Common use of Tenant's Option Clause in Contracts

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. Provided that that, at the time of exercise by Tenant under this Section 11.1each such exercise, (i) there then exists no Default Event of Tenant under this LeaseDefault, or condition or state of facts which with the passage of time or giving of notice, or both, would constitute an Event of Default, and (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 Lease Term for one two (12) extended term terms of five ten (510) years each (the "an “Extended Term"” or respectively, the “First Extended Term” and “Second Extended Term”). The Each Extended Term shall commence on the day immediately succeeding the last day Expiration Date of the initial Lease Term or the Extended Term, as the case may be, and shall end on the day immediately preceding the fifth tenth (5th10th) anniversary of the first (1st) day of the Extended Term. Tenant shall exercise each such option to extend by giving notice to Landlord of its desire to do so not later than nine twenty-four (924) months prior to the expiration Expiration Date of the initial Lease Term or the preceding Extended Term, as the case may be. Provided that the conditions set forth in this Section shall have been satisfied, the The giving of such notice by Tenant shall automatically extend the Lease Term for the applicable Extended Term, and no instrument of renewal need be executed. In the event that Tenant fails to give such notice to Landlord, except as provided in Article 23, this Lease shall automatically terminate at the end of the initial Term then in effect, 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.such

Tenant's Option. Provided that that, at the time of exercise by Tenant under this Section 11.1each such exercise, (i) there then exists no Default Event of Tenant under this LeaseDefault, (iior condition or state of facts which with the passage of time or giving of notice, or both, would constitute an Event of Default, an(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 Lease Term for one two (12) extended term terms of five ten (510) years each (an "Extended Term" or respectively, the "First Extended Term" and "Second Extended Term"). The Each Extended Term shall commence on the day immediately succeeding the last day Expiration Date of the initial Lease Term or the Extended Term, as the case may be, and shall end on the day immediately preceding the fifth tenth (5th10th) anniversary of the first (1st) day of the Extended Term. Tenant shall exercise each such option to extend by giving notice to Landlord of its desire to do so not later than nine twenty-four (924) months prior to the expiration Expiration Date of the initial Lease Term or the preceding Extended Term, as the case may be. Provided that the conditions set forth in this Section shall have been satisfied, the The giving of such notice by Tenant shall automatically extend the Lease Term for the applicable Extended Term, and no instrument of renewal need be executed. In the event that Tenant fails to give such notice to Landlord, except as provided in Article 23, this Lease shall automatically terminate at the end of the initial Term then in effect, 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 Terms shall be determined pursuant to Sections 21.2 and 21.3 below, and during any Extended Term, the provisions of this Section 11.3 below21.1 shall be effective with respect to subsequent Extended Terms only to the extent of the remaining number of the two (2) options set forth above (i.e., after exercise of the first option to extend, during that Extended Term, only one (1) option to similarly extend shall survive). In no event or under any circumstance shall the options to extend as provided in this Article 21 be interpreted to give Tenant the option to extend beyond that point in time which is twenty (20) years following the Expiration Date of the original Lease Term.