Common use of Option to Extend Term Clause in Contracts

Option to Extend Term. Tenant shall have the option to extend the term of this Lease, at the minimum rental set forth in Section 3.1(d) and (e) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (2) additional periods of three (3) years each, commencing upon expiration of the initial term hereof. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord at least six (6) months and not more than eight (8) months prior to the expiration of the initial term hereof; exercise of such option with respect to each subsequent extended term, if all previous extension options have been duly exercised, shall be by like written notice to Landlord at least six (6) months and not more than eight (8) months prior to the expiration of the immediately preceding extended term hereof. If Tenant is in default hereunder on the date of such notice or the date any extended term is to commence, the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the then current term hereof (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). Except as expressly set forth in this Section 2.7, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.

Appears in 1 contract

Samples: Lease (Ribogene Inc / Ca/)

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Option to Extend Term. Tenant shall have the option to extend the term of this Lease, at the minimum rental set forth in Section 3.1(d3.1 (c) and (ed) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (2) additional periods of three five (35) years each, commencing upon expiration of the initial term hereof. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord at least six twelve (612) months and not more than eight (8) months prior to the expiration of the initial term hereof; exercise of such option with respect to each subsequent the second extended term, if all previous the first extension options have option has been duly exercised, shall be by like written notice to Landlord at least six twelve (612) months and not more than eight (8) months prior to the expiration of the immediately preceding first extended term hereof. If Tenant is in material default hereunder hereunder, beyond any applicable cure periods, on the date of such notice or on the date any extended term is to commencecommence (without limitation, any "event of default," as that term is defined in Section 16.1 will be considered a material default), then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the then current term hereof (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises one or more extension options under this Section, then all references in this Lease (other than in this Section 2.6) to the "term" of this Lease shall be construed to include the extension term(s) thus elected by Tenant. Except as expressly set forth in this Section 2.72.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.

Appears in 1 contract

Samples: Cytokinetics Inc

Option to Extend Term. Tenant shall have the option to extend the term of this Lease, at the minimum rental set forth in Section 3.1(d3.1(b) and (ec) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (2) additional periods of three five (35) years each, the first commencing upon the expiration of the initial term hereofhereof and the second commencing upon the expiration of the first extended term, if any. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord at least six nine (69) months and not more than eight (8) months prior to the expiration of the initial term hereof; , exercise of such option with respect to each subsequent the second extended term, if all previous the first extension options have option has been duly exercised, shall be by like written notice to Landlord at least six nine (69) months and not more than eight (8) months prior to the expiration of the immediately preceding first extended term hereof. If Tenant is in default hereunder on the date of such notice or on the date any extended term is to commence, then the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the then current term hereof (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises one or more extension options under this Section, then all references in this Lease (other than in this Section 2.6) to the “term” of this Lease shall be construed to include the extension term(s) thus elected by Tenant. Except as expressly set forth in this Section 2.72.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.

Appears in 1 contract

Samples: Sublease (Macrogenics Inc)

Option to Extend Term. Tenant shall have two (2) successive options to extend the Term of this Lease with respect to either (a) the entire Premises or (b) full floors of the Building and associated Improvements, by five (5) additional years (each such five-year term, an “Extended Term”). Upon exercise of the option by Tenant, the first Extended Term shall begin upon the expiration of the Initial Term, and the second Extended Term shall begin upon the expiration of the first Extended Term, and all references herein to the “Term” of the Lease shall refer collectively to both the Initial Term and each Extended Term for which Tenant has properly exercised the option hereunder. The same terms and conditions as herein set forth shall apply to each Extended Term, except that (x) Tenant shall pay to Landlord Base Rent (as defined in Section 3.1) in the amounts set forth on Exhibit B hereto indicated for each Extended Term, (y) Tenant shall have no further option to extend the Term of this Lease pursuant to this Section 2.2 beyond the second Extended Term, and, (z) in the event that the term of this Lease is extended with respect to less than the entire Premises, there shall be a corresponding reduction of the Base Rent and the Additional Rent and an equitable apportionment of the common expenses of the Premises hereunder. Tenant may exercise each option to extend the term of this Lease, at the minimum rental set forth in Section 3.1(d) and (e) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (2) additional periods of three (3) years each, commencing upon expiration of the initial term hereof. Exercise of such option with respect to the first such extended term shall be Lease by giving written notice to Landlord at least not more than thirty-six (636) months and not more less than eight twelve (8) 12) months prior to the expiration of the initial term hereof; exercise of such option with respect to each subsequent extended term, if all previous extension options have been duly exercised, shall be by like written notice to Landlord at least six Initial Term (6) months and not more than eight (8) months prior as to the expiration of the immediately preceding extended term hereof. If Tenant is in default hereunder on the date of such notice first Extended Term) or the date any extended term is to commence, the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the then current term hereof first Extended Term (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). Except as expressly set forth in this Section 2.7, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.second Extended Term).‌

Appears in 1 contract

Samples: Lease Agreement

Option to Extend Term. Tenant shall have the option to extend the term of this Lease, at the minimum rental set forth in Section 3.1(d3.1 (b) and or (ec) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (2) additional periods of three five (35) years each, the first commencing upon the expiration of the initial term hereof and the second commencing upon the expiration of the first extended term hereof. Exercise of such option with respect to the first extended term shall be by written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the initial term hereof. Exercise of such option with respect to the first such second extended term shall be by written notice to Landlord at least six nine (69) months and not more than eight twelve (8) 12) months prior to the expiration of the initial term hereof; exercise of such option with respect to each subsequent extended term, if all previous extension options have been duly exercised, shall be by like written notice to Landlord at least six (6) months and not more than eight (8) months prior to the expiration of the immediately preceding first extended term hereof. If Tenant is in default hereunder hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date any the applicable extended term is to commence, then the exercise of the applicable option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the then current term hereof (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises one or both extension options under this Section, then all references in this Lease (other than in this Section 2.6) to the “term” of this Lease shall be construed to include the extension term(s) thus elected by Tenant. Except as expressly set forth in this Section 2.72.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.

Appears in 1 contract

Samples: Lease (Foxhollow Technologies, Inc.)

Option to Extend Term. Tenant shall have the option to extend the term of this Lease, at the minimum rental set forth prescribed in Section 3.1(d) and (e3.1(b) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (2) additional periods of three five (35) years each, commencing . The first option period shall commence upon the expiration of the initial term hereof, and the second option period, if applicable, shall commence upon the expiration of the first extended term, if any. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord at least six nine (69) months and not more than eight (8) months prior to the expiration of the initial term hereof; exercise . Exercise of such option with respect to each subsequent the second extended term, if all previous the first extension options have option has been duly exercised, shall be by like written notice to Landlord at least six nine (69) months and not more than eight (8) months prior to the expiration of the immediately preceding first extended term hereof. If Tenant is in material default hereunder hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date any extended term is to commence, then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the then current term hereof (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises one or both extension options under this Section, then all references in this Lease (other than in this Section 2.6) to the “term” of this Lease shall be construed to include the extension term(s) thus elected by Tenant. Except as expressly set forth in this Section 2.72.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.

Appears in 1 contract

Samples: Master Lease Agreement (Genentech Inc)

Option to Extend Term. Tenant shall have the option to extend the term of this Lease, at the minimum rental set forth in Section 3.1(d3.1(e) and (ef) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (2) additional periods of three five (35) years each, commencing upon expiration of the initial term hereof. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord at least lease six (6) months and not more than eight (8) months prior to the expiration of the initial term hereof; exercise of such option with respect to each subsequent the second such extended term, if all previous the first extension options have has been duly exercised, shall be by like written notice to Landlord at least six (6) months and not more than eight (8) months prior to the expiration of the immediately preceding first extended term hereof. If there exists a material event of default on the part of Tenant is in default hereunder on the date of any such notice, then the notice or the date any extended term is to commence, the option shall be of no force or effect, the extended term shall not commence and be effective. If Tenant properly exercises one or more extension options under this Section, then all references in this Lease (other than in this Section 2.7) to the "term" of this Lease shall expire at be construed to include the end of the then current term hereof (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease)extension term(s) thus elected by Tenant. Except as expressly set forth in this Section 2.7, Tenant shall have no right to extend the term of this Lease beyond its prescribed term. To the extent provided in Section 1.3(c)(ii) and 1.3(d), Tenant may elect an early and/or partial exercise of one or both extended terms in connection with an acceptance of Offered Space; in the event of any such partial exercise, the remaining unexercised portion of the extended term(s) shall be subject to a continuing option under this Section 2.7, as provided in Section 1.3(d), and upon a proper exercise by Tenant of such remaining extended term(s), the rent for such remainder of the extended term(s) shall be determined, as of the commencement of such remainder of the extended terms(s), in the manner provided in Section 3.1(e) or 3.1(f), as applicable.

Appears in 1 contract

Samples: Probusiness Services Inc

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Option to Extend Term. Tenant shall have the option to extend the term of this Lease, at the minimum rental set forth in Section 3.1(d) and (e) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (2) one additional periods period of three (3) years eachyears, commencing upon expiration of the initial term hereof. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord at least six (6) months and not more than eight twelve (8) 12) months prior to the expiration of the initial term hereof; exercise of such option with respect to each subsequent extended term, if all previous extension options have been duly exercised, shall be by like written notice to Landlord at least six (6) months and not more than eight (8) months prior to the expiration of the immediately preceding extended term hereof. If Tenant is in default hereunder on the date of such notice or on the date any extended term is to commence, Tenant is either (a) in default of a payment obligation (a “payment default”) or (b) in default of any other obligation and the cure period for such nonpayment default has lapsed then the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the then current term hereof (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises the extension option under this Section, then all references in this Lease (other than in this Section 2.7) to the “term” of this Lease shall be construed to include the extension term thus elected by Tenant. Except as expressly set forth in this Section 2.7, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.

Appears in 1 contract

Samples: Lease (Acologix, Inc.)

Option to Extend Term. Tenant shall have the option to extend the term --------------------- of this Lease, at the minimum rental set forth in Section 3.1(d3.1(b) and (ec) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (2) additional periods of three five (35) years each, the first commencing upon the expiration of the initial term hereofhereof and the second commencing upon the expiration of the first extended term, if any. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord at least six nine (69) months and not more than eight (8) months prior to the expiration of the initial term hereof; exercise of such option with respect to each subsequent the second extended term, if all previous the first extension options have option has been duly exercised, shall be by like written notice to Landlord at least six nine (69) months and not more than eight (8) months prior to the expiration of the immediately preceding first extended term hereof. If Tenant is in default hereunder on the date of such notice or on the date any extended term is to commence, then the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the then current term hereof (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises one or more extension options under this Section, then all references in this Lease (other than in this Section 2.6) to the "term" of this Lease shall be construed to include the extension term(s) thus elected by Tenant. Except as expressly set forth in this Section 2.72.6, Tenant shall have no right to extend the term of this that Lease beyond its prescribed term.

Appears in 1 contract

Samples: Suit Lease (Tularik Inc)

Option to Extend Term. Tenant shall have is given the option to extend the term Term of this Lease, at the minimum rental set forth in Section 3.1(dLease for a five (5) and year period (e"extended term") and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (2) additional periods of three (3) years each, commencing upon following expiration of the initial term hereof. Exercise Term, by giving written Notice of such exercise of the option with respect ("option notice") to the first such extended term shall be by written notice to Landlord at least six (6) months and but not more than eight one (8) months prior to 1) year before the expiration of the Term. The same terms and conditions as applied during the initial Term of this Lease shall apply to the extended term hereof; exercise of such option with respect to each subsequent extended term, if all previous extension options have been duly exercised, except that (i) the Minimum Monthly Rent shall be by like written notice adjusted at the commencement of the extended term as specified below and annually thereafter pursuant to Landlord at least six the Index set forth in Section 1.11(a) hereof, however, in no event shall such annual increases be less than five percent (65%) months and not nor more than eight seven percent (8) months prior 7%) over the Minimum Monthly Rent then in effect (as increased pursuant to the expiration of the immediately preceding extended term hereoflast adjustment), and (ii) there shall be no further right or option to extend. If Provided, however, that if Tenant is in default hereunder on the date of such giving the option notice, the option notice shall be totally ineffective, or if Tenant is in default on the date any the extended term is to commence, the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the then current term hereof (or at such earlier time as Landlord may elect pursuant initial term. Tenant's Lease Option is personal to the default provisions Tenant and shall automatically terminate upon any "Transfer" of this Lease). Except Lease requiring Landlord's Consent, as expressly defined in Section 15.1, or if the use of the Premises is changed from that set forth in this Section 2.7, Tenant shall have no right to extend the term of this Lease beyond its prescribed term1.8.

Appears in 1 contract

Samples: California Independent Bancorp

Option to Extend Term. Tenant shall have the option to extend the --------------------- term of this Lease, at the minimum rental set forth in Section 3.1(d) and (e) and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (2) one additional periods period of three (3) years eachfive years, commencing upon expiration of the initial term hereof. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord at least six (6) months and not more than eight (8) months prior to the expiration of the initial term hereof; exercise of such option with respect to each subsequent extended term, if all previous extension options have been duly exercised, shall be by like written notice to Landlord at least six (6) months and not more than eight (8) months prior to the expiration of the immediately preceding extended term hereof. If Tenant is in default of any material obligation hereunder on the date of such notice or on the date any extended term is to commence, which default is continuing beyond notice and the expiration of any applicable cure period, then the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the then current initial term hereof (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its extension option under this Section, then all references in this Lease (other than in this Section 2.7) to the "term" of this Lease shall be construed to include the extension term thus elected by Tenant. Except as expressly set forth in this Section 2.7, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.

Appears in 1 contract

Samples: Documentum Inc

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