Common use of Tenant’s Option to Renew Clause in Contracts

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 “Negotiation Period”), Tenant shall, within five (5) days following the expiration of the Negotiation Period, elect in writing to (x) promptly enter into binding arbitration in accordance with the provisions of Section 9 of this Eighth Amendment or (y) revoke its right to exercise the Renewal Option, in which case Tenant shall have no further rights under this Section 8 (and Tenant’s exercise of the Renewal Option and any subsequent Renewal Option shall be of no force or effect) and Landlord may lease the 49th Floor Premises to a third party free of the provisions of this Section 8. In the event Tenant fails to timely make such election, Tenant shall be deemed to have elected to enter into binding arbitration in accordance with the provisions of Section 9 of this Eighth Amendment. Once Tenant elects, or is deemed to have elected, to enter into binding arbitration in accordance with the provisions of Section 9 hereof, it may not revoke its exercise of the Renewal Option. Tenant shall execute and deliver the lease amendment extending the Term (x) within fifteen (15) days of the determination of the Market Rent, if the Market Rent is determined by arbitration in accordance with Section 9 below or (y) within fifteen (15) days of the determination of Market Rent, if the parties are able to reach agreement between themselves prior to arbitration. If Tenant shall be in Default hereunder at the commencement date of any Renewal Term, then, at Landlord’s option, Tenant’s purported exercise of its Renewal Option and any subsequent Renewal Option shall be of no force or effect and the Renewal Option shall become null and void. The Renewal Options are personal to the Tenant first named in the Lease and may not be exercised by any assignee (other than a Permitted Assignee), subtenant or transferee.

Tenant’s Option to Renew. All options to Tenant may, at its option, renew the Amended term of this Lease are hereby deleted for one (1) additional term(s) of sixty (60) months or such lesser period as mutually agreed upon, provided that this Lease must be in their entiretyfull 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. The following Each renewal right is added 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 as set forth above, (ii) Landlord shall have no obligation to install improvements in the Premises, and (iii) the annual Base Rent for such renewal period(s), i.e., to be payable in equal monthly installments in the same manner as during the primary Lease reading as follows: The Tenant is hereby granted two Term, shall be the Prevailing Market Rate (2) five (5) year options to renew the Lease (“Renewal Option”described below). If the Tenant desires Such option shall be exercised by Tenant’s giving notice to exercise the Renewal OptionLandlord by certified mail, it shall so notify the Landlordreturn receipt requested, in writing, not later than twelve at least nine (129) months prior to the then current expiration date end of the Termthen-existing term; and, if not so exercised, such option shall automatically expire and terminate (i.e., time being of the essence). Such notice shall only be effective if delivered at a time when For purposes of determining 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 annual Base Rent for such extensioneach renewal period, which the “Prevailing Market Rate” shall be defined as the base rental rate for then being paid by tenants in buildings of comparable size quality, condition, and location renewing leases age for space of similar quality in first-class office buildings located similar properties 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 submarket. The expense stop (Base Year) shall be disclosed adjusted at the end of the primary term to Tenant (“Market Rent”) and (ii) that all other terms and conditions equate to Landlord’s actual costs during the Renewal Term are last year of 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 proceeding term if Tenant has exercised the Renewal Option for the First Renewal Termexercises its option(s) unless reflected in the Market Rentto renew. If Tenant disagrees with Landlord’s estimation of the Market Rent, it must so notify Landlord in writing within twenty Aerospace Insurance Lease Agreement (20revised 7/12/2010) days after Tenant’s receipt of Landlord’s proposed Market Rent and Tenant shall specify Tenant’s estimation of the Market Rent in such noticeRider No. 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 “Negotiation Period”), Tenant shall, within five (5) days following the expiration of the Negotiation Period, elect in writing to (x) promptly enter into binding arbitration in accordance with the provisions of Section 9 of this Eighth Amendment or (y) revoke its right to exercise the Renewal Option, in which case Tenant shall have no further rights under this Section 8 (and Tenant’s exercise of the Renewal Option and any subsequent Renewal Option shall be of no force or effect) and Landlord may lease the 49th Floor Premises to a third party free of the provisions of this Section 8. In the event Tenant fails to timely make such election, Tenant shall be deemed to have elected to enter into binding arbitration in accordance with the provisions of Section 9 of this Eighth Amendment. Once Tenant elects, or is deemed to have elected, to enter into binding arbitration in accordance with the provisions of Section 9 hereof, it may not revoke its exercise of the Renewal Option. Tenant shall execute and deliver the lease amendment extending the Term (x) within fifteen (15) days of the determination of the Market Rent, if the Market Rent is determined by arbitration in accordance with Section 9 below or (y) within fifteen (15) days of the determination of Market Rent, if the parties are able to reach agreement between themselves prior to arbitration. If Tenant shall be in Default hereunder at the commencement date of any Renewal Term, then, at Landlord’s option, Tenant’s purported exercise of its Renewal Option and any subsequent Renewal Option shall be of no force or effect and the Renewal Option shall become null and void. The Renewal Options are personal to the Tenant first named in the Lease and may not be exercised by any assignee (other than a Permitted Assignee), subtenant or transferee.2

Tenant’s Option to Renew. All options to Except as provided by Paragraph 2(f) of the Lease, Tenant may, at its option, renew the Amended term of this Lease are hereby deleted for two additional terms of sixty (60) months each, provided that this Lease must be in their entirety. The following full force and effect under the original term or any valid renewal right is added to thereof, and no event of default exists under this Lease at the Lease reading as follows: The Tenant is hereby granted two (2) five (5) year options to renew time of exercise of such option or at the Lease (“Renewal Option”)time the renewal term would begin. If Tenant timely notifies Landlord that Tenant accepts Landlord’s determination of the Tenant desires to exercise Prevailing Rental Rate within 30 days of Landlord’s determination of the Renewal OptionPrevailing Rental Rate, it shall so notify then, on or before the Landlord, in writing, not later than twelve (12) months prior to the then current expiration commencement date of the extended 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 and Tenant shall prepare and transmit to Tenant execute an appropriate amendment to this Lease extending the Term for five (5) years (each a “Renewal Term”; on 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 same terms provided in this Lease, except that (i) the Base Rent for such extensionoriginal term of this Lease may not be renewed more often than as set forth above, 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 Landlord shall have no obligation to install improvements in the Premises; provided, if Landlord provides any such allowances or other terms tenant inducements for renewals of space in the Building, and conditions such allowances have been taken into account in determining the Prevailing Rental Rate, then Landlord shall provide such allowances to Tenant, (iii) the annual Base Rental for the first renewal period, i.e., to be payable in equal monthly installments in the same manner as during the Renewal Term are primary Lease Term, shall be 95% of the Prevailing Rental Rate (described below), and (iii) the annual Base Rental for the second renewal period, i.e., to be payable in equal monthly installments in the same manner as those during the primary Lease 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 shall be 100% of the Market RentPrevailing Rental Rate (described below) plus, it must so notify Landlord if the Parking Structure has been constructed pursuant to Paragraph 2(f), annual Base Rental for each renewal period that includes the 84-month period that Tenant is obligated to pay the additional Base Rental described in writing within twenty (20Paragraph 2(f)(iii) days after Tenant’s receipt of Landlord’s proposed Market Rent and Tenant shall specify Tenant’s estimation of the Market Rent Lease shall include the additional Base Rental described in such notice. If the parties are unable to agree on the Market Rent for the Renewal Term within ten (10Paragraph 2(f)(iii) days following Landlord’s receipt of Tenant’s estimation of the Market Rent (such ten (10) day period being herein referred to as the “Negotiation Period”), Tenant shall, within five (5) days following until the expiration of the Negotiation Period, elect in writing to (x) promptly enter into binding arbitration in accordance with the provisions of Section 9 of this Eighth Amendment or (y) revoke its right to exercise the Renewal Option, in which case Tenant such period. Each such option shall have no further rights under this Section 8 (and Tenant’s exercise of the Renewal Option and any subsequent Renewal Option shall be of no force or effect) and Landlord may lease the 49th Floor Premises to a third party free of the provisions of this Section 8. In the event Tenant fails to timely make such election, Tenant shall be deemed to have elected to enter into binding arbitration in accordance with the provisions of Section 9 of this Eighth Amendment. Once Tenant elects, or is deemed to have elected, to enter into binding arbitration in accordance with the provisions of Section 9 hereof, it may not revoke its exercise of the Renewal Option. Tenant shall execute and deliver the lease amendment extending the Term (x) within fifteen (15) days of the determination of the Market Rent, if the Market Rent is determined by arbitration in accordance with Section 9 below or (y) within fifteen (15) days of the determination of Market Rent, if the parties are able to reach agreement between themselves prior to arbitration. If Tenant shall be in Default hereunder at the commencement date of any Renewal Term, then, at Landlord’s option, Tenant’s purported exercise of its Renewal Option and any subsequent Renewal Option shall be of no force or effect and the Renewal Option shall become null and void. The Renewal Options are personal to the Tenant first named in the Lease and may not be exercised by any assignee Tenant’s giving notice to Landlord by certified mail, return receipt requested, at least 180 days prior to the end of the then-existing term; and, if not so exercised, such option shall automatically expire and terminate (other than a Permitted Assigneei.e., time being of the essence), subtenant or transferee.

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 one (21) five three (53) year options option 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 the first day of the ninth (129) months month 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 hereunderhereunder or otherwise in default in the performance of any of its obligations under the terms and provisions of this Lease. Within thirty (30) days following its receipt of Tenant’s '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 three (53) years (each a “Renewal "Extended 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 then being offered and accepted by Landlord to other tenants of comparable size and location renewing leases in first-class office buildings located in downtown Chicagothe Building, including, but not limited to, the Building taking into account any including concessions for rent abatement and tenant improvement allowances, commissions, abatements and other concessions granted all 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 Extended 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; rights or limitations on taxes 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 “Negotiation Period”), Tenant shall, within five (5) days following the expiration of the Negotiation Period, elect in writing to (x) promptly enter into binding arbitration in accordance with the provisions of Section 9 of this Eighth Amendment or (y) revoke its right to exercise the Renewal Option, in which case Tenant shall have no further rights under this Section 8 (and Tenant’s exercise of the Renewal Option and any subsequent Renewal Option shall be of no force or effect) and Landlord may lease the 49th Floor Premises to a third party free of the provisions of this Section 8operating expenses. In the event Tenant fails to timely make such election, the Tenant shall be deemed fail for any reason to have elected to enter into binding arbitration in accordance with the provisions of Section 9 of this Eighth Amendment. Once Tenant elects, or is deemed to have elected, to enter into binding arbitration in accordance with the provisions of Section 9 hereof, it may not revoke its exercise of the Renewal Option. Tenant shall execute and deliver the lease amendment extending the Term within twenty (x20) within fifteen (15) business days of the determination Tenant's receipt of the Market Rentsame, or if the Market Rent is determined by arbitration in accordance with Section 9 below or (y) within fifteen (15) days of the determination of Market Rent, if the parties are able to reach agreement between themselves prior to arbitration. If Tenant shall be in Default hereunder or otherwise in default in the performance of any of its obligations under the terms and provisions of this Lease at the commencement date of any Renewal Extended Term, thenthen in either such event, at Landlord’s 's option, Tenant’s 's purported exercise of its Renewal Option and any subsequent Renewal Option shall be of no force or effect and the Renewal Option shall become null and void. The Renewal Options are personal to the Tenant first named in the Lease and may not be exercised by any assignee (other than a Permitted Assignee), subtenant or transferee.