Second Renewal. The Tenant shall have the right to renew this Lease for a second further term of five (5) years (the “Second Renewal Right”) commencing on •, 2014 and expiring on •, 2019 (the “Second Renewal Period”), subject to the following terms and conditions: (i) the Tenant shall not be entitled to the Second Renewal Right if, at the time of the giving of the notice of exercise thereof: (A) the Tenant has received written notice from the Landlord that it is in default under this Lease and all applicable notice and cure periods have expired; or (B) the Tenant is no longer using, occupying and operating in the Leased Premises for the purposes of the development and manufacturing of Spheral Solar and ancillary purposes or for the solar business as it is currently being conducted by the Photowatt Technologies Group; (ii) the Second Renewal Right shall be exercisable by notice by the Tenant to the Landlord by no later than six (6) months prior to the expiry of the First Renewal Period; (iii) provided the Tenant has properly exercised the Second Renewal Right, this Lease shall be renewed for the Second Renewal Period on the same terms and conditions as are contained in this Lease, except that the Minimum Rent during the Second Renewal Period will be as stipulated in subsection (iv) and there shall be no further right to renew; and (iv) the annual Minimum Rent during the Second Renewal Period shall be the Market Rent for the Leased Premises based on the Rentable Area of the Building as of the commencement date of the Second Renewal Period and, based on this, shall be negotiated in good faith by the Landlord and the Tenant and, failing agreement by three (3) months before the commencement date of the Second Renewal Period, shall be determined by a single arbitrator in accordance with the provisions of the attached Schedule “C” and the Arbitration Act, 1991 (Ontario).
Appears in 1 contract
Second Renewal. The Tenant shall have the right to renew this Lease for a second further term of five (5) years (the “Second Renewal Right”) commencing on •, 2014 and expiring on •, 2019 (the “Second Renewal Period”), subject to the following terms and conditions:
Provided that (i) the Tenant shall not be entitled to the Second Renewal Right if, renewal option under Section 50.1.1 has been duly exercised both at the time of the giving exercise of the notice option hereinafter set forth and at the time of exercise thereof: commencement of the Second Renewal Term (Aas hereinafter defined) the Tenant has received written notice from the Landlord that it this Lease is in full force and effect and provided further that Tenant is not then in default under this Lease and all hereunder beyond the expiration of any applicable notice and cure periods have expired; period provided for in this Lease and (ii) Tenant has not then sublet, on a cumulative basis, 25% or (B) more of the Tenant is no longer using, occupying and operating in the Leased 4000 Premises for the purposes purpose of conducting its own business, Tenant is hereby granted the option to renew the Term for one (1) additional period of sixty (60) months (the "Second Renewal Term"), such Second Renewal Term to commence at the expiration of the development and manufacturing of Spheral Solar and ancillary purposes or for the solar business as it is currently being conducted by the Photowatt Technologies Group;
(ii) the Second initial Renewal Right Term. Tenant shall be exercisable by notice by the Tenant to the Landlord by no later than six (6) months prior to the expiry of the First Renewal Period;
(iii) provided the Tenant has properly exercised the Second Renewal Right, this Lease shall be renewed exercise its option for the Second Renewal Period on Term by delivering notice of such election (the same terms and conditions as are contained in this Lease, except "Renewal Notice") to Landlord not less than two hundred seventy (270) days prior to the expiration of the Renewal Term. In the event that Landlord does not receive the Minimum Rent during Renewal Notice for the Second Renewal Period will Term prior to the expiration of such time period (time being of the essence with respect thereto), then such option to renew the Lease Term and the option to renew under Section 50.1.2 shall, upon the expiration of such time period, become null and void and be as stipulated in subsection (iv) and there shall 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, but the failure to do so shall not effect such renewal right to renew; and
(iv) the annual Minimum Rent during the Second Renewal Period shall be the Market Rent for the Leased Premises based on the Rentable Area of the Building as of the commencement date of the Second Renewal Period and, based on this, shall be negotiated in good faith by the Landlord being null and the Tenant and, failing agreement by three (3) months before the commencement date of the Second Renewal Period, shall be determined by a single arbitrator in accordance with the provisions of the attached Schedule “C” and the Arbitration Act, 1991 (Ontario)void.
Appears in 1 contract
Sources: Lease (Axiom Inc)
Second Renewal. The Tenant shall have the right to renew this Lease for a second further term of five (5) years (the “Second Renewal Right”) commencing on •• , 2014 and expiring on •• , 2019 (the “Second Renewal Period”), subject to the following terms and conditions:
(i) the Tenant shall not be entitled to the Second Renewal Right if, at the time of the giving of the notice of exercise thereof: (A) the Tenant has received written notice from the Landlord that it is in default under this Lease and all applicable notice and cure periods have expired; or (B) the Tenant is no longer using, occupying and operating in the Leased Premises for the purposes of the development and manufacturing of Spheral Solar and ancillary purposes or for the solar business as it is currently being conducted by the Photowatt Technologies Group;
(ii) the Second Renewal Right shall be exercisable by notice by the Tenant to the Landlord by no later than six (6) months prior to the expiry of the First Renewal Period;
(iii) provided the Tenant has properly exercised the Second Renewal Right, this Lease shall be renewed for the Second Renewal Period on the same terms and conditions as are contained in this Lease, except that the Minimum Rent during the Second Renewal Period will be as stipulated in subsection (iv) and there shall be no further right to renew; and
(iv) the annual Minimum Rent during the Second Renewal Period shall be the Market Rent for the Leased Premises based on the Rentable Area of the Building as of the commencement date of the Second Renewal Period and, based on this, shall be negotiated in good faith by the Landlord and the Tenant and, failing agreement by three (3) months before the commencement date of the Second Renewal Period, shall be determined by a single arbitrator in accordance with the provisions of the attached Schedule “C” and the Arbitration Act, 1991 (Ontario).
Appears in 1 contract