Common use of Option to Extend Clause in Contracts

Option to Extend. Lessee shall have the option to continue this Lease in effect for five additional successive periods of five years each, provided that, at the time of exercise of such option or at the expiration of the Lease Term or, if applicable, the preceding extension of the Lease Term, no Event of Default shall have occurred and be continuing under this Lease. If Lessee exercises such option, this Lease shall continue for the applicable period in accordance with the terms and provisions of this Lease then in effect, including, without limitation, adjustments in the Base Annual Rental during each extension term in accordance with the provisions of Section 5.B. Lessee may only exercise the first extension option by giving notice to Lessor of Lessee's intention to do so not later than June 30, 2020. If the first extension option is exercised by Lessee, Lessee may only exercise the second extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2026. If the first two extension options are exercised, Lessee may only exercise the third extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2031. If the first three extension options are exercised, Lessee may only exercise the fourth extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2036. If the first four extension options are exercised, Lessee may only exercise the fifth extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2041. Notwithstanding the foregoing, Lessee's failure to deliver notice of the exercise of its options under this Section by the applicable outside dates set forth above shall not terminate the applicable option unless and until Lessor shall, following the applicable outside date, give written notice of the applicable option to Lessee, and Lessee shall fail to exercise the applicable option within thirty (30) days after such notice is given.

Appears in 4 contracts

Samples: Master Lease (O Charleys Inc), Master Lease (O Charleys Inc), Master Lease (O Charleys Inc)

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Option to Extend. (a) Lessor hereby grants to Lessee shall have an option to extend the term of this Lease for one (1) period of sixty (60) calendar months immediately following the expiration of the initial term (the “option extension period”). Lessee may exercise the foregoing option to extend by giving written notice of exercise to Lessor at least six (6) months, but not more than nine (9) months, prior to the expiration of the initial term of this Lease (“the option to continue exercise period”), time being of the essence; provided that if an event of default by Lessee (as “Event of Default is defined in Paragraph 22) under this Lease in effect for five additional successive periods remains uncured after the expiration of five years eachnotice and cure periods, provided that, if applicable at the time of exercise of such the option or at on the expiration commencement date of the Lease Term oroption extension period, such notice shall be void and of no force or effect. Such option extension period, if applicableexercised, shall be upon the preceding extension same terms and conditions as the initial term of this Lease, including the payment by Lessee of the Lease TermOperating Expenses and Taxes pursuant to Paragraph 5, except that (1) the Monthly Base Rent during the option extension period shall be determined as set forth in Paragraph 3(c) hereof, (2) there shall be no Event of Default additional option to extend, and (3) Lessee shall have occurred accept the Premises in their then “as is” condition subject to Paragraphs 2(c) and be continuing under this Lease13(e) which shall also apply to the option extension period. If Lessee exercises such option, this Lease shall continue for the applicable period in accordance with the terms and provisions of this Lease then in effect, including, without limitation, adjustments in the Base Annual Rental during each extension term in accordance with the provisions of Section 5.B. Lessee may only does not exercise the first extension option by giving notice in a timely manner, the option shall lapse, time being of the essence. Subject to Lessor of Lessee's intention to do so not later than June 30, 2020. If the first extension option is exercised by Lessee, Lessee may only exercise the second extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2026. If the first two extension options are exercised, Lessee may only exercise the third extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2031. If the first three extension options are exercised, Lessee may only exercise the fourth extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2036. If the first four extension options are exercised, Lessee may only exercise the fifth extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2041. Notwithstanding the foregoing, Lessee's failure to deliver notice of the exercise of its options under this Section by the applicable outside dates set forth above shall not terminate the applicable option unless and until neither Lessor shall, following the applicable outside date, give written notice of the applicable option to Lessee, and nor Lessee shall fail be required to exercise perform any Tenant Improvement Work with respect to the applicable option within thirty (30) days after such notice is givenextension period.

Appears in 1 contract

Samples: Lease (Lumenis LTD)

Option to Extend. Lessee shall have The Tenant has the option to continue extend this Lease in effect for five additional two (2) successive periods term(s) of five (5) consecutive years eacheach (the “Extended Terms”, provided thator the “first Extended Term” or “second Extended Term”), at the time of exercise of such option or at which shall automatically extend the expiration Term of this Lease without the Lease Term or, if applicable, the preceding extension necessity of the Lease Term, no additional documentation. So long as there does not exist any Event of Default hereunder at such time either of the Extended Terms is exercised, the first option to extend shall be deemed to have occurred been exercised by Tenant’s notification to Landlord that it elects to exercise its first option to extend at least nine (9) months but not more than eighteen (18) months prior to the end of the initial Term hereunder, and the second option to extend shall be continuing under deemed to have been exercised by Tenant’s notification to Landlord that it elects to exercise its second option to extend at least nine (9) months but not more than eighteen (18) months prior to the end of the first Extended Term hereunder. The Extended Terms shall be upon the same terms and conditions as are set forth in this Lease. If Lessee exercises such option, this Lease except that (i) there shall continue be no additional option to extend after the termination of the second Extended Term or the failure to exercise the first Extended Term or second Extended Term, whichever shall first occur, and (ii) the annual Fixed Rent for the applicable period Extended Terms shall be equal to ninety-five (95%) percent of the then Market Rent (as defined in and determined in accordance with the terms and provisions of this Lease then in effect, including, without limitation, adjustments in the Base Annual Rental during each extension term in accordance with the provisions of Section 5.B. Lessee may only exercise the first extension option by giving notice to Lessor of Lessee's intention to do so not later than June 30, 2020. If the first extension option is exercised by Lessee, Lessee may only exercise the second extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2026. If the first two extension options are exercised, Lessee may only exercise the third extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2031. If the first three extension options are exercised, Lessee may only exercise the fourth extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2036. If the first four extension options are exercised, Lessee may only exercise the fifth extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2041Exhibit H). Notwithstanding the foregoing, Lessee's failure to deliver notice in no event, however, shall the annual Fixed Rent for the first Extended Term be less than the annual Fixed Rent and additional rent (i.e. including the then escalation) payable during the last year of the exercise of its options under this Section by initial Term, and in no event shall the applicable outside dates set forth above shall not terminate annual Fixed Rent for the applicable option unless second Extended Term be less than the annual Fixed Rent and until Lessor shall, following additional rent (i.e. including the applicable outside date, give written notice then escalation) payable during the last year of the applicable option to Lessee, and Lessee shall fail to exercise the applicable option within thirty (30) days after such notice is given.first Extended Term. EXHIBIT “G” ESTOPPEL CERTIFICATE DATE: The undersigned hereby certifies as follows:

Appears in 1 contract

Samples: Non Disturbance and Attornment Agreement (Aspen Technology Inc /De/)

Option to Extend. Lessee shall have the option to continue this Lease in effect for five additional successive periods of five years each, provided Provided that, at the time of exercise of such option or at the expiration of the Lease Term or, if applicable, the preceding extension of the Lease Term, no Event of Default shall have has occurred and be is continuing under this Lease and no default in payment of rent, insurance or taxes is continuing under this Lease. If , Lessee exercises such option, shall have the option to continue this Lease shall continue in effect for the applicable period up to four additional successive periods of five years each in accordance with the terms and provisions of this Lease then in effect, including, without limitation, adjustments in except that the Base Annual Rental during each extension term in accordance with period shall be an amount equal to 95% of the provisions annual fair market rental value of Section 5.B. the Properties during such extension period (to be determined as set forth below). Lessee may only shall exercise the first extension option by giving notice to Lessor of Lessee's intention to do so not later than June 30January 31, 20202019. If the first extension option is exercised by Lessee, Lessee may only shall exercise the second extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30October 31, 20262024. If the first two extension options are exercised, Lessee may only shall exercise the third extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30October 31, 20312029. If the first three extension options are exercised, Lessee may only shall exercise the fourth extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30October 31, 20362034. If Lessor shall cause an appraisal of the first four extension options are exercisedfair market rental value of the Properties to be made by an independent MAI appraiser (the "Lessor Appraisal") within 60 days after Lessor is notified of the exercise of such option. Lessee shall have 20 days from its receipt of the Lessor Appraisal to either accept or reject such appraisal, Lessee may only exercise the fifth extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2041. Notwithstanding the foregoingprovided that, Lessee's failure to deliver notice of reject the exercise of its options under this Section by Lessor Appraisal within such 20 day period shall be deemed to be an acceptance thereof. If Lessee shall accept or be deemed to have accepted the applicable outside dates Lessor Appraisal, the fair market rental value shall be the amount set forth above shall not terminate in the applicable option unless and until Lessor shall, following the applicable outside date, give written notice of the applicable option to Lessee, and Appraisal. If Lessee shall fail to exercise reject the applicable option Lessor Appraisal within thirty (30) such 20 day period, then Lessee shall within 60 days after such notice is givenrejection cause an appraisal of the fair market rental value of the Properties to be made by an independent MAI appraiser selected by Lessee (the "Lessee Appraisal"). Lessor shall have 20 days from its receipt of the Lessee Appraisal to either accept or reject such appraisal, provided that, Lessor's failure to reject the Lessee Appraisal within such 20 day period shall be deemed to be an acceptance thereof. If Lessor shall accept or be deemed to have accepted the Lessee Appraisal, the fair market rental value shall be the amount set forth in the Lessee Appraisal. If Lessor shall reject the Lessee Appraisal within such 20 day period, then the appraisers who conducted the Lessor Appraisal and the Lessee Appraisal shall be directed to jointly select, within 20 days thereafter, a third independent MAI appraiser who shall, within 30 days after selection, select either the Lessor Appraisal or the Lessee Appraisal as the fair market rental value of the Properties. If the two appraisers are unable to agree on the third appraiser within such 20 day period, the third appraiser shall be selected by the American Arbitration Association. Lessee shall be obligated to pay the costs of all three appraisers and the American Arbitration Association (to the extent applicable).

Appears in 1 contract

Samples: Master Lease (Chart House Enterprises Inc)

Option to Extend. Lessee Tenant shall have the option option, to continue this be exercised ------------------------------ hereinafter provided, to extend the original Lease in effect Term for five additional successive periods one Five (5) year period, commencing on the day following the original Lease Expiration Date and expiring on the Fifth anniversary of five years eachthe original Lease Expiration Date (the "Extension Term"), provided that, that (i) there is at the time of exercise no then existing Event of Default on the part of Tenant, and (ii) that this Lease otherwise remains in full force and effect. The Extension Term shall be upon the same terms and conditions as provided in this Lease, except that (A) the Annual Basic Rent shall be determined as provided in Subsection 2.5.1, and (B) Tenant shall have no further right to extend the Lease Term. Tenant's option is exercisable by notifying Landlord in writing at least 365 days but not more than 455 days prior to the original Lease Expiration Date. Upon such exercise, the Lease Expiration Date shall be deemed to be extended for the Extension Term without the execution of any further lease or other instrument; provided, however, that the Annual Basic Rent is established in accordance with Subsection 2.5.1 or Subsection 2.5.2; and provided, further, that if there is an outstanding Event of Default on the date when the Extension Term is scheduled to commence, at Landlord's election, Tenant's exercise of its option or at the expiration of to extend the Lease Term or, if applicableshall be null and void, the preceding extension of Lease Term shall terminate on the original Lease Term, no Event of Default shall have occurred and be continuing under this Lease. If Lessee exercises such option, this Lease shall continue for the applicable period in accordance with the terms and provisions of this Lease then in effect, including, without limitation, adjustments in the Base Annual Rental during each extension term in accordance with the provisions of Section 5.B. Lessee may only exercise the first extension option by giving notice to Lessor of Lessee's intention to do so not later than June 30, 2020. If the first extension option is exercised by Lessee, Lessee may only exercise the second extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2026. If the first two extension options are exercised, Lessee may only exercise the third extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2031. If the first three extension options are exercised, Lessee may only exercise the fourth extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2036. If the first four extension options are exercised, Lessee may only exercise the fifth extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2041. Notwithstanding the foregoing, Lessee's failure to deliver notice of the exercise of its options under this Section by the applicable outside dates set forth above shall not terminate the applicable option unless and until Lessor shall, following the applicable outside date, give written notice of the applicable option to LesseeExpiration Date, and Lessee Landlord shall fail be free to exercise lease the applicable option within thirty (30) days after Premises or put the Premises to such notice is givenother use as Landlord sees fit.

Appears in 1 contract

Samples: Minimum Liability (Yurie Systems Inc)

Option to Extend. (a) Lessor hereby grants to Lessee shall have the one (1) option to continue extend the term of this Lease in effect for five additional successive periods a period of five years eachtwenty four (24) calendar months immediately following the expiration of the initial term (the “option extension period”). Lessee may exercise the foregoing option to extend by giving written notice of exercise to Lessor at least six (6) months, but not more than twelve (12) months, prior to the expiration of the initial term of this Lease (the “option exercise period”), provided thatthat if there currently exists an Event of Default by Lessee (as defined in Paragraph 22) under this Lease that remains uncured after the expiration of notice and cure periods, if any, at the time of exercise of such the option or at the expiration commencement date of the Lease Term oroption extension period, such notice shall be void and of no force or effect. The option extension period, if applicableexercised, shall be upon the preceding extension same terms and conditions as the initial term of this Lease, including the payment by Lessee of Lessee’s Share of increases in the Operating Expenses and Taxes pursuant to Paragraph 5, except that (1) the Monthly Base Rent during the option period, if exercised, shall be determined as set forth in Paragraph 3(c) hereof, (2) Lessor may adjust the hourly rate for after hours HVAC services as of the Lease Termcommencement date of the option extension period pursuant to Paragraph 15(b), (3) there shall be no Event additional option to extend, and (4) Lessee shall accept the Premises in their “as is” condition, subject to compliance with Laws as provided in Paragraph 2(c) and compliance with the Americans With Disabilities Act as provided in Paragraph 13(d) which shall also apply to the commencement of Default shall have occurred and be continuing under this Leasethe option extension period. If Lessee exercises such option, this Lease shall continue for the applicable period in accordance with the terms and provisions of this Lease then in effect, including, without limitation, adjustments in the Base Annual Rental during each extension term in accordance with the provisions of Section 5.B. Lessee may only does not exercise the first extension option by giving notice in a timely manner, the option shall lapse, time being of the essence. Subject to Lessor of Lessee's intention to do so not later than June 30, 2020. If the first extension option is exercised by Lessee, Lessee may only exercise the second extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2026. If the first two extension options are exercised, Lessee may only exercise the third extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2031. If the first three extension options are exercised, Lessee may only exercise the fourth extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2036. If the first four extension options are exercised, Lessee may only exercise the fifth extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2041. Notwithstanding the foregoing, Lessee's failure to deliver notice of the exercise of its options under this Section by the applicable outside dates set forth above shall not terminate the applicable option unless and until neither Lessor shall, following the applicable outside date, give written notice of the applicable option to Lessee, and nor Lessee shall fail be required to exercise perform any tenant improvement work with respect to the applicable option within thirty (30) days after such notice is givenextension period.

Appears in 1 contract

Samples: Lease (Rocket Fuel Inc.)

Option to Extend. Provided that Lessee is not in default hereunder (after the expiration of any applicable grace and cure periods) on the last day of the initial Lease Term hereof and is in possession of the Premises and if the Lease is then in full force and effect, Lessee shall have the (hereinafter called the "First Option") to extend the Lease Term hereof for a period of three (3) years after the last day of the initial Lease Term (herein called the "First Extended Lease Term"). Provided that Lessee has exercised the First Option as provided above, is not in default hereunder on the last day of the First Extended Lease Term and is in possession of the Premises and if the Lease is then in full force and effect, Lessee shall have a second option (herein called the "Second Option") to continue extend the Lease Term hereof for an additional period of three (3) years after the last day of the First Extended Lease Term (herein called the "Second Extended Lease Term"). Provided that Lessee has exercised the Second Option as provided above, is not in default hereunder on the last day of the Second Extended Lease Term and is in possession of the Premises and if the Lease is then in full force and effect, Lessee shall have a third option (herein called the "Third Option") to extend the Lease Term hereof for an additional period of three (3) years after the last day of the Second Extended Lease Term (herein called the "Third Extended Lease Term"; the First Extended Lease Term, the Second Extended Lease Term and the Third Extended Lease Term are hereinafter collectively called the "Extended Lease Terms"). All terms and conditions of this Lease shall apply during each Extended Lease Term except that Lessee's Annual Base Rental and Base Rent shall he determined in effect for five additional successive periods of five years each, provided that, at accordance with Section 42.1 hereof. The First Option shall be exercised by written notice from Lessee to Lessor given on or before the time of exercise of such option or at date that is twelve (12) months prior to the expiration of the Lease Term or, if applicable, the preceding extension of the initial Lease Term, no Event of Default the Second Option shall have occurred and be continuing under this Lease. If exercised by written notice from Lessee exercises such option, this Lease shall continue for the applicable period in accordance with the terms and provisions of this Lease then in effect, including, without limitation, adjustments in the Base Annual Rental during each extension term in accordance with the provisions of Section 5.B. Lessee may only exercise the first extension option by giving notice to Lessor given on or before twelve (12) months prior to the expiration of Lessee's intention to do so not later than June 30, 2020. If the first extension option is First Extended Lease Term and the Third Option shall be exercised by Lessee, written notice from Lessee may only exercise the second extension option by giving notice to Lessor of Lessee's intention given on or before twelve (12) months prior to do so not later than April 30, 2026. If the first two extension options are exercised, Lessee may only exercise the third extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2031. If the first three extension options are exercised, Lessee may only exercise the fourth extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2036. If the first four extension options are exercised, Lessee may only exercise the fifth extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2041. Notwithstanding the foregoing, Lessee's failure to deliver notice expiration of the exercise of its options under this Section by the applicable outside dates set forth above shall not terminate the applicable option unless and until Lessor shall, following the applicable outside date, give written notice of the applicable option to Lessee, and Lessee shall fail to exercise the applicable option within thirty (30) days after such notice is givenSecond Extended Lease Term.

Appears in 1 contract

Samples: Lease (Melita International Corp)

Option to Extend. Lessee shall have the option to continue this Lease in effect for five additional successive periods of five years eachLessee, provided that, no Event of Default has occurred and is continuing at the time of exercise of such option or at the expiration of the Lease Term or, if applicable, the preceding extension of the Lease Term, no Event of Default shall have occurred and be continuing under this Lease. If Lessee exercises such option, the option to continue this Lease shall continue in effect for the applicable one initial additional period of ten years and two successive periods of five years each in accordance with the terms and provisions of this Lease then in effect, includingexcept as provided below. The Base Annual Rental during the first extension period shall equal the Base Annual Rental in effect immediately prior to the beginning of the first extension period. The Base Annual Rental during the second extension period shall equal the lesser of (i) 95% of the annual fair market rental value of the Properties during such extension period (to be determined as set forth below), without limitationand (ii) the Base Annual Rental in effect at the end of the first extension period multiplied by 1.10. The Base Annual Rental during the third extension period shall equal the lesser of (i) 95% of the annual fair market rental value of the Properties during such extension period (to be determined as set forth below), adjustments and (ii) the Base Annual Rental in effect at the end of the second extension period multiplied by 1.05. Notwithstanding the foregoing, in the event that Lessee's notice of the exercise of the second and third extension option does not contain a request for Lessor to cause an appraisal of the fair market rental value of the Properties to be performed, the Base Annual Rental during the second and third extension options shall be the amount determined pursuant to clauses (ii) of each extension term in accordance with of the provisions of Section 5.B. two preceding sentences, as applicable. Lessee may only exercise the first extension option by giving notice to Lessor of Lessee's intention to do so not later than June April 30, 20202019. If the first extension option is exercised by Lessee, Lessee may only exercise the second extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30January 31, 20262030. If the first two extension options are exercised, Lessee may only exercise the third extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30January 31, 20312035. If the first three extension options are exercised, Lessee may only exercise the fourth extension option by giving notice to Lessor Upon receipt of Lessee's intention to do so not later than April 30, 2036. If the first four extension options are exercised, Lessee may only exercise the fifth extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2041. Notwithstanding the foregoing, Lessee's failure to deliver notice of the exercise of its options under this Section by the applicable outside dates set forth above second and third extension option and only if such notice requests that Lessor cause appraisals be performed, Lessor shall not terminate the applicable option unless and until Lessor shallwithin 90 days, following the applicable outside dateat Lessee's expense, give written notice cause an appraisal of the applicable option fair market rental value of the Properties to Lesseebe made by an independent MAI appraiser. If within 20 days after being notified of the result of such appraisal Lessee elects to reject that appraisal, then Lessor shall nominate to Lessee a list of not less than three independent MAI appraisers who are experienced with appraising property similar to the Properties, and Lessee shall fail select one such appraiser. Within 60 days of such selection an appraisal shall be made of the Properties by that appraiser and within 20 days after the results of that appraisal shall have been delivered to Lessee, Lessee shall notify Lessor of Lessee's election to exercise its option to extend this Lease and shall pay the applicable option within thirty (30) days after rental so established above which shall be absolutely net to Lessor as provided in Section 9 hereof. If such notice of exercise is givennot received by Lessor within the 20-day period then this Lease shall terminate on the last day of the Lease Term or, if applicable, the last day of the first extension of the Lease Term. Notwithstanding anything to the contrary contained in this Lease, Lessee shall have the right to specify in its notice of the exercise of the first extension option up to two Properties (the "Non-Renewed Properties") for which Lessee does not elect to renew this Lease. If Lessee exercises such right, the Lease shall not be deemed to be renewed for the Non-Renewed Properties and the Base Annual Rental for the first extension period shall equal the Base Annual Rental in effect immediately prior to the beginning of the first extension period less the product of (x) the sum of the Applicable Rent Reduction Percentage for each Non-Renewed Property, and (y) the Base Annual Rental in effect immediately prior to the beginning of the first extension period.

Appears in 1 contract

Samples: Master Lease (Crown Central Petroleum Corp /Md/)

Option to Extend. Lessee 41.01 Tenant is hereby granted one (1) option (the "Option") to extend the Lease Term for an additional term of three (3) years (the "Extension"), beginning on October 1, 1999, and expiring on September 30, 2002, (unless terminated sooner pursuant to any other terms or provisions of the Lease), on all of the same terms and conditions as set forth in the Lease, but at an adjusted rent as set forth in Section 41.02 below (and without any additional option to extend the Lease Term after the expiration of the Extension). The Option may be exercised by Tenant only by delivery of written notice to Landlord, which notice must be received by Landlord at least one hundred twenty (120) days before the expiration of the original Lease Term set forth in Section 1.06 above. If Tenant fails to timely deliver such written notice, or if this Lease is terminated pursuant to any other terms or provision of this Lease prior to the expiration of the original Lease Term, the Option shall lapse, and Tenant shall have no right to extend the option to continue this Lease in effect for five additional successive periods of five years each, provided that, Term. The Option shall be exercisable by Tenant on the express conditions that (i) at the time of delivery of Tenant's notice of its election to exercise of such option or the Option, and at all times prior to the expiration commencement of the Extension, Tenant shall not be in default under this Lease, (ii) Tenant has not previously been in default (whether or not any such default has been timely cured) under this Lease Term or, if applicable, the preceding extension of on more than three (3) occasions during the Lease Term, no Event and (iii) Tenant has not assigned this Lease nor sublet all or any part of Default shall have occurred and be continuing the Premises, it being understood that the Option is personal to the original named Tenant under this Lease. If Lessee exercises In the event of any such optionassignment or sublease, this Lease the Option shall continue for the applicable period in accordance with the terms lapse and provisions shall be null and void and of this Lease then in no further force or effect, including, without limitation, adjustments in the Base Annual Rental during each extension term in accordance with the provisions of Section 5.B. Lessee may only exercise the first extension option by giving notice to Lessor of Lessee's intention to do so not later than June 30, 2020. If the first extension option is exercised by Lessee, Lessee may only exercise the second extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2026. If the first two extension options are exercised, Lessee may only exercise the third extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2031. If the first three extension options are exercised, Lessee may only exercise the fourth extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2036. If the first four extension options are exercised, Lessee may only exercise the fifth extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2041. Notwithstanding the foregoing, Lessee's failure to deliver notice of the exercise of its options under this Section by the applicable outside dates set forth above shall not terminate the applicable option unless and until Lessor shall, following the applicable outside date, give written notice of the applicable option to Lessee, and Lessee shall fail to exercise the applicable option within thirty (30) days after such notice is given.

Appears in 1 contract

Samples: Rexall Sundown Inc

Option to Extend. Lessee shall have Sublessor hereby grants to Sublessee the option to continue this Lease in effect ---------------- extend the Sublease Term for five one additional successive periods three (3) year period ("Renewal Term"), which shall commence on October 1, 1998 and end on September 30, 2001, on all of five years each, provided that, at the time of exercise of such option or at the expiration of the Lease Term or, if applicable, the preceding extension of the Lease Term, no Event of Default shall have occurred and be continuing under this Lease. If Lessee exercises such option, this Lease shall continue for the applicable period in accordance with the terms and provisions contained in the Sublease, except that the monthly rental payable under the Sublease shall be in the amount provided for in Section 2 below, and except that Sublessee shall have no further option or right to extend the Sublease Term. By its execution of this Amendment, Sublessee hereby exercises such option to extend. Sublessor shall exercise its option to extend the term of the Lease then in effectunder Section 2.5 thereof, includingand shall use diligent, without limitation, adjustments in good faith efforts to cause the Base Annual Rental during each extension term of the Lease to be extended in accordance with the provisions of Section 5.B. Lessee may only such exercise the first extension option by giving notice to Lessor of Lessee's intention to do so not later than June 30, 2020. If the first extension option is exercised by Lessee, Lessee may only exercise the second extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2026. If the first two extension options are exercised, Lessee may only exercise the third extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2031. If the first three extension options are exercised, Lessee may only exercise the fourth extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2036. If the first four extension options are exercised, Lessee may only exercise the fifth extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2041Sublessor. Notwithstanding the foregoing, Lesseeif despite Sublessor's failure to deliver notice of the exercise of its options under option to extend the term of the Lease, and if despite Sublessor's use of diligent, good faith efforts to cause the term of the Lease to be extended, the term of the Lease shall not be extended, or Master Lessor shall claim that the term of the Lease has not been extended, then this Sublease shall expire at the end of the Sublease Term. As used in the Sublease, the term "Sublease Term" shall mean the Sublease Term as the same may be extended pursuant to the provisions of this Section by the applicable outside dates set forth above shall not terminate the applicable option unless and until Lessor shall1, following the applicable outside date, give written notice of the applicable option to Lessee, and Lessee shall fail to exercise the applicable option within thirty (30) days after such notice is givenas applicable.

Appears in 1 contract

Samples: Memry Corp

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Option to Extend. Lessee Tenant shall have the option to continue extend the Term of this lease for five (5) successive additional periods ("Renewal Periods" or ''Extended Term") of ten (10) years each upon all the terms and conditions herein except Minimum Rent which shall be increased as provided in Section 2.02.2 below. It is the intent of the parties that the Renewal Period or Extended Term, notwithstanding the terminology used herein, shall be treated as a continuation of this Lease and not as a new or separate lease. These options may be exercised by Tenant at any time prior to one calendar year before expiration of the Initial Term or the then Renewal Period in effect for five additional successive periods by notice in writing to Landlord and if not so exercised (time being of five years each, provided thatthe essence) Landlord shall give Tenant a 30-day written notice that its right to renew will expire at the end of a 30-day period. If, at the time end of exercise of such that 30-day period, Tenant has not renewed, this option or at the expiration of the Lease Term or, if applicable, the preceding extension of the Lease Term, no Event of Default shall have occurred thereupon expire as to all successive Renewal Periods and be continuing under this Lease. If Lessee exercises such optionof no further force or effect provided, this Lease however, that these options may be exercised by any Leasehold Mortgagee and these options shall continue for the applicable period in accordance with the terms and provisions of this Lease then in effect, including, without limitation, adjustments in the Base Annual Rental during each extension term in accordance with the provisions of Section 5.B. Lessee may only exercise the first extension option by giving notice to Lessor of Lessee's intention to do so not later than June 30, 2020. If the first extension option is exercised by Lessee, Lessee may only exercise the second extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2026. If the first two extension options are exercised, Lessee may only exercise the third extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2031. If the first three extension options are exercised, Lessee may only exercise the fourth extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2036. If the first four extension options are exercised, Lessee may only exercise the fifth extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2041. Notwithstanding the foregoing, Lessee's failure to deliver notice of the exercise of its options under this Section by the applicable outside dates set forth above shall not terminate the applicable option unless and any such Leasehold Mortgagee until Lessor shall, following the applicable outside date, give written notice of the applicable option to Lessee, and Lessee shall fail to exercise the applicable option within thirty (30) days after the Leasehold Mortgagee has received notice in writing from Landlord stating that Tenant has failed to exercise this option within the time herein provided, and such Leasehold Mortgagee shall have the right to exercise this option on behalf of Tenant by written notice is givento Landlord within such 30-day period. Upon exercise of this option, Landlord and Tenant shall prepare a notice thereof in recordable form and cause the same to be recorded in the then applicable recording office of Xxxxxx County, State of Washington. Upon exercise of this option, "Term'' as used herein shall include the exercised Renewal Periods.

Appears in 1 contract

Samples: Ground Lease Chambers Bay Resort

Option to Extend. Lessee Tenant shall have the option right to continue this extend the Lease Term beyond the expiration of the initial Lease Term, with respect to all or any contiguous portion of each floor within the Premises so long as the square footage on any floor that will not be included in effect the Premises is demisable into a leasable configuration, for five additional three (3) successive periods of five (5) years each, provided that, at each (each of which is an “Extended Term”). Landlord shall deliver to Tenant written notice of Tenant’s right to exercise each such extension right (the time “Landlord’s Advance Exercise Notice”) no later than the date that is twelve (12) months prior to the Expiration Date of the then-existing term of this Lease. Tenant may exercise an extension option by delivering to Landlord written notice of Tenant’s exercise of such option or at the expiration of the Lease Term or, if applicable, the preceding extension of the Lease Term, right no Event of Default shall have occurred and be continuing under this Lease. If Lessee exercises such option, this Lease shall continue for the applicable period in accordance with the terms and provisions of this Lease then in effect, including, without limitation, adjustments in the Base Annual Rental during each extension term in accordance with the provisions of Section 5.B. Lessee may only exercise the first extension option by giving notice to Lessor of Lessee's intention to do so not later than June 30, 2020. If the first extension option date that is exercised by Lessee, Lessee may only exercise the second extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2026. If the first two extension options are exercised, Lessee may only exercise the third extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2031. If the first three extension options are exercised, Lessee may only exercise the fourth extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2036. If the first four extension options are exercised, Lessee may only exercise the fifth extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2041. Notwithstanding the foregoing, Lessee's failure to deliver notice of the exercise of its options under this Section by the applicable outside dates set forth above shall not terminate the applicable option unless and until Lessor shall, following the applicable outside date, give written notice of the applicable option to Lessee, and Lessee shall fail to exercise the applicable option within thirty (30) days following Tenant’s receipt of Landlord’s Advance Exercise Notice. From and after the commencement of each Extended Term, all of the terms, covenants, and conditions of this Lease shall continue in full force and effect as written, except that this Section 2.2 shall be deemed modified to delete Tenant’s right to extend for the current Extended Term (e.g., following commencement of the first Extended Term, Tenant shall only have the right to extend for two (2) additional Extended Terms). Each such notice is givenExtended Term shall be on all of the terms and conditions contained in this Lease, except that Base Rent for the first year of each Extended Term shall be one hundred three percent (103%) of the Base Rent in effect for the last month of the prior Term, and Base Rent for each subsequent year during the Extended Term shall be one hundred three percent (103%) of the Base Rent in effect for the last month of the preceding year.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Fisher Communications Inc)

Option to Extend. Lessee shall have 29.1 Tenant is given the option ("First Option") to continue extend the term of this Lease on all the provisions contained in effect this Lease (inclusive of the provisions concerning the increases in Base Monthly Rent as set forth in Section 5 above) for a single five additional successive periods (5) year period ("First Extended Term") immediately following expiration of five years eachthe initial term of the Lease (the "Initial Term"), provided that, at the time by giving notice of exercise of such option or the First Option ("Option Notice") to Landlord at least nine (9) months but not more than one (1) year before the expiration of the Lease Term orInitial Term. However, if applicableTenant is in default on the date of giving of the Option Notice, the preceding extension of Option Notice shall be totally ineffective; if Tenant is in default on the Lease Termdate the First Extended Term is to commence, no Event of Default the First Extended Term shall have occurred not commence and be continuing under this Lease. If Lessee exercises such option, this Lease shall continue for expire at the applicable period 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 accordance with the terms and provisions of this Lease then in effect, including, without limitation, adjustments in the Base Annual Rental during each extension term in accordance with (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 Section 5.B. Lessee may only exercise the first extension option First Extended Term, by giving notice to Lessor of Lessee's intention to do so not later than June 30, 2020. If the first extension option is exercised by Lessee, Lessee may only exercise the second extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2026. If the first two extension options are exercised, Lessee may only exercise the third extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2031. If the first three extension options are exercised, Lessee may only exercise the fourth extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2036. If the first four extension options are exercised, Lessee may only exercise the fifth extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2041. Notwithstanding the foregoing, Lessee's failure to deliver notice of the exercise Second Option to Landlord at least nine (9) months but not more than one (1) year before the expiration of its options under this Section by the applicable outside dates set forth above First Extended Term. However, if Tenant is in default on the date of giving the Option Notice, the Option Notice shall be totally ineffective; if Tenant is in default on the date the Second Extended Term is to commence, the Second Extended Term shall not terminate commence and this Lease shall expire at the applicable option unless and until Lessor shall, following the applicable outside date, give written notice end of the applicable option First Extended Term. The First Extended Term and the Second Extended Term are sometimes hereinafter referred to Lessee, individually as an "Option Term" and Lessee shall fail to exercise collectively as the applicable option within thirty (30) days after such notice is given"Option Terms."

Appears in 1 contract

Samples: Sycamore Park Convalescent Hospital

Option to Extend. Lessee shall have Provided that Tenant is not in default of any of the option to continue this provisions of the 863 Mitten Lease in effect for five additional successive periods of five years each, provided that, at the time Tenant elects to exercise the option set forth in this Section 5 of exercise of such option or at this Fourth Amendment, then Tenant may elect to extend the expiration term of the 863 Mitten Lease as set forth in this Section 5 for an additional period (the “Extended Option Term”). The Extended Option Term orshall be a period commencing on the Amended Termination Date (as defined in Section 3 above) and ending on the same date as the 866 Xxxxxxx Lease, if applicable, as that lease may be extended. The option to extend the preceding extension of the 863 Mitten Lease Term, no Event of Default shall have occurred and may be continuing under this Lease. If Lessee exercises such option, this Lease shall continue for the applicable period in accordance with the terms and provisions of this Lease then in effect, including, without limitation, adjustments in the Base Annual Rental during each extension term in accordance with the provisions of Section 5.B. Lessee may only exercise the first extension option exercised by giving Tenant by delivering binding written notice to Lessor Landlord of Lessee's intention Tenant’s clear intent to do so not later less than June 30, 2020270 days nor more than 360 days prior to the Amended Termination Date. If the first extension option is exercised by Lessee, Lessee may only exercise the second extension option by giving notice to Lessor of Lessee's intention to do so Tenant does not later than April 30, 2026. If the first two extension options are exercised, Lessee may only exercise the third extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2031. If the first three extension options are exercised, Lessee may only exercise the fourth extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2036. If the first four extension options are exercised, Lessee may only exercise the fifth extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2041. Notwithstanding the foregoing, Lessee's failure to timely deliver notice of the exercise of its options under this Section by the applicable outside dates set forth above shall not terminate the applicable option unless and until Lessor shall, following the applicable outside date, give written notice of the applicable option to Lessee, and Lessee shall fail election to exercise the applicable option, then Tenant shall be deemed to have waived the option, and Tenant shall have no further right to extend the 863 Mitten Lease. If Tenant timely delivers notice of its election to extend the 863 Mitten Lease for the Extended Option Term, the term of the 863 Mitten Lease shall be so extended. The Extended Option Term shall be subject to all of the terms and conditions of the 863 Mitten Lease, except that Basic Rent shall be payable during the Extended Option Term at the then rate of Market Rent, as defined in the Third Amendment. This option within thirty supercedes the option set forth in Section 6 of the First Amendment (30) days after such notice is given“First Option”), and upon execution and delivery of this Fourth Amendment, the First Option shall terminate.

Appears in 1 contract

Samples: Lease (Valentis Inc)

Option to Extend. Lessee 41.01 Tenant is hereby granted one (1) option (the "Option") to extend the Lease Term for an additional term of five (5) years (the "Extension"), beginning on January 1, 2002, and expiring on December 31, 2006 (unless terminated sooner pursuant to any other terms or provisions of the Lease), on all of the same terms and conditions as set forth in the Lease, but at an adjusted rent as set forth in Section 41.02 below (and without any additional option to extend the Lease Term after the expiration of the Extension). The Option may be exercised by Tenant only by delivery of written notice to Landlord, which notice must be received by Landlord at least one hundred twenty (120) days before the expiration of the original Lease Term set forth in Section 1.06 above. If Tenant fails to timely deliver such written notice, or if this Lease is terminated pursuant to any other terms or provisions of this Lease prior to the expiration of the original Lease Term, the Option shall lapse, and Tenant shall have no right to extend the option to continue this Lease in effect for five additional successive periods of five years each, provided that, Term. The Option shall be exercisable by Tenant on the express conditions that (i) at the time of delivery of Tenant's notice of its election to exercise of such option or the Option, and at all times prior to the expiration commencement of the Extension, Tenant shall not be in default under this Lease, (ii) Tenant has not previously been in default (whether or not any such default has been timely cured) under this Lease Term or, if applicable, the preceding extension of on more than three (3) occasions during the Lease Term, no Event and (iii) Tenant has not assigned this Lease nor sublet all or any part of Default shall have occurred and be continuing the Premises, it being understood that the Option is personal to the original named Tenant under this Lease. If Lessee exercises In the event of any such optionassignment or sublease, this Lease the Option shall continue for the applicable period in accordance with the terms lapse and provisions shall be null and void and of this Lease then in no further force or effect, including, without limitation, adjustments in the Base Annual Rental during each extension term in accordance with the provisions of Section 5.B. Lessee may only exercise the first extension option by giving notice to Lessor of Lessee's intention to do so not later than June 30, 2020. If the first extension option is exercised by Lessee, Lessee may only exercise the second extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2026. If the first two extension options are exercised, Lessee may only exercise the third extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2031. If the first three extension options are exercised, Lessee may only exercise the fourth extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2036. If the first four extension options are exercised, Lessee may only exercise the fifth extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2041. Notwithstanding the foregoing, Lessee's failure to deliver notice of the exercise of its options under this Section by the applicable outside dates set forth above shall not terminate the applicable option unless and until Lessor shall, following the applicable outside date, give written notice of the applicable option to Lessee, and Lessee shall fail to exercise the applicable option within thirty (30) days after such notice is given.

Appears in 1 contract

Samples: Microage Inc /De/

Option to Extend. Lessee (a) Tenant shall have the right to extend the Term for one (1) additional period of five (5) years (the “Extended Term”), on the terms and conditions below. If extended pursuant to this Paragraph 43 or Paragraph 31(b) above, references to “Term” shall apply to the initial Term, as extended by the Extension Term and/or the Temporary Extension Term, as applicable, except as otherwise expressly provided in this Lease or reasonably required by the contract or usage. Tenant may exercise the option to continue this Lease in effect for five additional successive periods of five years each, provided that, at the time extend by delivering written notice of exercise of such option or (“Option Notice”) to Landlord at least twelve (12) months but no more than fifteen (15) months before the expiration of the Lease Term orTerm. In the event Tenant fails to exercise the option in strict accordance with the foregoing, the Option shall expire and be of no further force or effect. If, on the date Tenant gives the Option Notice, an Event of Default has occurred and is continuing, then such Option Notice shall be of no force or effect. If the time period during which Tenant may exercise the Option has not expired, Tenant may cure such Event of Default and re-submit the Option Notice (if such resubmission is timely made). In addition, if applicablean Event of Default has occurred and is continuing on the commencement date of the Extended Term, Landlord may, in its sole discretion, elect to have this Lease expire at the preceding extension end of the then current Term. The Option to Extend is personal to the Tenant identified in the preamble of the Lease Term, no Event of Default and shall have occurred and not be continuing under this Lease. If Lessee exercises such option, this Lease shall continue for the applicable period in accordance with the terms and provisions of this Lease then in effect, including, without limitation, adjustments in the Base Annual Rental during each extension term in accordance with the provisions of Section 5.B. Lessee may only exercise the first extension option assigned to or exercisable by giving notice any other party other than a permitted assignee pursuant to Lessor of Lessee's intention to do so not later than June 30, 2020. If the first extension option is exercised by Lessee, Lessee may only exercise the second extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2026. If the first two extension options are exercised, Lessee may only exercise the third extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2031. If the first three extension options are exercised, Lessee may only exercise the fourth extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2036. If the first four extension options are exercised, Lessee may only exercise the fifth extension option by giving notice to Lessor of Lessee's intention to do so not later than April 30, 2041. Notwithstanding the foregoing, Lessee's failure to deliver notice Paragraph 16(e) of the exercise of its options under this Section by the applicable outside dates set forth above shall not terminate the applicable option unless and until Lessor shallLease without obtaining Landlord’s prior written consent, following the applicable outside date, give written notice of the applicable option to Lessee, and Lessee shall fail to exercise the applicable option within thirty (30) days after such notice is givenwhich consent may be withheld in Landlord’s sole discretion.

Appears in 1 contract

Samples: Lease (RingCentral Inc)

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