FIRST OPTION TO EXTEND. Borrower shall have the option to extend the term of the Loan from the Original Maturity Date to the First Extended Maturity Date, upon satisfaction of each of the following conditions precedent:
FIRST OPTION TO EXTEND. [Terms to be negotiated in each instance.]
FIRST OPTION TO EXTEND. On or before one hundred twenty (120) days prior to the expiration of the term, and providing Tenant is not in default of this Lease, Tenant may extend the term of this Lease for an additional one hundred and twenty (120) months by notifying Landlord of such intention in writing (the “First Extension Period”). The maximum term of the Lease with one extension is forty-four and one-half (44 1/2) years.
FIRST OPTION TO EXTEND. On the condition that Tenant is not in default of its covenants and obligations under this Lease (beyond applicable notice and cure periods) both at the time of option exercise and as of the commencement of the hereinafter described additional term, Tenant shall have the option (“Tenant’s First Extension Option”) to extend the Term for an additional term of five (5) years (herein referred to as the “First Additional Term”), said First Additional Term to commence immediately after the expiration of the initial Term. If Tenant desires to extend the Term as aforesaid, it shall give notice thereof (the “First Extension Notice”) to Landlord no later than one hundred twenty (120) days prior to the end of the initial Term. If Tenant fails timely to give such notice, then Tenant shall have no right to extend the Term (time being of the essence with respect to exercise of Tenant’s First Extension Option). Upon the timely giving of such notice, the Term shall be deemed extended upon all of the same terms and conditions of this Lease, except that the Annual Base Rent during said First Additional Term shall be at the rate of $15.00 per rentable square foot NNN per year for Year 1 of the First Additional Term with said Base Rent increasing annually by the greater of CPI-U Boston or 2.5%. The First Additional Term Annual Base Rent shall be payable in equal monthly installments in advance on or before the first day of each calendar month during the First Additional Term. Notwithstanding the fact that Tenant’s exercise of the herein option to extend the Term shall be self-executing, as aforesaid, upon the request of Landlord, Tenant shall promptly execute a lease amendment reflecting said First Additional Term and the First Additional Term Annual Base Rent and annual escalations thereof after Tenant exercises the herein option. Upon Tenant’s exercise of Tenant’s First Extension Option, the word “Term” wherever it appears in this Lease shall include the First Additional Term and the phrase “Expiration Date” shall be changed to the last day of the First Additional Term.
FIRST OPTION TO EXTEND. The Tenant shall have the option to extend this Lease Agreement from 12:01 PM the 31st day of December, 2021, to 12:01AM on the 31st Day of December 2026. In the event the Tenant desires to exercise said option, Tenant shall give written notice of such exercise to Landlord no later than December 31st, 2020. See below for Option Term Rent. In the event of such exercise, this Lease Agreement shall be automatically extended for the additional term. Notwithstanding the foregoing, this option shall be void and of no force or effect if the Tenant is in default hereunder either as of the date of the Tenant’s exercise of said option or as of the date of the commencement of the option or additional term.
FIRST OPTION TO EXTEND. The option to extend the Scheduled Maturity Date to the First Extended Maturity Date (“First Option to Extend”) shall be approved by Lender in its sole discretion. In order for the Lender to consider such extension, the Sponsor must satisfy each of the following conditions precedent in Lender’s sole discretion:
FIRST OPTION TO EXTEND. Borrower shall have the option to extend the Mandatory Conversion Date (for the purposes of this section, the “Original Mandatory Conversion Date”) to the First Extended Mandatory Conversion Date, upon satisfaction of the following conditions precedent:
FIRST OPTION TO EXTEND. Section 2.10 of the Loan Agreement is hereby deleted and replaced in its entirety with the following:
FIRST OPTION TO EXTEND. Provided that Tenant shall not then be in default under this Lease, Tenant shall have the option (the "First Option') to extend this Lease for a period of Three (3) Lease Years beyond the lease term set forth in Section 1.02 (the "First Option Term'). The First Option shall be exercised by delivery of written notice by Tenant to Landlord not later than one hundred twenty (120) days prior to the date the Lease would otherwise expire. If written notice is not given by Tenant by the deadline set forth herein, then this lease shall terminate at the end of the lease term set forth in Section 1.02. If this Lease is extended pursuant to this Section 1.03(a), all terms, covenants and conditions of this Lease shall remain in full force and effect, except, however, that:
FIRST OPTION TO EXTEND. Borrower shall have the option to extend the A-Note Original Maturity Date to July 31, 2015 (the "A-Note First Extended Maturity Date"), upon satisfaction of each of the following conditions precedent:
