Tenant's Option Clause Samples
The "Tenant's Option" clause grants the tenant specific rights to make certain decisions or take particular actions under the lease, such as renewing the lease term, expanding the leased premises, or terminating the lease early. Typically, this clause outlines the conditions under which the tenant can exercise these options, including required notice periods, any associated fees, and the process for notifying the landlord. Its core practical function is to provide flexibility and control to the tenant, allowing them to adapt the lease to their changing needs and circumstances.
Tenant's Option. If pursuant to Subsection 24.3.1 Landlord elects to undertake such repairs, but the Landlord’s Estimate of the Completion Date is more than one year after delivery of such notice, then Tenant shall have an option, exercisable by written notice thereof delivered to Landlord not later than the fifteenth (15th) business day after Landlord’s delivery of Landlord’s notice that the repairs will not be completed within such one year period, to terminate this Lease. If neither Landlord nor Tenant exercise such a right of termination with respect to a Casualty covered by this Subsection 24.3, then Landlord shall promptly, diligently and continuously undertake to repair such damage or destruction. Notwithstanding the immediately preceding sentence, in the event Landlord commences repair of such damage, and the repairs are not substantially completed within a period of time equal to 120% of the period of time between the date of such damage and the Landlord’s Estimate of the Completion Date, as such Landlord’s Estimate of the Completion Date may be extended by the number of days that the substantial completion of the repair work is delayed due to any Tenant-caused delays (the “Third 120% Period”), then Tenant shall have the right to terminate this Lease within five (5) business days after the expiration of the Third 120% Period, by notice to Landlord, which such termination shall be effective as of thirty (30) days after Tenant’s delivery to Landlord of the Damage Termination Notice (the “Third Damage Termination Notice Period”). Landlord shall have the right to deliver to Tenant a notice at any time prior to the Landlord’s Estimate of the Completion Date estimating a revised Landlord’s Estimate of the Completion Date, upon receipt of which Tenant shall have thirty (30) days to elect whether or not to terminate this Lease or to approve the revised Landlord’s Estimate of the Completion Date.
Tenant's Option. In the event neither party exercises its option to terminate as aforesaid, Tenant shall be entitled to a reduction of rental payments in proportion to the amount by which the gross area of the Demised Premises is reduced by such taking or loss and such reduction shall be retroactive to the date when Tenant was deprived of the full and complete use of all the Demised Premises.
Tenant's Option. If the Leased Space or a portion of it is subject to Major Damage during the final three years of the Term, Tenant has the right, for a period of 60 days beginning on the date of the occurrence, to elect not to restore the affected Improvements as otherwise required under this Agreement by giving the Commissioner written notice of the election, in which event this Agreement will, as to the portion of the Leased Space, terminate upon the notice. If Tenant desires to rebuild the affected Leased Space, it may do so only upon the written approval of the Commissioner. If approved, Tenant will receive the unamortized Improvement Cost of the restoration upon termination or expiration of the Term, with amortization being calculated on a straight-line basis over a period of time equivalent to the original Term..
Tenant's Option. In the event of the termination of this Lease as provided in Section 11.1, Tenant shall have the right, exercisable by written notice to Landlord given within thirty (30) days after receipt by Tenant of notice of Condemnation, to elect (a) to acquire the Leased Property from Landlord for a purchase price equal to the greater of its Minimum Repurchase Price or the Fair Market Value Purchase Price of the Leased Property immediately prior to such Condemnation, in which event, upon the closing of such acquisition, Tenant shall have the right to receive the entire Award, or (b) to substitute a new property therefor in accordance with the provisions of Article 16, in which event Tenant shall receive the entire Award. Failure of Tenant to give such notice within such 30-day period shall be deemed a waiver of Tenant's rights pursuant to this Section 11.
Tenant's Option. Provided that at the time of exercise by Tenant under this Section 11.1, (i) there then exists no Default of Tenant under this Lease, (ii) this Lease is then in full force and effect, (iii) Tenant or a permitted assignee is in actual occupancy of at least 51% of the Consolidated Premises demised hereunder (or such portions thereof as Tenant shall have occupied at any time during the Term) and (iv) neither The Plymouth Rock, Inc., Landlord nor any affiliate of either such entity nor their related companies desires to use the Consolidated Premises upon expiration of the Term of this Lease (as evidenced by written notice of same by Landlord to Tenant given no later than thirty days after ▇▇▇▇▇▇'s notice of its intent to extend the Term) Tenant shall have the right and option to extend the Term for one (1) extended term of five (5) years (the "Extended Term"). The Extended Term shall commence on the day immediately succeeding the last day of the initial Term and shall end on the day immediately preceding the fifth (5th) anniversary of the first (1st) day of the Extended Term. Tenant shall exercise such option to extend by giving notice to Landlord of its desire to do so not later than nine (9) months prior to the expiration of the initial Term. Provided that the conditions set forth in this Section shall have been satisfied, the giving of such notice by Tenant shall automatically extend the Term for the Extended Term, and no instrument of renewal need be executed. In the event that Tenant fails to give such notice to Landlord, this Lease shall automatically terminate at the end of the initial Term and Tenant shall have no further option to extend the Lease Term, it being agreed that time is of the essence with respect to the giving of such notice. The Extended Term shall be on all the terms and conditions of this Lease, except that Tenant shall have no further options to extend, and the Annual Fixed Rent for the Extended Term shall be determined pursuant to Section 11.3 below.
Tenant's Option. If the Leased Space or a portion of it is subject to Major Damage during the final three years of the Term, Tenant has the right, for a period of 60 days beginning on the date of the occurrence, to elect not to restore the affected Improvements as otherwise required under this Agreement by giving the Commissioner written notice of the election, in which event this Agreement will, as to the portion of the Leased Space, terminate upon the notice. If Tenant desires to rebuild the affected Leased Space, it may do so only upon the written approval of the Commissioner.
Tenant's Option. If all or any portion of the Premises shall be made --------------- untenantable by fire or other casualty, Landlord shall, with reasonable promptness, cause an architect or general contractor selected by Landlord to provide Landlord and Tenant with a written estimate of the amount of time required to substantially complete the repair and restoration of the Premises and make the Premises tenantable again, using standard working methods ("Completion Estimate"). If the Completion Estimate indicates that the Premises cannot be made tenantable within two hundred ten (210) days from the date the repair and restoration is started, then regardless of anything in Section 16(a) above to the contrary, either party shall have the right to terminate this Lease by giving written notice to the other of such election within ten (10) days after receipt of the Completion Estimate. Tenant, however, shall not have the right to terminate this Lease if the fire or casualty was caused by the negligence or intentional misconduct of Tenant, any Tenant Related Parties or any of Tenant's transferees, contractors or licensees.
Tenant's Option. Tenant shall have an option to extend the term of this Lease beyond the Initial Term for one five-year period; provided that this Lease is in effect and there is not then continuing an Event of Default under this Lease. Such option shall be exercised by Tenant by giving written notice to Landlord not less than eighteen (18) months prior to the expiration of the Initial Term of this Lease. Each such extension period shall be referred to herein as an "Extended Term." If Tenant fails to give such notice to Landlord prior to said 18 month period, then Tenant shall forfeit the option to extend set forth hereunder.
Tenant's Option. A taking of ninety eight (98%) or more of the floor area of the Premises shall confer upon Tenant the option, to be exercised only within thirty (30) days after Tenant shall have received notice thereof, to terminate this Lease effective as of date such taking, upon written notice to Landlord. Failure of Tenant to exercise such option shall constitute Tenant's agreement that the balance of the Premises is reasonably adequate for the conduct of Tenant's business, and this Lease shall remain in effect subject to paragraph 14.2 hereof.
Tenant's Option. Provided that at the time of exercise there exists no Default of Tenant and that this Lease is still in full force and effect, Tenant shall have the right and option to extend the Term of this Lease of one extended term of three years (the Extended Option Term) commencing on the day immediately succeeding the expiration date of the Extended Lease Term and ending at the close of the day on the last day of the Thirty-Sixth calendar month thereafter. Tenant shall exercise such option to extend by giving written notice to Landlord not later than twelve months prior to the expiration of the Extended Lease Term. The giving of such notice by Tenant shall automatically extend the Term of this Lease for the Extended Option Term and no instrument of renewal need to be executed. In the event that Tenant fails to give such notice to Landlord, this Lease shall automatically terminate at the end of the Extended Lease Term and Tenant shall have no further option to extend the Term of this Lease. The Extended Lease Term shall be on all the terms and conditions of this Lease as Restructured and Extended except that the provisions of the Section 15.1 shall not be applicable and Basic Rent shall be as determined pursuant to paragraph 15.2 hereof.