Option to Extend. Lessee shall have the option to extend the term of ---------------- this lease for three (3) successive additional periods of five (5) years each. Said options shall be exercised automatically unless Lessee, gives Lessor notice of Lessee's desire not to exercise the option. Such extension rights are further subject to Lessee's not being in default under any of the terms and provisions of this lease. The notice not to exercise the option for any five (5) year extension shall be given at least one-hundred eighty (180) days prior to the end of the immediately preceding term of this lease. The first automatic extension of this lease shall be upon the same rental, terms and conditions as are set forth in this Lease Agreement. Rental for the second and third renewal terms of this lease, shall be an amount equal to the original rental, as defined in section 3 hereof, multiplied by a fraction. Said fraction shall be defined as consisting of a numerator, which shall be the index number (the "Index Number") indicated under the United States index column of the Consumer Price Index for Urban Wage Earners and Clerical Workers (the "CPI") (1982-1984=100) as promulgated by the United States Department of Labor, for the month immediately preceding the month and year in which the said renewal term shall commence and a denominator, which shall be the Index Number for the CPI for the month and year in which the original commencement date of this Lease occurs. If there shall at the time be no such CPI, the parties shall use the most comparable substitute index in determining rent escalation for said renewal periods. Notwithstanding the above, all other terms and conditions of this Lease Agreement shall remain in full force and effect during the second and third renewal periods.
Appears in 2 contracts
Sources: Lease Agreement (Matewan Bancshares Inc), Lease Agreement (Matewan Bancshares Inc)
Option to Extend. Lessee (a) Tenant shall have the one time option to extend the term of ---------------- this lease Lease (the “Option”) for three (3) successive one additional periods of five (5) years each. Said options shall be exercised automatically unless Lessee, gives Lessor notice of Lessee's desire not to exercise the option. Such extension rights are further subject to Lessee's not being in default under any of the terms and provisions of this lease. The notice not to exercise the option for any five (5) year extension term (the “Option Term”). To exercise the Option, Tenant shall be given at least one-hundred eighty deliver to Landlord notice of Tenant’s exercise of the Option not less than six (1806) days months prior to the end original Termination Date. All of the immediately preceding term of this lease. The first automatic extension of this lease shall be upon the same rental, terms and conditions of the Lease shall apply during the Option Term, and the Termination Date shall refer to the last day of the Option Term; provided, however, that Base Rent shall be determined as are set forth in this Lease Agreement. Rental for Paragraph 21.12, and Tenant shall have no further option to extend the second and third renewal terms of this leaseTerm.
(b) If Tenant exercises its Option, the Base Rent during the Option Term shall be an amount equal to increased (but not decreased) by the original rentalincrease, if any, from the “Base Month”, as defined below, in section 3 hereofthe Consumer Price Index of the Bureau of Labor Statistics of the U.S. Department of Labor for CPI-U (All Urban Consumers) for New York-Northern New Jersey-Long Island, All Items (1982-1984 = 100), herein referred to as “CPI”, calculated as set forth below.
(c) The monthly Base Rent payable during the Option Term shall be calculated as follows: the Base Rent set forth in Paragraph 2.1 of this Lease shall be multiplied by a fraction. Said fraction shall be defined as consisting , the numerator of a numerator, which shall be the index number (the "Index Number") indicated under the United States index column CPI of the Consumer Price Index for Urban Wage Earners calendar month which is two (2) months prior to the first day of the Option Term, and Clerical Workers (the "CPI") (1982-1984=100) as promulgated by the United States Department denominator of Labor, for the month immediately preceding the month and year in which the said renewal term shall commence and a denominator, which shall be the Index Number for CPI of the CPI for calendar month which is two (2) months prior to the month and year in which the original commencement date of this Lease occurs. If there shall at Commencement Date occurred (the time be no such CPI“Base Month”); provided, however, the parties increase shall use not be less than the most comparable substitute index in determining rent escalation equivalent of two percent (2%) per annum or ten percent (10%) for said renewal periodsthe Option Term from the Base Rent payable on the Commencement Date nor greater than the equivalent of six percent (6%) per annum or thirty percent (30%) for the Option Term from the Base Rent payable on the Commencement Date. Notwithstanding The amount so calculated shall constitute the above, all other terms and conditions of this Lease Agreement shall remain in full force and effect new monthly Base Rent hereunder during the second and third renewal periodsOption Term.
(d) In the event the compilation or publication of the CPI shall be transferred to any other governmental department or bureau or agency or shall be discontinued, then the index most nearly the same as the CPI shall be used to make such calculation.
Appears in 2 contracts
Sources: Single Tenant Commercial Lease (R F Industries LTD), Single Tenant Commercial Lease (R F Industries LTD)
Option to Extend. Lessee shall have A. Landlord grants to Tenant the option to extend the term of ---------------- this lease Lease for three two 3-year periods commencing when the prior term expires upon each and all of the following terms and conditions:
(3i) successive additional periods of five (5) years each. Said options shall be exercised automatically unless Lessee, Tenant gives Lessor to Landlord and Landlord receives notice of Lessee's desire the exercise of the option to extend this Lease for said additional term no later than twelve (12) months prior to the time that the option period would commence if the option were exercised, time being of the essence. If said notification of the exercise of said option is not to so given and received, this option shall automatically expire;
(ii) At the time said written notification of exercise the option. Such extension rights are further subject to Lessee's of option is given and received, Tenant shall not being be in default under any of the terms and provisions material obligations of this lease. The notice Lease to be performed by Tenant and this Lease shall not to exercise the option for any five (5) year extension shall be given at least one-hundred eighty (180) days have previously terminated nor terminated prior to the end commencement of the immediately preceding term of this lease. The first automatic extension of this lease shall be upon the same rental, terms and conditions as are set forth in this Lease Agreement. Rental for the second and third renewal terms of this lease, shall be an amount equal to the original rental, as defined in section 3 hereof, multiplied by a fraction. Said fraction shall be defined as consisting of a numerator, which shall be the index number option term;
(the "Index Number"iii) indicated under the United States index column All of the Consumer Price Index for Urban Wage Earners and Clerical Workers (the "CPI") (1982-1984=100) as promulgated by the United States Department of Labor, for the month immediately preceding the month and year in which the said renewal term shall commence and a denominator, which shall be the Index Number for the CPI for the month and year in which the original commencement date of this Lease occurs. If there shall at the time be no such CPI, the parties shall use the most comparable substitute index in determining rent escalation for said renewal periods. Notwithstanding the above, all other terms and conditions of this Lease Agreement except where specifically modified by this option shall remain in full force and effect apply;
(iv) The monthly rent for each month of the option period shall be calculated as follows: The rent payable by Tenant during the first option period shall be the Fair Market Rental Value of the Premises (as defined below) at the commencement date of the option period. There shall be an annual C.P.I. increase not to exceed four percent (4%) in each subsequent year of the first option period. The rent in the first year of the second option period shall be the rent in the last year of the first option period to which will be added a C.P.I. increase not to exceed four percent (4%). There shall be an annual C.P.I. increase not to exceed four percent (4%) in each subsequent year of the second option period. All of the C.P.I. increases during the option periods shall be calculated on the basis of the formula provided in the Lease P. 5.B. If Landlord and Tenant cannot agree on the Fair Market Rental Value of the Premises for the extension periods within forty-five (45) days after the Tenant has notified Landlord of its exercise of the option, Landlord and Tenant shall each select, within forty-five (45) days of such notification, an appraiser who must be a qualified M.A.I. appraiser to determine said Fair Market Rental Value. If one party fails to so designate an appraiser within the time required, the determination of Fair Market Rental Value of the one appraiser who has been designated by the other party hereto within the time required shall be binding upon both parties. The appraisers shall submit their determinations of Fair Market Rental Value to both parties within thirty (30) days after their selection. If the difference between the two determinations is ten percent (10%) or less of the higher appraisal, then the average between the two determinations shall be the Fair Market Rental Value of the Premises. If said difference is greater than ten percent (10%), then the two appraisers shall within twenty (20) days of the date that the later submittal is submitted to the parties designate a third renewal periodsappraiser who must also be a qualified M.A.I. appraiser. The sole responsibility of the third appraiser will be to determine which of the determinations made by the first appraisers is most accurate. The third appraiser shall have no right to propose a middle ground or any modification of either of the determinations made by the first two appraisers. The third appraiser's choice shall be submitted to the parties within thirty (30) days after his or her selection. Such determination shall bind both of the parties and shall establish the Fair Market Rental Value of the Premises. Each party shall pay for their own appraiser and shall pay an equal share of the fees and expenses of the third appraiser. Fair Market Rental Value for purpose of this Lease shall mean the then prevailing rent for premises comparable in size, quality, and orientation to the demised Premises, located in buildings comparable in size to, and in the general vicinity of, the building which the demised Premises are located, leased on terms comparable to the terms contained in this Lease.
Appears in 2 contracts
Sources: Office Building Lease (Fair Isaac & Company Inc), Office Building Lease (Fair Isaac & Company Inc)
Option to Extend. Lessee (a) Tenant shall have the option right to extend the term Term beyond the Expiration Date (the "Extension Option") for one additional period of ---------------- this lease for three ten (3) successive additional periods of five (510) years each. Said options shall be exercised automatically unless Lesseecommencing on the day following the Expiration Date and ending on the tenth (10th) anniversary of the Expiration Date (the "Extended Term"), gives Lessor if: (i) Landlord receives written notice of Lessee's desire exercise ("Extension Notice") not less than eighteen (18) full calendar months prior to exercise the option. Such extension rights are further subject Expiration Date and not more than twenty-four (24) full calendar months prior to Lessee's the Expiration Date; (ii) Tenant is not being in default under the Lease beyond any of applicable cure periods at the terms time that Tenant delivers its Extension Notice; and provisions of this lease. The notice (iii) the Lease has not been assigned (other than to exercise the option for any five (5an Affiliate) year extension shall be given at least one-hundred eighty (180) days prior to the end date that Tenant delivers its Extension Notice or prior to the date Tenant delivers its Binding Notice.
(b) The initial Base Rent rate per Rentable Square Foot in the Leased Premises during the Extended Term shall equal the Prevailing Market (hereinafter defined) rate per Rentable Square Foot in the Leased Premises, but in no event shall the Based Rent during the Extended Term be less than the Final Base Rent. Base Rent during the Renewal Term shall increase, if at all but not decrease below the Final Base Rent, in accordance with the increases assumed in the determination of Prevailing Market rate. Base Rent attributable to the immediately preceding term of this lease. The first automatic extension of this lease Leased Premises shall be upon payable in monthly installments in accordance with the same rental, terms and conditions as are set forth in this Lease Agreement. Rental for the second and third renewal terms of this lease, shall be an amount equal to the original rental, as defined in section 3 hereof, multiplied by a fraction. Said fraction shall be defined as consisting of a numerator, which shall be the index number (the "Index Number") indicated under the United States index column of the Consumer Price Index for Urban Wage Earners and Clerical Workers (the "CPI") (1982-1984=100) as promulgated by the United States Department of Labor, for the month immediately preceding the month and year in which the said renewal term shall commence and a denominator, which shall be the Index Number for the CPI for the month and year in which the original commencement date of this Lease occurs. If there shall at the time be no such CPI, the parties shall use the most comparable substitute index in determining rent escalation for said renewal periods. Notwithstanding the above, all other terms and conditions of this Lease Agreement shall remain in full force and effect during the second and third renewal periods.terms
Appears in 2 contracts
Sources: Office Lease (Eddie Bauer Holdings, Inc.), Office Lease (Eddie Bauer Holdings, Inc.)
Option to Extend. A. Lessor hereby grants to Lessee shall have the option to extend the term of ---------------- this lease Lease for three (3) successive additional periods of five (a Five 5) years each. Said options shall be exercised automatically unless Lessee, year period commencing when the prior term expires upon each and all of the following terms and conditions:
(i) Lessee gives to Lessor and Lessor receives written notice of Lessee's desire the exercise of the option to extend this Lease for said additional term no earlier than nine months and no later than six months prior to the time that the option period would commence if the option were exercised, time being of the essence. If said notification of the exercise of said option is not so given and received, this option shall automatically expire;
(ii) The provisions of paragraph 39, including the provision relating to exercise the option. Such extension rights default of Lessee set forth in paragraph 39.4 of this Lease are further subject to Lessee's not being in default under any conditions of this Option;
(iii) All of the terms and provisions conditions of this lease. The notice not to exercise Lease except where specifically modified by this option shall apply;
(iv) On January 1, 2007, the option for any five (5) year extension monthly rent payable under paragraph 1.5 and 4 of the attached Lease shall be given at least one-hundred eighty (180) days prior to adjusted by the end increase, if any, from the date this Lease commenced in the C.P.I. As used herein, the term "C.P.I. shall mean the Consumer Price Index of the immediately preceding Bureau of Labor Statistics of the U.S. Department of Labor for All Urban Consumers, Los Angeles-Anaheim-Riverside, California (1982/84=100), "All Items", herein referred to as "C.P.I."
a. The monthly rent payable in accordance with paragraph A(iv) of this Addendum shall be calculated as follows: the rent payable for the first month of the term of this lease. The first automatic extension of this lease shall be upon the same rentalLease, terms and conditions as are set forth in this Lease Agreement. Rental for paragraph 4 of the second and third renewal terms of this leaseattached Lease, shall be an amount equal to the original rental, as defined in section 3 hereof, multiplied by a fraction. Said fraction shall be defined as consisting the numerator of a numerator, which shall be the index number (the "Index Number") indicated under the United States index column C.P.I. of the Consumer Price Index calendar month immediately preceding the effective date of the subject rent escalation, and the denominator of which shall be the C.P.I. for Urban Wage Earners and Clerical Workers (the "CPI") (1982-1984=100) as promulgated by calendar month in which the United States Department original Lease term commenced. The sum so calculated shall constitute the new monthly rent hereunder, but, in no event, shall such new monthly rent be less than 103% of Labor, the rent payable for the month immediately preceding the month date for rent adjustment.
b. In the event the compilation and/or publication of the C.P.I. shall be discontinued, then the index most nearly the same as the C.P.I. shall be used to make such calculation. In the event that Lessor and year Lessee cannot agree on such alternative index, then the matter shall be submitted for decision to the American Arbitration Association in which accordance with the rules of said renewal association and the decision of the arbitrators shall be binding upon the parties. The cost of said Arbitrators shall be paid equally be Lessor and Lessee.
c. Lessor shall notify Lessee of any rental increases purs▇▇▇▇ ▇▇ ▇his paragraph as soon as practicable after the relevant C.P.I. figures have been released. Until such notification, Lessee shall continue to pay the rent in effect during the prior rental period. After notification of a rental increase, Lessee shall commence making rental payments in the increased amount and shall, within ten (10) days after such notification, pay to Lessor the amount of any rental increases due for previous months.
B. If this option to extend is exercised, the option term shall commence on January. 1, 2007 and a denominatorshall end on December 31, which 2011
C. On January 1 2008 January 1 2009, January 1, 2010 and again on January 1, 2011 , the monthly rent payable shall be adjusted upward by 3% over the Index Number for the CPI rent payable for the month and year in which the original commencement date of this Lease occurs. If there shall at the time be no such CPI, the parties shall use the most comparable substitute index in determining rent escalation for said renewal periods. Notwithstanding the above, all other terms and conditions of this Lease Agreement shall remain in full force and effect during the second and third renewal periodsimmediately preceding each rental adjustment.
Appears in 1 contract
Sources: Standard Industrial/Commercial Single Tenant Lease (International Remote Imaging Systems Inc /De/)
Option to Extend. Lessee shall have the option to extend the term ---------------- of ---------------- this lease for three (3) successive additional periods of five (5) years each. Said options shall be exercised automatically unless Lessee, gives Lessor notice of Lessee's desire not to exercise the option. Such extension rights are further subject to Lessee's not being in default under any of the terms and provisions of this lease. The notice not to exercise the option for any five (5) year extension shall be given at least one-hundred eighty (180) days prior to the end of the immediately preceding term of this lease. The first automatic extension of this lease shall be upon the same rental, terms and conditions as are set forth in this Lease Agreement. Rental for the second and third renewal terms of this lease, shall be the an amount equal to the original rental, as defined in section 3 hereof, multiplied by a fraction. Said fraction shall be defined as consisting of a numerator, which shall be the index number (the "Index Number") indicated under the United States index column of the Consumer Price Index for Urban Wage Earners and Clerical Workers (the "CPI") (1982-1984=100) as promulgated by the United States Department of Labor, for the month immediately preceding the month and year in which the said renewal term shall commence and a denominator, which shall be the Index Number for the CPI for the month and year in which the original commencement date of this Lease occurs,. If there shall at the time be no such CPI, the parties shall use the most comparable substitute index in determining rent escalation for said renewal periods. Notwithstanding the above, all other terms and conditions of this Lease Agreement shall remain in full force and effect during the second and third renewal periods.
Appears in 1 contract
Option to Extend. (a) Lessor hereby grants to Lessee shall have the option to extend the term of ---------------- this lease Lease for three (3) successive additional periods of five (5) years each. Said options shall be exercised automatically unless Lessee, gives Lessor notice of Lessee's desire not to exercise the option. Such extension rights are further subject to Lessee's not being in default under any of the terms and provisions of this lease. The notice not to exercise the option for any a five (5) year extension shall be given at least one-hundred eighty period (180the "Option Period") days commencing when the prior term expires upon each and all of the following terms and conditions:
(i) Lessee gives to Lessor, and Lessor actually receives, on a date which is prior to the end date that the Option Period would commence (if exercised) by at least six (6) and not more than nine (9) months, a written notice (in accordance with the provisions of Paragraph 23) of the immediately preceding term exercise of this leaseoption to extend this Lease for said additional term, time being of the essence. The first automatic extension If said notification of the exercise of this lease option to extend is not so given and received, this option shall be upon automatically expire;
(ii) The provisions of Paragraph 39, including the same rental, provision relating to default of Lessee set forth in Paragraph 39.4 of this Lease are conditions of this option to extend;
(iii) All of the terms and conditions as are set forth in of this Lease Agreement. Rental except where specifically modified by this option shall apply;
(iv) Subject to increases pursuant to Paragraph 52, the monthly Base Rent for each month of the second and third renewal terms of this lease, Option Period shall be an amount equal to calculated as follows:
(a) As used herein, the original rental, as defined in section 3 hereof, multiplied by a fraction. Said fraction term "C.P.I." shall be defined as consisting of a numerator, which shall be the index number (the "Index Number") indicated under the United States index column of mean the Consumer Price Index of the Bureau of Labor Statistics of the U.S. Department of Labor for Urban Wage Earners and Clerical Workers (the "CPI") Workers, Los Angeles-Anaheim-Riverside, California (1982-1984=10084=100), "All Items," herein referred to as "C.P.I."
(b) as promulgated The rental amount of $15,525 shall be multiplied by a fraction the United States Department numerator of Laborwhich shall be the C.P.I. of the calendar month that is three (3) months prior to the month during which the Option Period commences and the denominator of which shall be the C.P.I. for the calendar month that is three (3) months prior to the month in which the original term commenced. Subject to increases pursuant to Paragraph 52, the sum calculated shall constitute the new monthly Base Rent during the Option Period, but, in no event, shall such new monthly Base Rent be less than the Base Rent payable for the month immediately preceding the month commencement of the Option Period.
(c) Pending receipt of the required C.P.I. and year in which determination of the said renewal term actual adjustment, Lessee shall commence and a denominatorpay an estimated adjusted rental, which as reasonably determined by Lessor by reference to the then available C.P.I. information. Upon notification of the actual adjustment after publication of the required C.P.I., any overpayment shall be credited against the Index Number next installment of rent due, and any underpayment shall be immediately due and payable by Lessee. Lessor's failure to request payment of an estimated or actual rent adjustment shall not constitute a waiver of the right to any adjustment provided for in the CPI Lease or this addendum.
(d) In the event the compilation and/or publication of the C.P.I. shall be transferred to any other governmental department or bureau or agency or shall be discontinued, then the index most nearly the same as the C.P.I. shall be used to make such calculation. In the event that Lessor and Lessee cannot agree on such alternative index, then the matter shall be submitted for decision to the month American Arbitration Association in accordance with the then rules of said association and year in which the original commencement date decision of this Lease occursthe arbitrators shall be binding upon the Parties. If there The cost of said arbitrators shall at the time be no such CPI, the parties shall use the most comparable substitute index in determining rent escalation for said renewal periods. Notwithstanding the above, all other terms paid equally by Lessor and conditions of this Lease Agreement shall remain in full force and effect during the second and third renewal periodsLessee.
Appears in 1 contract
Sources: Standard Industrial/Commercial Single Tenant Lease (Modtech Inc)
Option to Extend. Lessee shall have A. Landlord grants to Tenant the option to extend the term of ---------------- this lease Lease for three two 3-year periods commencing when the prior term expires upon each and all of the following terms and conditions:
(3i) successive additional periods of five (5) years each. Said options shall be exercised automatically unless Lessee, Tenant gives Lessor to Landlord and Landlord receives notice of Lessee's desire the exercise of the option to extend this Lease for said additional term no later than twelve (12) months prior to the time that the option period would commence if the option were exercised, time being of the essence. If said notification of the exercise of said option is not to so given and received, this option shall automatically expire;
(ii) At the time said written notification of exercise the option. Such extension rights are further subject to Lessee's of option is given and received, Tenant shall not being be in default under any of the terms and provisions material obligations of this lease. The notice Lease to be performed by Tenant and this Lease shall not to exercise the option for any five (5) year extension shall be given at least one-hundred eighty (180) days have previously terminated nor terminated prior to the end commencement of the immediately preceding term of this lease. The first automatic extension of this lease shall be upon the same rental, terms and conditions as are set forth in this Lease Agreement. Rental for the second and third renewal terms of this lease, shall be an amount equal to the original rental, as defined in section 3 hereof, multiplied by a fraction. Said fraction shall be defined as consisting of a numerator, which shall be the index number option term;
(the "Index Number"iii) indicated under the United States index column All of the Consumer Price Index for Urban Wage Earners and Clerical Workers (the "CPI") (1982-1984=100) as promulgated by the United States Department of Labor, for the month immediately preceding the month and year in which the said renewal term shall commence and a denominator, which shall be the Index Number for the CPI for the month and year in which the original commencement date of this Lease occurs. If there shall at the time be no such CPI, the parties shall use the most comparable substitute index in determining rent escalation for said renewal periods. Notwithstanding the above, all other terms and conditions of this Lease Agreement except where specifically modified by this option shall remain in full force and effect apply;
(iv) The monthly rent for each month of the option period shall be calculated as follows: The rent payable by Tenant during the first option period shall be the Fair Market Rental Value of the Premises (as defined below) at the commencement date of the option period. There shall be an annual C.P.I. increase not to exceed four percent (4%) in each subsequent year of the first option period. The rent in the first year of the second option period shall be the rent in the last year of the first option period to which will be added a C.P.I. increase not to exceed four percent (4%). There shall be an annual C.P.I. increase not to exceed four percent (4%) in each subsequent year of the second option period. All of the C.P.I. increases during the option periods shall be calculated on the basis of the formula provided in the Lease P.5.B. If Landlord and Tenant cannot agree on the Fair Market Rental Value of the Premises for the extension periods within forty-five (45) days after the Tenant has notified Landlord of its exercise of the option, Landlord and Tenant shall each select, within forty-five (45) days of such notification, an appraiser who must be a qualified M.A.I. appraiser to determine said Fair Market Rental Value. If one party fails to so designate an appraiser within the time required, the determination of Fair Market Rental Value of the one appraiser who has been designated by the other party hereto within the time required shall be binding upon both parties. The appraisers shall submit their determinations of Fair Market Rental Value to both parties within thirty (30) days after their selection. If the difference between the two determinations is ten percent (10%) or less of the higher appraisal, then the average between the two determinations shall be the Fair Market Rental Value of the Premises. If said difference is greater than ten percent (10%), then the two appraisers shall within twenty (20) days of the date that the later submittal is submitted to the parties designate a third renewal periodsappraiser who must also be a qualified M.A.I. appraiser. The sole responsibility of the third appraiser will be to determine which of the determinations made by the first appraisers is most accurate. The third appraiser shall have no right to propose a middle ground or any modification of either of the determinations made by the first two appraisers. The third appraiser's choice shall be submitted to the parties within thirty (30) days after his or her selection. Such determination shall bind both of the parties and shall establish the Fair Market Rental Value of the Premises. Each party shall pay for their own appraiser and shall pay an equal share of the fees and expenses of the third appraiser. Fair Market Rental Value for purpose of this Lease shall mean the then prevailing rent for premises comparable in size, quality, and orientation to the demised Premises, located in buildings comparable in size to, and in the general vicinity of, the building which the demised Premises are located, leased on terms comparable to the terms contained in this Lease.
Appears in 1 contract
Option to Extend. Lessee shall have A. Landlord grants to Tenant the option to extend the term of ---------------- this lease Lease for three two 3-year periods commencing when the prior term expires upon each and all of the following terms and conditions:
(3i) successive additional periods of five (5) years each. Said options shall be exercised automatically unless Lessee, Tenant gives Lessor to Landlord and Landlord receives notice of Lessee's desire the exercise of the option to extend this Lease for said additional term no later than twelve (12) months prior to the time that the option period would commence if the option were exercised, time being of the essence. If said notification of the exercise of said option is not to so given and received, this option shall automatically expire;
(ii) At the time said written notification of exercise the option. Such extension rights are further subject to Lessee's of option is given and received, Tenant shall not being be in default under any of the terms and provisions material obligations of this lease. The notice Lease to be performed by Tenant and this Lease shall not to exercise the option for any five (5) year extension shall be given at least one-hundred eighty (180) days have previously terminated nor terminated prior to the end commencement of the immediately preceding term of this lease. The first automatic extension of this lease shall be upon the same rental, terms and conditions as are set forth in this Lease Agreement. Rental for the second and third renewal terms of this lease, shall be an amount equal to the original rental, as defined in section 3 hereof, multiplied by a fraction. Said fraction shall be defined as consisting of a numerator, which shall be the index number option term;
(the "Index Number"iii) indicated under the United States index column All of the Consumer Price Index for Urban Wage Earners and Clerical Workers (the "CPI") (1982-1984=100) as promulgated by the United States Department of Labor, for the month immediately preceding the month and year in which the said renewal term shall commence and a denominator, which shall be the Index Number for the CPI for the month and year in which the original commencement date of this Lease occurs. If there shall at the time be no such CPI, the parties shall use the most comparable substitute index in determining rent escalation for said renewal periods. Notwithstanding the above, all other terms and conditions of this Lease Agreement except where specifically modified by this option shall remain in full force and effect apply;
(iv) The monthly rent for each month of the option period shall be calculated as follows: The rent payable by Tenant during the first option period shall be the Fair Market Rental Value of the Premises (as defined below) at the commencement date of the option period. There shall be an annual C. P.I. increase not to exceed four percent (4%) in each subsequent year of the first option period. The rent in the first year of the second option period shall be the rent in the last year of the first option period to which will be added a C. P.I. increase not to exceed four percent (4%). There shall be an annual C. P.I. increase not to exceed four percent (4%) in each subsequent year of the second option period. All of the C. P.I. increases during the option periods shall be calculated on the basis of the formula provided in the Lease P.5.B. If Landlord and Tenant cannot agree on the Fair Market Rental Value of the Premises for the extension periods within forty-five (45) days after the Tenant has notified Landlord of its exercise of the option, Landlord and Tenant shall each select, within forty-five (45) days of such notification, an appraiser who must be a qualified M.A.I. appraiser to determine said Fair Market Rental Value. If one party fails to so designate an appraiser within the time required, the determination of Fair Market Rental Value of the one appraiser who has been designated by the other party hereto within the time required shall be binding upon both parties. The appraisers shall submit their determinations of Fair Market Rental Value to both parties within thirty (30) days after their selection. If the difference between the two determinations is ten percent (10%) or less of the higher appraisal, then the average between the two determinations shall be the Fair Market Rental Value of the Premises. If said difference is greater than ten percent (10%), then the two appraisers shall within twenty (20) days of the date that the later submittal is submitted to the parties designate a third renewal periodsappraiser who must also be a qualified M.A.I. appraiser. The sole responsibility of the third appraiser will be to determine which of the determinations made by the first appraisers is most accurate. The third appraiser shall have no right to propose a middle ground or any modification of either of the determinations made by the first two appraisers. The third appraiser's choice shall be submitted to the parties within thirty (30) days after his or her selection. Such determination shall bind both of the parties and shall establish the Fair Market Rental Value of the Premises. Each party shall pay for their own appraiser and shall pay an equal share of the fees and expenses of the third appraiser. Fair Market Rental Value for purpose of this Lease shall mean the then prevailing rent for premises comparable in size, quality, and orientation to the demised Premises, located in buildings comparable in size to, and in the general vicinity of, the building which the demised Premises are located, leased on terms comparable to the terms contained in this Lease.
Appears in 1 contract
Option to Extend. Lessor hereby grants to Lessee shall have the option to extend the term of ---------------- this lease the Lease for three one (31) successive additional periods of five (55)-year period (the "Extension Option") years each. Said options shall be exercised automatically unless Lessee, gives Lessor notice of Lessee's desire not to exercise commencing when the option. Such extension rights are further subject to Lessee's not being in default under any initial term of the Lease expires upon each and all of the following terms and provisions of this lease. The notice not conditions:
(a) Lessee shall give to exercise Lessor on a date which is prior to the date that the option for any five period would commence (5if exercised) year extension shall be given by at least one-one hundred eighty (180) days prior to the end days, a written notice of the immediately preceding term exercise of this leasethe option to extend the Lease for said additional term, time being of the essence. The first automatic extension of this lease Such notice shall be upon given in accordance with the same rentalprovisions of Paragraph 23 of the Lease. If said notification of the exercise of said option is not so given and received, this option shall automatically expire.
(b) The terms and conditions as are set forth in of Paragraphs 39.3 and 39.4 of the Lease shall apply to this Extension Option.
(c) All of the terms and conditions of the Lease Agreement. Rental for the second and third renewal terms of except where specifically modified by this lease, Addendum section shall apply.
(d) The Base Rent shall be an amount equal to adjusted on the original rentalfirst day of the thirteenth (13th), thirty-first (31st) and forty-ninth (49th) months of the term of the Extension Option (the "Option Period CPI Dates") as defined provided in section 3 hereof(e) below based on the increase in the CPI-U; provided, however, in no event shall the Base Rent be increased by less than 6.173% nor more than 9.393% on each Option Period CPI Date.
(e) The increased monthly Base Rent payable on each Option Period CPI Date shall be calculated as follows: the monthly Base Rent due immediately preceding the applicable Option Period CPI Date shall be multiplied by a fraction. Said fraction shall be defined as consisting , the numerator of a numerator, which shall be the index number (the "Index Number") indicated under the United States index column of the Consumer Price Index for Urban Wage Earners and Clerical Workers (the "CPI") (1982-1984=100) as promulgated by the United States Department of Labor, U for the calendar month immediately preceding that is three (3) months prior to the month applicable Option Period CPI Date, and year in which the said renewal term shall commence and a denominator, denominator of which shall be the Index Number CPI-U for the calendar month which is one (1) year and three (3) months prior to the applicable Option Period CPI for the month and year in which the original commencement date of this Lease occurs. If there shall at the time be no such CPI, the parties shall use the most comparable substitute index in determining rent escalation for said renewal periods. Notwithstanding the above, all other terms and conditions of this Lease Agreement shall remain in full force and effect during the second and third renewal periodsDate.
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Option to Extend. (a) In the event Lessee shall not then be in ---------------- default hereunder and shall have made all previous rental payments in a timely manner (no more than one payment in each calendar year being delinquent, as defined in Paragraph 3 hereof), Lessee shall have the option right, not earlier than nine (9) months prior to extend the date of the expiration of the term of ---------------- this lease Lease and not later than six (6) months prior to the date of the expiration of the term of this Lease, to renew the term of this Lease for three (3) successive additional periods a further term of five (5) years each. Said options from the date of expiration of the term of this Lease.
(b) Such election shall be exercised automatically unless Lessee, gives made by Lessee by serving upon Lessor a notice in writing to the effect that Lessee elects to renew and extend the term of this Lease for such extended term.
(c) In the event Lessee shall elect to renew this Lease and shall serve notice of Lessee's desire not to exercise such election, upon the option. Such extension rights are further subject to Lessee's not being in default under any expiration of the terms and provisions term of this lease. The notice not to exercise the option Lease, it shall be automatically extended for any an additional term of five (5) year extension shall be given at least one-hundred eighty (180) days prior to years from the end date of expiration of the immediately preceding original term of this lease. The first automatic extension of this lease shall be upon the same rental, terms and conditions as are set forth in this Lease Agreement. Rental Lease.
(d) Except for the second and third renewal terms of this lease, shall be an amount equal to the original rental, as defined in section 3 hereof, multiplied by a fraction. Said fraction shall be defined as consisting of a numerator, which shall be the index number (the "Index Number") indicated under the United States index column redetermination of the Consumer Price Index for Urban Wage Earners and Clerical Workers (the "CPI") (1982-1984=100) as promulgated by the United States Department of Labor, for the month immediately preceding the month and year base rental in which the said renewal term shall commence and a denominator, which shall be the Index Number for the CPI for the month and year in which the original commencement date of accordance with this Lease occurs. If there shall at the time be no such CPI, the parties shall use the most comparable substitute index in determining rent escalation for said renewal periods. Notwithstanding the aboveParagraph 45, all other terms and conditions of the original lease agreement shall apply to the extended term.
(i) During the first year of extended term of this Lease, if any, Lessee shall pay to Lessor as Monthly Base Rent for the Premises monthly rent in an amount equal to the then current fair market value of the Premises. Such Monthly Base Rent shall be increased annually during the extended term in proportion to the increase in the Consumer Price Index, All Items, San Francisco-Oakland-San ▇▇▇▇, All Urban Consumers, 1982-84=100. The base index shall be the index for August, 2003. The adjustment index shall be the index for August, 2004. The percentage increase between those two indexes shall be applied to the Monthly Base Rent for the first year of the extended term to determine the Monthly Base Rent for the next year of the extended term. The same procedure shall be used for each subsequent year of the extended term. In no event, however, shall the Monthly Base Rent for the first year of the extended term or for any subsequent year be less than that of the immediately preceding year.
(ii) Lessor and Lessee shall have thirty (30) days after service of Lessee's notice of election to renew on Lessor to agree on such monthly fair market rental value of the Premises. If Lessor and Lessee agree on such amount during such thirty (30) day period, then they shall immediately execute an amendment to this Lease Agreement setting forth the Monthly Base Rent for the first year of the extended term of this Lease. If Lessor and Lessee are unable to agree on such amount within such thirty (30) day period, then they shall remain each, within thirty (30) days of the expiration of such period, appoint a real estate broker knowledgeable of the monthly rentals charged for similar commercial space in full force the Sunnyvale area and effect during such brokers shall then endeavor to agree on the monthly fair market rental value of the Premises. If the two brokers agree on the monthly fair market rental value of the Premises, their decision shall be binding on the parties. If either party hereto does not appoint a broker within such second thirty (30) day period, then the single broker appointed shall be the sole broker and shall establish such amounts alone.
(iii) If the brokers so appointed are unable to agree on the monthly fair market rental value of the Premises within thirty (30) days after the second broker has been appointed, then the two brokers shall attempt to select a third broker meeting the qualifications set forth above within ten (10) days after the last day the two brokers are given to establish such amount. If the two brokers are unable to agree on a third broker, either party hereto, after giving ten (10) days' notice to the other party, can apply to the then President of the Real Estate Board of Santa ▇▇▇▇▇ County, or to the presiding judge of the Superior Court of Santa ▇▇▇▇▇ County, for the selection of a third broker. The three brokers shall then establish the monthly fair market rental value of the Premises by majority vote. Lessor and Lessee shall each bear the cost of their own broker and 1/2 of the cost of appointing the third renewal periodsbroker and of the third broker's fee.
Appears in 1 contract
Option to Extend. Lessee shall have the option to extend the term ---------------- of ---------------- this lease for three (3) successive additional periods of five (5) years each. Said options shall be exercised automatically unless Lessee, gives Lessor notice of Lessee's desire not to exercise the option. Such extension rights are further subject to Lessee's not being in default under any of the terms and provisions of this lease. The notice not to exercise the option for any five (5) year extension shall be given at least one-hundred eighty (180) days prior to the end of the immediately preceding term of this lease. The first automatic extension of this lease shall be upon the same rental, terms and conditions as are set forth in this Lease Agreement. Rental for the second and third renewal terms of this lease, shall be the an amount equal to the original rental, as defined in section 3 hereof, multiplied by a fraction. Said fraction shall be defined as consisting of a numerator, which shall be the index number (the "Index Number") indicated under the United States index column of the Consumer Price Index for Urban Wage Earners and Clerical Workers (the "CPI") (1982-1984=100) as promulgated by the United States Department of Labor, for the month immediately preceding the month and year in which the said renewal term shall commence and a denominator, which shall be the Index Number for the CPI for the month and year in which the original commencement date of this Lease occurs. If there shall at the time be no such CPI, the parties shall use the most comparable substitute index in determining rent escalation for said renewal periods. Notwithstanding the above, all other terms and conditions of this Lease Agreement shall remain in full force and effect during the second and third renewal periods.
Appears in 1 contract
Option to Extend. (a) Provided that there is no Breach by Lessee shall have of the Lease at the time of either Lessee's delivery of the "Option Notice" (as hereinafter defined) or the commencement date of the Option Term, lessor hereby grants to Lessee one (1) option ("the Option") to extend the term of ---------------- this lease Lease for three (3) successive an additional periods period of five (5) years each. Said options shall be exercised automatically unless Lessee, gives Lessor notice of Lessee's desire not to exercise ("the option. Such extension rights are further subject to Lessee's not being in default under any of the terms and provisions of this leaseOption Term"). The Option must be exercised, if at all, by written notice delivered by Lessee at Lessor (the "Option Notice") not to exercise the option for any five earlier than six (56) year extension shall be given at least one-hundred eighty months, nor later than four (1804) days months, prior to the end of the immediately preceding term Original Term. Provided Lessee has properly and timely delivered the Option Notice, the Original Term shall be extended by the Option Term, and all of this leasethe terms, covenants and conditions of the Lease shall remain unmodified and in full force and effect, except that the Base Rent Payable by Lessee during the Option Term shall be increased at the then "Market Rate". The first automatic extension "Market Rate" will be determined by Lessor, who will use the U.S. Labor Department , Bureau of this Labor Statistics, plus the local Industrial/Commercial Real Estate rates as a determinate for the increase.
(b) Lessor and Lessee shall execute an amendment to the lease shall be upon promptly after Lessee's exercise of the same rental, Option in order to incorporate the Option Term and any other lease terms and conditions as are thereof into the Lease.
(c) Notwithstanding anything to the contrary set forth in this Lease Agreement. Rental Paragraph 50, in no event shall the Base Rent payable by Lessee for the second and third renewal terms of this lease, shall Premises during the Option Term ever be an amount equal less than the Base Rent payable by Lessee to Lessor for the original rental, as defined in section 3 hereof, multiplied by a fraction. Said fraction shall be defined as consisting of a numerator, which shall be the index number (the "Index Number") indicated under the United States index column last month of the Consumer Price Index for Urban Wage Earners and Clerical Workers (the "CPI") (1982-1984=100) as promulgated by the United States Department of Labor, for the month immediately preceding the month and year in which the said renewal term shall commence and a denominator, which shall be the Index Number for the CPI for the month and year in which the original commencement date of this Lease occurs. If there shall at the time be no such CPI, the parties shall use the most comparable substitute index in determining rent escalation for said renewal periods. Notwithstanding the above, all other terms and conditions of this Lease Agreement shall remain in full force and effect during the second and third renewal periodsOriginal Term.
Appears in 1 contract
Option to Extend. Lessee shall have A. Landlord grants to Tenant the option to extend the term of ---------------- this lease Lease for three two 3-year periods commencing when the prior term expires upon each and all of the following terms and conditions:
(3i) successive additional periods of five (5) years each. Said options shall be exercised automatically unless Lessee, Tenant gives Lessor to Landlord and Landlord receives notice of Lessee's desire the exercise of the option to extend this Lease for said additional term no later than twelve (12) months prior to the time that the option period would commence if the option were exercised, time being of the essence. If said notification of the exercise of said option is not to so given and received, this option shall automatically expire;
(ii) At the time said written notification of exercise the option. Such extension rights are further subject to Lessee's of option is given and received, Tenant shall not being be in default under any of the terms and provisions material obligations of this lease. The notice Lease to be performed by Tenant and this Lease shall not to exercise the option for any five (5) year extension shall be given at least one-hundred eighty (180) days have previously terminated nor terminated prior to the end commencement of the immediately preceding term of this lease. The first automatic extension of this lease shall be upon the same rental, terms and conditions as are set forth in this Lease Agreement. Rental for the second and third renewal terms of this lease, shall be an amount equal to the original rental, as defined in section 3 hereof, multiplied by a fraction. Said fraction shall be defined as consisting of a numerator, which shall be the index number option term;
(the "Index Number"iii) indicated under the United States index column All of the Consumer Price Index for Urban Wage Earners and Clerical Workers (the "CPI") (1982-1984=100) as promulgated by the United States Department of Labor, for the month immediately preceding the month and year in which the said renewal term shall commence and a denominator, which shall be the Index Number for the CPI for the month and year in which the original commencement date of this Lease occurs. If there shall at the time be no such CPI, the parties shall use the most comparable substitute index in determining rent escalation for said renewal periods. Notwithstanding the above, all other terms and conditions of this Lease Agreement except where specifically modified by this option shall remain in full force and effect apply;
(iv) The monthly rent for each month of the option period shall be calculated as follows: The rent payable by Tenant during the first option period shall be the Fair Market Rental Value of the Premises (as defined below) at the commencement date of the option period. There shall be an annual C.P.I. increase not to exceed four percent (4%) in each subsequent year of the first option period. The rent in the first year of the second option period shall be the rent in the last year of the first option period to which will be added a C.P.I. increase not to exceed four percent (4%). There shall be an annual C.P.I. increase not to exceed four percent (4%) in each subsequent year of the second option period. All of the C.P.I. increases during the option periods shall be calculated on the basis of the formula provided in the Lease P. 5.B. If Landlord and Tenant cannot agree on the Fair Market Rental Value of the Premises for the extension periods within forty-five (45) days after the Tenant has notified Landlord of its exercise of the option, Landlord and Tenant shall each select, within forty-five (45) days of such notification, an appraiser who must be a qualified M.A.I. appraiser to determine said Fair Market Rental Value. If one party fails to so designate an appraiser within the time required, the determination of Fair Market Rental Value of the one appraiser who has been designated by the other party hereto within the time required shall be binding upon both parties. The appraisers shall submit their determinations of Fair Market Rental Value to both parties within thirty (30) days after their selection. If the difference between the two determinations is ten percent (10%) or less of the higher appraisal, then the average between the two determinations shall be the Fair Market Rental Value of the Premises. If said difference is greater than ten percent (10%), then the two appraisers shall within twenty (20) days of the date that the later submittal is submitted to the parties designate a third renewal periodsappraiser who must also be a qualified M.A.I. appraiser. The sole responsibility of the third appraiser will be to determine which of the determinations made by the first appraisers is most accurate. The third appraiser shall have no right to propose a middle ground or any modification of either of the determinations made by the first two appraisers. The third appraiser's choice shall be submitted to the parties within thirty (30) days after his or her selection. Such determination shall bind both of the parties and shall establish the Fair Market Rental Value of the Premises. Each party shall pay for their own appraiser and shall pay an equal share of the fees and expenses of the third appraiser.
Appears in 1 contract
Option to Extend. Lessee shall have A. Landlord grants to Tenant the option to extend the term of ---------------- this lease Lease for three two 3-year periods commencing when the prior term expires upon each and all of the following terms and conditions:
(3i) successive additional periods of five (5) years each. Said options shall be exercised automatically unless Lessee, Tenant gives Lessor to Landlord and Landlord receives notice of Lessee's desire the exercise of the option to extend this Lease for said additional term no later than twelve (12) months prior to the time that the option period would commence if the option were exercised, time being of the essence. If said notification of the exercise of said option is not to so given and received, this option shall automatically expire;
(ii) At the time said written notification of exercise the option. Such extension rights are further subject to Lessee's of option is given and received, Tenant shall not being be in default under any of the terms and provisions material obligations of this lease. The notice Lease to be performed by Tenant and this Lease shall not to exercise the option for any five (5) year extension shall be given at least one-hundred eighty (180) days have previously terminated nor terminated prior to the end commencement of the immediately preceding term of this lease. The first automatic extension of this lease shall be upon the same rental, terms and conditions as are set forth in this Lease Agreement. Rental for the second and third renewal terms of this lease, shall be an amount equal to the original rental, as defined in section 3 hereof, multiplied by a fraction. Said fraction shall be defined as consisting of a numerator, which shall be the index number option term;
(the "Index Number"iii) indicated under the United States index column All of the Consumer Price Index for Urban Wage Earners and Clerical Workers (the "CPI") (1982-1984=100) as promulgated by the United States Department of Labor, for the month immediately preceding the month and year in which the said renewal term shall commence and a denominator, which shall be the Index Number for the CPI for the month and year in which the original commencement date of this Lease occurs. If there shall at the time be no such CPI, the parties shall use the most comparable substitute index in determining rent escalation for said renewal periods. Notwithstanding the above, all other terms and conditions of this Lease Agreement except where specifically modified by this option shall remain in full force and effect apply;
(iv) The monthly rent for each month of the option period shall be calculated as follows: The rent payable by Tenant during the first option period shall be the Fair Market Rental Value of the Premises (as defined below) at the commencement date of the option period. There shall be an annual C. P.I. increase not to exceed four percent (4%) in each subsequent year of the first option period. The rent in the first year of the second option period shall be the rent in the last year of the first option period to which will be added a C. P.I. increase not to exceed four percent (4%). There shall be an annual C. P.I. increase not to exceed four percent (4%) in each subsequent year of the second option period. All of the C. P.I. increases during the option periods shall be calculated on the basis of the formula provided in the Lease P. 5.B. If Landlord and Tenant cannot agree on the Fair Market Rental Value of the Premises for the extension periods within forty-five (45) days after the Tenant has notified Landlord of its exercise of the option, Landlord and Tenant shall each select, within forty-five (45) days of such notification, an appraiser who must be a qualified M.A.I. appraiser to determine said Fair Market Rental Value. If one party fails to so designate an appraiser within the time required, the determination of Fair Market Rental Value of the one appraiser who has been designated by the other party hereto within the time required shall be binding upon both parties. The appraisers shall submit their determinations of Fair Market Rental Value to both parties within thirty (30) days after their selection. If the difference between the two determinations is ten percent (10%) or less of the higher appraisal, then the average between the two determinations shall be the Fair Market Rental Value of the Premises. If said difference is greater than ten percent (10%), then the two appraisers shall within twenty (20) days of the date that the later submittal is submitted to the parties designate a third renewal periodsappraiser who must also be a qualified M.A.I. appraiser. The sole responsibility of the third appraiser will be to determine which of the determinations made by the first appraisers is most accurate. The third appraiser shall have no right to propose a middle ground or any modification of either of the determinations made by the first two appraisers. The third appraiser's choice shall be submitted to the parties within thirty (30) days after his or her selection. Such determination shall bind both of the parties and shall establish the Fair Market Rental Value of the Premises. Each party shall pay for their own appraiser and shall pay an equal share of the fees and expenses of the third appraiser.
Appears in 1 contract
Option to Extend. Lessee shall have A. Landlord grants to Tenant the option to extend the term of ---------------- this lease Lease for three two 3-year periods commencing when the prior term expires upon each and all of the following terms and conditions:
(3i) successive additional periods of five (5) years each. Said options shall be exercised automatically unless Lessee, Tenant gives Lessor to Landlord and Landlord receives notice of Lessee's desire the exercise of the option to extend this Lease for said additional term no later than twelve (12) months prior to the time that the option period would commence if the option were exercised, time being of the essence. If said notification of the exercise of said option is not to so given and received, this option shall automatically expire;
(ii) At the time said written notification of exercise the option. Such extension rights are further subject to Lessee's of option is given and received, Tenant shall not being be in default under any of the terms and provisions material obligations of this lease. The notice Lease to be performed by Tenant and this Lease shall not to exercise the option for any five (5) year extension shall be given at least one-hundred eighty (180) days have previously terminated nor terminated prior to the end commencement of the immediately preceding term of this lease. The first automatic extension of this lease shall be upon the same rental, terms and conditions as are set forth in this Lease Agreement. Rental for the second and third renewal terms of this lease, shall be an amount equal to the original rental, as defined in section 3 hereof, multiplied by a fraction. Said fraction shall be defined as consisting of a numerator, which shall be the index number option term;
(the "Index Number"iii) indicated under the United States index column All of the Consumer Price Index for Urban Wage Earners and Clerical Workers (the "CPI") (1982-1984=100) as promulgated by the United States Department of Labor, for the month immediately preceding the month and year in which the said renewal term shall commence and a denominator, which shall be the Index Number for the CPI for the month and year in which the original commencement date of this Lease occurs. If there shall at the time be no such CPI, the parties shall use the most comparable substitute index in determining rent escalation for said renewal periods. Notwithstanding the above, all other terms and conditions of this Lease Agreement except where specifically modified by this option shall remain in full force and effect apply;
(iv) The monthly rent for each month of the option period shall be calculated as follows: The rent payable by Tenant during the first option period shall be the Fair Market Rental Value of the Premises (as defined below) at the commencement date of the option period. There shall be an annual C.P.I. increase not to exceed four percent (4%) in each subsequent year of the first option period. The rent in the first year of the second option period shall be the rent in the last year of the first option period to which will be added a C.P.I. increase not to exceed four percent (4%). There shall be an annual C.P.I. increase not to exceed four percent (4%) in each subsequent year of the second option period. All of the C.P.I. increases during the option periods shall be calculated on the basis of the formula provided in the Lease 1 5.B. If Landlord and Tenant cannot agree on the Fair Market Rental Value of the Premises for the extension periods within forty-five (45) days after the Tenant has notified Landlord of its exercise of the option, Landlord and Tenant shall each select, within forty-five (45) days of such notification, an appraiser who must be a qualified M.A.I. appraiser to determine said Fair Market Rental Value. If one party fails to so designate an appraiser within the time required, the determination of Fair Market Rental Value of the one appraiser who has been designated by the other party hereto within the time required shall be binding upon both parties. The appraisers shall submit their determinations of Fair Market Rental Value to both parties within thirty (30) days after their selection. If the difference between the two determinations is ten percent (10%) or less of the higher appraisal, then the average between the two determinations shall be the Fair Market Rental Value of the Premises. If said difference is greater than ten percent (10%), then the two appraisers shall within twenty (20) days of the date that the later submittal is submitted to the parties designate a third renewal periodsappraiser who must also be a qualified M.A.I. appraiser. The sole responsibility of the third appraiser will be to determine which of the determinations made by the first appraisers is most accurate. The third appraiser shall have no right to propose a middle ground or any modification of either of the determinations made by the first two appraisers. The third appraiser's choice shall be submitted to the parties within thirty (30) days after his or her selection. Such determination shall bind both of the parties and shall establish the Fair Market Rental Value of the Premises. Each party shall pay for their own appraiser and shall pay an equal share of the fees and expenses of the third appraiser.
Appears in 1 contract
Option to Extend. Lessee shall have the option Landlord hereby grants to Tenant two (2) options to extend the Lease Term for an additional term of ---------------- this lease for three 36 months each option (3) successive additional periods of five (5) years eachthe "Extension"), on the same terms and conditions as set forth in the Lease, but at an increased rent as set forth below. Said options This Option shall be exercised automatically unless Lessee, gives Lessor only by written notice delivered to Landlord at least ninety (90) days before the expiration of the Lease Term. If Tenant fails to deliver Landlord written notice of Lessee's desire exercise of Option within the prescribed time period, said Option shall lapse, and there shall be no further right to extend the Lease Term. Option shall be exercisable by Tenant on the express conditions that (a) at the time of the exercise, and at all times prior to the commencement of such Extension, Tenant shall not to exercise the option. Such extension rights are further subject to Lessee's not being be in default under any of the terms and provisions of this leasethe Lease. The notice not If Lessee exercises the first Option to exercise Extend, the option for any five (5) year extension rental rate shall be given at least one-hundred eighty (180) days prior to adjusted as follow: Beginning Month 31, the end of the immediately preceding term of this lease. The first automatic extension of this lease above monthly rent shall be upon adjusted in the same rental, terms and conditions as are set forth in this Lease Agreement. Rental for the second and third renewal terms of this lease, shall be an amount equal to the original rental, as defined in section 3 hereof, multiplied by a fraction. Said fraction shall be defined as consisting of a numerator, which shall be the index number (the "Index Number") indicated under the United States index column of percentage proportion that the Consumer Price Index for Urban Wage Earners Pacific Cities and Clerical Workers U.S. Average - All items (1982=100) for the "CPI"San Francisco Bay Area (Index) (1982-1984=100) as promulgated published monthly by the United States U.S. Department of Labor, Bureau of Labor Statistics last published prior to the adjustment date has increased or decreased over the Index last published prior to commencement of this lease. In no ever, however, shall the rent be less than that described above. If the Index is discontinued or revised, such other government index or computation with which ADDENDUM "A" (CONT.) it is ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇ ▇▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ly the same result as would be obtained if the Index has not been discontinued or revised. If Lessee exercises the second Option to Extend, the rental rate shall be adjusted as follows: Beginning the first month of the second option period, the above monthly rent shall be adjusted in the same percentage proportion that the Consumer Price Index for Pacific Cities and U.S. Average - All items (1982=100) for the month immediately preceding San Francisco Bay Area (Index) published monthly by the month and year in U.S. Department of Labor, Bureau of Labor Statistics last published prior to the adjustment date has increased or decreased over the Index last published prior to commencement of this lease. In no event, however, shall the rent be less than that described above. If the Index is discontinued or revised, such other government index or computation with which the said renewal term shall commence and a denominator, which it is replaced shall be used in order to obtain substantially the same result as would be obtained if the Index Number for had not been discontinued or revised. In reference to the CPI for contract (Stand Industrial/Commercial Multi-Tenant Lease-Modified Net) dated April 24, 1997 covering the month and year in which the original commencement date of this Lease occurspremises commonly known as 2142 Research Drive, Livermore, California 94550 between FormF▇▇▇▇▇, ▇▇▇., ▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇ ▇. If there shall at the time be no such CPI, the parties shall use the most comparable substitute index in determining rent escalation for said renewal periods. Notwithstanding the above, all other terms and conditions of this Lease Agreement shall remain in full force and effect during the second and third renewal periods▇▇▇▇▇▇ ▇▇ ▇▇▇sor.
Appears in 1 contract
Sources: Standard Industrial/Commercial Multi Tenant Lease (Formfactor Inc)
Option to Extend. A. Lessor hereby grants to Lessee shall have the option to extend the term of ---------------- this lease Lease for three (3) successive additional periods of five a Five (5) years each. Said options shall be exercised automatically unless Lessee, year period commencing when the prior term expires upon each and all of the following terms and conditions:
(i) Lessee gives to Lessor and Lessor receives written notice of Lessee's desire the exercise of the option to extend this Lease for said additional term no earlier than nine months and no later than six months prior to the time that the option period would commence if the option were exercised, time being of the essence. If said notification of the exercise of said option is not so given and received, this option shall automatically expire;
(ii) The provisions of paragraph 39, including the provision relating to exercise the option. Such extension rights default of Lessee set forth in paragraph 39.4 of this Lease are further subject to Lessee's not being in default under any conditions of this Option;
(iii) All of the terms and provisions conditions of this lease. The notice not to exercise Lease except where specifically modified by this option shall apply;
(iv) On January 1, 2007 , the option for any five (5) year extension monthly rent payable under paragraph 1.5 and 4 of the attached Lease shall be given at least one-hundred eighty (180) days prior to adjusted by the end increase, if any, from the date this Lease commenced in the C.P.I. As used herein, the term "C.P.I. shall mean the Consumer Price Index of the immediately preceding Bureau of Labor Statistics of the U.S. Department of Labor for All Urban Consumers, Los Angeles-Anaheim-Riverside, California (1982/84=100), "All Items", herein referred to as "C.P.I."
a. The monthly rent payable in accordance with paragraph A(iv) of this Addendum shall be calculated as follows: the rent payable for the first month of the term of this lease. The first automatic extension of this lease shall be upon the same rentalLease, terms and conditions as are set forth in this Lease Agreement. Rental for paragraph 4 of the second and third renewal terms of this leaseattached Lease, shall be an amount equal to the original rental, as defined in section 3 hereof, multiplied by a fraction. Said fraction shall be defined as consisting the numerator of a numerator, which shall be the index number (the "Index Number") indicated under the United States index column C.P.I. of the Consumer Price Index calendar month immediately preceding the effective date of the subject rent escalation, and the denominator of which shall be the C.P.I. for Urban Wage Earners and Clerical Workers (the "CPI") (1982-1984=100) as promulgated by calendar month in which the United States Department original Lease term commenced. The sum so calculated shall constitute the new monthly rent hereunder, but, in no event, shall such new monthly rent be less than 103% of Labor, the rent payable for the month immediately preceding the month date for rent adjustment.
b. In the event the compilation and/or publication of the C.P.I. shall be discontinued, then the index most nearly the same as the C.P.I. shall be used to make such calculation. In the event that Lessor and year Lessee cannot agree on such alternative index, then the matter shall be submitted for decision to the American Arbitration Association in which accordance with the rules of said renewal association and the decision of the arbitrators shall be binding upon the parties. The cost of said Arbitrators shall be paid equally be Lessor and Lessee.
▇. ▇▇▇▇▇▇ shall notify Lessee of any rental increases pursuant to this paragraph as soon as practicable after the relevant C.P.I. figures have been released. Until such notification, Lessee shall continue to pay the rent in effect during the prior rental period. After notification of a rental increase, Lessee shall commence making rental payments in the increased amount and shall, within ten (10) days after such notification, pay to Lessor the amount of any rental increases due for previous months.
B. If this option to extend is exercised, the option term shall commence on January 1, 2007 and a denominatorshall end on December 31, which 2011
C. On January 1 2008, January 1, 2009, January 1, 2010 and again on January 1, 2011 , the monthly rent payable shall be adjusted upward by 3% over the Index Number for the CPI rent payable for the month immediately preceding each rental adjustment. LESSOR: LESSEE: NORTHPARK INDUSTRIAL INTERNATIONAL REMOTE IMAGING SYSTEMS INC. By: /s/ [ILLEGIBLE] By: /s/ [ILLEGIBLE] ----------------------------- ------------------------------- By: /s/ [ILLEGIBLE] By: /s/ [ILLEGIBLE] ----------------------------- ------------------------------- PARKING AGREEMENT This Parking Agreement, dated November 29, 2001 , for reference purposes only, is made by and year in which between NORTHPARK INDUSTRIAL (herein called "Lessor") and INTERNATIONAL REMOTE IMAGING SYSTEMS, INC. (herein called "Lessee"). Lessor leases to Lessee under a separate written Lease the original commencement date Premises known as ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇, and the Agreements of this Lease occurs. If there shall at the time be no such CPI, the parties shall use in this Parking Agreement are in addition to the most comparable substitute index agreements of the parties in determining rent escalation for said renewal periodsLease.
1. Notwithstanding Subject to the above, all other terms and conditions contained in this Agreement, Lessor hereby agrees that Lessee and persons designated by Lessee may use 21 parking spaces in the Parking Garage located at ▇▇▇▇ ▇▇▇▇ ▇▇▇., ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ (hereinafter the "Garage"). The parking spaces hereunder shall be provided on an unreserved "first come, first served" basis.
2. The term of this Agreement shall be concurrent with the term of this Lease Agreement ("Lease").
3. Lessee shall remain at all times comply with all applicable ordinances, rules, regulations, codes, laws, statutes and requirements of all federal, state, county and municipal governmental bodies or their subdivisions respecting the use of the Garage. Lessee shall extend all of its insurance policies required under the Lease to include vehicles to be parked in full force the Garage hereunder and effect during personal property located therein or thereon. Upon request, Lessee shall provide Lessor with certificates or other satisfactory evidence of such insurance. Lessor reserves the right to adopt, modify, and enforce reasonable Rules governing the use of the Garage from time to time, including any card-key, sticker or other identification or entrance system, and hours of operation. The Rules set forth hereinafter are currently in effect. Lessor may refuse to permit any person who violates such Rules to park in the Garage, and any violation of the Rules shall subject the car to removal from the Garage.
4. Lessee acknowledges receipt of one card-key for each parking space provided. Lessee shall be responsible for the return of said card-key upon its vacancy of the Garage. A replacement fee of $25.00 will be charged for any lost or damaged card-key.
5. Except for intentional acts of gross negligence by Lessor, Lessor shall have no liability whatsoever for any damage to property or any other items located in the Garage, nor for any personal injuries or death arising out of any incident or matter relating to the Garage. In all events, Lessee agrees to look first to its insurance carrier for payment of any losses sustained in connection with Lessee's use of the Garage. Lessee hereby waives on behalf of its insurance carriers all rights of subrogation against Lessor. Lessor reserves the right to assign specific spaces and to reserve spaces for visitors, small cars, handicapped persons and for other lessees, and Lessee and persons designated by Lessee shall not park in any such assigned or reserved spaces. Lessor also reserves the right to close all or any portion of the Garage in order to make repairs or perform maintenance services, or to alter, modify, re-stripe the Garage, or if required by casualty, strike, condemnation, act of God, governmental law or other reason beyond Lessor's reasonable control. In such event, Lessor shall refund any prepaid parking rent hereunder, pro-rated on a per diem basis.
6. Prior to furnishing any card-keys to any person, Lessee shall provide Lessor with a list including all names, type of automobile, year of manufacture, drivers license number and automobile license number for all persons using the Garage at any time.
7. If Lessee shall default under this Agreement, Lessor shall have the right to cancel this Agreement on ten (10) days written notice, unless within such ten (10) day period Lessee cures such default. If Lessee shall default under this Agreement a second time after receiving prior written notice for the same offense, Lessor shall have the right to cancel this Agreement on ten (10) days written notice. Lessor shall have the right to remove from the Garage any vehicles hereunder which are in breach of this Agreement or Rules contained herein, without any liability whatsoever. Accordingly, Lessor may then deactivate the respective card-key(s) with ten (10) days notice as stated above.
8. LESSEE ACKNOWLEDGES RECEIPT OF A COPY OF THE DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS FOR NORTHPARK INDUSTRIAL CENTER RECORDED WITH THE COUNTY OF LOS ANGELES AS DOCUMENT NUMBERS 79-760182 AND ▇▇-▇▇▇▇▇▇▇. LESSEE HAS REVIEWED AND APPROVED SAID DOCUMENTS AND AGREES TO BE BOUND BY ALL THE TERMS AND CONDITIONS THEREIN. LESSEE FURTHER AGREES THAT SAID COVENANTS, CONDITIONS AND RESTRICTIONS SHALL BE BINDING UPON LESSEE AND ANY SUBLESSEE, SUCCESSOR AND ASSIGNS WHICH THEY MAY HAVE. RULES
a. Lessee agrees to acquaint all persons to whom Lessee assigns parking space of these Rules.
b. Garage hours: Twenty-four (24) hours, seven (7) days a week.
c. Cars must be parked entirely within the stall lines painted on the floor, and third renewal periodsonly small cars may be parked in areas reserved for compacts. All cars must be parked head-in only.
d. All directional signs and arrows must be observed.
e. Speed limit shall be 5 miles per hour.
f. Parking is prohibited in all areas not expressly designated for parking, including without limitation:
Appears in 1 contract
Sources: Standard Industrial/Commercial Single Tenant Lease (International Remote Imaging Systems Inc /De/)