FIRST OPTION TO RENEW. Tenant is hereby granted the option to renew this Lease for a First Renewal Term for each Facility, which option shall be exercised by Notice to Landlord at least one hundred eighty (180) days, but not more than three hundred sixty (360) days, before the Expiration Date for such Facility specified in Exhibit B hereto; provided, however, that no Event of Default exists either on the date on which Tenant gives such Notice to Landlord or on the applicable Expiration Date. During the First Renewal Term, all of the terms and conditions of this Lease shall remain in full force and effect.
FIRST OPTION TO RENEW. Provided Tenant is not then in material default under this Lease or the Offer to Lease, Landlord will, at the expiration of the Term and on the written request of Tenant delivered not later than 6 months and not earlier than 18 months before the expiration of the Term, grant Tenant one option to renew (the “First Option”) for a further 5 years (the “First Extended Term”). Tenant’s failure to exercise this option within the time period specified shall render both the First Option and the Second Option (as defined In Section 14.3) null and void and incapable of further exercise. If Tenant exercises the First Option within the time specified, then:
FIRST OPTION TO RENEW. 1 1.5 Second Option to Renew..........................................2 1.6 Other Conditions of Renewal.....................................2
FIRST OPTION TO RENEW. 2 SECTION 9. SECOND OPTION TO RENEW...........................................3
FIRST OPTION TO RENEW. Provided Tenant/Purchaser is not at the time of exercise and, prior to the expiration of the applicable Lease term will not be in default under this Lease and has not been in default of the Lease during the expiring Term, Tenant/Purchaser shall have an option to renew this Lease for a renewal term of five (5) years. This option may be exercised only by Tenant/Purchaser upon written notice to Landlord/Seller not less than six (6) months prior to the expiration of the initial Term. The terms and conditions of the first renewal term of the exercised option shall be the same as those in this Lease except only as hereinafter provided. Rent during the first renewal term shall be as follows Lease Year Annual Monthly ---------- ------ -------
FIRST OPTION TO RENEW. Upon condition that Tenant is not in default in the payment of any Rent or other charge payable to Tenant under this Lease and not in default in the performance of any covenant or obligation to be performed by Tenant under this Lease and upon Tenant's giving Landlord nine (9) months notice in writing in the manner prescribed in Article 24 hereof prior to the expiration of the term hereof, Tenant shall have the option to renew and extend this Lease for an additional period of five (5) years, pursuant and subject to all terms, covenants, provisions, and conditions of this Lease, including, without limitation, the payment of all items of Rent as provided for hereunder, except that the Basic Annual Rent shall be adjusted to the then prevailing fair market rent for comparable space within Princeton Xxxxxxxxx Center.
FIRST OPTION TO RENEW. Tenant is given the option to extend the term of this Lease upon all the provisions contained in this Lease, except that the monthly Base Rent shall be equal to ninety-five percent (95%) of the Fair Market Rent (as defined below). The first renewal term shall be for a period of five (5) years (hereinafter referred to as the "First Renewal Lease Term") following expiration of the Lease term (hereinafter referred to as the "Initial Lease Term"). Tenant may exercise such option by giving written notice of exercise of the option (hereinafter referred to as the "Option Notice") to Landlord at least two hundred ten (210) days, but not more than three 38 39 hundred sixty five (365) days before the expiration of the Initial Lease Term. Provided that, if there exists a Breach on the date of giving the Option Notice, the Option Notice shall be totally ineffective, or if there exists a Breach on the date the First Renewal Lease Term is to commence, the First Renewal Lease Term shall not commence and this Lease shall expire at the end of the Initial Lease term.
FIRST OPTION TO RENEW. 51 18.2 SECOND OPTION TO RENEW. .................................51
FIRST OPTION TO RENEW. Lessee is hereby granted the option to renew this Lease for the First Renewal Term, which option is exercisable by written Notice to Lessor at least one hundred eighty (180) days, but not more than three hundred sixty (360) days, prior to the Expiration Date; provided, however, that no Event of Default exists either on the date on which Lessee gives such Notice to Lessor or on the Expiration Date. During the First Renewal Term, all of the terms and conditions of this Lease shall remain in full force and effect.
FIRST OPTION TO RENEW. (A) The Lessor covenants with the Lessee that if the Lessee duly and regularly pays the Rent and any and all amounts required to be paid pursuant to this Lease and performs each and every covenant, proviso and agreement on the part of the Lessee to be paid, rendered, observed and performed herein, the Lessor will at the expiration of the term on written notice by the Lessee to the Lessor given by the Lessee not less than Six (6) Months prior to the expiration of the Term, grant to the Lessee a Thirty (30) Month renewal of Lease of the Leased premises (the "First Renewal Term" on the same general terms and conditions as in the Lease then, at the commencement of the Renewal Term, being used by the Lessor for the Building. (B) The Rent for the First Option to Renew shall be paid according to the following schedule: $20,038.00 Per Month - September, 2002 through August, 2003 $20,739.00 Per Month - September, 2003 through August, 2004 $21,465.00 Per Month - September, 2004 through August, 2005
