Renewal Right. Tenant shall have the option to renew the term of this Lease for one (1) renewal period (hereafter the “Renewal Term”), having a term of one (1) to five (5) years commencing immediately following the expiration of the initial Lease Term, said Renewal Term to be upon all of the terms, conditions, covenants and provisions of this Lease. The failure of Tenant to exercise the option for the Renewal Term in the manner and within the time herein provided shall terminate the rights of Tenant with respect to such Renewal Term. Tenant’s right to exercise the option to renew the Lease Term will be subject to the following conditions: (i) Tenant shall deliver to Landlord a written notice exercising the option to renew the Lease Term at least one hundred eighty (180) days before the last day of the initial Lease Term; and (ii) Tenant shall not be in material default under any provision of this Lease, after receipt of notice and expiration of any applicable cure period, at the date Tenant delivers to Landlord a notice of Tenant’s election to renew the Lease Term. Effective the first (1st) day of the Renewal Term, the Monthly Base Rent for the Premises shall be at the then fair market rental for the Premises (reflecting the then prevailing rent structure, inducements and concessions for comparable commercial lease renewals) as agreed upon by the parties within thirty (30) days after Tenant exercises the option to renew, and, if they cannot agree within such timeframe, to be established by an evaluation of the Premises performed by a commercial real estate broker mutually agreed upon by the parties, or if they cannot agree on one (1) broker, then by a board of three (3) qualified commercial real estate brokers, one (1) selected by each of the parties and the third (3rd) broker (who shall not have provided services to or received compensation from either party during the prior two years) to be selected by the two (2) brokers chosen by the parties. If a board of brokers is utilized, the broker whose determination of fair market rent is neither the highest nor the lowest shall be binding. Each party shall pay one-half (1/2) of the fees for such brokers in connection with the foregoing fair market rent determination. The final determination of the fair market rental for the Renewal Term shall be made, in all events, no later than ninety (90) days after Tenant exercises the option to renew.
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Sources: Lease Agreement, Lease Agreement (Tableau Software Inc)
Renewal Right. Tenant shall have the option to renew the term of this Lease for one (1) renewal period (hereafter the “Renewal Term”), having a term of one (1) to five (5) years commencing immediately following the expiration of the initial Lease Term, said Renewal Term to be upon all of the terms, conditions, covenants and provisions of this Lease. The failure of Tenant to exercise the option for the Renewal Term in the manner and within the time herein provided shall terminate the rights of Tenant with respect to such Renewal Term. Tenant’s right to exercise the option to renew Provided the Lease Term will be subject to the following conditions:
(i) is in full force and effect and Tenant shall deliver to Landlord a written notice exercising the option to renew the Lease Term at least one hundred eighty (180) days before the last day of the initial Lease Term; and
(ii) Tenant shall is not be in material default under any provision of this Lease, after receipt of notice and expiration of beyond any applicable cure period, period under any of the other terms and conditions of the Lease at the date Tenant delivers to Landlord a notice time of Tenant’s election to renew the Lease Term. Effective the first (1st) day either notification of renewal or commencement of the Renewal Term, then Tenant shall have one option to renew this Lease, for a term of five years, WITH RESPECT TO ▇▇▇▇▇ ▇▇▇, ▇▇▇ ▇▇▇▇▇ ▇▇▇ ONLY, commencing on the Monthly Suite 500 Extended Term Expiration Date, and on the same terms and conditions set forth in the Lease, except as modified by the terms, convenants and conditions as set forth below:
a. If Tenant elects to exercise said option, then Tenant shall provide Landlord with written notice no earlier than the second anniversary of the Rent Commencement Date, but no later than a date which is 270 days prior to the Suite 500 Extended Term Expiration Date, time being of the essence. If Tenant fails to provide such notice, Tenant shall have no right or additional right to extend or renew the Term of the Lease. The notice shall be given in the manner provided in the Lease for the giving of notices to Landlord.
b. The Base Rent for and Monthly Installment of Base Rent in effect at the Premises Suite 500 Extended Term Expiration Date shall be at increased to reflect the net Annual Base Rent rate Landlord is then fair market rental receiving for new leases of similar space within the Premises (reflecting Building.
c. the then prevailing rent structure, inducements and concessions for comparable commercial lease renewals) as agreed upon by option set forth in this Article is not transferable; the parties within thirty (30) days after Tenant exercises hereto acknowledge and agree that the option to renew, and, if they cannot agree within such timeframe, to be established by an evaluation of the Premises performed by a commercial real estate broker mutually agreed upon by the parties, or if they cannot agree on one (1) broker, then by a board of three (3) qualified commercial real estate brokers, one (1) selected by each of the parties and the third (3rd) broker (who shall not have provided services to or received compensation from either party during the prior two years) to be selected by the two (2) brokers chosen by the parties. If a board of brokers is utilized, the broker whose determination of fair market rent is neither the highest nor the lowest renew as set forth in this Section shall be binding"personal" to the Tenant executing this Lease and that in no event will any assignee or sublessee have any rights to exercise any rights set forth in this Section. Each party shall pay one-half NOTWITHSTANDING ANYTHING CONTAINED IN THE LEASE TO THE CONTRARY, THE "RENEWAL OPTION" (1/2AS DEFINED IN PARAGRAPH 7 OF THE FIRST AMENDMENT) of the fees for such brokers in connection with the foregoing fair market rent determination. The final determination of the fair market rental for the Renewal Term shall be made, in all events, no later than ninety (90) days after Tenant exercises the option to renewSHALL NOT BE APPLICABLE TO SUITE 500.
Appears in 1 contract
Sources: Lease (Metris Companies Inc)
Renewal Right. (a) Provided that on the date Tenant shall have the option to renew the term of this Lease for one (1) renewal period (hereafter the “exercises its Renewal Term”), having a term of one (1) to five (5) years commencing immediately following the expiration of the initial Lease Term, said Renewal Term to be upon all of the terms, conditions, covenants and provisions of this Lease. The failure of Tenant to exercise the option for the Renewal Term in the manner and within the time herein provided shall terminate the rights of Tenant with respect to such Renewal Term. Tenant’s right to exercise the option to renew the Lease Term will be subject to the following conditions:
Option (i) Tenant this Lease shall deliver to Landlord a written notice exercising the option to renew the Lease Term at least one hundred eighty (180) days before the last day of the initial Lease Term; and
not have been terminated, (ii) Tenant shall not be in monetary or material non-monetary default under beyond any provision of this Lease, after receipt of applicable notice and expiration of cure period under this Lease and (iii) Tenant (including any applicable cure period, at the date Tenant delivers to Landlord a notice permitted Desk Space User and Affiliates of Tenant’s election to renew the Lease Term. Effective the first ) shall occupy seventy-five (1st75%) day percent or more of the Renewal TermPremises, the Monthly Base Rent for the Premises Tenant shall be at the then fair market rental for the Premises (reflecting the then prevailing rent structure, inducements and concessions for comparable commercial lease renewals) as agreed upon by the parties within thirty (30) days after Tenant exercises the option to renew, and, if they cannot agree within such timeframe, to be established by an evaluation of the Premises performed by a commercial real estate broker mutually agreed upon by the parties, or if they cannot agree on have one (1) brokeroption to extend the Term (the “Renewal Option”), then by a board of three for an additional five (35) qualified commercial real estate brokers, one (1) selected by each year period commencing on the day after the expiration of the parties initial Term and ending on the third fifth (3rd5th) broker anniversary of the expiration of the initial Term (who the “Renewal Term”).
(b) The Renewal Option shall not have provided services to be exercised with respect to, at Tenant’s option, either (i) the entire Premises or received compensation from either party during (ii) the prior two yearsgreater of (x) to be selected by the two (2) brokers chosen by full contiguous floors included in the partiesPremises or (y) seventy-five (75%) percent of the RSF included in the then Premises consisting of full contiguous floors of the Premises (including, in the case of clause (i) or (ii), any of the Offer Space that may have become part of the Premises pursuant to Article 11 hereof or any other space that may have become part of the Premises during the Term) (the space as to which Tenant exercises the Renewal Option is called the “Renewal Premises”). If a board of brokers is utilized, the broker whose determination of fair market rent is neither the highest nor the lowest The Renewal Option shall be binding. Each party shall pay one-half exercisable by Tenant giving notice to Landlord (1/2the “Renewal Notice”) of the fees for such brokers in connection with the foregoing fair market rent determination. The final determination of the fair market rental for the Renewal Term shall be made, in all events, no later than ninety fourteen (9014) days after months prior to the Expiration Date. Time is of the essence with respect to the giving of the Renewal Notice. The failure of Tenant exercises to deliver a Renewal Notice in the option time and manner required shall be deemed an irrevocable waiver of the Renewal Option. Tenant shall specify in the Renewal Notice the space to renewbe included in the Renewal Premises, failing which the Renewal Premises shall be deemed to be the entire then Premises.
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