Option to Extend. Tenant at its option may extend the term of this Lease for one (1) extension term of five (5) years by serving written notice thereof upon Landlord at least twelve (12) months before the expiration of the initial lease term, provided that at the time of such notice and at the commencement of such extended term, no event of default, as defined in Paragraph 13 of this Lease, shall have occurred. Upon the service of such notice and subject to the conditions set forth in the preceding sentence, this Lease shall be extended without the necessity of the execution of any further instrument or document. Such extended term shall commence upon the expiration date of the initial lease term, expire upon the annual anniversary of such date five (5) years thereafter, and be upon the same terms, covenants, and conditions as provided in this Lease for the initial term, except that the Basic Rental payable during the extended term shall be at the prevailing rate for comparable space in the Building, at the commencement of such extended term, which new Basic Rental shall be adjusted as provided in and under this Lease. Payment of all additional rent and other charges required to be made by Tenant as provided in this Lease for the initial term shall continue to be made during the extended term. Any termination of this Lease during the initial term shall terminate all rights of extension hereunder. Any assignment or subletting by Tenant pursuant to Paragraph 9 of this Lease, other than to a Fortune 500 company or an Affiliate, if any, shall terminate the option of Tenant contained herein. Notwithstanding the foregoing, in no event shall the Basic Rental for the extension term be less than the Basic Rental during the last year of the initial term. 74 RIDER NO. 501 TERMINATION OPTION Tenant shall have the option to terminate this Lease on the last day of any month after the date which is five (5) years and eight (8) months after the Commencement Date of this Lease (as applicable, the "Termination Date"); provided that (i) Tenant gives Landlord at least nine (9) months prior written notice to terminate, and (ii) Tenant is not in default under the Lease at the time of the giving of such notice nor on the Termination Date. Additionally, Tenant's right to terminate hereunder is conditioned upon the payment in full by Tenant, on or before the Termination Date, of (a) all Basic Rental, Additional Rental and other sums owed by Tenant under the Lease through and including the Termination Date; and (b) an amount equal to the sum of (i) the amount obtained by multiplying $5,685,000.00 by a fraction having as its numerator, the number of months remaining in the initial Lease Term, and having as its denominator, the number sixty (60), plus (ii) the unamortized cost of all tenant improvement allowances, leasing commissions and other transaction costs actually paid by Landlord in connection with this Lease with interest thereon at the rate of twelve and one-half percent (12.5%) per annum (collectively, the "Termination Payment"). After Landlord's receipt of the Termination Payment, and so long as Tenant has surrendered the Premises in the condition required under this Lease, neither party shall have any rights, liabilities or obligations under this Lease for the period accruing after the Termination Date, except those which, by the provisions of this Lease, expressly survive the termination of this Lease. 75 EXHIBIT F ROOFTOP LICENSE AGREEMENT THIS ROOFTOP LICENSE AGREEMENT (this "Agreement") is entered into as of the ____ day of _________, 1996, by and between CRESCENT REAL ESTATE EQUITIES LIMITED PARTNERSHIP ("Licensor") and PAGEMART WIRELESS, INC. ("Licensee").
Appears in 2 contracts
Samples: Office Lease (Pagemart Wireless Inc), Office Lease (Pagemart Inc)
Option to Extend. Tenant at its Lessee shall have the option may to extend the term of this Lease Term for one (1) extension term ---------------- a period of five (5) years immediately following the expiration of the initial Term (the "Extended Term"), on all provisions contained in this Lease (except for Base Rent and such other terms and conditions as are specifically or by serving written their operation limited to the initial Term only and except that Lessee shall have no further right or option to extend the term upon the expiration of the Extended Term), by giving notice thereof upon Landlord of exercise of the option (the "Option Notice") to Lessor at least twelve (12) months but not more than fifteen (15) months before the expiration of the initial lease termthen applicable Term. Lessor's ability to plan for the orderly transaction of its rental business, provided to accommodate the needs of other existing and potential tenants, and to enjoy the benefits of increasing rentals at such times as Lessor is able to do so in its sole and absolute discretion, are fundamental elements of Lessor's willingness to provide Lessee with the option to extend contained herein. Accordingly, Lessee hereby acknowledges that at strict compliance with the notification provisions contained herein, and Lessee's strict compliance with the time period for such notification contained herein, are material elements of such the bargained for exchange between Lessor and Lessee and are material elements of Lessee's consideration paid to Lessor in exchange for the grant of the option. Therefore, Lessee's failure to adhere strictly and completely to the provisions and time frame contained in this provision shall render the option automatically null, void and of no further force or effect, without notice, acknowledgement, or any action of any nature or sort, required of Lessor. Lessee acknowledges that no other act or notice, other than the express written notice set forth hereinabove, shall act to put Lessor on notice of Lessee's intent to extend, and at Lessee hereby waives any claims to the commencement contrary, notwithstanding any other actions of such extended termLessee during the Term of this Lease or any statements, no event written or oral, of default, as defined in Paragraph 13 Lessee to Lessor to the contrary during the Term of this Lease, shall have occurred. Upon the service of such notice and subject to the conditions set forth in the preceding sentence, this Lease shall be extended without the necessity of the execution of any further instrument or document. Such extended term shall commence upon the expiration date of the initial lease term, expire upon the annual anniversary of such date five (5) years thereafter, and be upon the same terms, covenants, and conditions as provided in this Lease for the initial term, except that the Basic Rental payable during the extended term shall be at the prevailing rate for comparable space in the Building, at the commencement of such extended term, which new Basic Rental shall be adjusted as provided in and under this Lease. Payment of all additional rent and other charges required to be made by Tenant as provided in this Lease for the initial term shall continue to be made during the extended term. Any termination of this Lease during the initial term shall terminate all rights of extension hereunder. Any assignment or subletting by Tenant pursuant to Paragraph 9 of this Lease, other than to a Fortune 500 company or an Affiliate, if any, shall terminate the option of Tenant contained herein. Notwithstanding the foregoing, if Lessee is in default (after the expiration of any applicable period for cure pursuant to Article 22 below) on the date of giving the Option Notice, the Option Notice shall be totally ineffective, or if Lessee is in default (after the expiration of any applicable period for cure pursuant to Article 22 below) on the date the Extended Term is to commence, in addition to any and all other remedies available to Lessor under this Lease. at Lessor's election, the exercise of the option shall be deemed null and void, the Extended Term shall not commence, and this Lease shall expire at the end of the Term. Further, the option to extend granted pursuant hereto and this entire Article 3.b. shall be null and void and of no event shall further force or effect if during the Basic Rental twelve (12) month period prior to the delivery of the Option Notice, Lessee has incurred two or more late charges pursuant to Article 40.a. below, due to late payment of Base Rent (regardless of whether such late payment was subsequently cured). The option to extend granted pursuant hereto is personal to original Lessee signatory to this Lease and cannot be assigned, transferred or conveyed to, or exercised for the extension term be less benefit of, any other person or entity (voluntarily, involuntarily. by operation of law or otherwise) including, without limitation, to any assignee or subtenant permitted under Article 13, other than a "Permitted Transferee" (as defined in Article 13). All of Lessee's rights under this Article 3.b. shall terminate upon the Basic Rental during the last year expiration of the initial term. 74 RIDER NO. 501 TERMINATION OPTION Tenant shall have the option to terminate this Lease on the last day of any month after the date which is five (5) years and eight (8) months after the Commencement Date of this Lease (as applicable, the "Termination Date"); provided that (i) Tenant gives Landlord at least nine (9) months prior written notice to terminate, and (ii) Tenant is not in default under the Lease at the time of the giving of such notice nor on the Termination Date. Additionally, Tenant's right to terminate hereunder is conditioned upon the payment in full by Tenant, on Term or before the Termination Date, of (a) all Basic Rental, Additional Rental and other sums owed by Tenant under the Lease through and including the Termination Date; and (b) an amount equal to the sum of (i) the amount obtained by multiplying $5,685,000.00 by a fraction having as its numerator, the number of months remaining in the initial Lease Term, and having as its denominator, the number sixty (60), plus (ii) the unamortized cost of all tenant improvement allowances, leasing commissions and other transaction costs actually paid by Landlord in connection with this Lease with interest thereon at the rate of twelve and one-half percent (12.5%) per annum (collectively, the "Termination Payment"). After Landlord's receipt of the Termination Payment, and so long as Tenant has surrendered the Premises in the condition required under this Lease, neither party shall have any rights, liabilities or obligations under this Lease for the period accruing after the Termination Date, except those which, by the provisions of this Lease, expressly survive the sooner termination of this Lease. 75 EXHIBIT F ROOFTOP LICENSE AGREEMENT THIS ROOFTOP LICENSE AGREEMENT (this "Agreement") is entered into as of the ____ day of _________, 1996, by and between CRESCENT REAL ESTATE EQUITIES LIMITED PARTNERSHIP ("Licensor") and PAGEMART WIRELESS, INC. ("Licensee").
Appears in 2 contracts
Samples: Chordiant Software Inc, Chordiant Software Inc
Option to Extend. (a) Provided that, at the time of such exercise, (i) there exists no Default of Tenant under Section 23(a)(i) of this Lease; (ii) this Lease is still in full force and effect and Tenant actually occupies at its option least fifty percent (50%) of the Premises; and (iii) Tenant shall not have assigned this Lease or currently sublet more than fifty percent (50%) of the Premises, other than to an affiliated entity or successor as described in Section 20(b) above (all of which conditions are for the benefit of, and may be waived by, Landlord), Tenant shall have the right to extend the term Term of this Lease as to the Premises originally leased hereunder for one extended term (1the “Extended Term”) extension term of five (5) years by serving written notice thereof upon Landlord at least twelve (12) months before the expiration of the initial lease term, provided that at the time of such notice and at the commencement of such extended term, no event of default, as defined in Paragraph 13 of this Lease, shall have occurredyears. Upon the service of such notice and subject to the conditions set forth in the preceding sentence, this Lease shall be extended without the necessity of the execution of any further instrument or document. Such extended term The Extended Term shall commence upon on the day immediately following the expiration date of the initial lease termInitial Term, expire upon and shall end on the annual day immediately preceding the fifth (5th) anniversary of such date five (5) years thereafter, and be upon the same terms, covenants, and conditions as provided in this Lease for the initial term, except that the Basic Rental payable during the extended term shall be at the prevailing rate for comparable space in the Building, at the commencement of such extended term, which new Basic Rental shall be adjusted as provided in and under this Lease. Payment of all additional rent and other charges required to be made by Tenant as provided in this Lease for the initial term shall continue to be made during the extended term. Any termination of this Lease during the initial term shall terminate all rights of extension hereunder. Any assignment or subletting by Tenant pursuant to Paragraph 9 of this Lease, other than to a Fortune 500 company or an Affiliate, if any, shall terminate the option of Tenant contained herein. Notwithstanding the foregoing, in no event shall the Basic Rental for the extension term be less than the Basic Rental during the last year first day of the initial termExtended Term. 74 RIDER NO. 501 TERMINATION OPTION Tenant shall have the exercise such option by giving Landlord written notice of its desire to terminate this Lease on the last day of any month after the date which is five (5) years and eight (8) months after the Commencement Date of this Lease (as applicabledo so, the "Termination Date"); provided that (i) Tenant gives Landlord at least not later than nine (9) months prior written to the expiration of the Initial Term, it being agreed that time shall be of the essence with respect to the giving of such notice. The giving of such notice shall automatically extend the Term of this Lease for the Extended Term, and no instrument of renewal need be executed. In the event that Tenant fails to give such notice to terminateLandlord within such time, the Term of this Lease shall automatically terminate at the end of the Initial Term, and Tenant shall have no further right or option to extend the Term of this Lease, time being of the essence. The Extended Term shall be on all the terms and conditions of this Lease, except that: (i) Landlord shall have no obligation to perform or pay for any construction or improvements to the Premises, with respect to the Extended Term; and (ii) Tenant is not the Basic Rent for the Extended Term shall be determined in default under the Lease at the time of the giving of such notice nor on the Termination Date. Additionally, Tenant's right to terminate hereunder is conditioned upon the payment in full by Tenant, on or before the Termination Date, of (aaccordance with Paragraphs 36(b) all Basic Rental, Additional Rental and other sums owed by Tenant under the Lease through and including the Termination Date; and (b) an amount equal to the sum of (i) the amount obtained by multiplying $5,685,000.00 by a fraction having as its numerator, the number of months remaining in the initial Lease Term, and having as its denominator, the number sixty (60), plus (ii) the unamortized cost of all tenant improvement allowances, leasing commissions and other transaction costs actually paid by Landlord in connection with this Lease with interest thereon at the rate of twelve and one-half percent (12.5%) per annum (collectively, the "Termination Payment"). After Landlord's receipt of the Termination Payment, and so long as Tenant has surrendered the Premises in the condition required under this Lease, neither party shall have any rights, liabilities or obligations under this Lease for the period accruing after the Termination Date, except those which, by the provisions of this Lease, expressly survive the termination of this Lease. 75 EXHIBIT F ROOFTOP LICENSE AGREEMENT THIS ROOFTOP LICENSE AGREEMENT (this "Agreement") is entered into as of the ____ day of _________, 1996, by and between CRESCENT REAL ESTATE EQUITIES LIMITED PARTNERSHIP ("Licensor") and PAGEMART WIRELESS, INC. ("Licensee"c).
Appears in 2 contracts
Samples: Lease (ConforMIS Inc), Lease (ConforMIS Inc)
Option to Extend. Tenant at its Lessee shall have the option may to extend the Term for a period of sixty (60) months immediately following the expiration of the initial Term (the "Extended Term"), on all provisions contained in this Lease (subject to adjustment of Base Rent upon the commencement of the Extended Term as described below, and except for such terms and conditions of this Lease as are specifically or by their operation limited to the initial Term only (including, without limitation, Exhibit "C" attached hereto and provisions respecting construction of Lessee Improvements and payment of a Lessee Improvement Allowance) and except that Lessee shall have no further right or option to extend the term upon the expiration of this Lease for one the Extended Term), by giving notice of exercise of the option (1the "Option Notice") extension term of five (5) years by serving written notice thereof upon Landlord to Lessor at least twelve (12) months but not more than eighteen (18) months before the expiration of the initial lease termthen applicable Term. Lessor's ability to plan for the orderly transaction of its rental business, provided to accommodate the needs of other existing and potential tenants, and to enjoy the benefits of increasing rentals at such times as Lessor is able to do so in its sole and absolute discretion, are fundamental elements of Lessor's willingness to provide Lessee with the option to extend contained herein. Accordingly, Lessee hereby acknowledges that at strict compliance with the notification provisions contained herein, and Lessee's strict compliance with the time period for such notification contained herein, are material elements of such the bargained for exchange between Lessor and Lessee and are material elements of Lessee's consideration paid to Lessor in exchange for the grant of the option. Therefore, Lessee's failure to adhere strictly and completely to the provisions and time frame contained in this provision shall render the option automatically null, void and of no further force or effect, without notice, acknowledgement, or any action of any nature or sort, required of Lessor. Lessee acknowledges that no other act or notice, other than the express written notice set forth hereinabove, shall act to put Lessor on notice of Lessee's intent to extend, and at Lessee hereby waives any claims to the commencement contrary, notwithstanding any other actions of such extended termLessee during the Term of this Lease or any statements, no event written or oral, of default, as defined in Paragraph 13 Lessee to Lessor to the contrary during the Term of this Lease, shall have occurred. Upon the service of such notice and subject to the conditions set forth in the preceding sentence, this Lease shall be extended without the necessity of the execution of any further instrument or document. Such extended term shall commence upon the expiration date of the initial lease term, expire upon the annual anniversary of such date five (5) years thereafter, and be upon the same terms, covenants, and conditions as provided in this Lease for the initial term, except that the Basic Rental payable during the extended term shall be at the prevailing rate for comparable space in the Building, at the commencement of such extended term, which new Basic Rental shall be adjusted as provided in and under this Lease. Payment of all additional rent and other charges required to be made by Tenant as provided in this Lease for the initial term shall continue to be made during the extended term. Any termination of this Lease during the initial term shall terminate all rights of extension hereunder. Any assignment or subletting by Tenant pursuant to Paragraph 9 of this Lease, other than to a Fortune 500 company or an Affiliate, if any, shall terminate the option of Tenant contained herein. Notwithstanding the foregoing, if Lessee is in no event shall default (after the Basic Rental expiration of any applicable period for the extension term be less than the Basic Rental during the last year of the initial term. 74 RIDER NO. 501 TERMINATION OPTION Tenant shall have the option cure pursuant to terminate this Lease Article 22 below) on the last day date of giving the Option Notice, the Option Notice shall be totally ineffective, or if Lessee is in default (after the expiration of any month after applicable period for cure pursuant to Article 22 below) on the date which the Extended Term is five (5) years to commence, in addition to any and eight (8) months after the Commencement Date of this Lease (as applicable, the "Termination Date"); provided that (i) Tenant gives Landlord at least nine (9) months prior written notice all other remedies available to terminate, and (ii) Tenant is not in default under the Lease at the time of the giving of such notice nor on the Termination Date. Additionally, Tenant's right to terminate hereunder is conditioned upon the payment in full by Tenant, on or before the Termination Date, of (a) all Basic Rental, Additional Rental and other sums owed by Tenant under the Lease through and including the Termination Date; and (b) an amount equal to the sum of (i) the amount obtained by multiplying $5,685,000.00 by a fraction having as its numerator, the number of months remaining in the initial Lease Term, and having as its denominator, the number sixty (60), plus (ii) the unamortized cost of all tenant improvement allowances, leasing commissions and other transaction costs actually paid by Landlord in connection with this Lease with interest thereon at the rate of twelve and one-half percent (12.5%) per annum (collectively, the "Termination Payment"). After Landlord's receipt of the Termination Payment, and so long as Tenant has surrendered the Premises in the condition required Lessor under this Lease, neither party at Lessor's election, the exercise of the option shall have be deemed null and void, the Extended Term shall not commence, and this Lease shall expire at the end of the Term. The option to extend granted pursuant hereto is personal to original Lessee signatory to this Lease and cannot be assigned, transferred or conveyed to, or exercised for the benefit of, any rightsother person or entity (voluntarily, liabilities involuntarily, by operation of law or obligations otherwise) including, without limitation, to any assignee or subtenant permitted under Article 13, other than a "Permitted Transferee" (as defined in Article 13). All of Lessee's rights under this Lease for Article 3.b. shall terminate upon the period accruing after expiration of the Termination Date, except those which, by the provisions of this Lease, expressly survive the initial Term or sooner termination of this Lease. 75 EXHIBIT F ROOFTOP LICENSE AGREEMENT THIS ROOFTOP LICENSE AGREEMENT (this "Agreement") is entered into as of the ____ day of _________, 1996, by and between CRESCENT REAL ESTATE EQUITIES LIMITED PARTNERSHIP ("Licensor") and PAGEMART WIRELESS, INC. ("Licensee").
Appears in 2 contracts
Samples: Office Lease (Doubleclick Inc), Office Lease (Netgravity Inc)
Option to Extend. (a) Provided that, at the time of each such exercise, (i) this Lease is in full force and effect, and (ii) no Event of Default shall have occurred and be continuing (either at the time of exercise or at the commencement of an Extended Term), Tenant at its shall have the right and option may to extend the term Term of this Lease for one two (12) extension term extended terms (collectively, the “Extended Terms”) of five (5) years each by serving giving written notice thereof upon to Landlord at least not later that twelve (12) months before the expiration of the initial lease term, provided that at the time of such notice and at the commencement of such extended term, no event of default, as defined in Paragraph 13 of this Lease, shall have occurred. Upon the service of such notice and subject (nor earlier than eighteen (18) months) prior to the conditions set forth in the preceding sentence, this Lease shall be extended without the necessity of the execution of any further instrument or document. Such extended term shall commence upon the expiration date of the initial lease term, expire upon the annual anniversary Term then in effect. The effective giving of such date five (5) years thereafter, and be upon notice of extension by Tenant shall automatically extend the same terms, covenants, and conditions as provided in Term of this Lease for the initial termapplicable Extended Term, except and no instrument of renewal or extension need be executed. In the event that the Basic Rental payable during the extended term Tenant fails timely to give such notice to Landlord, this Lease shall be automatically terminate at the prevailing rate for comparable space end of the Term then in effect, and Tenant shall have no further option to extend the Building, at the commencement Term of such extended term, which new Basic Rental shall be adjusted as provided in and under this Lease. Payment Each Extended Term shall commence on the date immediately succeeding the expiration date of the original Term of the preceding Extended Term, as the case may be, and shall end on the day immediately preceding the fifth anniversary of the first day of such Extended Term. The Extended Term shall be on all additional rent the terms and other charges required to be made by Tenant as provided in this Lease for the initial term shall continue to be made during the extended term. Any termination of this Lease during the initial term shall terminate all rights of extension hereunder. Any assignment or subletting by Tenant pursuant to Paragraph 9 conditions of this Lease, other than except: (i) during the second Extended Term, Tenant shall have no further option to a Fortune 500 company or an Affiliateextend the Term, if anyand (ii) the Basic rent for the Extended Terms shall be the Fair Market Rental Value of the Premises as of the commencement of the Extended Term in question, shall terminate the option of Tenant contained herein. Notwithstanding the foregoingtaking into account all relevant factors, determined pursuant to paragraph (b), but in no event shall the Basic Rental Rent for the extension term Extended Term be less than the Basic Rental during Rent at the last year expiration of the initial term. 74 RIDER NO. 501 TERMINATION OPTION Tenant shall have original or Extended Term immediately preceding the option to terminate this Lease on the last day of any month after the date which is five (5) years and eight (8) months after the Commencement Date of this Lease (as applicable, the "Termination Date"); provided that (i) Tenant gives Landlord at least nine (9) months prior written notice to terminate, and (ii) Tenant is not in default under the Lease at the time commencement of the giving of such notice nor on the Termination Date. Additionally, Tenant's right to terminate hereunder is conditioned upon the payment Extended Term in full by Tenant, on or before the Termination Date, of (a) all Basic Rental, Additional Rental and other sums owed by Tenant under the Lease through and including the Termination Date; and (b) an amount equal to the sum of (i) the amount obtained by multiplying $5,685,000.00 by a fraction having as its numerator, the number of months remaining in the initial Lease Term, and having as its denominator, the number sixty (60), plus (ii) the unamortized cost of all tenant improvement allowances, leasing commissions and other transaction costs actually paid by Landlord in connection with this Lease with interest thereon at the rate of twelve and one-half percent (12.5%) per annum (collectively, the "Termination Payment"). After Landlord's receipt of the Termination Payment, and so long as Tenant has surrendered the Premises in the condition required under this Lease, neither party shall have any rights, liabilities or obligations under this Lease for the period accruing after the Termination Date, except those which, by the provisions of this Lease, expressly survive the termination of this Lease. 75 EXHIBIT F ROOFTOP LICENSE AGREEMENT THIS ROOFTOP LICENSE AGREEMENT (this "Agreement") is entered into as of the ____ day of _________, 1996, by and between CRESCENT REAL ESTATE EQUITIES LIMITED PARTNERSHIP ("Licensor") and PAGEMART WIRELESS, INC. ("Licensee")question.
Appears in 2 contracts
Samples: Lease (Repligen Corp), Lease (Repligen Corp)
Option to Extend. (a) Subject to the terms hereof, if (i) during the Term of the Lease there exists no Default of Tenant at its option may extend hereunder (or any event or circumstance which, with the term giving of this Lease for one (1) extension term notice or the passage of five (5) years by serving written notice thereof upon Landlord at least twelve (12) months before time, and the expiration of the initial lease termall cure rights permitted, provided that at the time would constitute a Default of such notice and at the commencement of such extended term, no event of default, as defined in Paragraph 13 of this Lease, shall have occurred. Upon the service of such notice and subject to the conditions set forth in the preceding sentence, this Lease shall be extended without the necessity of the execution of any further instrument or document. Such extended term shall commence upon the expiration date of the initial lease term, expire upon the annual anniversary of such date five (5) years thereafter, and be upon the same terms, covenants, and conditions as provided in this Lease for the initial term, except that the Basic Rental payable during the extended term shall be at the prevailing rate for comparable space in the Building, at the commencement of such extended term, which new Basic Rental shall be adjusted as provided in and under this Lease. Payment of all additional rent and other charges required to be made by Tenant as provided in this Lease for the initial term shall continue to be made during the extended term. Any termination of this Lease during the initial term shall terminate all rights of extension hereunder. Any assignment or subletting by Tenant pursuant to Paragraph 9 of this Lease, other than to a Fortune 500 company or an Affiliate, if any, shall terminate the option of Tenant contained herein. Notwithstanding the foregoing, in no event shall the Basic Rental for the extension term be less than the Basic Rental during the last year of the initial term. 74 RIDER NO. 501 TERMINATION OPTION Tenant shall have the option to terminate this Lease on the last day of any month after the date which is five (5) years and eight (8) months after the Commencement Date of this Lease (as applicable, the "Termination Date"Tenant); provided that (i) Tenant gives Landlord at least nine (9) months prior written notice to terminate, and (ii) Tenant is shall not in default under have assigned the Lease or sublet all or any portion of the Premises, and then actually occupies the entire Premises, and (iii) the Lease is still in full force and effect (any and all of which conditions are for the benefit of, and may be waived by, Landlord), Tenant shall have the right to extend the Term of this Lease for one extended term (the "Extended Term") of five (5) years. The Extended Term shall commence on July 1, 2025, and shall end at 11:59 p.m., Boston time, on June 30, 2030. Tenant shall exercise such option to extend by giving written notice to Landlord not later than June 30, 2024. The giving of such notice by Tenant shall automatically and irrevocably extend the Term of the Lease for the Extended Term, and no instrument of renewal need be executed. In the event that Tenant fails to give such notice to Landlord, the Lease shall automatically terminate on June 30, 2025, and Tenant shall have no further option to extend the Term of this Lease, it being agreed that time shall be of the essence in the giving of such notice nor notice. The Extended Term shall be on all the Termination Date. Additionallyterms and conditions of this Lease, Tenant's right except that the Annual Basic Rent for the Extended Term shall be determined pursuant to terminate hereunder is conditioned upon the payment in full by Tenant, on or before the Termination Date, of (a) all Basic Rental, Additional Rental and other sums owed by Tenant under the Lease through and including the Termination Date; and paragraph (b) hereof. (b)The Annual Basic Rent for the first year of the Extended Term shall be the Fair Market Rental Value of the Premises (exclusive of the cost of supplying Tenant electricity), to be established as of the commencement of the Extended Term (the "Determination Date"). The term "Fair Market Rental Value" shall mean the annual fixed rent that a willing tenant would pay and a willing landlord would accept, each acting in its own best interest and without duress, in an amount equal arms-length lease of the Premises as of the Determination Date. For purposes of determining the Fair Market Rental Value, during the Extended Term, the Tenant’s Share of Operating Expenses and Taxes shall be computed using updated base years, consistent with then-prevailing market practices. If Landlord and Tenant shall fail to agree upon the Fair Market Rental Value within six (6) months before the Determination Date, then Landlord and Tenant each shall give notice (the "Determination Notice") to the sum other setting forth their respective determinations of the Fair Market Rental Value, and, subject to the provisions of paragraph (ic) below, either party may apply to the amount obtained by multiplying $5,685,000.00 by then president of the Real Estate Finance Association of the Greater Boston Real Estate Board, or any successor thereto, for the designation of an arbitrator satisfactory to both parties to render a fraction having final determination of the Fair Market Rental Value. That there shall be only one arbitrator, who shall have had at least ten (10) years’ experience as its numerator, the number of months remaining a real estate broker or appraiser in the initial Lease TermNatick/Speen Street/Route 30 office rental market. The arbitrator shall conduct such hearings and investigations as the arbitrator shall deem appropriate and shall, within thirty (30) days after having been appointed, choose one of the determinations set forth in either Landlord’s or Tenant’s Determination Notice, and having as that choice by the arbitrator shall be binding upon Landlord and Tenant. Each party shall pay its denominatorown counsel fees and expenses, the number sixty (60)if any, plus (ii) the unamortized cost of all tenant improvement allowances, leasing commissions and other transaction costs actually paid by Landlord in connection with any arbitration under this Lease with interest thereon at the rate of twelve and one-half percent paragraph (12.5%) per annum (collectively, the "Termination Payment"b). After Landlord's receipt of the Termination Payment, and so long as Tenant has surrendered the Premises parties shall share equally all other expenses and fees of any such arbitration. The determination rendered in accordance with the condition required under provisions of this Leaseparagraph (b) shall be final and binding in fixing the Fair Market Rental Value. The arbitrator shall not have the power to add to, neither party shall have modify, or change any rights, liabilities or obligations under this Lease for the period accruing after the Termination Date, except those which, by of the provisions of this Lease, expressly survive . (c)In the termination of this Lease. 75 EXHIBIT F ROOFTOP LICENSE AGREEMENT THIS ROOFTOP LICENSE AGREEMENT (this "Agreement") is entered into as event that the lower of the ____ day two determination of _________the Fair Market Rental Value is greater than ninety-five percent (95%) of the higher determination, 1996then the Fair Market Rental Value shall not be determined by arbitration, but shall instead be set by taking the average of the determinations set forth in Landlord’s and between CRESCENT REAL ESTATE EQUITIES LIMITED PARTNERSHIP Tenant’s Determination Notices. Only if the lower determination is ninety-five percent ("Licensor"95%) and PAGEMART WIRELESS, INCor less of the higher determination shall the actual determination of Fair Market Rental Value be made by an arbitrator as set forth in paragraph (b) above. ("Licensee")d)If for any reason the Fair Market Rental Value shall not have been determined prior to the Determination Date, then, until the Fair Market Rental Value and, accordingly, the Annual Basic Rent, shall have been finally determined, Tenant shall pay Annual Basic Rent at the rate quoted by Landlord in Landlord’s Determination Notice. Upon final determination of the Fair Market Rental Value, an appropriate adjustment to the Annual Basic Rent theretofore paid by Tenant from and after the Determination Date shall be made reflecting such final determination, and Landlord or Tenant, as the case may be, shall promptly credit or pay, respectively, to the other any overpayment of deficiency, as the case may be, in the payment of Annual Basic Rent from the Determination Date to the date of such final determination. In no event, however, will the Annual Basic Rent for any year of the Extended Term be less than the Annual Basic Rent in effect on June 30, 2025. Following the determination of the Annual Basic Rent, if either party so desires, Landlord will prepare a reasonable confirmatory agreement to reflect the terms and conditions for the Extended Term, but the lack of any such confirmatory agreement will have no effect on the Tenant’s timely exercise of its rights hereunder or on the terms and conditions provided herein. 7.
Appears in 2 contracts
Option to Extend. Provided (i) Tenant (as used in this Section 16.19, the term "Tenant" shall also include any Permitted Transferee that succeeds to Tenant's interest under Article 11, above) is not in Default hereunder at its the time it exercises this option, (ii) the creditworthiness of Tenant is no less than on the date hereof, (iii) Tenant originally named herein remains in possession of all or substantially all of the Leased Premises, Tenant shall have the option may to extend the term of this Lease Original Term for one five (15) extension term successive periods of five (5) years by serving written notice thereof each (the "Extension Term(s)"). The Extension Term shall be upon Landlord at least twelve (12) months before the expiration of same terms and conditions contained in the Lease during the initial lease term, provided that at Lease Term (the time of such notice and at the commencement of such extended term, no event of default, as defined in Paragraph 13 of "Original Term") except (i) this Lease, shall have occurred. Upon the service of such notice and subject to the conditions set forth in the preceding sentence, this Lease shall be extended without the necessity of the execution of any further instrument or document. Such extended term shall commence upon the expiration date of the initial lease term, expire upon the annual anniversary of such date provision giving five (5) years thereafter, and be upon the same terms, covenants, and conditions as provided in this Lease for the initial term, except that the Basic Rental payable during the extended term extension options shall be at amended to reflect the prevailing rate for comparable space in remaining options to extend, if any and (ii) the Building, at the commencement of such extended term, which new Basic Rental Minimum Annual Rent shall be adjusted as provided in and under this Leaseset forth below (the "Rent Adjustment"). Payment of all additional rent and other charges required to be made by Tenant as provided in this Lease for the initial term shall continue to be made during the extended term. Any termination of this Lease during the initial term shall terminate all rights of extension hereunder. Any assignment or subletting by Tenant pursuant to Paragraph 9 of this Lease, other than to a Fortune 500 company or an Affiliate, if any, shall terminate the option of Tenant contained herein. Notwithstanding the foregoing, in no event shall the Basic Rental for the extension term be less than the Basic Rental during the last year of the initial term. 74 RIDER NO. 501 TERMINATION OPTION Tenant shall have the exercise such option to terminate this Lease on the last day of any month after the date which is five (5) years and eight (8) months after the Commencement Date of this Lease (as applicable, the "Termination Date"); provided that by (i) Tenant gives Landlord at least delivering to Landlord, no later than nine (9) months prior to the expiration of the Original Term or, if applicable, the Extension Term, written notice of Tenant's desire to terminateextend the Original Term or, if applicable, the Extension Term, and (ii) Tenant is not in default under the Lease at the time delivering to Landlord within fifteen (15) business days of receipt of the giving Rent Adjustment, written notice of such its rejection thereof (which rejection shall terminate Tenant's option to extend), or that Tenant disputes Landlord's determination of the Rental Adjustment and shall include Tenant's good faith determination of what the Rental Adjustment should be. In the case of a notice nor on disputing the Termination DateRental Adjustment, Landlord and Tenant shall mutually work together for a period of ten (10) days to resolve the dispute and, if unable to agree upon the Rental Adjustment within said period, Landlord and Tenant shall in good faith participate in non-binding arbitration of the Rental Adjustment for a period of thirty (30) days. AdditionallyUnless Landlord otherwise agrees in writing, Tenant's right failure to terminate hereunder is conditioned upon timely exercise such option shall waive it and any succeeding option. Landlord shall notify Tenant of the payment in full by amount of the Rent Adjustment no later than sixty (60) days after receipt of Tenant's exercise of its option. If Tenant properly exercises its option to extend, on or before the Termination Date, of (a) all Basic Rental, Additional Rental Landlord and other sums owed by Tenant under shall execute an amendment to the Lease through reflecting the terms and including conditions of the Termination Date; and (b) Extension Term. The Minimum Annual Rent for the applicable Extension Term shall be an amount equal to the sum Minimum Annual Rent then being quoted by Landlord to prospective tenants of (i) the amount obtained by multiplying $5,685,000.00 by a fraction having Building for space of comparable size and quality and with similar or equivalent improvements as its numerator, the number of months remaining are found in the initial Lease TermBuilding, and having as its denominatorif none, then in similar buildings in the number sixty (60)vicinity, plus (ii) the unamortized cost of all tenant improvement allowances, leasing commissions excluding free rent and other transaction costs actually concessions; provided, however, that in no event shall the Minimum Annual Rent per square foot during any Extension Term be less than the highest Minimum Annual Rent per square foot payable during the immediately preceding term. The Minimum Monthly Rent shall be an amount equal to one-twelfth (1/12) of the Minimum Annual Rent for the Extension Term and shall be paid by Landlord in connection with this Lease with interest thereon at the rate of twelve same time and one-half percent (12.5%) per annum (collectively, the "Termination Payment"). After Landlord's receipt of the Termination Payment, and so long as Tenant has surrendered the Premises in the condition required under this same manner as provided in the Lease, neither party shall have any rights, liabilities or obligations under this Lease for the period accruing after the Termination Date, except those which, by the provisions of this Lease, expressly survive the termination of this Lease. 75 EXHIBIT F ROOFTOP LICENSE AGREEMENT THIS ROOFTOP LICENSE AGREEMENT (this "Agreement") is entered into as of the ____ day of _________, 1996, by and between CRESCENT REAL ESTATE EQUITIES LIMITED PARTNERSHIP ("Licensor") and PAGEMART WIRELESS, INC. ("Licensee").
Appears in 2 contracts
Samples: Office Lease Agreement (Interactive Intelligence Inc), Office Lease Agreement (Interactive Intelligence Inc)
Option to Extend. Tenant at its Subtenant shall have the right and option may to extend ---------------- the term of this Lease Term for one an additional two (1) extension term of five (52) years by serving written notice thereof upon Landlord at least twelve and nine (129) months before until September 30, 2005 (the "Extension Term") commencing upon the expiration of the initial lease termoriginal Term referred to in Section 2.2 (the "Original Term"), provided that Subtenant shall give Sublandlord notice of Subtenant's irrevocable exercise of such option at least ninety (90) days prior to the expiration of the Original Term and provided further that Subtenant shall not be in default at either the time of giving such notice or at the time of such notice and at the commencement of such extended term, no event the Extension Term in the performance or observance of default, as defined in Paragraph 13 any of the terms and provisions of this Lease, shall have occurredSublease on the part of Subtenant to be performed or observed. Upon Prior to the service exercise by Subtenant of such notice option, the expression "Term" shall mean the Original Term, and subject to after the conditions set forth exercise by Subtenant of such option, the expression "Term" shall mean the Original Term as it has been extended by the Extension Term. Except as expressly otherwise provided in the preceding sentencefollowing paragraph, this Lease shall be extended without all the necessity of the execution of any further instrument or document. Such extended term shall commence upon the expiration date of the initial lease term, expire upon the annual anniversary of such date five (5) years thereafter, and be upon the same terms, covenants, conditions, provisions and conditions agreements in the Sublease contained shall be applicable to the Extension Term. If Subtenant shall give notice of its exercise of such option to extend in the manner and within the time period provided aforesaid, the Term shall be extended upon the giving of such notice without the requirement of any further action on the part of either Subtenant or Sublandlord. If Subtenant shall fail to give timely notice of the exercise of such option as provided in aforesaid, Subtenant shall have no right to extend the Term of this Lease for Sublease, time being of the initial term, except that essence of the Basic Rental foregoing provisions. The Monthly Fixed Rent payable during the extended term Extension Term shall be at the prevailing rate greater of (i) the Monthly Fixed Rent in effect for comparable space in the Building, at year immediately preceding the commencement of such extended term, which new Basic Rental shall be adjusted as provided in and under this Lease. Payment of all additional rent and other charges required to be made by Tenant as provided in this Lease the Extension Term or (ii) the Fair Market Rent for the initial term shall continue to be made Premises, as determined below, as of the commencement of the Extension Term. If for any reason the Monthly Fixed Rent payable during the extended term. Any termination Extension Term has not been determined as of this Lease the commencement of the Extension Term, Subtenant shall pay the Monthly Fixed Rent payable during the initial term shall terminate all rights of extension hereunder. Any assignment or subletting by Tenant pursuant to Paragraph 9 of this Leaseimmediately preceding year until the Monthly Fixed Rent for the Extension Term is determined, other than to a Fortune 500 company or at which time, an Affiliateappropriate adjustment, if any, shall terminate be made. For purposes hereof, the option of Tenant contained herein. Notwithstanding Fair Market Rent shall mean the foregoing, in no event shall the Basic Rental fair rent for the extension term be less than the Basic Rental during the last year Premises as of the initial termcommencement of the Extension Term under market conditions then existing. 74 RIDER NO. 501 TERMINATION OPTION Tenant Fair Market Rent shall have be determined by agreement between Sublandlord and Subtenant, but if Sublandlord and Subtenant are unable to agree upon the option to terminate this Lease on the last day of any month after the date which is five (5) years and eight (8) months after the Commencement Date of this Lease (as applicable, the "Termination Date"); provided that (i) Tenant gives Landlord Fair Market Rent at least nine two (92) months prior written to the date upon which the Fair Market Rent is to take effect, then the Fair Market Rent shall be determined by appraisal made as hereinafter provided by a board of three (3) reputable independent commercial real estate consultants, appraisers, or brokers, each of whom shall have at least ten (10) years of experience in the Westboro office rental market and each of whom is hereinafter referred to as "Appraiser". Subtenant and Sublandlord shall each appoint one such Appraiser and the two (2) Appraisers so appointed shall appoint the third Appraiser. The cost and expenses of each Appraiser appointed separately by Subtenant and Sublandlord shall be borne by the party who appointed the Appraiser. The cost and expense of the Third Appraiser shall be shared equally by Subtenant and Sublandlord. Sublandlord and Subtenant shall appoint their respective Appraisers at least fifty-five (55) days prior to commencement of the Extension Term and shall designate the Appraisers so appointed by notice to terminate, the other party. The two Appraisers so appointed and designated shall appoint the third Appraiser at least forty-five (ii45) Tenant is not in default under days prior to the Lease at the time commencement of the giving Extension Term and shall designate such Appraiser by notice to Sublandlord and Subtenant. The board of such notice nor on three (3) Appraisers shall determine the Termination Date. Additionally, Tenant's right to terminate hereunder is conditioned upon Fair Market Rent of the payment in full by Tenant, on or before Premises as of the Termination Date, commencement of the Extension Term and shall notify Sublandlord and Subtenant of their determinations at least thirty (a30) all Basic Rental, Additional Rental and other sums owed by Tenant under the Lease through and including the Termination Date; and (b) an amount equal days prior to the sum commencement of the Extension Term. If the determination of the Fair Market Rent of any two (i2) or all three (3) Appraisers shall be identical in amount, said amount shall be deemed to be the amount obtained by multiplying $5,685,000.00 by a fraction having as its numeratorFair Market Rent of the Premises. If the determination of all three (3) Appraisers shall be different in amount, the number of months remaining in the initial Lease Term, and having as its denominator, the number sixty (60), plus (ii) the unamortized cost of all tenant improvement allowances, leasing commissions and other transaction costs actually paid by Landlord in connection with this Lease with interest thereon at the rate of twelve and one-half percent (12.5%) per annum (collectively, the "Termination Payment"). After Landlord's receipt average of the Termination Payment, and so long as Tenant has surrendered two (2) values nearest in amount shall be deemed the Fair Market Rent of the Premises. The Fair Market Rent of the Premises determined in the condition required under this Lease, neither party shall have any rights, liabilities or obligations under this Lease for the period accruing after the Termination Date, except those which, by accordance with the provisions of this Lease, expressly survive the termination of this Lease. 75 EXHIBIT F ROOFTOP LICENSE AGREEMENT THIS ROOFTOP LICENSE AGREEMENT (this "Agreement") is entered into as of the ____ day of _________, 1996, by Section shall be binding and between CRESCENT REAL ESTATE EQUITIES LIMITED PARTNERSHIP ("Licensor") conclusive on Subtenant and PAGEMART WIRELESS, INC. ("Licensee")Sublandlord.
Appears in 2 contracts
Samples: Switchboard Inc, Switchboard Inc
Option to Extend. (a) Provided that, at the time of each such exercise, (i) this Lease is in full force and effect, (ii) no Default of Tenant shall have occurred and be continuing (either at its the time of exercise or at the commencement of an Extended Term), and (iii) Tenant shall not have assigned this Lease or vacated or sublet more than 20,000 rentable square feet in the Premises, other than in connection with a transfer for which Landlord’s consent is not required under Article VI (any of which conditions described in clauses (i), (ii), and (iii) may be waived by Landlord at any time in Landlord’s sole discretion), Tenant shall have the right and option may to extend the term Term of this Lease with respect to either the entire Premises, or only the portion of the Premises on the second floor, or only the portion of the Premises on the third floor, for one two extended terms (1each an “Extended Term”) extension term of five (5) years each by serving giving written notice thereof upon to Landlord at least not later than twelve (12) months before the expiration of the initial lease term, provided that at the time of such notice and at the commencement of such extended term, no event of default, as defined in Paragraph 13 of this Lease, shall have occurred. Upon the service of such notice and subject prior to the conditions set forth in the preceding sentence, this Lease shall be extended without the necessity of the execution of any further instrument or document. Such extended term shall commence upon the expiration date of the initial lease term, expire upon the annual anniversary then current Term. The effective giving of such date five (5) years thereafter, and be upon notice of extension by Tenant shall automatically extend the same terms, covenants, and conditions as provided in Term of this Lease for the initial termapplicable Extended Term, except and no instrument of renewal or extension need be executed. In the event that Tenant fails timely to give such notice to Landlord, or if Tenant shall elect to extend the Basic Rental payable during Term solely with respect to the extended term second floor space or the third floor space, then this Lease shall be automatically terminate with respect to the remainder of the Premises at the prevailing rate for comparable space in end of the BuildingInitial Term, at or the commencement of such extended termfirst Extended Term, which new Basic Rental as applicable, and Tenant shall be adjusted as provided in and under this Lease. Payment of all additional rent and other charges required have no further option to be made by Tenant as provided in this Lease for extend the initial term shall continue to be made during the extended term. Any termination Term of this Lease during with respect to such portion of the initial term Premises. Each Extended Term shall terminate commence on the day immediately succeeding the expiration date of the Initial Term, or the expiration of the first Extended Term, as applicable, and shall end on the day immediately preceding the fifth (5th) anniversary of the first day of the Extended Term. The Extended Terms shall be on all rights of extension hereunder. Any assignment or subletting by Tenant pursuant to Paragraph 9 the terms and conditions of this Lease, other than to a Fortune 500 company or an Affiliate, if any, shall terminate the option of Tenant contained herein. Notwithstanding the foregoing, in no event shall the Basic Rental for the extension term be less than the Basic Rental except: (i) during the last year of the initial term. 74 RIDER NO. 501 TERMINATION OPTION second Extended Term, Tenant shall have the no further option to terminate this Lease on extend the last day of any month after the date which is five (5) years and eight (8) months after the Commencement Date of this Lease (as applicable, the "Termination Date"); provided that (i) Tenant gives Landlord at least nine (9) months prior written notice to terminate, and (ii) Tenant is not in default under the Lease at the time of the giving of such notice nor on the Termination Date. Additionally, Tenant's right to terminate hereunder is conditioned upon the payment in full by Tenant, on or before the Termination Date, of (a) all Basic Rental, Additional Rental and other sums owed by Tenant under the Lease through and including the Termination Date; and (b) an amount equal to the sum of (i) the amount obtained by multiplying $5,685,000.00 by a fraction having as its numerator, the number of months remaining in the initial Lease Term, and having as its denominator, the number sixty (60), plus (ii) the unamortized cost of all tenant improvement allowances, leasing commissions and other transaction costs actually paid by Landlord in connection with this Lease with interest thereon at the rate of twelve and oneBasic Rent for each Extended Term shall be ninety-half five percent (12.595%) per annum (collectively, the "Termination Payment"). After Landlord's receipt of the Termination Payment, and so long as Tenant has surrendered Fair Market Rental Value of the Premises in the condition required under this Lease, neither party shall have any rights, liabilities or obligations under this Lease for the period accruing after the Termination Date, except those which, by the provisions of this Lease, expressly survive the termination of this Lease. 75 EXHIBIT F ROOFTOP LICENSE AGREEMENT THIS ROOFTOP LICENSE AGREEMENT (this "Agreement") is entered into as of the ____ day commencement of _________the Extended Term, 1996taking into account all relevant factors, by determined pursuant to paragraph (b) below; and between CRESCENT REAL ESTATE EQUITIES LIMITED PARTNERSHIP ("Licensor"iii) and PAGEMART WIRELESSif Tenant shall elect in such notice of extension to extend the Term for only the second floor space or the third floor space, INC. ("Licensee")the Premises thereafter shall solely refer to such space.
Appears in 1 contract
Samples: Lease (First Marblehead Corp)
Option to Extend. 29.1 Tenant at its is given the option may ("First Option") to extend the term of this Lease on all the provisions contained in this Lease (inclusive of the provisions concerning the increases in Base Monthly Rent as set forth in Section 5 above) for one (1) extension term of a single five (5) years by serving written notice thereof upon Landlord at least twelve year period (12"First Extended Term") months before the immediately following expiration of the initial lease term, provided that at the time of such notice and at the commencement of such extended term, no event of default, as defined in Paragraph 13 of this Lease, shall have occurred. Upon the service of such notice and subject to the conditions set forth in the preceding sentence, this Lease shall be extended without the necessity term of the execution Lease (the "Initial Term"), by giving notice of any further instrument or document. Such extended term shall commence upon the expiration date exercise of the initial lease term, expire upon the annual anniversary of such date five First Option (5"Option Notice") years thereafter, and be upon the same terms, covenants, and conditions as provided in this Lease for the initial term, except that the Basic Rental payable during the extended term shall be at the prevailing rate for comparable space in the Building, at the commencement of such extended term, which new Basic Rental shall be adjusted as provided in and under this Lease. Payment of all additional rent and other charges required to be made by Tenant as provided in this Lease for the initial term shall continue to be made during the extended term. Any termination of this Lease during the initial term shall terminate all rights of extension hereunder. Any assignment or subletting by Tenant pursuant to Paragraph 9 of this Lease, other than to a Fortune 500 company or an Affiliate, if any, shall terminate the option of Tenant contained herein. Notwithstanding the foregoing, in no event shall the Basic Rental for the extension term be less than the Basic Rental during the last year of the initial term. 74 RIDER NO. 501 TERMINATION OPTION Tenant shall have the option to terminate this Lease on the last day of any month after the date which is five (5) years and eight (8) months after the Commencement Date of this Lease (as applicable, the "Termination Date"); provided that (i) Tenant gives Landlord at least nine (9) months prior written notice to terminatebut not more than one (1) year before the expiration of the Initial Term. However, and (ii) if Tenant is not in default under on the date of giving of the Option Notice, the Option Notice shall be totally ineffective; if Tenant is in default on the date the First Extended Term is to commence, the First Extended Term shall not commence and this Lease shall expire at the time end of the Initial Term. If Tenant timely exercises the First Option, Tenant is given the further option ("Second Option") to extend the term on all the provisions contained in this Lease (inclusive of the provisions concerning the increases in Base Monthly Rent as set forth in Section 5 above) for a second five (5) year period ("Second Extended Term") following expiration of the First Extended Term, by giving notice of such notice nor exercise of the Second Option to Landlord at least nine (9) months but not more than one (1) year before the expiration of the First Extended Term. However, if Tenant is in default on the Termination Date. Additionally, Tenant's right to terminate hereunder is conditioned upon date of giving the payment in full by Tenant, on or before the Termination Date, of (a) all Basic Rental, Additional Rental and other sums owed by Tenant under the Lease through and including the Termination Date; and (b) an amount equal to the sum of (i) the amount obtained by multiplying $5,685,000.00 by a fraction having as its numeratorOption Notice, the number of months remaining Option Notice shall be totally ineffective; if Tenant is in default on the initial Lease Term, and having as its denominatordate the Second Extended Term is to commence, the number sixty (60), plus (ii) the unamortized cost of all tenant improvement allowances, leasing commissions Second Extended Term shall not commence and other transaction costs actually paid by Landlord in connection with this Lease with interest thereon shall expire at the rate end of twelve the First Extended Term. The First Extended Term and one-half percent (12.5%) per annum (collectively, the Second Extended Term are sometimes hereinafter referred to individually as an "Option Term" and collectively as the "Termination PaymentOption Terms."). After Landlord's receipt of the Termination Payment, and so long as Tenant has surrendered the Premises in the condition required under this Lease, neither party shall have any rights, liabilities or obligations under this Lease for the period accruing after the Termination Date, except those which, by the provisions of this Lease, expressly survive the termination of this Lease. 75 EXHIBIT F ROOFTOP LICENSE AGREEMENT THIS ROOFTOP LICENSE AGREEMENT (this "Agreement") is entered into as of the ____ day of _________, 1996, by and between CRESCENT REAL ESTATE EQUITIES LIMITED PARTNERSHIP ("Licensor") and PAGEMART WIRELESS, INC. ("Licensee").
Appears in 1 contract
Samples: Sycamore Park Convalescent Hospital
Option to Extend. (a) Provided that, at the time of each such exercise, (i) this Lease is in full force and effect, and (ii) no Event of Default shall have occurred and be continuing (either at the time of exercise or at the commencement of an Extended Term), Tenant at its shall have the right and option may to extend the term Term of this Lease for one two (12) extension term extended terms (collectively, the "Extended Terms") of five (5) years each by serving giving written notice thereof upon to Landlord at least not later that twelve (12) months before the expiration of the initial lease term, provided that at the time of such notice and at the commencement of such extended term, no event of default, as defined in Paragraph 13 of this Lease, shall have occurred. Upon the service of such notice and subject (nor earlier than eighteen (18) months) prior to the conditions set forth in the preceding sentence, this Lease shall be extended without the necessity of the execution of any further instrument or document. Such extended term shall commence upon the expiration date of the initial lease term, expire upon the annual anniversary Term then in effect. The effective giving of such date five (5) years thereafter, and be upon notice of extension by Tenant shall automatically extend the same terms, covenants, and conditions as provided in Term of this Lease for the initial termapplicable Extended Term, except and no instrument of renewal or extension need be executed. In the event that the Basic Rental payable during the extended term Tenant fails timely to give such notice to Landlord, this Lease shall be automatically terminate at the prevailing rate for comparable space end of the Term then in effect, and Tenant shall have no further option to extend the Building, at the commencement Term of such extended term, which new Basic Rental shall be adjusted as provided in and under this Lease. Payment Each Extended Term shall commence on the date immediately succeeding the expiration date of the original Term of the preceding Extended Term, as the case may be, and shall end on the day immediately preceding the fifth anniversary of the first day of such Extended Term. The Extended Term shall be on all additional rent the terms and other charges required to be made by Tenant as provided in this Lease for the initial term shall continue to be made during the extended term. Any termination of this Lease during the initial term shall terminate all rights of extension hereunder. Any assignment or subletting by Tenant pursuant to Paragraph 9 conditions of this Lease, other than except: (i) during the second Extended Term, Tenant shall have no further option to a Fortune 500 company or an Affiliateextend the Term, if anyand (ii) the Basic rent for the Extended Terms shall be the Fair Market Rental Value of the Premises as of the commencement of the Extended Term in question, shall terminate the option of Tenant contained herein. Notwithstanding the foregoingtaking into account all relevant factors, determined pursuant to paragraph (b), but in no event shall the Basic Rental Rent for the extension term Extended Term be less than the Basic Rental during Rent at the last year expiration of the initial term. 74 RIDER NO. 501 TERMINATION OPTION Tenant shall have original or Extended Term immediately preceding the option to terminate this Lease on the last day of any month after the date which is five (5) years and eight (8) months after the Commencement Date of this Lease (as applicable, the "Termination Date"); provided that (i) Tenant gives Landlord at least nine (9) months prior written notice to terminate, and (ii) Tenant is not in default under the Lease at the time commencement of the giving of such notice nor on the Termination Date. Additionally, Tenant's right to terminate hereunder is conditioned upon the payment Extended Term in full by Tenant, on or before the Termination Date, of (a) all Basic Rental, Additional Rental and other sums owed by Tenant under the Lease through and including the Termination Date; and (b) an amount equal to the sum of (i) the amount obtained by multiplying $5,685,000.00 by a fraction having as its numerator, the number of months remaining in the initial Lease Term, and having as its denominator, the number sixty (60), plus (ii) the unamortized cost of all tenant improvement allowances, leasing commissions and other transaction costs actually paid by Landlord in connection with this Lease with interest thereon at the rate of twelve and one-half percent (12.5%) per annum (collectively, the "Termination Payment"). After Landlord's receipt of the Termination Payment, and so long as Tenant has surrendered the Premises in the condition required under this Lease, neither party shall have any rights, liabilities or obligations under this Lease for the period accruing after the Termination Date, except those which, by the provisions of this Lease, expressly survive the termination of this Lease. 75 EXHIBIT F ROOFTOP LICENSE AGREEMENT THIS ROOFTOP LICENSE AGREEMENT (this "Agreement") is entered into as of the ____ day of _________, 1996, by and between CRESCENT REAL ESTATE EQUITIES LIMITED PARTNERSHIP ("Licensor") and PAGEMART WIRELESS, INC. ("Licensee")question.
Appears in 1 contract
Samples: Lease (Repligen Corp)
Option to Extend. (a) Provided that, at the time of each such exercise, (i) this Lease is in full force and effect, (ii) no Default of Tenant shall have occurred and be continuing (either at its the time of exercise or at the commencement of an Extended Term), and (iii) Tenant shall not have assigned this Lease or vacated or sublet more than 20,000 rentable square feet in the Premises, other than in connection with a transfer for which Landlord's consent is not required under Article VI (any of which conditions described in clauses (i), (ii), and (iii) may be waived by Landlord at any time in Landlord's sole discretion), Tenant shall have the right and option may to extend the term Term of this Lease with respect to either the entire Premises, or only the portion of the Premises on the second floor, or only the portion of the Premises on the third floor, for one two extended terms (1each an "Extended Term") extension term of five (5) years each by serving giving written notice thereof upon to Landlord at least not later than twelve (12) months before the expiration of the initial lease term, provided that at the time of such notice and at the commencement of such extended term, no event of default, as defined in Paragraph 13 of this Lease, shall have occurred. Upon the service of such notice and subject prior to the conditions set forth in the preceding sentence, this Lease shall be extended without the necessity of the execution of any further instrument or document. Such extended term shall commence upon the expiration date of the initial lease term, expire upon the annual anniversary then current Term. The effective giving of such date five (5) years thereafter, and be upon notice of extension by Tenant shall automatically extend the same terms, covenants, and conditions as provided in Term of this Lease for the initial termapplicable Extended Term, except and no instrument of renewal or extension need be executed. In the event that Tenant fails timely to give such notice to Landlord, or if Tenant shall elect to extend the Basic Rental payable during Term solely with respect to the extended term second floor space or the third floor space, then this Lease shall be automatically terminate with respect to the remainder of the Premises at the prevailing rate for comparable space in end of the BuildingInitial Term, at or the commencement of such extended termfirst Extended Term, which new Basic Rental as applicable, and Tenant shall be adjusted as provided in and under this Lease. Payment of all additional rent and other charges required have no further option to be made by Tenant as provided in this Lease for extend the initial term shall continue to be made during the extended term. Any termination Term of this Lease during with respect to such portion of the initial term Premises. Each Extended Term shall terminate commence on the day immediately succeeding the expiration date of the Initial Term, or the expiration of the first Extended Term, as applicable, and shall end on the day immediately preceding the fifth (5th) anniversary of the first day of the Extended Term. The Extended Terms shall be on all rights of extension hereunder. Any assignment or subletting by Tenant pursuant to Paragraph 9 the terms and conditions of this Lease, other than to a Fortune 500 company or an Affiliate, if any, shall terminate the option of Tenant contained herein. Notwithstanding the foregoing, in no event shall the Basic Rental for the extension term be less than the Basic Rental except: (i) during the last year of the initial term. 74 RIDER NO. 501 TERMINATION OPTION second Extended Term, Tenant shall have the no further option to terminate this Lease on extend the last day of any month after the date which is five (5) years and eight (8) months after the Commencement Date of this Lease (as applicable, the "Termination Date"); provided that (i) Tenant gives Landlord at least nine (9) months prior written notice to terminate, and (ii) Tenant is not in default under the Lease at the time of the giving of such notice nor on the Termination Date. Additionally, Tenant's right to terminate hereunder is conditioned upon the payment in full by Tenant, on or before the Termination Date, of (a) all Basic Rental, Additional Rental and other sums owed by Tenant under the Lease through and including the Termination Date; and (b) an amount equal to the sum of (i) the amount obtained by multiplying $5,685,000.00 by a fraction having as its numerator, the number of months remaining in the initial Lease Term, and having as its denominator, the number sixty (60), plus (ii) the unamortized cost of all tenant improvement allowances, leasing commissions and other transaction costs actually paid by Landlord in connection with this Lease with interest thereon at the rate of twelve and oneBasic Rent for each Extended Term shall be ninety-half five percent (12.595%) per annum (collectively, the "Termination Payment"). After Landlord's receipt of the Termination Payment, and so long as Tenant has surrendered Fair Market Rental Value of the Premises in the condition required under this Lease, neither party shall have any rights, liabilities or obligations under this Lease for the period accruing after the Termination Date, except those which, by the provisions of this Lease, expressly survive the termination of this Lease. 75 EXHIBIT F ROOFTOP LICENSE AGREEMENT THIS ROOFTOP LICENSE AGREEMENT (this "Agreement") is entered into as of the ____ day commencement of _________the Extended Term, 1996taking into account all relevant factors, by determined pursuant to paragraph (b) below; and between CRESCENT REAL ESTATE EQUITIES LIMITED PARTNERSHIP ("Licensor"iii) and PAGEMART WIRELESSif Tenant shall elect in such notice of extension to extend the Term for only the second floor space or the third floor space, INC. ("Licensee")the Premises thereafter shall solely refer to such space.
Appears in 1 contract
Samples: First Marblehead Corp
Option to Extend. (a) Landlord hereby grants to Tenant at its one (1) option may to extend the term of this Lease for one a period of twenty-four (124) extension term of five (5) years by serving written notice thereof upon Landlord at least twelve (12) calendar months before immediately following the expiration of the initial lease term. Tenant may exercise the foregoing option to extend by giving written notice of exercise to Landlord at least six (6) months, provided that at the time of such notice and at the commencement of such extended termbut not more than nine (9) months, no event of default, as defined in Paragraph 13 of this Lease, shall have occurred. Upon the service of such notice and subject prior to the conditions set forth in the preceding sentence, this Lease shall be extended without the necessity of the execution of any further instrument or document. Such extended term shall commence upon the expiration date of the initial lease term, expire upon the annual anniversary of such date five (5) years thereafter, and be upon the same terms, covenants, and conditions as provided in this Lease for the initial term, except that the Basic Rental payable during the extended term shall be at the prevailing rate for comparable space in the Building, at the commencement of such extended term, which new Basic Rental shall be adjusted as provided in and under this Lease. Payment of all additional rent and other charges required to be made by Tenant as provided in this Lease for the initial term shall continue to be made during the extended term. Any termination of this Lease during the initial term shall terminate all rights of extension hereunder. Any assignment or subletting by Tenant pursuant to Paragraph 9 of this Lease, other than to a Fortune 500 company or an Affiliate, if any, shall terminate the option of Tenant contained herein. Notwithstanding the foregoing, in no event shall the Basic Rental for the extension term be less than the Basic Rental during the last year of the initial term. 74 RIDER NO. 501 TERMINATION OPTION Tenant shall have the option to terminate this Lease on the last day of any month after the date which is five (5) years and eight (8) months after the Commencement Date of this Lease (as applicable“the option exercise period”), time being of the "Termination Date")essence; provided that (i) Tenant gives Landlord at least nine (9) months prior written notice to terminate, and (ii) if Tenant is not currently in a state of uncured default after the expiration of notice and cure periods, if applicable (referred to herein as “in default”) under the this Lease at the time of exercise of the giving option or on the commencement date of the option extension period, such notice nor on the Termination Dateof exercise shall be void and of no force or effect. AdditionallySuch option extension period, Tenant's right to terminate hereunder is conditioned if exercised, shall be upon the payment in full by Tenant, on or before the Termination Date, of (a) all Basic Rental, Additional Rental same terms and other sums owed by Tenant under the Lease through and including the Termination Date; and (b) an amount equal to the sum of (i) the amount obtained by multiplying $5,685,000.00 by a fraction having conditions as its numerator, the number of months remaining in the initial Lease Term, and having as its denominator, the number sixty (60), plus (ii) the unamortized cost of all tenant improvement allowances, leasing commissions and other transaction costs actually paid by Landlord in connection with this Lease with interest thereon at the rate of twelve and one-half percent (12.5%) per annum (collectively, the "Termination Payment"). After Landlord's receipt of the Termination Payment, and so long as Tenant has surrendered the Premises in the condition required under this Lease, neither party shall have any rights, liabilities or obligations under this Lease for the period accruing after the Termination Date, except those which, by the provisions term of this Lease, expressly survive including the termination payment by Tenant of the Operating Expenses and Taxes pursuant to Paragraph 5, except that (1) the Monthly Base Rent during the option period shall be determined as set forth in Paragraph 3(b) hereof, (2) there shall be no additional option to extend, and (3) Tenant shall accept the Premises in their then “as is” condition, and Paragraph 13(a) and Paragraph 13(b) of this LeaseLease shall not apply to the option period. 75 EXHIBIT F ROOFTOP LICENSE AGREEMENT THIS ROOFTOP LICENSE AGREEMENT (this "Agreement") is entered into as If Tenant does not exercise the option to extend in a timely manner the option shall lapse, time being of the ____ day of _________, 1996, by and between CRESCENT REAL ESTATE EQUITIES LIMITED PARTNERSHIP ("Licensor") and PAGEMART WIRELESS, INC. ("Licensee")essence.
Appears in 1 contract
Samples: Lease (Danger Inc)
Option to Extend. (a) Provided that, at the time of such exercise, (i) this Lease is in full force and effect, and (ii) no Event of Default shall have occurred and be continuing (either at the time of exercise or at the commencement of the Extended Term), Tenant at its shall have the right and option may to extend the term of this Lease Term for one (1) extension extended term (the “Extended Term”) of five (5) years by serving giving written notice thereof upon to Landlord at least not later than twelve (12) months before the expiration of the initial lease term, provided that at the time of such notice and at the commencement of such extended term, no event of default, as defined in Paragraph 13 of this Lease, shall have occurred. Upon the service of such notice and subject prior to the conditions set forth in the preceding sentence, this Lease shall be extended without the necessity of the execution of any further instrument or document. Such extended term shall commence upon the expiration date of the initial lease term, expire upon the annual anniversary original Xxxxx Xxxx. The effective giving of such date five (5) years thereafter, and be upon notice of extension by Tenant shall automatically extend the same terms, covenants, and conditions as provided in Term of this Lease for the initial termExtended Term, except and no instrument of renewal or extension need be executed. In the event that Tenant fails timely to give such notice to Landlord, this Lease shall automatically terminate at the Basic Rental payable during end of the extended term Lease Term then in effect, and Tenant shall have no further option to extend the Lease Term. The Extended Term shall commence on the day immediately succeeding the expiration date of the original Lease Term and shall end on the day immediately preceding the fifth (5th) anniversary of the first day of such Extended Term. The Extended Term shall be at on all the prevailing rate for comparable space in the Building, at the commencement of such extended term, which new Basic Rental shall be adjusted as provided in terms and under this Lease. Payment of all additional rent and other charges required to be made by Tenant as provided in this Lease for the initial term shall continue to be made during the extended term. Any termination of this Lease during the initial term shall terminate all rights of extension hereunder. Any assignment or subletting by Tenant pursuant to Paragraph 9 conditions of this Lease, other than to a Fortune 500 company or an Affiliate, if any, shall terminate the option of Tenant contained herein. Notwithstanding the foregoing, in no event shall the Basic Rental for the extension term be less than the Basic Rental except: (i) during the last year of the initial term. 74 RIDER NO. 501 TERMINATION OPTION Extended Term, Tenant shall have the no further option to terminate this Lease on extend the last day of any month after the date which is five (5) years and eight (8) months after the Commencement Date of this Lease (as applicable, the "Termination Date"); provided that (i) Tenant gives Landlord at least nine (9) months prior written notice to terminateTerm, and (ii) Tenant is not in default under the Lease at Base Rent for the time of the giving of such notice nor on the Termination Date. Additionally, Tenant's right to terminate hereunder is conditioned upon the payment in full by Tenant, on or before the Termination Date, of (a) all Basic Rental, Additional Rental and other sums owed by Tenant under the Lease through and including the Termination Date; and (b) an amount Extended Term shall be equal to the sum Fair Market Rental Value of the Premises (ias hereinafter defined) for the amount obtained by multiplying $5,685,000.00 by a fraction having as its numeratorExtended Term, taking into account all relevant factors, determined pursuant to Section 1(b) below. For purposes of this Section 1, the number “Fair Market Rental Value of months remaining in the initial Lease Premises” shall mean the fixed annual rent that a willing tenant would pay and a willing landlord would accept for the Premises during the Extended Term, and having as its denominator, the number sixty (60), plus (ii) the unamortized cost of taking into account all tenant improvement allowances, leasing commissions and other transaction costs actually paid by Landlord in connection with this Lease with interest thereon at the rate of twelve and one-half percent (12.5%) per annum (collectively, the "Termination Payment"). After Landlord's receipt of the Termination Payment, and so long as Tenant has surrendered the Premises in the condition required under this Lease, neither party shall have any rights, liabilities or obligations under this Lease for the period accruing after the Termination Date, except those which, by the provisions of this Lease, expressly survive the termination of this Lease. 75 EXHIBIT F ROOFTOP LICENSE AGREEMENT THIS ROOFTOP LICENSE AGREEMENT (this "Agreement") is entered into as of the ____ day of _________, 1996, by and between CRESCENT REAL ESTATE EQUITIES LIMITED PARTNERSHIP ("Licensor") and PAGEMART WIRELESS, INC. ("Licensee")then relevant factors.
Appears in 1 contract
Option to Extend. Provided that (i) Tenant has not assigned the Lease (except for Permitted Transfers and assignees approved by Landlord), and (ii) Tenant has not sublet more than 50% of the Premises (excluding Permitted Transfers) at its option may extend such time (whether the term of this the sublease has commenced or is to be commenced thereafter) and Tenant will not be exercising the rights hereinafter set forth with the intent of assigning the Lease, then Tenant has the right to extend the Lease Term for the Phase I Premises and the Lease Term for the Phase II Premises for one (1) extension term of five (5) years year period ("Extension Period") at a Base Rent equal to 95% of the then Current Market Rent (as hereinafter defined), and otherwise on the same terms and conditions as this Lease, except that there shall be no further rights to extend either the Phase I Premises Lease Term or the Phase II Premises Lease Term. Tenant shall exercise this option by serving written notice thereof upon to Landlord at least not more than twelve (12) months nor less than six (6) months before the expiration of the initial lease termLease Term. Tenant's exercise of this option shall be effective only if, provided that at the time of such notice and at upon the commencement effective date of such extended termthe Extension Period, there is no event uncured Event of default, as defined in Paragraph 13 of this Lease, shall have occurredDefault. Upon the service of such notice and subject to the conditions set forth in the preceding sentenceThereupon, this Lease shall be deemed extended without the necessity for an additional period of the execution of any further instrument or document. Such extended term shall commence upon the expiration date of the initial lease term, expire upon the annual anniversary of such date five (5) years thereafteryears, and be upon all of the same terms, covenants, terms and conditions as provided in this Lease for the initial term, except that the Basic Rental payable during the extended term shall be at the prevailing rate for comparable space in the Building, at the commencement of such extended term, which new Basic Rental shall be adjusted as provided in and under this Lease. Payment of all additional rent and other charges required to be made by Tenant as provided in this Lease for the initial term shall continue to be made during the extended term. Any termination of this Lease during and any Amendments made hereto with the initial term shall terminate all rights of extension hereunder. Any assignment or subletting by Tenant pursuant to Paragraph 9 of this Lease, other than to a Fortune 500 company or an Affiliate, if any, shall terminate the option of Tenant contained herein. Notwithstanding the foregoing, in no event shall the Basic Rental for the extension term be less than the Basic Rental during the last year exception of the initial term. 74 RIDER NO. 501 TERMINATION OPTION Tenant shall have the option to terminate this Lease on the last day of any month after the date which is five (5) years and eight (8) months after the Commencement Date of this Lease (as applicable, the "Termination Date"); provided that (i) Tenant gives Landlord at least nine (9) months prior written notice to terminate, and (ii) Tenant is not in default under the Lease at the time of the giving of such notice nor on the Termination Date. Additionally, Tenant's right to terminate hereunder is conditioned upon the payment in full by Tenant, on or before the Termination Date, of (a) all Basic Rental, Additional Rental and other sums owed by Tenant under the Lease through and including the Termination Date; and (b) an amount equal to the sum of (i) the amount obtained by multiplying $5,685,000.00 by a fraction having as its numerator, the number of months remaining in the initial Lease Term, and having as its denominator, the number sixty (60), plus (ii) the unamortized cost of all tenant improvement allowances, leasing commissions and other transaction costs actually paid by Landlord in connection with this Lease with interest thereon at the rate of twelve and one-half percent (12.5%) per annum (collectively, the "Termination Payment"). After Landlord's receipt of the Termination Payment, and so long as Tenant has surrendered the Premises in the condition required under this Lease, neither party shall have any rights, liabilities or obligations under this Lease for the period accruing after the Termination Date, except those which, by the provisions of this Lease, expressly survive the termination of this Lease. 75 EXHIBIT F ROOFTOP LICENSE AGREEMENT THIS ROOFTOP LICENSE AGREEMENT (this "Agreement") is entered into as of the ____ day of _________, 1996, by and between CRESCENT REAL ESTATE EQUITIES LIMITED PARTNERSHIP ("Licensor") and PAGEMART WIRELESS, INC. ("Licensee")annual rent stipulated hereinabove.
Appears in 1 contract
Samples: Lease (Emulex Corp /De/)
Option to Extend. (a) Provided that, at the time of each such exercise, (i) this Lease is in full force and effect, and (ii) no Event of Default shall have occurred and be continuing (either at the time of exercise or at the commencement of an Extended Term), and (iii) Tenant shall be in occupancy of the entire Premises for the conduct of its business and shall not have assigned this Lease or sublet the Premises, except to a Permitted Transferee (any of which conditions described in clauses (i), (ii), and (iii) may be waived by Landlord at its any time in Landlord’s sole discretion), Tenant shall have the right and option may to extend the term Term of this Lease for one two (12) extension term extended terms (each an “Extended Term”) of five (5) years each by serving giving written notice thereof upon to Landlord at least not later than nine (9) months and not sooner than twelve (12) months before the expiration of the initial lease term, provided that at the time of such notice and at the commencement of such extended term, no event of default, as defined in Paragraph 13 of this Lease, shall have occurred. Upon the service of such notice and subject prior to the conditions set forth in the preceding sentence, this Lease shall be extended without the necessity of the execution of any further instrument or document. Such extended term shall commence upon the expiration date of the initial lease term, expire upon the annual anniversary Term then in effect. The effective giving of such date five (5) years thereafter, and be upon notice of extension by Tenant shall automatically extend the same terms, covenants, and conditions as provided in Term of this Lease for the initial termapplicable Extended Term, except and no instrument of renewal or extension need be executed. In the event that Tenant fails timely to give such notice to Landlord, this Lease shall automatically terminate at the end of the current Term, and Tenant shall have no further option to extend the Term of this Lease. Each Extended Term shall commence on the day immediately succeeding the expiration date of the then current Term and shall end on the day immediately preceding the fifth (5th) anniversary of the first day of such Extended Term. The Extended Term shall be on all the terms and conditions of this Lease, except: (w) during the second Extended Term, Tenant shall have no further option to extend the Term, (x) the Basic Rental payable during Rent for the extended term Extended Term shall be at the prevailing rate for comparable space in Fair Market Rental Value of the Building, at Premises as of the commencement of such extended termthe Extended Term in question, which new Basic Rental taking into account all relevant factors, determined pursuant to Section 2.4(b) below, (y) Landlord shall not be adjusted as provided in required to furnish any materials or perform any work to prepare the Premises for Tenant’s occupancy during the Extended Term and under this Lease. Payment of all additional rent and other charges Landlord shall not be required to provide any work allowance or reimburse Tenant for any alterations made or to be made by Tenant, or to grant Tenant as provided in this Lease for the initial term shall continue to be made during the extended term. Any termination of this Lease during the initial term shall terminate all rights of extension hereunder. Any assignment or subletting by Tenant pursuant to Paragraph 9 of this Lease, other than to a Fortune 500 company or an Affiliate, if any, shall terminate the option of Tenant contained herein. Notwithstanding the foregoing, in no event shall the Basic Rental for the extension term be less than the Basic Rental during the last year of the initial term. 74 RIDER NO. 501 TERMINATION OPTION Tenant shall have the option to terminate this Lease on the last day of any month after the date which is five (5) years and eight (8) months after the Commencement Date of this Lease (as applicable, the "Termination Date"); provided that (i) Tenant gives Landlord at least nine (9) months prior written notice to terminaterent concession, and (ii) Tenant is not in default under the Lease at the time of the giving of such notice nor on the Termination Date. Additionally, Tenant's right to terminate hereunder is conditioned upon the payment in full by Tenant, on or before the Termination Date, of (a) all Basic Rental, Additional Rental and other sums owed by Tenant under the Lease through and including the Termination Date; and (b) an amount equal to the sum of (iz) the amount obtained by multiplying $5,685,000.00 by a fraction having as its numerator, Base Operating Expenses and the number of months remaining in the initial Lease Term, and having as its denominator, the number sixty (60), plus (ii) the unamortized cost of all tenant improvement allowances, leasing commissions and other transaction costs actually paid by Landlord in connection with this Lease with interest thereon at the rate of twelve and one-half percent (12.5%) per annum (collectively, the "Termination Payment"). After Landlord's receipt of the Termination Payment, and so long as Tenant has surrendered the Premises in the condition required under this Lease, neither party shall have any rights, liabilities or obligations Base Taxes under this Lease for the period accruing after Extended Term will be the Termination DateOperating Expenses and Taxes, except those whichrespectively, by for the provisions of this Lease, expressly survive Operating Year and Tax Year in which the termination of this Lease. 75 EXHIBIT F ROOFTOP LICENSE AGREEMENT THIS ROOFTOP LICENSE AGREEMENT (this "Agreement") is entered into as commencement of the ____ day of _________, 1996, by and between CRESCENT REAL ESTATE EQUITIES LIMITED PARTNERSHIP ("Licensor") and PAGEMART WIRELESS, INC. ("Licensee")Extended Term occurs.
Appears in 1 contract
Samples: Lease (Howard Bancorp Inc)
Option to Extend. The Tenant at its has the option may to extend the term of this Lease for one two (12) extension term of successive five (5) years by serving written notice thereof upon Landlord at least twelve year terms (12) months before each, an “Extended Term”), the expiration exercise of which shall automatically extend the initial lease term, provided that at the time of such notice and at the commencement of such extended term, no event of default, as defined in Paragraph 13 Term of this Lease, shall have occurred. Upon the service of such notice and subject to the conditions set forth in the preceding sentence, this Lease shall be extended without the necessity of the execution of additional documentation. So long as there does not exist any further instrument or document. Such extended term shall commence upon the expiration date of the initial lease termcontinuing, expire upon the annual anniversary of such date five (5) years thereafter, and be upon the same terms, covenants, and conditions as provided in this Lease for the initial term, except that the Basic Rental payable during the extended term shall be at the prevailing rate for comparable space in the Building, at the commencement of such extended term, which new Basic Rental shall be adjusted as provided in and under this Lease. Payment of all additional rent and other charges required to be made by Tenant as provided in this Lease for the initial term shall continue to be made during the extended term. Any termination of this Lease during the initial term shall terminate all rights of extension hereunder. Any assignment or subletting by Tenant pursuant to Paragraph 9 of this Lease, other than to a Fortune 500 company or an Affiliate, if any, shall terminate the option of Tenant contained herein. Notwithstanding the foregoing, in no event shall the Basic Rental for the extension term be less than the Basic Rental during the last year of the initial term. 74 RIDER NO. 501 TERMINATION OPTION Tenant shall have the option to terminate this Lease on the last day of any month after the date which is five (5) years and eight (8) months after the Commencement Date of this Lease (as applicable, the "Termination Date"); provided that (i) Tenant gives Landlord at least nine (9) months prior written notice to terminate, and (ii) Tenant is not in uncured material default under the Lease at the time of exercise, the giving option to extend shall be deemed to have been exercised by Tenant’s written notification to Landlord that it elects to exercise its option to extend at least eight (8) months but not more than eighteen (18) months prior to the end of such notice nor on the Termination Dateinitial Term hereunder or Extended Term, as the case may be. Additionally, Tenant's right to terminate hereunder is conditioned The Extended Terms shall be upon the payment same terms and conditions as are set forth in full by this Lease, including, without limitation, the Tenant’s obligations to pay Operating Cost Escalation as set forth in Section 4.2, on or before except that, without the Termination Date, mutual agreement of (a) all Basic Rental, Additional Rental and other sums owed by Tenant under the Lease through and including the Termination Date; and (b) an amount equal to the sum of parties (i) the amount obtained by multiplying $5,685,000.00 by a fraction having as its numerator, the number of months remaining in the initial Lease Term, and having as its denominator, the number sixty (60), plus (ii) the unamortized cost of all tenant improvement allowances, leasing commissions and other transaction costs actually paid by Landlord in connection with this Lease with interest thereon at the rate of twelve and one-half percent (12.5%) per annum (collectively, the "Termination Payment"). After Landlord's receipt of the Termination Payment, and so long as Tenant has surrendered the Premises in the condition required under this Lease, neither party there shall have any rights, liabilities or obligations under this Lease for the period accruing he no additional option to extend after the Termination Date, except those which, by the provisions of this Lease, expressly survive the termination of this Lease. 75 EXHIBIT F ROOFTOP LICENSE AGREEMENT THIS ROOFTOP LICENSE AGREEMENT the second Extended Term or the failure to exercise the applicable option, whichever shall first occur, and (this "Agreement"if) is entered into as the annual Fixed Rent for the Extended Terms shall be equal to ninety-five percent (95%) of the ____ day then Market Rent (as defined in and determined in accordance with Exhibit “H”). Notwithstanding the foregoing, in no event, however, shah the annual Fixed Rent for the Extended Terms be less than the annual Fixed Rent and additional rent payable during the last year of _________the initial Term or immediately preceding Extended Term, 1996as applicable, by and between CRESCENT REAL ESTATE EQUITIES LIMITED PARTNERSHIP unless the then Market Rent is more than ten percent ("Licensor"10%) and PAGEMART WIRELESS, INClower than the applicable Fixed Rent in which case the rent shall he reduced to within five percent (5%) of such rate. ("Licensee").EXHIBIT “G”
Appears in 1 contract
Samples: Sublease (Demandware Inc)
Option to Extend. Tenant Provided that at its the time of such exercise (i) there then exists no Default of LESSEE beyond applicable notice and cure periods, (ii) this Lease is then in full force and effect, and (iii) LESSEE is in actual occupancy in excess of 75% of the Premises, LESSEE shall have the right and option may to extend the term of this Lease for one (1) extension extended term of five years (5) years the "Extended Term"). The Extended Term shall commence on the day immediately succeeding the expiration date of the Initial Term, and shall end on the day immediately preceding the fifth anniversary of the first day of such Extended Term. LESSEE shall exercise such option to extend by serving giving written notice thereof upon Landlord at least to LESSOR of its desire to do so not later than twelve (12) months before the expiration of the initial lease term, provided that at the time of such notice and at the commencement of such extended term, no event of default, as defined in Paragraph 13 of this Lease, shall have occurred. Upon the service of such notice and subject prior to the conditions set forth in the preceding sentence, this Lease shall be extended without the necessity of the execution of any further instrument or document. Such extended term shall commence upon the expiration date of the initial lease term, expire upon Initial Term. Provided the annual anniversary conditions of such date five (5) years thereafter, and be upon the same terms, covenants, and conditions as provided in this Lease for the initial term, except that the Basic Rental payable during the extended term shall be at the prevailing rate for comparable space in the Building, at the commencement of such extended term, which new Basic Rental shall be adjusted as provided in and under this Lease. Payment of all additional rent and other charges required to be made by Tenant as provided in this Lease for the initial term shall continue to be made during the extended term. Any termination of this Lease during the initial term shall terminate all rights of extension hereunder. Any assignment or subletting by Tenant pursuant to Paragraph 9 of this Lease, other than to a Fortune 500 company or an Affiliate, if any, shall terminate the option of Tenant contained herein. Notwithstanding the foregoing, in no event shall the Basic Rental for the extension term be less than the Basic Rental during the last year of the initial term. 74 RIDER NO. 501 TERMINATION OPTION Tenant shall have the option to terminate this Lease on the last day of any month after the date which is five (5) years and eight (8) months after the Commencement Date of this Lease (as applicable, the "Termination Date"); provided that clauses (i) Tenant gives Landlord at least nine (9) months prior written notice to terminate), and (ii) Tenant is not in default under the Lease at the time and (iii) of this section shall have been satisfied, the giving of such notice nor on by LESSEE shall automatically extend the Termination Date. Additionally, Tenant's right to terminate hereunder is conditioned upon the payment in full by Tenant, on or before the Termination Date, Term of (a) all Basic Rental, Additional Rental and other sums owed by Tenant under the Lease through and including the Termination Date; and (b) an amount equal to the sum of (i) the amount obtained by multiplying $5,685,000.00 by a fraction having as its numerator, the number of months remaining in the initial Lease Term, and having as its denominator, the number sixty (60), plus (ii) the unamortized cost of all tenant improvement allowances, leasing commissions and other transaction costs actually paid by Landlord in connection with this Lease with interest thereon at the rate of twelve and one-half percent (12.5%) per annum (collectively, the "Termination Payment"). After Landlord's receipt of the Termination Payment, and so long as Tenant has surrendered the Premises in the condition required under this Lease, neither party shall have any rights, liabilities or obligations under this Lease for the period accruing after Extended Term, and no instrument of renewal need be executed. In the Termination Dateevent that LESSEE fails to give such notice to LESSOR, except those whichthis Lease shall automatically terminate at the end of the Initial Term, by and LESSEE shall have no further option to extend the provisions Term of this Lease, expressly survive it being agreed that time is of the termination essence with respect to the giving of such notice. The Extended Term shall be on all the terms and conditions of this Lease, except that (I) option to extend that Term of this Lease, and (II) the Basic Rent for the Extended Term shall be at Fair Market Value. 75 EXHIBIT F ROOFTOP LICENSE AGREEMENT THIS ROOFTOP LICENSE AGREEMENT LESSOR shall designate Fair Market Value, (this the "AgreementFair Market Value") is entered into as by written notice to LESSEE within sixty (60) days of the ____ day receipt of _________notice from LESSEE. If LESSEE disagrees with such designation, 1996, by and between CRESCENT REAL ESTATE EQUITIES LIMITED PARTNERSHIP ("Licensor") and PAGEMART WIRELESS, INC. ("Licensee").the
Appears in 1 contract
Samples: Viant Corp
Option to Extend. Tenant Provided that at its the time of such exercise (i) there then exists no Default of LESSEE beyond applicable notice and cure periods, and (ii) this Lease is then in full force and effect, LESSEE shall have the right and option may to extend the term of this Lease for one two (12) extension term extended terms of five six (5) years by serving written notice thereof upon Landlord at least twelve (126) months before each (the expiration of the initial lease term, provided that at the time of such notice and at the commencement of such extended term, no event of default, as defined in Paragraph 13 of this Lease, shall have occurred"Extended Terms"). Upon the service of such notice and subject to the conditions set forth in the preceding sentence, this Lease shall be extended without the necessity of the execution of any further instrument or document. Such extended term The Extended Terms shall commence upon on the day immediately succeeding the expiration date of the initial lease then current term, expire upon and shall end on the annual day immediately preceding the sixth month anniversary of such date five (5) years thereafter, and be upon the same terms, covenants, and conditions as provided in this Lease for the initial term, except that the Basic Rental payable during the extended term shall be at the prevailing rate for comparable space in the Building, at the commencement first day of such extended term, which new Basic Rental Extended Term. LESSEE shall be adjusted as provided in and under this Lease. Payment exercise such option to extend by giving written notice to LESSOR of all additional rent and other charges required its desire to be made by Tenant as provided in this Lease for do so not later than sixty (60) days prior to the initial term shall continue to be made during the extended expiration date of then current term. Any termination Provided the conditions of this Lease during the initial term shall terminate all rights of extension hereunder. Any assignment or subletting by Tenant pursuant to Paragraph 9 of this Lease, other than to a Fortune 500 company or an Affiliate, if any, shall terminate the option of Tenant contained herein. Notwithstanding the foregoing, in no event shall the Basic Rental for the extension term be less than the Basic Rental during the last year of the initial term. 74 RIDER NO. 501 TERMINATION OPTION Tenant shall have the option to terminate this Lease on the last day of any month after the date which is five (5) years and eight (8) months after the Commencement Date of this Lease (as applicable, the "Termination Date"); provided that clauses (i) Tenant gives Landlord at least nine (9) months prior written notice to terminate, and (ii) Tenant is not in default under the Lease at the time of this section shall have been satisfied, the giving of such notice nor on by LESSEE shall automatically extend the Termination Date. Additionally, Tenant's right to terminate hereunder is conditioned upon the payment in full by Tenant, on or before the Termination Date, Term of (a) all Basic Rental, Additional Rental and other sums owed by Tenant under the Lease through and including the Termination Date; and (b) an amount equal to the sum of (i) the amount obtained by multiplying $5,685,000.00 by a fraction having as its numerator, the number of months remaining in the initial Lease Term, and having as its denominator, the number sixty (60), plus (ii) the unamortized cost of all tenant improvement allowances, leasing commissions and other transaction costs actually paid by Landlord in connection with this Lease with interest thereon at the rate of twelve and one-half percent (12.5%) per annum (collectively, the "Termination Payment"). After Landlord's receipt of the Termination Payment, and so long as Tenant has surrendered the Premises in the condition required under this Lease, neither party shall have any rights, liabilities or obligations under this Lease for the period accruing after Extended Term, and no instrument of renewal need be executed. In the Termination Dateevent that LESSEE fails to give such notice to LESSOR, except those whichthis Lease shall automatically terminate at the end of then current term, by and LESSEE shall have no further option to extend the provisions Term of this Lease. It is agreed that time is of the essence with respect to the giving of such notice. The Extended Terms shall be on all the terms and conditions of this Lease, expressly survive except that (I) upon the termination exercise of the second (2nd) six (6) month option, the option to extend the Term of this LeaseLease shall be deleted, and (II) the Basic Rent for the Extended Terms shall be at Fair Market Value. 75 EXHIBIT F ROOFTOP LICENSE AGREEMENT THIS ROOFTOP LICENSE AGREEMENT LESSOR shall designate Fair Market Value, (this the "AgreementFair Market Value") by written notice to LESSEE within thirty (30) days of receipt of notice from LESSEE. If LESSEE disagrees with such designation, (the "Designation"), LESSEE shall by written notice, advise LESSOR of such disagreement; otherwise LESSEE shall conclusively be deemed to have agreed to such Designation. In the event that the Parties are unable to agree within thirty (30) days after LESSOR'S receipt of LESSEE'S notice of disagreement, then each Party shall appoint a reputable, independent appraiser, who is entered into as a member of the ____ day Member Appraisal Institute of _________the American Institute of Real Estate Appraisers and who has at least ten (10) years of experience appraising commercial office space in Massachusetts. Each appraiser so appointed shall be instructed to determine independently the Fair Market Value and then confer. If the two appraisers are unable to determine a Fair Market Value acceptable to both parties within forty-five (45) days after their appointment, 1996, by and between CRESCENT REAL ESTATE EQUITIES LIMITED PARTNERSHIP ("Licensor") and PAGEMART WIRELESS, INCthey shall appoint a third appraiser. ("Licensee")The Designation of this appraiser shall be considered final.
Appears in 1 contract
Samples: First Marblehead Corp
Option to Extend. Tenant at its option may extend the term of this Lease for one (1a) extension term of five (5) years by serving written notice thereof upon Landlord at least twelve (12) months before the expiration of the initial lease termProvided that, provided that at the time of such notice exercise, (i) there exists no Default of Tenant beyond applicable cure periods; (ii) this Lease is still in full force and at effect and Tenant actually occupies the commencement entire Premises; and (iii) Tenant shall not have sublet any or all of such extended termthe Premises, no event of default, as defined in Paragraph 13 Tenant shall have the right to extend the Term of this Lease, shall have occurred. Upon the service of such notice and subject Lease as to the conditions set forth in the preceding sentence, this Lease shall be extended without the necessity of the execution of any further instrument or document. Such Premises originally leased hereunder for one extended term (the “Extended Term”) of three (3) years. The Extended Term shall commence upon on the day immediately following the expiration date of the initial lease termInitial Term, expire upon and shall end on the annual day immediately preceding the third anniversary of the first day of the Extended Term. Tenant shall exercise such date five option by giving Landlord written notice of its desire to do so, not later than ninety (590) years thereafterdays prior to the expiration of the Initial Term, and it being agreed that time shall be upon of the same terms, covenants, and conditions as provided in essence with respect to the giving of such notice. The giving of such notice shall automatically extend the Term of this Lease for the initial term, except that the Basic Rental payable during the extended term shall be at the prevailing rate for comparable space in the Building, at the commencement Extended Term of such extended term, which new Basic Rental shall be adjusted as provided in and under this Lease. Payment of all additional rent and other charges required to be made by Tenant as provided in this Lease for the initial term shall continue Extended Term, and no instrument of renewal need be executed. In the event that Tenant fails to be made during give such notice to Landlord within such time, the extended term. Any termination Term of this Lease during shall automatically terminate at the initial term end of the Initial Term, and Tenant shall terminate all rights of extension hereunder. Any assignment have no further right or subletting by Tenant pursuant option to Paragraph 9 extend the Term of this Lease, other than to a Fortune 500 company or an Affiliate, if any, shall terminate the option of Tenant contained herein. Notwithstanding the foregoing, in no event shall the Basic Rental for the extension term be less than the Basic Rental during the last year time being of the initial termessence. 74 RIDER NO. 501 TERMINATION OPTION Tenant The Extended Term shall have be on all the option to terminate this Lease on the last day of any month after the date which is five (5) years terms and eight (8) months after the Commencement Date conditions of this Lease (as applicableLease, the "Termination Date"); provided that except that: (i) Tenant gives Landlord shall have no obligation to perform or pay for any construction or improvements to the Premises, with respect to the Extended Term unless otherwise expressly agreed at least nine (9) months prior written notice to terminate, the time; and (ii) Tenant is not in default under the Lease at the time of the giving of such notice nor on the Termination Date. Additionally, Tenant's right to terminate hereunder is conditioned upon the payment in full by Tenant, on or before the Termination Date, of (a) all Basic Rental, Additional Rental and other sums owed by Tenant under the Lease through and including the Termination Date; and (b) an amount equal to the sum of (i) the amount obtained by multiplying $5,685,000.00 by a fraction having as its numerator, the number of months remaining in the initial Lease Term, and having as its denominator, the number sixty (60), plus (ii) the unamortized cost of all tenant improvement allowances, leasing commissions and other transaction costs actually paid by Landlord in connection with this Lease with interest thereon at the rate of twelve and one-half percent (12.5%) per annum (collectively, the "Termination Payment"). After Landlord's receipt of the Termination Payment, and so long as Tenant has surrendered the Premises in the condition required under this Lease, neither party shall have any rights, liabilities or obligations under this Lease Rent for the period accruing after the Termination Date, except those which, by the provisions of this Lease, expressly survive the termination of this Lease. 75 EXHIBIT F ROOFTOP LICENSE AGREEMENT THIS ROOFTOP LICENSE AGREEMENT (this "Agreement") is entered into as of the ____ day of _________, 1996, by and between CRESCENT REAL ESTATE EQUITIES LIMITED PARTNERSHIP ("Licensor") and PAGEMART WIRELESS, INC. ("Licensee"Extended Term shall be determined in accordance with Paragraph 36(b).
Appears in 1 contract
Samples: Implant Sciences Corp
Option to Extend. (a) Provided that, at the time of such exercise, (i) there exists no Default of Tenant; (ii) this Lease is still in full force and effect; and (iii) Tenant at its option may shall not have assigned this Lease or sublet any or all of the Premises (except as permitted pursuant to Paragraph 20(b), Tenant shall have the right to extend the term Term of this Lease as to the Premises originally leased hereunder for one extended term (1the "Extended Term") extension term of five (5) years years. The Extended Term shall commence on the day immediately following the expiration date of the Initial Term, and shall end on the day immediately preceding the fifth anniversary of the first day of the Extended Term. Tenant shall exercise such option by serving giving Landlord written notice thereof upon Landlord at least of its desire to do so, not later than twelve (12) months before prior to the expiration of the initial lease termInitial Term, provided it being agreed that at time shall be of the time essence with respect to the giving of such notice. The giving of such notice shall automatically extend the Term of this Lease for the Extended Term of this Lease for the Extended Term, and no instrument of renewal need be executed. In the event that Tenant fails to give such notice to Landlord, the Term of this Lease shall automatically terminate at the commencement end of such extended termthe Initial Term, and Tenant shall have no event further right or option to extend the Term of default, as defined in Paragraph 13 this Lease. The Extended Term shall be on all the terms and conditions of this Lease, shall have occurred. Upon the service of such notice and subject to the conditions set forth in the preceding sentence, this Lease shall be extended without the necessity of the execution of any further instrument or document. Such extended term shall commence upon the expiration date of the initial lease term, expire upon the annual anniversary of such date five (5) years thereafter, and be upon the same terms, covenants, and conditions as provided in this Lease for the initial term, except that the Basic Rental payable during the extended term shall be at the prevailing rate for comparable space in the Building, at the commencement of such extended term, which new Basic Rental shall be adjusted as provided in and under this Lease. Payment of all additional rent and other charges required to be made by Tenant as provided in this Lease for the initial term shall continue to be made during the extended term. Any termination of this Lease during the initial term shall terminate all rights of extension hereunder. Any assignment or subletting by Tenant pursuant to Paragraph 9 of this Lease, other than to a Fortune 500 company or an Affiliate, if any, shall terminate the option of Tenant contained herein. Notwithstanding the foregoing, in no event shall the Basic Rental for the extension term be less than the Basic Rental during the last year of the initial term. 74 RIDER NO. 501 TERMINATION OPTION Tenant shall have the option to terminate this Lease on the last day of any month after the date which is five (5) years and eight (8) months after the Commencement Date of this Lease (as applicable, the "Termination Date"); provided that that: (i) Tenant gives Landlord at least nine (9) months prior written notice shall have no obligation to terminatepay any construction or improvements to the Premises, with respect to the Extended Term; and (ii) Tenant is not in default under the Lease at the time of the giving of such notice nor on the Termination Date. Additionally, Tenant's right to terminate hereunder is conditioned upon the payment in full by Tenant, on or before the Termination Date, of (a) all Basic Rental, Additional Rental and other sums owed by Tenant under the Lease through and including the Termination Date; and (b) an amount equal to the sum of (i) the amount obtained by multiplying $5,685,000.00 by a fraction having as its numerator, the number of months remaining in the initial Lease Term, and having as its denominator, the number sixty (60), plus (ii) the unamortized cost of all tenant improvement allowances, leasing commissions and other transaction costs actually paid by Landlord in connection with this Lease with interest thereon at the rate of twelve and one-half percent (12.5%) per annum (collectively, the "Termination Payment"). After Landlord's receipt of the Termination Payment, and so long as Tenant has surrendered the Premises in the condition required under this Lease, neither party shall have any rights, liabilities or obligations under this Lease Rent for the period accruing after the Termination Date, except those which, by the provisions of this Lease, expressly survive the termination of this Lease. 75 EXHIBIT F ROOFTOP LICENSE AGREEMENT THIS ROOFTOP LICENSE AGREEMENT (this "Agreement") is entered into as of the ____ day of _________, 1996, by and between CRESCENT REAL ESTATE EQUITIES LIMITED PARTNERSHIP ("Licensor") and PAGEMART WIRELESS, INC. ("Licensee"Extended Term shall be determined in accordance with Paragraph 36(b).
Appears in 1 contract
Samples: Lease (Focus Enhancements Inc)
Option to Extend. (a) Provided that, at the time of such exercise, (i) the Lease is in full force and effect, and (ii) no Event of Default shall have occurred and be continuing (either at the time of exercise or at the commencement of the Extended Term), and (iii) Tenant shall be in occupancy of the entire Premises for the conduct of its business and shall not have assigned the Lease or sublet the Premises (any of which conditions described in clauses (i), (ii), and (iii) may be waived by Landlord at its any time in Landlord’s sole discretion), Tenant shall have the right and option may to extend the term Term of this the Lease for one (1) extension extended term (the “Extended Term”) of five three (53) years by serving giving written notice thereof upon to Landlord at least not later than twelve (12) months before the expiration of the initial lease term, provided that at the time of such notice and at the commencement of such extended term, no event of default, as defined in Paragraph 13 of this Lease, shall have occurred. Upon the service of such notice and subject not sooner than fourteen (14) months prior to the conditions set forth in the preceding sentence, this Lease shall be extended without the necessity of the execution of any further instrument or document. Such extended term shall commence upon the expiration date of the initial lease term, expire upon the annual anniversary of such date five (5) years thereafter, and be upon the same terms, covenants, and conditions as provided in this Lease for the initial term, except that the Basic Rental payable during the extended term shall be at the prevailing rate for comparable space in the Building, at the commencement of such extended term, which new Basic Rental shall be adjusted as provided in and under this LeaseTerm. Payment of all additional rent and other charges required to be made by Tenant as provided in this Lease for the initial term shall continue to be made during the extended term. Any termination of this Lease during the initial term shall terminate all rights of extension hereunder. Any assignment or subletting by Tenant pursuant to Paragraph 9 of this Lease, other than to a Fortune 500 company or an Affiliate, if any, shall terminate the option of Tenant contained herein. Notwithstanding the foregoing, in no event shall the Basic Rental for the extension term be less than the Basic Rental during the last year of the initial term. 74 RIDER NO. 501 TERMINATION OPTION Tenant shall have the option to terminate this Lease on the last day of any month after the date which is five (5) years and eight (8) months after the Commencement Date of this Lease (as applicable, the "Termination Date"); provided that (i) Tenant gives Landlord at least nine (9) months prior written notice to terminate, and (ii) Tenant is not in default under the Lease at the time The effect of the giving of such notice nor of extension by Tenant shall be to automatically extend the Term of the Lease for the Extended Term, and no instrument of renewal or extension need be executed. In the event that Tenant fails timely to give such notice to Landlord, the Lease shall automatically terminate at the end of the original Term and Tenant shall have no further option to extend the Term of the Lease. The Extended Term shall commence on the Termination Dateday immediately succeeding the expiration date of the current Term and shall end on the day immediately preceding the third (3rd) anniversary of the first day of the Extended Term. AdditionallyThe Extended Term shall be on all the terms and conditions of the Lease, except: (x) during the Extended Term, Tenant shall have no further option to extend the Term, (y) the Base Rent for the Extended Term shall be the greater of (A) 95% of the Fair Market Rental Value of the Premises as of the commencement of the Extended Term, taking into account all relevant factors, determined pursuant to Section 6(b) below and (B) the Base Rent in effect for the last year of the prior Term, and (z) Landlord shall not be required to furnish any materials or perform any work to prepare the Premises for Tenant's right ’s occupancy during the Extended Term and Landlord shall not be required to terminate hereunder is conditioned upon the payment in full provide any work allowance or reimburse Tenant for any alterations made or to be made by Tenant, on or before the Termination Date, of (a) all Basic Rental, Additional Rental and other sums owed by to grant Tenant under the Lease through and including the Termination Date; and (b) an amount equal to the sum of (i) the amount obtained by multiplying $5,685,000.00 by a fraction having as its numerator, the number of months remaining in the initial Lease Term, and having as its denominator, the number sixty (60), plus (ii) the unamortized cost of all tenant improvement allowances, leasing commissions and other transaction costs actually paid by Landlord in connection with this Lease with interest thereon at the rate of twelve and one-half percent (12.5%) per annum (collectively, the "Termination Payment"). After Landlord's receipt of the Termination Payment, and so long as Tenant has surrendered the Premises in the condition required under this Lease, neither party shall have any rights, liabilities or obligations under this Lease for the period accruing after the Termination Date, except those which, by the provisions of this Lease, expressly survive the termination of this Lease. 75 EXHIBIT F ROOFTOP LICENSE AGREEMENT THIS ROOFTOP LICENSE AGREEMENT (this "Agreement") is entered into as of the ____ day of _________, 1996, by and between CRESCENT REAL ESTATE EQUITIES LIMITED PARTNERSHIP ("Licensor") and PAGEMART WIRELESS, INC. ("Licensee")rent concession.
Appears in 1 contract
Samples: Lease (Pennichuck Corp)
Option to Extend. A. Provided that, at the time of each such exercise, (i) this Lease is in full force and effect, and (ii) no Event of Default shall have occurred and be continuing (either at the time of exercise or at the commencement of the Extended Term), and (iii) Tenant shall not have assigned this Lease or sublet all or any portion the Premises, other than any Permitted Transfer (any of which conditions described in clauses (i), (ii), and (iii) may be waived by Landlord at its any time in Landlord’s sole discretion), Tenant shall have the right and option may to extend the term Term of this Lease for one (1) extension extended term (“Extended Term”) of five (5) years years, by serving giving written notice thereof upon to Landlord at least not later than twelve (12) months before the expiration of the initial lease term, provided that at the time of such notice and at the commencement of such extended term, no event of default, as defined in Paragraph 13 of this Lease, shall have occurred. Upon the service of such notice and subject prior to the conditions set forth in the preceding sentence, this Lease shall be extended without the necessity of the execution of any further instrument or document. Such extended term shall commence upon the expiration date of the initial lease term, expire upon the annual anniversary Term. The effective giving of such date five (5) years thereafter, and be upon notice of extension by Tenant shall automatically extend the same terms, covenants, and conditions as provided in Term of this Lease for the initial termExtended Term, except and no instrument of renewal or extension need be executed. In the event that the Basic Rental payable during the extended term Tenant fails timely to give such notice to Landlord, this Lease shall be automatically terminate at the prevailing rate for comparable space in end of the BuildingTerm, at and Tenant shall have no further option to extend the commencement Term of such extended term, which new Basic Rental shall be adjusted as provided in and under this Lease. Payment The Extended Term shall commence on the day immediately succeeding the expiration date of the original Term and shall end on the day immediately preceding the fifth (5th) anniversary of the first day of the Extended Term. The Extended Term shall be on all additional rent the terms and other charges required to be made by Tenant as provided in this Lease for the initial term shall continue to be made during the extended term. Any termination of this Lease during the initial term shall terminate all rights of extension hereunder. Any assignment or subletting by Tenant pursuant to Paragraph 9 conditions of this Lease, other than to a Fortune 500 company or an Affiliate, if any, shall terminate the option of Tenant contained herein. Notwithstanding the foregoing, in no event shall the Basic Rental for the extension term be less than the Basic Rental except: (w) during the last year of the initial term. 74 RIDER NO. 501 TERMINATION OPTION Extended Term, Tenant shall have the no further option to terminate this Lease on extend the last day of any month after Term, (x) the date which is five (5) years and eight (8) months after Base Rent for the Commencement Date of this Lease (as applicable, Extended Term shall be the "Termination Date"); provided that (i) Tenant gives Landlord at least nine (9) months prior written notice to terminate, and (ii) Tenant is not in default under the Lease at the time of the giving of such notice nor on the Termination Date. Additionally, Tenant's right to terminate hereunder is conditioned upon the payment in full by Tenant, on or before the Termination Date, of (a) all Basic Rental, Additional Rental and other sums owed by Tenant under the Lease through and including the Termination Date; and (b) an amount equal to the sum greater of (i) the amount obtained by multiplying $5,685,000.00 by a fraction having Fair Market Rental Value of the Premises as its numeratorof the commencement of the Extended Term in question, the number of months remaining in the initial Lease Termtaking into account all relevant factors, and having as its denominator, the number sixty (60), plus determined pursuant to Section 40(b) below or (ii) the unamortized cost of all tenant improvement allowances, leasing commissions and other transaction costs actually paid by Landlord Base Rent in connection with this Lease with interest thereon at effect during the rate of twelve and one-half percent (12.5%) per annum (collectively, the "Termination Payment"). After Landlord's receipt final year of the Termination PaymentLease Term, (y) Landlord shall not be required to furnish any materials or perform any work to prepare the Premises for Tenant’s occupancy during the Extended Term and Landlord shall not be required to provide any work allowance or reimburse Tenant for any alterations made or to be made by Tenant, or to grant Tenant any rent concession, and so long (z) the Base Year shall be the applicable calendar or Tax Fiscal Year, as Tenant has surrendered applicable, in which the Premises in the condition required under this Lease, neither party shall have any rights, liabilities or obligations under this Lease for the period accruing after the Termination Date, except those which, by the provisions of this Lease, expressly survive the termination of this Lease. 75 EXHIBIT F ROOFTOP LICENSE AGREEMENT THIS ROOFTOP LICENSE AGREEMENT (this "Agreement") is entered into as commencement of the ____ day of _________, 1996, by and between CRESCENT REAL ESTATE EQUITIES LIMITED PARTNERSHIP ("Licensor") and PAGEMART WIRELESS, INC. ("Licensee")Extended Term occurs.
Appears in 1 contract
Option to Extend. (a) Provided that, at the time of such exercise, (i) this Lease is in full force and effect, (ii) no Default of Tenant shall have occurred and be continuing (either at its the time of exercise or at the commencement of an Extended Term), (iii) Tenant shall not have paid any amount of Basic Rent or Additional Rent after the due date therefor twice in the prior twelve (12) month period, and (iv) Tenant shall then be occupying the entire Premises and shall not have assigned or sublet the Premises, Tenant shall have the right and option may to extend the term Term of this Lease for one (1) extension extended term (the "Extended Term") of five (5) years by serving giving written notice thereof upon to Landlord at least not later than nine (9) months nor earlier than twelve (12) months before the expiration of the initial lease term, provided that at the time of such notice and at the commencement of such extended term, no event of default, as defined in Paragraph 13 of this Lease, shall have occurred. Upon the service of such notice and subject prior to the conditions set forth in the preceding sentence, this Lease shall be extended without the necessity of the execution of any further instrument or document. Such extended term shall commence upon the expiration date of the initial lease term, expire upon the annual anniversary Initial Term. The effective giving of such date five (5) years thereafter, and be upon notice of extension by Tenant shall automatically extend the same terms, covenants, and conditions as provided in Term of this Lease for the initial termExtended Term, except and no instrument of renewal or extension need be executed. In the event that the Basic Rental payable during the extended term Tenant fails timely to give such notice to Landlord, this Lease shall be automatically terminate at the prevailing rate for comparable space in end of the BuildingInitial Term, at and Tenant shall have no further option to extend the commencement Term of such extended term, which new Basic Rental shall be adjusted as provided in and under this Lease. Payment The Extended Term shall commence on the day immediately succeeding the expiration date of the Initial Term, and shall end on the day immediately preceding the fifth anniversary of the first day of the Extended Term. The Extended Term shall be on all additional rent the terms and other charges required to be made by Tenant as provided in this Lease for the initial term shall continue to be made during the extended term. Any termination of this Lease during the initial term shall terminate all rights of extension hereunder. Any assignment or subletting by Tenant pursuant to Paragraph 9 conditions of this Lease, other than except: (i) during the Extended Term, Tenant shall have no further option to a Fortune 500 company or an Affiliateextend the Term, if any, shall terminate the option of Tenant contained herein. Notwithstanding the foregoing, in no event shall and (ii) the Basic Rental Rent for the extension term Extended Term shall be less than the greater of (x) the Fair Market Rental Value for the Premises as of the commencement of the Extended Term, determined pursuant to paragraph (b), or (y) the Basic Rental during Rent due for the last year of the initial term. 74 RIDER NO. 501 TERMINATION OPTION Tenant shall have the option to terminate this Lease on the last day of any month after the date which is five (5) years and eight (8) months after the Commencement Date of this Lease (as applicable, the "Termination Date"); provided that (i) Tenant gives Landlord at least nine (9) months prior written notice to terminate, and (ii) Tenant is not in default under the Lease at the time of the giving of such notice nor on the Termination Date. Additionally, Tenant's right to terminate hereunder is conditioned upon the payment in full by Tenant, on or before the Termination Date, of (a) all Basic Rental, Additional Rental and other sums owed by Tenant under the Lease through and including the Termination Date; and (b) an amount equal to the sum of (i) the amount obtained by multiplying $5,685,000.00 by a fraction having as its numerator, the number of months remaining in the initial Lease Initial Term, and having as its denominator, the number sixty (60), plus (ii) the unamortized cost of all tenant improvement allowances, leasing commissions and other transaction costs actually paid by Landlord in connection with this Lease with interest thereon at the rate of twelve and one-half percent (12.5%) per annum (collectively, the "Termination Payment"). After Landlord's receipt of the Termination Payment, and so long as Tenant has surrendered the Premises in the condition required under this Lease, neither party shall have any rights, liabilities or obligations under this Lease for the period accruing after the Termination Date, except those which, by the provisions of this Lease, expressly survive the termination of this Lease. 75 EXHIBIT F ROOFTOP LICENSE AGREEMENT THIS ROOFTOP LICENSE AGREEMENT (this "Agreement") is entered into as of the ____ day of _________, 1996, by and between CRESCENT REAL ESTATE EQUITIES LIMITED PARTNERSHIP ("Licensor") and PAGEMART WIRELESS, INC. ("Licensee").
Appears in 1 contract
Samples: Lease (PSW Technologies Inc)
Option to Extend. (a) Subject to the terms hereof, if (i) during the Term of the Lease there exists no Default of Tenant at its option may extend hereunder (or any event or circumstance which, with the term giving of this Lease for one (1) extension term notice or the passage of five (5) years by serving written notice thereof upon Landlord at least twelve (12) months before time, and the expiration of the initial lease termall cure rights permitted, provided that at the time would constitute a Default of such notice and at the commencement of such extended term, no event of default, as defined in Paragraph 13 of this Lease, shall have occurred. Upon the service of such notice and subject to the conditions set forth in the preceding sentence, this Lease shall be extended without the necessity of the execution of any further instrument or document. Such extended term shall commence upon the expiration date of the initial lease term, expire upon the annual anniversary of such date five (5) years thereafter, and be upon the same terms, covenants, and conditions as provided in this Lease for the initial term, except that the Basic Rental payable during the extended term shall be at the prevailing rate for comparable space in the Building, at the commencement of such extended term, which new Basic Rental shall be adjusted as provided in and under this Lease. Payment of all additional rent and other charges required to be made by Tenant as provided in this Lease for the initial term shall continue to be made during the extended term. Any termination of this Lease during the initial term shall terminate all rights of extension hereunder. Any assignment or subletting by Tenant pursuant to Paragraph 9 of this Lease, other than to a Fortune 500 company or an Affiliate, if any, shall terminate the option of Tenant contained herein. Notwithstanding the foregoing, in no event shall the Basic Rental for the extension term be less than the Basic Rental during the last year of the initial term. 74 RIDER NO. 501 TERMINATION OPTION Tenant shall have the option to terminate this Lease on the last day of any month after the date which is five (5) years and eight (8) months after the Commencement Date of this Lease (as applicable, the "Termination Date"Tenant); provided that (i) Tenant gives Landlord at least nine (9) months prior written notice to terminate, and (ii) Tenant is shall not in default under have assigned the Lease or sublet all or any portion of the Premises, and then actually occupies the entire Premises, and (iii) the Lease is still in full force and effect (any and all of which conditions are for the benefit of, and may be waived by, Landlord), Tenant shall have the right to extend the Term of this Lease for one extended term (the "Extended Term") of five (5) years. The Extended Term shall commence on July 1, 2025, and shall end at 11:59 p.m., Boston time, on June 30, 2030. Tenant shall exercise such option to extend by giving written notice to Landlord not later than June 30, 2024. The giving of such notice by Tenant shall automatically and irrevocably extend the Term of the Lease for the Extended Term, and no instrument of renewal need be executed. In the event that Tenant fails to give such notice to Landlord, the Lease shall automatically terminate on June 30, 2025, and Tenant shall have no further option to extend the Term of this Lease, it being agreed that time shall be of the essence in the giving of such notice nor notice. The Extended Term shall be on all the Termination Date. Additionally, Tenant's right to terminate hereunder is conditioned upon the payment in full by Tenant, on or before the Termination Date, of (a) all Basic Rental, Additional Rental terms and other sums owed by Tenant under the Lease through and including the Termination Date; and (b) an amount equal to the sum of (i) the amount obtained by multiplying $5,685,000.00 by a fraction having as its numerator, the number of months remaining in the initial Lease Term, and having as its denominator, the number sixty (60), plus (ii) the unamortized cost of all tenant improvement allowances, leasing commissions and other transaction costs actually paid by Landlord in connection with this Lease with interest thereon at the rate of twelve and one-half percent (12.5%) per annum (collectively, the "Termination Payment"). After Landlord's receipt of the Termination Payment, and so long as Tenant has surrendered the Premises in the condition required under this Lease, neither party shall have any rights, liabilities or obligations under this Lease for the period accruing after the Termination Date, except those which, by the provisions conditions of this Lease, expressly survive except that the termination of this Lease. 75 EXHIBIT F ROOFTOP LICENSE AGREEMENT THIS ROOFTOP LICENSE AGREEMENT Annual Basic Rent for the Extended Term shall be determined pursuant to paragraph (this "Agreement"b) is entered into as of the ____ day of _________, 1996, by and between CRESCENT REAL ESTATE EQUITIES LIMITED PARTNERSHIP ("Licensor") and PAGEMART WIRELESS, INC. ("Licensee")hereof.
Appears in 1 contract
Samples: Ameresco, Inc.
Option to Extend. Tenant at its option may Subject to the provisions of this Section 2.2, Lessee shall have three (3) consecutive options to extend the term of this Lease for one (1) extension term of five (5) years each. (Such additional terms may hereinafter be called "Option Terms".) Such options shall be personal to United Merchandising Corp., or its Affiliate, as that term is defined in Section 14.2 hereof, and may not be exercised by serving written an assignee or sublessee under the Lease, unless said assignee or sublessee is an Affiliate of United Merchandising Corp., nor may Lessee exercise an option as provided herein for the purpose of subletting or assigning the Demised Premises during such Option Term to any party who is not an Affiliate. The first Option Term shall commence on the day following the expiration of the Primary Term and end at midnight five (5) years thereafter. Each succeeding Option Term shall commence on the day following the preceding Option Term and end at midnight five (5) years thereafter. Each option shall be exercised by giving notice to Lessor in writing of the exercise thereof upon Landlord at least twelve (12) months before the expiration of the initial lease term, provided that at the time of such notice and at prior to the commencement of such extended termeach Option Term, no event of default, as defined in Paragraph 13 of this Lease, shall have occurred. Upon the service of such which notice and subject to the conditions set forth in the preceding sentence, this Lease shall be extended without the necessity of the execution of any further instrument or documentirrevocable by Lessee. Such extended term All Option Terms shall commence upon the expiration date of the initial lease term, expire upon the annual anniversary of such date five (5) years thereafter, and be upon on the same terms, covenants, terms and conditions as otherwise provided in this Lease for the initial termLease, except that the Basic Rental rents payable during the extended term shall be at the prevailing rate for comparable space in the Building, at the commencement of such extended term, which new Basic Rental Option Terms shall be adjusted as provided in and under this Lease. Payment of all additional rent and other charges required to be made by Tenant as provided in this Lease for the initial term shall continue to be made during the extended term. Any termination of this Lease during the initial term shall terminate all rights of extension hereunder. Any assignment or subletting by Tenant pursuant to Paragraph 9 of this Lease, other than to a Fortune 500 company or an Affiliate, if any, shall terminate the option of Tenant contained hereinset forth below. Notwithstanding the foregoing, in no the event shall the Basic Rental for the extension term be less than the Basic Rental during the last year an Event of the initial term. 74 RIDER NO. 501 TERMINATION OPTION Tenant shall have the option to terminate this Lease on the last day of any month after the date which is five (5) years and eight (8) months after the Commencement Date of this Lease Default (as applicabledefined in Section 13.1, the "Termination Date"); provided that (ihereof) Tenant gives Landlord at least nine (9) months prior written notice to terminate, and (ii) Tenant is not in default exists under the this Lease at the time Lessee exercises its option to extend the term of this Lease, or if an Event of Default pursuant to the provisions of Section 13.1.1(a) hereof exists as of the giving commencement of such notice nor on the Termination Date. Additionally, Tenant's right to terminate hereunder is conditioned upon the payment in full by Tenant, on or before the Termination Date, of (a) all Basic Rental, Additional Rental and other sums owed by Tenant under the Lease through and including the Termination Date; and (b) an amount equal to the sum of (i) the amount obtained by multiplying $5,685,000.00 by a fraction having as its numerator, the number of months remaining in the initial Lease respective Option Term, then Lessor shall have, in addition to all of Lessor's other rights and having as its denominator, the number sixty (60), plus (ii) the unamortized cost of all tenant improvement allowances, leasing commissions and other transaction costs actually paid by Landlord in connection with this Lease with interest thereon at the rate of twelve and one-half percent (12.5%) per annum (collectively, the "Termination Payment"). After Landlord's receipt of the Termination Payment, and so long as Tenant has surrendered the Premises in the condition required remedies under this Lease, neither party shall have any rightsthe right to terminate such option and to cancel Lessee's exercise of such option, liabilities or obligations under in which event this Lease for shall expire at the period accruing after the Termination Date, except those which, by the provisions of this Lease, expressly survive the termination of this Lease. 75 EXHIBIT F ROOFTOP LICENSE AGREEMENT THIS ROOFTOP LICENSE AGREEMENT (this "Agreement") is entered into as expiration of the ____ day of _________Primary Term or any then existing Option Term, 1996, by and between CRESCENT REAL ESTATE EQUITIES LIMITED PARTNERSHIP ("Licensor") and PAGEMART WIRELESS, INC. ("Licensee")as the case may be.
Appears in 1 contract
Samples: Lease (Big 5 Sporting Goods Corp)
Option to Extend. Tenant Provided that at its the time of such exercise (i) there then exists no Default of LESSEE, (ii) this Lease is then in full force and effect, and (iii) LESSEE is in actual occupancy of all or substantially all of the Premises, LESSEE shall have the right and option may to extend the term of this Lease for one (1) extension extended term of five years (5) years the "Extended Term'). The Extended Term shall commence on the day immediately succeeding the expiration date of the Initial Term, and shall end on the day immediately preceding the fifth anniversary of the first day of such Extended Term. LESSEE shall exercise such option to extend by serving giving written notice thereof upon Landlord at least to LESSOR of its desire to do so not earlier than twelve (12) months before the expiration of the initial lease term, provided that at the time of such notice and at the commencement of such extended term, no event of default, as defined in Paragraph 13 of this Lease, shall have occurred. Upon the service of such notice and subject to the conditions set forth in the preceding sentence, this Lease shall be extended without the necessity of the execution of any further instrument or document. Such extended term shall commence upon the expiration date of the initial lease term, expire upon the annual anniversary of such date five (5) years thereafter, and be upon the same terms, covenants, and conditions as provided in this Lease for the initial term, except that the Basic Rental payable during the extended term shall be at the prevailing rate for comparable space in the Building, at the commencement of such extended term, which new Basic Rental shall be adjusted as provided in and under this Lease. Payment of all additional rent and other charges required to be made by Tenant as provided in this Lease for the initial term shall continue to be made during the extended term. Any termination of this Lease during the initial term shall terminate all rights of extension hereunder. Any assignment or subletting by Tenant pursuant to Paragraph 9 of this Lease, other not later than to a Fortune 500 company or an Affiliate, if any, shall terminate the option of Tenant contained herein. Notwithstanding the foregoing, in no event shall the Basic Rental for the extension term be less than the Basic Rental during the last year of the initial term. 74 RIDER NO. 501 TERMINATION OPTION Tenant shall have the option to terminate this Lease on the last day of any month after the date which is five (5) years and eight (8) months after the Commencement Date of this Lease (as applicable, the "Termination Date"); provided that (i) Tenant gives Landlord at least nine (9) months prior written notice to terminatethe expiration date of the Initial Term. Provided the conditions of clauses (i), and (ii) Tenant is not in default under the Lease at the time and (iii) of this section shall have been satisfied, the giving of such notice nor on by LESSEE shall automatically extend the Termination Date. Additionally, Tenant's right to terminate hereunder is conditioned upon the payment in full by Tenant, on or before the Termination Date, Term of (a) all Basic Rental, Additional Rental and other sums owed by Tenant under the Lease through and including the Termination Date; and (b) an amount equal to the sum of (i) the amount obtained by multiplying $5,685,000.00 by a fraction having as its numerator, the number of months remaining in the initial Lease Term, and having as its denominator, the number sixty (60), plus (ii) the unamortized cost of all tenant improvement allowances, leasing commissions and other transaction costs actually paid by Landlord in connection with this Lease with interest thereon at the rate of twelve and one-half percent (12.5%) per annum (collectively, the "Termination Payment"). After Landlord's receipt of the Termination Payment, and so long as Tenant has surrendered the Premises in the condition required under this Lease, neither party shall have any rights, liabilities or obligations under this Lease for the period accruing after Extended Term, and no instrument of renewal need be executed. In the Termination Dateevent that LESSEE fails to give such notice to LESSOR, except those whichthis Lease shall automatically terminate at the end of the Initial Term, by and LESSEE shall have no further option to extend the provisions Term of this Lease. It is agreed that time is of the essence with respect to the giving of such notice. The Extended Term shall be on all the terms and conditions of this Lease, expressly survive the termination except that (I) option to extend that Term of this LeaseLease shall be deleted, and (II) the Basic Rent for the Extended Term shall be at Fair Market Value, not less than the sum of the rent and all additional rent being paid by LESSEE during the final year of the Initial Term. 75 EXHIBIT F ROOFTOP LICENSE AGREEMENT THIS ROOFTOP LICENSE AGREEMENT LESSOR shall designate Fair Market Value, (this the "AgreementFair Market Value") is entered into as by written notice to LESSEE within sixty (60) days of receipt of notice from LESSEE. If LESSEE disagrees with such designation, (the ____ day of _________, 1996, by and between CRESCENT REAL ESTATE EQUITIES LIMITED PARTNERSHIP ("Licensor") and PAGEMART WIRELESS, INC. ("LicenseeDesignation"), LESSEE shall by written notice, advise LESSOR of such disagreement; otherwise LESSEE shall conclusively be deemed to have agreed to such Designation. In the event that the Parties are unable to agree, each Party shall appoint an appraiser. Each appraiser so appointed shall be instructed to determine independently the Fair Market Value and then confer. If the two appraisers are unable to determine a Designation acceptable to both parties, they shall appoint a third appraiser. The Designation of this appraiser shall be considered final.
Appears in 1 contract
Samples: Exchange Applications Inc
Option to Extend. Provided that the Tenant originally named herein (a) has not been in monetary default beyond applicable notice and cure periods during the Initial Term, (b) has, throughout the Initial Term, materially complied with all of the provisions of Article Five hereof, and (c) is not in default under this Lease beyond applicable notice and cure periods (both at its the time such extension option may be exercised and/or at the time such Extension Term (as hereafter defined) commences), provided that for such exercise to be effective, any and all such defaults shall be cured prior to the expiration of the applicable notice and cure periods, Tenant shall have the right and option to extend the term of this Lease Initial Term for one two (12) extension term additional consecutive periods of five (5) years by serving written each (each, an "Extension Term") each commencing the day after the expiration of the then current Lease Term and ending on the fifth anniversary of such expiration, provided that Tenant shall give Landlord notice thereof upon Landlord at least of Tenant's exercise of such option no more than fifteen (15) months and no less than twelve (12) months before prior to the expiration of the initial lease term, provided that at then current Lease Term. Prior to the time exercise by Tenant of such notice option, the expression "Lease Term" shall mean the Initial Term as the same may have been extended, and at after the commencement exercise by Tenant of such extended termoption, no event the expression "Lease Term" shall mean the Lease Term as it has been then extended. All of defaultthe terms, as defined covenants, conditions, provisions and agreements contained in Paragraph 13 of this Lease, shall have occurred. Upon the service of such notice and subject to the conditions set forth in the preceding sentence, this Lease shall be applicable to the then extended without the necessity of the execution of any further instrument or document. Such extended term shall commence upon the expiration date of the initial lease term, expire upon the annual anniversary of such date five (5) years thereafter, and be upon the same terms, covenants, and conditions as provided in this Lease for the initial termTerm, except that as hereinafter set forth. If Tenant shall give notice of its exercise of this option to extend in the Basic Rental payable during manner and within the extended term time period provided aforesaid, the Lease Term shall be at the prevailing rate for comparable space in the Building, at the commencement of such extended term, which new Basic Rental shall be adjusted as provided in and under this Lease. Payment of all additional rent and other charges required to be made by Tenant as provided in this Lease for the initial term shall continue to be made during the extended term. Any termination of this Lease during the initial term shall terminate all rights of extension hereunder. Any assignment or subletting by Tenant pursuant to Paragraph 9 of this Lease, other than to a Fortune 500 company or an Affiliate, if any, shall terminate the option of Tenant contained herein. Notwithstanding the foregoing, in no event shall the Basic Rental for the extension term be less than the Basic Rental during the last year of the initial term. 74 RIDER NO. 501 TERMINATION OPTION Tenant shall have the option to terminate this Lease on the last day of any month after the date which is five (5) years and eight (8) months after the Commencement Date of this Lease (as applicable, the "Termination Date"); provided that (i) Tenant gives Landlord at least nine (9) months prior written notice to terminate, and (ii) Tenant is not in default under the Lease at the time of upon the giving of such notice nor without the requirement of any further action on the Termination Datepart of either Landlord or Tenant. AdditionallyIf Tenant shall fail to give timely notice of the exercise of such option as aforesaid, Tenant's Tenant shall have no right to terminate hereunder is conditioned upon extend the payment in full by Tenant, on or before the Termination Date, of (a) all Basic Rental, Additional Rental and other sums owed by Tenant under the Lease through and including the Termination Date; and (b) an amount equal to the sum of (i) the amount obtained by multiplying $5,685,000.00 by a fraction having as its numerator, the number of months remaining in the initial Lease Term, and having as its denominator, the number sixty (60), plus (ii) the unamortized cost of all tenant improvement allowances, leasing commissions and other transaction costs actually paid by Landlord in connection with this Lease with interest thereon at the rate of twelve and one-half percent (12.5%) per annum (collectively, the "Termination Payment"). After Landlord's receipt of the Termination Payment, and so long as Tenant has surrendered the Premises in the condition required under this Lease, neither party shall have any rights, liabilities or obligations under this Lease for the period accruing after the Termination Date, except those which, by the provisions Term of this Lease, expressly survive the termination of this Lease. 75 EXHIBIT F ROOFTOP LICENSE AGREEMENT THIS ROOFTOP LICENSE AGREEMENT (this "Agreement") is entered into as time being of the ____ day essence of _________the foregoing provisions, 1996and shall be deemed to have waived any and all remaining options. The Base Rent payable during each Extension Term shall be the Fair Market Rent determined in accordance with Section 2.4 above. This option to extend shall be personal to Collegium Pharmaceutical, Inc., and shall not be exercisable by and between CRESCENT REAL ESTATE EQUITIES LIMITED PARTNERSHIP any other party other than a Permitted Transferee ("Licensor") and PAGEMART WIRELESS, INC. ("Licensee"as defined in Section 8.4 hereof).
Appears in 1 contract
Option to Extend. Tenant at its (a) Lessee shall have the option may to extend the term Term of this Lease for one (1) extension term additional period of five (5) years by serving (the "Option"). The period of the Option is referred to herein as the "Option Term." Lessee shall have no right or interest to exercise the Option unless, not later than one hundred fifty (150) days prior to the end of the Original Term, Lessee provides Lessor with (a) written notice thereof upon Landlord at least twelve (12) months before the expiration of its exercise of the initial Option (the "Extension Notice"). Lessee shall have no right or interest to either exercise the Premises Option or the First Offer Space Option unless: (a) no Event of Default on the part of Lessee under this Lease is then continuing under this Lease or the lease termdemising the First Offer Space, provided that at if applicable; and (b) during the time Term of such notice and at the commencement of such extended term, no event of default, as defined in Paragraph 13 of this Lease, shall have occurred. Upon the service of such notice and subject to the conditions set forth in the preceding sentence, this Lease shall be extended without the necessity of the execution of any further instrument or document. Such extended term shall commence upon the expiration date of the initial lease term, expire upon the annual anniversary of such date five (5) years thereafter, and be upon the same terms, covenants, and conditions as provided in this Lease for the initial term, except that the Basic Rental payable during the extended term shall be at the prevailing rate for comparable space in the Building, at the commencement of such extended term, which new Basic Rental shall be adjusted as provided in and under this Lease. Payment of all additional rent and other charges required to be made by Tenant as provided in this Lease for the initial term shall continue to be made during the extended term. Any termination of this Lease during the initial term shall terminate all rights of extension hereunder. Any assignment or subletting by Tenant pursuant to Paragraph 9 of this Lease, other than to a Fortune 500 company or an Affiliate, if any, shall terminate the option of Tenant contained herein. Notwithstanding the foregoing, in no event shall the Basic Rental for the extension term be less than the Basic Rental during the last year of the initial term. 74 RIDER NO. 501 TERMINATION OPTION Tenant shall have the option to terminate this Lease on the last day of any month after the date which is five (5) years and eight (8) months after the Commencement Date of this Lease (as applicable, the "Termination Date"); provided that (i) Tenant gives Landlord at least nine (9) months prior written notice to terminateLessee has not filed for or sought protection under any bankruptcy statute, and (ii) Tenant is Lessee has not in default under failed to obtain a vacation from any involuntary bankruptcy proceeding within one hundred twenty (120) days of such filing. Base Rent payable during the Lease at the time first year of the giving of such notice nor on the Termination Date. Additionally, Tenant's right to terminate hereunder is conditioned upon the payment in full by Tenant, on or before the Termination Date, of (a) all Basic Rental, Additional Rental and other sums owed by Tenant under the Lease through and including the Termination Date; and (b) Option Term shall be an amount equal to "Market Rent" (as defined in 53(b) below) All of the sum terms, covenants, conditions, provisions and agreements of (i) the amount obtained by multiplying $5,685,000.00 by a fraction having as its numeratorLease shall apply to the Option, except that Lessee shall have no additional option to extend the number Term. Lessee's failure to exactly comply with any of months remaining the time or other requirements herein, shall cause the Option to automatically expire and, in the initial Lease Termsuch event, and having as its denominator, the number sixty (60), plus (ii) the unamortized cost of all tenant improvement allowances, leasing commissions and other transaction costs actually paid by Landlord in connection with this Lease with interest thereon at shall terminate upon the rate of twelve and one-half percent (12.5%) per annum (collectively, the "Termination Payment"). After Landlord's receipt expiration of the Termination Payment, and so long as Tenant has surrendered the Premises in the condition required under this Lease, neither party shall have any rights, liabilities or obligations under this Lease for the period accruing after the Termination Date, except those which, by the provisions of this Lease, expressly survive the termination of this Lease. 75 EXHIBIT F ROOFTOP LICENSE AGREEMENT THIS ROOFTOP LICENSE AGREEMENT (this "Agreement") is entered into as of the ____ day of _________, 1996, by and between CRESCENT REAL ESTATE EQUITIES LIMITED PARTNERSHIP ("Licensor") and PAGEMART WIRELESS, INC. ("Licensee")Original Term.
Appears in 1 contract
Samples: Nuvasive Inc
Option to Extend. (a) Provided that there is no event of default of Tenant in existence and continuing beyond applicable notice and cure periods (either at its the time of exercise or atthe commencement of the extended term), Tenant shall have the right and option may to extend the term of this Lease Term for one extended term (the “Second Extension Term”) (the first extension term, although not defined, being the period May 1, 2007 through April 30, 2017, inclusive, and which has, by this Amendment been incorporated into the definition of Lease Term) extension term of five (5) years by serving giving written notice thereof upon to Landlord at least not later than twelve (12) months before the expiration of the initial lease term, provided that at the time of such notice and at the commencement of such extended term, no event of default, as defined in Paragraph 13 of this Lease, shall have occurred. Upon the service of such notice and subject prior to the conditions set forth in the preceding sentence, this Lease shall be extended without the necessity of the execution of any further instrument or document. Such extended term shall commence upon the expiration date of the initial lease termLease Term. The effective giving of such notice of extension by Tenant shall automatically extend the Lease Term for theSecond Extension Term, expire upon and no instrument of renewal or extension need be executed. In the annual event that Tenant fails timely to give such notice to Landlord, this Lease shall automatically terminate at the end of the Lease Term then in effect, and Tenant shall have no further option to extend the Lease Term. The Second Extension Term shall commence on the day immediately succeeding the expiration date of the Lease Term, and shall end on the day immediately preceding the fifth (5th) anniversary of the first day of such date five (5) years thereafter, and Second Extension Term. The Second Extension Term shall be upon on all the same terms, covenants, terms and conditions as provided in this Lease for the initial term, except that the Basic Rental payable during the extended term shall be at the prevailing rate for comparable space in the Building, at the commencement of such extended term, which new Basic Rental shall be adjusted as provided in and under this Lease. Payment of all additional rent and other charges required to be made by Tenant as provided in this Lease for the initial term shall continue to be made during the extended term. Any termination of this Lease during the initial term shall terminate all rights of extension hereunder. Any assignment or subletting by Tenant pursuant to Paragraph 9 of this Lease, other than except: (i) during the Second Extension Term, Tenant shall have no further option to a Fortune 500 company or an Affiliateextend the Lease Term, if any, and (ii) the Annual Fixed Rent for the Second Extension Term shall terminate be equal to 95% of the option Fair Market Rental Value of Tenant contained herein. Notwithstanding the foregoing, Premises as of the commencement of the Second Extension Term but in no event shall the Basic Rental for the extension term be less than the Basic Rental Annual Fixed Rent payable under this Lease during the last year of the initial term. 74 RIDER NO. 501 TERMINATION OPTION Tenant shall have LeaseTerm immediately preceding the option to terminate this Lease on the last day of any month after the date which is five (5) years and eight (8) months after the Commencement Date of this Lease (as applicable, the "Termination Date"); provided that (i) Tenant gives Landlord at least nine (9) months prior written notice to terminate, and (ii) Tenant is not in default under the Lease at the time commencement of the giving of such notice nor on the Termination Date. AdditionallySecond Extension Term, Tenant's right taking into account all relevant factors, determined pursuant to terminate hereunder is conditioned upon the payment in full by Tenant, on or before the Termination Date, of (a) all Basic Rental, Additional Rental and other sums owed by Tenant under the Lease through and including the Termination Date; and paragraph (b) an amount equal to the sum of (i) the amount obtained by multiplying $5,685,000.00 by a fraction having as its numerator, the number of months remaining in the initial Lease Term, and having as its denominator, the number sixty (60), plus (ii) the unamortized cost of all tenant improvement allowances, leasing commissions and other transaction costs actually paid by Landlord in connection with this Lease with interest thereon at the rate of twelve and one-half percent (12.5%) per annum (collectively, the "Termination Payment"). After Landlord's receipt of the Termination Payment, and so long as Tenant has surrendered the Premises in the condition required under this Lease, neither party shall have any rights, liabilities or obligations under this Lease for the period accruing after the Termination Date, except those which, by the provisions of this Lease, expressly survive the termination of this Lease. 75 EXHIBIT F ROOFTOP LICENSE AGREEMENT THIS ROOFTOP LICENSE AGREEMENT (this "Agreement") is entered into as of the ____ day of _________, 1996, by and between CRESCENT REAL ESTATE EQUITIES LIMITED PARTNERSHIP ("Licensor") and PAGEMART WIRELESS, INC. ("Licensee")below.
Appears in 1 contract
Samples: Lease (Avant Immunotherapeutics Inc)