Xxxxx and Exercise of Option. Provided that (i) Tenant has not been in default hereunder at any time during the Term of this Lease (the "Original Ternr"), (ii) the creditworthiness of Tenant is then acceptable to Landlord, (iii) Tenant originally named herein remains in possession of and has been continuously operating in the entire Leased Premises throughout the Original Term and (iv) the current use of the Leased Premises is acceptable to Landlord, Tenant shall have one (1) option to extend the Original Term for one (1) additional period of three (3) years (the "Extension Term"). The Extension Term shall be upon the same terms and conditions contained in the Lease for the Original Term except (i) Tenant shall not have any further option to extend and (ii) the Minimum Annual Rent shall be adjusted as set forth herein ("Rent Adjustment"). Tenant shall exercise such option by delivering to Landlord, no later than October 31, 2000, written notice of Tenant's desire to extend the Original Term. Tenant's failure to properly exercise such option shall waive it. If Tenant properly exercises its option to extend, Landlord shall notify Tenant of the Rent Adjustment no later than ninety (90) days prior to the commencement of the Extension Term. Tenant shall be deemed to have accepted the Rent Adjustment if it fails to deliver to Landlord a written objection thereto within five (5) business days after receipt thereof. If Tenant properly exercises its option to extend, Landlord and Tenant shall execute an amendment to the Lease (or, at Landlord's option, a new lease on the form then in use for the Building) reflecting the terms arid conditions of the Extension Term.
Xxxxx and Exercise of Option. In the event Landlord elects to sell the Building either separately or as part of a larger sale including other building(s) within the Project ("Offered Property"), Landlord (referred to hereinafter in this Section 20 as "Seller") hereby grants Tenant a right of first offering to purchase. Prior to Seller committing to sell its interest in the Offered Property to a third party, Seller shall give Tenant written notice of such desire and the terms and other information under which Seller intends to sell the Offered Property. Provided at the time of such written notice: (i) Tenant leases at least two buildings within the Project; and (ii) Tenant is not in default under the Lease beyond the expiration of any applicable cure period, Tenant shall have the option, which must be exercised, if at all, by written notice to Seller within fifteen (15) days after Tenant's receipt of Seller's notice, to purchase Seller's interest in the Offered Property at the sales price and terms of sale specified in the notice. In the event Tenant timely exercises such option to purchase its interest in the Offered Property, Seller shall sell its interest in the Offered Property to Tenant, and Tenant shall purchase its interest in the Offered Property from Seller in accordance with the price and terms specified in Seller's notice. Seller and Tenant shall, in good faith, attempt to reach agreement on the terms of a mutually acceptable purchase agreement consistent with the terms set forth in Seller's notice within thirty (30) days of Tenant's exercise of its option to purchase. In the event either: (i) Tenant fails to exercise Tenant's option within said 15-day period; or (ii) after Tenant's exercise, Seller and Tenant are unable to reach agreement on a mutually acceptable purchase agreement within the subsequent 30-day period; Seller shall have one hundred eighty (180) days thereafter to sell its interest in the Offered Property at no less than ninety percent (90%) of the sales price and upon substantially the same other terms of sale as specified in the notice to Tenant. In the event Seller fails to sell its interest in the Offered Property within said one hundred eighty (180) day period or in the event Seller proposes to sell its interest in the Offered Property at less than ninety percent (90%) of the sales price or on other material terms which are more favorable to the prospective buyer than that proposed to Tenant, Seller shall be required to resubmit such offer to Tenant in ac...
Xxxxx and Exercise of Option. Landlord grants to Tenant, subject to the terms and conditions set forth in this Section 18 Two (2) options (each an “Option” and collectively the “Options”) to extend the Lease Term for an additional term (each an “Option Term”). Each Option Term shall be for a period of Sixty (60) months and shall be exercised, if at all, by written notice to Landlord no earlier than eighteen (18) months prior to the date the Lease Term would expire but for such exercise but no later than twelve (12) months prior to the date the Lease Term would expire but for such exercise, time being of the essence for the giving of such notice. Notwithstanding the foregoing, in order for Tenant’s exercise of an Option under this Lease to be effective, the tenant under the Adjacent Building Lease must concurrently exercise its corresponding option to extend the term of the Adjacent Building Lease. If Tenant exercises an Option, all of the terms, covenants and conditions of this Lease shall apply except for the grant of additional Options pursuant to this Section 18, provided that Base Monthly Rent for the Premises payable by Tenant during the Option Term shall be the greater of (i) the Base Monthly Rent applicable to the period immediately prior to the commencement of the Option Term, or (ii) one hundred percent (100%) of the Fair Market Rental as hereinafter defined. Notwithstanding anything herein to the contrary, (i) if Tenant is in monetary or material non-monetary default under any of the terms, covenants or conditions of this Lease or the tenant under the Adjacent Building Lease is in monetary or material non-monetary default under any of terms, covenants or conditions of the Adjacent Building Lease, or (ii) if Tenant does not have the financial ability to meet its obligations under this Lease, or the tenant under the Adjacent Building Lease does not have the financial ability to meet its obligations under the Adjacent Building Lease, as reasonably determined by Landlord, either at the time Tenant exercises the Option or at any time thereafter prior to the commencement date of the Option Term, then Landlord shall have, in addition to all of Landlord’s other rights and remedies provided in this Lease, the right to terminate the Option upon notice to Tenant, in which event the Lease Term shall not be extended pursuant to this Section 18.A. As used herein, the term “
Xxxxx and Exercise of Option. Provided Tenant is not in default hereunder as of the date it exercises the option granted herein, Tenant shall have the option to extend the original Lease Term (the “Original Term”) for one (1) additional period of ten (10) years, followed by two (2) additional periods of five (5) years each (the “Extension Term(s)”). Each Extension Term shall be upon the same terms and conditions contained in the Lease for the Original Term except (i) this provision giving extension options shall be amended to reflect the remaining options to extend, if any and (ii) the Minimum Annual Base Rent shall be adjusted as set forth below (the “Rent Adjustment”). Tenant shall exercise such option by delivering to Landlord, no later than nine (9) months prior to the expiration of the Original Term or such Extension Term (“Exercise Date”), as the case may be, written notice of Tenant’s desire to extend the Lease Term. If Tenant properly exercises its option to extend, Landlord and Tenant shall execute an amendment to the Lease reflecting the terms and conditions of the Extension Term.
Xxxxx and Exercise of Option. Provided Tenant concurrently exercises its options to extend the lease terms on all other buildings leased by Tenant within the first phase portion of the Project, Landlord grants to Tenant, subject to the terms and conditions
Xxxxx and Exercise of Option. Provided that (i) Tenant is not in Default hereunder, and (ii) Tenant originally named herein or a Permitted Transferee remains in possession of (a) the Original Premises since the Commencement Date and continuing through the entire term of the Original Premises, and (b) the Additional Space since the Additional Space Commencement Date and continuing through the entire term of the Original Premises, Tenant shall have the option to extend the Lease Term of the Leased Premises for two (2) additional periods of five (5) years each (the “Extension Term(s)); provided, however, condition (ii)(b) above shall apply only if the term of the Additional Space has been extended, either pursuant to Section 16.21 hereof or by agreement of the parties, for the Additional Space Extension Term.”
Xxxxx and Exercise of Option. Landlord hereby grants to Tenant, upon and subject to the terms and conditions set forth in this paragraph, the option (the “Option”) to extend the Lease Term for an additional term (the “Option Term”), which Option Term shall be a period of thirty-six (36) months. The Option Term shall be exercised, if at all, by written notice to Landlord on or before the date that is nine (9) months prior to the Expiration Date. If Tenant exercises the Option, each of the terms, covenants and conditions of this Lease except this paragraph shall apply during the
Xxxxx and Exercise of Option. Landlord grants to Tenant, subject to the terms and conditions set forth in this Section 18.A, an option ( “Option”) to extend the Lease Term for an additional term (the “Option Term”). The
Xxxxx and Exercise of Option. Landlord grants to Tenant an option to lease Building 3 under the terms and conditions specified in the Building 2 Lease.
Xxxxx and Exercise of Option. Landlord grants to Tenant, subject to the terms and conditions set forth in this Section 18.A, one (1) option ("Option") to extend the Lease Term for an additional term (the "Option Term"). The Option Term shall be for a period of sixty (60) months and shall be exercised, if at all, by written notice to Landlord no earlier than eighteen (18) months prior to the Expiration Date but no later than nine (9) months prior to the Expiration Date. If Tenant exercises the Option, all of the terms, covenants and conditions of this Lease except this Section shall apply during the Option Term, except that the Base Monthly Rent for the
