Second Extended Term. Provided that (a) at the time of exercise and at the commencement of the Second Extended Term (as hereinafter defined) Tenant is not in default under any term or provision of this Lease beyond expiration of any applicable cure period; and (b) Tenant has previously exercised its option for the First Extended Term; (c) the Lease has not been assigned other than to a controlled entity, as set forth in subparagraph 16(i) of the Lease; and (d) Tenant is not subletting more than twenty-five percent (25%) of the Premises at the commencement of the First Extended Term other than to a controlled entity as set forth in subparagraph 16(i) of the Lease, then Tenant shall have the option to extend the term of this Lease (the "Second Option to Extend", each of the First Option to Extend and the Second Option to Extend being referred to herein from time to time as an "Option to Extend") for one (1) additional period of five (5) years after the First Extended Term (the "Second Extended Term") upon the same terms and conditions set forth in this Lease, so far as applicable, except that Tenant shall have no additional option to extend the Term hereof (beyond the Second Extended Term) and the rental rate for the Second Extended Term shall be the market rent for the consummation, at the time of the exercise of such option, of similar lease transactions for comparable properties located in the general geographical area in which the Premises are located; provided, however, the monthly amount of the Fixed Rent during the Second Extended Term shall not be less than the monthly amount of the Fixed Rent payable during the last year of the First Extended Term. In the event the Tenant wishes to exercise this Second Option to Extend, Tenant shall give Landlord written notice of such election not later than one hundred eighty (180) days prior to expiration of the First Extended Term.
Appears in 1 contract
Second Extended Term. Provided that (a) at the time of exercise and at the commencement of the Second Extended Term (as hereinafter defined) Tenant is not in default under any term or provision of this Lease beyond expiration of any applicable cure period; and (b) Tenant has previously exercised its option for the First Extended Term; (c) the Lease has not been assigned other than to a controlled entity, as set forth in subparagraph 16(i) of the Lease; and (d) Tenant is not subletting more than twenty-five percent (25%) of the Premises at the commencement of the First Extended Term other than to a controlled entity as set forth in subparagraph 16(i) of the Lease, then Tenant shall have the Tenant’s option to extend the term of this the Lease (the "Second Option to Extend", each as provided in Paragraph 7 of the First Option Sixth Amendment to Extend the Lease is hereby deleted in its entirety and replaced with the Second Option following: Tenant shall have the right to Extend being referred to herein from time to time as an "Option to Extend") extend the Term of the Lease for one (1) additional period extension term of five one (51) years after the First Extended Term year (the "“Second Extended Term"”) upon the same terms which shall commence on May 1, 2010 and conditions set forth in this Leaseend on April 30, so far as applicable, except that Tenant shall have no additional option to extend the Term hereof (beyond the Second Extended Term) and the rental rate for 2011 unless the Second Extended Term shall be sooner terminate pursuant to any of the market rent for the consummationterms of this Lease or otherwise. The Second Extended Term shall commence only if Tenant shall have notified Landlord in writing of Tenant’s exercise of such extension right not later than December 15, 2009, and at the time of the exercise of such optionright and immediately prior to the then Expiration Date, this Lease is in full force and effect and no Default shall have occurred and be continuing hereunder. Time is of similar lease transactions for comparable properties located the essence with respect to the giving of the notice of Tenant’s exercise of the extension right. The Second Extended Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant, except that (a) Tenant shall pay Base Rent to Landlord in accordance with Section 1 of the general geographical area in which Lease at the rate of $14,250.00 per month, (b) Landlord shall have no obligation to perform any work or make any contribution to work performed to prepare the Premises are located; providedfor Tenant’s use, however, and (c) Tenant shall have no further right to extend the monthly amount Term. Upon the exercise of the Fixed Rent during extension option by Tenant, (i) the Second Extended Term shall be added to and become part of the Term (but shall not be less than the monthly amount considered part of the Fixed Rent payable during the last year of the initial term or First Extended Term), (ii) any reference to “this Lease”, to the “Term”, the “term of this Lease” or any similar expression shall be deemed to include the Second Extended Term, and (iii) the expiration date of the Second Extended Term shall become the Expiration Date. In Tenant shall have the event the Tenant wishes right to exercise this Second Option its option to Extendextend for all of the Premises or for either (a) the portion of the Premises containing approximately 5,199 rentable square feet and known as Suite 220 and described herein as the Additional Premises or (b) the portion of the Premises containing approximately 6,801 rentable square feet and known as Suite 280. If Tenant elects to extend the Term of the Lease with respect to only a portion of the Premises, as provided above, then Tenant shall give Landlord written notice of such election not later than one hundred eighty (180) days prior to expiration vacate the portion of the First Extended TermPremises for which the Lease is not being extended on or before the then current Expiration Date and Landlord and Tenant shall promptly enter into an amendment to the Lease deleting the applicable Suite from the Premises and making such further adjustments as may be appropriate, including, without limitation, proportionate reductions in the Base Rent, the Tenant’s Proportionate Share and the allocation of Parking Spaces.
Appears in 1 contract
Sources: Lease (Biosante Pharmaceuticals Inc)