Options to Extend Lease. 16.1 The Tenant, provided it is not then in material default, shall have 2 options to extend the Term of the lease for the Premises (collectively the “Extended Terms”), each for a period of 5 years (the “First Extended Term” and the “Second Extended Term” respectively).
Options to Extend Lease. 13. (a) Provided Tenant is not in default under this Lease at the time any such option is to be exercised'by Tenant, Tenant shall have four (4) successive options to extend the term of this lease for an additional period of five (5) years for each such option. Each such extended term shall begin, respectively, upon the expiration of the Initial Term of this lease or of this lease as extended and the same and conditions as herein set forth shall apply to each such extended term, except that annual minimum rent shall be as follows: Annual rent for the first extended term shall be Two Hundred Ninety-Two Thousand Five Hundred Dollars based on a rental rate of Twelve and Dollars ($12.50) per square foot. Annual minimum rent for the second extended term shall be Three Hundred Ten Thousand Fifty Dollars based on a rental rate of Thirteen and Twenty-Five/lOOths Dollars per square foot. Annual minimum rent for the third extended term shall be Three Hundred Twenty-Seven Thousand Six Hundred Dollars based on a rental rate of Fourteen Dollars ($14.00)per square foot. Annual minimum rent for the fourth extended term shall be Three Hundred Forty-Five Thousand One Hundred Fifty Dollars based on a rental rate of Fourteen and Dollars ($14.75) per square foot. If Tenant shall elect to exercise the aforesaid option or options, it shall do so by giving written notice to Landlord not less than six (6) months prior to the expiration of the term of this lease or of this lease as extended in accordance with the terms of this lease including, without limitation; subsection hereof.
Options to Extend Lease. Provided Tenant is not in default (of which Tenant has received written notice and such default remains uncured) upon the giving of notice or commencement of any option period, Tenant shall have the number of successive options to extend the Term, and for their respective periods of time, as identified in Article 1(f) hereof, each such option being an “Option Period”. Each such extended term shall begin, respectively, upon the expiration of the Initial Term of this Lease or of this Lease as extended hereby and the same terms and conditions as herein set forth shall apply to each such extended term, except that the monthly Minimum Rent shall be readjusted pursuant to Article 4-2 hereof. If Tenant shall elect to exercise the aforesaid option or options, it shall do so by giving written notice to Landlord not less than 180 days prior to the expiration of the then current Term of this Lease. It shall be a condition of Tenant’s right to the second option to extend that Tenant has exercised and faithfully performed all of its obligations under this Lease during the first option period.
Options to Extend Lease. 1. Subject to and upon the terms and conditions set forth below, Tenant will have options to extend the term of this Lease for up to two (2) additional period of three (3) years. Tenant will also have a right of first refusal to lease Suite 202 also known as 210.
Options to Extend Lease. Section 17 of the Lease is hereby deleted in its entirety and replaced with the following:
Options to Extend Lease. Provided that the Lease is then in full force and effect and there exists no uncured default by Tenant, Tenant shall have the right and option (each, an “Extension Option”) to extend this Lease for two (2) additional terms of five (5) years each (each, an “Option Term”), as provided herein. Tenant must exercise the Extension Options, if at all, by providing Landlord with written notice thereof at least nine (9) months prior to the expiration date of the initial 5-year Term, or the first Option Term, as the case may be (“Extension Notice”). If Tenant does not provide Landlord with the Extension Notice as and when herein specified, all Extension Options shall terminate and be of no further force or effect. If Tenant exercises an Extension Option, the Term shall be extended upon the same terms and conditions as set forth in the Lease, except that the Base Rent shall be adjusted as provided herein and the Extension Option applicable to such Option Term shall be of no further force and effect. The Base Rent for the first year of an Option Term shall be the then current Market Rate (as defined below), and will be increased annually thereafter by the greater of three and one half percent (3.5%) or the CPI Escalator as set forth in Section 3.2.3 below. Landlord shall not be obligated to pay any commission or fee to any Tenant broker or agent with respect to Txxxxx’s exercise of the Extension Options. Each Extension Option shall apply to the entire Premises and may not be exercised as to only a portion of the Premises. If Tenant is in material default of its obligations under the Lease beyond all applicable grace periods at either the time it exercises an Extension Option or the date upon which an Option Term is to commence, then Landlord at its option may elect to treat the exercise of such Extension Option as ineffective in which case this Lease shall terminate upon expiration of the initial 5-year Term, or first Option Term, as the case may be.
Options to Extend Lease. Term 4.1 Delay in Construction and Delivery 4.2 Tenant's Rights 4.4 Tenant Inducements 5.1 Base Rent; Additional Rent 5.2 Rent During Extended Term(s) 5.3 Rent for Expansion Areas 5.4 Termination 7.4 Signs; Directory 10.5 Redecorating Allowances 15.4 Tenant's Election 16.5 Tenant's Performance of Landlord's Obligations
Options to Extend Lease. Provided that Tenant is not, and has not been, in default or in breach of its lease obligations as set forth herein, Tenant shall have the right to extend the terms of this Lease for two (2) additional terms of five (5) years each, under the same terms and conditions as set forth herein except that the rent for each year of said renewal term shall be as set forth in Article 2 below. To exercise an option to extend, the Tenant must give the Landlord written notice of its intention to exercise such option no later than 120 days prior to the expiration date of the prior term. Upon the exercise of an option by Tenant, Tenant shall execute any documentation required by Landlord to memorialize said extension including, but not limited to, any estoppel certificates. 3 ARTICLE 2
Options to Extend Lease. LESSEE shall have the option to renew this Lease for an additional ten-year term upon the same terms and conditions as set forth, provided that the Annual Rent set forth in Section 3(A) shall be $87,341.98 per annum. Notice of intention to renew shall be in writing by the LESSEE to the COUNTY delivered not less than 180 days prior to expiration of the initial term of this Lease. At the end of such ten-year renewal term, LESSEE shall have the option to renew this Lease for a second ten-year renewal term on the same terms and conditions herein set forth, provided that the Annual Rent set forth in Section 3(A) shall be $123,587.39 per annum. Additional Rents as set forth in Section 3(B) shall be the same in any renewal terms as in the primary term. Notice to renew shall be given in the same manner set forth hereinabove. Such options, if exercised, shall be exercised by written notice to the COUNTY, addressed as follows: DIRECTOR XXXXXXX COUNTY PORT AUTHORITY Xxxx Xxxxxx Xxx 00 Xxxxxxxxxx, Xxxxxxxxxxx 00000 and shall be deposited in the United States Mail, or personally delivered to the addressee at least one hundred eighty (180) days prior to the termination of the primary or renewal term.
Options to Extend Lease. Provided that Sublessee is not then in default of the terms and conditions of this Lease, Sublessee shall have the option to extend this Lease for two additional periods of five (5) years each, the first period commencing on the first day of the month following the month the initial term expires and terminating sixty (60) calendar months thereafter, and the second period commencing on the first day of the month following the month that the first renewal period expires and terminating sixty (60) calendar months thereafter, upon all the same terms and conditions contained herein or then in effect. In the event Sublessee desires to exercise this option, Sublessee shall notify Sublessor, in writing, six (6) calendar months before the existing term expires.
