Renewal Option. (a) Subject to the terms of this Section 10, Tenant shall have one (1) option (“Second Renewal Option”) to extend the Term of this Lease for a consecutive period of sixty (60) months beyond the expiration of the Renewal Term (“Second Renewal Term”). The Second Renewal Option is personal to Tenant and may not be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty (180) days prior to the expiration of the Renewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocable. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as the Lease, as amended, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Term. (b) No later than thirty (30) days prior to the commencement of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expire.
Appears in 3 contracts
Sources: Office Building Lease (GP Investments Acquisition Corp.), Office Lease (Rimini Street, Inc.), Office Lease (Rimini Street, Inc.)
Renewal Option. (a) Subject to Section 4.3 of the terms of this Section 10, Lease is hereby deleted in its entirety and replaced with the following: “Tenant shall have one (1) the option (the “Second Renewal Option”) to extend the Term of this the Lease for the entire Premises then being leased to Tenant for a consecutive period term of sixty two (602) months beyond years (the expiration of the Renewal Term (“Second Renewal Term”). The Second Renewal Term shall commence on the day after the Expiration Date. The Renewal Option is personal to shall be void if a default by Tenant and may not be exercised by any sublessee exists, either at the time of exercise of the Renewal Option or assignee the time of Tenantcommencement of the Renewal Term. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty six (1806) days months prior to the expiration of the Renewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocableTerm. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as the Lease, as amendedoriginal Term, except that (xa) the annual Base Rent payable during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Term.
(b) No later than thirty (30) days prior to the commencement of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon original Term, plus $0.05 per square foot of Rentable Area of the Premises, and the Base Rent shall increase by $0.05 per square foot of Rentable Area of the Premises on the first anniversary of the commencement of the Second Renewal Term, (b) Tenant shall not be entitled to any tenant improvement allowance during the term “Security Deposit” shall automatically include Renewal Term; and (c) from and after the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option, (i) all references to “Expiration Date” shall be deemed to refer to the last day of the Renewal Term, and (ii) all references to “Term” shall be deemed to include the Renewal Term. The Renewal Option is personal to Tenant and shall be inapplicable and null and void and if Tenant assigns its interest under the Lease (other than to an affiliate of Tenant).” “In the event Tenant exercises its Renewal Option, Landlord shall have the right to terminate the Lease effective at any time after the twelve (12) month anniversary of the commencement of the Renewal Term shall expire naturally expireupon at least six (6) months prior written notice to Tenant.”
Appears in 3 contracts
Sources: Lease Agreement, Commercial Lease (Silver Spring Networks Inc), Commercial Lease (Silver Spring Networks Inc)
Renewal Option. (a) Subject to the terms As long as no Event of this Section 10, Tenant Default shall have one occurred and be continuing hereunder, Landlord shall grant to Tenant the option to renew (1) option (“Second the "Renewal Option”") to extend the Term term of this Lease for a consecutive period Two (2) additional periods of sixty five (605) years each (the "Renewal Term(s)"). Tenant shall exercise such Renewal Option by delivering written notice of such election to Landlord at least nine (9) months beyond the expiration of the Renewal Term (“Second Renewal Term”). The Second Renewal Option is personal to Tenant and may not be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty (180) days prior to the expiration of the initial Term or a Renewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocableTerm, as the case may be. The Second Renewal Option and Tenant’s delivery renewal of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term Lease shall be upon the same terms and conditions as the of this Lease, as amended, except that (xa) the annual Base Rent during the Second each Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Termadjusted as set forth in ARTICLE 3; and (yb) Tenant shall have no further renewal options pursuant option to renew this Section 10 or any provision Lease beyond the expiration of the Renewal Terms; (c) Tenant shall not have the right to assign its renewal rights to any sublessee of the Property or a portion thereof or to any assignee of this Lease. Fair Market Rent for , nor may any such sublessee or assignee exercise or enjoy the Second benefit of such renewal rights; (d) the Suite shall be provided in its then-existing condition (on an "as is" basis in the broadest sense of the term) at the time each Renewal Term commences; and, (e) there shall not be any rent abatement period and Tenant shall not be entitled to any cash payment, concessions or allowance of any nature or amount whatsoever. Notwithstanding the foregoing, Tenant shall have no right to exercise such option to renew, and Landlord shall have no obligation to renew this Lease, unless (i) this Lease shall be determined by Landlord with written notice given to Tenant prior to in full force and effect upon the commencement date of the Second Renewal Term.
(b) No later than thirty (30) days prior to the commencement exercise of the Second Renewal Option and upon the date of expiration of the Initial Term or the Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with as the Security Deposit, equals case may be; and (ii) on the Monthly Base Rent due for the last month date of exercise of the Second Renewal Term (“Additional Deposit”). Upon Option and on the commencement date of expiration of the Second initial Term or the Renewal Term, as the term “Security Deposit” case may be, no Event of Default shall automatically include the “Additional Deposit” and the Additional Deposit shall have occurred or be held pursuant to the terms of Article 5 hereofcontinuing hereunder. If Tenant fails shall fail to deposit exercise a Renewal Option within the Additional Deposit as time permitted or conditions (i) and when required hereunder(ii) set forth above are not entirely satisfied, Tenant’s exercise of the Second such Renewal Option shall be null automatically terminate and void and this Lease expire at the Renewal Term shall expire naturally expireexpiration of the initial Term.
Appears in 3 contracts
Sources: Lease Agreement (Windrose Medical Properties Trust), Lease Agreement (Windrose Medical Properties Trust), Lease Agreement (Windrose Medical Properties Trust)
Renewal Option. (a) Subject to Landlord agrees that as long as Tenant is not in monetary default under the terms of this Section 10the Lease beyond any applicable notice and cure period, Tenant shall have one (1) the option (“Second Renewal Option”) to extend renew the Term of this Lease for either a consecutive period renewal term of sixty ten (6010) months beyond years or a renewal term of five (5) years, at Tenant’s option (“Renewal Term”), to commence at the expiration of the Renewal initial Term of the Lease and to expire on the fifth (“Second Renewal Term”)5th) anniversary or tenth (10th) anniversary thereof, as applicable. The Second Renewal Option is personal In the event Tenant elects to renew for a term of five (5) years, Tenant and may not be exercised shall have the right to renew this Lease for additional five (5) years at the end of the initial renewal Term of this Lease. Tenant shall exercise its option to renew the Term of the Lease by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by delivering written notice of such election specifying whether Tenant elects to renew the term of the Lease for five (“Election Notice”5) from Tenant years or ten (10) years, to Landlord given not more than two hundred seventy at least twelve (27012) days and not less than one hundred eighty (180) days months prior to the expiration of the Renewal Optioninitial Term. Any Except as set forth in the next paragraph, Tenant’s exercise of such Election Notice given by Tenant to Landlord option shall be irrevocable. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of Any such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term renewal shall be upon the same terms and conditions of the Lease as the Lease, as it may have been amended, except that (xa) the annual Base Rent Rental during the Second Renewal Term shall be equal to at the Fair prevailing Market Rent as Base Rental Rate at the beginning of the commencement of the Second applicable Renewal Term; , and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Term.
(b) No later the exercise of any renewal option if at all, shall be as to all of the Leased Premises, and there shall be no right to exercise a renewal option for less than thirty (30) days prior all of the Leased Premises. Notwithstanding anything contained in this Exhibit F to the commencement of the Second Renewal Termcontrary, all rights provided to Tenant shall deposit with Landlord an amountin this Lease, that when taken together with the Security Depositincluding but not limited to, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Termrenewal rights, the term “Security Deposit” shall automatically include the “Additional Deposit” signage rights and the Additional Deposit shall be held pursuant other similar rights are assignable to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expireany assignee.
Appears in 2 contracts
Sources: Office Lease Agreement (Exterran Holdings Inc.), Office Lease Agreement (Exterran Energy Solutions, L.P.)
Renewal Option. (a) Subject to the terms of this Section 10, Tenant shall have one option to renew the term of this Lease, as to all, but not part of the Premises on all of the terms and conditions set forth in the Lease, except as set forth below. The renewal option shall be for a term of five (15) option years (the “Second Renewal Option”), commencing April 1, 2023 and ending March 31, 2028 (the “Renewal Term”).
(a) The Tenant’s right to extend renew the Term term of this Lease for a consecutive period of sixty shall be conditioned on (60i) months this Lease being in full force and effect and no default existing hereunder beyond the expiration of any applicable notice and cure period at the time of the delivery of the Renewal Notice (as defined below) or on the effective date of the Renewal Term and (ii) Tenant simultaneously exercising the Renewal Options under leases for spaces occupied by Tenant in the Building, so that Tenant has renewed for a term of five (5) years, leases in the Building aggregating no less than eight (8) full floors. Tenant may exercise the Renewal Option by delivering written notice to Landlord, not less than twelve (12) calendar months prior to the Expiration Date, (a “Second Renewal TermNotice”). .
(b) The Second Renewal Option is personal to the Tenant herein named and may not be exercised by any sublessee severed from this Lease nor separately sold or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice assigned.
(“Election Notice”c) from If Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty (180) days prior to the expiration of timely exercises the Renewal Option. Any such Election Notice given by Tenant to Landlord , the term of this Lease shall be irrevocablerenewed for the Renewal Term. The Second Renewal Option and Tenant’s delivery renewal of an Election Notice shall be voidable and of no force or effect at this Lease for the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon on all of the same terms terms, covenants and conditions as set forth herein for the Lease, as amendedextended term, except that during the Renewal Term:
(xi) Landlord shall have no obligation to perform any work in the annual Base Premises;
(ii) Tenant shall not be entitled to any Landlord work contribution or Landlord construction allowance;
(iii) Tenant shall not be entitled to any rent credit, concession or abatement;
(d) Fixed Rent during the Second Renewal Term shall be equal to as follows: April 1, 2023 — March 31, 2024 $ 652,368.62 $ 54,364.05 April 1, 2024 — March 31, 2025 $ 668,677.83 $ 55,723.15 April 1, 2025 — March 31, 2026 $ 685,394.78 $ 57,116.23 April 1, 2026 — March 31, 2027 $ 702,529.65 $ 58,544.14 April 1, 2027 — March 31, 2028 $ 720,092.89 $ 60,007.74 plus all other additional rent, including, but not limited to, the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Term.real estate tax escalation;
(be) No later than thirty (30) days prior to In the commencement of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” base tax year set forth in paragraph 9 above shall automatically include the “Additional Deposit” and the Additional Deposit shall not be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expirechanged.
Appears in 2 contracts
Sources: Lease (G Iii Apparel Group LTD /De/), Lease Amendment (G Iii Apparel Group LTD /De/)
Renewal Option. (a) Subject to the terms of this Section 10, Tenant shall have one (1) the right, at its option (referred to herein as the “Second Renewal Option”) ), to extend renew the Term of this Lease Lease, for the entire Leased Property, for up to three consecutive renewal terms, each for a consecutive period of sixty five (605) months beyond the expiration of the Renewal Term years (each, a “Second Renewal Term”), which shall commence on the day following the scheduled Termination Date as it may have previously been extended (the “Renewal Term Commencement Date”) and expire on the fifth (5th) anniversary of the Termination Date (the “Renewal Term Expiration Date”). The Second To exercise the Renewal Option is personal to Option, Tenant and may not be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by give written notice (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty (180) days 6 months, and no more than 18 months, prior to the expiration of the then current Term of its intention to exercise the Renewal Option for the Renewal Term, which notice shall be irrevocable (the “Renewal Notice”). The failure of Tenant to timely deliver the Renewal Notice in accordance with this Section III.B shall be deemed a permanent waiver of Tenant’s right to renew the Term of this Lease beyond the then current Termination Date. Except for the Renewal Option, Tenant shall have no other right to extend or renew the Term of the Lease. Any such Election Notice given by Tenant shall have no right to Landlord shall be irrevocable. The Second exercise the Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an a Tenant Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from exists on the date of delivery of such Election the Renewal Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of on the Renewal Term Commencement Date. If Tenant fails to exercise Upon exercising the Second Renewal Option in a timely manneraccordance with the terms hereof, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon deemed to be extended without the same execution of any further instrument. All terms and conditions as the of this Lease, as amended, except that (x) the annual including periodic adjustments to Base Rent and the Minimum Charity Care Amount, shall apply during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second a Renewal Term.
(b) No later than thirty (30) days prior to the commencement of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expire.
Appears in 2 contracts
Sources: Hospital Facility Lease Agreement, Hospital Facility Lease Agreement
Renewal Option. (a) Subject to the terms of this Section 10, Tenant shall have one two (12) option options (the “Second Renewal OptionOptions”) to extend the Term of this Lease for a consecutive period of sixty five (605) months beyond years (each, a “Renewal Term”, and respectively the expiration of “First Renewal Term” and the Renewal Term (“Second Renewal Term”). The Second Each Renewal Term (i) must be exercised, if at all, as to the entire Premises subject to this Lease as of the Commencement Date (unless reduced pursuant to condemnation) and (ii) will be void if this Lease has previously expired or terminated with respect to any part of the Premises leased by Tenant hereunder as of the Commencement Date (other than as a result of condemnation), or if the Premises then leased by Tenant hereunder shall be less than 100% of the Premises as of the Commencement Date such that a portion of the Buildings shall be available to Landlord to lease to others. Each Renewal Option is personal to shall be void if an Event of Default by Tenant and may not be exercised by any sublessee exists, either at the time of exercise of the applicable Renewal Option or assignee the time of Tenantcommencement of the applicable Renewal Term. The Second Each Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty twelve (18012) days months prior to the expiration of the Renewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocable. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at Term (in the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery case of the Election Notice or at any time from First Renewal Term), and not less than twelve (12) months prior to the date expiration of delivery of such Election Notice through the time of commencement First Renewal Term (in the case of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in Term). For the financial condition avoidance of the Tenantdoubt, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then Term shall be void unless the Second First Renewal Option shall be void and of no force or effecttimely exercised by Tenant. The validly exercised Second Each Renewal Term shall be upon the same terms and conditions as the Lease, as amendedoriginal Term, except that (x) the annual Base Rent during applicable to the Second relevant Renewal Term shall be equal to the Fair greater of (i) Base Rent payable under this Lease for the full year immediately preceding the effectiveness of that Renewal Term or (ii) Prevailing Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Term.
(b) No later than thirty (30) days prior to the commencement of the Second that Renewal Term, as determined pursuant to Exhibit C. As a condition to the exercise and the effectiveness of the Renewal Option, Tenant shall deposit with Landlord an amount, be required to modify the Letter of Credit so that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month Letter of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant Credit will have a face amount equal to the terms Required Amount and otherwise meet the requirements of Article 5 hereof. If Tenant fails Section 4.7 with respect to deposit the Additional Deposit Term as and when required hereunder, extended by Tenant’s exercise of the Second Renewal Option. The Renewal Option is personal to Tenant and shall be inapplicable and null and void and the Renewal Term shall expire naturally expireif Tenant assigns its interest under this Lease (including an “Assignment” as defined in Section 15.1 but excluding short-term Subleases contemplated by Section 15.5).
Appears in 2 contracts
Sources: Lease (Silicon Graphics Inc), Lease Agreement (Google Inc.)
Renewal Option. (a) Subject to the terms of this Section 10, Tenant shall have one (1) the option (“Second Renewal Option”) to extend the Term of this the Lease for all of the then leased Premises for two (2) additional periods (each a consecutive “Renewal Option”), under and subject to the following terms and conditions:
(a) The first renewal term (“First Renewal Term”) shall be for a five (5)-year period of sixty (60) months beyond commencing on the day immediately following the expiration date of the Renewal initial Term of the Lease and expiring on the day immediately preceding the fifth (5th) anniversary thereof. The second renewal term (“Second Renewal Term”)) shall be for a three (3)-year period commencing on the day immediately following the expiration date of the First Renewal Term of the Lease and expiring on the day immediately preceding the third (3rd) anniversary thereof. The Collectively, the First Renewal Term and the Second Renewal Option is personal Term are referred to as the “Renewal Terms”.
(b) Tenant and may not be exercised by any sublessee or assignee of Tenant. The Second must exercise the Renewal Option must be exercisedfor the First Renewal Term, if at all, by written notice (“Election Notice”) from Tenant to Landlord given not more than two delivered at least three hundred seventy sixty five (270) days and not less than one hundred eighty (180365) days prior to the expiration date of the Renewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocable. The Second Renewal Option and Tenant’s delivery initial Term of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery being of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Dateessence. If Tenant fails to exercise the Second Renewal Option in a timely mannerfor the First Renewal Term, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as the Lease, as amended, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to void and of no further force and effect. Tenant prior to must exercise the commencement of Renewal Option for the Second Renewal Term.
, if at all, by written notice to Landlord delivered at least three hundred sixty five (b) No later than thirty (30365) days prior to the commencement expiration date of the Second First Renewal Term, time being of the essence.
(c) As a condition to Tenant’s exercise of either of the Renewal Options, at the time Tenant delivers its notice of election to exercise such Renewal Option to Landlord, there shall be no Event of Default, this Lease shall be in full force and effect, and Tenant shall deposit with Landlord not have assigned this Lease or sublet the Premises, except pursuant to an amount, that when taken together with the Security Deposit, equals the Monthly Base assignment or sublet to an Affiliate as permitted hereunder.
(d) The Minimum Annual Rent due for the last month first year of each of the First Renewal Term and Second Renewal Term shall be the then current Fair Market Rental (as defined below) for renewals for comparable space in similar buildings in the Great Valley Corporate Center/Malvern office market. The subsequent years of Minimum Annual Rent during the First Renewal Term and the Second Renewal Term (“Additional Deposit”). Upon the commencement shall increase consistent with market annual escalations which shall be determined as part of the Second Renewal Termdetermination of the Fair Market Rental.
(e) Except as set forth in this Section 29, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit there shall be held pursuant no further options to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expireextend.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement (Neuronetics, Inc.)
Renewal Option. (a) Subject to the terms of this Section 10, A. Tenant shall have one (1) option (“Second Renewal Option”) the right to extend the Lease Term of this Lease (the "Renewal Option") for a consecutive one additional period of sixty five (605) months beyond years commencing on the expiration day following the Termination Date of the initial Lease Term and ending on the fifth (5th) anniversary of the Termination Date (the "Renewal Term"), if:
1. Landlord receives notice of exercise of the Renewal Term Option (“Second "Initial Renewal Term”). The Second Renewal Option is personal to Tenant and may not be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”") from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty twelve (18012) days full calendar months prior to the expiration of the initial Lease Term and not more than fifteen (15) full calendar months prior to the expiration of the initial Lease Term; and
2. Tenant is not in default under the Lease beyond any applicable cure periods at the time that Tenant delivers its Initial Renewal OptionNotice or at the time Tenant delivers its Binding Notice (as hereinafter defined); and
3. Any such Election No part of the Premises is sublet at the time that Tenant delivers its Initial Renewal Notice given by or at the time Tenant delivers its Binding Notice other than in connection with a Permitted Transfer; and
4. The Lease has not been assigned prior to the date that Tenant delivers its Initial Renewal Notice or prior to the date Tenant delivers its Binding Notice other than in connection with a Permitted Transfer; and
5. Tenant executes and returns the Renewal Amendment (hereinafter defined) within fifteen (15) days after its submission to Tenant.
B. The initial Base Rental rate per rentable square foot for the Premises during the Renewal Term shall equal the Prevailing Market (hereinafter defined) rate per rentable square foot for the Premises.
C. Tenant shall pay Additional Base Rental (i.e. Basic Costs) for the Premises during the Renewal Term in accordance with Article IV of the Lease.
D. Within thirty (30) days after receipt of Tenant's Initial Renewal Notice, Landlord shall be irrevocableadvise Tenant of the applicable Base Rental rate for the Premises for the Renewal Term. The Second Tenant, within fifteen (15) days after the date on which Landlord advises Tenant of the applicable Base Rental rate for the Renewal Option and Tenant’s delivery of an Election Notice Term, shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if either (i) an Event give Landlord final binding written notice ("Binding Notice") of Default is occurring under this LeaseTenant's exercise of its option, or (ii) there is any event occurring which if Tenant disagrees with Landlord's determination, provide Landlord with written notice of rejection (the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date"Rejection Notice"). If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as the Lease, as amended, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by provide Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Term.
either a Binding Notice or Rejection Notice within such fifteen (b15) No later than thirty (30) days prior to the commencement of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunderday period, Tenant’s exercise of the Second 's Renewal Option shall be null and void and of no further force and effect. If Tenant provides Landlord with a Binding Notice, Landlord and Tenant shall enter into the Renewal Term Amendment upon the terms and conditions set forth herein. If Tenant provides Landlord with a Rejection Notice, Landlord and Tenant shall expire naturally expirework together in good faith to agree upon the Prevailing Market Base Rental rate for the Premises during the Renewal Term. Upon agreement Tenant shall provide Landlord with Binding Notice and Landlord and Tenant shall enter into the Renewal Amendment in accordance with the terms and conditions hereof. Notwithstanding the foregoing, if Landlord and Tenant are unable to agree upon the Prevailing Market Base Rental rate for the Premises within thirty (30) days after the date on which Tenant provides Landlord with a Rejection Notice, Tenant may elect to either rescind its intention to renew, or subject the process to binding arbitration. Tenant's election to cause the disagreement to be resolved by arbitration shall be deemed to be its Binding Notice. If Tenant fails to require arbitration by notice (the "Arbitration Notice") within three (3) days of the expiration of the thirty (30) day period set forth above, Tenant's right to extend the Lease shall be null and void and of no further force and effect. If Tenant provide Landlord with an Arbitration Notice as set forth above, Landlord and Tenant, within ten (10) days after the date of the Arbitration Notice, shall each simultaneously submit to the other, in a sealed envelope, its good faith estimate of the Prevailing Market Base Rental rate (collectively referred to as the "Estimates"). If the higher of such Estimates is not more than one hundred five percent (105%) of the lower of such Estimates, then Prevailing Market Base Rental rate shall be the average of the two (2) Estimates. If the Prevailing Market Base Rental rate is not resolved by the exchange of Estimates, Landlord and Tenant, within seven (7) days of the exchange of Estimates, shall select as an arbitrator a mutually acceptable licensed real estate broker with experience in commercial activities, including at least ten (10) years experience in leasing high-rise office space in the Pasadena, California area. If the parties cannot agree on an arbitrator, then within a second period of seven (7) days, each shall select an independent licensed real estate broker meeting the aforementioned criteria and within a third period of seven (7) days, the two appointed licensed real estate brokers shall select a third licensed real estate broker meeting the aforementioned criteria, and the third licensed real estate broker shall determine the Prevailing Market Base Rental rate. If one party shall fail to make such an appointment within said second seven (7) day period, then the licensed real estate broker chosen by the other party shall be the sole arbitrator. Once the arbitrator has been selected as provided for above, then, as soon thereafter as practicable but in any case within fourteen (14) days, the arbitrator shall select one of the two (2) Estimates of the Prevailing Market Base Rental rate submitted by the Landlord and Tenant, which must be the one that is closer to the Prevailing Market Base Rental rate as determined by the arbitrator. The selection of the arbitrator shall be rendered in writing to both Landlord and Tenant and shall be final and binding upon them. If the arbitrator believes that expert advice would materially assist him, he may retain one or more qualified persons to provide such expert advice. Landlord and Tenant shall each pay one half (1/2) of the costs of the arbitrator and of any experts retained by the arbitrator. Any fees of any counsel or experts engaged directly by Landlord or Tenant, however, shall be borne by the party retaining such counsel or expert.
E. If Tenant is entitled to and properly exercises its Renewal Option, Landlord shall prepare an amendment (the "Renewal Amendment") to reflect changes in the Base Rental, Lease Term, Termination Date and other appropriate terms. The Renewal Amendment shall be:
1. sent to Tenant within a reasonable time after receipt of the Binding Notice; and
2. executed by Tenant and returned to Landlord in accordance with paragraph A.5. above. An otherwise valid exercise of the Renewal Option shall, at Landlord's option, be fully effective whether or not the Renewal Amendment is executed.
F. For purpose hereof, "Prevailing Market" shall mean the arms length fair market annual rental rate per rentable square foot under renewal leases and amendments entered into on or about the date on which the Prevailing Market is being determined hereunder for space comparable to the Premises in the Building. The determination of Prevailing Market shall take into account any material economic differences between the terms of this Lease and any comparison lease, such as rent abatements, construction costs and other concessions and the manner, if any, in which the Landlord under any such lease is reimbursed for operating expenses and taxes. The determination of Prevailing Market shall also take into consideration any reasonably anticipated changes in the Prevailing Market rate from the time such Prevailing Market rate is being determined and the time such Prevailing Market rate will become effective under this Lease.
Appears in 2 contracts
Sources: Sublease (Acacia Research Corp), Office Lease (Acacia Research Corp)
Renewal Option. Lessor hereby grants Lessee (abut no assignee or subtenant) Subject two (2) options to the terms of renew this Section 10Lease, Tenant shall have one (1) each option (“Second Renewal Option”) to extend the Term of this Lease be for a consecutive period of sixty sixty(60) months, for a total of one hundred twenty (60120) months beyond in the expiration of the Renewal Term (“Second Renewal Term”)event both renewal options are exercised. The Second Renewal Option is personal to Tenant and may not Each said renewal option shall be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given Lessee notifying Lessor thereof in writing not more than two hundred seventy (270) days and not less than one at least two hundred eighty ten (180210) days prior to the expiration of the Renewal Optionthen current lease or renewal term, as the case may be. Any In the event a renewal agreement has not been executed at least one hundred twenty (120) days prior to the expiration date of the current lease or renewal term, the option shall automatically become null and void. Each such Election Notice given by Tenant to Landlord renewal shall be irrevocablesubject to all of the terms and conditions of this Lease except that (i) the rentals payable during each renewal term shall be as set forth below and (ii) no further renewal option shall exist during the second renewal term. It shall be a condition to Lessee's exercising any renewal option herein granted that (y) Lessee not be then in default under this Lease and (z) Lessee shall have previously exercised the immediately preceding renewal option, if any, so that the second renewal option may not be exercised if Lessee has failed to exercise the first renewal option. The Second Renewal Option Base Rent for each renewal term shall be based on not less than 95% of the then prevailing rental rates for properties of equivalent quality, size, utility and Tenant’s delivery location in the Dallas/Forth Worth market, with the length of the lease term and the creditworthiness of the Lessee taken into account; provided, however, that in no event shall the Base Rent in any renewal period be less than the Base Rent for the last month immediately preceding said renewal period. Upon notification from Lessee of its intent to exercise each renewal option, Lessor shall, within fifteen (15) days thereafter, notify Lessee in writing of the Base Rent for the applicable renewal term; Lessee shall, within fifteen (15) days following receipt of same, notify Lessor in writing of the acceptance or rejection of the proposed Base Rent. In the event of rejection by Lessee, Lessee may rescind the exercise of such renewal option by written notice to Lessor within such fifteen (15) day period for acceptance or rejection. If Lessee does not so rescind such exercise, the Base Rent for the applicable renewal term shall be determined as follows:
(a) Within fifteen (15) days following notification of rejection, Lessor and Lessee shall each select an Election arbitrator who shall be a Licensed Texas real estate broker having a minimum of five (5) years experience in leasing office space and being a member of the North Chapter of the Texas Society of Office and Industrial Realtors (or its successor organization). Notice shall be voidable and given to the other party of no force the name of the arbitrator selected. If either Lessor or effect at Lessee fails to appoint such an arbitrator within the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of allocated time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery arbitrator appointed by the other party shall make the determination of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option Base Rent and this determination shall be void final and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as the Lease, as amended, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Termbinding on both parties.
(b) No later than If both Lessor and Lessee appoint an arbitrator in accordance with the provisions above and the two arbitrators cannot agree upon a Base Rent for the renewal term within thirty (30) days prior following their appointment, the two arbitrators shall forthwith select a third disinterested and qualified arbitrator having like qualifications and each of the original arbitrators will immediately submit his or her judgment as to the commencement appropriate Base Rent in writing to the third arbitrator. Within ten (10) days after such submittal, the third arbitrator shall make the determination of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for such renewal period and the last month determination of the Second Renewal Term third arbitrator shall be final and binding on both parties. In the event the two arbitrators appointed by the Lessee and Lessor cannot agree upon a third arbitrator, then the third arbitrator shall be appointed by the then President of the North Chapter of the Texas Society of Office and Industrial Realtors (“Additional Deposit”or its successor organization). Upon The Base Rent agreed to by the commencement of the Second Renewal Termtwo appointed arbitrators or, if applicable, the term “Security Deposit” Base Rent determined by the third arbitrator shall automatically include be final and binding upon the “Additional Deposit” parties hereto. Lessor and Lessee shall each bear the expense of their arbitrator and the Additional Deposit expense of a third arbitrator, if needed, shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expireshared equally by both parties.
Appears in 2 contracts
Sources: Office Lease (Exe Technologies Inc), Office Lease (Exe Technologies Inc)
Renewal Option. (a) Subject to the terms of this Section 10, Tenant shall have one two (12) option options (each, a “Second Renewal Option”) to extend the Term of this the Lease for the entire Premises then being leased to Tenant for terms of five (5) years each (each, a consecutive period of sixty (60) months beyond the expiration of the Renewal Term (“Second Renewal Term”). The Second If the first Renewal Option is personal to exercised, the first Renewal Term shall commence on the day after the Expiration Date. If the second renewal term is exercised, the second Renewal Term shall commence on the day after the Expiration Date of the first Renewal Term. Each Renewal Option shall be void if an Event of Default by Tenant and may not be exercised by any sublessee exists, either at the time of exercise of such Renewal Option or assignee the time of Tenantcommencement of such Renewal Term. The Second second Renewal Term shall be void if Tenant fails to exercise the first Renewal Option. Each Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy eighteen (27018) days months and not less than one hundred eighty twelve (18012) days months prior to the expiration of the Renewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocable. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretionTerm (as previously extended, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Dateapplicable). If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Each Renewal Term shall be upon the same terms and conditions as the Lease, as amendedoriginal Term, except that (xa) the annual Base Rent during the Second payable pursuant to Section 6.1 with respect to each Renewal Term shall be equal to ninety-five percent (95%) of the Fair Prevailing Market Rent as of the commencement of the Second Renewal Term, as determined pursuant to Exhibit C, (b) Tenant shall not be entitled to any Tenant Improvement Allowance during the Renewal Term, (c) the L-C Amount shall remain as the amount determined in accordance with Section 6.5(a) below; and (yd) Tenant from and after the exercise of a Renewal Option, (i) all references to “Expiration Date” shall have no further renewal options pursuant be deemed to this Section 10 or any provision refer to the last day of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Term.
(b) No later than thirty (30) days prior to the commencement of the Second Renewal Term, Tenant and (ii) all references to “Term” shall deposit with Landlord an amount, that when taken together with be deemed to include the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” . The Renewal Options are personal to Tenant and the Additional Deposit shall be held pursuant inapplicable and null and void if Tenant assigns its interest under this Lease to the terms of Article 5 hereofany Transferee other than a Permitted Transferee. If Tenant fails Landlord shall not be responsible for any commissions or fees related to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expireOption.
Appears in 2 contracts
Sources: Commercial Lease (Jazz Pharmaceuticals PLC), Commercial Lease (Jazz Pharmaceuticals PLC)
Renewal Option. (a) Subject to Tenant shall, provided the Lease is in full force and effect and Tenant is not in default under any of the other terms and conditions of this Section 10the Lease at the time of notification or commencement, Tenant shall have one (1) option (“Second Renewal Option”) to extend the Term of renew this Lease for a consecutive period of sixty term five (605) months beyond years, for the expiration of the Renewal Term entire portion (“Second Renewal Term”). The Second Renewal Option is personal to Tenant and may not be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy (270) days and but not less than one hundred eighty the entirety) of the Premises being leased by Tenant as of the date the renewal term is to commence, on the same terms and conditions set forth in the Lease, except as modified by the terms, covenants and conditions as set forth below:
40.1 If Tenant elects to exercise said option, then Tenant shall provide Landlord with written notice no earlier than the date which is no later than the date which is nine (1809) days months prior to the expiration of the Renewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocable. The Second Renewal Option and Tenant’s delivery then current term of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely mannerprovide such notice, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as the Lease, as amended, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant or additional right to this Section 10 extend or any provision renew the term of the Lease. Fair Market Rent .
40.2 Landlord will make available to Tenant, for the Second Renewal Term renewal term, an improvement allowance in the amount of $5.00 per rentable square foot. The use and disbursement of such allowance shall be determined governed by Landlord with written notice given to Tenant prior to the commencement terms and conditions of Exhibit B hereto. If the allowance is not utilized within the first six (6) months of the Second Renewal Term.
(b) No later renewal term, other than thirty (30) days prior to the commencement by fault of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunderLandlord, Tenant’s exercise entitlement to said allowance will be forfeited.
40.3 On the commencement date of the Second Renewal Option renewal term and on each anniversary thereof during the renewal term, the Annual Rent and Monthly Installment shall be null increased by three percent (3%) over the amounts thereof payable immediately prior to such increase date, as set forth in the Rent Schedule (Article 42).
40.4 This option is not transferable; the parties hereto acknowledge and void agree that they intend that the aforesaid option to 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 Renewal Term shall expire naturally expireaforesaid option to renew.
Appears in 1 contract
Sources: Lease Agreement (PBSJ Corp /Fl/)
Renewal Option. Section 42.01. Provided that Tenant is not then in default beyond the expiration of any applicable notice and cure periods (aand the named Tenant is in occupancy of the entire Demised Premises), both at the time that the Tenant exercises the Renewal Option (as hereinafter defined) Subject and at the commencement of the Renewal Term (as hereinafter defined) under any of the terms, covenants and conditions hereunder on the part of Tenant to the terms of this Section 10be performed, Tenant shall have one (1) the option (the “Second Renewal Option”) to extend the Term term of this Lease for a consecutive one (1) additional period of sixty five (605) months beyond years (the expiration "Renewal Term"), provided that the Tenant gives Landlord notice of its exercise of the exercise of the Renewal Term Option at least twelve (“Second Renewal Term”). The Second Renewal Option is personal to Tenant and may not be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”12) from Tenant to Landlord given months but not more than two hundred seventy eighteen (27018) days and not less than one hundred eighty (180) days months prior to the expiration of the Renewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocableinitial term hereof.
Section 42.02. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon all of the same terms terms, covenants and conditions as the are contained in this Lease, except as amended, except that follows:
(xa) Tenant shall have no further right to extend the annual Base Rent during term of this Lease.
(b) Landlord shall not be required to do any work in the Second Demised Premises or obligated to pay any commission and there shall be no rent abatement.
(i) The minimum rent for the Renewal Term shall be an amount equal to the Fair Market Rent fair market annual rental value of the Demised Premises as of the commencement of the Second Renewal Term; and Term (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision inclusive of the Leaseadditional rent under Article 22 which shall continue to be payable as provided in said Article), but in no event less than the amount of the minimum rent and additional rent then payable during the last year of the initial term of this Lease ("Renewal Rental Value"). Fair Market Rent for In the Second event that the parties fail to agree on the Renewal Term Rental Value within three (3) months prior to the Expiration Date of the initial term hereof, then the Renewal Rental Value shall be determined by Landlord with written notice given to Tenant arbitration in the manner as provided in Article 43, and the results of such arbitration shall be conclusive and binding on the parties.
(ii) If for any reason the Renewal Rental Value for the Renewal Term shall not be determined prior to the commencement of the Second Renewal Term.
, Tenant, in the meantime, shall pay the monthly installments of minimum rent at an amount equal to one hundred ten percent (b110%) No later of the then rate as provided in this Lease, including the additional rent then payable under Article 22. If the Renewal Rental Value as determined by arbitration shall be greater than thirty the amount of the annual minimum rent(inclusive of additional rent under Article 22) then being payable, then within twenty (3020) days prior to after the arbitrators decision, the difference between the monthly installments for minimum rent and additional rent actually paid and the monthly installments for minimum rent and additional rent which should have been paid from the commencement of the Second Renewal Term, Term shall be determined and paid by Tenant to Landlord and thereafter Tenant shall deposit with Landlord an amount, that when taken together with pay the Security Deposit, equals monthly installments of minimum rent at the Monthly Base Rent due for new rate.
Section 42.03. Following the last month determination of the Second minimum rent, Landlord and Tenant shall execute an agreement amending this Lease to reflect the foregoing, but the provisions of this Article shall be effective with respect to the Renewal Term (“Additional Deposit”). Upon from the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expirewhether or not such an amendment is executed.
Appears in 1 contract
Renewal Option. (a) Subject to Section 30.1 Provided Tenant is not in default under this Lease and has not assigned its interest in this Lease or sublet the terms of this Section 10Demised Premises, or any part thereof, Tenant shall (provided that this Lease shall not have been theretofore earlier terminated) have one (1) option (the “Second Renewal Option”) to extend the Term term of this Lease for a consecutive two (2) year renewal period of sixty (60the “Renewal Term”) months beyond upon the terms and conditions set forth herein.
(a) The Renewal Term shall commence on the expiration of the last lease year of the term of the Lease and shall expire on the second (2nd) anniversary thereof (the “Renewal Term (“Second Renewal TermExpiration Date”). , or such earlier date upon which this Lease may be terminated as herein provided.
(b) The Second Renewal Option is personal to Tenant and may not be exercised only by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by Tenant giving Landlord written notice (the “Election Renewal Notice”) from Tenant to Landlord given not more than two hundred seventy of such exercise at least six (2706) days and not less than one hundred eighty (180) days months prior to the expiration date of the last lease year of the term of the Lease, provided, however, that the Renewal Notice shall be validly and effectively given only if, on the date that Tenant shall exercise the Renewal Option (the “Exercise Date”) the requirements of Section 30.1 have been satisfied. Time shall be of the essence with respect to the giving of the Renewal Option. Any such Election Notice given by Tenant to Landlord Landlord.
(c) Notwithstanding anything to the contrary contained in this Section 3.02, if, on the commencement of the Renewal Term, there shall be irrevocable. The Second Renewal Option an uncured default by Tenant beyond any applicable notice and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of cure period, then Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event may elect, by written notice to Tenant, to void Tenant’s exercise of Default is occurring under the Renewal Option, in which case Tenant’s exercise of the Renewal Option shall be of no force or effect and this Lease shall terminate on the last day of last year of the term of the Lease, unless sooner canceled or terminated pursuant to the provisions of this Lease or by law.
(iid) there is any event occurring which If Tenant shall validly exercise the Renewal Option in accordance with the giving provisions of notice this Section 30.2, then this Lease shall be extended for the Renewal Term upon all of the same terms, covenants and conditions contained in this Lease (other than for any provisions relating to Landlord’s obligation to do any construction or other work in the passage Demised Premises, prior to the Commencement Date or to give an allowance for any such construction or other work in the Demised Premises prior to the Commencement Date, except that during the Renewal Term, the Basic Rent shall be as computed in accordance with Section 30.3, and from and after the Exercise Date but subject to the provisions of timeSection 30.2(c) all references in this Lease to the expiration or termination of this Lease shall be deemed to refer to the last date of the Renewal Term and all references in this Lese to the “term” shall be deemed to include the Renewal Term.
Section 30.3 The Basic Rent payable during the Renewal Term shall be computed as follows:
(a) The annual Basic Rent shall be increased annually on the first day of the Renewal Term and on the first day of each subsequent lease year of the Renewal Term by an amount equal to 5.0% of the Basic Rent payable during the preceding lease year (i.e., or both, would constitute an Event Basic Rent payable during the preceding lease year multiplied by 1.05). Time shall be of Default hereunder, either at the time of essence with regard to Tenant’s delivery of the Election Renewal Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of for the Renewal Term Commencement DateTerm. If Tenant fails shall fail to exercise deliver to Landlord the Second Renewal Option in a timely mannerNotice exactly as and when required under this Article, as provided for above, then the Second Renewal Option shall be void terminate immediately and of shall have no further force or effect. The validly exercised Second parties acknowledge that they have fully negotiated the terms and provisions of this Article. Tenant acknowledges and agrees that Landlord has granted Tenant the Renewal Term Option in consideration for Tenant’s agreement that the same shall be upon strictly construed and enforced and that in the same terms and conditions event the Renewal Option shall terminate as the Lease, as amended, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Term.
(b) No later than thirty (30) days prior to the commencement of the Second Renewal Termprovided above, Tenant shall deposit with Landlord an amountnot be entitled to any grace, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”)notice or cure periods otherwise provided under this Lease. Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second This Renewal Option is personal to CAIS ACQUISITION LLC and shall not be null and void and assigned to any other entity regardless if the Renewal Term shall expire naturally expireLandlord herein has consented to any assignment.
Appears in 1 contract
Sources: Lease Agreement (Inphonic Inc)
Renewal Option. (a) Subject to the terms of this Section 10, Tenant shall have one two (12) option options (the “Second Renewal OptionOptions”) to extend the Term of this Lease for a consecutive period of sixty five (605) months beyond years (each, a “Renewal Term”, and respectively the expiration of “First Renewal Term” and the Renewal Term (“Second Renewal Term”). The Second Each Renewal Term (i) must be exercised, if at all, as to the entire Premises subject to this Lease as of the Commencement Date (unless reduced pursuant to condemnation) and (ii) will be void if this Lease has previously expired or terminated with respect to any part of the Premises leased by Tenant hereunder as of the Commencement Date (other than as a result of condemnation), or if the Premises then leased by Tenant hereunder shall be less than 100% of the Building. Each Renewal Option is personal to shall be void if an Event of Default by Tenant and may not be exercised by any sublessee exists, either at the time of exercise of the applicable Renewal Option or assignee the time of Tenantcommencement of the applicable Renewal Term. The Second Each Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty twelve (18012) days months prior to the expiration of the Renewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocable. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at Term (in the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery case of the Election Notice or at any time from First Renewal Term), and not less than twelve (12) months prior to the date expiration of delivery of such Election Notice through the time of commencement First Renewal Term (in the case of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in Term). For the financial condition avoidance of the Tenantdoubt, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then Term shall be void unless the Second First Renewal Option shall be void and of no force or effecttimely exercised by Tenant. The validly exercised Second Each Renewal Term shall be upon the same terms and conditions as the Lease, as amendedoriginal Term, except that (x) the annual Base Rent during applicable to the Second relevant Renewal Term shall be equal to the Fair greater of (i) Base Rent payable under this Lease for the full year immediately preceding the effectiveness of that Renewal Term or (ii) Prevailing Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Term.
(b) No later than thirty (30) days prior to the commencement of the Second that Renewal Term, as determined pursuant to Exhibit C. As a condition to the exercise and the effectiveness of the Renewal Option, Tenant shall deposit with Landlord an amount, be required to modify the Letter of Credit so that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month Letter of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant Credit will have a face amount equal to the terms Required Amount and otherwise meet the requirements of Article 5 hereof. If Tenant fails Section 4.7 with respect to deposit the Additional Deposit Term as and when required hereunder, extended by Tenant’s exercise of the Second Renewal Option. The Renewal Option is personal to Tenant and shall be inapplicable and null and void and the Renewal Term shall expire naturally expireif Tenant assigns its interest under this Lease (including an “Assignment” as defined in Section 15.1 but excluding short-term Subleases contemplated by Section 15.11).
Appears in 1 contract
Renewal Option. Lessor hereby grants Lessee (abut no assignee or subtenant) Subject two (2) options to the terms of renew this Section 10Lease, Tenant shall have one (1) each option (“Second Renewal Option”) to extend the Term of this Lease be for a consecutive period of sixty sixty(60) months, for a total of one hundred twenty (60120) months beyond in the expiration of the Renewal Term (“Second Renewal Term”)event both renewal options are exercised. The Second Renewal Option is personal to Tenant and may not Each said renewal option shall be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given Lessee notifying Lessor thereof in writing not more than two hundred seventy (270) days and not less than one at least two hundred eighty ten (180210) days prior to the expiration of the Renewal Optionthen current lease or renewal term, as the case may be. Any In the event a renewal agreement has not been executed at least one hundred twenty (120) days prior to the expiration date of the current lease or renewal term, the option shall automatically become null and void. Each such Election Notice given by Tenant to Landlord renewal shall be irrevocablesubject to all of the terms and conditions of this Lease except that (i) the rentals payable during each renewal term shall be as set forth below and (ii) no further renewal option shall exist during the second renewal term. It shall be a condition to Lessee's exercising any renewal option herein granted that (y) Lessee not be then in default under this Lease and (z) Lessee shall have previously exercised the immediately preceding renewal option, if any, so that the second renewal option may not be exercised if Lessee has failed to exercise the first renewal option. The Second Renewal Option Base Rent for each renewal term shall be based on not less than 95% of the then prevailing net rental rates for properties of equivalent quality, size, utility and Tenant’s delivery location in the Dallas/Forth Worth market, with the length of the lease term and the creditworthiness of the Lessee taken into account; provided, however, that in no event shall the Base Rent in any renewal period be less than the Base Rent for the last month immediately preceding said renewal period. Upon notification from Lessee of its intent to exercise each renewal option, Lessor shall, within fifteen (15) days thereafter, notify Lessee in writing of the Base Rent for the applicable renewal term; Lessee shall, within fifteen (15) days following receipt of same, notify Lessor in writing of the acceptance or rejection of the proposed Base Rent. In the event of rejection by Lessee, Lessee may rescind the exercise of such renewal option by written notice to Lessor within such fifteen (15) day period for acceptance or rejection. If Lessee does not so rescind such exercise, the Base Rent for the applicable renewal term shall be determined as follows:
(a) Within fifteen (15) days following notification of rejection, Lessor and Lessee shall each select an Election arbitrator who shall be a Licensed Texas real estate broker having a minimum of five (5) years experience in leasing office space and being a member of the North Chapter of the Texas Society of Office and Industrial Realtors (or its successor organization). Notice shall be voidable and given to the other party of no force the name of the arbitrator selected. If either Lessor or effect at Lessee fails to appoint such an arbitrator within the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of allocated time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery arbitrator appointed by the other party shall make the determination of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option Base Rent and this determination shall be void final and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as the Lease, as amended, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Termbinding on both parties.
(b) No later than If both Lessor and Lessee appoint an arbitrator in accordance with the provisions above and the two arbitrators cannot agree upon a Base Rent for the renewal term within thirty (30) days prior following their appointment, the two arbitrators shall forthwith select a third disinterested and qualified arbitrator having like qualifications and each of the original arbitrators will immediately submit his or her judgment as to the commencement appropriate Base Rent in writing to the third arbitrator. Within ten (10) days after such submittal, the third arbitrator shall make the determination of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for such renewal period and the last month determination of the Second Renewal Term third arbitrator shall be final and binding on both parties. In the event the two arbitrators appointed by the Lessee and Lessor cannot agree upon a third arbitrator, then the third arbitrator shall be appointed by the then President of the North Chapter of the Texas Society of Office and Industrial Realtors (“Additional Deposit”or its successor organization). Upon The Base Rent agreed to by the commencement of the Second Renewal Termtwo appointed arbitrators or, if applicable, the term “Security Deposit” Base Rent determined by the third arbitrator shall automatically include be final and binding upon the “Additional Deposit” parties hereto. Lessor and Lessee shall each bear the expense of their arbitrator and the Additional Deposit expense of a third arbitrator, if needed, shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expireshared equally by both parties.
Appears in 1 contract
Sources: Office Lease (Exe Technologies Inc)
Renewal Option. (a) Subject Landlord hereby grants to Tenant the terms conditional right, exercisable at Tenant’s option, to renew the term of this Section 10, Tenant shall have the Lease for one (1) option separate but consecutive five (5) year term. If exercised, and if the conditions applicable thereto have been satisfied, the renewal term (the “Second Renewal OptionTerm”) shall commence August 1, 2015. The right to extend this option herein granted to Tenant shall be subject to and shall be exercised in accordance with, the following terms and conditions:
(a) Tenant shall exercise its right of renewal with respect to the Renewal Term by giving Landlord written notice no later than July 31, 2013 (the “Renewal Notice”). Landlord and Tenant shall have thirty (30) days following Landlord’s receipt of the Renewal Notice to mutually agree to the Renewal Terms. In the event Landlord and Tenant do not reach mutually agreeable terms and conditions for the Renewal Term, Tenant’s option shall expire and become null and void.
(b) If the Renewal Notice is not given timely, then Tenant’s rights of renewal pursuant to this Section shall lapse and be of no further force or effect.
(c) If Tenant has defaulted under this Lease for a consecutive period on the date the Renewal Notice is given to Landlord or at any time prior to the commencement of sixty (60) months beyond the Renewal Term, then, at Landlord’s option, the Renewal Term shall not commence and the term of the Lease shall expire at the expiration of the Renewal Term initial term of this Lease.
(“Second Renewal Term”). The Second Renewal Option is personal d) If at any time any portion of the Premises has been subleased or assigned, then Tenant’s rights pursuant to this Section shall lapse and be of no further force or effect.
(e) Tenant’s right of renewal under this Section may be exercised by Tenant only and may not be exercised by any other transferee, sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty (180) days prior to the expiration of the Renewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocable. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as the Lease, as amended, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Terma Permitted Transferee.
(b) No later than thirty (30) days prior to the commencement of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expire.
Appears in 1 contract
Renewal Option. (a) Subject Landlord hereby grants to Tenant the terms of this Section 10, Tenant shall have one (1) option (“Second Renewal Option”) to extend the Term of renew this Lease for a consecutive period one additional term of sixty twelve (6012) months beyond the expiration of the Renewal Term (“Second Renewal Term”). The Second If this option is exercised, references in the Lease to the Term shall include the Renewal Option is personal Term. Tenant must exercise the option to Tenant and may not be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercisedrenew, if at all, by giving Landlord written notice of such exercise not less than ninety (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy (27090) days and not less more than one hundred eighty and twenty (180120) days prior to the expiration of the Renewal Optionthen current Term. Any such Election Notice given Upon exercise of the option to renew or an agreement by Landlord and Tenant to Landlord renew the Term, the Term shall be irrevocable. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice extended through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as expiration date of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon on the same terms and conditions as the Lease, as amendedcontained herein, except that there shall be no further right to renew the Term beyond the one (x1) Renewal Term. (b) for the annual Renewal Term, the monthly Base Rent during the Second Renewal Term shall be equal the same as during the original Term of this Lease and Landlord shall not have the right to increase the Fair Market Base Rent as of during the commencement of the Second Renewal Term; . If Tenant exercises the option to renew this Lease Landlord and (y) Tenant shall have no further renewal options pursuant execute and deliver an amendment to this Section 10 or any provision Lease setting forth such fact, the amount of the Lease. Fair Market Base Rent for the Second Renewal Term and all other matters consistent with the foregoing. Upon any assignment of this Lease or any sublease or recapture of all or part of the Premises, the right to exercise the option to renew shall be determined terminate. The right to exercise the option to renew shall also terminate upon any Event of Default by Landlord Tenant or the termination of this Lease or of Tenant’s right of possession; provided, if the option to renew is exercised or the Term is otherwise renewed upon mutual agreement by the parties and this Lease or Tenant’s right of possession is terminated due to an Event of Default, Landlord’s damages shall include damages with written notice given to Tenant prior respect to the commencement of the Second Renewal Term.
(b) No later than thirty (30) days prior to the commencement of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expire.
Appears in 1 contract
Sources: Purchase and Sale Agreement
Renewal Option. 40.01 (a) Subject to the terms of this Section 10, Tenant shall have one (1) the option (the “Second Renewal Option”) to extend renew the initial Term (but not the Renewal Term) for the Renewal Premises (as hereinafter defined), subject to the terms below, for one renewal term of this Lease for a consecutive period of sixty five (605) months beyond years (the “Renewal Term”) commencing on the day after the expiration of the initial Term (the “Renewal Term (“Second Renewal Term”). The Second Renewal Option is personal to Tenant and may not be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election NoticeCommencement Date”) from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty (180) days prior to the expiration of the Renewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocable. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from ending on the date of delivery of such Election Notice through (the time of commencement of the Second “Renewal Term or Expiration Date”) immediately preceding the fifth (iii5th) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as anniversary of the Renewal Term Commencement DateDate or on such earlier date upon which the Renewal Term may expire or be cancelled or terminated pursuant to any of the conditions or covenants of this Sublease or pursuant to any Legal Requirement. If Tenant fails to shall have, and may exercise, the Renewal Option, and the Renewal Term shall commence, only if (i) Tenant notifies Landlord (the “Exercise Notice”) of Tenant’s exercise of the Second Renewal Option not later than July 31, 2021, (ii) this Sublease shall be in a timely mannerfull force and effect on the date that Tenant exercises the Renewal Option, as provided for above, then (iii) at the Second time of the exercise of the Renewal Option no Event of Default based on a monetary default or a material non-monetary default shall have occurred and be continuing hereunder, (iv) the Named Tenant, its “Affiliates” (as such term is defined in the Existing Superior Lease) or its successor by merger, consolidation or sale of assets, on the date Tenant exercises the Renewal Option and on the Renewal Term Commencement Date, occupies two or more full Base Floors, or the equivalent RSF of space in the Building above the ground floor thereof, excluding the Storage Space (but, in either case, this requirement shall be void deemed met if the occupancy is less by not more than 25,000 RSF), (v) on the date that Tenant exercises the Renewal Option, no portion of the Building is subject to a sublease or other occupancy agreement pursuant to which any portion of the Renewal Premises will be sublet or otherwise occupied by a third-party (other than to [JetBlue Tenants], Affiliated Persons and/or pursuant to Sections 2.12(b) and/or 9.19 hereof) during any portion of the Renewal Term, and [(vi) all of no force or effectthe conditions set forth in the Third Amendment of the Existing Superior Lease with respect to the renewal of the term thereof are satisfied. TIME IS OF THE ESSENCE with respect to the giving of the Exercise Notice. The validly exercised Second Renewal Term shall be upon all of the same terms agreements, terms, covenants and conditions as the Lease, as amendedof this Sublease, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (yv) Tenant shall have no further renewal options right to renew the Term, (w) there shall be no [***], (x) there shall be no Tenant Allowance, (y) Tenant shall accept the Renewal Premises in its As Is-Where Is condition, except that for any portion of the Renewal Premises that is not a part of the Premises on the last day of the initial Term, such portion(s) of the Renewal Premises shall also be delivered to Tenant on the Renewal Term Commencement Date vacant, free of tenancies and in broom clean condition, and (z) the Base Rent and Additional Rent, on a per RSF basis, payable for the Renewal Premises for the Renewal Term will [***]. Landlord shall permit Tenant to participate in any rent and any other negotiation with the Existing Lessor or its representatives under the Existing Superior Lease which relates to the Renewal Term. If the Renewal Premises constitutes a majority of the RSF being renewed pursuant to this Section 10 the Existing Superior Lease, then Landlord shall not agree to the “Base Rent” and “Additional Rent” payable under the Existing Superior Lease for the Renewal Term that are subject to dispute or any provision the agreement of the Lease. Fair Market Rent parties pursuant to the Existing Superior Lease without Tenant’s prior written approval and if Tenant does not approve the proposed “Base Rent” and “Additional Rent” payable under the Existing Superior Lease for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Term.
(b) No later than thirty (30) days prior to the commencement of the Second Renewal Term, Tenant Landlord shall deposit arbitrate same, with Landlord an amountTenant’s participation, that when taken together with in accordance with, and subject to, the Security Deposit, equals the Monthly Base Rent due for the last month applicable provisions of the Second Existing Superior Lease. Also if the Renewal Term (“Additional Deposit”). Upon the commencement Premises constitutes a majority of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held RSF being renewed pursuant to the terms Existing Superior Lease, Landlord shall not reach any settlement of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, matters being arbitrated without Tenant’s exercise prior written approval, it being understood and agreed that with respect to any matters that Landlord, as the tenant under the Existing Superior Lease, is not permitted to dispute (including the determination by the arbitrator(s) of the Second Renewal Option “Base Rent” and “Additional Rent” payable under the Existing Superior Lease), Tenant shall be null have no right of approval and void and the Renewal Term shall expire naturally expireno right to dispute.
Appears in 1 contract
Sources: Sublease (Jetblue Airways Corp)
Renewal Option. (a) Subject to the terms of this Section 10, Tenant shall have one (1) option (“Second Renewal Option”) to extend the Term for the Primary Space plus such additional space as may be available and of interest to Tenant for a period of five years (the “Renewal Option”; the term of the Renewal Option shall be referred to as the “Renewal Term”), upon the terms and conditions contained herein, including without limitation the payment of Additional Charges determined on the same basis as set forth in this Lease except that the Base Rent for a consecutive period the Renewal Term shall be at the then-fair market rental value, as reasonably determined by Landlord in its reasonable discretion.
A. Tenant shall provide notice to Landlord (“Renewal Notice”) of sixty Tenant’s exercise of the Renewal Option no later than June 30, 2010. Landlord will then, within 30 days of receipt of the Renewal Notice, provide Tenant with Landlord’s determination of the fair market rental value applicable to the Renewal Term. Within 10 days after receiving such determination (60the “Tenant’s Review Period”), Tenant shall irrevocably elect, in writing, to do one of the following: (i) months beyond accept Landlord’s determination, or (ii) rescind Tenant’s exercise of the expiration Renewal Option. If Tenant fails to respond in such 10 day period, Tenant shall be deemed to have elected clause (i) of the previous sentence.
B. Tenant may not exercise the Renewal Option if on the date Tenant attempts to exercise the Renewal Option or as of the beginning of the Renewal Term (“Second Renewal Term”). The Second Renewal Option is personal to Tenant and may not be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty (180) days prior to the expiration of the Renewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocable. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default Tenant is occurring under this Leasein default beyond any applicable notice and cure periods, or (ii) there is any event occurring which with the giving of notice this Lease or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery right of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term possession has been terminated, or (iii) if: this Lease is not in full force and effect, or (xiv) there has been any materially adverse change other than in the financial condition connection with a Permitted Transfer, Tenant has assigned this Lease, sublet all or any portion of the Tenant, as Leased Premises or is in possession of less than all of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as the Lease, as amended, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal TermLeased Premises.
(b) No later than thirty (30) days prior to the commencement of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expire.
Appears in 1 contract
Sources: Lease Agreement (Stockeryale Inc)
Renewal Option. (a) Subject Provided Tenant has not terminated the Lease pursuant to the terms paragraph 4 of this Section 10Seventh Amendment to Agreement of Lease, Tenant shall have the right and option to extend the term of the Lease for the Building #3 Space only for two (2) consecutive terms of one (1) option year each (“Second the "Sixth Renewal Option”) Term" and the "Seventh Renewal Term," respectively). The Sixth Renewal Term shall commence immediately following expiration of the Fifth Renewal Term, and the Seventh Renewal Term shall commence immediately following expiration of the Sixth Renewal Term, if applicable. So long as Tenant is not in default of the Lease, Tenant may exercise the right to extend the Term term of this the Lease for a consecutive period the Sixth Renewal Term and Seventh Renewal Term only by delivering to Landlord written notice of sixty Tenant's exercise of such right no less than three (603) months beyond the expiration of the Renewal Term (“Second Renewal Term”). The Second Renewal Option is personal to Tenant and may not be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty (180) days prior to the expiration of the extant renewal term, time being of the essence. The terms and conditions of the Fifth Renewal Option. Any such Election Notice given by Tenant to Landlord Term shall continue in full force and effect for the Sixth Renewal Term and the Seventh Renewal Term, if applicable, except that the monthly rental for the Leased Premises during the Sixth Renewal Term and the Seventh Renewal Term, if applicable, shall be irrevocable$42,259.50. The Second Notwithstanding the above, if Tenant, itself or its affiliate or subsidiary is in default under the Lease or is not in full possession of the Building #3 Space continuously during the last three (3) months of the Fifth Renewal Option Term or the Sixth Renewal Term, whichever is applicable, and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in applicable renewal term, Landlord may, at its option, terminate the financial condition of Lease as to the TenantBuilding #3 Space only, as of the last day of the Fifth Renewal Term Commencement Date. If Tenant fails to exercise or the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as the Lease, as amended, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Term.
(b) No later than thirty (30) days prior to the commencement of the Second Sixth Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expirewhichever is applicable.
Appears in 1 contract
Renewal Option. (a) Subject to the terms of this Section 10, Tenant shall have one (1) the option (“Second Renewal Option”) to extend the Lease Term of this Lease for a consecutive period of sixty five (605) months beyond additional years ("Extension Term"), to commence at the expiration of the Renewal Term (“Second Renewal initial Lease Term”). The Second Renewal Option is personal to Tenant and This option may not be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, only by written notice (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy (270) days and not less than at least one hundred eighty (180) days prior to the expiration end of the Renewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocable. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as the Lease, as amended, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal initial Lease Term.
(b) No later If Tenant has exercised its option in subsection (a) above, Tenant shall have the option to extend the Lease Term for a period of five (5) additional years ("Second Extension Term"), to commence at the expiration of the Extension Term. This option may be exercised only by written notice to Landlord at least one hundred eighty (180) days prior to the end of the Extension Term.
(c) The terms and conditions of this Lease shall govern the Extension Term and the Second Extension Term, as the case may be, except (i) Base Rent shall be increased as set forth in subparagraph (d) hereinbelow, (ii) Tenant shall have no option to renew this Lease beyond the expiration of the Second Extension Term, (iii) the leasehold improvements will be provided in their then-existing condition (on an "as-is" basis) at the commencement of the Extension Term or the Second Extension Term, as the case may be. Provided, however, Tenant may exercise the foregoing options to renew only if (1) the financial condition of Tenant is the same or better than it is on the date of this Lease, as evidenced by Tenant's financial statement not more than one year old, and (2) on both the date Tenant exercises this option and upon the expiration of the prior term of this Lease, (a) this Lease is in full force and effect and (b) Tenant is not in default under this Lease beyond any applicable grace or cure period. If Tenant shall fail to exercise this option to extend or conditions (1) and (2) are not entirely satisfied, this Lease shall expire at the expiration of the prior terms of this Lease and Tenant shall have no further right to extend this Lease.
(d) Within thirty (30) days after Tenant has exercised an option to extend the Lease, Landlord shall notify Tenant of the then current market rate for a lease of similar length and at similar premises to the Premises, and the rental rate for the Extension Term or the Second Extension Term, as the case may be, shall based on such market rate. At least ninety (90) days prior to the commencement end of the Second Renewal Termprior term of the Lease, Landlord and Tenant shall deposit with Landlord an amounthave agreed, that when taken together with in writing, on the Security Deposit, equals the Monthly Base Rent due rental rate for the last month applicable extension, and if no such agreement is reached, then Tenant's exercise of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit this extension option shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term Lease term shall expire naturally expireend upon the expiration of the then current term of this Lease.
Appears in 1 contract
Renewal Option. A. By written notice delivered to Landlord on or before the date which is one year prior to the Expiration Date (a) Subject to the "Exercise Date"), time being of the essence, expressly provided that Tenant is not in default in any respect under the terms of this Section 10the Lease beyond any applicable notice and grace period on (i) the Exercise Date and (ii) the Expiration Date, Tenant shall have one (1) the option (“Second Renewal Option”) to extend the Term term of this the Lease for a consecutive period term of sixty approximately six (606) years (6) months beyond commencing on the expiration of first day following the Renewal Term Expiration Date and ending April 30, 2017 (“Second Renewal Term”). The Second Renewal Option is personal to Tenant and may not be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”hereinafter called the "first renewal term") from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty (180) days prior to the expiration of the Renewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocable. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as hereof [including but not limited to an annual three (3%) percent increase in annual base rent over the Lease, as amended, annual base rent in effect for the immediately preceding year] except that (i) there shall be no free rent period and (ii) the basic annual rental rate to be paid by Tenant for the first year of the renewal term shall be the higher of (x) the then annual Base Rent during base rent on the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; Expiration Date and (y) the highest annual base rental rate the in effect for similar size arcade space in the Building.
B. By written notice delivered to Landlord not later than April 30, 201 6, time being of the essence, expressly provided that Tenant is not in default in any respect under the terms of the Lease beyond any applicable notice and grace period on (i) the date of delivery of said notice or (ii) April 30, 201 7, Tenant shall have no further renewal options pursuant the option to this Section 10 or any provision again extend the term of the Lease. Fair Market Rent Lease for an additional period of five (5) years (the "second renewal term") to and including April 30, 2022 upon the same terms and conditions hereof for the Second Renewal Term shall be determined first renewal term. Similarly, by Landlord with written notice given delivered to Tenant prior to the commencement Landlord not later than April 30, 2021, time being of the Second Renewal Term.
(b) No later than thirty (30) days prior to essence, expressly provided that Tenant is not in default in any respect under the commencement terms of the Second Renewal TermLease beyond any applicable notice and grace period on (i) April 30, 2021 or (ii) April 30, 2022, Tenant shall deposit with Landlord have the option to again extend the term of the Lease for an amountadditional period of five (5) years (the "third renewal term") to and including April 30, that when taken together with 2027 upon the Security Deposit, equals the Monthly Base Rent due same terms and conditions hereof for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” first and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expiresecond renewal term.
Appears in 1 contract
Sources: Lease Agreement (Credit Suisse First Boston Usa Inc)
Renewal Option. 39.1 Provided (a) Subject to no Event of Default has occurred and remained uncured as of the terms date Tenant exercised its renewal option and (b) Tenant has not assigned this Lease or sublet all of this Section 10the Premises, then Tenant shall have the right to extend the Term for one (1) option (“Second Renewal Option”) to extend the Term of this Lease for a consecutive additional period of sixty five (605) months beyond years (the expiration of the Renewal Term (“Second Renewal Term”). The Second Renewal "First Option is personal to Tenant and may not be exercised Period") by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant given to Landlord given not more than two hundred seventy (270) days one year and not less than one hundred and eighty (180) days prior to the expiration fifth (5/th/) anniversary of the Renewal OptionCommencement Date (time being of the essence with respect to the giving of such notice). Any such Election Notice given by If Tenant exercises its renewal option for a second five year term, all terms and conditions of this Lease shall remain in effect during the First Option Period, except that the Minimum Rent shall be computed in the manner set forth in Exhibit "F". Prior to commencement of the First Option Period, ----------- Landlord shall not be irrevocable. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of obligated to perform any work to the Premises.
39.2 Provided (a) no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, occurred and remained uncured as of the Renewal Term Commencement Date. If date Tenant fails to exercise exercised its renewal option and (b) Tenant has not assigned this Lease or sublet all of the Second Renewal Option in a timely manner, as provided for abovePremises, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as the Lease, as amended, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant the right to this Section 10 or any provision extend the Term for one (1) additional period of five (5) years (the Lease. Fair Market Rent for the "Second Renewal Term shall be determined Option Period") by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Term.
Landlord not more than one year and less than one hundred and eighty (b) No later than thirty (30180) days prior to the tenth (10/th/) anniversary of the Commencement Date (time being of the essence with respect to the giving of such notice). If Tenant exercises its renewal option during the First Option Period, all terms and conditions of this Lease shall remain in effect during the Second Option Period, except that the Minimum Rent shall be computed in the manner set forth in Exhibit "F". Prior to the commencement of ----------- the Second Option Period, Landlord shall not be obligated to perform any work to the Premises, and Tenant shall not be allowed to extend the Term beyond the expiration of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expirePeriod.
Appears in 1 contract
Sources: Lease Agreement (Medarex Inc)
Renewal Option. The renewal option set forth in Paragraph 6 of the Twelfth Amendment is deleted and is of no further force or effect. Instead, provided that (ai) Subject no uncured Event of Default then exists under the Lease, and (ii) Tenant provides Landlord with written notice (which notice shall be irrevocable) of its intention to exercise its option by no later than February 1, 2024 (time being of the terms of this Section 10essence), Tenant shall have one the option to renew the Lease for a fixed twelve (112) month term ending on October 31, 2025 with the Monthly Installment of Rent increased to $63,965.00 (calculated at the annual rental rate of $22.00 per square foot) and otherwise on the terms, covenants and conditions of the Lease including the obligation to pay all additional rent, charges and other payments due under the Lease as set forth therein. The Premises shall be taken by Tenant during the renewal term, in its “AS-IS” condition and Landlord shall have no liability to perform any renovation work nor to provide any improvement allowances therefor. Upon exercise of this option, Tenant shall, if so requested by Landlord, execute an amendment to the Lease confirming the exercise of the option and the new Monthly Installment of Rent for the Premises during the renewal term. L▇▇▇▇▇▇▇’s failure to prepare or T▇▇▇▇▇’s failure to execute such amendment shall not affect the validity of the exercise of this option or alter Tenant’s obligations during the renewal term as determined hereby. This option shall terminate and be of no further force or effect if (“Second Renewal Option”a) Landlord terminates Tenant’s right to possession due to an Event of Default, or (b) Tenant subleases the Premises or assigns the Lease, in each case other than to an Affiliate. Upon exercise of this renewal option Tenant shall have no further right to extend the Term of this the Lease for a consecutive period of sixty (60) months beyond the expiration of the Renewal Term (“Second Renewal Term”). The Second Renewal Option is personal to Tenant and may not be exercised other than by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty (180) days prior to the expiration of the Renewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocable. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as the Lease, as amended, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Term.
(b) No later than thirty (30) days prior to the commencement of the Second Renewal Term, Tenant shall deposit agreement with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expirein its sole discretion.
Appears in 1 contract
Renewal Option. So long as no Default or Event of Default shall have occurred and be continuing on the last day of the Primary Term, Tenant may elect to extend and renew the Term of this Lease with respect to all but not less than all of the Premises for the Initial Renewal Term. Tenant shall make such election by irrevocable written notice to Landlord on or before June 30, 2009 (a) Subject the "Initial Renewal Option Notice Date"). So long as no Default or Event of Default shall have occurred and be continuing on the last day of the Initial Renewal Term, Tenant may elect to extend and renew the Term of this Lease with respect to all but not less than all of the Premises for the Second Renewal Term. Tenant shall make such election by irrevocable written notice to Landlord on or before June 30, 2014 (the "Second Renewal Option Notice Date"). Either party, upon the request of other, shall execute and acknowledge, in form suitable for recording, an instrument confirming any such renewal. Time is of the essence with respect to the terms giving of this Section 10, notice by Tenant shall have one (1) option (“Second Renewal Option”) of its election to extend the Term of this Lease for a consecutive period of sixty (60) months beyond the expiration of the Renewal Term (“Second Renewal Term”)Terms. The Second Renewal Option is personal to Tenant and may not be exercised by Fixed Rent payable during any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty (180) days prior to the expiration of the Renewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocable. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon at then market rates, not to exceed $13.00 per rentable square foot for the same terms and conditions as the Lease, as amended, except that (x) the annual Base Rent during the Second Initial Renewal Term shall be equal to the Fair Market Rent as of the commencement of and $15.00 per rentable square foot for the Second Renewal Term; the base year for the Initial Renewal Term will be 2009 and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent base year for the Second Renewal Term shall will be determined by Landlord with written notice given to Tenant prior to the commencement 2014. The leasing of the Second Renewal Term.
(b) No later than thirty (30) days prior to the commencement of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Premises during any Renewal Term shall expire naturally expirebe otherwise on the terms and conditions set forth in this Lease.
Appears in 1 contract
Sources: Lease Agreement (Corporate Realty Income Fund I L P)
Renewal Option. Lessor hereby grants Lessee (abut no assignee or subtenant) Subject two (2) options to the terms of renew this Section 10Lease, Tenant shall have one (1) each option (“Second Renewal Option”) to extend the Term of this Lease be for a consecutive period of sixty (60) months, for a total of one hundred twenty (120) months beyond in the expiration of the Renewal Term (“Second Renewal Term”)event both renewal options are exercised. The Second Renewal Option is personal to Tenant and may not Each said renewal option shall be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given Lessee notifying Lessor thereof in writing not more than two hundred seventy (270) days and not less than one at least two hundred eighty ten (180210) days prior to the expiration of the Renewal Optionthen current lease or renewal term, as the case may be. Any In the event a renewal agreement has not been executed at least one hundred twenty (120) days prior to the expiration date of the current lease or renewal term, the option shall automatically become null and void. Each such Election Notice given by Tenant to Landlord renewal shall be irrevocablesubject to all of the terms and conditions of this Lease except that (i) the rentals payable during each renewal term shall be as set forth below and (ii) no further renewal option shall exist during the second renewal term. It shall be a condition to Lessee's exercising any renewal option herein granted that (y) Lessee not be then in default under this Lease and (z) Lessee shall have previously exercised the immediately preceding renewal option, if any, so that the second renewal option may not be exercised if Lessee has failed to exercise the first renewal option. The Second Renewal Option Base Rent for each renewal term shall be based on not less than 95% of the then prevailing rental rates for properties of equivalent quality, size, utility and Tenant’s delivery location in the Dallas/Forth Worth market, with the length of the lease term and the creditworthiness of the Lessee taken into account; provided, however, that in no event shall the Base Rent in any renewal period be less than the Base Rent for the last month immediately preceding said renewal period. Upon notification from Lessee of its intent to exercise each renewal option, Lessor shall, within fifteen (15) days thereafter, notify Lessee in writing of the Base Rent for the applicable renewal term; Lessee shall, within fifteen (15) days following receipt of same, notify Lessor in writing of the acceptance or rejection of the proposed Base Rent. In the event of rejection by Lessee, Lessee may rescind the exercise of such renewal option by written notice to Lessor within such fifteen (15) day period for acceptance or rejection. If Lessee does not so rescind such exercise, the Base Rent for the applicable renewal term shall be determined as follows:
(a) Within fifteen (15) days following notification of rejection, Lessor and Lessee shall each select an Election arbitrator who shall be a Licensed Texas real estate broker having a minimum of five (5) years experience in leasing office space and being a member of the North Chapter of the Texas Society of Office and Industrial Realtors (or its successor organization). Notice shall be voidable and given to the other party of no force the name of the arbitrator selected. If either Lessor or effect at Lessee fails to appoint such an arbitrator within the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of allocated time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery arbitrator appointed by the other party shall make the determination of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option Base Rent and this determination shall be void final and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as the Lease, as amended, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Termbinding on both parties.
(b) No later than If both Lessor and Lessee appoint an arbitrator in accordance with the provisions above and the two arbitrators cannot agree upon a Base Rent for the renewal term within thirty (30) days prior following their appointment, the two arbitrators shall forthwith select a third disinterested and qualified arbitrator having like qualifications and each of the original arbitrators will immediately submit his or her judgment as to the commencement appropriate Base Rent in writing to the third arbitrator. Within ten (10) days after such submittal, the third arbitrator shall make the determination of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for such renewal period and the last month determination of the Second Renewal Term third arbitrator shall be final and binding on both parties. In the event the two arbitrators appointed by the Lessee and Lessor cannot agree upon a third arbitrator, then the third arbitrator shall be appointed by the then President of the North Chapter of the Texas Society of Office and Industrial Realtors (“Additional Deposit”or its successor organization). Upon The Base Rent agreed to by the commencement of the Second Renewal Termtwo appointed arbitrators or, if applicable, the term “Security Deposit” Base Rent determined by the third arbitrator shall automatically include be final and binding upon the “Additional Deposit” parties hereto. Lessor and Lessee shall each bear the expense of their arbitrator and the Additional Deposit expense of a third arbitrator, if needed, shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expireshared equally by both parties.
Appears in 1 contract
Sources: Office Lease (Exe Technologies Inc)
Renewal Option. (a) Subject to the terms of this Section 10, Tenant shall have the right and option to extend the term of this Lease for two (2) consecutive renewal terms, the first of which shall be of a duration of between three (3) and seven (7) years, as determined by Tenant and as stated in Tenant’s notice of its exercise of its renewal option, and the second of which shall be of a duration equal to ten (10) years reduced by the number of years in the first renewal term as elected by Tenant. The first renewal term, if exercised, shall commence on the day immediately following the expiration of the initial Term hereof, and the second renewal term, if exercised, shall commence on the date immediately following the expiration of the first renewal term. The option to extend, as well as the commencement of each renewal term, shall be conditioned on no uncured Events of Default by Tenant then existing.
(b) Tenant shall exercise each renewal option only by delivering written notice of same to Landlord not later than one (1) option (“Second Renewal Option”) to extend the Term of this Lease for a consecutive period of sixty (60) months beyond the expiration of the Renewal Term (“Second Renewal Term”). The Second Renewal Option is personal to Tenant and may not be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty (180) days year prior to the expiration of the Renewal Optionthen current term. Any such Election Notice given by Tenant Tenant’s failure to Landlord timely exercise an option shall be irrevocable. The Second Renewal Option and Tenant’s delivery deemed a waiver of an Election Notice all rights under this Section, in which event this Lease shall terminate upon expiration or earlier termination of the then current term.
(c) Each renewal term, if exercised, shall be voidable upon all of the terms and conditions of no force or effect at this Lease, except for provisions which, by their nature, are limited to the election of Landlord, exercised Initial Term and for the change in Landlord’s sole and absolute discretion, if Minimum Annual Rent which (i) an Event for the first renewal term, if exercised, shall be the greater of Default is occurring under this Leasethe rate per rentable square foot during the final year of the initial Term, or the FMRV determined in accordance with subsection (d) below and (ii) there is any event occurring which with for the giving second renewal term, if exercised, shall be the greater of notice the rate per rentable square foot during the final year of the first renewal term, or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or FMRV determined in accordance with subsection (iiid) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as the Lease, as amended, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Termbelow.
(b) No later than thirty (30) days prior to the commencement of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expire.
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Sources: Lease Agreement (Viropharma Inc)