Common use of Extension Options Clause in Contracts

Extension Options. Section 1 (Option to Extend) of Special Stipulations contained in Exhibit E to the Lease is hereby deleted. Provided (i) Tenant is not in default under this Lease either at the time of exercise of an option to extend or as of the commencement of an Extension Term, (ii) the creditworthiness of Tenant is then acceptable to Landlord, (iii) the Tenant originally named herein remains in possession of and has been continuously operating in the entire Premises for the Lease Term or Extension Term immediately preceding the Extension Term, and (iv) the current use of the Leased Premises is acceptable to Landlord, Tenant shall have the option to extend the Lease Term for two (2) successive periods of five (5) years each (the Extension Term(s)”). The Extension Terms shall be on the same terms and conditions contained in the Lease for the initial Lease Term except (i) no allowances, tenant improvements, rent abatement or other concessions shall apply, (ii) this Section granting extension options shall be deemed modified to reflect the remaining Extension Term option, if any, and (iii) Minimum Annual Rent shall be adjusted as set forth below. Tenant shall exercise such option by delivering to Landlord, no later than six (6) months prior to the expiration of the then current Lease Term or Extension Term, as applicable, written notice of Tenant’s exercise of such option. Once given, Tenant’s exercise of an Extension Term option shall be irrevocable. Unless waived by Landlord in writing, Tenant’s failure to timely exercise an Extension Term option shall be a waiver of all rights to extend the Lease Term. If Tenant properly exercises an option to extend, Landlord and Tenant shall execute an amendment to the Lease reflecting the terms and conditions of the Extension Term. Minimum Annual Rent for the Extension Terms, if exercised, shall be as follows: Minimum Annual Rent Monthly Rental Installments Rent/Ft/Year First Extension Term 5/1/20—4/30/21 $ 1,807,428.07 $ 150,619.01 $ 3.00900 5/1/21—4/30/22 $ 1,843,576.63 $ 153,631.39 $ 3.06918 5/1/22—4/30/23 $ 1,880,448.16 $ 156,704.01 $ 3.13056 5/1/23—4/30/24 $ 1,918,057.12 $ 159,838.09 $ 3.19317 5/1/24—4/30/25 $ 1,956,418.27 $ 163,034.86 $ 3.25704 Second Extension Term 5/1/25—4/30/26 $ 1,771,988.30 $ 147,665.69 $ 2.95000 5/1/26—4/30/27 $ 1,807,428.07 $ 150,619.01 $ 3.00900 5/1/27—4/30/28 $ 1,843,576.63 $ 153,631.39 $ 3.06918 5/1/28—4/30/29 $ 1,880,448.16 $ 156,704.01 $ 3.13056 5/1/29—4/30/30 $ 1,918,057.12 $ 159,838.09 $ 3.19317

Appears in 1 contract

Samples: Industrial Lease Agreement (United Stationers Inc)

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Extension Options. Section 1 On or prior to each of the fourth anniversary of the Closing Date (Option to Extendthe “First Extension Date”) and the fifth anniversary of Special Stipulations contained in Exhibit E the Closing Date (the “Second Extension Date”), the Borrower may, by notice to the Lease is hereby deleted. Provided Administrative Agent (who shall promptly notify the Lenders) request that the Administrative Agent and the Lenders extend the date set forth in the definition of Termination Date by one year, and the Administrative Agent and the Lenders may, each in their sole and individual discretion, elect to do so, it being understood that (i) Tenant is not in default under this Lease either at the time of exercise of an option no extension shall be effective unless all Lenders unanimously agree to extend or and (ii) any Lender who has not responded to such extension request within fifteen (15) Domestic Business Days following the date of the Administrative Agent’s notice of such extension request to the Lenders, shall be deemed to have rejected such request. In the event that one extension request is exercised and accepted by all Lenders, this Agreement shall be automatically amended as of the commencement First Extension Date to provide that the definition of an Termination Date would be extended by one year. In the event that two extension requests are exercised and accepted by all Lenders, upon effectiveness of the second extension, this Agreement shall be automatically amended as of the Second Extension Term, Date to provide that the definition of Termination Date would be extended by a subsequent year. Any extension pursuant to this Section 2.15 shall be effective as of the date of the amendment to this Agreement effecting such extension and each such amendment shall be conditioned upon: (iix) the creditworthiness no Default or Event of Tenant is then acceptable to Landlord, (iii) the Tenant originally named herein remains in possession of and has been continuously operating in the entire Premises for the Lease Term or Extension Term immediately preceding the Extension Term, Default and (ivy) the current use continued accuracy of the Leased Premises is acceptable representations and warranties, in each case as of the date of such amendment in all material respects. The first extension request shall expire if not made on or prior to Landlord, Tenant the First Extension Date and shall have not take effect prior to the option First Extension Date. The second extension request shall expire if not made on or prior to extend the Lease Term for Second Extension Date and shall not take effect prior to the Second Extension Date. There shall be no more than two (2) successive periods of five extension requests, resulting in total extensions no longer than two (52) years each (years, so that the Extension Term(s)”). The Extension Terms shall be on the same terms and conditions contained in the Lease for the initial Lease Term except (i) no allowances, tenant improvements, rent abatement or other concessions shall apply, (ii) this Section granting extension options shall be deemed modified to reflect the remaining Extension Term option, if any, and (iii) Minimum Annual Rent shall be adjusted as set forth below. Tenant shall exercise such option by delivering to Landlord, Termination Date is no later than six (6) months prior to the expiration ninth anniversary date of the then current Lease Term or Extension Term, as applicable, written notice of Tenant’s exercise of such option. Once given, Tenant’s exercise of an Extension Term option shall be irrevocable. Unless waived by Landlord in writing, Tenant’s failure to timely exercise an Extension Term option shall be a waiver of all rights to extend the Lease Term. If Tenant properly exercises an option to extend, Landlord and Tenant shall execute an amendment to the Lease reflecting the terms and conditions of the Extension Term. Minimum Annual Rent for the Extension Terms, if exercised, shall be as follows: Minimum Annual Rent Monthly Rental Installments Rent/Ft/Year First Extension Term 5/1/20—4/30/21 $ 1,807,428.07 $ 150,619.01 $ 3.00900 5/1/21—4/30/22 $ 1,843,576.63 $ 153,631.39 $ 3.06918 5/1/22—4/30/23 $ 1,880,448.16 $ 156,704.01 $ 3.13056 5/1/23—4/30/24 $ 1,918,057.12 $ 159,838.09 $ 3.19317 5/1/24—4/30/25 $ 1,956,418.27 $ 163,034.86 $ 3.25704 Second Extension Term 5/1/25—4/30/26 $ 1,771,988.30 $ 147,665.69 $ 2.95000 5/1/26—4/30/27 $ 1,807,428.07 $ 150,619.01 $ 3.00900 5/1/27—4/30/28 $ 1,843,576.63 $ 153,631.39 $ 3.06918 5/1/28—4/30/29 $ 1,880,448.16 $ 156,704.01 $ 3.13056 5/1/29—4/30/30 $ 1,918,057.12 $ 159,838.09 $ 3.19317Closing Date.

Appears in 1 contract

Samples: Credit Agreement (Main Street Capital CORP)

Extension Options. Section 1 (Option to Extenda) of Special Stipulations contained in Exhibit E to the Lease is hereby deleted. Provided (i) Tenant there is not in default no uncured Event of Default under the terms of this Lease either at the time of exercise of an this extension option to extend is exercised or as of at the commencement of an the applicable Extension TermTerm (as hereinafter defined), and (ii) the creditworthiness of Tenant is then acceptable to Landlord, (iii) the Tenant originally named herein remains in possession of and has been continuously operating in the entire Premises for the Lease Term or Extension Term immediately preceding the Extension Term, and (iv) the current use leasing at least 75,000 rentable feet of the Leased Premises is acceptable to LandlordPremises, Tenant shall have the option (the “Extension Options”) to extend the Term of this Lease Term for two (2) successive additional periods of five (5) years each (the each, an “Extension Term(s)Period”). The , by giving written notice to Landlord of the exercise of such Extension Terms shall be on Option (the same terms and conditions contained in the Lease for the initial Lease Term except “Extension Exercise Notice”) at least twelve (i) no allowances, tenant improvements, rent abatement or other concessions shall apply, (ii) this Section granting extension options shall be deemed modified to reflect the remaining Extension Term option, if any, and (iii) Minimum Annual Rent shall be adjusted as set forth below. Tenant shall exercise such option by delivering to Landlord, no later than six (612) months prior to the expiration of the initial Term hereof, with respect to the initial Extension Option, and at least twelve (12) months prior to the expiration of the initial Extension Period, with respect to the second Extension Option. Tenant shall have the right to exercise an Extension Option with respect to the entire Premises covered by the Lease as of the commencement of the applicable Extension Period, or with respect to less than the entire Premises then current covered by the Lease Term or (the “Reduced Premises”), provided the Reduced Premises shall include a minimum of seventy-five percent (75%) the Premises initially leased hereunder (as modified pursuant to Section 2.2 above, if applicable). That portion of the Premises for which the Extension TermOption is not being exercised is referred to herein as the “Relinquished Premises”. If the Reduced Premises shall be so configured that Landlord shall be required to separately demise any portion of the Reduced Premises from any portion of Relinquished Premises, as applicable, written notice Tenant shall reimburse Landlord for fifty percent (50%) of Tenant’s exercise the reasonable cost of such optiondemising. Once givenThe Extension Exercise Notice shall designate whether Tenant is exercising the option with respect to the entire Premises then leased hereunder, Tenant’s or, if Tenant is exercising the Extension Option with respect to the Reduced Premises, in which event such Extension Exercise Notice shall clearly delineate the Reduced Premises. If the Extension Exercise Notice does not indicate whether it is applicable to the entire Premises or to Reduced Premises, it shall be deemed to apply to the entire Premises. The exercise of an Extension Term option Option by Tenant shall be irrevocable, except as specifically set forth herein. Unless waived Upon such exercise, the Term of this Lease shall automatically be extended for the applicable Extension Period without the execution of any further instrument by the parties, provided that Landlord and Tenant shall, if requested by the other, execute and acknowledge an instrument confirming the exercise of the Extension Option. The Extension Options shall terminate if not exercised precisely in writing, Tenant’s failure to timely exercise an Extension the manner provided herein. Any extension of the Term option hereof shall be a waiver of upon all rights the terms and conditions set forth in this Lease, except that: (i) Tenant shall have no further option to extend the term of this Lease beyond the second Extension Period, (ii) Landlord shall not be obligated to contribute funds toward the cost of any remodeling, renovation, alteration or improvement work in the Premises, (iii) commencing on the commencement date of the applicable Extension Period, the “Premises” shall consist of the Reduced Premises and Tenant’s Proportionate Share shall be calculated based on the Rentable Area of the Reduced Premises, and (iv) annual Base Rent for any such Extension Period shall be an amount equal to ninety-five percent (95%) of the “Fair Market Annual Rent” (as defined below) for the Premises (or Reduced Premises, as applicable). Tenant shall surrender the Relinquished Premises, if any, to Landlord in the condition required by this Lease prior to the commencement of the applicable Extension Term. If Tenant properly exercises an option continues to extend, occupy the Relinquished Premises to Landlord and Tenant shall execute an amendment to the Lease reflecting the terms and conditions following commencement of the applicable Extension Term. Minimum Annual Rent for , the Extension Terms, if exercised, provisions of Section 15.2 of this Lease shall be as follows: Minimum Annual Rent Monthly Rental Installments Rent/Ft/Year First Extension Term 5/1/20—4/30/21 $ 1,807,428.07 $ 150,619.01 $ 3.00900 5/1/21—4/30/22 $ 1,843,576.63 $ 153,631.39 $ 3.06918 5/1/22—4/30/23 $ 1,880,448.16 $ 156,704.01 $ 3.13056 5/1/23—4/30/24 $ 1,918,057.12 $ 159,838.09 $ 3.19317 5/1/24—4/30/25 $ 1,956,418.27 $ 163,034.86 $ 3.25704 Second Extension Term 5/1/25—4/30/26 $ 1,771,988.30 $ 147,665.69 $ 2.95000 5/1/26—4/30/27 $ 1,807,428.07 $ 150,619.01 $ 3.00900 5/1/27—4/30/28 $ 1,843,576.63 $ 153,631.39 $ 3.06918 5/1/28—4/30/29 $ 1,880,448.16 $ 156,704.01 $ 3.13056 5/1/29—4/30/30 $ 1,918,057.12 $ 159,838.09 $ 3.19317govern such continued occupancy.

Appears in 1 contract

Samples: Advent Software Inc /De/

Extension Options. Section 1 (Option to Extend) of Special Stipulations contained in Exhibit E Subject to the Lease is hereby deleted. Provided (iterms of Subparagraph 4(c) Tenant is not in default under this Lease either at the time of exercise of an option to extend or as of the commencement of an Extension Term, (ii) the creditworthiness of Tenant is then acceptable to Landlord, (iii) the Tenant originally named herein remains in possession of and has been continuously operating in the entire Premises for the Lease Term or Extension Term immediately preceding the Extension Term, and (iv) the current use of the Leased Premises is acceptable to Landlordabove, Tenant shall have either two (2) options to extend the Lease Term for a period of one (1) year each or, alternatively, one (1) option to extend the Lease Term for two a period of three (2) successive periods of five (53) years each (such applicable option(s) hereinafter being referred to as the "Extension Term(s)”). The Options" and the period(s) or term(s) of such applicable Extension Terms shall be on Option hereinafter being referred to as the same terms and conditions contained "Extension Terms") provided that Tenant is not in the Lease for the initial Lease Term except (i) no allowances, tenant improvements, rent abatement or other concessions shall apply, (ii) this Section granting extension options shall be deemed modified to reflect the remaining Extension Term option, if any, and (iii) Minimum Annual Rent shall be adjusted default both as set forth below. Tenant shall exercise such option by delivering to Landlord, no later than six (6) months prior to the expiration of the then current Lease Term or date Tenant exercises the applicable Extension Option and as of the first day of the applicable Extension Term, as applicableand provided, further, that Tenant gives Landlord written notice of Tenant’s 's exercise of such option. Once given, Tenant’s exercise the applicable Extension Option at least one hundred and eighty (180) days prior to the end of an Extension Term option shall be irrevocable. Unless waived by Landlord in writing, Tenant’s failure to timely exercise an Extension Term option shall be a waiver of all rights to extend the then-current Lease Term. If Tenant properly first exercises an option to extendExtension Option for a term of one (1) year, Landlord and then Tenant shall execute be deemed to have waived the right to exercise the Extension Option for a period of three (3) years. Conversely, if Tenant first exercises the Extension Option for a period of three (3) years, then Tenant shall be deemed to have waived the right to exercise the Extension Options for a period of one (1) year each. If Tenant timely exercises an amendment Extension Option in the manner prescribed herein, then such exercise shall be with respect to the Lease reflecting both Building A and Building C. All of the terms and conditions of the this Lease shall apply to each Extension Term. Minimum Annual Rent for , except that the Monthly Installment of rent shall be calculated as set forth in Subparagraph 5(b) below, Tenant shall not be entitled to any additional Extension Options or Termination Options, and the provisions of EXHIBIT "C" shall not be applicable to the Extension Terms. If Tenant fails to exercise, if exercisedor fails to effectively exercise, the first one (1) year Extension Option, then the second one (1) year Extension Option shall be void and of no force or effect. The one-year Extension Options shall be personal to Cisco Systems, Inc. and may not be assigned to, transferred to or exercised for the benefit of any third party (other than an Affiliate of Tenant as follows: Minimum Annual Rent Monthly Rental Installments Rent/Ft/Year First defined in Paragraph 25 below). Any exercise of one-year Extension Term 5/1/20—4/30/21 $ 1,807,428.07 $ 150,619.01 $ 3.00900 5/1/21—4/30/22 $ 1,843,576.63 $ 153,631.39 $ 3.06918 5/1/22—4/30/23 $ 1,880,448.16 $ 156,704.01 $ 3.13056 5/1/23—4/30/24 $ 1,918,057.12 $ 159,838.09 $ 3.19317 5/1/24—4/30/25 $ 1,956,418.27 $ 163,034.86 $ 3.25704 Second Extension Term 5/1/25—4/30/26 $ 1,771,988.30 $ 147,665.69 $ 2.95000 5/1/26—4/30/27 $ 1,807,428.07 $ 150,619.01 $ 3.00900 5/1/27—4/30/28 $ 1,843,576.63 $ 153,631.39 $ 3.06918 5/1/28—4/30/29 $ 1,880,448.16 $ 156,704.01 $ 3.13056 5/1/29—4/30/30 $ 1,918,057.12 $ 159,838.09 $ 3.19317Option by or on behalf of any assignee, sublessee or transferee (other than an Affiliate of Tenant) of

Appears in 1 contract

Samples: Lease Agreement (Cisco Systems Inc)

Extension Options. Section 1 (Option to Extend) of Special Stipulations contained in Exhibit E to the Lease is The Port hereby deleted. Provided (i) grants Tenant is not in default under this Lease either at the time of exercise of an option to extend or as of the commencement of an Extension Term, (ii) the creditworthiness of Tenant is then acceptable to Landlord, (iii) the Tenant originally named herein remains in possession of and has been continuously operating in the entire Premises for the Lease Term or Extension Term immediately preceding the Extension Term, and (iv) the current use of the Leased Premises is acceptable to Landlord, Tenant shall have the option to extend the Lease Term for two (2) successive periods options to extend the Term of five this Agreement (5herein referred to individually as an “Extension Option”) for an additional period of ten (10) years for each option (herein referred to individually as “Extension Term”) except that no additional Extension Options shall apply following the second Extension Term(s)Term and Rent during any such Extension Terms shall be determined and adjusted pursuant to Section 4.2. Except for the Allowed Variances and special provisions provided for in Section 25.3 to cure deficiencies arising out of the Allowed Variances (collectively referred to as “Special Provisions Variance). The ) the Extension Terms shall be on the same terms terms, covenants and conditions contained in the Lease for as the initial Lease Term except term of this Agreement. The Special Provisions Variance will apply only so long as the GSA Sublease (ias hereinafter defined) no allowances, tenant improvements, rent abatement or other concessions shall apply, (ii) this Section granting extension options shall be deemed modified to reflect remains in effect. Written notices of Xxxxxx's exercise of the remaining Extension Option for each Extension Term option, if any, and (iii) Minimum Annual Rent shall must be adjusted as set forth below. Tenant shall exercise such option by delivering given to Landlord, the Port no later less than six (6) months prior to the expiration of the then-current Term (the “Extension Notice Date”). Tenant shall have no right to exercise its right to extend the Term of this Agreement at such time as an Event of Default is outstanding beyond the applicable notice and cure period; provided, that, if the Port declares an Event of Default within thirty (30) days prior to the Extension Notice Date, then current Lease Term or Extension Term, as applicable, written notice the period of Tenant’s exercise of such option. Once given, Tenant’s exercise of an Extension Term time within which said option may be exercised shall be irrevocableextended as reasonably necessary for Tenant to cure the Event of Default. Unless waived by Landlord in writing, Tenant’s failure In the event that Tenant fails to timely exercise an Extension Option within the time period stated above, Port will give written notice to the Leasehold Mortgagee and Leasehold Mortgagee shall have thirty (30) days from receipt of the notice to exercise the Extension Option in the place and stead of the Tenant. In the event that both Tenant and Leasehold Mortgagee fail to exercise an Extension Option in the time periods contemplated above, the Term option of this Agreement shall be a waiver expire upon the expiration of all rights the then-current Term, and Tenant shall have no further right to extend the Lease TermTerm hereof. If The Extension Options herein granted to Tenant properly exercises an may not be separated from this Agreement in any manner, by reservation or otherwise; however, Permitted Subleases may provide that notice of exercise of a materially co- terminus (e.g., not more than one (1) month shorter) corresponding extension option to extend, Landlord and Tenant shall execute an amendment to by the Lease reflecting the terms and conditions subtenant of the Extension Term. Minimum Annual Rent for entirety of the Extension Terms, if exercised, shall be as follows: Minimum Annual Rent Monthly Rental Installments Rent/Ft/Year First Extension Term 5/1/20—4/30/21 $ 1,807,428.07 $ 150,619.01 $ 3.00900 5/1/21—4/30/22 $ 1,843,576.63 $ 153,631.39 $ 3.06918 5/1/22—4/30/23 $ 1,880,448.16 $ 156,704.01 $ 3.13056 5/1/23—4/30/24 $ 1,918,057.12 $ 159,838.09 $ 3.19317 5/1/24—4/30/25 $ 1,956,418.27 $ 163,034.86 $ 3.25704 Second Extension Term 5/1/25—4/30/26 $ 1,771,988.30 $ 147,665.69 $ 2.95000 5/1/26—4/30/27 $ 1,807,428.07 $ 150,619.01 $ 3.00900 5/1/27—4/30/28 $ 1,843,576.63 $ 153,631.39 $ 3.06918 5/1/28—4/30/29 $ 1,880,448.16 $ 156,704.01 $ 3.13056 5/1/29—4/30/30 $ 1,918,057.12 $ 159,838.09 $ 3.19317Premises is binding upon both Tenant and the Port under this Agreement.

Appears in 1 contract

Samples: Ground Lease Agreement

Extension Options. Section 1 Landlord hereby grants to Tenant four (Option to Extend4) of Special Stipulations contained in Exhibit E to the Lease is hereby deleted. Provided (i) Tenant is not in default under this Lease either at the time of exercise of an option to extend or as of the commencement of an Extension Term, (ii) the creditworthiness of Tenant is then acceptable to Landlord, (iii) the Tenant originally named herein remains in possession of and has been continuously operating in the entire Premises for the Lease Term or Extension Term immediately preceding the Extension Term, and (iv) the current use of the Leased Premises is acceptable to Landlord, Tenant shall have the option consecutive options to extend the Term of this Lease Term for two not less than all of the Premises then being leased by Tenant, other than the Temporary Suites (2as defined in Section 1 of the Addendum) successive periods and the Second Floor Space (as defined in Section 3 of five the Addendum) (5each, an “Extension Option”), each for a period of six (6) years each months (the Extension Term(s)each, an “Option Term”). The Extension Terms Except as otherwise provided herein, each such extension shall be on the same terms terms, conditions and conditions provisions as contained in this Lease (including escalation of the Lease for the initial Lease Term except (i) no allowances, tenant improvements, rent abatement or other concessions shall apply, (ii) Base Rent by 3% per annum). Except as provided in this Section granting extension options shall be deemed modified to reflect the remaining Extension Term option1.3, if any, and (iii) Minimum Annual Rent shall be adjusted as set forth below. Tenant shall have no other rights to extend the Term. If Tenant wishes to exercise such option by delivering to Landlordan Extension Option, no later than six (6) Tenant shall, on or before the date occurring 12 months prior to the expiration of the then current Lease Term or Extension the applicable Option Term, as applicable, written notice irrevocably exercise the Extension Option by delivering Notice (each, an “Exercise Notice”) thereof to Landlord. If Tenant fails to timely deliver an Exercise Notice, the Extension Option (and any remaining Extension Options) shall thereupon expire automatically. Tenant’s right to exercise the Extension Options is personal to, and may be exercised only by Point.360, a California corporation (the “Original Tenant”) or any Transferee to whom Original Tenant’s entire interest in this Lease or the Premises has been transferred in a Permitted Transfer. Notwithstanding anything in this Section 1.3 to the contrary, if an Event of Default has occurred at the time the Exercise Notice is received by Landlord or at any time thereafter until the commencement date of the applicable Option Term, then Landlord shall have the right, in addition to all of its other rights and remedies under this Lease, to unilaterally revoke Tenant’s exercise of such option. Once giventhe Extension Option, Tenant’s exercise of an Extension Term option in which case Tenant shall be irrevocable. Unless waived by Landlord in writing, Tenant’s failure have no further rights under this Lease to timely exercise an Extension Term option shall be a waiver of all rights to renew or extend the Term and this Lease Term. If Tenant properly exercises an option to extend, Landlord and Tenant shall execute an amendment to expire on the Lease reflecting the terms and conditions of the Extension Term. Minimum Annual Rent for the Extension Terms, if exercised, shall be as follows: Minimum Annual Rent Monthly Rental Installments Rent/Ft/Year First Extension Term 5/1/20—4/30/21 $ 1,807,428.07 $ 150,619.01 $ 3.00900 5/1/21—4/30/22 $ 1,843,576.63 $ 153,631.39 $ 3.06918 5/1/22—4/30/23 $ 1,880,448.16 $ 156,704.01 $ 3.13056 5/1/23—4/30/24 $ 1,918,057.12 $ 159,838.09 $ 3.19317 5/1/24—4/30/25 $ 1,956,418.27 $ 163,034.86 $ 3.25704 Second Extension Term 5/1/25—4/30/26 $ 1,771,988.30 $ 147,665.69 $ 2.95000 5/1/26—4/30/27 $ 1,807,428.07 $ 150,619.01 $ 3.00900 5/1/27—4/30/28 $ 1,843,576.63 $ 153,631.39 $ 3.06918 5/1/28—4/30/29 $ 1,880,448.16 $ 156,704.01 $ 3.13056 5/1/29—4/30/30 $ 1,918,057.12 $ 159,838.09 $ 3.19317Termination Date.

Appears in 1 contract

Samples: Lease Agreement (Point.360)

Extension Options. Section 1 On or prior to each of the fifth anniversary of the Closing Date (Option to Extendthe “First Extension Date”) and the sixth anniversary of Special Stipulations contained in Exhibit E the Closing Date (the “Second Extension Date”), the Borrower may, by notice to the Lease is hereby deleted. Provided Administrative Agent (who shall promptly notify the Lenders) request that the Administrative Agent and the Lenders extend the date set forth in the definition of Termination Date by one year, and the Administrative Agent and the Lenders may, each in their sole and individual discretion, elect to do so, it being understood that (i) Tenant is not in default under this Lease either at the time of exercise of an option no extension shall be effective unless all Lenders unanimously agree to extend or and (ii) any Lender who has not responded to such extension request within fifteen (15) Domestic Business Days following the date of the Administrative Agent’s notice of such extension request to the Lenders, shall be deemed to have rejected such request. In the event that one extension request is exercised and accepted by all Lenders, this Agreement shall be automatically amended as of the commencement First Extension Date to provide that the definition of an Termination Date would be extended by one year. In the event that two extension requests are exercised and accepted by all Lenders, upon effectiveness of the second extension, this Agreement shall be automatically amended as of the Second Extension Term, Date to provide that the definition of Termination Date would be extended by a subsequent year. Any extension pursuant to this Section 2.15 shall be effective as of the date of the amendment to this Agreement effecting such extension and each such amendment shall be conditioned upon: (iix) the creditworthiness no Default or Event of Tenant is then acceptable to Landlord, (iii) the Tenant originally named herein remains in possession of and has been continuously operating in the entire Premises for the Lease Term or Extension Term immediately preceding the Extension Term, Default and (ivy) the current use continued accuracy of the Leased Premises is acceptable representations and warranties, in each case as of the date of such amendment in all material respects. The first extension request shall expire if not made on or prior to Landlord, Tenant the First Extension Date and shall have not take effect prior to the option First Extension Date. The second extension request shall expire if not made on or prior to extend the Lease Term for Second Extension Date and shall not take effect prior to the Second Extension Date. There shall be no more than two (2) successive periods of five extension requests, resulting in total extensions no longer than two (52) years each (years, so that the Extension Term(s)”). The Extension Terms shall be on the same terms and conditions contained in the Lease for the initial Lease Term except (i) no allowances, tenant improvements, rent abatement or other concessions shall apply, (ii) this Section granting extension options shall be deemed modified to reflect the remaining Extension Term option, if any, and (iii) Minimum Annual Rent shall be adjusted as set forth below. Tenant shall exercise such option by delivering to Landlord, Termination Date is no later than six (6) months prior to the expiration tenth anniversary date of the then current Lease Term or Extension Term, as applicable, written notice of Tenant’s exercise of such option. Once given, Tenant’s exercise of an Extension Term option shall be irrevocable. Unless waived by Landlord in writing, Tenant’s failure to timely exercise an Extension Term option shall be a waiver of all rights to extend the Lease Term. If Tenant properly exercises an option to extend, Landlord and Tenant shall execute an amendment to the Lease reflecting the terms and conditions of the Extension Term. Minimum Annual Rent for the Extension Terms, if exercised, shall be as follows: Minimum Annual Rent Monthly Rental Installments Rent/Ft/Year First Extension Term 5/1/20—4/30/21 $ 1,807,428.07 $ 150,619.01 $ 3.00900 5/1/21—4/30/22 $ 1,843,576.63 $ 153,631.39 $ 3.06918 5/1/22—4/30/23 $ 1,880,448.16 $ 156,704.01 $ 3.13056 5/1/23—4/30/24 $ 1,918,057.12 $ 159,838.09 $ 3.19317 5/1/24—4/30/25 $ 1,956,418.27 $ 163,034.86 $ 3.25704 Second Extension Term 5/1/25—4/30/26 $ 1,771,988.30 $ 147,665.69 $ 2.95000 5/1/26—4/30/27 $ 1,807,428.07 $ 150,619.01 $ 3.00900 5/1/27—4/30/28 $ 1,843,576.63 $ 153,631.39 $ 3.06918 5/1/28—4/30/29 $ 1,880,448.16 $ 156,704.01 $ 3.13056 5/1/29—4/30/30 $ 1,918,057.12 $ 159,838.09 $ 3.19317Closing Date.

Appears in 1 contract

Samples: Credit Agreement (Main Street Capital CORP)

Extension Options. Section 1 (Option to Extend) of Special Stipulations contained in Exhibit E to the Lease is The Port hereby deleted. Provided (i) grants Tenant is not in default under this Lease either at the time of exercise of an option to extend or as of the commencement of an Extension Term, (ii) the creditworthiness of Tenant is then acceptable to Landlord, (iii) the Tenant originally named herein remains in possession of and has been continuously operating in the entire Premises for the Lease Term or Extension Term immediately preceding the Extension Term, and (iv) the current use of the Leased Premises is acceptable to Landlord, Tenant shall have the option to extend the Lease Term for two (2) successive periods options to extend the Term of five this Agreement (5herein referred to individually as an “Extension Option”) for an additional period of ten (10) years for each option (herein referred to individually as “Extension Term”) except that no additional Extension Options shall apply following the second Extension Term(s)Term and Rent during any such Extension Terms shall be determined and adjusted pursuant to Section 4.2. Except for the Allowed Variances and special provisions provided for in Section 25.3 to cure deficiencies arising out of the Allowed Variances (collectively referred to as “Special Provisions Variance). The ) the Extension Terms shall be on the same terms terms, covenants and conditions contained in the Lease for as the initial Lease Term except term of this Agreement. The Special Provisions Variance will apply only so long as the GSA Sublease (ias hereinafter defined) no allowances, tenant improvements, rent abatement or other concessions shall apply, (ii) this Section granting extension options shall be deemed modified to reflect remains in effect. Written notices of Tenant's exercise of the remaining Extension Option for each Extension Term option, if any, and (iii) Minimum Annual Rent shall must be adjusted as set forth below. Tenant shall exercise such option by delivering given to Landlord, the Port no later less than six (6) months prior to the expiration of the then-current Term (the “Extension Notice Date”). Tenant shall have no right to exercise its right to extend the Term of this Agreement at such time as an Event of Default is outstanding beyond the applicable notice and cure period; provided, that, if the Port declares an Event of Default within thirty (30) days prior to the Extension Notice Date, then current Lease Term or Extension Term, as applicable, written notice the period of Tenant’s exercise of such option. Once given, Tenant’s exercise of an Extension Term time within which said option may be exercised shall be irrevocableextended as reasonably necessary for Tenant to cure the Event of Default. Unless waived by Landlord in writing, Tenant’s failure In the event that Tenant fails to timely exercise an Extension Option within the time period stated above, Port will give written notice to the Leasehold Mortgagee and Leasehold Mortgagee shall have thirty (30) days from receipt of the notice to exercise the Extension Option in the place and stead of the Tenant. In the event that both Tenant and Leasehold Mortgagee fail to exercise an Extension Option in the time periods contemplated above, the Term option of this Agreement shall be a waiver expire upon the expiration of all rights the then-current Term, and Tenant shall have no further right to extend the Lease TermTerm hereof. If The Extension Options herein granted to Tenant properly exercises an may not be separated from this Agreement in any manner, by reservation or otherwise; however, Permitted Subleases may provide that notice of exercise of a materially co- terminus (e.g., not more than one (1) month shorter) corresponding extension option to extend, Landlord and Tenant shall execute an amendment to by the Lease reflecting the terms and conditions subtenant of the Extension Term. Minimum Annual Rent for entirety of the Extension Terms, if exercised, shall be as follows: Minimum Annual Rent Monthly Rental Installments Rent/Ft/Year First Extension Term 5/1/20—4/30/21 $ 1,807,428.07 $ 150,619.01 $ 3.00900 5/1/21—4/30/22 $ 1,843,576.63 $ 153,631.39 $ 3.06918 5/1/22—4/30/23 $ 1,880,448.16 $ 156,704.01 $ 3.13056 5/1/23—4/30/24 $ 1,918,057.12 $ 159,838.09 $ 3.19317 5/1/24—4/30/25 $ 1,956,418.27 $ 163,034.86 $ 3.25704 Second Extension Term 5/1/25—4/30/26 $ 1,771,988.30 $ 147,665.69 $ 2.95000 5/1/26—4/30/27 $ 1,807,428.07 $ 150,619.01 $ 3.00900 5/1/27—4/30/28 $ 1,843,576.63 $ 153,631.39 $ 3.06918 5/1/28—4/30/29 $ 1,880,448.16 $ 156,704.01 $ 3.13056 5/1/29—4/30/30 $ 1,918,057.12 $ 159,838.09 $ 3.19317Premises is binding upon both Tenant and the Port under this Agreement.

Appears in 1 contract

Samples: Ground Lease Agreement

Extension Options. Section 1 (Option to Extend) of Special Stipulations contained in Exhibit E to the Lease is hereby deleted. Provided (i) Tenant is not in default under this Lease either at the time of exercise of an option to extend or as of the commencement of an Extension Term, (ii) the creditworthiness of Tenant is then acceptable to Landlord, (iii) the Tenant originally named herein remains in possession of and has been continuously operating in the entire Premises for the Lease Term or Extension Term immediately preceding the Extension Term, and (iv) the current use of the Leased Premises is acceptable to Landlord, Tenant Borrower shall have the option to extend the Lease Term term of the Loan for two (2) successive periods of five (5) years successive terms of one year beyond the Stated Maturity Date (each (the successive term, an “Extension Term(s)Term”). The Borrower shall have the option (the “First Extension Terms shall Option”), by written notice (the “First Extension Notice”) delivered to Lender (which notice may be on the same terms and conditions contained in the Lease for the initial Lease Term except (irevoked) no allowances, tenant improvements, rent abatement or other concessions shall apply, (ii) this Section granting extension options shall be deemed modified to reflect the remaining Extension Term option, if any, and (iii) Minimum Annual Rent shall be adjusted as set forth below. Tenant shall exercise such option by delivering to Landlord, no later than six thirty (630) months days prior to the expiration of the then current Lease Term or Extension TermStated Maturity Date, as applicable, written notice of Tenant’s exercise of such option. Once given, Tenant’s exercise of an Extension Term option shall be irrevocable. Unless waived by Landlord in writing, Tenant’s failure to timely exercise an Extension Term option shall be a waiver of all rights to extend the Lease TermMaturity Date to July 9, 2021 (the “First Extended Maturity Date”). If Tenant properly exercises an In the event Borrower shall have exercised the First Extension Option, Borrower shall have the option (the “Second Extension Option”), by written notice (the “Second Extension Notice”) delivered to extend, Landlord and Tenant shall execute an amendment Lender (which notice may be revoked) no later than thirty (30) days prior to the Lease reflecting First Extended Maturity Date, to extend the terms and conditions First Extended Maturity Date to July 9, 2022 (the “Second Extended Maturity Date”). In the event Borrower shall have exercised the Second Extension Option, Borrower shall have the option (the “Third Extension Option”), by written notice (the “Third Extension Notice”) delivered to Lender (which notice may be revoked) no later than thirty (30) days prior to the Second Extended Maturity Date, to extend the Second Extended Maturity Date to July 9, 2023 (the “Third Extended Maturity Date”). In the event Borrower shall have exercised the Third Extension Option, Borrower shall have the option (the “Fourth Extension Option”), by written notice (the “Fourth Extension Notice”) delivered to Lender (which notice may be revoked) no later than thirty (30) days prior to the Third Extended Maturity Date, to extend the Third Extended Maturity Date to July 9, 2024 (the “Fourth Extended Maturity Date”). In the event Borrower shall have exercised the Fourth Extension Option, Borrower shall have the option (the “Fifth Extension Option”), by written notice (the “Fifth Extension Notice”) delivered to Lender (which notice may be revoked) no later than thirty (30) days prior to the Fourth Extended Maturity Date, to extend the Fourth Extended Maturity Date to July 9, 2025 (the “Fifth Extended Maturity Date”). Borrower’s right to so extend the applicable Maturity Date shall be subject to the satisfaction of the Extension Term. Minimum Annual Rent for the Extension Terms, if exercised, shall be as follows: Minimum Annual Rent Monthly Rental Installments Rent/Ft/Year First Extension Term 5/1/20—4/30/21 $ 1,807,428.07 $ 150,619.01 $ 3.00900 5/1/21—4/30/22 $ 1,843,576.63 $ 153,631.39 $ 3.06918 5/1/22—4/30/23 $ 1,880,448.16 $ 156,704.01 $ 3.13056 5/1/23—4/30/24 $ 1,918,057.12 $ 159,838.09 $ 3.19317 5/1/24—4/30/25 $ 1,956,418.27 $ 163,034.86 $ 3.25704 Second Extension Term 5/1/25—4/30/26 $ 1,771,988.30 $ 147,665.69 $ 2.95000 5/1/26—4/30/27 $ 1,807,428.07 $ 150,619.01 $ 3.00900 5/1/27—4/30/28 $ 1,843,576.63 $ 153,631.39 $ 3.06918 5/1/28—4/30/29 $ 1,880,448.16 $ 156,704.01 $ 3.13056 5/1/29—4/30/30 $ 1,918,057.12 $ 159,838.09 $ 3.19317following conditions precedent prior to each extension hereunder:

Appears in 1 contract

Samples: Loan Agreement (Invitation Homes Inc.)

Extension Options. Section 1 (Option to Extend) of Special Stipulations contained in Exhibit E Subject to the Lease is hereby deleted. Provided (i) Tenant is not in default under provisions of this Lease either at the time of exercise of an option to extend or as of the commencement of an Extension TermSection 2.7, (ii) the creditworthiness of Tenant is then acceptable to Landlord, (iii) the Tenant originally named herein remains in possession of and has been continuously operating in the entire Premises for the Lease Term or Extension Term immediately preceding the Extension Term, and (iv) the current use of the Leased Premises is acceptable to Landlord, Tenant Borrower shall have the option (the “First Extension Option”), by written notice (the “First Extension Notice”) delivered to Lender no later than fifteen (15) days prior to the Stated Maturity Date, to extend the Lease Term for two (2) successive periods of five (5) years each Maturity Date to March 11, 2018 (the Extension Term(s)“First Extended Maturity Date”). The In the event Borrower shall have exercised the First Extension Terms Option, Borrower shall be on have the same terms and conditions contained in option (the Lease for “Second Extension Option”), by written notice (the initial Lease Term except (i“Second Extension Notice”) no allowances, tenant improvements, rent abatement or other concessions shall apply, (ii) this Section granting extension options shall be deemed modified delivered to reflect the remaining Extension Term option, if any, and (iii) Minimum Annual Rent shall be adjusted as set forth below. Tenant shall exercise such option by delivering to Landlord, Lender no later than six fifteen (615) months days prior to the expiration of the then current Lease Term or Extension TermFirst Extended Maturity Date, as applicable, written notice of Tenant’s exercise of such option. Once given, Tenant’s exercise of an Extension Term option shall be irrevocable. Unless waived by Landlord in writing, Tenant’s failure to timely exercise an Extension Term option shall be a waiver of all rights to extend the Lease TermFirst Extended Maturity Date to March 11, 2019 (the “Second Extended Maturity Date”). If Tenant properly exercises an In the event Borrower shall have exercised the Second Extension Option, Borrower shall have the option (the “Third Extension Option”), by written notice (the “Third Extension Notice”) delivered to extend, Landlord and Tenant shall execute an amendment Lender no later than fifteen (15) days prior to the Lease reflecting Second Extended Maturity Date, to extend the terms Second Extended Maturity Date to March 11, 2020 (the “Third Extended Maturity Date”). In the event Borrower shall have exercised the Third Extension Option, Borrower shall have the option (the “Fourth Extension Option”), by written notice (the “Fourth Extension Notice”) delivered to Lender no later than fifteen (15) days prior to the Third Extended Maturity Date, to extend the Third Extended Maturity Date to March 11, 2021 (the “Fourth Extended Maturity Date”). Any Extension Notice may be revoked by Borrower at any time, and conditions Borrower shall reimburse Lender for any reasonable out-of-pocket costs and expenses, including reasonable attorney’s fees and disbursements, incurred directly in conjunction with preparing for the applicable extension. Borrower’s right to so extend the Maturity Date shall be subject to the satisfaction of the Extension Term. Minimum Annual Rent for the Extension Terms, if exercised, shall be as follows: Minimum Annual Rent Monthly Rental Installments Rent/Ft/Year First Extension Term 5/1/20—4/30/21 $ 1,807,428.07 $ 150,619.01 $ 3.00900 5/1/21—4/30/22 $ 1,843,576.63 $ 153,631.39 $ 3.06918 5/1/22—4/30/23 $ 1,880,448.16 $ 156,704.01 $ 3.13056 5/1/23—4/30/24 $ 1,918,057.12 $ 159,838.09 $ 3.19317 5/1/24—4/30/25 $ 1,956,418.27 $ 163,034.86 $ 3.25704 Second Extension Term 5/1/25—4/30/26 $ 1,771,988.30 $ 147,665.69 $ 2.95000 5/1/26—4/30/27 $ 1,807,428.07 $ 150,619.01 $ 3.00900 5/1/27—4/30/28 $ 1,843,576.63 $ 153,631.39 $ 3.06918 5/1/28—4/30/29 $ 1,880,448.16 $ 156,704.01 $ 3.13056 5/1/29—4/30/30 $ 1,918,057.12 $ 159,838.09 $ 3.19317following conditions precedent prior to each extension hereunder:

Appears in 1 contract

Samples: Loan Agreement (Alexanders Inc)

Extension Options. Section 1 Landlord grants to Tenant three (Option to Extend3) of Special Stipulations contained in Exhibit E to options (the Lease is hereby deleted. Provided (i"Extension Options") Tenant is not in default under this Lease either at the time of exercise of an option to extend or as of the commencement of an Extension Term, (ii) the creditworthiness of Tenant is then acceptable to Landlord, (iii) the Tenant originally named herein remains in possession of and has been continuously operating in the entire Premises for the Lease Term or Extension Term immediately preceding the Extension Term, and (iv) the current use of the Leased Premises is acceptable to Landlord, Tenant shall have the option to extend the Lease Term term for two (2) successive periods additional terms of five (5) years each (the Extension Term(s)”). The Extension Terms shall be on the same terms and conditions contained in the Lease for the initial Lease Term as this Lease, except (i) that there will be no allowances, tenant improvements, rent abatement or other concessions shall apply, (ii) this Section granting extension options shall be deemed modified further right to reflect the remaining Extension Term option, if any, extend and (iii) Minimum Annual Rent shall be adjusted except as set forth below. Except as specifically set forth below, the Extension Options can be exercised only by Tenant shall delivering written notice of exercise such option by delivering to Landlord, no later than six Landlord on or before one hundred eighty (6180) months days prior to the expiration of the then current Lease Term or Extension Term, as applicable, term. If for any reason Landlord does not actually receive Tenant's unconditional written notice of Tenant’s exercise of when required, each such option shall nevertheless continue in full force and effect and shall not lapse until fifteen (15) days after Landlord has notified Tenant in writing to inquire whether Tenant desires to exercise such option. Once givenThe Extension Options are personal to the Tenant originally named in this Lease and may not be exercised by anyone else (except for an assignee pursuant to a valid assignment of this Lease, Tenant’s and then only if prior to the date for exercise set forth in this Lease the assignor and the assignee deliver to Landlord a jointly executed notice stating that the specific Extension Option may be exercised by the assignee; provided that, notwithstanding anything to the contrary, if there is a valid assignment of an this Lease, then thereafter only the assignee will have the right to exercise any Extension Term option Options and such exercise shall be irrevocable. Unless waived by Landlord in writing, Tenant’s failure to timely exercise an Extension Term option shall be a waiver of all rights to extend the Lease Term. If Tenant properly exercises an option to extend, Landlord and Tenant shall execute an amendment subject to the Lease reflecting terms above). The Extension Options are granted to and may be exercised on the express condition that, at the time of the exercise and at the beginning of each Extension Option period, Tenant is not in default under the terms and conditions of the this Lease. The annual base rent for each Lease Year of each Extension Term. Minimum Annual Rent for the Extension Terms, if exercised, shall Option period will be as follows: Minimum Annual Rent Monthly Rental Installments Rent/Ft/Year First Extension Term 5/1/20—4/30/21 $ 1,807,428.07 $ 150,619.01 $ 3.00900 5/1/21—4/30/22 $ 1,843,576.63 $ 153,631.39 $ 3.06918 5/1/22—4/30/23 $ 1,880,448.16 $ 156,704.01 $ 3.13056 5/1/23—4/30/24 $ 1,918,057.12 $ 159,838.09 $ 3.19317 5/1/24—4/30/25 $ 1,956,418.27 $ 163,034.86 $ 3.25704 Second Extension Term 5/1/25—4/30/26 $ 1,771,988.30 $ 147,665.69 $ 2.95000 5/1/26—4/30/27 $ 1,807,428.07 $ 150,619.01 $ 3.00900 5/1/27—4/30/28 $ 1,843,576.63 $ 153,631.39 $ 3.06918 5/1/28—4/30/29 $ 1,880,448.16 $ 156,704.01 $ 3.13056 5/1/29—4/30/30 $ 1,918,057.12 $ 159,838.09 $ 3.19317set forth in Exhibit C attached hereto and made a part hereof for all purposes.

Appears in 1 contract

Samples: Lease Agreement (Vtel Corp)

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Extension Options. Section 1 (Option Tenant acknowledges and agrees that Tenant has no options and/or rights to Extend) of Special Stipulations contained in Exhibit E to the Lease is hereby deleted. Provided (i) Tenant is not in default under this Lease either lease additional space at the time of exercise of an option to extend or Project and, except as of the commencement of an Extension Term, (ii) the creditworthiness of Tenant is then acceptable to Landlord, (iii) the Tenant originally named otherwise expressly provided herein remains in possession of and has been continuously operating in the entire Premises for the Lease Term or Extension Term immediately preceding the Extension Term, and (iv) the current use of the Leased Premises is acceptable to Landlordbelow, Tenant shall have the option has no options and/or rights to extend the Lease Term for Extended Term. Subject to the terms and conditions of this Section 10, Landlord hereby grants to Tenant up to two (2) successive periods options to extend the Extended Term (each an “Extension Option”), each for a consecutive period of five (5) years (each (the Extension Term(san "Option Term")”). The Extension Terms shall be , on the same terms terms, covenants and conditions contained as provided for in the Amended Lease during the Extended Term except as otherwise provided below in this Section 10. Monthly Base Rent shall initially be equal to the "fair market rental rate" for the initial Lease Premises for each Option Term except (i) no allowancesas defined and determined in accordance with the provisions of Section 10.a. below, tenant improvements, subject to annual rent abatement or other concessions shall apply, (ii) this Section granting extension options shall increases during each Option Term. The first Extension Option must be deemed modified to reflect the remaining Extension Term optionexercised, if anyat all, by written notice ("Extension Notice") delivered by Tenant to Landlord no sooner than that date which is fifteen (15) months and (iii) Minimum Annual Rent shall be adjusted as set forth below. Tenant shall exercise such option by delivering to Landlord, no later than six that date which is ten (610) months prior to the expiration of the then current Lease Term or Extended Term. The second Extension Option must be exercised, if at all, by Extension Notice delivered by Tenant to Landlord no sooner than that date which is fifteen (15) months and no later than that date which is ten (10) months prior to the expiration of the first Option Term; provided, as applicablehowever, written notice that the first and second Extension Option shall automatically become void and of Tenant’s no effect if Tenant fails to validly exercise of such optionthe first Extension Option. Once given, Tenant’s exercise of Provided Tenant has properly and validly exercised an Extension Option, the Extended Term option shall be irrevocable. Unless waived extended by Landlord in writingthe five (5) year Option Term for that Extension Option, Tenant’s failure to timely exercise an Extension Term option shall be a waiver of and all rights to extend the Lease Term. If Tenant properly exercises an option to extendterms, Landlord and Tenant shall execute an amendment to the Lease reflecting the terms covenants and conditions of the Extension Term. Minimum Annual Amended Lease shall remain in full force and effect except that (a) Monthly Base Rent shall initially be equal to the "fair market rental rate" for the Premises for that Option Term as defined and determined in accordance with the provisions of Section 10.a. below, subject to annual rent increases during that Option Term, (b) the other economic terms will be established by Landlord, which may be taken into consideration when determining the fair market rental rate for that Option Term, (c) if Tenant fails to timely and validly exercise the second Extension TermsOption, the second Extension Option shall be void and of no effect and tenant shall have no further options remaining, (d) after the exercise of the second Extension Option, Tenant shall have no further options remaining, and (e) Landlord shall have no obligation whatsoever in connection with any such extension to remodel, alter or improve the Premises or Building for use by Tenant, to provide any improvement or construction allowance to Tenant, or to pay or reimburse Tenant for any remodeling, alterations or improvements to the Premises or Building. The extension rights under this Section are “one-time, if exercisedat all” rights only, shall be as follows: Minimum Annual Rent Monthly Rental Installments Rent/Ft/Year First Extension and are not renewing or reoccurring rights whether in connection with any further extension of the Term 5/1/20—4/30/21 $ 1,807,428.07 $ 150,619.01 $ 3.00900 5/1/21—4/30/22 $ 1,843,576.63 $ 153,631.39 $ 3.06918 5/1/22—4/30/23 $ 1,880,448.16 $ 156,704.01 $ 3.13056 5/1/23—4/30/24 $ 1,918,057.12 $ 159,838.09 $ 3.19317 5/1/24—4/30/25 $ 1,956,418.27 $ 163,034.86 $ 3.25704 Second Extension Term 5/1/25—4/30/26 $ 1,771,988.30 $ 147,665.69 $ 2.95000 5/1/26—4/30/27 $ 1,807,428.07 $ 150,619.01 $ 3.00900 5/1/27—4/30/28 $ 1,843,576.63 $ 153,631.39 $ 3.06918 5/1/28—4/30/29 $ 1,880,448.16 $ 156,704.01 $ 3.13056 5/1/29—4/30/30 $ 1,918,057.12 $ 159,838.09 $ 3.19317or otherwise.

Appears in 1 contract

Samples: REVA Medical, Inc.

Extension Options. Section 1 (Option to Extend) of Special Stipulations contained in Exhibit E Subject to the Lease is hereby deleted. Provided (iterms of Subparagraph 4(c) Tenant is not in default under this Lease either at the time of exercise of an option to extend or as of the commencement of an Extension Term, (ii) the creditworthiness of Tenant is then acceptable to Landlord, (iii) the Tenant originally named herein remains in possession of and has been continuously operating in the entire Premises for the Lease Term or Extension Term immediately preceding the Extension Term, and (iv) the current use of the Leased Premises is acceptable to Landlordabove, Tenant shall have either two (2) options to extend the Lease Term for a period of one (1) year each or, alternatively, one (1) option to extend the Lease Term for two a period of three (2) successive periods of five (53) years each (such applicable option(s) hereinafter being referred to as the "Extension Term(s)”). The Options" and the period(s) or term(s) of such applicable Extension Terms shall be on Option hereinafter being referred to as the same terms and conditions contained "Extension Terms") provided that Tenant is not in the Lease for the initial Lease Term except (i) no allowances, tenant improvements, rent abatement or other concessions shall apply, (ii) this Section granting extension options shall be deemed modified to reflect the remaining Extension Term option, if any, and (iii) Minimum Annual Rent shall be adjusted default both as set forth below. Tenant shall exercise such option by delivering to Landlord, no later than six (6) months prior to the expiration of the then current Lease Term or date Tenant exercises the applicable Extension Option and as of the first day of the applicable Extension Term, as applicableand provided, further, that Tenant gives Landlord written notice of Tenant’s 's exercise of such option. Once given, Tenant’s exercise the applicable Extension Option at least one hundred and eighty (180) days prior to the end of an Extension Term option shall be irrevocable. Unless waived by Landlord in writing, Tenant’s failure to timely exercise an Extension Term option shall be a waiver of all rights to extend the then-current Lease Term. If Tenant properly first exercises an option to extendExtension Option for a term of one (1) year, Landlord and then Tenant shall execute be deemed to have waived the right to exercise the Extension Option for a period of three (3) years. Conversely, if Tenant first exercises the Extension Option for a period of three (3) years, then Tenant shall be deemed to have waived the right to exercise the Extension Options for a period of one (1) year each. If Tenant timely exercises an amendment Extension Option in the manner prescribed herein, then such exercise shall be with respect to the Lease reflecting both Building B and Building D. All of the terms and conditions of the this Lease shall apply to each Extension Term. Minimum Annual Rent for , except that the Monthly Installment of rent shall be calculated as set forth in Subparagraph 5(b) below, Tenant shall not be entitled to any additional Extension Options or Termination Options, and the provisions of Exhibit C shall not be applicable to the Extension Terms. If Tenant fails to exercise, if exercisedor fails to effectively exercise, the first one (1) year Extension Option, then the second one (1) year Extension Option shall be void and of no force or effect. The one-year Extension Options shall be personal to Cisco Systems, Inc. and may not be assigned to, transferred to or exercised for the benefit of any third party (other than an Affiliate of Tenant as follows: Minimum Annual Rent Monthly Rental Installments Rent/Ft/Year First defined in Paragraph 25 below). Any exercise of one-year Extension Term 5/1/20—4/30/21 $ 1,807,428.07 $ 150,619.01 $ 3.00900 5/1/21—4/30/22 $ 1,843,576.63 $ 153,631.39 $ 3.06918 5/1/22—4/30/23 $ 1,880,448.16 $ 156,704.01 $ 3.13056 5/1/23—4/30/24 $ 1,918,057.12 $ 159,838.09 $ 3.19317 5/1/24—4/30/25 $ 1,956,418.27 $ 163,034.86 $ 3.25704 Second Extension Term 5/1/25—4/30/26 $ 1,771,988.30 $ 147,665.69 $ 2.95000 5/1/26—4/30/27 $ 1,807,428.07 $ 150,619.01 $ 3.00900 5/1/27—4/30/28 $ 1,843,576.63 $ 153,631.39 $ 3.06918 5/1/28—4/30/29 $ 1,880,448.16 $ 156,704.01 $ 3.13056 5/1/29—4/30/30 $ 1,918,057.12 $ 159,838.09 $ 3.19317Option by or on behalf of any assignee, sublessee or transferee (other than an Affiliate of Tenant) of

Appears in 1 contract

Samples: Lease Agreement (Cisco Systems Inc)

Extension Options. Section 1 (Option to Extend) of Special Stipulations contained in Exhibit E to the Lease Landlord agrees that Tenant shall have, and it is hereby deleted. Provided (i) Tenant is not in default under this Lease either at the time of exercise of an option to extend or as of the commencement of an Extension Termgranted, (ii) the creditworthiness of Tenant is then acceptable to Landlord, (iii) the Tenant originally named herein remains in possession of and has been continuously operating in the entire Premises for the Lease Term or Extension Term immediately preceding the Extension Term, and (iv) the current use of the Leased Premises is acceptable to Landlord, Tenant shall have the option to extend the Lease Term for two (2) successive periods options (the “Extension Options”) to extend the Term as to any Property Location or Property Locations, in Tenant’s sole discretion, for a period of five ten (510) years each (individually, an “Extension Period”, and collectively, the Extension Term(s)Periods”). The , each such Extension Terms shall be on the same terms and conditions contained in the Lease for the initial Lease Term except (i) no allowances, tenant improvements, rent abatement or other concessions shall apply, (ii) this Section granting extension options shall be deemed modified Period to reflect the remaining Extension Term option, if any, and (iii) Minimum Annual Rent shall be adjusted as set forth below. Tenant shall exercise such option by delivering to Landlord, no later than six (6) months prior to begin respectively upon the expiration of the then current Lease initial Term or the prior Extension TermPeriod, with respect to such Property Location or Property Locations, as applicablethe case may be. All of the terms, written covenants and provisions of this Lease shall apply to each Extension Period with respect to the Property Locations that Tenant elects to extend, except that Base Rent (as defined in Section 2.01 below) for each of the Extension Periods shall continue to be adjusted pursuant to the terms of Section 2.01 below, payable in equal monthly installments as Monthly Base Rent (as defined in Section 2.01). In order to exercise the Extension Options, Tenant shall give Landlord notice of such exercise (which notice shall identify the Property Locations that are to be extended) no later than one hundred twenty (120) days prior to the end of the initial Term of this Lease or the prior Extension Period with respect to such Property Location or Property Locations, as the case may be; provided, however, that if Tenant shall fail to give the notice within the aforesaid time limit, Tenant’s right to exercise its option shall nevertheless continue during said one hundred twenty (120) day period until thirty (30) days after Landlord shall have given Tenant notice of Landlord’s election to terminate such option (“Landlord’s Notice”), and Tenant may exercise such option at any time until the expiration of said thirty (30) day period. It is the intention of the parties to avoid forfeiture of Tenant’s exercise of such option. Once given, Tenant’s exercise of an Extension Term option shall be irrevocable. Unless waived by Landlord in writing, Tenant’s failure to timely exercise an Extension Term option shall be a waiver of all rights to extend the Term under any of the options set forth in this Lease Termthrough inadvertent failure to give the extension notice within the time limits prescribed. If Accordingly, if Tenant properly shall fail to give an extension notice to Landlord for any of the Extension Periods, and if Landlord shall fail to give Landlord’s Notice to Tenant, then until the expiration of thirty (30) days following Landlord’s Notice, or until Tenant 1 20 years from date of Lease. 2 15 years from date of Lease. either exercises an its option to extend or notifies Landlord that it does not intend to exercise said option to extend, Landlord and Tenant the Term for the applicable Property Location or Property Locations, as the case may be, shall execute an amendment be extended automatically from month to the Lease reflecting month upon all the terms and conditions then in effect, except that Monthly Base Rent shall be increased in accordance with Article 8, and in no event shall the Term for any Property Location extend beyond the last date of the last Extension TermPeriod applicable to such Property Location. Minimum Annual Rent for Upon the failure of Tenant to exercise one or any of the options herein regarding any Property Location following Landlord’s Notice, and, in any event, upon expiration of the last of such Extension TermsPeriods with respect to such Property Location, if exercised, Tenant shall be as follows: Minimum Annual Rent Monthly Rental Installments Rent/Ft/Year First Extension Term 5/1/20—4/30/21 $ 1,807,428.07 $ 150,619.01 $ 3.00900 5/1/21—4/30/22 $ 1,843,576.63 $ 153,631.39 $ 3.06918 5/1/22—4/30/23 $ 1,880,448.16 $ 156,704.01 $ 3.13056 5/1/23—4/30/24 $ 1,918,057.12 $ 159,838.09 $ 3.19317 5/1/24—4/30/25 $ 1,956,418.27 $ 163,034.86 $ 3.25704 Second Extension Term 5/1/25—4/30/26 $ 1,771,988.30 $ 147,665.69 $ 2.95000 5/1/26—4/30/27 $ 1,807,428.07 $ 150,619.01 $ 3.00900 5/1/27—4/30/28 $ 1,843,576.63 $ 153,631.39 $ 3.06918 5/1/28—4/30/29 $ 1,880,448.16 $ 156,704.01 $ 3.13056 5/1/29—4/30/30 $ 1,918,057.12 $ 159,838.09 $ 3.19317have no further or additional right to renew or extend this Lease with respect to such Property Location.

Appears in 1 contract

Samples: Master Lease (Spirit MTA REIT)

Extension Options. Section 1 (Option to Extend) of Special Stipulations contained in Exhibit E to the Lease Landlord agrees that Tenant shall have, and it is hereby deleted. Provided (i) Tenant is not in default under this Lease either at the time of exercise of an option to extend or as of the commencement of an Extension Termgranted, (ii) the creditworthiness of Tenant is then acceptable to Landlord, (iii) the Tenant originally named herein remains in possession of and has been continuously operating in the entire Premises for the Lease Term or Extension Term immediately preceding the Extension Term, and (iv) the current use of the Leased Premises is acceptable to Landlord, Tenant shall have the option to extend the Lease Term for two (2) successive periods options (the “Extension Options”) to extend the Term as to any Property Location or Property Locations, in Tenant’s sole discretion, for a period of five ten (510) years each (individually, an “Extension Period”, and collectively, the Extension Term(s)Periods”). The , each such Extension Terms shall be on the same terms and conditions contained in the Lease for the initial Lease Term except (i) no allowances, tenant improvements, rent abatement or other concessions shall apply, (ii) this Section granting extension options shall be deemed modified Period to reflect the remaining Extension Term option, if any, and (iii) Minimum Annual Rent shall be adjusted as set forth below. Tenant shall exercise such option by delivering to Landlord, no later than six (6) months prior to begin respectively upon the expiration of the then current Lease initial Term or the prior Extension TermPeriod, as applicablethe case may be. All of the terms, written covenants and provisions of this Lease shall apply to each Extension Period with respect to the Property Locations that Tenant elects to extend, except that Base Rent (as defined in Section 2.01 below) for each of the Extension Periods shall continue to be adjusted pursuant to the terms of Sections 1.04 and 2.01 below, payable in equal monthly installments as Monthly Base Rent (as defined in Section 2.01). In order to exercise the Extension Options, Tenant shall give Landlord notice of such exercise (which notice shall identify the Property Locations that are to be extended) no later than one hundred twenty (120) days prior to the end of the initial Term of this Lease or the prior Extension Period, as the case may be; provided, however, that if Tenant shall fail to give the notice within the aforesaid time limit, Tenant’s right to exercise its option shall nevertheless continue during said one hundred twenty (120) day period until thirty (30) days after Landlord shall have given Tenant notice of Landlord’s election to terminate such option (“Landlord’s Notice”), and Tenant may exercise such option at any time until the expiration of said thirty (30) day period. It is the intention of the parties to avoid forfeiture of Tenant’s exercise of such option. Once given, Tenant’s exercise of an Extension Term option shall be irrevocable. Unless waived by Landlord in writing, Tenant’s failure to timely exercise an Extension Term option shall be a waiver of all rights to extend the Term under any of the options set forth in this Lease Termthrough inadvertent failure to give the extension notice within the time limits prescribed. If Accordingly, if Tenant properly shall fail to give an extension notice to Landlord for any of the Extension Periods, and if Landlord shall fail to give Landlord’s Notice to Tenant, then until the expiration of thirty (30) days following Landlord’s Notice, or until Tenant either exercises an its option to extend or notifies Landlord that it does not intend to exercise said option to extend, Landlord and Tenant the Term shall execute an amendment be extended automatically from month to the Lease reflecting month upon all the terms and conditions then in effect, except that Monthly Base Rent shall be increased in accordance with Article 8, and in no event shall the Term extend beyond the last date of the last Extension TermPeriod. Minimum Annual Rent for Upon the failure of Tenant to exercise one or any of the options herein following Xxxxxxxx’s Notice, and, in any event, upon expiration of the last of such Extension TermsPeriods, if exercised, Tenant shall be as follows: Minimum Annual Rent Monthly Rental Installments Rent/Ft/Year First Extension Term 5/1/20—4/30/21 $ 1,807,428.07 $ 150,619.01 $ 3.00900 5/1/21—4/30/22 $ 1,843,576.63 $ 153,631.39 $ 3.06918 5/1/22—4/30/23 $ 1,880,448.16 $ 156,704.01 $ 3.13056 5/1/23—4/30/24 $ 1,918,057.12 $ 159,838.09 $ 3.19317 5/1/24—4/30/25 $ 1,956,418.27 $ 163,034.86 $ 3.25704 Second Extension Term 5/1/25—4/30/26 $ 1,771,988.30 $ 147,665.69 $ 2.95000 5/1/26—4/30/27 $ 1,807,428.07 $ 150,619.01 $ 3.00900 5/1/27—4/30/28 $ 1,843,576.63 $ 153,631.39 $ 3.06918 5/1/28—4/30/29 $ 1,880,448.16 $ 156,704.01 $ 3.13056 5/1/29—4/30/30 $ 1,918,057.12 $ 159,838.09 $ 3.19317have no further or additional right to renew or extend this Lease.

Appears in 1 contract

Samples: Master Lease (Spirit Finance Corp)

Extension Options. Section 1 Provided that (Option to Extenda) there has been no Event of Special Stipulations contained in Exhibit E to Default on the Lease part of Tenant which is hereby deleted. Provided uncured and continuing, other than any which have been waived by Landlord, and (ib) Tenant is not in default under this Lease either at as of the time date of the exercise of an option to extend or and as of the commencement date of an Extension Term, (ii) the creditworthiness of Tenant is then acceptable to Landlord, (iii) the Tenant originally named herein remains in possession of and has been continuously operating in the entire Premises for the Lease Term or any Extension Term immediately preceding the Extension Term, and (ivas hereinafter defined) the current use itself (including all entities for which Landlord's consent to assignment or sublease is not required under Section 6.8) in occupancy of at least fifty-one percent (51%) of the Leased Premises is acceptable Premises, but in no event less than the rentable square footage equal to Landlord________ of the Original Premises, Tenant shall have the option right to extend the Lease Term hereof for two (2) successive periods of five (5) years each (each an "Extension Term"), such options to extend to be exercised by the Extension Term(s)”). The Extension Terms shall be on the same terms and conditions contained in the Lease for the initial Lease Term except giving of notice by Tenant to Landlord at least nine (i) no allowances, tenant improvements, rent abatement or other concessions shall apply, (ii) this Section granting extension options shall be deemed modified to reflect the remaining Extension Term option, if any, and (iii) Minimum Annual Rent shall be adjusted as set forth below. Tenant shall exercise such option by delivering to Landlord, no later than six (69) months prior to the expiration of the then current Term. Upon the giving of such notice, this Lease and the Term or hereof shall be extended, for an additional term of five (5) years, without the necessity for the execution of any additional documents. In no event shall the Term hereof be extended for more than five (5) years after the expiration of the Initial Term with respect to the first Extension Term, as applicableand five (5) years after the expiration of the first Extension Term with respect to the second Extension Term, written nor shall Tenant have the right to exercise succeeding extension options unless it has exercised the extension option next preceding the extension option being currently exercised by Tenant. The Extension Term shall be upon all the terms, conditions and provisions of this Lease, except, that the increase in the Annual Fixed Rent during the Extension Term shall be calculated in the following manner: Landlord shall compare the Consumer Price Index, which is published for the calendar month most immediately preceding the date the relevant Extension Term commences (the "Extension Index"), with the Consumer Price Index published for the calendar month most immediately preceding the date the Initial Term commenced (the "Beginning Index"). If, at the time the Annual Fixed Rent payable with respect to the relevant Extension Term is established, the Extension Index has increased over the Beginning Index, then the Annual Fixed Rent payable during each Extension Term shall be set by multiplying rentable square foot by a fraction, the numerator of which is the Extension Index and the denominator of which is the Beginning Index. After the Annual Fixed Rent for the relevant Extension Term has been determined, Landlord shall give Tenant notice of Tenant’s exercise the amount of Annual Fixed Rent for such option. Once given, Tenant’s exercise of an Extension Term option shall be irrevocable. Unless waived by Landlord in writing, Tenant’s failure to timely exercise an Extension Term option shall be a waiver of all rights to extend the Lease Term. If Tenant properly exercises an option to extend, Landlord and Tenant shall execute an amendment to the Lease reflecting the terms and conditions of the Extension Term. Minimum Notwithstanding the foregoing, however, in no event whatsoever shall Annual Fixed Rent for the Extension Terms, if exercised, shall be as follows: Minimum Annual Rent Monthly Rental Installments Rent/Ft/Year First payable during any Extension Term 5/1/20—4/30/21 $ 1,807,428.07 $ 150,619.01 $ 3.00900 5/1/21—4/30/22 $ 1,843,576.63 $ 153,631.39 $ 3.06918 5/1/22—4/30/23 $ 1,880,448.16 $ 156,704.01 $ 3.13056 5/1/23—4/30/24 $ 1,918,057.12 $ 159,838.09 $ 3.19317 5/1/24—4/30/25 $ 1,956,418.27 $ 163,034.86 $ 3.25704 Second Extension Term 5/1/25—4/30/26 $ 1,771,988.30 $ 147,665.69 $ 2.95000 5/1/26—4/30/27 $ 1,807,428.07 $ 150,619.01 $ 3.00900 5/1/27—4/30/28 $ 1,843,576.63 $ 153,631.39 $ 3.06918 5/1/28—4/30/29 $ 1,880,448.16 $ 156,704.01 $ 3.13056 5/1/29—4/30/30 $ 1,918,057.12 $ 159,838.09 $ 3.19317be less than Annual Fixed Rent payable during the last five (5) years of the Initial Term.

Appears in 1 contract

Samples: Sublease (Viacell Inc)

Extension Options. Section 1 On or prior to each of the fifth anniversary of the Closing Date (Option to Extendthe “First Extension Date”) and the sixth anniversary of Special Stipulations contained in Exhibit E the Closing Date (the “Second Extension Date”), the Borrower may, by notice to the Lease is hereby deleted. Provided Administrative Agent (who shall promptly notify the Lenders) request that the Administrative Agent and the Lenders extend the date set forth in the definition of Termination Date by one year, and the Administrative Agent and the Lenders may, each in their sole and individual discretion, elect to do so, it being understood that (i) Tenant is not in default under this Lease either at the time of exercise of an option no extension shall be effective unless all Lenders unanimously agree to extend or and (ii) any Lender who has not responded to such extension request within fifteen (15) Domestic Business Days following the date of the Administrative Agent’s notice of such extension request to the Lenders, shall be deemed to have rejected such request. In the event that one extension request is exercised and accepted by all Lenders, this Agreement shall be automatically amended as of the commencement First Extension Date to provide that the definition of an Termination Date would be extended by one year. In the event that two extension requests are exercised and accepted by all Lenders, upon effectiveness of the second extension, this Agreement shall be automatically amended as of the Second Extension Term, Date to provide that the definition of Termination Date would be extended by a subsequent year. Any extension pursuant to this Section 2.15 shall be effective as of the date of the amendment to this Agreement effecting such extension and each such amendment shall be conditioned upon: (iix) the creditworthiness no Default or Event of Tenant is then acceptable to Landlord, (iii) the Tenant originally named herein remains in possession of and has been continuously operating in the entire Premises for the Lease Term or Extension Term immediately preceding the Extension Term, Default and (ivy) the current use continued accuracy of the Leased Premises is acceptable representations and warranties, in each case as of the date of such amendment in all material respects. The first extension request shall expire if not made on or prior to Landlord, Tenant the First Extension Date and shall have not take effect prior to the option First Extension Date. The second extension request shall expire if not made on or prior to extend the Lease Term for Second Extension Date and shall not take effect prior to the Second Extension Date. There shall be no more than two (2) successive periods of five extension requests, resulting in total extensions no longer than two (52) years each (years, so that the Extension Term(s)”). The Extension Terms shall be on the same terms and conditions contained in the Lease for the initial Lease Term except (i) no allowances, tenant improvements, rent abatement or other concessions shall apply, (ii) this Section granting extension options shall be deemed modified to reflect the remaining Extension Term option, if any, and (iii) Minimum Annual Rent shall be adjusted as set forth below. Tenant shall exercise such option by delivering to Landlord, Termination Date is no later than six (6) months prior to the expiration seventh anniversary date of the then current Lease Term or Extension Term, as applicable, written notice of Tenant’s exercise of such option. Once given, Tenant’s exercise of an Extension Term option shall be irrevocable. Unless waived by Landlord in writing, Tenant’s failure to timely exercise an Extension Term option shall be a waiver of all rights to extend the Lease Term. If Tenant properly exercises an option to extend, Landlord and Tenant shall execute an amendment to the Lease reflecting the terms and conditions of the Extension Term. Minimum Annual Rent for the Extension Terms, if exercised, shall be as follows: Minimum Annual Rent Monthly Rental Installments Rent/Ft/Year First Extension Term 5/1/20—4/30/21 $ 1,807,428.07 $ 150,619.01 $ 3.00900 5/1/21—4/30/22 $ 1,843,576.63 $ 153,631.39 $ 3.06918 5/1/22—4/30/23 $ 1,880,448.16 $ 156,704.01 $ 3.13056 5/1/23—4/30/24 $ 1,918,057.12 $ 159,838.09 $ 3.19317 5/1/24—4/30/25 $ 1,956,418.27 $ 163,034.86 $ 3.25704 Second Extension Term 5/1/25—4/30/26 $ 1,771,988.30 $ 147,665.69 $ 2.95000 5/1/26—4/30/27 $ 1,807,428.07 $ 150,619.01 $ 3.00900 5/1/27—4/30/28 $ 1,843,576.63 $ 153,631.39 $ 3.06918 5/1/28—4/30/29 $ 1,880,448.16 $ 156,704.01 $ 3.13056 5/1/29—4/30/30 $ 1,918,057.12 $ 159,838.09 $ 3.19317Closing Date.

Appears in 1 contract

Samples: Credit Agreement (Main Street Capital CORP)

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