First Renewal Option. Tenant shall have an option (the "First -------------------- Renewal Option") to renew the Term with respect to all or a portion of the Premises demised under or pursuant to this Lease as of the expiration date of the Initial Term (subject to Section 32D), for one additional term (the "First Renewal Term") of five years, upon the following terms and conditions:
First Renewal Option. Tenant shall have the right to extend the Term of the Lease (the “First Renewal Option”) for one additional period of five (5) years commencing on the day following the Termination Date and ending on the 5th anniversary of the Termination Date (the “First Extended Term”), if all of the following conditions are met: (a) Landlord receives notice of exercise (“First Renewal Notice”) not less than 12 full calendar months prior to the expiration of the Term and not more than 18 full calendar months prior to the expiration of the Term; (b) the Lease is in full force and effect at the time that Tenant delivers its First Renewal Notice; (c) Tenant is not in default under the Lease beyond any applicable cure periods at the time that Tenant delivers its First Renewal Notice; and (d) Tenant has not assigned the Lease or subleased more than fifty percent (50%) of the Premises under any then-existing sublease (other than pursuant to a Permitted Transfer, as defined in Section 11.04 of the Lease). Tenant may exercise the First Renewal Option for less than the entire Premises then leased by Tenant (but not less than 50% of the Revised Premises as defined in this Amendment) so long as the space that Tenant returns to Landlord is commercially marketable, as reasonably determined by Landlord in consultation with its broker. If the First Renewal Notice is for less than the entire Premises then leased by Tenant, Tenant shall include in its First Renewal Notice a description of the approximate size and location of the space Tenant proposes to return to Landlord. If Tenant exercises the First Renewal Option, the rental rate for the Premises during that extension period will be ninety-five percent (95%) of the Fair Market Rate during that extension period, determined in accordance with Exhibit “C” attached to this Amendment. If Tenant is entitled to and properly exercises its First Renewal Option, Landlord shall prepare an amendment (the “First Renewal Amendment”) to reflect changes in the Base Rent, Term, Termination Date and other appropriate terms. The First Renewal Amendment shall be sent to Tenant within a reasonable time after Landlord’s receipt of the First Renewal Notice, and Tenant shall execute and return the First Renewal Amendment to Landlord within 15 days after Tenant’s receipt of same. This Section 12 supersedes and replaces Section 2 of Exhibit “F” attached to the Lease.
First Renewal Option. A. Tenant shall have the right to extend the Term (the "First Renewal Option") for one additional period of 5 years commencing on the day following the Termination Date of the initial Term and ending on the 5/th/ anniversary of the Termination Date (the "First Renewal Term"), if:
First Renewal Option. Subtenant is hereby granted the option to extend the Term of this Sublease, with respect to all of the Sublet Premises as then constituted, in “as-is” condition, for one (1) consecutive additional period of one (1) year commencing on the day following the Sublease Termination Date (the “First Renewal Term”), on the following terms and conditions:
First Renewal Option. Provided (i) Tenant is not in default beyond any applicable grace or cure period as of the date of exercise of the First Renewal Option (as hereinafter defined) nor at the date of the commencement of the First Renewal Option; and (ii) Tenant has not sublet any part of the Premises or assigned any part of the Lease (except for assignments or subleases permitted under the Lease without Landlord’s consent), Tenant shall have the right to renew the term of the Lease for one period of five (5) years (“First Renewal Option”), commencing September 1, 2023 (“First Renewal Commencement Date”) and expiring August 31, 2028. During the term of the First Renewal Option, Base Rent shall be at the following rates: Based on 15.313RSF Period S/RSF Monthly [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] Tenant shall exercise the First Renewal Option by furnishing Landlord written notice of Tenant’s exercise of the First Renewal Option (“First Renewal Notice”) by 5:00 p.m., Troy, Michigan time, on February 28, 2023. Landlord shall, within five (5) days of receipt of Tenant’s First Renewal Notice, deliver a Lease amendment solely documenting the new terms for the First Renewal Option as set forth above. Tenant shall promptly execute the amendment, thus confirming the exercise of the First Renewal Option. All of the other terms and conditions shall remain as provided in this Lease and Tenant shall occupy the Premises throughout the First Renewal Option in its then, as-is condition (subject to Landlord’s express obligations under the Lease). The First Renewal Option is personal to Tenant and shall not be assignable or transferable to any other party whatsoever.
First Renewal Option. (a) Subject to the provisions of Section 33.02(b), provided that on the date Tenant exercises the First Renewal Option (i) this Lease is in full force and effect, (ii) no Event of Default shall have occurred and be continuing, and (iii) Tenant and Tenant’s Affiliates shall Occupy at least 3 full Floors, Tenant shall have the option (the “First Renewal Option”) to extend the term of this Lease for either (A) a Renewal Term consisting of 10 years (the “Ten Year Renewal Option”), or (B) a Renewal Term consisting of 5 years, in which event, if Tenant shall exercise such 5 year option, it shall have the right to a second 5 year option to renew (each, a “Five Year Renewal Option”). The term of lease of the First Renewal Option, whether it shall be a Ten Year Renewal Option or a Five Year Renewal Option, shall be known as the “First Renewal Term”). If Tenant shall exercise the First Renewal Option, the term thereof shall commence on the day immediately following the Expiration Date and end on (x) the day immediately preceding the 10th anniversary of the commencement of the First Renewal Term if Tenant shall have exercised the Ten Year Renewal Option, or (y) the day immediately preceding the 5th anniversary of the commencement date of the First Renewal Term if Tenant shall have exercised a Five Year Renewal Option. If Tenant shall have exercised the Ten Year Renewal Option, Tenant shall have no further renewal options under this Lease.
First Renewal Option. Subject to the provisions of Section 2(d) hereof, upon notice given in manner provided herein not less than one hundred twenty (120) days prior to the expiration of the Initial Term, the Executive may extend the Initial Term for an additional three (3) year period (the "First Renewal Term") upon the same terms and conditions (except the right to renew for three (3) years) as set forth herein except that the bonus provided for in Section 5(b) of this Agreement shall be 12.5% of the Company's annual pre-tax profits (as defined in Paragraph 5(b)(iii) hereof) during the First Renewal Term. The First Renewal Term shall terminate as of the close of business on the eighth (8th) anniversary of the Effective Date.
First Renewal Option. The Lease is hereby extended for an additional five (5) years through and including October 1, 2027. There remains one (1) option to renew the Lease for five (5) additional years.
First Renewal Option. Subject to the provisions hereinafter set forth, Landlord hereby grants to Tenant an option to extend the term of the Lease for all of the then Premises, on the same terms, conditions and provisions as contained in the Lease, except as otherwise provided herein, for one period of five (5) years (the "First Renewal Period") after the expiration of the Extension Period, which First Renewal Period shall commence on October 1, 2024 (the "First Renewal Period Commencement Date") and end on September 30, 2029.
First Renewal Option. Subject to the provisions hereinafter set forth, Landlord hereby grants to Tenant an option to extend the term of the Lease for all or a “First Renewal Designated Portion” (as hereinafter described) of the Premises on the same terms, conditions and provisions as contained in the Lease, except as otherwise provided herein, for one period of five (5) years (the “First Renewal Period”) after the expiration of the stated term of the Lease (as extended by this Amendment), which First Renewal Period shall commence on October 1, 2014 (the “First Renewal Period Commencement Date”) and end on the day before the fifth (5th) anniversary of the First Renewal Period Commencement Date.
