Common use of Expansion Option Clause in Contracts

Expansion Option. (a) Landlord presently owns the property lying easterly of the Property and commonly known as 000 Xxxxxx Xxxxx Xxxxxxxxx, Xxxxx Xxx Xxxxxxxxx (the "Expansion Property"). The Expansion Property is presently operated as a commercial warehouse facility, but it is also Landlord's present intention to redevelop the Expansion Property as a biotechnology facility during calendar year 2005, and Landlord agrees to undertake such redevelopment, subject to the conditions set forth in this Section 6.3, in order to accommodate any proper exercise of Tenant's rights under this Section 6.3. Tenant shall have a one-time option (the "Expansion Option"), exercisable only in accordance with this Section 6.3, to lease a minimum amount of at least 100,000 square feet of redeveloped biotechnology space on the Expansion Property; provided, however, that the Expansion Option shall not apply if Tenant is in default under this Lease (beyond any applicable notice and cure periods) on the date the Expansion Option is exercisable. The exact size and location of the space subject to the Expansion Option within the Expansion Property (the "Expansion Space") shall be mutually agreed upon in writing by Landlord and Tenant, subject to the minimum size of 100,000 square feet as specified above, after Landlord has approved a final design and site plan for the redevelopment of the Expansion Property. If Tenant notifies Landlord in writing, at least seventy-five (75) days prior to the date the Expansion Option must be exercised, that Tenant is considering exercise of the Expansion Option (which notice may be given by Tenant in its sole and absolute discretion), then (i) Landlord agrees to adopt and approve a final design and site plan for the redevelopment of the Expansion Property at least forty-five (45) days prior to the date the Expansion Option must be exercised, in order to allow a reasonable time for the parties to reach mutual agreement regarding the size and location of the Expansion Space in a timely manner and (ii) Landlord and Tenant agree to negotiate diligently, reasonably and in good faith to reach such an agreement regarding the size and location of the Expansion Space at least fifteen (15) days prior to the date the Expansion Option must be exercised.

Expansion Option. Provided no Default exists beyond applicable notice and cure periods and the Lease is in full force and effect, provided Tenant (or an Affiliate) is leasing and occupying the entire Relocation Premises, by giving Landlord written notice, if at all, on or before July 1, 2021, subject to existing rights of other tenants of the Building listed on Schedule 1 attached hereto, Tenant shall have the option to expand the Premises (the “Expansion Option”), as provided herein. Tenant may exercise the Expansion Option, if at all, by giving Landlord timely written notice (“Expansion Notice”). If Tenant exercises the Expansion Option, the “Expansion Space” shall be Suite 1822 containing 1,801 rentable square feet, Suite 1810 containing approximately 9,132 rentable square feet, and Suite 1801 containing approximately 2,629 rentable square feet. The Expansion Space is shown on Exhibit C-1 attached hereto and made a part hereof. In the event that Tenant timely exercises the Expansion Option, then (a) Landlord presently owns the property lying easterly shall tender possession of the Property and commonly known as 000 Xxxxxx Xxxxx XxxxxxxxxExpansion Space to Tenant in an “as-is, Xxxxx Xxx Xxxxxxxxx where is” condition so that Tenant may perform any Tenant Work in the Expansion Space on or before April 1, 2022 (the "“Expansion Property"). The Expansion Property is presently operated Delivery Date”) and (b) effective as a commercial warehouse facilityof July 1, but it is also Landlord's present intention to redevelop the Expansion Property as a biotechnology facility during calendar year 2005, and Landlord agrees to undertake such redevelopment2022, subject to extension on a day by day basis for each day of Landlord Delay [for purposes of this reference to Landlord Delay, Delivery Date shall be replaced with the Expansion Delivery Date and Relocation Premises shall be replaced with Expansion Space] (the “Expansion Space Commencement Date”), the Expansion Space shall be added to, and constitute part of, the “Premises” leased hereunder, and the same shall be leased upon and subject to the same terms, provisions and conditions as are applicable to the other portions of the Premises for the remainder of the Term of the Lease, except that Base Rent, rent abatement, and concessions for the Expansion Space shall be at the Current Market Rate, determined in accordance with the procedure set forth above in this Section 6.3Amendment. Promptly after Tenant exercises the Expansion Option and the parties determine the Current Market Rate, Landlord and Tenant shall execute an amendment to the Lease confirming the increase in order the square footage of the Premises and all matters incident thereto (such as an increase in Tenant’s Pro Rata Share and Base Rent and a workletter to address payment of the construction allowance, if any); however, the failure of the parties to timely execute such amendment shall not defer the Expansion Space Commencement Date or otherwise invalidate this Lease or affect the parties’ rights or obligations hereunder. In the event demising work is necessary to accommodate any proper Tenant’s exercise of its Expansion Option, then Landlord shall build a Building standard multi-tenant corridor (including without limitation construction of a demising wall and separation of the corridor from electrical, fire/life safety, HVAC, and other systems serving the Premises). Such demising work shall be at Tenant's ’s expense, provided that Tenant may use the construction allowance to pay for such work. Furthermore, Tenant (and not Landlord) shall be responsible for drywall and finish on the side of the corridor located within the Premises. In no event shall Landlord be obligated to pay a commission with respect to any space leased by Tenant under this Section other than pursuant to a written commission agreement with Tenant’s designated broker who is actively involved in negotiations on Tenant’s behalf at the time and Tenant and Landlord shall each indemnify the other against all costs, expenses, attorneys’ fees, and other liability for commissions or other compensation claimed by any other broker or agent claiming the same by, through, or under the indemnifying party. Tenant’s rights under this Section 6.3. are personal to the above-named Tenant, its Affiliates, and any successor Tenant shall have a one-time option (the "Expansion Option"), exercisable only after any Business Transfer in accordance with this Section 6.3, to lease a minimum amount of at least 100,000 square feet of redeveloped biotechnology space on the Expansion Property; provided, however, that the Expansion Option shall not apply if Tenant is in default under this Lease (beyond any applicable notice and cure periods) on the date the Expansion Option is exercisable. The exact size and location 11.04 of the space subject to the Expansion Option within the Expansion Property (the "Expansion Space") shall be mutually agreed upon in writing by Landlord and Tenant, subject to the minimum size of 100,000 square feet as specified above, after Landlord has approved a final design and site plan for the redevelopment of the Expansion Property. If Tenant notifies Landlord in writing, at least seventy-five (75) days prior to the date the Expansion Option must be exercised, that Tenant is considering exercise of the Expansion Option (which notice may be given by Tenant in its sole and absolute discretion), then (i) Landlord agrees to adopt and approve a final design and site plan for the redevelopment of the Expansion Property at least forty-five (45) days prior to the date the Expansion Option must be exercised, in order to allow a reasonable time for the parties to reach mutual agreement regarding the size and location of the Expansion Space in a timely manner and (ii) Landlord and Tenant agree to negotiate diligently, reasonably and in good faith to reach such an agreement regarding the size and location of the Expansion Space at least fifteen (15) days prior to the date the Expansion Option must be exercisedLease.

Expansion Option. Section 33.1 Subject to the terms and provisions hereof, and provided that (ai) Landlord presently owns the property lying easterly this Lease is then in full force and effect, (ii) no uncured monetary Event of Default then exists hereunder and provided that there are no outstanding mechanic’s lien, financing statement or other lien, charge or order in existence filed against Landlord, or against ail or any portion of the Premises, the Building or the Real Property due to any act or omission of Tenant or any Tenant Party, that has not been actually released and commonly known as 000 Xxxxxx Xxxxx Xxxxxxxxx, Xxxxx Xxx Xxxxxxxxx (discharged of record or bonded or insured over to the "Expansion Property"). The Expansion Property is presently operated as a commercial warehouse facility, but it is also reasonable satisfaction of Landlord's present intention to redevelop the Expansion Property as a biotechnology facility during calendar year 2005, and Landlord agrees to undertake such redevelopment(iii) Tenant is in actual physical occupancy of at least 75% of the Premises, subject to Tenant is hereby granted the conditions set forth in this Section 6.3, in order to accommodate any proper exercise of Tenant's rights under this Section 6.3. Tenant shall have a one-time option (the "“Expansion Option"”) to lease 14,480 Rentable Square Feet as an entirety on the third floor of the Building as shown on Exhibit G annexed hereto (the “Expansion Space”), exercisable only in accordance which space constitutes a portion of the space currently leased by Landlord to Bankers Life and Casualty Company (“Bankers”). Landlord represents to Tenant that Bankers’ lease with this Section 6.3, respect to lease a minimum amount of at least 100,000 square feet of redeveloped biotechnology space on the Expansion Property; providedSpace expires on November 30, however2013 and Bankers does not have the right or option to renew or extend the term of its lease as to the Expansion Space. The Expansion Option shall be exercisable by Tenant’s giving irrevocable written notice to Landlord (the “Expansion Notice”) of Tenant’s election so to do on or before January 1, that 2013. Anything contained in this ARTICLE 33 to the contrary notwithstanding, Tenant shall not have the right to exercise the Expansion Option, and the Expansion Option shall not apply if be deemed to have been irrevocably waived, unless Tenant is in default under this Lease (beyond any applicable notice and cure periods) on shall have exercised the date the Expansion Renewal Option is exercisable. The exact size and location of the space subject to the Expansion Option within the Expansion Property (the "Expansion Space") shall be mutually agreed upon in writing by Landlord and Tenant, subject to the minimum size of 100,000 square feet as specified above, after Landlord has approved a final design and site plan for the redevelopment of the Expansion Property. If Tenant notifies Landlord in writing, at least seventy-five (75) days prior to the date the Expansion Option must be exercised, that Tenant is considering or simultaneously with Tenant’s exercise of the Expansion Option (which notice may be given by Tenant in its sole and absolute discretion), then (i) Landlord agrees to adopt and approve a final design and site plan for the redevelopment of the Expansion Property at least forty-five (45) days prior to the date the Expansion Option must be exercised, in order to allow a reasonable time for the parties to reach mutual agreement regarding the size and location of the Expansion Space in a timely manner and (ii) Landlord and Tenant agree to negotiate diligently, reasonably and in good faith to reach such an agreement regarding the size and location of the Expansion Space at least fifteen (15) days prior to the date the Expansion Option must be exercisedOption.

Expansion Option. (a) Landlord presently owns the property lying easterly Provided that as of the Property date Tenant exercises its rights hereunder, (i) Tenant actually occupies at least fifty percent (50%) of the Premises originally demised under this Lease, (ii) Tenant is not in Default, and commonly known as 000 Xxxxxx Xxxxx Xxxxxxxxx(iii) the Option Space (defined below) has not been leased to Tenant or to a third party pursuant to Section 1.1.3 below, Xxxxx Xxx Xxxxxxxxx Tenant will have the option, commencing on the date that Landlord delivers the Option Space to Tenant in the condition required by this Section 1.1.2, but, at Tenant’s election, in no event earlier than June 1, 2011 (the "Expansion Property"“Option Space Commencement Date”), to include a total of approximately 22,337 square feet of space on the second and fourth floors of the east tower of the Building as shown on Appendix 1.1.2 hereto, as part of the Premises (the “Option Space”). The Expansion Property is presently operated If Tenant exercises its right to include the Option Space as a commercial warehouse facilitypart of the Premises, but it is also Landlord's present intention to redevelop Tenant will lease the Expansion Property as a biotechnology facility during calendar year 2005Option Space upon all the terms and conditions of this Lease (i.e., and Landlord agrees to undertake such redevelopmentthe term for Tenant’s leasing of the Option Space shall expire on the Expiration Date, subject to the conditions Base Years set forth in this Section 6.3the Schedule of Incorporated Terms hereof shall be applicable to Tenant’s payment of Additional Rent on account of the Option Space, the Base Rent for the Option Space will be at the annual rate of $19.50 per square foot of rentable space commencing no earlier than the Rent Commencement Date set forth herein, and the Option Space shall be delivered to Tenant with the completion by Landlord of certain improvements thereto (as further described below), provided, however the cost to Landlord of such Tenant Improvements shall not exceed $20 per rentable square foot of the Option Space). Tenant’s payment to Landlord of Rent for the Option Space shall commence on the Option Space Commencement Date, but in no event earlier than the Rent Commencement Date set forth herein. In addition to its obligation to pay Base Rent, commencing on the Option Space Commencement Date, Tenant will reimburse and pay Landlord with respect to the Option Space, in order the same manner as set forth in the Lease, with respect to accommodate any proper Operating Expenses, Taxes and other items reimbursable by Tenant, and, commencing on the Option Space Commencement Date, Tenant shall pay the Electric Charges with respect to the Option Space. Effective as of the Option Space Commencement Date, Tenant’s Proportionate Share will be re-determined by Landlord based upon the total floor area of the Premises including the Option Space. If Tenant desires to exercise its option to lease the Option Space, Tenant must deliver written notice of such exercise to Landlord no later than March 1, 2011 (the “Option Space Notice”), such Option Space Notice to include a preliminary space plan of the Option Space showing the requested improvements to the Option Space (provided, however, as set forth above, the cost to Landlord of such improvements shall not exceed $20 per rentable square foot of the Premises). Time is of the essence with respect to the giving of the Option Space Notice. If Tenant does not exercise its Option by such date, Tenant's ’s rights under this Section 6.31.1.2 will be null and void. Within thirty (30) days of Tenant’s exercise of the within option, Landlord and Tenant shall have a one-time option enter into an amendment to Lease which adds the Option Space to the Premises and includes all the terms and provisions, set forth herein, with respect to Tenant’s leasing of the Option Space (provided, however, any failure to execute and deliver such Amendment shall not affect the "Expansion Option"rights or obligations of the parties with respect to the Option Space), exercisable only and in accordance with this Section 6.3addition, within eight (8) days of receipt thereof Landlord shall reasonably approve or disapprove Tenant’s preliminary space plan. If Landlord disapproves the preliminary space plan, such disapproval shall be in writing and shall provide a reasonably detailed explanation of the reasons for such disapproval, and to lease a minimum amount of at least 100,000 square feet of redeveloped biotechnology the extent possible, suggestions for alternatives that would be acceptable to Landlord. Landlord and Tenant shall thereafter cooperate to complete such preliminary space on the Expansion Propertyplan; provided, however, the failure (despite Landlord’s compliance with the terms of this paragraph) to finalize the preliminary space plan by the date that is thirty (30) days following the date of Landlord’s receipt of the Option Space Notice shall be a Tenant Delay. All revisions and/or review of plans shall be completed within eight (8) days of receipt of comments in connection therewith and copies thereof, respectively. After final approval of the preliminary space plan (the “Final Space Plan”), Landlord shall, based on the Final Space Plan, prepare Construction Plans for the improvements to the Option Space in accordance with Section 2.1 of Appendix 1.3.4 (provided that the Expansion term “Space Plans” as used therein shall refer to the Final Plans as defined in this Section 1.1.2). Landlord shall use reasonable efforts to substantially complete the improvements to the Option Space on June 1, 2011; provided, however, if the Option Space Notice is given before March 1, 2011, upon Tenant’s request, Landlord shall not apply if Tenant is in default under this Lease (beyond any applicable notice and cure periods) use reasonable efforts to substantially complete the improvements to the Option Space on the date that is one hundred twenty (120) days after the Expansion Option is exercisable. The exact size and location date of Landlord’s approval of the space Final Space Plan (such applicable substantial completion date is hereinafter referred to as the “Option Space Delivery Date”). If Landlord is not able to deliver possession of the Option Space to Tenant by the Option Space Delivery Date, Landlord shall not be subject to any liability therefor, nor shall such failure affect the Expansion validity of this Lease, or the obligations of Tenant hereunder, or extend the Term hereof, but in such case, Tenant shall not be obligated to pay rent with respect to the Option within Space until the Expansion Property (date that Landlord delivers possession of the "Expansion Space") Option Space to Tenant. Notwithstanding the foregoing, if the delay in the Option Space Delivery Date resulted from a Tenant Delay, the Option Space shall be mutually agreed upon in writing by Landlord and Tenant, subject deemed to have been delivered on the date that the improvements to the minimum size Option Space would have been substantially complete in the absence of 100,000 square feet as specified above, after Landlord has approved a final design and site plan for the redevelopment of the Expansion Property. If such Tenant notifies Landlord in writing, at least seventy-five (75) days prior to the date the Expansion Option must be exercised, that Tenant is considering exercise of the Expansion Option (which notice may be given by Tenant in its sole and absolute discretion), then (i) Landlord agrees to adopt and approve a final design and site plan for the redevelopment of the Expansion Property at least forty-five (45) days prior to the date the Expansion Option must be exercised, in order to allow a reasonable time for the parties to reach mutual agreement regarding the size and location of the Expansion Space in a timely manner and (ii) Landlord and Tenant agree to negotiate diligently, reasonably and in good faith to reach such an agreement regarding the size and location of the Expansion Space at least fifteen (15) days prior to the date the Expansion Option must be exercisedDelay.

Expansion Option. (a) Landlord presently owns Section 34.01. Provided the property lying easterly named Tenant herein is not in default pursuant to any of the Property terms and commonly known conditions of this Lease beyond any applicable notice or cure period, Tenant shall have the option of leasing additional space consisting of 24,911 rentable square feet of the Building (hereinafter referred to as 000 Xxxxxx Xxxxx Xxxxxxxxxthe “Expansion Space”), Xxxxx Xxx Xxxxxxxxx as shown on Exhibit F attached hereto and made a part hereof, which Expansion Space is anticipated to become available on or before August 1, 2012 (the "“Expansion Property"Space Effective Date”). The Expansion Property is presently operated as a commercial warehouse facility, but it is also Landlord's present intention to redevelop the Expansion Property as a biotechnology facility during calendar year 2005, and Landlord agrees to undertake such redevelopment, subject to the conditions set forth in this Section 6.3, in order to accommodate any proper exercise of Tenant's rights under this Section 6.3. Tenant shall have a one-time option (the "Expansion Option"), exercisable only notify Landlord in accordance with this Section 6.3, writing of its election to lease a minimum amount of at least 100,000 square feet of redeveloped biotechnology space on the Expansion Property; Space on or before April 1, 2012. In the event the Expansion Space becomes available prior to August 1, 2012, Landlord shall notify Tenant in writing of its availability, and Tenant shall have ten (10) business days from receipt of Landlord’s notice to notify Landlord in writing of its election to lease the Expansion Space as of the effective date of its availability. Should Tenant elect to lease the Expansion Space, Tenant shall lease the same in its “AS IS” condition, upon all the terms, covenants and conditions of this Lease, and at the Annual Basic Rent per rentable square foot then payable by Tenant pursuant to this Lease, provided, however, that the Expansion Option Tenant shall not apply if Tenant is in default under this Lease be entitled to any Basic Rent abatement, any “Tenant’s Improvement Work Allowance”, any “Tenant’s HVAC Work Allowance”, nor any “Tenant’s Additional HVAC Work Allowance” (beyond any applicable notice and cure periods) on the date the Expansion Option is exercisableas such terms are hereinafter defined). The exact size and location of the space subject to the Expansion Option within the Expansion Property (the "Expansion Space") shall be mutually agreed upon in writing by Landlord and Upon Tenant, subject to the minimum size of 100,000 square feet as specified above, after Landlord has approved a final design and site plan for the redevelopment of the Expansion Property. If Tenant notifies Landlord in writing, at least seventy-five (75) days prior to the date the Expansion Option must be exercised, that Tenant is considering ’s exercise of the this Expansion Option (which notice may be given by Tenant in its sole and absolute discretion)Option, then (i) Landlord agrees to adopt and approve a final design and site plan for the redevelopment of the Expansion Property at least forty-five (45) days prior to the date the Expansion Option must be exercised, in order to allow a reasonable time for the parties to reach mutual agreement regarding the size and location of the Expansion Space in a timely manner and (ii) Landlord and Tenant agree to negotiate diligently, reasonably and in good faith execute an amendment to reach such an agreement regarding the size and location this Lease setting forth as of the Expansion Space at least fifteen (15) days prior Effective Date, the rentable square footage of the Demised Premises, the Annual Basic Rent, Tenant’s Proportionate Share and such other terms and conditions that may be applicable to the date the Expansion Option must be exercisedSpace.

Expansion Option. Landlord hereby grants to Tenant an option (athe “Option”) to lease the adjoining contiguous space (Suites 106 and 107) containing 8850 rentable square feet (“Option Space”), which option shall begin on the Commencement Date and shall expire, if not sooner exercised, at 5:00 p.m. (est.) on April 1, 2001. To exercise this Option, Tenant must provide written notice to Landlord presently owns the property lying easterly not later than April 1, 2001 of its exercise of the Property Option to lease the Option Space in which event Landlord shall make all necessary leasehold improvements thereto at Landlord’s cost and commonly known as 000 Xxxxxx Xxxxx Xxxxxxxxxexpense providing that Tenant shall be required to reimburse Landlord before occupancy for the cost thereof in excess of $24.00 per square foot. Tenant agrees to pay to Landlord together with the Base Rent, Xxxxx Xxx Xxxxxxxxx the monthly sum of $3871.88 plus sales tax thereon until either (i) Tenant has exercised the "Expansion Property"). The Expansion Property is presently operated as a commercial warehouse facility, but it is also Landlord's present intention to redevelop the Expansion Property as a biotechnology facility during calendar year 2005, Option and Landlord agrees to undertake such redevelopment, subject to has completed the conditions leasehold improvements thereto in which event the Rent shall be the same per square foot rent as set forth in this Section 6.3, in order to accommodate any proper exercise of Addendum above; (ii) Tenant's ’s rights under this Section 6.3. Tenant shall have a one-time option (the "Expansion Option"), exercisable only in accordance with this Section 6.3, to lease a minimum amount of at least 100,000 square feet of redeveloped biotechnology space on the Expansion Property; provided, however, that the Expansion Option shall not apply if Tenant is in default under this Lease (beyond any applicable notice and cure periods) on the date the Expansion Option is exercisable. The exact size and location of the space subject to the Expansion Option within Space have terminated; or (iii) Tenant has cancelled the Expansion Property Option by furnishing not less than ninety (90) days prior written notice of such termination and has vacated the "Expansion Option Space") shall be mutually agreed upon in writing by Landlord . From the Commencement Date until July 1, 2001, Tenant may use the option space for storage purposes and Tenant, subject to the minimum size of 100,000 square feet as specified above, after Landlord has approved a final design and site plan for the redevelopment of the Expansion Propertyno other purpose. If Tenant notifies Landlord has not exercised the Option in writingaccordance herewith, at least seventy-five Tenant’s right to use the Option Space for storage will terminate effective on midnight July 1, 2001. FIRST AMENDMENT TO LEASE (75CYPRESS POINT BUSINESS PARK) days prior to the date the Expansion Option must be exercised, that Tenant THIS FIRST AMENDMENT TO LEASE is considering exercise entered into as of the Expansion Option 28th day of November, 2001, by and between HGL PROPERTIES L.P., LTD., a Florida limited partnership (which notice may be given by Tenant in its sole and absolute discretion“Landlord”), then and NATIONAL MORTGAGE CENTER, LLC, a Delaware limited liability company (i) Landlord agrees “Tenant”). All terms not otherwise defined herein shall have the meaning assigned to adopt and approve a final design and site plan for them in the redevelopment of the Expansion Property at least forty-five “Lease” (45) days prior to the date the Expansion Option must be exercised, in order to allow a reasonable time for the parties to reach mutual agreement regarding the size and location of the Expansion Space in a timely manner and (ii) Landlord and Tenant agree to negotiate diligently, reasonably and in good faith to reach such an agreement regarding the size and location of the Expansion Space at least fifteen (15) days prior to the date the Expansion Option must be exerciseddefined below).

Expansion Option. 45.01. (a) Landlord presently owns Provided that on the property lying easterly date Tenant exercises the Expansion Option and on the ES Possession Date (i) this Lease shall not have been terminated, (ii) Tenant shall not be in monetary default under this Lease, or in non-monetary default under this Lease beyond applicable notice and grace periods and (iii) Tenant shall not have sublet any of the Property and commonly known as 000 Xxxxxx Xxxxx Xxxxxxxxxdemised premises, Xxxxx Xxx Xxxxxxxxx (the "Expansion Property"). The Expansion Property is presently operated as a commercial warehouse facility, but it is also Landlord's present intention to redevelop the Expansion Property as a biotechnology facility during calendar year 2005, and Landlord agrees to undertake such redevelopment, subject to the conditions set forth in this Section 6.3, in order to accommodate any proper exercise of Tenant's rights under this Section 6.3. Tenant shall have a one-time the option (the "Expansion Option")) to lease, exercisable only in accordance with this Section 6.3at Landlord's option, to lease a minimum amount of at least 100,000 square feet of redeveloped biotechnology either (A) the space on the Expansion Property; provided, however, that 6th floor of the Expansion Option shall not apply if Tenant is in default under this Lease (beyond any applicable notice and cure periods) Building substantially as shown hatched on the date floor plan annexed as Schedule I ("Expansion Space I") or (B) the Expansion Option is exercisable. The exact size and location space on the 6th floor of the Building substantially as shown hatched on the floor plan annexed as Schedule N ("Expansion Space II", Expansion Space I or Expansion Space II, as designated by Landlord as the expansion space subject to the Expansion Option within the Expansion Property (he leased by Tenant, is hereinafter referred to as the "Expansion Space"). Landlord and Tenant confirm that Expansion Space I is conclusively deemed to contain 43,099 rentable square feet and Expansion Space II is conclusively deemed to contain 42,632 rentable square feet. The Expansion Option may be exercised only by Tenant giving Landlord notice thereof (the "Expansion Notice") on or before September 30, 1999. If this Lease shall be mutually agreed upon in writing by Landlord and Tenant, subject to the minimum size of 100,000 square feet as specified above, after Landlord has approved a final design and site plan for the redevelopment terminated or if any of the other conditions to Tenant's Expansion PropertyOption described above shall no longer be satisfied at any time before ES Possession Date, Tenant's Expansion Option, or its exercise thereof, or any lease created by any such exercise, shall be abrogated and rendered null and void. If Tenant notifies Landlord fails to timely give such notice, Tenant's Expansion Option shall be terminated and be deemed waived by Tenant. If Tenant is in writing, monetary default at least seventy-five (75) days prior to the date time it exercises the Expansion Option must and Tenant cures such default prior to September 30, 1999, Tenant shall be exercised, that Tenant is considering entitled to re-exercise of the Expansion Option (which notice may be given by giving Landlord another Expansion Notice on or before September 30, 1999, so long as the conditions specified above are satisfied as of such exercise date. If Tenant in its sole and absolute discretion), then (i) Landlord agrees to adopt and approve a final design and site plan for the redevelopment of timely gives the Expansion Property at least forty-five (45) days prior to Notice, on the date the Expansion Option must be exercisedES Commencement Date, in order to allow a reasonable time for the parties to reach mutual agreement regarding the size and location of the Expansion Space in a timely manner and (ii) Landlord and Tenant agree to negotiate diligently, reasonably and in good faith to reach such an agreement regarding the size and location shall become part of the Expansion Space at least fifteen (15) days prior to demised premises, upon all of the date the Expansion Option must be exercised.terms and conditions set forth in this Lease, except that:

Expansion Option. The following expansion option is added as a new Section 38 in the Lease effective as of the date of this Agreement: "38. EXPANSION OPTION. (a) Landlord presently owns Provided that (a) MMI Companies, Inc. has not assigned this Lease (it being intended that all rights pursuant to this Section 38 are and shall be personal to the property lying easterly original Tenant under this Lease and shall not be transferable or exercisable for the benefit of any Transferee), (b) MMI Companies, Inc. at any single time has subleased no more than 25,000 rentable square feet in the Property and commonly known as 000 Xxxxxx Xxxxx Xxxxxxxxx, Xxxxx Xxx Xxxxxxxxx (the "Expansion Property"). The Expansion Property is presently operated as a commercial warehouse facility, but it is also Landlord's present intention to redevelop the Expansion Property as a biotechnology facility during calendar year 2005Premises, and Landlord agrees to undertake such redevelopment, subject to the conditions set forth in this Section 6.3, in order to accommodate any proper exercise of Tenant's rights under this Section 6.3. Tenant shall have a one-time option (the "Expansion Option"), exercisable only in accordance with this Section 6.3, to lease a minimum amount of at least 100,000 square feet of redeveloped biotechnology space on the Expansion Property; provided, however, that the Expansion Option shall not apply if c) Tenant is not in default under this Lease (beyond any applicable notice and cure periods) on the date of exercise or at any time thereafter until the Expansion Option is exercisable. The exact size and location commencement of the space subject Term with respect to the Expansion Option within Space, Tenant shall have the following option ("Expansion Property Option") to lease the entire space currently leased by Deluxe Video (the formerly known as Rank Video & Retail Services, Inc.) containing 30,598 rentable square feet ("Expansion Space") shall be mutually agreed upon in writing on the second floor of the Building, by Landlord giving Tenant's Expansion Notice (as hereinafter defined) exercising such Expansion Option pursuant to the provisions of subsection (c) of this Section 38. (b) The Expansion Option is subordinate and Tenant, is subject to the minimum size Right of 100,000 square feet as specified above, after Landlord has approved a final design and site plan for the redevelopment First Offer contained in Section 37 of the Lease, as amended herein. If prior to July 1, 2004 Landlord offers the Expansion PropertySpace to Tenant pursuant to the provisions of Section 37, and Tenant elects to not lease the Expansion Space under the Right of First Offer, then there shall be no effect on the Expansion Option contained in this Section 38. If on or after July 1, 2004 Landlord offers the Expansion Space to Tenant pursuant to the provisions of Section 37, and Tenant refuses to lease the Expansion Space pursuant to the provisions of the Right of First Offer, then the Expansion Option shall become void. If Tenant notifies Landlord in writing, at least seventy-five (75) days prior leases the Expansion Space pursuant to the date the Expansion Option must be exercisedRight of First Offer (whether before or after July 1, that Tenant is considering exercise of the Expansion Option (which notice may be given by Tenant in its sole and absolute discretion2004), then (i) Landlord agrees to adopt and approve a final design and site plan for the redevelopment of the Expansion Property at least forty-five (45) days prior to the date the Expansion Option must be exercised, in order to allow a reasonable time for the parties to reach mutual agreement regarding the size and location Tenant's leasing of the Expansion Space pursuant to the Right of First Offer shall supercede the provisions of this Expansion Option, in a timely manner which event the Expansion Option shall become void. (c) Tenant shall exercise the Expansion Option, if at all, by giving Landlord written notice ("Tenant's Expansion Option Notice") exercising the Expansion Option at least eighteen (18) months, but more than twenty-four (24) months, prior to July 1, 2006. (d) If Tenant effectively exercises the Expansion Option, then Landlord agrees to deliver the Expansion Space to Tenant between July 1, 2006 and (ii) September 30, 2006, inclusive; and Landlord and agrees to use commercially reasonable efforts to deliver to Tenant agree to negotiate diligently, reasonably and in good faith to reach such an agreement regarding the size and location possession of the Expansion Space at least fifteen (15) days prior to the date the Expansion Option must be exercisedon July 1, 2006 or promptly thereafter.

Expansion Option. (a) Landlord presently owns the property lying easterly of the Property and commonly known as 000 Xxxxxx Xxxxx Xxxxxxxxx, Xxxxx Xxx Xxxxxxxxx (the "Expansion Property"). The Expansion Property is presently operated as a commercial warehouse facility, but it is also Landlord's present intention to redevelop the Expansion Property as a biotechnology facility during calendar year 2005, and A. Landlord agrees that, with respect to undertake such redevelopmentany full floor of space currently leased to Xxxx Elsevier, subject to the conditions set forth in this Section 6.3, in order to accommodate any proper exercise of Tenant's rights under this Section 6.3. Tenant shall have a one-time option Inc. (the "Expansion OptionXxxx"), exercisable only in accordance with this Section 6.3Tenant shall, to lease a minimum amount of at least 100,000 square feet of redeveloped biotechnology space on the Expansion Property; provided, however, that the Expansion Option shall not apply if provided Tenant is not then in default under of this Lease (beyond any applicable notice and cure periods) on periods and provided Xxxx fails to renew or extend the date term of its lease, have the Expansion Option option to lease such space provided Tenant notifies Landlord of its election to do so not later than December 24, 2000 (which is exercisable. The exact size fifteen months and location of the space subject one week prior to the Expansion Option within the Expansion Property current Read lease expiration date of March 31, 2002) (the "Expansion SpaceTenant's Notice") shall be mutually agreed upon in writing by Landlord and Tenant, subject to the minimum size of 100,000 square feet as specified above, after Landlord has approved a final design and site plan for the redevelopment of the Expansion Property). If Tenant notifies shall notify Landlord in writingwriting of its election to enter into such lease as tenant for such additional premises within said period Landlord shall, at least seventy-five (75) days prior on or before January 15, 2001, advise Tenant concerning Xxxx'x extension or failure to extend the term of its lease and, if Xxxx fails to exercise its option, Landlord shall subsequently deliver and Tenant shall execute a modification of this Lease incorporating the rent, terms and conditions with respect to the date additional premises. Time is of the Expansion Option must be exercised, that Tenant is considering essence with respect to Tenant's exercise of such expansion option. The term of Tenant's leasing such premises shall be from the Expansion Option date Xxxx vacates such space until June 15, 2012. The Fixed Rent during such (which notice may approximately) ten year and two month period shall be given by Tenant in its sole and absolute discretionat the greater of 95% of Fair Market Value ("FMV"), then (i) Landlord agrees to adopt and approve a final design and site plan for the redevelopment as hereinafter defined, or as provided in paragraph 2 of the Expansion Property at least forty-five (45) days prior to Fourth Lease Modification Agreement. The Base Year shall be as provided in paragraph 3 of the date Fourth Lease Modification Agreement. FMV shall be determined by mutual agreement of the Expansion Option must be exercised, in order to allow a reasonable time for parties. If the parties are unable to reach mutual agreement regarding agree on the size and location FMV, the parties shall choose a licensed Real Estate Appraiser who shall determine the FMV. The cost of said Real Estate Appraiser shall be borne equally by the parties. If the parties are unable to agree on a licensed Real Estate Appraiser, each party shall select one Appraiser to appraise the FMV. If the difference between the two appraisals is 20% or less of the Expansion Space in a timely manner and (ii) Landlord and Tenant agree to negotiate diligentlylower appraisal, reasonably and in good faith to reach such an agreement regarding then the size and location FMV shall be the average of the Expansion Space at least fifteen (15) days prior two appraisals. If the difference between the two appraisals is greater than 20% of the lower appraisal, the two Appraisers shall select a third licensed Real Estate Appraiser to appraise the date FMV. The FMV shall in such case be the Expansion Option must average of the three appraisals. The cost of the third appraisal shall be exercisedborne equally by the parties.