencement, have one (1) successive option to renew this Lease. In addition Lease for a term of three (3) years, for the portion of the Premises being leased by Tenant as of the date the renewal term is to commence, on the condition same terms and conditions set forth in the first sentence Lease, except as modified by the terms, covenants and conditions as set forth below: (a) If Tenant elects to exercise said option, then Tenant shall provide Landlord with written notice no earlier than the date which is twelve (12) months prior to the expiration of the Term of the Lease but no later than the date which is nine (9) months prior to the expiration of the Term of this subparagraph Lease. If Tenant fails to provide such notice, Tenant shall have no further or additional right to extend or renew the Term of the Lease. (c)b) The Basic Rent in effect at the expiration of the Term of the Lease shall be increased to reflect the current fair market rental for comparable space in the Building and in other similar buildings in the same rental market as of the date the renewal term is to commence, if taking into account the specific provisions of the Lease which will remain constant. Landlord shall advise Tenant is in default under this Lease within of the new Basic Rent for the Premises no later than sixty (60) days after receipt of Tenant’s written request therefor. Said request shall be made no earlier than thirty (30) days prior to the Option Period commencement date, and has not cured or is not in the process of diligently curing such default prior to said commencement date, then, at Landlord’s option, Tenant’s right to first date on which Tenant may exercise its option may under this Paragraph. In no event shall the Basic Rent be terminated and rendered null and void by notice thereof from Landlord to Tenant. No sublessee or assignee (other less than an Affiliate) shall be entitled to exercise such optionthe Basic Rent in the preceding period. (dc) Upon This option is not transferable; the valid exercise by Tenant of its parties hereto acknowledge and agree that they intend that the aforesaid option to extend. Landlord and Tenant shall enter into a written amendment to renew this Lease confirming the terms, conditions and provisions applicable to the Option Period as determined in accordance with the provisions of this Section, with such revisions to the Base Rent provisions of this Lease as may be necessary to conform those provisions to the rental rate applicable to the Option Period. No new options to extend shall be deemed “personal” to be created by a valid Tenant as set forth above and that in no event will any assignee or sublessee have any rights to exercise the aforesaid option to renew except for an affiliate of the extension option and no other provisions inapplicable to the Option Period such as, but not limited to, an obligation to construct or pay for construction or improvements or to grant rent abatements, shall be construed to govern the Option PeriodTenant. (e) For purposes of this Article 18, the term “Fair Market Rental Rate” shall mean a rate comprised of (i) the prevailing base rental rate per square foot of rentable area available in the Pertinent Market (as defined below), and taking into account tenant improvement allowances, other tenant inducements, operating cost stops and tax cost stops, and brokerage commissions, all as determined by Landlord in good faith, and (ii) any escalation of any such base rental rate (based upon a fixed step and/or index) prevailing in the Pertinent Market, as determined by Landlord in good faith, taking into account (A) comparable leases (on the basis of factors such as, but not limited to, size and location of space and commencement date and term of lease), if any, recently executed for improved space in the Building, and (B) leases for comparable (on the basis of factors such as, but not limited to size and location of space and commencement date and term of lease) improved space in “flex” buildings in the Orlando, Florida, area which are comparable to the Building in reputation, quality, age, size, location and level and quality of services provided and which have reached economic stabilization and are not, for any other reason, offering below market rents (the foregoing factors not being exclusive in identifying comparable buildings) (the Building, together with such comparable buildings, if applicable, being herein referred to as the “Pertinent Market”).

Appears in 1 contract

Sources: Lease (Ameresco, Inc.)

Renewal Option. Subject to the provisions hereinafter set forth, Landlord hereby grants to Tenant the an option to extend the initial Term of this Lease Term on the same terms, conditions and provisions as contained in this Lease, except as otherwise provided herein, for one (1) period of five (5) years, the option years (the “Option Renewal Period”) commencing after the expiration of the initial Term, which Renewal Period shall commence on the day following after the expiration date of this Leasefor the initial ten (10) year term (the “Renewal Period Commencement Date”) and end on the day before the fifth (5) anniversary thereof. (a) Tenant’s Said option to extend shall be exercisable by written notice from Tenant to Landlord of Tenant’s election to exercise said option given no not earlier than the date which is twenty-four (24) months prior to the Renewal Period Commencement Date, nor later than twelve (12) months, and no later than nine (9) months, months prior to the expiration of the initial Lease Termsuch date, time being of the essence. If Tenant’s option is not so exercised, said option shall thereupon expire. (b) Base Rent per square foot of Rentable Area of the Premises payable during the Option Period shall be at the Fair Market Rental Rate (as hereinafter defined). (c) Tenant may only exercise its option to extendsaid option, and an exercise thereof shall only be effective, if at the time of Tenant’s exercise of said option and on the Option Renewal Period commencement date, Commencement Date this Lease is in full force and effect and no uncured default has occurred Tenant is not in Default under this Lease. In addition No sublessee shall be entitled to exercise the renewal option under this Section 9.04. (c) Rent per Rentable Square Foot of the Leased Premises payable during the Renewal Period with respect to all space included in the Leased Premises as of the Renewal Period Commencement Date shall be equal to the condition set forth in Market Rental Rate for the first sentence Building, taking into account other pecuniary concessions such as rent abatement and tenant improvement allowances. Landlord shall give Tenant written notice of this subparagraph (c), if Tenant is in default under this Lease the proposed Market Rental Rate within thirty (30) days following written request by Tenant made not earlier than fourteen (14) months prior to the Option Renewal Period commencement date, and has not cured or is not in the process of diligently curing such default prior to said commencement date, then, at Landlord’s option, Tenant’s right to exercise its option may be terminated and rendered null and void by notice thereof from Landlord to Tenant. No sublessee or assignee (other than an Affiliate) shall be entitled to exercise such optionCommencement Date. (d) Upon the valid exercise If Tenant has validly exercised said option, within thirty (30) days after request by Tenant of its option to extend. either party hereto Landlord and Tenant shall enter into a written amendment to this Lease confirming the terms, conditions and provisions applicable to the Option Renewal Period as determined in accordance with the provisions of this Sectionherewith, with such revisions to the Base Rent rental provisions of this Lease as may be necessary to conform those such provisions to the rental rate applicable to the Option Period. No new options to extend shall be deemed to be created by a valid exercise of the extension option and no other provisions inapplicable to the Option Period such as, but not limited to, an obligation to construct or pay for construction or improvements or to grant rent abatements, shall be construed to govern the Option Period. (e) For purposes of this Article 18, the term “Fair Market Rental Rate” shall mean a rate comprised of (i) the prevailing base rental rate per square foot of rentable area available in the Pertinent Market (as defined below), and taking into account tenant improvement allowances, other tenant inducements, operating cost stops and tax cost stops, and brokerage commissions, all as determined by Landlord in good faith, and (ii) any escalation of any such base rental rate (based upon a fixed step and/or index) prevailing in the Pertinent Market, as determined by Landlord in good faith, taking into account (A) comparable leases (on the basis of factors such as, but not limited to, size and location of space and commencement date and term of lease), if any, recently executed for improved space in the Building, and (B) leases for comparable (on the basis of factors such as, but not limited to size and location of space and commencement date and term of lease) improved space in “flex” buildings in the Orlando, Florida, area which are comparable to the Building in reputation, quality, age, size, location and level and quality of services provided and which have reached economic stabilization and are not, for any other reason, offering below market rents (the foregoing factors not being exclusive in identifying comparable buildings) (the Building, together with such comparable buildings, if applicable, being herein referred to as the “Pertinent Market”).

Appears in 1 contract

Sources: Sublease Agreement (Cumberland Pharmaceuticals Inc)

Renewal Option. Landlord hereby grants Subject to Tenant the terms and conditions set forth below in this Section 25, this Lease may be extended at Tenant's option to extend (the initial Lease "Renewal Option") once for a five-year period with an annual 3% escalation in Base Rent and Additional Rent. Such period is called the "Renewal Term". The Renewal Term on shall be upon the same terms, covenants and conditions and provisions as contained in this LeaseLease (excluding this Section 25 and Section 26). Any reference in this Lease to the "Term" shall be deemed to include the Renewal Term if and when exercised, except as otherwise unless it is expressly provided herein, for one (1) period of five (5) years, the option (the “Option Period”) commencing on the day following the expiration date otherwise. Any termination of this Lease. (a) Lease or of Tenant’s option 's right to extend possession shall be exercisable terminate all of Tenant's rights under this Section 25. Tenant may exercise the Renewal Option only by delivering written notice from Tenant thereof to Landlord given no earlier than twelve (12) months, and no later not less than nine (9) months, months prior to the expiration first day of the initial Lease Renewal Term, time being of the essence. (b) Base Rent per square foot of Rentable Area of the Premises payable during the Option Period shall be at the Fair Market Rental Rate (as hereinafter defined). (c) . If Tenant may only exercise its option fails to extend, and an exercise thereof shall only be effective, if at deliver any such notice within the time of Tenant’s exercise and on the Option Period commencement date, this Lease is in full force and effect and no uncured default has occurred under this Lease. In addition to the condition period set forth in the first sentence of this subparagraph (c)immediately preceding sentence, if Tenant is in default under this Lease within thirty (30) days prior to the Option Period commencement date, and has not cured or is not in the process of diligently curing such default prior to said commencement date, then, at Landlord’s option, Tenant’s right to exercise its option may be terminated and rendered null and void by notice thereof from Landlord to Tenant. No sublessee or assignee (other than an Affiliate) shall be entitled to exercise such option. (d) Upon the valid exercise by Tenant of its option to extend. Landlord and Tenant shall enter into a written amendment to this Lease confirming the terms, conditions and provisions applicable to the Option Period as determined in accordance with the provisions of this Section, with such revisions to the Base Rent provisions of this Lease as may be necessary to conform those provisions to the rental rate applicable to the Option Period. No new options to extend shall be deemed to have irrevocably waived its right to exercise the Renewal Option. Notwithstanding the foregoing, if Tenant fails to deliver the renewal notice within the time herein provided, such right to renew shall not be created by a valid deemed waived unless and until Tenant receives written notice from Landlord that it has failed to exercise its right to renew and Tenant fails to exercise such right within sixty (60) days after receipt of such notice from Landlord. If Tenant delivers written notice exercising the extension option and no other provisions inapplicable to the Option Period Renewal Option, such as, but not limited to, an obligation to construct or pay for construction or improvements or to grant rent abatements, notice shall be construed to govern the Option Periodirrevocable. (e) For purposes of this Article 18, the term “Fair Market Rental Rate” shall mean a rate comprised of (i) the prevailing base rental rate per square foot of rentable area available in the Pertinent Market (as defined below), and taking into account tenant improvement allowances, other tenant inducements, operating cost stops and tax cost stops, and brokerage commissions, all as determined by Landlord in good faith, and (ii) any escalation of any such base rental rate (based upon a fixed step and/or index) prevailing in the Pertinent Market, as determined by Landlord in good faith, taking into account (A) comparable leases (on the basis of factors such as, but not limited to, size and location of space and commencement date and term of lease), if any, recently executed for improved space in the Building, and (B) leases for comparable (on the basis of factors such as, but not limited to size and location of space and commencement date and term of lease) improved space in “flex” buildings in the Orlando, Florida, area which are comparable to the Building in reputation, quality, age, size, location and level and quality of services provided and which have reached economic stabilization and are not, for any other reason, offering below market rents (the foregoing factors not being exclusive in identifying comparable buildings) (the Building, together with such comparable buildings, if applicable, being herein referred to as the “Pertinent Market”).

Appears in 1 contract

Sources: Industrial Building Lease (M Wave Inc)

Renewal Option. Landlord Subject to the provisions hereinafter set forth, landlord hereby grants to Tenant the an option to extend the initial Lease Term of this lease on the same terms, conditions . and provisions as contained in this Leaselease, except as otherwise provided herein, for one (1) period of of: five (5) years, the option years (the “Option Renewal Period”) commencing after the expiration of the Term, which Renewal Period shall commence on the first day following of the expiration date eleventh Lease Year (the “Renewal Period Commencement Date”) and end on the last day of this Leasethe fifteenth Lease Year. (a) Tenant’s Said option to extend shall be exercisable by written notice from Tenant to Landlord of Tenant’s election to exercise said option given no earlier not later than the date which is twelve (12) months, and no later than nine (9) months, months prior to the expiration of the initial Lease TermRenewal Period Commencement Date, time being of the essence. If Tenant’s option is not so exercised, said option shall thereupon expire. (b) Base Tenant may only exercise said option, and an exercise thereof shall only be effective, if at the tune of Tenant’s exercise of said option and on the Renewal Period Commencement Date this lease is in full force and effect and Tenant is not in default tinder this lease, and (inasmuch as said option is intended only for the benefit of the original Tenant named in this lease and any Tenant Successors and Tenant Affiliates) at least 45,000 square feet of Rentable Area of the Premises is: occupied, by the original Tenant herein or a Tenant Successor or Tenant Affiliate, this lease has not been assigned other than to a Tenant Successor or Tenant. Affiliate, not more than 15,000 square feet of Rentable Area of the Premises is subject to subleases other than subleases to Tenant Successors or Tenant Affiliates, and Landlord has not terminated this lease as to arjy part of the Premises pursuant to Section 15 above. Without limitation of the foregoing, no sublessee, and no. assignee other than a Tenant Successor or Tenant Affiliate, shall be entitled to exercise said option, and no exercise of said option by the original Tenant named herein or a Tenant Successor or Tenant Affiliate shall be effective in the event said Tenant or Tenant Successor or Tenant Affiliate assigns this lease prior to the Renewal Period Commencement Date other than to a Tenant Successor or Tenant Affiliate or more than 15,000 square feet of Rentable Area of the Premises is subject to subleases other than subleases to Tenant Successors or Tenant Affiliates as of the Renewal Period Commence- ment Date or Landlord terminates this lease as to any part of the Premises pursuant to Section 15 above prior to the Renewal Period Commencement Date. (c) Rent per square foot of Rentable Area of the Premises payable during the Option Renewal Period with respect to all space included in the Premises as of the Renewal Period Commencement Date shall be at equal to the Fair Market Rental Rate (as hereinafter defined). (c) for the Premises. Landlord shall give Tenant may only exercise its option to extend, and an exercise thereof shall only be effective, if at written notice of the time of Tenant’s exercise and on the Option Period commencement date, this Lease is in full force and effect and no uncured default has occurred under this Lease. In addition to the condition set forth in the first sentence of this subparagraph (c), if Tenant is in default under this Lease Market Rental Rate within thirty (30) days following written request by Tenant made not earlier than forty-five (45) days prior to the Option . Renewal Period commencement date, and has not cured or is not in the process of diligently curing such default prior to said commencement date, then, at Landlord’s option, Tenant’s right to exercise its option may be terminated and rendered null and void by notice thereof from Landlord to Tenant. No sublessee or assignee (other than an Affiliate) shall be entitled to exercise such optionCommencement Date. (d) Upon the valid exercise If Tenant has validly exercised said option, within thirty (30) days after request by Tenant of its option to extend. either party hereto Landlord and Tenant shall enter into a written amendment to this Lease lease confirming the terms, conditions and provisions applicable to the Option Renewal Period as determined in accordance with the provisions of this Sectionherewith, with such revisions to the Base Rent rental provisions of this Lease lease as may be necessary to conform those such provisions to the rental rate applicable to the Option PeriodMarket Rental Rate. No new options to extend shall be deemed to be created by a valid exercise of the extension option and no other provisions inapplicable to the Option Period such as, but not limited to, an obligation to construct or pay for construction or improvements or to grant rent abatements, shall be construed to govern the Option Period. (e) For purposes Tenant shall not have any option to extend the Term of this Article 18, lease beyond the term “Fair Market Rental Rate” shall mean a rate comprised expiration of (i) the prevailing base rental rate per square foot of rentable area available in the Pertinent Market (as defined below), and taking into account tenant improvement allowances, other tenant inducements, operating cost stops and tax cost stops, and brokerage commissions, all as determined by Landlord in good faith, and (ii) any escalation of any such base rental rate (based upon a fixed step and/or index) prevailing in the Pertinent Market, as determined by Landlord in good faith, taking into account (A) comparable leases (on the basis of factors such as, but not limited to, size and location of space and commencement date and term of lease), if any, recently executed for improved space in the Building, and (B) leases for comparable (on the basis of factors such as, but not limited to size and location of space and commencement date and term of lease) improved space in “flex” buildings in the Orlando, Florida, area which are comparable to the Building in reputation, quality, age, size, location and level and quality of services provided and which have reached economic stabilization and are not, for any other reason, offering below market rents (the foregoing factors not being exclusive in identifying comparable buildings) (the Building, together with such comparable buildings, if applicable, being herein referred to as the “Pertinent Market”)Renewal Period.

Appears in 1 contract

Sources: Office Lease (EMAK Worldwide, Inc.)

Renewal Option. Landlord hereby grants to Tenant the option to extend the initial Lease Term on the same terms, conditions and provisions as contained in this Lease, except as otherwise provided herein, for one (1) period of five three (53) years, years (such period being referred to as the option (the “"Option Period”) commencing on the day following the expiration date of this Lease"). (a) Tenant’s 's option to extend shall be exercisable by written notice from Tenant to Landlord given no earlier than twelve (12) months, and no later than nine (9) months, months prior to the expiration of the initial Lease Term, time being of the essence. If the option is not so exercised, such option shall thereupon expire. Landlord shall notify Tenant, within thirty (30) days after receiving Tenant's notice, of the Market Rental Rate for the Option Period. If Tenant disagrees with such determination and Landlord and Tenant are thereafter unable, despite their good faith efforts, to agree upon the Market Rental Rate, then Tenant shall have the option, to be exercised by written notice to Landlord given within thirty (30) days of receipt of Landlord's notice (of the Market Rental Rate), to withdraw its exercise of the renewal option, in which event this Lease shall terminate on the Expiration Date. (b) Monthly Base Rent per square foot of Rentable Area of the Premises payable during the Option Period (including escalations thereof) shall be at equal to the Fair Market Rental Rate (as hereinafter defined). (c) Tenant may only exercise its option to extend, and an exercise thereof shall only be effective, if at the time of Tenant’s 's exercise and on the Option Period commencement date, this Lease is in full force and effect and no uncured Tenant is not in default has occurred under this LeaseLease and (inasmuch as such option is intended only for the benefit of the original named Tenant) the entire Premises are occupied by the original named Tenant. In addition to the condition set forth in the first sentence of this subparagraph (c), if Tenant is in default under this Lease lease within thirty (30) days prior to the Option Period commencement date, and has not cured or is not in the process of diligently curing such default prior to said commencement date, then, at Landlord’s 's option, Tenant’s 's right to exercise its option may be terminated and rendered null and void by notice thereof from Landlord to Tenant. No sublessee or assignee (other than an Affiliate) shall be entitled to exercise such option. (d) Upon the valid exercise by Tenant of its option to extend. , at the request of either party hereto, Landlord and Tenant shall enter into a written amendment supplement to this the Lease confirming the terms, conditions and provisions applicable to the Option Period as determined in accordance with the provisions of this Section, with such revisions to the Monthly Base Rent provisions of this Lease as may be necessary to conform those provisions to the rental rate applicable to the Option Period. No new options to extend shall be deemed to be created by a valid exercise of the extension option and no other provisions inapplicable to the Option Period such as, but not limited to, an obligation to construct or pay for construction or improvements or to grant rent abatements, shall be construed to govern the Option Period. (e) . For purposes of this Article 18hereof, the term “Fair "Market Rental Rate" shall mean a rate comprised of (i) be the prevailing base annual rental rate per square foot of rentable area available in the Pertinent Market (as defined below), and taking into account tenant improvement allowances, other tenant inducements, operating cost stops and tax cost stops, and brokerage commissions, all as determined by Landlord in good faith, and (ii) any escalation of any such base rental rate (based upon a fixed step and/or index) prevailing in the Pertinent Marketrate, as determined by Landlord in good faithfaith by Landlord, taking into account (A) comparable leases (on the basis of factors such as, but not limited to, size and location of space and commencement date and term of lease), if any, recently executed for improved office space in the BuildingBuilding comparable in area, location and degree of improvements to the space to be leased (Bto the extent that quoted rental rates in the Building vary with respect to area, location or degree of improvements). The Market Rental Rate shall be determined taking into consideration comparable fact situations in the Building occurring during the preceding nine (9) month period or any more recent relevant period (including, without limitation, the relevant terms of any other signed leases for comparable (on the basis of factors such asmade within said period), but if there is not limited to size or has not been a comparable fact situation in the Building during such period, then the annual market rental rate and location of space and commencement date and term of lease) improved space terms in “flex” comparable office buildings in the Orlando, Florida, market area which are comparable to of the Building shall be used. The Market Rental Rate may include, among other things, the then prevailing rental-related terms or conditions or components of rent, a fixed annual rent (such as Monthly Base Rent), additional rent based on a share of real estate taxes or other expenses, periodic increases in reputationrent based upon an inflation index or similar index, quality, age, size, location any sums based upon the value of any leasehold improvements performed by Landlord and level rental abatements and quality of services provided and which have reached economic stabilization and are not, for any other reason, offering below market rents (the foregoing factors not being exclusive in identifying comparable buildings) (the Building, together with such comparable buildings, if applicable, being herein referred to as the “Pertinent Market”)concessions.

Appears in 1 contract

Sources: Office Space Lease (2 Infinity Inc)

Renewal Option. Landlord hereby grants to Tenant the option to extend the initial Lease Extension Term on the same terms, conditions and provisions as contained in this the Lease, as modified and except as otherwise provided herein, for one (1) period of five (5) years, the option years (the “Option Period”) commencing on the day following the expiration date of this Leasethe Extension Term. (a) Tenant’s option to extend shall be exercisable by written notice from Tenant to Landlord given no earlier later than twelve (12) months, and no later than nine (9) months, prior to the expiration of the initial Lease Extension Term, time being of the essence. (b) Base Minimum Rent per rentable square foot of Rentable Area of the Premises payable during the Option Period shall be at one hundred percent (100%) of the Fair Market Rental Rate (as hereinafter defined). (c) Tenant may only exercise its option to extend, and an exercise thereof shall only be effective, if at the time of Tenant’s exercise and on the Option Period commencement date, this the Lease is in full force and effect and no uncured event of default by Tenant has occurred under this Leasethe Lease which remains uncured after the giving of any applicable notice and the expiration of any applicable cure period. In addition to the condition set forth in the first sentence of this subparagraph (c), if Tenant is in default under this the Lease (after the giving of any applicable notice and the expiration of any applicable cure period) within thirty (30) days prior to the Option Period commencement date, and has not cured or is not in the process of diligently curing such default prior to said commencement date, then, at Landlord’s option, Tenant’s right to exercise its option may be terminated and rendered null and void by written notice thereof from Landlord to Tenant. No Other than a Permitted Assignee (defined below), no sublessee or assignee (other than an Affiliate) shall be entitled to exercise such option. (d) Upon the valid exercise by Tenant of its option to extend. , Landlord and Tenant shall enter into a written amendment to this the Lease confirming the terms, conditions and provisions applicable to the Option Period as determined in accordance with the provisions of this Section, with such revisions to the Base Rent provisions of this the Lease as may be necessary to conform those provisions to the rental rate applicable to the Option Period. No new options to extend shall be deemed to be created by a valid exercise of the extension option and no other provisions inapplicable to the Option Period such as, but not limited to, an obligation to construct or pay for construction or improvements or to grant rent abatements, shall be construed to govern the Option Period. (e) For purposes of this Article 18Section, the term “Fair Market Rental Rate” shall mean a rate comprised of (i) the prevailing base rental rate per square foot of rentable area available in the Pertinent Market (as defined below), and taking into account tenant improvement allowances, other tenant inducements, operating cost stops and tax cost stops, and brokerage commissions, all as determined by an MAI appraiser mutually acceptable to Landlord and Tenant in good faiththeir reasonable discretion, and (ii) any escalation of any such base rental rate (based upon a fixed step and/or index) prevailing in the Pertinent Market, as also determined by Landlord in good faithsaid appraiser, taking into account (A) comparable leases lease renewals (on the basis of factors such as, but not limited to, size and location of space and commencement date and term of lease), if any, recently executed for improved space in the Building, and (B) leases lease renewals for comparable (on the basis of factors such as, but not limited to to, size and location of space and commencement date and term of lease) improved space in “flex” buildings in the Orlando, Florida, area Research Park which are comparable to the Building in reputation, quality, age, size, location and level and quality of services provided and which have reached economic stabilization and are not, for any other reason, offering below market rents (the foregoing factors not being exclusive in identifying comparable buildings) (the Building, together with such comparable buildings, if applicable, being herein referred to as the “Pertinent Market”). Tenant may, after the determinations of the appraiser set forth above, elect to withdraw its notice of renewal at no obligation or expense of Tenant and, in such event, the Term shall not be extended and Tenant shall lose its renewal option. The cost of the appraiser shall be paid 50% by Tenant and 50% by Landlord.

Appears in 1 contract

Sources: Lease (Lightpath Technologies Inc)

Renewal Option. Landlord hereby grants If the Lease is not in default at the time each option is exercised or at the time the renewal term is to commence, Tenant shall have the option to extend the initial renew this Lease Term on the same termsfor THREE (3) successive terms of FIVE (5) YEARS each, conditions and provisions as contained in this Lease, except as otherwise provided herein, for one follows: (1) period Each of five (5) years, the option (the “Option Period”) commencing renewal terms shall commence on the day following expiration of the expiration date of this Leasepreceding term. (a2) Tenant’s The option to extend shall may be exercisable exercised by written notice from Tenant to Landlord given no earlier not less than twelve (12) months, and no later than nine (9) months, prior to the expiration of the initial Lease Term, time being of the essence. (b) Base Rent per square foot of Rentable Area of the Premises payable during the Option Period shall be at the Fair Market Rental Rate (as hereinafter defined). (c) Tenant may only exercise its option to extend, and an exercise thereof shall only be effective, if at the time of Tenant’s exercise and on the Option Period commencement date, this Lease is in full force and effect and no uncured default has occurred under this Lease. In addition to the condition set forth in the first sentence of this subparagraph (c), if Tenant is in default under this Lease within thirty (30) 180 days prior to the Option Period commencement date, last day of the expiring term. The giving of such notice shall be sufficient to make the Lease binding for the renewal term without further act of the parties. Landlord and has not cured or is not Tenant shall then be bound to take the steps required in connection with the process determination of diligently curing rent as specified below. If Tenant shall fail to give any such default prior to said commencement date, then, at Landlord’s optionnotice within such one hundred eighty (180) day time limit, Tenant’s right to exercise its option shall nevertheless continue until thirty (30) days after Landlord shall have given Tenant notice of Landlord’s election to terminate such option, and Tenant may be terminated and rendered null and void by exercise such option at any time until the expiration of said thirty (30) day period. It is the intention of the parties to avoid forfeiture of Tenant’s rights to extend the term of this Lease under any of the options set forth in this Section 1.2 through inadvertent failure to give notice thereof from Landlord within the time limits prescribed. During any extension of the term all Sections of this Lease will be effective, and references to Tenant. No sublessee or assignee (other than an Affiliate) shall be entitled to exercise such optionterm will incorporate the extensions. (d3) Upon The terms and conditions of the valid exercise by Lease for each renewal term shall be identical with the original term except for rent and except that Tenant of its will no longer have any option to extend. Landlord and Tenant shall enter into a written amendment to renew this Lease confirming after the terms, conditions and provisions applicable to the Option Period as determined in accordance with the provisions of this Section, with such revisions to the Base third successive renewal option has been exercised. Rent provisions of this Lease as may for a renewal term shall be necessary to conform those provisions to the rental rate applicable to during the Option Period. No new options to extend shall be deemed to be created by a valid exercise last year of the extension option and no other provisions inapplicable to the Option Period such as, but not limited to, an obligation to construct preceding original or pay for construction or improvements or to grant rent abatements, shall be construed to govern the Option Periodrenewal term adjusted as provided herein. (e) For purposes of this Article 18, the term “Fair Market Rental Rate” shall mean a rate comprised of (i) the prevailing base rental rate per square foot of rentable area available in the Pertinent Market (as defined below), and taking into account tenant improvement allowances, other tenant inducements, operating cost stops and tax cost stops, and brokerage commissions, all as determined by Landlord in good faith, and (ii) any escalation of any such base rental rate (based upon a fixed step and/or index) prevailing in the Pertinent Market, as determined by Landlord in good faith, taking into account (A) comparable leases (on the basis of factors such as, but not limited to, size and location of space and commencement date and term of lease), if any, recently executed for improved space in the Building, and (B) leases for comparable (on the basis of factors such as, but not limited to size and location of space and commencement date and term of lease) improved space in “flex” buildings in the Orlando, Florida, area which are comparable to the Building in reputation, quality, age, size, location and level and quality of services provided and which have reached economic stabilization and are not, for any other reason, offering below market rents (the foregoing factors not being exclusive in identifying comparable buildings) (the Building, together with such comparable buildings, if applicable, being herein referred to as the “Pertinent Market”).

Appears in 1 contract

Sources: Commercial Lease (Mendocino Brewing Co Inc)

Renewal Option. Landlord hereby grants to Tenant shall have the option (the “New Term Renewal Option”) to extend renew the initial Lease for one additional period of three (3) years (the “New Term Renewal Term”). Tenant shall provide written notice of its exercise of the New Term Renewal Option at least 180 days prior to the termination of the New Term. The New Term Renewal Term shall be on the same terms, covenants and conditions and provisions as contained in this the Lease, except as otherwise provided herein, for one (1) period of five (5) years, the option (the “Option Period”) commencing on the day following the expiration date of this Lease. (a) Tenant’s option to extend shall be exercisable by written notice from Tenant to Landlord given no earlier other than twelve (12) months, and no later than nine (9) months, prior to the expiration of the initial Lease Term, time being of the essence. (b) Base Rent. Base Rent for the Existing Premises during the New Term Renewal Term will be $8.50 per square foot per annum; provided, however, that, subject to the provisions of Rentable Area Section 6 of this Sixth Amendment, no Base Rent nor Operating Costs shall be due in connection with Tenant’s leasing of the so-called “basement space”. Notwithstanding the foregoing, in the event that Tenant previously exercises its Fourth Expansion Premises payable during the Option Period shall be at the Fair Market Rental Rate (as hereinafter defineddefined in Section 12 below) or its First Offer Right (as defined in Section 13 below). (c) Tenant may only exercise its option to extend, and an exercise thereof shall only be effectiveTenant, if at the time of Tenant’s exercise and on sole discretion, can elect whether or not to renew the Option Period commencement date, this term of the Lease is in full force and effect and no uncured default has occurred under this Lease. In addition as to the condition set forth Fourth Expansion Premises (as defined in the first sentence Section 12 below) in its written notice of this subparagraph (c)exercise for New Term Renewal Option; provided, however, if Tenant is fails to designate in default under this Lease within thirty (30) days prior to its written notice of exercise whether or not its exercise of the New Term Renewal Option Period commencement dateincludes the Fourth Expansion Premises, and has not cured or is not in the process of diligently curing such default prior to said commencement date, then, at Landlord’s option, Tenant’s right to exercise its option may be terminated and rendered null and void by notice thereof from Landlord to Tenant. No sublessee or assignee (other than an Affiliate) shall be entitled to exercise such option. (d) Upon the valid exercise by Tenant of its option to extend. Landlord and Tenant shall enter into a written amendment to this Lease confirming the terms, conditions and provisions applicable to the Option Period as determined in accordance with the provisions of this Section, with such revisions to the Base Rent provisions of this Lease as may be necessary to conform those provisions to the rental rate applicable to the Option Period. No new options to extend shall be deemed to be created by a valid exercise have elected to renew the term of the extension option and no other provisions inapplicable to the Option Period such as, but not limited to, an obligation to construct or pay for construction or improvements or to grant rent abatements, shall be construed to govern the Option PeriodFourth Expansion Premises. (e) For purposes of this Article 18, the term “Fair Market Rental Rate” shall mean a rate comprised of (i) the prevailing base rental rate per square foot of rentable area available in the Pertinent Market (as defined below), and taking into account tenant improvement allowances, other tenant inducements, operating cost stops and tax cost stops, and brokerage commissions, all as determined by Landlord in good faith, and (ii) any escalation of any such base rental rate (based upon a fixed step and/or index) prevailing in the Pertinent Market, as determined by Landlord in good faith, taking into account (A) comparable leases (on the basis of factors such as, but not limited to, size and location of space and commencement date and term of lease), if any, recently executed for improved space in the Building, and (B) leases for comparable (on the basis of factors such as, but not limited to size and location of space and commencement date and term of lease) improved space in “flex” buildings in the Orlando, Florida, area which are comparable to the Building in reputation, quality, age, size, location and level and quality of services provided and which have reached economic stabilization and are not, for any other reason, offering below market rents (the foregoing factors not being exclusive in identifying comparable buildings) (the Building, together with such comparable buildings, if applicable, being herein referred to as the “Pertinent Market”).

Appears in 1 contract

Sources: Lease Agreement (August Technology Corp)

Renewal Option. Landlord hereby grants A. Provided that the Lease is in full force and effect, without the occurrence of an event of default hereunder or any defaults or breaches under any of the terms, covenants or conditions in tie Lease on Tenant’s part to observe or perform on the date that Tenant exercises the option granted herein or on the expiration date of the Lease, Tenant shall have the option (the ‘Extension Option”), to extend the initial term of the Lease Term on the same terms, conditions and provisions as contained in this Lease, except as otherwise provided herein, for one (1) period of five (5) years, the option extension term (the “Option PeriodExtension term”) of three (3) years commencing on the day following (the “Extension Term Commencement Date”) next succeeding the expiration date of this Lease. (a) Tenant’s option to extend the term and ending on the day which shall be exercisable by the anniversary of said expiration date, both dates inclusive, in accordance with and subject to the arms, covenants and conditions hereinafter set forth. Tenant shall exercise the Extension Option ay sending a written notice from thereof (the “Extension Notice”) to Tenant to Landlord given no earlier than twelve (12) monthsby certified mail, and no later than nine (9) months, return which is 180 days prior to the said expiration of the initial Lease Termdate, time being of the essence. (b) Base Rent per square foot of Rentable Area of . If Tenant shall fail to »end the Premises payable during Extension Notice receipt requested, within the time and in the manner hereinabove provided, the Extension Option Period shall be at the Fair Market Rental Rate (as hereinafter defined). (c) cease and terminate, and Tenant may only exercise its shall have no further option to extend, and an exercise thereof shall only be effective, if at extend the term. If Tenant sends the Extension Notice within the time of Tenant’s exercise and on the Option Period commencement date, this Lease is in full force and effect and no uncured default has occurred under this Lease. In addition to the condition set forth in the first sentence of this subparagraph manner as hereinabove provided (c), if Tenant is in default under this Lease within thirty one hundred and eighty (30180) days prior to the Option Period commencement dateend of the initial term expiration), the term of the Lease shall be deemed extended for the Extension Term subject to the terms, covenants and conditions as herein below. B. The Extension Term shall be upon, and has not cured or is not subject to, all of the terms, covenants and conditions provided in the process Lease for the term hereof, without any further right of diligently curing such default prior extension, except that: (a) Any terms, covenants, or conditions in the Lease (as hereby amended) that are expressly or by their nature inapplicable to said commencement datethe Extension Term (including, thenwithout limitation, at Landlord’s option, Tenant’s right to exercise its option may be terminated and rendered null and void this Paragraph) shall not apply during the Extension Term; (b) The Base Rental rent payable by notice thereof from Landlord to Tenant. No sublessee or assignee Tenant during the Extension Term (other than an Affiliatethe “Extension Rent”) shall be entitled an amount equal to exercise such optionthe Fair Market Rental Value of the Premises as mutually agreeable to Landlord and Tenant to be prevailing as of the Extension Term Commencement Date on the basis of a new three year renewal of the Premises; and (c) The base year for expenses shall be changed to reflect the new term. (d) Upon The Fair Market Rental shall take into account the valid exercise by Tenant total rent that a comparable tenant would pay for the comparable space in a building of its option substantially equivalent quality, size, condition, and location, considering rental rates and concessions then prevalent in the marketplace, the remaining lease term, the expected vacancy, and any other relevant factors C. If the term of the Lease is extended as herein before expressly provided, then Landlord shall have no obligations or duties to extend. Landlord and Tenant shall enter into a written amendment to this Lease confirming paint or otherwise prepare or repair the termsPremises, conditions and provisions applicable to the Option Period as determined or perform any work or make any installations, in accordance connection with the provisions Extension Term, except as required by the Lease. When used in subsections A and B of this Section, with such revisions to the Base Rent provisions of this Lease as may be necessary to conform those provisions to the rental rate applicable to the Option Period. No new options to extend shall be deemed to be created by a valid exercise of the extension option and no other provisions inapplicable to the Option Period such as, but not limited to, an obligation to construct or pay for construction or improvements or to grant rent abatements, shall be construed to govern the Option Period. (e) For purposes of this Article 18Paragraph, the term “Fair Market Rental RateTenant” shall mean only the named Tenant in this Agreement and no assignee, subtenant or successor thereof. Lots Three (3) and Four (4), Block Two (2), SHADOW MOUNTAIN II, a rate comprised Subdivision of (i) the prevailing base rental rate per square foot NE/4 of rentable area available S▇▇▇▇▇▇ ▇, ▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇ ▇▇▇▇, ▇▇▇▇ of Tulsa, Tulsa County, State of Oklahoma, according to the Recorded Plat thereof. Landlord will agree to provide the layout attached in Exhibit “B” and re-carpet and re-paint the entire Premises at Landlord’s sole cost. Tenant agrees to pay all other expenses incurred in connection with the Tenant Improvements in the Pertinent Market (as defined below)Premises. 1. Sidewalks, doorways, vestibules, halls, stairways, and taking into account tenant improvement allowancessimilar areas shall not be obstructed nor shall refuse, furniture, boxes or other tenant inducementsitems be placed therein by Tenant or its officers, operating cost stops and tax cost stopsagents, servants, and brokerage commissionsemployees, all as determined by Landlord in good faithor used for any purpose other than ingress and egress to and from the leased premises or for going from one part of the Building to another part of the Building. Canvassing, soliciting, and (ii) any escalation of peddling in the Building are prohibited. 2. Plumbing fixtures and appliances shall be used only for the purposes for which constructed, and no unsuitable material shall be placed therein. Tenant shall pay damage resulting to any such base rental rate (based upon a fixed step and/or index) prevailing in the Pertinent Market, as determined fixtures or appliances from misuse by Landlord in good faith, taking into account (A) comparable leases (on the basis of factors such as, but not limited to, size and location of space and commencement date and term of lease), if any, recently executed for improved space in the BuildingTenant, and (B) leases for comparable (on the basis of factors such as, but Landlord shall not limited to size and location of space and commencement date and term of lease) improved space in “flex” buildings in the Orlando, Florida, area which are comparable to the Building in reputation, quality, age, size, location and level and quality of services provided and which have reached economic stabilization and are not, for any other reason, offering below market rents (the foregoing factors not being exclusive in identifying comparable buildings) (the Building, together with such comparable buildings, if applicable, being herein referred to as the “Pertinent Market”)case be responsible therefore.

Appears in 1 contract

Sources: Lease Agreement (First Trinity Financial CORP)

Renewal Option. Landlord hereby grants If the lease is not in default at the time each option is exercised or at the time the renewal term is to commence, Tenant shall have the option to extend the initial Lease Term on the same terms, conditions and provisions as contained in renew this Lease, except as otherwise provided herein, lease for one three (13) period successive terms of five (5) yearsyears each, as follows: (1) Each of the option (the “Option Period”) commencing renewal terms shall commence on the day following expiration of the expiration date of this Leasepreceding term. (a2) Tenant’s The option to extend shall may be exercisable exercised by written notice from Tenant to Landlord given no earlier not less than twelve (12) months, and no later than nine (9) months, 180 days prior to the expiration last day of the initial Lease Term, time being expiring term. The giving of such notice shall be sufficient to make the lease binding for the renewal term without further act of the essence. parties. Landlord and Tenant shall then be bound to take the steps required in connection with the determination of rent as specified below. If Tenant shall fail to give any such notice within such one hundred eighty (b180) Base Rent per square foot of Rentable Area of the Premises payable during the Option Period shall be at the Fair Market Rental Rate (as hereinafter defined). (c) Tenant may only day time limit, Tenant's right to exercise its option to extend, and an exercise thereof shall only be effective, if at the time of Tenant’s exercise and on the Option Period commencement date, this Lease is in full force and effect and no uncured default has occurred under this Lease. In addition to the condition set forth in the first sentence of this subparagraph (c), if Tenant is in default under this Lease within nevertheless continue until thirty (30) days prior after Landlord shall have given Tenant notice of Landlord's election to the Option Period commencement dateterminate such option, and has not cured or Tenant may exercise such option at any time until the expiration of said thirty (30) day period. It is not the intention of the parties to avoid forfeiture of Tenant's rights to extend the term of this Lease under any of the options set forth in the process of diligently curing such default prior this Section 1.2 through inadvertent failure to said commencement date, then, at Landlord’s option, Tenant’s right to exercise its option may be terminated and rendered null and void by give notice thereof from Landlord within the time limits prescribed. During any extension of the term all Sections of this Lease will be effective, and references to Tenant. No sublessee or assignee (other than an Affiliate) shall be entitled to exercise such optionterm will incorporate the extensions. (d3) Upon The terms and conditions of the valid exercise by lease for each renewal term shall be identical with the original term except for rent and except that Tenant of its will no longer have any option to extendrenew this lease that has been exercised. Landlord and Tenant Rent for a renewal term shall enter into a written amendment to this Lease confirming the terms, conditions and provisions applicable to the Option Period as determined in accordance with the provisions of this Section, with such revisions to the Base Rent provisions of this Lease as may be necessary to conform those provisions to the rental rate applicable to during the Option Period. No new options to extend shall be deemed to be created by a valid exercise last year of the extension option and no other provisions inapplicable to the Option Period such as, but not limited to, an obligation to construct preceding original or pay for construction or improvements or to grant rent abatements, shall be construed to govern the Option Periodrenewal term adjusted as provided herein. (e) For purposes of this Article 18, the term “Fair Market Rental Rate” shall mean a rate comprised of (i) the prevailing base rental rate per square foot of rentable area available in the Pertinent Market (as defined below), and taking into account tenant improvement allowances, other tenant inducements, operating cost stops and tax cost stops, and brokerage commissions, all as determined by Landlord in good faith, and (ii) any escalation of any such base rental rate (based upon a fixed step and/or index) prevailing in the Pertinent Market, as determined by Landlord in good faith, taking into account (A) comparable leases (on the basis of factors such as, but not limited to, size and location of space and commencement date and term of lease), if any, recently executed for improved space in the Building, and (B) leases for comparable (on the basis of factors such as, but not limited to size and location of space and commencement date and term of lease) improved space in “flex” buildings in the Orlando, Florida, area which are comparable to the Building in reputation, quality, age, size, location and level and quality of services provided and which have reached economic stabilization and are not, for any other reason, offering below market rents (the foregoing factors not being exclusive in identifying comparable buildings) (the Building, together with such comparable buildings, if applicable, being herein referred to as the “Pertinent Market”).

Appears in 1 contract

Sources: Commercial Lease (Mendocino Brewing Co Inc)

Renewal Option. Landlord hereby grants to Tenant the option to extend the initial Lease 20th Floor Expansion Space Term on the same terms, conditions and provisions as contained in this LeaseAmendment (excluding the provisions of Paragraph 4 and 5 of this Amendment), except as otherwise provided herein, for one (1) period of five (5) years, years (such period being referred to as the option (the “"Option Period”) commencing on "), which option may be exercised by Tenant independently of any other options provided for in the day following Lease and notwithstanding that the expiration date Lease may terminate with respect to other portions of this Leasethe Building currently leased by Tenant. Tenant's Proportionate Share as to the 20th Floor Expansion Space alone, is 2.3737%. (a) Tenant’s 's option to extend shall be exercisable by written notice from Tenant to Landlord given no earlier later than twelve (12) months, and no later than nine (9) months, months prior to the expiration of the initial Lease 20th Floor Expansion Space Term, time being of the essence. If the option is not so exercised, such option shall thereupon expire. (b) Monthly Base Rent per square foot of Rentable Area of the Premises rentable area payable during the Option Period shall be at equal to 95% of the Fair Market Rental Rate (market rate, as hereinafter defined)determined the same manner as is prescribed in Section 33.D of the Original Lease. (c) Tenant may only exercise its this option to extend, and an exercise thereof shall only be effective, if at the time of Tenant’s 's exercise and on the Option Period commencement date, this the Lease is in full force and effect and no uncured Tenant is not in material default has occurred under this Leasethe Lease (after expiration of any applicable notice and cure period). In addition to the condition set forth in the first sentence of this subparagraph (c), if Tenant is in material default under this the Lease (after expiration of any applicable notice and cure period) within thirty (30) days prior to the Option Period commencement date, and has not cured or is not in the process of diligently curing such default prior to said commencement date, then, at Landlord’s 's option, Tenant’s 's right to exercise its option may be terminated and rendered null and void by notice thereof from Landlord to Tenant. No sublessee or assignee (other than an Affiliate) shall be entitled to exercise this option to renew the 20th Floor Expansion Space Term, except under the following circumstances: (i) a successor by merger or other consolidation with Tenant or an acquirer of substantially all of the assets of Tenant may exercise this option to renew, and (ii) a sublessee of the entire 20th Floor Expansion space for the remainder of the 20th Floor Expansion Term, or an assignee of the Lease (as to the 20th Floor Expansion Space) which has been approved by Landlord, may exercise this option to renew if and only if (A) Landlord agreed, at the time of granting its consent to the assignment, that such assignee would have the right to exercise this option, and (B) Tenant agreed, at the time of its assignment, to remain fully liable under the Lease (as to the 20th Floor Expansion Space) through the Option Period. Notwithstanding anything to the contrary contained herein, the terms and conditions of this Paragraph 6(c) shall only apply if Tenant renews the Lease as to the 20th Floor Expansion Space pursuant to this renewal option. If Tenant renews the Lease as to the 20th Floor Expansion Space pursuant to Section 33 of the Original Lease (as amended by the Second Amendment), this Paragraph 6(c) shall not apply to such renewal. (d) Upon the valid exercise by Tenant of its option to extend. , at the request of either party hereto, Landlord and Tenant shall enter into a written amendment supplement to this the Lease confirming the terms, conditions and provisions applicable to the Option Period as determined in accordance with the provisions of this Section, with such revisions to the Base Rent provisions of this Lease as may be necessary to conform those provisions to the rental rate applicable to the Option Period. No new options to extend shall be deemed to be created by a valid exercise of the this extension option and no other provisions inapplicable to the Option Period such as, but not limited to, an obligation to construct or pay for construction or of improvements or to grant rent abatements, shall be construed to govern the Option Period. (e) For purposes of this Article 18, the term “Fair Market Rental Rate” shall mean a rate comprised of (i) the prevailing base rental rate per square foot of rentable area available in the Pertinent Market (as defined below), and taking into account tenant improvement allowances, other tenant inducements, operating cost stops and tax cost stops, and brokerage commissions, all as determined by Landlord in good faith, and (ii) any escalation of any such base rental rate (based upon a fixed step and/or index) prevailing in the Pertinent Market, as determined by Landlord in good faith, taking into account (A) comparable leases (on the basis of factors such as, but not limited to, size and location of space and commencement date and term of lease), if any, recently executed for improved space in the Building, and (B) leases for comparable (on the basis of factors such as, but not limited to size and location of space and commencement date and term of lease) improved space in “flex” buildings in the Orlando, Florida, area which are comparable to the Building in reputation, quality, age, size, location and level and quality of services provided and which have reached economic stabilization and are not, for any other reason, offering below market rents (the foregoing factors not being exclusive in identifying comparable buildings) (the Building, together with such comparable buildings, if applicable, being herein referred to as the “Pertinent Market”).

Appears in 1 contract

Sources: Lease (Northern Trust Corp)

Renewal Option. Landlord hereby grants to Tenant In lieu of all other renewal options provided for in the option to extend the initial Lease Term on the same terms, conditions and provisions as contained in this Lease, except as otherwise Tenant shall, provided hereinTenant is not in default under any of the material terms and conditions of the Lease at the time of notification, for have one (1) period option to renew this Lease for a term of five (5) years, for the option (portion of the “Option Period”) commencing Premises being leased by Tenant as of the date the renewal term is to commence, on the day following same terms and conditions set forth in the expiration date of this Lease., except as modified by the terms, and conditions as set forth below: (a) Tenant’s option If Tenant elects to extend exercise said option, then Tenant shall be exercisable by provide Landlord with written notice from Tenant to Landlord given no earlier than the date which is twelve (12) months, and no later than nine (9) months, months prior to the expiration of the initial Lease Term, time being Term of the essenceLease but no later than the date which is nine (9) months prior to the expiration of the Term of this Lease. If Tenant fails to provide such notice, Tenant shall have no further or additional right to extend or renew the Term of the Lease. (b) Base The Basic Rent per square foot of Rentable Area in effect at the expiration of the Premises payable during Term of the Option Period Lease shall be at adjusted to reflect the Fair Market Rental Rate current fair market rental for comparable space in the Building and in other similar buildings in the same rental market as of the date the renewal term is to commence, taking into account the specific provisions of the Lease which will remain constant. Landlord shall advise Tenant of the new Basic Rent for the Premises no later than sixty (60) days after receipt of Tenant’s written request therefor. For purposes of this Lease, Tenant’s written exercise of the option shall serve as hereinafter defined)the written request therefor. In no event shall the new Basic Rent be less than the Basic Rent in the preceding period. (c) Tenant may only exercise its This option is not transferable; the parties hereto acknowledge and agree that they intend that the aforesaid option to extend, renew this Lease shall be “personal” to Tenant as set forth above and that in no event will any assignee or sublessee have any rights to exercise the aforesaid option to renew except for an exercise thereof shall only be effective, if at the time affiliate of Tenant’s exercise and on the Option Period commencement date, this Lease is in full force and effect and no uncured default has occurred under this Lease. In addition to the condition set forth in the first sentence of this subparagraph (c), if Tenant is in default under this Lease within thirty (30) days prior to the Option Period commencement date, and has not cured or is not in the process of diligently curing such default prior to said commencement date, then, at Landlord’s option, Tenant’s right to exercise its option may be terminated and rendered null and void by notice thereof from Landlord to Tenant. No sublessee or assignee (other than an Affiliate) shall be entitled to exercise such option. (d) Upon the valid exercise by Tenant of its option to extend. Landlord and Tenant shall enter into a written amendment to this Lease confirming the terms, conditions and provisions applicable to the Option Period as determined in accordance with the provisions of this Section, with such revisions to the Base Rent provisions of this Lease as may be necessary to conform those provisions to the rental rate applicable to the Option Period. No new options to extend shall be deemed to be created by a valid exercise of the extension option and no other provisions inapplicable to the Option Period such as, but not limited to, an obligation to construct or pay for construction or improvements or to grant rent abatements, shall be construed to govern the Option Period. (e) For purposes of this Article 18, the term “Fair Market Rental Rate” shall mean a rate comprised of (i) the prevailing base rental rate per square foot of rentable area available in the Pertinent Market (as defined below), and taking into account tenant improvement allowances, other tenant inducements, operating cost stops and tax cost stops, and brokerage commissions, all as determined by Landlord in good faith, and (ii) any escalation of any such base rental rate (based upon a fixed step and/or index) prevailing in the Pertinent Market, as determined by Landlord in good faith, taking into account (A) comparable leases (on the basis of factors such as, but not limited to, size and location of space and commencement date and term of lease), if any, recently executed for improved space in the Building, and (B) leases for comparable (on the basis of factors such as, but not limited to size and location of space and commencement date and term of lease) improved space in “flex” buildings in the Orlando, Florida, area which are comparable to the Building in reputation, quality, age, size, location and level and quality of services provided and which have reached economic stabilization and are not, for any other reason, offering below market rents (the foregoing factors not being exclusive in identifying comparable buildings) (the Building, together with such comparable buildings, if applicable, being herein referred to as the “Pertinent Market”).

Appears in 1 contract

Sources: Lease (Ameresco, Inc.)

Renewal Option. Landlord hereby grants to A. Provided (i) this Lease shall then be in full force and effect, (ii) Tenant is not then in default of any obligations, covenants and conditions under this Lease beyond applicable notice and cure period, and (iii) Tenant has not subleased more than thirty percent (30%) of the option to extend the initial Lease Term on the same termsDemised Premises, conditions and provisions as contained in this Lease, except as otherwise provided herein, for Tenant shall have a one (1) period time right to extend the Term of five this Lease for FIVE (5) years, the option years (the “Option PeriodExtension Term”) commencing for the entire Demised Premises, or solely with respect to the sixth (6th) floor portion of the Demised Premises. The Extension Term shall commence on day immediately following the Expiration Date and shall expire on the day following fifth (5th) anniversary of the expiration date Expiration Date, unless the Extension Term shall sooner end in accordance with any of the terms, covenants or conditions under this Lease. (a) Tenant’s option Lease or pursuant to extend law. Tenant shall be exercisable by give Landlord written notice from Tenant of ▇▇▇▇▇▇’s intention to Landlord given exercise such renewal option no earlier than twenty four (24) months and no later than twelve (12) months, and no later than nine (9) months, months prior to the expiration of Expiration Date (the initial Lease Term, “Renewal Decision Deadline” – for which time being is of the essence. ). In the event Tenant fails to timely and properly exercise such renewal option, or the foregoing conditions (bi), (ii), and (iii) Base Rent per square foot are not all satisfied, then, in such event, Tenant shall have no right to extend the Term and the exercise of Rentable Area such renewal option shall be null and void and of no further force and effect. In addition, if Tenant fails to timely and properly exercise such renewal option, Landlord may act in reliance on such election not being exercised and Tenant hereby waives any claim or right to invoke or exercise such renewal option after the Renewal Decision Deadline. If Tenant does timely and properly exercise such renewal option, then all of the Premises payable during the Option Period shall be at the Fair Market Rental Rate (as hereinafter defined). (c) Tenant may only exercise its option to extendterms, covenants and an exercise thereof shall only be effective, if at the time of Tenant’s exercise and on the Option Period commencement date, conditions under this Lease is shall continue in full force and effect during the Extension Term, including items of additional rent and no uncured default has occurred under this Lease. In addition to the condition escalation which shall be payable in accordance with terms set forth in the first sentence Lease, except that the Annual Base Rent shall be 100% of the “Fair Market Value” (hereinafter defined). As used herein, “Fair Market Value” means the Annual Base Rent which Landlord could reasonably expect to obtain from a third party for the Demised Premises if Landlord put the Demised Premises on the market for lease in “as is” condition for a term corresponding to the Extension Term and which shall include annual increases in the Annual Base Rent and increases in the other business terms of this subparagraph Lease and takes into account all relevant factors. In the event Landlord and ▇▇▇▇▇▇ are unable to reach a written agreement as to the Fair Market Value on or before ninety (c90) days prior to the commencement of the Extension Term, such dispute shall be resolved solely by resort to “Arbitration” (as defined below). In the event the Extension Term shall commence prior to determination of the Annual Base Rent having been made or agreed upon by the parties, then the Annual Base Rent to be paid by Tenant to Landlord until such determination has been made shall be the Annual Base Rent for the last year of the initial Term plus 3% (the “Interim Base Rent”), for the period commencing on the first day of the Extension Term and ending on the earlier to occur of: (i) that date a written agreement is signed and delivered by Landlord and Tenant agreeing to the Annual Base Rent for the Extension Term or (ii) that date upon which the Annual Base Rent is finally determined by Arbitration as set forth in this Article 54; provided, however, that when the Annual Base Rent for the Extension Term is finally determined by written agreement or by Arbitration, the Annual Base Rent for the Extension Term, if greater than the Interim Base Rent, shall be retroactively amended to the date the Extension Term commenced and Tenant is in default under this Lease shall pay Landlord, within thirty (30) days prior to following the Option Period commencement date, and has not cured or is not in date the process of diligently curing such default prior to said commencement date, then, at Landlord’s option, Tenant’s right to exercise its option may be terminated and rendered null and void by notice thereof from Landlord to Tenant. No sublessee or assignee (other than an Affiliate) shall be entitled to exercise such option. (d) Upon the valid exercise by Tenant of its option to extend. Landlord and Tenant shall enter into a written amendment to this Lease confirming the terms, conditions and provisions applicable to the Option Period as determined in accordance with the provisions of this Section, with such revisions to the Annual Base Rent provisions of this Lease is finally determined, any outstanding amounts owed as may be necessary to conform those provisions to the rental rate applicable to the Option Period. No new options to extend shall be deemed to be created by a valid exercise Annual Base Rent for such portion of the extension option and no other provisions inapplicable to the Option Period such as, but not limited to, an obligation to construct or pay for construction or improvements or to grant rent abatements, shall be construed to govern the Option PeriodExtension Term. (e) For purposes of this Article 18, the term “Fair Market Rental Rate” shall mean a rate comprised of (i) the prevailing base rental rate per square foot of rentable area available in the Pertinent Market (as defined below), and taking into account tenant improvement allowances, other tenant inducements, operating cost stops and tax cost stops, and brokerage commissions, all as determined by Landlord in good faith, and (ii) any escalation of any such base rental rate (based upon a fixed step and/or index) prevailing in the Pertinent Market, as determined by Landlord in good faith, taking into account (A) comparable leases (on the basis of factors such as, but not limited to, size and location of space and commencement date and term of lease), if any, recently executed for improved space in the Building, and (B) leases for comparable (on the basis of factors such as, but not limited to size and location of space and commencement date and term of lease) improved space in “flex” buildings in the Orlando, Florida, area which are comparable to the Building in reputation, quality, age, size, location and level and quality of services provided and which have reached economic stabilization and are not, for any other reason, offering below market rents (the foregoing factors not being exclusive in identifying comparable buildings) (the Building, together with such comparable buildings, if applicable, being herein referred to as the “Pertinent Market”).

Appears in 1 contract

Sources: Lease Agreement (BuzzFeed, Inc.)

Renewal Option. Subject to the provisions hereinafter set forth, Landlord hereby grants to Tenant the an option to extend renew the initial Term of this Lease Term on the same terms, conditions and provisions as contained in this Lease, except as otherwise provided herein, for one (1) period of five (5) years, the option years (the “Option Renewal Period”) commencing after the expiration of the initial Term, which Renewal Period shall commence on the day following after the expiration date Expiration Date (the “Renewal Period Commencement Date”) and end on the day before the fifth (5th) anniversary of this Leasethe Renewal Period Commencement Date (the “Renewal Period Expiration Date”). (a) Tenant’s a. Said option to extend shall be exercisable by written notice from Tenant to Landlord of Tenant’s election to exercise said option given no earlier than twelve (12) months, and no not later than the date which is nine (9) months, months prior to the expiration of the initial Lease TermRenewal Period Commencement Date, time being of the essence. If Tenant’s option is not so exercised, said option shall thereupon expire. (b) Base Rent per square foot of Rentable Area of the Premises payable during the Option Period shall be at the Fair Market Rental Rate (as hereinafter defined). (c) b. Tenant may only exercise its option to extendsaid option, and an exercise thereof shall only be effective, only if at the time of Tenant’s exercise of said option, and on the Option Renewal Period commencement date, Commencement Date: (i) this Lease is in full force and effect and no uncured default has occurred effect, (ii) Tenant is not in Default under this Lease, and (iii) the entire Premises are occupied by the original Tenant named herein (or an Affiliate) and said Tenant has not assigned this Lease or sublet all or any portion of the Premises (other than to an Affiliate). In addition Without limitation of the foregoing, no assignee and no sublessee, other than an Affiliate, shall be entitled to exercise the renewal option under this Section. c. It shall be a condition to the condition effectiveness of an exercise of said option that Tenant shall submit current audited and certified financial statements of Tenant (unless Tenant’s financial statements are not audited, in which case reviewed statements shall be acceptable) to Landlord concurrently with Tenant’s notice exercising said option. d. During the Renewal Period, Tenant shall continue to pay Tenant's Pro Rata Share of Excess Operating Costs as set forth in the first sentence Lease, and Tenant’s Base Rent per RSF, with respect to all space included in the Premises as of this subparagraph (c)the Renewal Period Commencement Date, if shall be as follows: e. If Tenant is in default under this Lease has validly exercised said option, within thirty (30) days prior to the Option Period commencement date, and has not cured or is not in the process of diligently curing such default prior to said commencement date, then, at Landlord’s option, Tenant’s right to exercise its option may be terminated and rendered null and void after request by notice thereof from Landlord to Tenant. No sublessee or assignee (other than an Affiliate) shall be entitled to exercise such option. (d) Upon the valid exercise by Tenant of its option to extend. either party hereto Landlord and Tenant shall enter into a written amendment to this Lease confirming the terms, conditions and provisions applicable to the Option Renewal Period as determined in accordance with the provisions of this Section, with such revisions to the Base Rent provisions of this Lease as may be necessary to conform those provisions to the rental rate applicable to the Option Period. No new options to extend shall be deemed to be created by a valid exercise of the extension option and no other provisions inapplicable to the Option Period such as, but not limited to, an obligation to construct or pay for construction or improvements or to grant rent abatements, shall be construed to govern the Option Periodherewith. (e) For purposes of this Article 18, the term “Fair Market Rental Rate” shall mean a rate comprised of (i) the prevailing base rental rate per square foot of rentable area available in the Pertinent Market (as defined below), and taking into account tenant improvement allowances, other tenant inducements, operating cost stops and tax cost stops, and brokerage commissions, all as determined by Landlord in good faith, and (ii) any escalation of any such base rental rate (based upon a fixed step and/or index) prevailing in the Pertinent Market, as determined by Landlord in good faith, taking into account (A) comparable leases (on the basis of factors such as, but not limited to, size and location of space and commencement date and term of lease), if any, recently executed for improved space in the Building, and (B) leases for comparable (on the basis of factors such as, but not limited to size and location of space and commencement date and term of lease) improved space in “flex” buildings in the Orlando, Florida, area which are comparable to the Building in reputation, quality, age, size, location and level and quality of services provided and which have reached economic stabilization and are not, for any other reason, offering below market rents (the foregoing factors not being exclusive in identifying comparable buildings) (the Building, together with such comparable buildings, if applicable, being herein referred to as the “Pertinent Market”).

Appears in 1 contract

Sources: Lease Agreement (Ultimate Software Group Inc)

Renewal Option. Landlord hereby grants to Tenant the option to extend the initial Lease Term on the same terms, conditions and provisions as contained in this the Lease, except as otherwise provided herein, for one (1) period of five (5) years, the option years (the “Option Period”) commencing on ), subject to the day following the expiration date of this Leaseterms and conditions hereinafter set forth. (a) Tenant’s option to extend shall be exercisable by written notice from Tenant to Landlord given no earlier than twelve (12) months, and no later than nine (9) months, prior to the expiration of the initial Lease Term, time being of the essence. If the option is not so exercised, such option shall thereupon expire. (b) Base Rent per square foot of Net Rentable Area of the Premises payable during the first (1st) year of the Option Period shall be at equal to the Fair Market Rental Rate Base Rent per square foot of Net Rentable Area of the Premises in effect during the last month of the initial Lease Term, and shall increase annually each year during the Option Period by three percent (as hereinafter defined)3%) of the prior year’s Base Rent. (c) Tenant may only exercise its option to extend, and an exercise thereof shall only be effective, if at the time of Tenant’s exercise and on the Option Period commencement date, this the Lease is in full force and effect and no uncured event or circumstance exists which, with the giving of notice or the passage of time, or both, could constitute a default has occurred by Tenant under the Lease and inasmuch as such option is intended only for the benefit of the original Tenant named in this Lease. In addition to Amendment, the condition set forth entire Premises are then occupied by the original Tenant named in the first sentence of this subparagraph (c), if Tenant is in default under this Lease within thirty (30) days prior to the Option Period commencement date, and has not cured or is not in the process of diligently curing such default prior to said commencement date, then, at Landlord’s option, Tenant’s right to exercise its option may be terminated and rendered null and void by notice thereof from Landlord to TenantAmendment. No sublessee or assignee (other than an Affiliate) shall be entitled to exercise such optionoptions other than an assignee to whom Tenant is permitted to assign without Landlord’s consent. No sublessee shall be entitled to exercise such options. (d) Upon the valid exercise by Tenant of its option to extend. , Landlord and Tenant shall enter into a written amendment to this the Lease confirming the terms, conditions and provisions applicable to the Option Period as determined in accordance with the provisions of this Sectionparagraph, with such revisions to the Base Rent provisions of this the Lease as may be necessary to conform those provisions to the rental rate applicable to the Option Period. No new options to extend shall be deemed to be created by a valid exercise of the extension option and no other provisions inapplicable to the Option Period such as, but not limited to, an obligation to construct or pay for construction or improvements or to grant rent abatements, shall be construed to govern the Option Period. (e) For purposes of this Article 18, the term “Fair Market Rental Rate” shall mean a rate comprised of (i) the prevailing base rental rate per square foot of rentable area available in the Pertinent Market (as defined below), and taking into account tenant improvement allowances, other tenant inducements, operating cost stops and tax cost stops, and brokerage commissions, all as determined by Landlord in good faith, and (ii) any escalation of any such base rental rate (based upon a fixed step and/or index) prevailing in the Pertinent Market, as determined by Landlord in good faith, taking into account (A) comparable leases (on the basis of factors such as, but not limited to, size and location of space and commencement date and term of lease), if any, recently executed for improved space in the Building, and (B) leases for comparable (on the basis of factors such as, but not limited to size and location of space and commencement date and term of lease) improved space in “flex” buildings in the Orlando, Florida, area which are comparable to the Building in reputation, quality, age, size, location and level and quality of services provided and which have reached economic stabilization and are not, for any other reason, offering below market rents (the foregoing factors not being exclusive in identifying comparable buildings) (the Building, together with such comparable buildings, if applicable, being herein referred to as the “Pertinent Market”).

Appears in 1 contract

Sources: Lease Agreement (Tandem Health Care, Inc.)