Common use of Renewal Term Clause in Contracts

Renewal Term. Provided that (i) Tenant is not in default (beyond applicable notice and cure periods) under this Lease at the time of the exercise of such option or as of the commencement of the applicable Renewal Term (as defined below), (ii) Tenant occupies the entire Premises, and (iii) Tenant has not assigned or transferred this Lease (except as may be permitted pursuant to Section 12(b) of this Lease), Tenant shall have two options (each a “Renewal Option”) to renew this Lease, each for one additional term of five years (each a “Renewal Term”). Each such Renewal Option shall be exercisable by Tenant’s delivery to Landlord of an irrevocable written notice of intention to exercise the Renewal Option (“Renewal Exercise Notice”). A Renewal Exercise Notice shall be given not more than 15 months nor less than 12 months prior to the end of the Initial Term or the first Renewal Term, as applicable. In the event this Lease is at any time (whether now or hereafter) subject to an over-lease or master lease (“Over-Lease”), Tenant’s right to exercise a Renewal Option shall be contingent and conditioned upon (x) the existing term of the Over-Lease expiring on a date which is on or after the expiration of the applicable Renewal Term then being exercised pursuant to such Renewal Option, or (y) the availability to Landlord of, and Landlord’s exercise of, a renewal or extension

Appears in 2 contracts

Samples: Amended and Restated Lease Agreement (Reynolds Consumer Products Inc.), Amended and Restated Lease Agreement (Pactiv Evergreen Inc.)

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Renewal Term. Provided (a) Tenant shall have the option (the "Renewal Option") to extend the term of this Lease for one additional five (5) year period (the "Renewal Term"), which Renewal Term shall commence on the date immediately succeeding the Expiration Date (the "Renewal Commencement Date") and end on the anniversary of the Expiration Date (the "Renewal Expiration Date"), provided that this Lease shall not have been previously terminated and that Tenant shall not be in material default in the observance or performance of any of the terms, covenants or conditions of this Lease (i) on the date Tenant is not in default gives Landlord written notice (beyond applicable notice the "Renewal Notice") of Tenant's election to exercise the Renewal Option, and cure periods) under this Lease at the time of the exercise of such option or as of the commencement of the applicable Renewal Term (as defined below), (ii) Tenant occupies on the Expiration Date. The Renewal Option shall be exercised with respect to the entire Premises, Premises only and (iii) Tenant has not assigned or transferred this Lease (except as may be permitted pursuant to Section 12(b) of this Lease), Tenant shall have two options (each a “Renewal Option”) to renew this Lease, each for one additional term of five years (each a “Renewal Term”). Each such Renewal Option shall be exercisable by Tenant’s 's delivery of the Renewal Notice to Landlord of an irrevocable written notice of intention to exercise the Renewal Option at least six (“Renewal Exercise Notice”). A Renewal Exercise Notice shall be given not more than 15 months nor less than 12 6) months prior to the end Expiration Date; provided, however, if Tenant is in default on the date the Renewal Notice is given or on the Expiration Date as hereinbefore provided, Landlord shall give Tenant written notice ("Landlord's Notice") of the Initial Term or the first Renewal Termsuch default, as applicable. In the event this Lease is at any time and Tenant shall have a period of thirty (whether now or hereafter30) subject to an over-lease or master lease (“Over-Lease”), Tenant’s right to exercise a Renewal Option shall be contingent and conditioned upon (x) the existing term of the Over-Lease expiring on a date which is on or days after the expiration of the applicable Renewal Term then being exercised pursuant Landlord's Notice to cure such Renewal Option, or (y) the availability to Landlord of, and Landlord’s exercise of, a renewal or extensiondefault.

Appears in 2 contracts

Samples: Consulting Agreement (Alltrista Corp), Consulting Agreement (Alltrista Corp)

Renewal Term. Provided that Tenant shall have the right to renew the Lease Term for all of the Leased Premises for one (i1) renewal term of five (5) years (the “Renewal Term”) commencing on the day after the expiration of the initial Term (the “Renewal Term Commencement Date”) and ending on the day preceding the fifth (5th) anniversary of the Renewal Term Commencement Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (a) Tenant is notifies Landlord (the “Exercise Notice”) of Tenant’s exercise of such renewal right not in default later than twelve (beyond applicable notice 12) months prior to the Expiration Date and cure periodsno earlier than fifteen (15) under this Lease months prior to the Expiration Date, (b) at the time of the exercise of such option right and immediately prior to the Renewal Term Commencement Date, no Event of Default shall have occurred and be continuing hereunder, and (c) Tenant or as a Permitted Transferee occupies not less than seventy percent (70%) of the commencement original Leased Premises at the time the Exercise Notice is given. The Renewal Term shall be upon all of the applicable Renewal Term agreements, terms, covenants and conditions of this Lease, except that (w) the Base Rent shall be the Fair Market Value (as defined below), (ii) Tenant occupies the entire Premises, and (iiix) Tenant has not assigned or transferred this Lease (except as may be permitted pursuant to Section 12(b) of this Lease), Tenant shall have two options (each a “Renewal Option”) no further right to renew this Leasethe Lease Term. Any termination, each for one additional term of five years (each a “Renewal Term”). Each such Renewal Option shall be exercisable by Tenant’s delivery to Landlord of an irrevocable written notice of intention to exercise the Renewal Option (“Renewal Exercise Notice”). A Renewal Exercise Notice shall be given not more than 15 months nor less than 12 months prior to the end cancellation or surrender of the Initial Term or the first Renewal Term, as applicable. In the event entire interest of Tenant under this Lease is at any time (whether now or hereafter) subject to an over-lease or master lease (“Over-Lease”), Tenant’s during the Lease Term shall terminate the foregoing right to exercise a Renewal Option shall be contingent and conditioned upon (x) the existing term of the Over-Lease expiring on a date which is on or after the expiration renewal of the applicable Renewal Term then being exercised pursuant to such Renewal Option, or (y) the availability to Landlord of, and Landlord’s exercise of, a renewal or extensionTenant hereunder.

Appears in 2 contracts

Samples: Lease Agreement (Entrada Therapeutics, Inc.), Lease Agreement (Entrada Therapeutics, Inc.)

Renewal Term. Provided that Tenant shall have the right to renew the initial Term for all of the Leased Premises for two (2) renewal terms of three (3) years each (each a “Renewal Term”), the first such renewal term commencing on the day after the expiration of the initial Term (the “First Renewal Term Commencement Date”) and ending on the day immediately preceding the third (3rd) anniversary of the First Renewal Term Commencement Date and, if the first renewal right is properly exercised in accordance with this Lease, the second such renewal term commencing on the day after the expiration of the first Renewal Term (the “Second Renewal Term Commencement Date”) and ending on the day immediately preceding the third (3rd) anniversary of the Second Renewal Term Commencement Date, in each case, unless the applicable Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. A Renewal Term shall commence only if (i) Tenant is notifies Landlord in writing (the “Renewal Exercise Notice”) of Tenant’s exercise of such renewal right not in default earlier than twelve (beyond applicable notice 12) full calendar months, and cure periodsnot later than nine (9) under this Lease full calendar months, prior to the Expiration Date (or expiration of the first Renewal Term with respect to the second renewal option) (the “Extension Deadline”), and, (ii) at the time of the exercise of such right and, at the option or as of the commencement of Landlord, immediately prior to the applicable Renewal Term (as defined below)Commencement Date, (ii) Tenant occupies the entire Premises, and (iii) Tenant has not assigned or transferred no Event of Default under this Lease (except as may be permitted pursuant to Section 12(b) of this Lease), Tenant shall have two options (each a “Renewal Option”) to renew this Lease, each for one additional term of five years (each a “Renewal Term”). Each such Renewal Option shall occurred and be exercisable by Tenant’s delivery to Landlord of an irrevocable written notice of intention to exercise the Renewal Option (“Renewal Exercise Notice”)continuing hereunder. A Renewal Exercise Notice shall be given not more than 15 months nor less than 12 months prior irrevocable once delivered. Time is of the essence with respect to the end giving of the Initial Renewal Exercise Notice. Each Renewal Term or shall be upon all of the agreements, terms, covenants and conditions of this Lease, except that (a) the Base Monthly Rent shall be determined as provided below and (b) if Tenant does not timely exercise the first renewal right, Tenant shall have no further right to renew or extend the Lease Term and if Tenant does timely exercise the first renewal right, after the expiration or sooner termination of the second Renewal Term, as applicableTenant shall have no further right to renew or extend the Lease Term. In Upon the event commencement of a Renewal Term, (1) the Renewal Term shall be added to and become part of the Lease Term, (2) any reference to “this Lease”, to the “Lease Term”, the “term of this Lease” or any similar expression shall be deemed to include the applicable Renewal Term, and (3) the expiration of such Renewal Term shall become the Expiration Date. Any termination, cancellation or surrender of the any interest of Tenant under this Lease is at any time (whether now or hereafter) subject to an over-lease or master lease (“Over-Lease”), Tenant’s right to exercise a Renewal Option during the Lease Term shall automatically terminate the renewal rights set forth herein. The renewal rights contained herein shall be contingent personal to Cortina Systems, Inc. (and conditioned upon (xnot available to any assignee, or any sublessee or other transferee) the existing term and may be exercised only provided and on condition that Cortina Systems, Inc. has not assigned its interest in this Lease or sublet more than 33% of Leased Premises as of the Over-Lease expiring on a date which is on or after Tenant purports to give the expiration Renewal Exercise Notice and, at the option of Landlord, upon commencement of the applicable Renewal Term then being exercised pursuant to such Renewal Option, or (y) the availability to Landlord of, and Landlord’s exercise of, a renewal or extensionTerm.

Appears in 1 contract

Samples: Office Lease (Cortina Systems Inc)

Renewal Term. A. Provided that (i) Tenant is not in default (beyond applicable notice and cure periods) under this Lease both at the time of the exercise of such the option or as hereinafter set forth and at the time of the commencement of the applicable Renewal Term (as defined below), (iihereinafter defined) Tenant occupies the entire Premises, and (iii) Tenant has not assigned or transferred this Lease is in full force and effect and provided, further, that Tenant is not then in default hereunder beyond any applicable notice and grace periods, then Tenant is hereby granted the option to renew the Term for one (except as may be permitted pursuant to Section 12(b1) additional period of this Leasefive (5) years (the "Renewal Term"), . The Renewal Term shall commence at the expiration of the Original Lease Term and shall expire on the fifth (5th) anniversary of the expiration date of the Original Lease Term. Tenant shall have two options exercise the option to renew, if at all, by delivering notice of such election (each a “the "Renewal Option”Notice") to renew this Lease, each for one additional term of five years Landlord not less than twelve (each a “Renewal Term”). Each such Renewal Option shall be exercisable by Tenant’s delivery to Landlord of an irrevocable written notice of intention to exercise the Renewal Option (“Renewal Exercise Notice”). A Renewal Exercise Notice shall be given 12) months but not more than 15 months nor less than 12 eighteen (18) months prior to the end expiration of the Initial Term or the first Renewal Original Lease Term, as applicable. In the event that Landlord does not receive the Renewal Notice prior to the expiration of such time period (time being of the essence with respect thereto), then such option to renew the Term shall, upon the expiration of such time period, become null and void and be of no further force or effect and Tenant shall, at the request of Landlord, execute an instrument in form and substance acceptable to Landlord confirming such facts. If Tenant fails to execute such instrument within ten (10) days after receipt thereof from Landlord, then such failure shall be a default by Tenant hereunder. The Renewal Term shall be upon the same terms and conditions of this Lease is at any time (whether now or hereafter) subject except that Tenant shall have no option to an over-lease or master lease (“Over-Lease”), Tenant’s right to exercise a Renewal Option shall be contingent and conditioned upon (x) the existing term of the Over-renew this Lease expiring on a date which is on or after beyond the expiration of the applicable Renewal Term then being exercised pursuant to such Renewal Option, or (y) the availability to Landlord of, and Landlord’s exercise of, a renewal or extensionTerm.

Appears in 1 contract

Samples: Lease (Ha Lo Industries Inc)

Renewal Term. Provided that (i) Tenant is not in default (beyond applicable notice and cure periods) under this Lease at the time of the exercise of such option or as of the commencement of the applicable Renewal Term (as defined below), (ii) Tenant occupies the entire Premises, and (iii) Tenant has not assigned or transferred this Lease (except as may be permitted pursuant to Section 12(b) of this Lease), Tenant shall have two options (each a “Renewal Option”) the right to renew this Leasethe Term for all of the Premises for two (2) successive renewal terms (each, each for one additional term of five years (each a “Renewal Term;” the “First Renewal Term” and the “Second Renewal Term). Each such , respectively) of five (5) years each, by notice (each, a “Renewal Option shall be exercisable by Tenant’s delivery Notice”) delivered to Landlord of an irrevocable written notice of intention to exercise the Renewal Option (“Renewal Exercise Notice”). A Renewal Exercise Notice shall be given not more than 15 months nor less than 12 eighteen (18) months prior to the end Expiration Date or the expiration of the Initial Term or the first First Renewal Term, as applicable, time being of the essence; provided, however, (x) no Event of Default shall remain outstanding either on the date such Renewal Notice is given or on the respective Renewal Term Commencement Date (as hereinafter defined, and (y) the One Xxxxxx Street Lease is and remains in full force and effect, and concurrently therewith, Tenant renews the term of the One Xxxxxx Street Lease. In Upon the event giving of each such Renewal Notice, the Term of this Lease is at shall be extended for the respective Renewal Term with the same force and effect as if such Renewal Term had originally been included in the Term. The First Renewal Term shall commence on January 1, 2024 (the “First Renewal Term Commencement Date”) and shall expire on December 31, 2029, or such earlier date as this Lease may terminate pursuant to any time of the terms and conditions of this Lease. The Second Renewal Term shall commence on January 1, 2030 (whether now or hereafter) subject to an over-lease or master lease (the Over-LeaseSecond Renewal Term Commencement Date”), Tenant’s right and shall expire on December 31, 2034, or such earlier date as this Lease may terminate pursuant to exercise a any of the terms and conditions of this Lease. Time is of the essence with respect to the giving of each Renewal Option Notice. Each Renewal Term shall be contingent upon all of the agreements, terms, covenants and conditioned upon conditions of this Lease, except that (w) the Fixed Rent shall be determined as provided in Section 28.2, (x) after the existing exercise of the option with respect to the Second Renewal Term, Tenant shall have no further right to renew the Term, (y) the Base Tax Year shall be the Tax Year commencing on the July 1st prior to the applicable Renewal Term Commencement Date, and (z) the Base Expense Year shall be the Comparison Year ending on the December 31st immediately preceding the respective Renewal Term Commencement Date. Upon the commencement of each respective Renewal Term, (A) the respective Renewal Term shall be added to and become part of the Term, (B) any reference in this Lease to the “Term”, the “term of this Lease” or any similar expression shall be deemed to include the Over-Lease expiring on a date which is on or after respective Renewal Term, and (C) the expiration of the applicable respective Renewal Term then being exercised pursuant to such Renewal Optionshall become the Expiration Date. Any termination, cancellation or (y) surrender of the availability to Landlord of, and Landlord’s exercise of, a entire interest of Tenant under this Lease at any time during the Term shall terminate the foregoing rights of renewal or extensionof Tenant hereunder.

Appears in 1 contract

Samples: Lease (Pegasystems Inc)

Renewal Term. Provided that (i) Tenant Sublessee is not in default under the terms of this Sublease for more than five (beyond applicable 5) days after Sublessor's delivery of written notice and cure periods) under this Lease thereof to Sublessee at the time of the exercise of such option this renewal is exercised or as of at the commencement of the applicable Renewal Term (as defined below), (ii) Tenant occupies Sublessee is occupying at least ninety percent (90%) of the entire PremisesSublet Space, including any Available Space, (iii) Sublessor has not given more than two (2) notices of default in any twelve (12) month period for nonpayment of monetary obligations, (iv) the Master Lease is then in full force and effect, and (iiiv) Tenant has not assigned or transferred this Lease (except Sublessee's then-existing financial condition is at least as may be permitted pursuant to Section 12(b) favorable as Sublessee's financial condition as of this Lease)the Commencement Date, Tenant in Sublessor's sole discretion, Sublessee shall have two options (each a “Renewal Option”) the option to renew this LeaseSublease for either (and not both) (A) one (1) period of one (1) year, each for one additional or (B) a term equal to the remaining portion of the term of five years the Master Lease (each either, a "Renewal Term"). Each such The Renewal Option Term shall be exercisable on all the terms and conditions of this Sublease, except that (a) Base Rent for the Renewal Term shall be ninety-five percent (95%) of the then- existing Market Rent (as defined below), and (b) after Sublessee's exercise of the Renewal Term, Sublessee shall have no further rights to any renewal of the Term of this Sublease. Sublessee must exercise its option to renew this Sublease by Tenant’s delivery to Landlord of an irrevocable giving Sublessor written notice (an "Extension Notice") of intention its election to exercise the Renewal Option do so no later than one hundred twenty (“Renewal Exercise Notice”). A Renewal Exercise Notice shall be given not more than 15 months nor less than 12 months 120) days prior to the end of the Initial Term or the first Renewal initial Term, as applicable. In the event this Lease is at any time (whether now or hereafter) subject to an over-lease or master lease (“Over-Lease”), Tenant’s right to exercise Any notice not given in a Renewal Option timely manner shall be contingent void; and conditioned upon (x) the existing term of the Over-Lease expiring on a date which is on or after the expiration of the applicable Sublessee shall be deemed to have waived its renewal rights. The Renewal Term then being exercised pursuant set forth herein is personal to such Renewal Option, or (y) the availability to Landlord of, Sublessee and Landlord’s exercise of, a renewal or extensionany Affiliate thereof and shall not be included in any assignment of this Sublease.

Appears in 1 contract

Samples: Sublease Agreement (Nvidia Corp/Ca)

Renewal Term. Provided Section 39.1(A) Subject to the provisions of Section 39.4 hereof, Tenant shall have the option (each, an "Eight Year Space Renewal Option") to extend the term of this Lease with respect to the Eight Year Space for four (4) additional periods of five (5) years each (each, an "Eight Year Space Renewal Term"), each of which Eight Year Space Renewal Terms shall commence on the date immediately succeeding the eighth (8th) anniversary of the Commencement Date, or if the Commencement Date shall occur other than on the first day of the month, on the date immediately succeeding the last day of the month in which the eighth (8th) anniversary of the Commencement Date shall occur (the "Eight Year Space Expiration Date"; the period between the Commencement Date and the Eight Year Space Expiration Date being hereinafter 93 94 referred to as the "Eight Year Space Term") or the then current Eight Year Space Renewal Term, as the case may be, and end on the fifth (5th) anniversary of the expiration of the Eight Year Space Term or the then current Eight Year Space Renewal Term, as the case may be, provided that (ia) Tenant is not in default (beyond applicable notice and cure periods) under this Lease at the time of the exercise of such option or as of the commencement of the applicable Renewal Term (as defined below)shall not have been previously terminated, (iib) no Event of Default shall have occurred and be continuing (x) on the date Tenant occupies gives Landlord written notice (each, an "Eight Year Space Renewal Notice") of Tenant's election to exercise the entire PremisesEight Year Space Renewal option, and (iiiy) on the expiration of the Eight Year Space Term or the then current Eight Year Space Renewal Term, as the case may be, provided, however, that with respect to any Event of Default which may occur without Landlord being required to deliver to Tenant has not assigned or transferred this Lease a notice of default (except as may be permitted pursuant to other than an Event of Default under Section 12(b16.1(E) of this Lease)) then, solely for the purposes of this Section 39.1, no such Event of Default shall be deemed to have occurred unless Landlord shall have delivered to Tenant a notice thereof and Tenant shall have failed or refused to cure the same within seven (7) Business Days after delivery of such notice, and (c) Tenant and its Affiliates shall occupy not less than eighty percent (80%) of the rentable area of the Eight Year Space on the date the applicable Eight Year Space Renewal Notice is given and on the first (1st) day of the applicable Eight Year Space Renewal Term. Each such Eight Year Space Renewal Option may be exercised only with respect to the entire Eight Year Space and shall be exercisable by Tenant delivering the applicable Eight Year Space Renewal Notice to Landlord at least eighteen (18) months prior to the expiration of the Eight Year Space Term or the then applicable Eight Year Space Renewal Term, as the case may be. Time is of the essence with respect to the giving of each Eight Year Space Renewal Notice. Upon the giving of the Eight Year Space Renewal Notice with respect to the fourth Eight Year Space Renewal Term, Tenant shall have two options (each a “Renewal Option”) no further right or option to extend or renew this Lease, each for one additional term of five years (each a “Renewal the Term”). Each such Renewal Option shall be exercisable by Tenant’s delivery to Landlord of an irrevocable written notice of intention to exercise the Renewal Option (“Renewal Exercise Notice”). A Renewal Exercise Notice shall be given not more than 15 months nor less than 12 months prior to the end of the Initial Term or the first Renewal Term, as applicable. In the event this Lease is at any time (whether now or hereafter) subject to an over-lease or master lease (“Over-Lease”), Tenant’s right to exercise a Renewal Option shall be contingent and conditioned upon (x) the existing term of the Over-Lease expiring on a date which is on or after the expiration of the applicable Renewal Term then being exercised pursuant to such Renewal Option, or (y) the availability to Landlord of, and Landlord’s exercise of, a renewal or extension.

Appears in 1 contract

Samples: Mony Group Inc

Renewal Term. Provided that Tenant shall have the right to renew the Term for all of the Premises for one renewal term of five (i5) years (the “Renewal Term”) commencing on the day after the expiration of the initial Term (the “Renewal Term Commencement Date”) and ending on the day preceding the fifth (5th) anniversary of the Renewal Term Commencement Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (a) Tenant is notifies Landlord (the “Exercise Notice”) of Tenant’s exercise of such renewal right not in default later than fifteen (beyond applicable notice and cure periods15) under this Lease months prior to the Expiration Date, (b) at the time of the exercise of such option or as right and immediately prior to the Renewal Term Commencement Date, no default shall have occurred and be continuing hereunder, and (c) Tenant leases no less than four (4) Bays at the time of such Exercise Notice and occupies for its own use 75% of the commencement Leased Premises at the time the Exercise Notice is given. Time is of the applicable essence with respect to the giving of the Exercise Notice. The Renewal Term shall be upon all of the agreements, terms, covenants and conditions of this Lease, except that (w) the Base Rent shall be the Fair Market Value (as defined below), (ii) Tenant occupies the entire Premises, and (iiix) Tenant has not assigned or transferred this Lease (except as may be permitted pursuant to Section 12(b) of this Lease), Tenant shall have two options (each a “Renewal Option”) no further right to renew this Leasethe Term. Any termination, each for one additional term of five years (each a “Renewal Term”). Each such Renewal Option shall be exercisable by Tenant’s delivery to Landlord of an irrevocable written notice of intention to exercise the Renewal Option (“Renewal Exercise Notice”). A Renewal Exercise Notice shall be given not more than 15 months nor less than 12 months prior to the end cancellation or surrender of the Initial Term or the first Renewal Term, as applicable. In the event entire interest of Tenant under this Lease is at any time (whether now or hereafter) subject to an over-lease or master lease (“Over-Lease”), Tenant’s during the Term shall terminate the foregoing right to exercise a Renewal Option shall be contingent and conditioned upon (x) the existing term of the Over-Lease expiring on a date which is on or after the expiration renewal of the applicable Renewal Term then being exercised pursuant to such Renewal Option, or (y) the availability to Landlord of, and Landlord’s exercise of, a renewal or extensionTenant hereunder.

Appears in 1 contract

Samples: Lease Agreement (Soaring Eagle Acquisition Corp.)

Renewal Term. Provided that (i) Tenant is not in default (beyond applicable notice and cure periods) under Lessee shall have an option to extend the Initial Term of this Lease at the time for up to three (3) additional renewal terms of the exercise seven (7) years each (each of such option or additional seven-year terms are referred to as of the commencement of the applicable Renewal Term (as defined below), (ii) Tenant occupies the entire Premises, and (iii) Tenant has not assigned or transferred this Lease (except as may be permitted pursuant to Section 12(b) of this Lease), Tenant shall have two options (each a “Renewal Option”) to renew this Lease, each for one additional term of five years (each a “Renewal Term”), but only in the manner and upon the terms and conditions set forth in this Lease. Each The Initial Term of this Lease and all Renewal Terms for which this Lease is actually extended by Lessee are collectively referred to as the “Tern,” or “Terms” of this Lease. Lessee may extend the term of this Lease for one or more such additional seven-year terms, at Xxxxxx’s option. Lessee shall not have the right to renew or extend this Lease except as provided herein. Subject to any provision hereof expressly limiting the applicability of any term of this Lease to a particular time period, all terms of this Lease shall he effective during the Renewal Option Terms. Lessee shall be exercisable by Tenant’s delivery not have the right to Landlord extend the term of an irrevocable written notice of intention this Lease for more than one Renewal Term at a time. In the event Lessee elects to exercise the Renewal Option (“Renewal Exercise Notice”). A Renewal Exercise Notice right to extend the Term, Lessee shall be given give written notice to Lessor not more than 15 months nor less than 12 two (2) months prior to the expiration of the then-current Term. If Lessee fails to notify Lessor in a timely and proper manner, in accordance with this Lease, that Lessee wishes to exercise its option to extend this Lease beyond the end of the Initial then-current term, then Lessee shall be deemed to have waived the right to renew this Lease, shall have no right to renew this Lease, and this Lease shall terminate at the conclusion of the then-current term without further notice or action by any party. As used in this Lease, the phrase “Term” shall include the Renewal Term or Renewal Terms unless the first Renewal “Initial Term, as applicable. In the event this Lease is at any time (whether now or hereafter) subject to an over-lease or master lease (“Over-Lease”), Tenant’s right to exercise a Renewal Option shall be contingent and conditioned upon (x) the existing term of the Over-Lease expiring on a date which is on or after the expiration of the applicable Renewal Term then being exercised pursuant to such Renewal Option, or (y) the availability to Landlord of, and Landlord’s exercise of, a renewal or extensionspecified.

Appears in 1 contract

Samples: Lease Agreement (Remembrance Group, Inc.)

Renewal Term. Provided that The Original Tenant and any Related Entity to whom the Lease, as amended, is assigned to, shall have the right to renew the New Term for all of the existing Premises for one renewal term of five (5) years (the “Renewal Term”) commencing on April 1, 2028 (the “Renewal Term Commencement Date”) and ending on March 31, 2033, unless the Renewal Term shall sooner terminate pursuant to any of the terms of the Lease, as amended, or otherwise. The Renewal Term shall commence only if (i) Tenant is notifies Landlord in writing (the “Exercise Notice”) of Tenant’s exercise of such renewal right not in default earlier than twelve (beyond applicable notice 12) months, and cure periodsnot later than nine (9) under this Lease months, prior to the New Term Expiration Date, (ii) at the time of the exercise of such option or as of right and immediately prior to the commencement of the applicable Renewal Term (Commencement Date, no default under the Lease, as defined below)amended, shall have occurred and be continuing hereunder, (iiiii) Tenant occupies the entire PremisesPremises at the time the Exercise Notice is given and immediately prior to the Renewal Term Commencement Date, and (iiiiv) Tenant has not assigned or transferred exercises its renewal option, if at all, with respect to all of the Premises. Time is of the essence with respect to the giving of the Exercise Notice. The Renewal Term shall be upon all of the agreements, terms, covenants and conditions of the Lease, as amended, except that (a) the Rent for the Renewal Term shall be determined as provided in Section 9.2 below and (b) if Tenant exercises the renewal option set forth in this Lease (except as may be permitted pursuant to Section 12(b) of this Lease)9, then Tenant shall have two options (each a “Renewal Option”) no further right to renew this Lease, each for one additional term of five years (each a “Renewal Term”)the New Term unless otherwise agreed to in writing by Landlord and Tenant. Each such Renewal Option shall be exercisable by Tenant’s delivery to Landlord of an irrevocable written notice of intention to exercise Upon the Renewal Option (“Renewal Exercise Notice”). A Renewal Exercise Notice shall be given not more than 15 months nor less than 12 months prior to the end commencement of the Initial Term or the first Renewal Term, (1) the Renewal Term shall be added to and become part of the New Term, (2) any reference to “the Lease”, to the “New Term”, the “term of the Lease” or any similar expression shall be deemed to include the Renewal Term and (3) the expiration date of the Renewal Term shall become the New Term Expiration Date. Any termination, cancellation or surrender of the entire interest of Tenant under the Lease, as applicable. In the event this Lease is amended, at any time during the New Term shall automatically terminate the renewal right set forth in this Section 9. The rights contained in this Section 9 shall be personal to the Original Tenant and any Related Entity to whom the Lease, as amended, is assigned to, and may only be exercised by the Original Tenant or any such Related Entity (whether now and not any other assignee, or hereafter) subject to an over-lease any sublessee or master lease (“Over-Lease”), other transferee of Original Tenant’s right to exercise a Renewal Option shall be contingent and conditioned upon (x) interest in the existing term of the Over-Lease expiring on a date which is on or after the expiration of the applicable Renewal Term then being exercised pursuant to such Renewal OptionLease, or (y) the availability to Landlord of, and Landlord’s exercise of, a renewal or extensionas amended).

Appears in 1 contract

Samples: Lease (ChromaDex Corp.)

Renewal Term. Provided that At the option of Licensee, Licensee may, subject to the terms contained herein, extend the Initial Term for one (1) additional term of five (5) Operating Years (the “Renewal Term”) if, and only if: (i) Tenant Licensee is not in default (beyond applicable notice and cure periods) under this Lease at the time of exercising the exercise of such option to extend the Initial Term or as of at the commencement of the applicable Renewal Term (as defined below), Term; (ii) Tenant occupies Licensee properly and timely exercises its right to extend the entire PremisesInitial Term within the time period provided herein (WITH TIME BEING OF THE ESSENCE), and (iii) Tenant has not assigned or transferred this Lease the annual Gross Revenues for the fifth (except as may be permitted pursuant to Section 12(b5th) Operating Year of this Lease), Tenant shall have two options the Initial Term exceed Two Million Seven Hundred Fifty Thousand Dollars (each a $2,750,000.00) (the “Renewal Option”) to renew this Lease, each for one additional term of five years (each a “Renewal TermBase”). Each such The Renewal Option Term will be upon the same terms, conditions and charges (including the Concession Fees) as set forth in this Agreement except for the Minimum Annual Fees which shall be exercisable adjusted as provided in Section 5(c) below. Licensee may exercise its right to extend the Initial Term by Tenant’s delivery to Landlord of an irrevocable giving written notice of such intention to exercise the Renewal Option UCDP no earlier than nine (“Renewal Exercise Notice”). A Renewal Exercise Notice shall be given not more 9) months and no later than 15 months nor less than 12 three (3) months prior to the end of the Initial Term or Term. If Licensee fails to timely deliver written notice to UCDP at least three (3) months prior to the first Renewal expiration of the Initial Term, as applicable. In the event this Lease is at any time (whether now or hereafter) subject to an over-lease or master lease (“Over-Lease”), TenantLicensee’s right to exercise a Renewal Option extend the Initial Term will be null and void and of no further effect and this Agreement shall be contingent and conditioned upon (x) terminate at the existing term expiration of the Over-Lease expiring on a date which is on or Initial Term. If Licensee exercises its right to extend the Initial Term as provided herein and Gross Revenues for the fifth (5th) Operating Year of the Initial Term do not exceed the Renewal Base, then the Term of this Agreement shall expire thirty (30) days after the expiration of the applicable Renewal Term then being exercised pursuant to such Renewal Option, or (y) fifth Operating Year of the availability to Landlord of, and Landlord’s exercise of, a renewal or extensionInitial Term.

Appears in 1 contract

Samples: Propell Corporation.

Renewal Term. Provided that Tenant shall have the right to renew the Term for all of the Premises for one renewal term of 5 years (ithe "Renewal Term") which shall commence on the day following the expiration of the initial Term and end on the 5th anniversary of the Expiration Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (a) Tenant is not shall have notified Landlord in default writing of Tenant's exercise of such renewal right at least 15 months prior to the Expiration Date, (beyond applicable notice and cure periodsb) under this Lease at the time of the exercise of such option or right and immediately prior to the Expiration Date, no event of Default shall have occurred and be continuing hereunder, and (c) PMC-Sierra, Inc. and/or Related Entities shall be in occupancy of at least 70% of the Premises at the time such notice is given. Time is of the essence with respect to the giving of the notice of Tenant's exercise of the renewal option. The Renewal Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant, except that the Fixed Rent (as of defined in Section 1.1) shall be determined as provided in Section 29.2 and Tenant shall have no further right to renew the Term. Upon the commencement of the applicable Renewal Term, (A) the Renewal Term shall be added to and become part of the Term (as defined belowbut shall not be considered part of the initial Term), (iiB) Tenant occupies any reference to "this Lease", to the entire Premises"Term", the "term of this Lease" or any similar expression shall be deemed to include the Renewal Term, and (iiiC) Tenant has not assigned or transferred this Lease (except as may be permitted pursuant to Section 12(b) of this Lease), Tenant shall have two options (each a “Renewal Option”) to renew this Lease, each for one additional term of five years (each a “Renewal Term”). Each such Renewal Option shall be exercisable by Tenant’s delivery to Landlord of an irrevocable written notice of intention to exercise the Renewal Option (“Renewal Exercise Notice”). A Renewal Exercise Notice shall be given not more than 15 months nor less than 12 months prior to the end of the Initial Term or the first Renewal Term, as applicable. In the event this Lease is at any time (whether now or hereafter) subject to an over-lease or master lease (“Over-Lease”), Tenant’s right to exercise a Renewal Option shall be contingent and conditioned upon (x) the existing term of the Over-Lease expiring on a date which is on or after the expiration of the applicable Renewal Term then being exercised pursuant to such Renewal Option, or (y) shall become the availability to Landlord of, and Landlord’s exercise of, a renewal or extensionExpiration Date.

Appears in 1 contract

Samples: Lease (PMC Sierra Inc)

Renewal Term. (a) Provided that (i) Tenant is there shall not in default (beyond applicable notice and cure periods) under this Lease at the time then exist an uncured "Event of the exercise of such option or as of the commencement of the applicable Renewal Term Default" (as such term is defined in Article 13 below), ) on the date Tenant delivers Tenant's Renewal Notice (iihereinafter defined) Tenant occupies the entire Premises, and (iii) Tenant has not assigned or transferred this Lease (except as may be permitted pursuant to Section 12(b) of this Lease)Landlord, Tenant shall have two options the option (each a “the "Renewal Option") to renew the term of this Lease for one renewal term (the "Renewal Term"), for ten (10) years. The Renewal Option for the Renewal Term shall be exercised by written notice from Tenant to Landlord (the "Tenant's Renewal Notice") to the effect that Tenant desires to renew the term of this Lease, each for one additional term of five years (each a “Renewal Term”). Each such Renewal Option shall be exercisable by Tenant’s delivery to Landlord of an irrevocable written notice of intention to exercise the Renewal Option (“Renewal Exercise Notice”). A Renewal Exercise Notice shall be given not more later than 15 months nor less than 12 months two years prior to the end Expiration Date of the Initial Term ("Option Exercise Date"). If Tenant shall fail to give Tenant's Renewal Notice to Landlord on or before the first Renewal TermOption Exercise Date, as applicable. In then the event this Lease is at any time (whether now or hereafter) subject to an over-lease or master lease (“Over-Lease”), Tenant’s right to exercise a Renewal Option shall be contingent not lapse and conditioned upon (xLandlord shall not enter into a lease(s) for the existing term of the Over-Lease expiring on a date which is on Premises or any portion thereof for any period after the expiration of the applicable Initial Term, unless (i) Landlord shall have given Tenant written notice that Tenant has not exercised Tenant's right to extend the term of this Lease, and (ii) an additional period of fifteen (15) business days, during which additional period Tenant may exercise such right to extend the term of this Lease, has elapsed from receipt of such notice by Tenant. If Tenant shall not have exercised the Renewal Option prior to the expiration of said fifteenth (15th) business day, then Tenant's right to extend the Initial Term shall be deemed to have been waived. The Renewal Term shall be on the same covenants, agreements, terms, provisions and conditions as are contained herein, except as expressly provided herein to the contrary. The rent payable during the Renewal Term shall be as provided in Section 4.04. If Tenant fails to exercise effectively its Renewal Option (and the Renewal Term does not become effective), then being exercised pursuant to such Renewal Option, or (y) the availability to Landlord of, and Landlord’s exercise of, a renewal or extensionLease shall terminate on the original Expiration Date as herein provided.

Appears in 1 contract

Samples: Lease (Scholastic Corp)

Renewal Term. Provided that Tenant shall have the right to renew the Term for all of the Premises only for one (i1) renewal term of 5 (five) years (the “Renewal Term”) commencing on the day after the expiration of the initial Term (the “Renewal Term Commencement Date”) and ending on the day last day of the calendar month immediately preceding the fifth anniversary of the Renewal Term Commencement Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (a) Tenant is notifies Landlord (the “Exercise Notice”) of Tenant’s exercise of such renewal right not in default later than fifteen (beyond applicable notice and cure periods15) under this Lease months prior to the Expiration Date, (b) at the time of the exercise of such option or right and immediately prior to the Renewal Term Commencement Date, no Event of Default shall have occurred and be continuing hereunder, and (c) Tenant named herein and/or an assignee permitted under Section 13.8(a) without Landlord’s consent thereof occupy at least two full contiguous floors in the Building (the “Occupancy Threshold”) at the time the Exercise Notice is given. Time is of the essence with respect to the giving of the Exercise Notice. The Renewal Term shall be upon all of the agreements, terms, covenants and conditions of this Lease, except that (x) the Fixed Rent shall be determined as provided in Section 31.2, (y) Tenant shall have no further right to renew the Term, and (z) the Base Tax Year shall be the Tax Year commencing on the July 1st of the calendar year in which the Renewal Term Commencement Date occurs and (z) the Base Expense Year shall be the calendar year in which the Renewal term Commencement Date occurs. Upon the commencement of the applicable Renewal Term, (1) the Renewal Term (as defined below)shall be added to and become part of the Term, (ii2) Tenant occupies any reference to “this Lease”, to the entire Premises“Term”, the “term of this Lease” or any similar expression shall be deemed to include the Renewal Term, and (iii3) Tenant has not assigned or transferred this Lease (except as may be permitted pursuant to Section 12(b) of this Lease), Tenant shall have two options (each a “Renewal Option”) to renew this Lease, each for one additional term of five years (each a “Renewal Term”). Each such Renewal Option shall be exercisable by Tenant’s delivery to Landlord of an irrevocable written notice of intention to exercise the Renewal Option (“Renewal Exercise Notice”). A Renewal Exercise Notice shall be given not more than 15 months nor less than 12 months prior to the end of the Initial Term or the first Renewal Term, as applicable. In the event this Lease is at any time (whether now or hereafter) subject to an over-lease or master lease (“Over-Lease”), Tenant’s right to exercise a Renewal Option shall be contingent and conditioned upon (x) the existing term of the Over-Lease expiring on a date which is on or after the expiration of the applicable Renewal Term then being exercised pursuant to such Renewal Optionshall become the Expiration Date. Any termination, cancellation or (y) surrender of the availability to Landlord of, and Landlord’s exercise of, a entire interest of Tenant under this Lease at any time during the Term shall terminate any right of renewal or extensionof Tenant hereunder.

Appears in 1 contract

Samples: Agreement (2U, Inc.)

Renewal Term. Provided that Tenant shall have the option to renew this Lease for one renewal term of 5 years (the "Renewal Term") which shall commence on the day following the expiration of the initial Term and end on the fifth anniversary of the Expiration Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (i) Tenant is shall have notified Landlord in writing of Tenant's exercise of such renewal option not in default later than one year prior to the Expiration Date, and (beyond applicable notice and cure periodsii) under this Lease at the time of the exercise and immediately prior to the Expiration Date, no event of such option or as Default shall have occurred and be continuing hereunder. ________ of the commencement _______ with respect to the giving of the applicable notice of Tenant's exercise of the ______ renewal option. The Renewal Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution to, or perform any Alteration), except that the Fixed Rent (as defined below), (iiin Section 1.1) Tenant occupies the entire Premises, and (iii) Tenant has not assigned or transferred this Lease (except as may be permitted pursuant to Section 12(b) of this Lease), Tenant shall have two options (each a “Renewal Option”) to renew this Lease, each for one additional term of five years (each a “Renewal Term”). Each such Renewal Option shall be exercisable by Tenant’s delivery to Landlord of an irrevocable written notice of intention to exercise the Renewal Option (“Renewal Exercise Notice”). A Renewal Exercise Notice determined as provided in Section 37.2 and there shall be given not more than 15 months nor less than 12 months prior to the end of the Initial Term or the first Renewal Term, as applicable. In the event this Lease is at any time (whether now or hereafter) subject to an over-lease or master lease (“Over-Lease”), Tenant’s no further renewal right to exercise a Renewal Option shall be contingent and conditioned upon (x) the existing term of the Over-Lease expiring on a date which is on or after the expiration of the applicable Renewal Term. Upon the commencement of the Renewal Term, (A) the Renewal Term then being exercised pursuant shall be added to such and become part of the Term (but shall not be considered part of the initial Term), (B) any reference to "this Lease", to the "Term", the "term of this Lease" or any similar expression shall be deemed to include the Renewal OptionTerm, or and (yC) the availability to Landlord of, and Landlord’s exercise of, a renewal or extensionexpiration of the Renewal Term shall become the Expiration Date.

Appears in 1 contract

Samples: Kasper a S L LTD

Renewal Term. Provided that Tenant shall have the right to renew the Term as set forth below as to any of the following configurations of the Premises: (ia) the entirety of the Leased Premises; (b) the entirety of the Phase 3 Premises and the Phase 4 Premises; (c) the entirety of the Phase 2 Premises, the Phase 3 Premises and the Phase 4 Premises; or (d) the entirety of the Phase 1 Premises, the Phase 3 Premises and the Phase 4 Premises. Notwithstanding the foregoing, if Tenant is exercises the Early Termination Right or the Partial Surrender Right or the Outside Termination Right, the right to renew the Term pursuant to this Section shall not in default (beyond applicable notice apply to the Phase 4 Premises or those portions of the Leased Premises surrendered pursuant to the Partial Surrender Right and cure periods) Tenant may renew as to any Phase of the Premises then being leased by Tenant under this Lease as set forth under this Section 3.4. Tenant shall have the right to one (1) renewal term of five (5) years (the “Renewal Term”) which shall commence on the day following the expiration of the initial Term of this Lease and end on the last day of the Renewal Term, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (a) Tenant shall have notified Landlord in writing of Tenant’s exercise of such renewal right no more than twelve (12) months and no less than nine (9) months prior to the Expiration Date (“Exercise Notice”), and (b) at the time of the exercise of such right and immediately prior to the Expiration Date, no Event of Default (as defined below) under the Lease by Tenant shall have occurred and be continuing. If any of the conditions set forth in the immediately preceding sentence is not satisfied, Tenant’s option or to renew the Term shall lapse and be null and void. Tenant’s notice of its election to renew the Term shall be irrevocable when made. Time is of the essence with respect to the giving of the notice of Tenant’s exercise of the renewal option. The Renewal Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant, except that the Annual Base Rent shall be determined as of provided in Sections 3.5 and 3.6 below and Tenant shall have no further right to renew the Term. Upon the commencement of the applicable Renewal Term, (A) the Renewal Term shall be added to and become part of the Term (but shall not be considered part of the initial Term), (B) any reference to this Lease, to the Term, the Term of this Lease or any similar expression shall be deemed to include the Renewal Term, (C) the expiration of the Renewal Term shall become the Expiration Date and (D) if all of the Leased Premises are not included in the Renewal Term, the L C Amount shall be reduced proportionately; provided, however, the L C Amount shall not decrease below Three Hundred Eighty-Seven Thousand Nine Hundred Forty-Six and 20/100 ($387,946.20). The foregoing right to renew the Term of this Lease is personal to Tenant (and any Permitted Transferee, as defined below) and may not be assigned, sold, leased, subleased or otherwise transferred, voluntarily or involuntarily, by or to any other person or entity, except in connection with a Permitted Transfer (as defined below). Notwithstanding anything set forth in this Section 3.4 to the contrary, Landlord shall have the right, within ten (ii10) Tenant occupies Business Days of receipt of Tenant’s Exercise Notice, and by written notice to Tenant, to elect to recapture all or any Phase of the entire Premises solely for the purpose of occupancy by Landlord. If Landlord exercises its right to recapture all or any Phase of the Premises, and provided Tenant (iiior Tenant’s Permitted Transferee) Tenant has not assigned or transferred this Lease (except as may be permitted pursuant to Section 12(b) of this Lease)is then itself occupying the Premises, Tenant shall have two options the right to withdraw its exercise of the renewal option by delivering written notice thereof to Landlord within thirty (each a “Renewal Option”30) days thereafter; provided, however, if Tenant does not provide such withdrawal notice, Landlord and Tenant shall amend the Lease to renew this Leasereflect the reduction in rsf of the Leased Premises and L C Amount as of the Expiration Date; provided, each for one additional term of five years however, the L C Amount shall not decrease below Three Hundred Eighty-Seven Thousand Nine Hundred Forty-Six and 20/100 Dollars (each a “Renewal Term”$387,946.20). Each such Renewal Option No tenant improvement allowance shall be exercisable by Tenant’s delivery to Landlord of an irrevocable written notice of intention to exercise the Renewal Option (“Renewal Exercise Notice”). A Renewal Exercise Notice shall be given not more than 15 months nor less than 12 months prior to the end of the Initial Term or the first Renewal Term, as applicable. In the event this Lease is at any time (whether now or hereafter) subject to an over-lease or master lease (“Over-Lease”), Tenant’s right to exercise a Renewal Option shall be contingent and conditioned upon (x) the existing term of the Over-Lease expiring on a date which is on or after the expiration of the applicable Renewal Term then being exercised pursuant granted with respect to such Renewal Option, or (y) the availability to Landlord of, and Landlord’s exercise of, a renewal or extensionTerm.

Appears in 1 contract

Samples: Office Lease Agreement (Roblox Corp)

Renewal Term. Provided that The originally named Tenant herein (the “Original Tenant”) shall have the right to renew the initial Term for all of the Premises for one (1) renewal term of three (3) years (the “Renewal Term”) commencing on the day after the expiration of the initial Term (the “Renewal Term Commencement Date”) and ending on the day immediately preceding the third (3rd) anniversary of the Renewal Term Commencement Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (i) Tenant is notifies Landlord in writing (the “Exercise Notice”) of Tenant’s exercise of such renewal right not in default earlier than twelve (beyond applicable notice 12) months, and cure periodsnot later than ten (10) under this Lease months, prior to the Expiration Date, (ii) at the time of the exercise of such option or as of right and immediately prior to the commencement of the applicable Renewal Term (as defined below)Commencement Date, (ii) Tenant occupies the entire Premisesno default under this Lease shall have occurred and be continuing hereunder, and (iii) Tenant has not assigned or transferred this Lease (except as may exercises its renewal option, if at all, with respect to all of the Premises. Time is of the essence with respect to the giving of the Exercise Notice. The Renewal Term shall be permitted pursuant to Section 12(b) upon all of the agreements, terms, covenants and conditions of this Lease), except that (a) the Rent for the Renewal Term shall be determined as provided in Section 2.5(b) below, and (b) if Tenant exercises the renewal option set forth in this Section 2.5, then Tenant shall have two options (each a “Renewal Option”) no further right to renew this Lease, each for one additional term of five years (each a “Renewal Term”)the Term unless otherwise agreed to in writing by Landlord and Tenant. Each such Renewal Option shall be exercisable by Tenant’s delivery to Landlord of an irrevocable written notice of intention to exercise Upon the Renewal Option (“Renewal Exercise Notice”). A Renewal Exercise Notice shall be given not more than 15 months nor less than 12 months prior to the end commencement of the Initial Term or the first Renewal Term, as applicable(1) the Renewal Term shall be added to and become part of the Term, (2) any reference to “this Lease,” “the Term,” the “term of this Lease” or any similar expression shall be deemed to include the Renewal Term, and (3) the expiration date of the Renewal Term shall become the Expiration Date. In Any termination, cancellation or surrender of the event entire interest of Tenant under this Lease is at any time during the Term shall automatically terminate the renewal right set forth in this Section 2.5. The rights contained in this Section 2.5 shall be personal to the Original Tenant and any Permitted Assignee (whether now as defined in Section 13.8 below) and may only be exercised by the Original Tenant or hereafter) subject to an over-lease a Permitted Assignee (and not any other assignee, sublessee or master lease (“Over-Lease”), transferee of the Original Tenant’s right to exercise a Renewal Option shall be contingent and conditioned upon (x) the existing term of the Over-Lease expiring on a date which is on or after the expiration of the applicable Renewal Term then being exercised pursuant to such Renewal Option, or (y) the availability to Landlord of, and Landlord’s exercise of, a renewal or extensioninterest in this Lease).

Appears in 1 contract

Samples: Lease (E2open Inc)

Renewal Term. Provided that (i) Tenant is not In consideration of the Rent hereinafter reserved and the terms, covenants and conditions set forth in default (beyond applicable notice and cure periods) under this Lease at to be observed and performed by Lessee, Lessor hereby demises and leases to Lessee, and Lessee hereby rents and takes from Lessor, the time following property (collectively hereinafter referred to as the "Demised Premises"): 0000 Xxxxxxxx-Xxxxxxxxx Xxxx Line Road, Rochester, New York 14623; (a) all the land (the "Land") described in Exhibit A hereto; (b) all buildings, structures and other improvements (the "Improvements") now or hereafter located on the Land, other than Lessee's Equipment as hereinafter defined; and (c) all rights of way or of use, servitudes, licenses, tenements, appurtenances and easements now or hereafter belonging or pertaining unto Lessee, and the permitted successors and assigns of Lessee, upon and subject to all of the exercise of such option or as terms, covenants and conditions herein contained, for a ten (10) year term commencing on October , 2003, and terminating on October , 2013. If the Lessee is then in compliance with all of the commencement of the applicable Renewal Term (as defined below), (ii) Tenant occupies the entire Premises, terms and (iii) Tenant has not assigned or transferred this Lease (except as may be permitted pursuant to Section 12(b) conditions of this Lease), Tenant the Lessee shall have two options one (each a “Renewal Option”1) option to renew this Lease, each Lease for one additional (1) five (5) year term, which shall commence on the expiration date of the initial term of five years (each a “Renewal Term”)this Lease. Each such Renewal Option All terms and conditions of this Lease shall remain in full force and effect during the renewal term, except that the Lessee shall have no other renewal option, and the annual rent shall be exercisable by Tenant’s delivery adjusted to Landlord reflect the increase in the Consumer Price Index applicable to the Rochester, New York, metropolitan area in the period between the commencement date of an irrevocable written notice the initial term of intention to exercise the Renewal Option (“Renewal Exercise Notice”)Lease and the commencement date of the renewal term of the Lease. A Renewal Exercise Notice This option shall be given not more exercised by the Lessee no later than 15 months nor less than 12 months one hundred twenty (120) days prior to the end expiration date of the Initial Term or the first Renewal Term, as applicable. In the event this Lease is at any time (whether now or hereafter) subject to an over-lease or master lease (“Over-Lease”), Tenant’s right to exercise a Renewal Option shall be contingent and conditioned upon (x) the existing initial term of the Over-Lease expiring on a date which is on or after the expiration of the applicable Renewal Term then being exercised pursuant to such Renewal Option, or (y) the availability to Landlord of, and Landlord’s exercise of, a renewal or extensionthis Lease.

Appears in 1 contract

Samples: Lease (Total Identity Corp)

Renewal Term. Provided that Tenant shall have the right to renew the Term for all of the Premises for two (2) consecutive renewal terms of five (5) years each (each, a “Renewal Term”) commencing on the day after the expiration of the initial Term or the first Renewal Term, as the case may be (each, the “Renewal Term Commencement Date”), and ending on the day immediately preceding the fifth (5th) anniversary of the applicable Renewal Term Commencement Date, unless such Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The applicable Renewal Term shall be exercisable only by written notice delivered by Tenant, as provided in Section 2.6(b) below, provided that, (i) Tenant is not in default (beyond applicable notice and cure periods) under this Lease at the time of the exercise of such option right no default under this Lease beyond any applicable notice and cure period set forth in this Lease shall have occurred and be continuing hereunder and (iii) the Original Tenant or a Related Assignee occupies at least an aggregate of thirty-five thousand (35,000) rentable square feet of the Premises at the time the “Renewal Exercise Notice,” as that term is defined in Section 2.6(b) below, is given. Time is of the essence with respect to the giving of the Renewal Exercise Notice. In no event may Tenant exercise its right to extend the Term for the second Renewal Term if Tenant fails to timely exercise its right to extend the initial Term for the first Renewal Term under this Section 2.6. Each Renewal Term shall be upon all of the agreements, terms, covenants and conditions of this Lease, except that (a) the Rent shall be determined as provided in Section 2.6(c) below and (b) Tenant shall have no further right to renew the Term except as provided herein. Upon the commencement of the applicable Renewal Term (as defined below)Term, (ii1) Tenant occupies such Renewal Term shall be added to and become part of the entire PremisesTerm, and (iii2) Tenant has not assigned or transferred any reference to “this Lease (except as may be permitted pursuant Lease”, to Section 12(b) the “Term”, the “term of this Lease), Tenant ” or any similar expression shall have two options (each a “Renewal Option”) be deemed to renew this Lease, each for one additional term of five years (each a “Renewal Term”). Each include such Renewal Option Term and (3) the expiration of such Renewal Term shall be exercisable by Tenant’s delivery to Landlord of an irrevocable written notice of intention to exercise become the Renewal Option (“Renewal Exercise Notice”)Expiration Date. A Renewal Exercise Notice shall be given not more than 15 months nor less than 12 months prior to the end Any termination, cancellation or surrender of the Initial Term or the first Renewal Term, as applicable. In the event entire interest of Tenant under this Lease is at any time during the Term shall automatically terminate the renewal rights set forth in this Section 2.6. The rights contained in this Section 2.6 shall be personal to the Original Tenant, and a Related Assignee, and may only be exercised by the Original Tenant or a Related Assignee (whether now and not any other assignee, or hereafter) subject to an over-lease any sublessee or master lease (“Over-Lease”), transferee of the Original Tenant’s right to exercise a Renewal Option shall be contingent and conditioned upon (x) the existing term of the Over-Lease expiring on a date which is on or after the expiration of the applicable Renewal Term then being exercised pursuant to such Renewal Option, or (y) the availability to Landlord of, and Landlord’s exercise of, a renewal or extensioninterest in this Lease).

Appears in 1 contract

Samples: Agreement of Sublease (Sunrun Inc.)

Renewal Term. Provided that Tenant is occupying at least 80% of the Premises (which 80% shall consist of no less than all of the 7th Floor Premises, all of the 8lh Floor Premises, all of the 9th Floor Expansion Premises, and all of the 10th Floor Expansion Premises), Tenant shall have the right to renew the Lease Term for either (A) all of the Premises or (B) all of the 7th Floor Premises, all of the 8th Floor Premises, all of the 9th Floor Expansion Premises, and all of the 10th Floor Expansion Premises (each of (A) and (B) are referred to herein as the “Renewal Premises”) for one (1) renewal term of three (3) years (the “Renewal Term”) commencing on the day after the Lease Expiration Date (the “Renewal Term Commencement Date”) and ending on the day immediately preceding the third (3rd) anniversary of the Renewal Term Commencement Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease, or otherwise. The Renewal Term shall commence only if (i) Tenant is notifies Landlord in writing (the “Exercise Notice”) of Tenant’s exercise of such renewal right not in default earlier than fifteen (beyond applicable notice 15) months, and cure periodsnot later than twelve (12) under this months, prior to the Lease Expiration Date, (ii) at the time of the exercise of such option or as of right and immediately prior to the commencement of the applicable Renewal Term (as defined below)Commencement Date, (ii) no default by Tenant occupies the entire Premisesunder this Lease, shall have occurred and be continuing thereunder, (iii) Tenant has not assigned occupies (A) the entire Premises or transferred this Lease (except as may be permitted pursuant B) all of the 7th Floor Premises, all of the 8th Floor Premises, all of the 9th Floor Expansion Premises, and all of the 10th Floor Expansion Premises at the time the Exercise Notice is given, and (iv) Tenant exercises its renewal option, if at all, with respect to Section 12(b(A) all of this Lease)the Premises or (B) all of the 7th Floor Premises, all of the 8th Floor Premises, all of the 9th Floor Expansion Premises, and all of the 10th Floor Expansion Premises; provided, however, that if Tenant timely delivers to Landlord the Exercise Notice, Landlord shall have two options thirty (each a “Renewal Option”30) days from receipt of such Exercise Notice to renew this Leasenotify Tenant in writing of Landlord’s election to terminate, each for one additional term of five years (each a “Renewal Term”). Each such Renewal Option which election shall be exercisable by Tenantin Landlord’s delivery to Landlord of an irrevocable written notice of intention to exercise the Renewal Option (“Renewal Exercise Notice”). A Renewal Exercise Notice shall be given not more than 15 months nor less than 12 months prior to the end of the Initial Term or the first Renewal Term, as applicable. In the event this Lease is at any time (whether now or hereafter) subject to an over-lease or master lease (“Over-Lease”)sole and absolute discretion, Tenant’s right to exercise a Renewal Option renew the Lease Term, in which case Tenant’s Exercise Notice, and the renewal right set forth in this Section 17.1, each shall be contingent null and conditioned void and of no further force or effect, and Tenant shall have no further right to renew the Lease Term, unless otherwise agreed to in writing by Landlord and Tenant. Time is of the essence with respect to the giving of the Exercise Notice. The Renewal Term shall be upon all of the agreements, terms, covenants and conditions of this Lease, except that (xa) the existing Rent shall be determined as provided in Section 17.2 below, and (b) if Tenant exercises the renewal option set forth in this Section 17, then Tenant shall have no further right to renew the Lease Term, unless otherwise agreed to in writing by Landlord and Tenant. Upon the commencement of the Renewal Term, (1) the Renewal Term shall be added to and become part of the Lease Term, (2) any reference to “this Lease”, to the “Lease Term”, to the “term of this Lease” or any similar expression shall be deemed to include the Over-Lease expiring on a date which is on or after Renewal Term, and (3) the expiration date of the applicable Renewal Term then being shall become the Lease Expiration Date. Any termination, cancellation or surrender of the entire interest of Tenant under this Lease, at any time during the Lease Term, shall automatically terminate the renewal right set forth in this Section 17. The rights contained in this Section 17 shall be personal to the Original Tenant or a Permitted Transferee and may only be exercised pursuant to such Renewal Optionby the Original Tenant or a Permitted Transferee (but not any other assignee, sublessee or (y) other transferee of the availability to Landlord of, and LandlordOriginal Tenant’s exercise of, a renewal or extensioninterest in this Lease).

Appears in 1 contract

Samples: Office Lease (Yelp! Inc)

Renewal Term. Provided that Tenant shall have the right to renew the Term ------------ for all of the Premises for one (i1) renewal term of five (5) years ("Renewal Term") which shall commence on the day following the expiration of the initial Term and end on the fifth (5th) anniversary of the originally-scheduled Expiration Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (a) Tenant is shall have notified Landlord in writing of Tenant's exercise of such renewal right (the "Exercise Notice") not in default later than fourteen (beyond applicable notice and cure periods14) under this Lease months prior to the Expiration Date, (b) at the time of the exercise of such option or right and immediately prior to the Expiration Date, no Event of Default shall have occurred and be continuing hereunder, and (c) Tenant and/or a Related Entity shall be in occupancy of at least sixty-six percent (66%) of the rentable area of the Premises at the time such Exercise Notice is given. Time is of the essence with respect to the giving of the Exercise Notice of Tenant's exercise of such renewal option. The Renewal Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant, except that the Fixed Rent (as of defined in Section 1.1) shall be determined as provided in Section 34.2 and Tenant shall have no further right to renew the Term. Upon the commencement of the applicable Renewal Term, (A) the Renewal Term shall be added to and become part of the Term (as defined belowbut shall not be considered part of the initial Term), (iiB) Tenant occupies any reference to "this Lease", to the entire Premises"Term", the "term of this Lease" or any similar expression shall be deemed to include the Renewal Term, and (iiiC) Tenant has not assigned or transferred this Lease (except as may be permitted pursuant to Section 12(b) of this Lease), Tenant shall have two options (each a “Renewal Option”) to renew this Lease, each for one additional term of five years (each a “Renewal Term”). Each such Renewal Option shall be exercisable by Tenant’s delivery to Landlord of an irrevocable written notice of intention to exercise the Renewal Option (“Renewal Exercise Notice”). A Renewal Exercise Notice shall be given not more than 15 months nor less than 12 months prior to the end of the Initial Term or the first Renewal Term, as applicable. In the event this Lease is at any time (whether now or hereafter) subject to an over-lease or master lease (“Over-Lease”), Tenant’s right to exercise a Renewal Option shall be contingent and conditioned upon (x) the existing term of the Over-Lease expiring on a date which is on or after the expiration of the applicable Renewal Term then being exercised pursuant to such Renewal Option, or (y) shall become the availability to Landlord of, and Landlord’s exercise of, a renewal or extensionExpiration Date.

Appears in 1 contract

Samples: Lease (Portal Software Inc)

Renewal Term. Provided Tenant shall have the right to renew the Term for all of the Premises for (x) one renewal term of 24 months (the “First Renewal Term”) which shall commence on the day following the expiration of the initial Term and end on the second anniversary of the Expiration Date, unless the First Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise; and (y) provided that Tenant timely exercised its option for the First Renewal Term and, subject to Landlord’s recapture right as hereinafter provided, a second renewal term of 36 months (ithe “Second Renewal Term” and, jointly with the First Renewal Term, a “Renewal Term”), unless the Second Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (a) Tenant is shall have notified Landlord in writing of Tenant’s exercise of each such renewal right not in default earlier than nine months and not later than one year prior to then scheduled Expiration Date, and (beyond applicable notice and cure periodsb) under this Lease at the time of the exercise of such option or right and immediately prior to the Expiration Date, no event of Default shall have occurred and be continuing hereunder. Time is of the essence with respect to the giving of the notice of Tenant’s exercise of the renewal option. Each Renewal Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant, except that the Fixed Rent (as defined in Section 1.1) shall be determined as provided in Section 30.2 and, upon the exercise of the renewal right respecting the Second Renewal Term, Tenant shall have no further right to renew the Term. Upon the commencement of each Renewal Term, (A) the applicable Renewal Term shall be added to and become part of the Term (as defined belowbut shall not be considered part of the initial Term), (iiB) Tenant occupies any reference to “this Lease”, to the entire Premises“Term”, the “term of this Lease” or any similar expression shall be deemed to include the applicable Renewal Term, and (iiiC) Tenant has not assigned or transferred the expiration of the subject Renewal Term shall become the Expiration Date. Notwithstanding anything set forth in this Lease (except as may be permitted pursuant Section 30.1 to Section 12(b) of this Lease)the contrary, Tenant Landlord shall have two options (each a “Renewal Option”) the right, within 10 Business Days of receipt of Tenant’s exercise notice with respect to renew this Lease, each for one additional term of five years (each a “the Second Renewal Term”). Each such Renewal Option shall be exercisable , and by Tenant’s delivery to Landlord of an irrevocable written notice to Tenant, to elect to recapture the Premises for its own use and enjoyment as of intention to exercise the Renewal Option (“Renewal Exercise Notice”). A Renewal Exercise Notice shall be given not more than 15 months nor less than 12 months prior to the end of the Initial Term or the first First Renewal Term, as applicable. In the event this Lease is at any time (whether now or hereafter) subject to an over-lease or master lease (“Over-Lease”), Tenant’s right to exercise a Renewal Option shall be contingent and conditioned upon (x) the existing term of the Over-Lease expiring on a date which is on or after the expiration of the applicable Renewal Term then being exercised pursuant to such Renewal Option, or (y) the availability to Landlord of, and Landlord’s exercise of, a renewal or extension.

Appears in 1 contract

Samples: Lease (DemandTec, Inc.)

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Renewal Term. Provided that (i) Tenant is not in default (beyond applicable notice and cure periods) under this Lease at the time of the exercise of such option or as of the commencement of the applicable Renewal Term (as defined below), (ii) Tenant occupies the entire Premises, and (iii) Tenant has not assigned or transferred this Lease (except as may be permitted pursuant to Section 12(b) of this Lease), Tenant shall have two options the right, exercisable as hereinafter provided, to extend the Term of this Lease for four (4) successive periods of five (5) years each a (the “First Renewal Term,” the “Second Renewal Term,” the “Third Renewal Term,” and the “Fourth Renewal Term,” and collectively the “Renewal Option”) to renew this Lease, each for one additional term of five years (each a “Renewal TermTerms”). Each such Renewal Option Term is hereby granted upon the same covenants, terms and conditions as those provided in this Lease for the Term, except for the payment of Base Rent, which shall be exercisable governed by Tenant’s delivery Section 4.2 of this Lease. If Tenant desires to extend the Term of this Lease for any Renewal Term, it shall provide Landlord of an irrevocable with written notice of intention to exercise (the Renewal Option (“Renewal Exercise Notice”). A Renewal Exercise Notice shall be given not more ) no later than 15 months nor less than 12 the day which is twelve (12) months prior to the end expiration of the Initial Term or the first then current Renewal Term, as applicablethe case may be. In If Tenant shall fail timely to provide the event Renewal Notice, Landlord agrees to deliver to Tenant a written notice informing Tenant that it did not provide the Renewal Notice. After receipt of Landlord’s notice, Tenant shall have an additional fifteen (15) day period in which to deliver the Renewal Notice, and the Renewal Term shall then be considered to have been properly exercised if Tenant delivers the Renewal Notice within such fifteen (15) day period. The Base Rent per annum applicable to any Renewal Term shall be the amount indicated in Section 1.1(h) of this Lease. If the Term of this Lease is at any time (whether now or hereafter) subject to an over-lease or master lease (“Over-Lease”)not extended for the First Renewal Term, Tenant’s Tenant shall have no right to exercise a extend the Term hereof for any subsequent Renewal Option shall be contingent and conditioned upon (x) the existing term of the Over-Lease expiring on a date which is on or after the expiration of the applicable Renewal Term then being exercised pursuant to such Renewal Option, or (y) the availability to Landlord of, and Landlord’s exercise of, a renewal or extensionTerm.

Appears in 1 contract

Samples: Lease Agreement (American Realty Capital Trust, Inc.)

Renewal Term. Provided that Tenant shall have the right to renew the Lease Term for all of the Leased Premises for one renewal term of [*] years (ithe “Renewal Term”) commencing on the day after the expiration of the initial Term (the “Renewal Term Commencement Date”) and ending on the day preceding the [*] anniversary of the Renewal Term Commencement Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (a) Tenant is notifies Landlord (the “Exercise Notice”) of Tenant’s exercise of such renewal right not in default later than [*] prior to the Expiration Date, (beyond applicable notice and cure periodsb) under this Lease at the time of the exercise of such option or as of right and immediately prior to the commencement of the applicable Renewal Term Commencement Date, no default shall have occurred and be continuing following any applicable cure period hereunder; and (as defined below), (iic) Tenant occupies no less than [*] of the entire PremisesLease Premises for its own use at the time the Exercise Notice is given. Time is of the essence with respect to the giving of the Exercise Notice. The Renewal Term shall be upon all of the agreements, terms, covenants and conditions of this Lease, except that (w) the Base Rental shall be adjusted as set forth in (i) below, and (iiix) Tenant has not assigned or transferred this Lease (except as may be permitted pursuant to Section 12(b) of this Lease), Tenant shall have two options (each a “Renewal Option”) no further right to renew this Leasethe Term. Any termination, each for one additional term of five years (each a “Renewal Term”). Each such Renewal Option shall be exercisable by Tenant’s delivery to Landlord of an irrevocable written notice of intention to exercise the Renewal Option (“Renewal Exercise Notice”). A Renewal Exercise Notice shall be given not more than 15 months nor less than 12 months prior to the end cancellation or surrender of the Initial Term or the first Renewal Term, as applicable. In the event entire interest of Tenant under this Lease is at any time (whether now or hereafter) subject to an over-lease or master lease (“Over-Lease”), Tenant’s during the Term shall terminate the foregoing right to exercise a Renewal Option shall be contingent and conditioned upon (x) the existing term of the Over-Lease expiring on a date which is on or after the expiration renewal of the applicable Renewal Term then being exercised pursuant to such Renewal Option, or (y) the availability to Landlord of, and Landlord’s exercise of, a renewal or extensionTenant hereunder.

Appears in 1 contract

Samples: Lease Agreement (Boston Beer Co Inc)

Renewal Term. Provided that Tenant shall have the right to renew the ------------ Term for all of the Premises for one (i1) renewal term of five (5) years ("Renewal Term") which shall commence on the day following the expiration of the initial Term and end on the fifth (5th) anniversary of the originally-scheduled Expiration Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (a) Tenant is shall have notified Landlord in writing of Tenant's exercise of such renewal right (the "Exercise Notice") not in default later than fourteen (beyond applicable notice and cure periods14) under this Lease months prior to the Expiration Date, (b) at the time of the exercise of such option or right and immediately prior to the Expiration Date, no Event of Default shall have occurred and be continuing hereunder, and (c) Tenant and/or a Related Entity shall be in occupancy of at least sixty-six percent (66%) of the rentable area of the Premises at the time such Exercise Notice is given. Time is of the essence with respect to the giving of the Exercise Notice of Tenant's exercise of such renewal option. The Renewal Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant, except that the Fixed Rent (as of defined in Section 1.1) shall be determined as provided in Section 34.2 and Tenant shall have no further right to renew the Term. Upon the commencement of the applicable Renewal Term, (A) the Renewal Term shall be added to and become part of the Term (as defined belowbut shall not be considered part of the initial Term), (iiB) Tenant occupies any reference to "this Lease", to the entire Premises"Term", the "term of this Lease" or any similar expression shall be deemed to include the Renewal Term, and (iiiC) Tenant has not assigned or transferred this Lease (except as may be permitted pursuant to Section 12(b) of this Lease), Tenant shall have two options (each a “Renewal Option”) to renew this Lease, each for one additional term of five years (each a “Renewal Term”). Each such Renewal Option shall be exercisable by Tenant’s delivery to Landlord of an irrevocable written notice of intention to exercise the Renewal Option (“Renewal Exercise Notice”). A Renewal Exercise Notice shall be given not more than 15 months nor less than 12 months prior to the end of the Initial Term or the first Renewal Term, as applicable. In the event this Lease is at any time (whether now or hereafter) subject to an over-lease or master lease (“Over-Lease”), Tenant’s right to exercise a Renewal Option shall be contingent and conditioned upon (x) the existing term of the Over-Lease expiring on a date which is on or after the expiration of the applicable Renewal Term then being exercised pursuant to such Renewal Option, or (y) shall become the availability to Landlord of, and Landlord’s exercise of, a renewal or extensionExpiration Date.

Appears in 1 contract

Samples: Lease (Portal Software Inc)

Renewal Term. Provided that (i) Tenant is not in default (beyond applicable notice and cure periods) under this Lease at the time of the exercise of such option or as of the commencement of the applicable Renewal Term (as defined below), (ii) Tenant occupies the entire Premises, and (iii) Tenant has not assigned or transferred this Lease (except as may be permitted pursuant to Section 12(b) of this Lease), 39.1 Tenant shall have two options the option (each a the “Renewal Option”) to renew extend the Term of this Lease, each Lease for one (1) additional term period of five (5) years (each a the “Renewal Term”). Each , which Renewal Term shall commence on the date immediately succeeding the Fixed Expiration Date and end on the fifth (5th) anniversary of the Fixed Expiration Date provided that (a) this Lease shall not have been previously terminated, (b) Tenant shall occupy at least eighty percent (80%) of the Premises for the conduct of its business and (c) no Event of Default shall have occurred (x) on the date Tenant gives Landlord written notice (the “Renewal Notice”) of Tenant’s election to exercise such Renewal Option Option, and (y) on the Fixed Expiration Date. The Renewal option may be exercised with respect to the entire Premises only and shall be exercisable by Tenant’s delivery Tenant delivering the Renewal Notice to Landlord of an irrevocable written notice of intention to exercise the Renewal Option at least twelve (“Renewal Exercise Notice”). A Renewal Exercise Notice shall be given not more than 15 months nor less than 12 12) months prior to the end Fixed Expiration Date. Time is of the Initial Term or essence with respect to the first Renewal Term, as applicable. In the event this Lease is at any time (whether now or hereafter) subject to an over-lease or master lease (“Over-Lease”), Tenant’s right to exercise a Renewal Option shall be contingent and conditioned upon (x) the existing term of the Over-Lease expiring on a date which is on or after the expiration giving of the applicable Renewal Term then being exercised pursuant Notice. Upon the giving of the Renewal Notice, Tenant shall have no further right or option to such Renewal Option, extend or (y) renew the availability to Landlord of, and Landlord’s exercise of, a renewal or extensionTerm.

Appears in 1 contract

Samples: Agreement of Lease (National Financial Partners Corp)

Renewal Term. Provided that Original Tenant shall have the right to renew the initial Term for all of the Premises for one renewal term of five (5) years (the “Renewal Term”) commencing on the day after the expiration of the initial Term (the “Renewal Term Commencement Date”) and ending on the day immediately preceding the fifth (5th) anniversary of the Renewal Term Commencement Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (i) Tenant is notifies Landlord in writing (the “Exercise Notice”) of Tenant’s exercise of such renewal right not in default earlier than fifteen (beyond applicable notice 15) months, and cure periodsnot later than nine (9) under this Lease months, prior to the Expiration Date, (ii) at the time of the exercise of such option or as of right and immediately prior to the commencement of the applicable Renewal Term (as defined below)Commencement Date, no default under this Lease shall have occurred and be continuing hereunder, (iiiii) Tenant occupies the entire PremisesPremises at the time the Exercise Notice is given and immediately prior to the Renewal Term Commencement Date, and (iiiiv) the Original Tenant has not assigned or transferred this Lease (except as may exercises its renewal option, if at all, with respect to all of the Premises. Time is of the essence with respect to the giving of the Exercise Notice. The Renewal Term shall be permitted pursuant to Section 12(b) upon all of the agreements, terms, covenants and conditions of this Lease), except that (a) the Rent for the Renewal Term shall be determined as provided in Section 2.5(b) below and (b) if Tenant exercises the renewal option set forth in this Section 2.5, then Tenant shall have two options (each a “Renewal Option”) no further right to renew this Lease, each for one additional term of five years (each a “Renewal Term”)the Term unless otherwise agreed to in writing by Landlord and Tenant. Each such Renewal Option shall be exercisable by Tenant’s delivery to Landlord of an irrevocable written notice of intention to exercise Upon the Renewal Option (“Renewal Exercise Notice”). A Renewal Exercise Notice shall be given not more than 15 months nor less than 12 months prior to the end commencement of the Initial Term or the first Renewal Term, as applicable. In (1) the event Renewal Term shall be added to and become part of the Term, (2) any reference to “this Lease is at any time (whether now or hereafter) subject to an over-lease or master lease (“Over-Lease”), Tenant’s right to exercise a Renewal Option the “Term”, the “term of this Lease” or any similar expression shall be contingent deemed to include the Renewal Term and conditioned upon (x3) the existing term of the Over-Lease expiring on a date which is on or after the expiration of the applicable Renewal Term then being exercised pursuant shall become the Expiration Date. Any termination, cancellation or surrender of the entire interest of Tenant under this Lease at any time during the Term shall automatically terminate the renewal right set forth in this Section 2.5. The rights contained in this Section 2.5 shall be personal to such Renewal Option, or (y) the availability to Landlord ofOriginal Tenant, and Landlordmay only be exercised by the Original Tenant (and not any assignee, sublessee or other transferee of the Original Tenant’s exercise of, a renewal or extensioninterest in this Lease).

Appears in 1 contract

Samples: Lease (Cereplast Inc)

Renewal Term. Provided that The Original Tenant and a Permitted Transferee Assignee, as the case may be, shall have the right to renew the initial Term for all of the Premises for one renewal term of five (5) years (the “Renewal Term”) commencing on the day after the expiration of the initial Term (the “Renewal Term Commencement Date”) and ending on the day immediately preceding the fifth (5th) anniversary of the Renewal Term Commencement Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (i) Tenant is notifies Landlord in writing (the “Exercise Notice”) of Tenant’s exercise of such renewal right not in default earlier than fourteen (beyond applicable notice 14) months, and cure periodsnot later than nine (9) under this Lease months, prior to the Expiration Date, (ii) at the time of the exercise of such option or as of right and immediately prior to the commencement of the applicable Renewal Term (as defined below)Commencement Date, no default by Tenant under this Lease shall have occurred and be continuing hereunder, (iiiii) Tenant occupies the entire PremisesPremises at the time the Exercise Notice is given and immediately prior to the Renewal Term Commencement Date, and (iiiiv) Tenant has not assigned or transferred this Lease (except as may exercises its renewal option, if at all, with respect to all of the Premises. Time is of the essence with respect to the giving of the Exercise Notice. The Renewal Term shall be permitted pursuant to Section 12(b) upon all of the agreements, terms, covenants and conditions of this Lease), except that (a) the Rent for the Renewal Term shall be determined as provided in Section 2.5(b) below and (b) if Tenant exercises the renewal option set forth in this Section 2.5, then Tenant shall have two options (each a “Renewal Option”) no further right to renew this Lease, each for one additional term of five years (each a “Renewal Term”)the Term unless otherwise agreed to in writing by Landlord and Tenant. Each such Renewal Option shall be exercisable by Tenant’s delivery to Landlord of an irrevocable written notice of intention to exercise Upon the Renewal Option (“Renewal Exercise Notice”). A Renewal Exercise Notice shall be given not more than 15 months nor less than 12 months prior to the end commencement of the Initial Term or the first Renewal Term, as applicable(1) the Renewal Term shall be added to and become part of the Term, (2) any reference to “this Lease”, to the “Term”, the “term of this Lease” or any similar expression shall be deemed to include the Renewal Term and (3) the expiration date of the Renewal Term shall become the Expiration Date. In Any termination, cancellation or surrender of the event entire interest of Tenant under this Lease is at any time during the Term shall automatically terminate the renewal right set forth in this Section 2.5. The rights contained in this Section 2.5 shall be personal to Original Tenant and a Permitted Transferee Assignee, as the case may be, and may only be exercised by Original Tenant or a Permitted Transferee Assignee, as the case may be (whether now and not any other assignee, or hereafter) subject to an over-lease any sublessee or master lease (“Over-Lease”), other transferee of Original Tenant’s right to exercise a Renewal Option shall be contingent and conditioned upon (x) the existing term of the Over-Lease expiring on a date which is on or after the expiration of the applicable Renewal Term then being exercised pursuant to such Renewal Option, or (y) the availability to Landlord of, and Landlord’s exercise of, a renewal or extensioninterest in this Lease).

Appears in 1 contract

Samples: Lease (Catasys, Inc.)

Renewal Term. (a) Provided that (i) Tenant is this Sublease shall not in default (beyond applicable notice have been previously terminated, and cure periods) under this Lease at the time of the exercise of such option or as of the commencement of the applicable Renewal Term (as defined below), (ii) Tenant occupies no default shall have occurred and be continuing hereunder on (x) the entire Premises, and date Subtenant gives Sublessor written notice (iii) Tenant has not assigned or transferred this Lease (except as may be permitted pursuant to Section 12(bthe "Renewal Notice") of this Lease), Tenant shall have two options (each a “Renewal Option”) to renew this Lease, each for one additional term of five years (each a “Renewal Term”). Each such Renewal Option shall be exercisable by Tenant’s delivery to Landlord of an irrevocable written notice of intention Subtenant's election to exercise the Renewal Option (as hereinafter defined), and (y) the Expiration Date, Subtenant shall have the option (the "Renewal Exercise Notice”Option") to extend the Term of this Sublease for one (1) additional period of approximately five (5) years (the "Renewal Term"), which Renewal Term shall commence on the date immediately succeeding the Expiration Date and end on December 31, 2012 (in which case, such date shall be deemed the Expiration Date). A The Renewal Exercise Notice Option may be exercised with respect to the entire Subleased Premises only and shall be given not more than 15 months nor less than 12 exercisable by Subtenant delivering the Renewal Notice to Sublessor 77 79 on or before the date which is six (6) months prior to the end Expiration Date (the "Renewal Notice Date"). Time is of the Initial Term essence with respect to the giving of the Renewal Notice on or before the first Renewal TermNotice Date, as applicable. In and in the event Subtenant does not deliver the Renewal Notice to Subtenant on or before the Renewal Notice Date, this Lease is at any time (whether now or hereafter) subject to an over-lease or master lease (“Over-Lease”), Tenant’s right to exercise a Renewal Option Section 27 shall be contingent void and conditioned upon (x) of no force or effect. Upon the existing giving of the Renewal Notice, Subtenant shall have no further right or option to extend or renew the term of the Over-Lease expiring on a date which is on or after the expiration of the applicable Renewal Term then being exercised pursuant to such Renewal Option, or (y) the availability to Landlord of, and Landlord’s exercise of, a renewal or extensionthis Sublease.

Appears in 1 contract

Samples: Bisys Group Inc

Renewal Term. Provided that Tenant shall have the right to renew the initial Term for all of the Leased Premises for one (1) renewal term of five (5) years (the “Renewal Term”), commencing on the day after the expiration of the initial Lease Term (the “Renewal Term Commencement Date”) and ending on the day immediately preceding the fifth (5th) anniversary of the Renewal Term Commencement Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (i) Tenant is notifies Landlord in writing (the “Renewal Exercise Notice”) of Tenant’s exercise of such renewal right not in default earlier than fifteen (beyond applicable notice 15) full calendar months, and cure periodsnot later than twelve (12) under this Lease full calendar months, prior to the Expiration Date (the “Extension Deadline”), and, (ii) at the time of the exercise of such right and, at the option or as of Landlord, immediately prior to the commencement of the applicable Renewal Term (as defined below)Commencement Date, (ii) Tenant occupies the entire Premises, and (iii) Tenant has not assigned or transferred no Event of Default under this Lease (except as may be permitted pursuant to Section 12(b) of this Lease), Tenant shall have two options (each a “Renewal Option”) to renew this Lease, each for one additional term of five years (each a “Renewal Term”). Each such Renewal Option shall occurred and be exercisable by Tenant’s delivery to Landlord of an irrevocable written notice of intention to exercise the Renewal Option (“Renewal Exercise Notice”)continuing hereunder. A Renewal Exercise Notice shall be given not more than 15 months nor less than 12 months prior irrevocable once delivered. Time is of the essence with respect to the end giving of the Initial Renewal Exercise Notice. The Renewal Term shall be upon all of the agreements, terms, covenants and conditions of this Lease, except that (a) the Base Monthly Rent shall be determined as provided below and (b) Tenant shall have no further right to renew or extend the first Lease Term. Upon the commencement of the Renewal Term, as applicable. In (1) the event Renewal Term shall be added to and become part of the Lease Term, (2) any reference to “this Lease is at any time (whether now or hereafter) subject to an over-lease or master lease (“Over-Lease”), Tenant’s right to exercise a Renewal Option the “Lease Term”, the “term of this Lease” or any similar expression shall be contingent deemed to include the Renewal Term, and conditioned upon (x3) the existing term of the Over-Lease expiring on a date which is on or after the expiration of the applicable Renewal Term then being exercised pursuant shall become the Expiration Date. Any termination, cancellation or surrender of any interest of Tenant under this Lease at any time during the Lease Term shall automatically terminate the renewal rights set forth herein. The renewal right contained herein shall be personal to such Renewal OptionPMC-Sierra, Inc. (and Permitted Transferees) (and not available to any other assignee, or any other sublessee or other transferee) and may be exercised only provided and on condition that PMC-Sierra, Inc. has not assigned its interest in this Lease (yexcept to a Permitted Transferee) or sublet (except to a Permitted Transferee) more than 50% of Leased Premises as of the availability date Tenant purports to Landlord ofgive the Renewal Exercise Notice and, and at the option of Landlord’s exercise of, a renewal or extensionupon commencement of the Renewal Term.

Appears in 1 contract

Samples: Office Lease (PMC Sierra Inc)

Renewal Term. Provided Subject to the terms of this Section 2.5, Landlord hereby grants to the originally named Tenant (“Original Tenant”), and any Related Entity (defined in Section 13.8, below) to whom this Lease is assigned (an “Affiliate Assignee”), the right to renew the initial Term for all of the initial Premises and, at its option, any “First Offer Space,” as that term is defined in Section 2.6, below for one renewal term of five (5) years (the “Renewal Term”) commencing on the day after the expiration of the initial Term (the “Renewal Term Commencement Date”) and ending (the “Renewal Term Expiration Date”) on the day immediately preceding the fifth (5th) anniversary of the Renewal Term Commencement Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (i) Tenant is notifies Landlord in writing (the “Exercise Notice”) of Tenant’s exercise of such renewal right not in default later than nine (beyond applicable notice and cure periods9) under this Lease months, prior to the Expiration Date, (ii) at the time of the exercise of such option or as of right and immediately prior to the commencement of the applicable Renewal Term (as defined below)Commencement Date, (ii) Tenant occupies the entire Premisesno material non-monetary and no monetary default under this Lease beyond any applicable notice and cure period set forth herein shall have occurred and be continuing hereunder, and (iii) Tenant has not assigned or transferred this Lease (except as may be permitted pursuant exercises its renewal option, if at all with respect to Section 12(b) of this Lease)the entire Premises, excluding any First Offer Space; provided that Tenant shall have two options (each a “Renewal Option”) shall, in the Exercise Notice, designate whether Tenant is exercising the renewal right with respect to renew this Leaseany First Offer Space then being leased by Tenant, each for one additional the term of five years (each a “Renewal Term”). Each such Renewal Option shall be exercisable by Tenant’s delivery to Landlord of an irrevocable written notice of intention to exercise the Renewal Option (“Renewal Exercise Notice”). A Renewal Exercise Notice shall be given not more than 15 months nor less than 12 months which First Offer Space expires prior to the end of the Initial Renewal Term or the first Renewal Term, as applicableExpiration Date. In the event that Tenant elects to renew the Term of the Lease pursuant to the terms of this Lease is at Section 2.5, but fails to designate whether Tenant desires to renew the term of any time (whether now or hereafter) subject to an over-lease or master lease (“Over-Lease”)First Offer Space in the Exercise Notice, Tenant’s right to exercise a Renewal Option then Tenant shall be contingent and conditioned upon (x) deemed to have elected to extend the existing term of all First Offer Space. In the Over-Lease expiring on a date which event that Tenant elects, or is on or after deemed to have elected, to renew the term of any First Offer Space then being leased by Tenant, then the extended term of any such First Offer Space shall commence (the “First Offer Renewal Commencement Date”) following the expiration of the applicable First Offer Term (defined in Section 2.6(e), below), and shall thereafter expire on the Renewal Term then being exercised pursuant Expiration Date. The period commencing on the First Offer Renewal Commencement Date and expiring on the Renewal Term Expiration Date shall be referred to such herein as the “First Offer Renewal OptionTerm.” Time is of the essence with respect to the giving of the Exercise Notice. The Renewal Term shall be upon all of the agreements, or terms, covenants and conditions of this Lease, except that (ya) the availability Rent for the Renewal Term shall be as set forth in Section 2.5(b) below and (b) if Tenant exercises the renewal option set forth in this Section 2.5, then Tenant shall have no further right to renew the Term unless otherwise agreed to in writing by Landlord ofand Tenant. Upon the commencement of the Renewal Term, (1) the Renewal Term shall be added to and Landlordbecome part of the Term, (2) any reference to “this Lease”, to the “Term”, the “term of this Lease” or any similar expression shall be deemed to include the Renewal Term and (3) the expiration of the Renewal Term shall become the Expiration Date. Any termination, cancellation or surrender of the entire interest of Tenant under this Lease at any time during the Term shall automatically terminate the renewal right set forth in this Section 2.5. The terms of this Section 2.5 shall be applicable to Tenant’s exercise of, a renewal or extensionlease of the First Offer Space subject to the terms set forth herein.

Appears in 1 contract

Samples: Lease (Mindspeed Technologies, Inc)

Renewal Term. Provided that (i) Tenant is not in default (beyond applicable notice and cure periods) or breach under this the Lease at the time of the exercise of such option to renew described below (the "Renewal Option") is exercised or as of at the commencement of the applicable Renewal Term (as defined below), (ii) Tenant occupies the entire Premises, and (iii) Tenant has not assigned or transferred this Lease (except as may be permitted pursuant to Section 12(b) of this Leasehereinafter defined), Tenant shall have two options one (each 1) option to extend the Term of the Lease for a period of five (5) years (the "Renewal Term"), commencing on the first day following the last day of the initial Term and upon the same terms and conditions as are contained in the Lease, except as hereinafter provided. If Tenant timely and properly exercises the Renewal Option, monthly Base Rent for the Renewal Term shall be as follows: Renewal Term (Months) Monthly Base Rent 1 - 12 $20,36122 13-24 $20,972.05 25-36 $21,601.22 37-48 $22,249.25 49-60 $22,916.73 Tenant shall have no further or additional right to renew this extend the Term of the Lease. Landlord shall have no obligation to make any improvements, each decorations, repairs, alterations or additions to the Premises as a condition to Tenant's obligation to pay monthly Base Rent, Additional Rent and any and all other amounts owing under the Lease for one additional term of five years (each a “the Renewal Term”). Each such The Renewal Option shall be exercisable exercised, if at all, by Tenant’s delivery written notice to Landlord of an irrevocable written notice of intention to exercise the Renewal Option given no later than six (“Renewal Exercise Notice”). A Renewal Exercise Notice shall be given not more than 15 months nor less than 12 6) months prior to the end last day of the Initial Term or initial Tenn. If Tenant fails to timely exercise the first Renewal Option, Tenant shall conclusively be deemed to have waived the Renewal Option and the Lease shall terminate on the last day of the initial Term, as applicable. In the event this Lease is at of any time assignment or sublease by Tenant (whether now in accordance with the terms of the Lease or hereafter) subject to an over-lease or master lease (“Over-Lease”otherwise), Tenant’s right to exercise a the Renewal Option shall automatically be contingent null and conditioned upon (x) the existing term of the Over-Lease expiring on a date void, unless Landlord first provides its written consent otherwise, which is on or after the expiration of the applicable Renewal Term then being exercised pursuant to such Renewal Option, or (y) the availability to Landlord of, and Landlord’s exercise of, a renewal or extensionconsent may not be unreasonably withheld 5. Base Rent Total Monthly Gross Rent 5.1

Appears in 1 contract

Samples: Lease) Agreement (Value Line Inc)

Renewal Term. Provided that (i) Tenant is not in default (beyond applicable notice and cure periods) under this Lease at the time of the exercise of such option or as of the commencement of the applicable Renewal Term (as defined below), (ii) Tenant occupies the entire Premises, and (iii) Tenant has not assigned or transferred this Lease (except as may be permitted pursuant to Section 12(b) of this Lease), Tenant shall have two options (each a “Renewal Option”) the right to renew this Leasethe Term for all of the Premises for two (2) successive renewal terms (each, each for one additional term of five years (each a “Renewal Term;” the “First Renewal Term” and the “Second Renewal Term). Each such , respectively) of five (5) years each, by notice (each, a “Renewal Option shall be exercisable by Tenant’s delivery Notice”) delivered to Landlord of an irrevocable written notice of intention to exercise the Renewal Option (“Renewal Exercise Notice”). A Renewal Exercise Notice shall be given not more than 15 months nor less than 12 eighteen (18) months prior to the end Expiration Date or the expiration of the Initial Term or the first First Renewal Term, as applicable, time being of the essence; provided, however, (x) no Event of Default shall remain outstanding either on the date such Renewal Notice is given or on the respective Renewal Term Commencement Date (as hereinafter defined, and (y) the One Xxxxxxx Park Lease is and remains in full force and effect, and concurrently therewith, Tenant renews the term of the One Xxxxxxx Park Lease. In Upon the event giving of each such Renewal Notice, the Term of this Lease is at shall be extended for the respective Renewal Term with the same force and effect as if such Renewal Term had originally been included in the Term. The First Renewal Term shall commence on January 1, 2024 (the “First Renewal Term Commencement Date”) and shall expire on December 31, 2029, or such earlier date as this Lease may terminate pursuant to any time of the terms and conditions of this Lease. The Second Renewal Term shall commence on January 1, 2030 (whether now or hereafter) subject to an over-lease or master lease (the Over-LeaseSecond Renewal Term Commencement Date”), Tenant’s right and shall expire on December 31, 2034, or such earlier date as this Lease may terminate pursuant to exercise a any of the terms and conditions of this Lease. Time is of the essence with respect to the giving of each Renewal Option Notice. Each Renewal Term shall be contingent upon all of the agreements, terms, covenants and conditioned upon conditions of this Lease, except that (w) the Fixed Rent shall be determined as provided in Section 28.2, (x) after the existing exercise of the option with respect to the Second Renewal Term, Tenant shall have no further right to renew the Term, (y) the Base Tax Year shall be the Tax Year commencing on the July 1st prior to the applicable Renewal Term Commencement Date, and (z) the Base Expense Year shall be the Comparison Year ending on the December 31st immediately preceding the respective Renewal Term Commencement Date. Upon the commencement of each respective Renewal Term, (A) the respective Renewal Term shall be added to and become part of the Term, (B) any reference in this Lease to the “Term”, the “term of this Lease” or any similar expression shall be deemed to include the Over-Lease expiring on a date which is on or after respective Renewal Term, and (C) the expiration of the applicable respective Renewal Term then being exercised pursuant to such Renewal Optionshall become the Expiration Date. Any termination, cancellation or (y) surrender of the availability to Landlord of, and Landlord’s exercise of, a entire interest of Tenant under this Lease at any time during the Term shall terminate the foregoing rights of renewal or extensionof Tenant hereunder.

Appears in 1 contract

Samples: Lease (Pegasystems Inc)

Renewal Term. Provided that (i) Tenant is not PFIC shall have the right and option, in default (beyond applicable notice and cure periods) under this Lease at its discretion, to extend the time of the exercise of such option or as of the commencement of the applicable Renewal Initial Term (as defined below), (ii) Tenant occupies the entire Premises, and (iii) Tenant has not assigned or transferred this Lease (except as may be permitted pursuant to Section 12(b) of this Lease), Tenant shall have Agreement for two options (2) renewal terms of five (5) years each (each such option, as it applies to each such renewal term, being hereinafter referred to as a “Renewal Option”) ” and each such term resulting from exercise of a Renewal Option being herein referred to renew this Lease, each for one additional term of five years (each as a “Renewal Term”). Each such , which Renewal Term shall commence upon the expiration of the Initial Term or expiration of the immediately preceding Renewal Term, as the case may be; provided, that: (i) PFIC shall deliver a notice to Manager of its election to exercise a Renewal Option shall be exercisable by Tenant’s delivery to Landlord of an irrevocable written notice of intention to exercise the Renewal Option not later than six (“Renewal Exercise Notice”). A Renewal Exercise Notice shall be given not more than 15 months nor less than 12 6) calendar months prior to the expiration of the then applicable Initial Term or Renewal Term, as the case may be; and (ii) in the case of any Renewal Term after the first Renewal Term, Manager shall have exercised all of its preceding Renewal Options. If Manager shall fail to exercise any Renewal Option otherwise exercisable hereunder on a timely basis, this Agreement shall expire at the end of the Initial Term or the first then applicable Renewal Term, as applicable. In the event this Lease is at case may be, and any time (whether now or hereafter) subject to an over-lease or master lease (“Over-Lease”), Tenant’s right to exercise a remaining Renewal Option shall thereupon terminate and be contingent of no further force or effect. The terms of this Agreement shall be applicable to the management and conditioned upon (x) the existing term operation of the Over-Lease expiring on a date which is on or after Lounge by Manager during the expiration Initial Term and each of the applicable Renewal Terms. For the purposes hereof, the “Term” of this Agreement shall mean the Initial Term then being exercised pursuant to such together with any Renewal OptionTerms if, or (y) the availability to Landlord ofas, and Landlord’s exercise of, when in effect. In no event shall the Initial Term together with the Renewal Terms exceed a renewal or extensionperiod of time in excess of fifteen (15) years.

Appears in 1 contract

Samples: Lounge Management Agreement

Renewal Term. Provided that (i) Tenant is not in default (beyond applicable notice and cure periods) under Lessee shall have an option to extend the Initial Term of this Lease at the time for up to three (3) additional renewal terms of the exercise seven (7) years each (each of such option or additional seven-year terms are referred to as of the commencement of the applicable Renewal Term (as defined below), (ii) Tenant occupies the entire Premises, and (iii) Tenant has not assigned or transferred this Lease (except as may be permitted pursuant to Section 12(b) of this Lease), Tenant shall have two options (each a “Renewal Option”) to renew this Lease, each for one additional term of five years (each a “Renewal Term”), but only in the manner and upon the terms and conditions set forth in this Lease. Each The Initial Term of this Lease and all Renewal Terms for which this Lease is actually extended by Lessee are collectively referred to as the “Term” or “Terms” of this Lease. Lessee may extend the Term of this Lease for one or more such Renewal Option additional seven (7)-year terms, at Lessee’s option, provided Lessee is not in default of the further terms and conditions of this Lease. Lessee shall not have the right to renew or extend this Lease except as provided herein. Subject to any provision hereof expressly limiting the applicability of any term, covenant or condition of this Lease to a particular time period, all terms and conditions of this Lease shall be exercisable by Tenant’s delivery effective during the Renewal Terms. Lessee shall not have the right to Landlord extend the Term of an irrevocable written notice of intention this Lease for more than one Renewal Term at a time. In the event Lessee elects to exercise the Renewal Option (“Renewal Exercise Notice”). A Renewal Exercise Notice right to extend the Term, Lessee shall be given give written notice to Lessor not more than 15 months nor less than 12 months sixty (60) days’ prior to the expiration of the then-current Term. If Lessee fails to notify Lessor in a timely and proper manner, in accordance with this Lease, that Lessee wishes to exercise its option to extend this Lease beyond the end of the Initial then-current Term, then Lessee shall be deemed to have waived the right to renew this Lease, shall have no further right to renew this Lease, and this Lease shall terminate at the conclusion of the then-current Term without further notice or action by any party. As used in this Lease, the phrase “Term” shall include the Renewal Term or Renewal Terms unless the first Renewal “Initial Term, as applicable. In the event this Lease is at any time (whether now or hereafter) subject to an over-lease or master lease (“Over-Lease”), Tenant’s right to exercise a Renewal Option shall be contingent and conditioned upon (x) the existing term of the Over-Lease expiring on a date which is on or after the expiration of the applicable Renewal Term then being exercised pursuant to such Renewal Option, or (y) the availability to Landlord of, and Landlord’s exercise of, a renewal or extensionspecified.

Appears in 1 contract

Samples: Lease Agreement (Remembrance Group, Inc.)

Renewal Term. Provided that (i) Tenant is not in default (beyond applicable notice and cure periods) under this Lease at the time of the exercise of such option or as of the commencement of the applicable Renewal Term (as defined below), (ii) Tenant occupies the entire Premises, and (iii) Tenant has not assigned or transferred this Lease (except as may be permitted pursuant to Section 12(b) of this Lease), Tenant shall have two options (each a “Renewal Option”) to renew this Lease, each for one additional term of five years (each a “Renewal Term”). Each such Renewal Option shall be exercisable by Tenant’s delivery to Landlord of an irrevocable written notice of intention to exercise the Renewal Option (“Renewal Exercise Notice”). A Renewal Exercise Notice shall be given not more than 15 months nor less than 12 months prior to the end of the Initial Term or the first Renewal Term, as applicable. In the event this Lease is at any time (whether now or hereafter) subject to an over-lease or master lease (“Over-Lease”), Tenant’s right to exercise a Renewal Option shall be contingent and conditioned upon (x) the existing term of the Over-Lease expiring on a date which is on or after the expiration of the applicable Renewal Term then being exercised pursuant to such Renewal Option, or (y) the availability to Landlord of, and Landlord’s exercise of, a renewal or extensionextension Pursuant to 17 C.F.R. Section 200.83

Appears in 1 contract

Samples: Lease Agreement (Reynolds Group Holdings LTD)

Renewal Term. Provided that (i) Tenant is not in default (beyond applicable notice and cure periods) under Lessee shall have an option to extend the Initial Term of this Lease at the time for up to three (3) additional renewal terms of the exercise seven (7) years each (each of such option or additional seven-year terms are referred to as of the commencement of the applicable Renewal Term (as defined below), (ii) Tenant occupies the entire Premises, and (iii) Tenant has not assigned or transferred this Lease (except as may be permitted pursuant to Section 12(b) of this Lease), Tenant shall have two options (each a “Renewal Option”) to renew this Lease, each for one additional term of five years (each a “Renewal Term”), but only in the manner and upon the terms and conditions set forth in this Lease. Each The Initial Term of this Lease and all Renewal Terms for which this Lease is actually extended by Lessee are collectively referred to as the “Term” or “Terms” of this Lease. Lessee may extend the term of this Lease for one or more such Renewal Option additional seven-year terms, at Xxxxxx’s option. Lessee shall not have the right to renew or extend this Lease except as provided herein. Subject to any provision hereof expressly limiting the applicability of any term of this Lease to a particular time period, ail terms of this Lease shall be exercisable by Tenant’s delivery effective during the Renewal Terms. Lessee shall not have the right to Landlord extend the term of an irrevocable written notice of intention this LeaSe for more than one Renewal Term at a time. In the event Lessee elects to exercise the Renewal Option (“Renewal Exercise Notice”). A Renewal Exercise Notice right to extend the Term, Lessee shall be given give written notice to Lessor not more than 15 months nor less than 12 two (2) months prior to the expiration of the then-current Term. If Lessee fails to notify Lessor in a timely and proper manner, in accordance with this Lease, that Lessee wishes to exercise its option to extend this Lease beyond the end of the Initial then-current term, then Lessee shall be deemed to have waived the right to renew this Lease, shall have no right to renew this Lease, and this Lease shall terminate at the conclusion of the then-current term without further notice or action by any party. As used in this Lease, the phrase “Term” shall include the Renewal Term or Renewal Terms unless the first Renewal “Initial Term, as applicable. In the event this Lease is at any time (whether now or hereafter) subject to an over-lease or master lease (“Over-Lease”), Tenant’s right to exercise a Renewal Option shall be contingent and conditioned upon (x) the existing term of the Over-Lease expiring on a date which is on or after the expiration of the applicable Renewal Term then being exercised pursuant to such Renewal Option, or (y) the availability to Landlord of, and Landlord’s exercise of, a renewal or extensionspecified.

Appears in 1 contract

Samples: Lease Agreement (Remembrance Group, Inc.)

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