Tenant’s Option to Renew. All options to renew the Amended Lease are hereby deleted in their entirety. The following renewal right is added to the Lease reading as follows: The Tenant is hereby granted two (2) five (5) year options to renew the Lease (“Renewal Option”). If the Tenant desires to exercise the Renewal Option, it shall so notify the Landlord, in writing, not later than twelve (12) months prior to the then current expiration date of the Term. Such notice shall only be effective if delivered at a time when the Tenant is not in Default hereunder. Within thirty (30) days following its receipt of Tenant’s notice of its desire to exercise the Renewal Option, given at the time and in the manner provided above, Landlord shall prepare and transmit to Tenant an appropriate amendment to this Lease extending the Term for five (5) years (each a “Renewal Term”; the first such five (5) year period being herein referred to as the “First Renewal Term” and the second such five (5) year period being herein referred to as the “Second Renewal Term”) and specifying (i) the Base Rent for such extension, which shall be the base rental rate for tenants of comparable size and location renewing leases in first-class office buildings located in downtown Chicago, including, but not limited to, the Building taking into account any tenant improvement allowances, commissions, abatements and other concessions granted as reasonably determined by Landlord and evidenced by recent transactions which shall be disclosed to Tenant (“Market Rent”) and (ii) that all other terms and conditions during the Renewal Term are the same as those during the Term, except for any tenant improvement allowances, abatements, other concessions, rights of first offer, expansion rights, termination rights, reduction rights; and renewal rights (other than for Tenant’s right to exercise the Renewal Option for the Second Renewal Term if Tenant has exercised the Renewal Option for the First Renewal Term) unless reflected in the Market Rent. If Tenant disagrees with Landlord’s estimation of the Market Rent, it must so notify Landlord in writing within twenty (20) days after Tenant’s receipt of Landlord’s proposed Market Rent and Tenant shall specify Tenant’s estimation of the Market Rent in such notice. If the parties are unable to agree on the Market Rent for the Renewal Term within ten (10) days following Landlord’s receipt of Tenant’s estimation of the Market Rent (such ten (10) day period being herein referred to as the “Negoti...
Tenant’s Option to Renew a) Tenant will give Landlord written notice thirty (30) days before the end of the Lease as to whether Tenant intends to renew the Lease or to vacate the unit.
Tenant’s Option to Renew. 5.1 If the Tenant wishes to enter into the Further Lease and, additionally, the Tenant has served written notice on the Landlord of its desire for the Further Lease not later than the Cut-Off Date (as to which time shall be of the essence) then PROVIDED the Tenant has paid all Rents due up to and including the date the written notice is served and PROVIDED that this lease has not, for whatever reason, determined the Landlord will grant and the Tenant will take the Further Lease of the Property on or (if earlier) not more than one month before the expiry of the Contractual Term (or if that day is not a Working Day, then the next following Working Day).
Tenant’s Option to Renew. (A) Provided that this Lease is then in full force and effect and Tenant is not in default, on the date of exercise of this Option, hereunder after notice and the expiration of any applicable grace period, Tenant shall have the option to extend the Term for two (2) additional periods of five (5) years each (the "Extension Term(s)"). The Extension Term(s) shall commence on the day after the initial Lease term and the prior Extension Term (if any) expires ("Expiration Date(s)") and shall expire on the fifth (5th) anniversary of the Expiration Date(s) unless the Extension Term(s) shall sooner end pursuant to this Lease.
Tenant’s Option to Renew. Landlord and Tenant agree that Tenant has the right to exercise option(s) (1 if not specified) to extend the Lease, provided Tenant is not in continuing, material default or breach at the time the option is exercised. Each option shall be for a term identical to the Term identified in Paragraph 3 (“Renewal Term”). Tenant shall provide Landlord no less than days (60 if not specified) written notice of Xxxxxx’s intention to exercise its option to renew the Lease.
Tenant’s Option to Renew. Provided the Tenant has not been in default of the Lease, it shall have one (1) option to renew the Lease for an additional period of five (5) years, subject to the terms of the Lease.
Tenant’s Option to Renew. Paragraph 3(g) ("Option and Option Period Rent"), of the original lease document is herein modified as follows: Tenant shall have an option to extend the lease for one additional period of thirteen years. The rental rate for the additional option period will be calculated as provided for in the original lease document as if the original twenty-five year lease was in effect.
Tenant’s Option to Renew. 1. Tenant may, at its option, renew the term of this Lease for one (1) additional term of thirty-six (36) months, provided that this Lease must be in full force and effect under the original term or any valid renewal thereof, and Tenant shall not be in default in any of its obligations under this Lease at the time of exercise of such option or at the time the renewal term would begin. Such renewal shall be upon the same terms and conditions as provided elsewhere in this Lease, except that (i) the original term of this Lease may not be renewed more often than the one time set forth above, (ii) Landlord shall have no obligation to install improvements in the Premises nor to provide Tenant with any allowance, and (iii) the annual Base Rental for such renewal period, i.e., to be payable in equal monthly installments in the same manner as during the primary Lease Term, shall be the Prevailing Building Rental Rate (described below). Such option shall be exercised by Tenant's giving notice to Landlord by certified mail, return receipt requested, at least nine (9) months prior to the end of the then-existing term; and, if not so exercised, such option shall automatically expire and terminate (i.e., time being of the essence).
Tenant’s Option to Renew. If the Tenant has not been in default of any obligation or covenant herein, then the Tenant shall have the option to renew the term of the within Lease for one renewal period of five (5) years, subject to the following terms and conditions:
Tenant’s Option to Renew. Landlord hereby grants to Tenant two (2) options (each, a “Renewal Option”) to extend the Term for an additional period of three (3) years (each , a “Renewal Term”). If a Renewal Option is exercised, the Renewal Term shall commence on the day next following the expiration of the initial Term or the first or second Renewal Term, as the case may be, and the “Expiration Date” shall become the date that is three (3) years after the expiration of the initial Term or the first or second Renewal Term, as the case may be. Each Renewal Option must be exercised, if at all, by written notice from Tenant to Landlord given on or before the date that is 270 days prior to the then effective Expiration Date. All terms, provisions and conditions contained in this Lease shall continue to apply during a Renewal Term and all references in this Lease to the Term shall be deemed to include (where the context requires) the applicable Renewal Term, if the applicable Renewal Option is exercised.
