Common use of Renewal Option Clause in Contracts

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, the right and option to extend the Term of this Lease for one (1) period of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.

Appears in 5 contracts

Samples: Lease (ViewRay, Inc.), Lease (ViewRay, Inc.), Lease (ViewRay, Inc.)

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Renewal Option. Landlord hereby grants to TenantProvided no Event of Default shall have occurred and be continuing and Lessee shall have duly given the notice required by Section 22.2, and Tenant the corresponding notice under the Other Lease and shall haveupon the renewal of the Units hereunder concurrently renew the units under the Other Lease and Lessee has not exercised its option to purchase the Units pursuant to Section 22.3, Lessee shall have the right and, upon the giving of a notice under this Section 22.4 as below provided, the right obligation to lease pursuant to this Lease all (but not less than all) of the Units at the expiration of the Basic Term or any applicable Renewal Term. Lessee may exercise this renewal option by giving Lessor written notice not less than 90 days and option not more than 360 days prior to the end of the Basic Term (or, in the circumstances described below the then Renewal Term) that Lessee elects to renew this Lease with respect to all, but not less than all, of the Units then leased hereunder at a rental payment calculated by reference to the then fair market rental value (a "Fair Market Renewal") or a fixed rental (a "Fixed Rate Renewal"). At Lessee's option, such renewal may, in the case of a Fair Market Renewal, be for a renewal term of one or more years or, in the case of a Fixed Rate Renewal, be for an initial renewal term of three years (but not to extend beyond the Outside Renewal Date) and in connection with any renewal term following the initial renewal term, a term of one year or more expiring not later than the Outside Renewal Date, in each case as Lessee shall specify in such notice, which notice shall be irrevocable. The Basic Rent for each Unit during any Renewal Term of this Lease for one (1) period of five (5) years (the "Renewal Rent") shall (a) in the case of any Fixed Rate Renewal, be 1/12th of 100% of the average annual Basic Rent allocated over the period from the end of the Basic Rent Holiday through the Basic Term Expiration Date, payable monthly in arrears and (b) in the case of any Fair Market Renewal, be 100% of the Fair Market Rental Value determined as of the commencement of the applicable Renewal Term; provided, however, that in the case of the first two years of the Fair Market Renewal period(s) that immediately follow the Basic Term Expiration Date (whether under Section 22.4 or Section 6.1), be 105% of the Fair Market Rental Value determined as of the commencement of the applicable Renewal Term; provided further, however, that the preceding proviso shall not apply in the event that the Lessee provides the Lessor, at the Lessee's sole cost and expense, with an opinion of independent tax counsel selected by Lessor (which counsel shall be selected by Lessor from among four nationally recognized law firms proposed by Lessee, each of which must be experienced in leveraged leasing transactions similar to the transactions contemplated herein) to the effect that applicable Treasury Regulations (or other administrative pronouncements upon which taxpayers may rely for Federal income tax purposes) will permit rent for such Renewal Term at a rate equal to 100% of the fair market rent determined as of the time of such Renewal Term without resulting in any adverse Federal income tax consequences to the Owner Participant Parent (within the meaning of the Tax Indemnity Agreement) under Code Section 467 or any successor provision thereto. The Each Renewal Term shall commence immediately upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being of Basic Term or the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the preceding Renewal Term, and as the denominator of which is case may be. Lessee shall not be entitled to enter any Fixed Rate Renewal following the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount expiry of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodFair Market Renewal.

Appears in 3 contracts

Samples: Equipment Lease Agreement (Trinity Industries Inc), Equipment Lease Agreement (Trinity Industries Inc), Equipment Lease Agreement (Trinity Industries Inc)

Renewal Option. As long as no Event of Default shall have occurred and be continuing hereunder, Landlord hereby grants shall grant to Tenant, and Tenant shall have, the right and option to extend renew (the Term "Renewal Option") the term of this Lease for one Two (12) period additional periods of five (5) years each (the "Renewal Term”Term(s). The Renewal Term shall commence upon the day next following the last day of the initial Term"). Tenant shall notify Landlord in writing exercise such Renewal Option by delivering written notice of its such election to extend this Lease for the Renewal Term not less than six Landlord at least nine (69) months prior to the expiration of the initial Term or a Renewal Term, time being as the case may be. The renewal of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants same terms and conditions of this Lease, except that (a) the Fixed Base Rent during each Renewal Term shall be increased by adding as adjusted as set forth in ARTICLE 3; (b) Tenant shall have no option to renew this Lease beyond the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date expiration of the Renewal Term, and Terms; (c) Tenant shall not have the denominator of which is the Index as right to assign its renewal rights to any sublessee of the first day Property or a portion thereof or to any assignee of this Lease, nor may any such sublessee or assignee exercise or enjoy the benefit of such renewal rights; (d) the Suite shall be provided in its then-existing condition (on an "as is" basis in the broadest sense of the third Lease Year. Ifterm) at the time each Renewal Term commences; and, during the Lease Term the Bureau of Labor Statistics ceases (e) there shall not be any rent abatement period and Tenant shall not be entitled to maintain the Indexany cash payment, then such other index concessions or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount allowance of any such adjustmentnature or amount whatsoever. Notwithstanding the foregoing, Tenant shall have no right to exercise such option to renew, and Landlord shall have no obligation to renew this Lease ifLease, either at the time Tenant notifies Landlord of its election to extend unless (i) this Lease or shall be in full force and effect upon the commencement date of the exercise of the Renewal Option and upon the date of expiration of the Initial Term or the Renewal Term, as the case may be; and (ii) on the date of exercise of the Renewal Option and on the date of expiration of the initial Term or the Renewal Term, as the case may be, no Event of Default shall have occurred or be continuing hereunder. If Tenant is in default hereunder beyond any applicable grace shall fail to exercise a Renewal Option within the time permitted or cure periodconditions (i) and (ii) set forth above are not entirely satisfied, such Renewal Option shall automatically terminate and this Lease expire at the expiration of the initial Term.

Appears in 3 contracts

Samples: Lease Agreement (Windrose Medical Properties Trust), Lease Agreement (Windrose Medical Properties Trust), Lease Agreement (Windrose Medical Properties Trust)

Renewal Option. Landlord hereby grants Lessee may renew this Lease as provided in the following clause (i) and subject to Tenantthe following clause (ii): -107- 109 (i) Exercise of Renewal Option. Provided that this Lease has not been previously terminated and that no Default or Event of Default shall have occurred and be continuing at the time of the giving of irrevocable notice hereinafter referred to in this clause (i) or at the time of the commencement of the Renewal Term, and Tenant shall haveLessee, the right and option to extend the Term of at its option, may renew this Lease for one (1) Renewal Term consisting of a period of equal to five (5) years (the “Renewal Term”)years. The right to renew this Lease for such Renewal Term pursuant to this clause (i) shall commence be exercised upon the day next following irrevocable notice from Lessee received by Lessor of Lessee's election to so renew this Lease not less than twelve (12) months and not more than twenty-four (24) months prior to the last day of the initial Basic Term. Tenant The Renewal Rent for the Renewal Term shall notify Landlord be the "fair market rental value" of the Aircraft for such Renewal Term (the "renewal fair market rental value") as determined in writing accordance with the Appraisal Procedure. For purposes of this paragraph (i), the Appraisal Procedure shall be initiated by Lessee no earlier than nine (9) months prior to the end of the Basic Term. If Lessee shall fail to exercise its election option to extend the term of this Lease for the Renewal Term not less than six (6) months prior in accordance with the provisions of this paragraph, all of Lessee's rights to extend the expiration of the initial Term, time being of the essence with respect to Term for such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate expire. Lessee shall pay all reasonable costs and be of no further force or effectexpenses, including, without limitation, reasonable legal fees and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the termsexpenses, covenants and conditions of this Leaseincurred by Lessor, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, Owner Participant and the denominator Indenture Trustee in connection with the exercise of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodoption.

Appears in 3 contracts

Samples: Aircraft Lease Agreement (America West Airlines Inc), Aircraft Lease Agreement (America West Airlines Inc), Aircraft Lease Agreement (America West Airlines Inc)

Renewal Option. Landlord hereby grants to TenantProvided no Event of Default shall have occurred and be continuing and Lessee shall have duly given the notice required by Section 22.2, and Tenant the corresponding notices under the Other Leases and shall haveupon the renewal of the Units hereunder concurrently renew the Other Units under the Other Leases and Lessee has not exercised its option to purchase the Units pursuant to Section 22.3, Lessee shall have the right and, upon the giving of a notice under this Section 22.4 as below provided, the right obligation to lease pursuant to this Lease all (but not less than all) of the Units at the expiration of the Basic Term or any applicable Renewal Term. Lessee may exercise this renewal option by giving Lessor written notice not less than 90 days and option not more than 360 days prior to the end of the Basic Term (or, in the circumstances described below the then Renewal Term) that Lessee elects to renew this Lease with respect to all, but not less than all, of the Lease Agreement (TRLI 2001-1C) Units then leased hereunder at a rental payment calculated by reference to the then fair market rental value (a "Fair Market Renewal") or a fixed rental (a "Fixed Rate Renewal"). At Lessee's option, such renewal may, in the case of a Fair Market Renewal, be for a renewal term of one or more years or, in the case of a Fixed Rate Renewal, be for an initial renewal term of three years (but not to extend beyond the Outside Renewal Date) and in connection with any renewal term following the initial renewal term, a term of one year or more expiring not later than the Outside Renewal Date, in each case as Lessee shall specify in such notice, which notice shall be irrevocable. The Basic Rent for each Unit during any Renewal Term of this Lease for one (1) period of five (5) years (the "Renewal Rent") shall (a) in the case of any Fixed Rate Renewal, be 1/12th of 100% of the average annual Basic Rent allocated over the period from the end of the Basic Rent Holiday through the Basic Term Expiration Date, payable monthly in arrears and (b) in the case of any Fair Market Renewal, be 100% of the Fair Market Rental Value determined as of the commencement of the applicable Renewal Term; provided, however, that in the case of the first two years of the Fair Market Renewal period(s) that immediately follow the Basic Term Expiration Date (whether under Section 22.4 or Section 6.1), be 105% of the Fair Market Rental Value determined as of the commencement of the applicable Renewal Term; provided further, however, that the preceding proviso shall not apply in the event that the Lessee provides the Lessor, at the Lessee's sole cost and expense, with an opinion of independent tax counsel selected by Lessor (which counsel shall be selected by Lessor from among four nationally recognized law firms proposed by Lessee, each of which must be experienced in leveraged leasing transactions similar to the transactions contemplated herein) to the effect that applicable Treasury Regulations (or other administrative pronouncements upon which taxpayers may rely for Federal income tax purposes) will permit rent for such Renewal Term at a rate equal to 100% of the fair market rent determined as of the time of such Renewal Term without resulting in any adverse Federal income tax consequences to the Owner Participant Parent (within the meaning of the Tax Indemnity Agreement) under Code Section 467 or any successor provision thereto. The Each Renewal Term shall commence immediately upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being of Basic Term or the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the preceding Renewal Term, and as the denominator of which is case may be. Lessee shall not be entitled to enter any Fixed Rate Renewal following the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount expiry of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodFair Market Renewal.

Appears in 3 contracts

Samples: Equipment Lease Agreement (Trinity Industries Inc), Lease Agreement (Trinity Industries Inc), Lease Agreement (Trinity Industries Inc)

Renewal Option. Landlord hereby grants (a) Subject to Tenantthe terms of this Section 10, and Tenant shall have, the right and have one (1) option (“Second Renewal Option”) to extend the Term of this Lease for one (1) a consecutive period of five sixty (560) years months beyond the expiration of the Renewal Term (the Second Renewal Term”). The Second Renewal Term shall commence upon the day next following the last day Option is personal to Tenant and may not be exercised by any sublessee or assignee of the initial TermTenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant shall notify to Landlord in writing of its election to extend this Lease for the Renewal Term given not more than two hundred seventy (270) days and not less than six one hundred eighty (6180) months days prior to the expiration of the initial TermRenewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocable. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time being of Tenant’s delivery of the essence with respect to Election Notice or at any time from the date of delivery of such notification. Election Notice thereof shall be deemed sufficient if given through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the manner hereinafter provided. If Landlord does not receive such written notice financial condition of the Tenant, as and when required herein, of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall terminate be void and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The validly exercised Second Renewal Term shall be upon all of the terms, covenants same terms and conditions of this as the Lease, as amended, except that (x) the Fixed annual Base Rent during the Second Renewal Term shall be increased by adding the CPI Adjustment Amount (defined below) equal to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Fair Market Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day commencement of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Second Renewal Term; and (y) Tenant shall have no right further renewal options pursuant to renew this Lease if, either at Section 10 or any provision of the time Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant notifies Landlord of its election prior to extend this Lease or upon the commencement date of the Second Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.

Appears in 3 contracts

Samples: Office Building Lease (GP Investments Acquisition Corp.), Office Building Lease (Rimini Street, Inc.), Office Building Lease (Rimini Street, Inc.)

Renewal Option. Landlord Section 4.3 of the Lease is hereby grants to Tenant, deleted in its entirety and replaced with the following: “Tenant shall have, have the right and option (the “Renewal Option”) to extend the Term of this the Lease for one the entire Premises then being leased to Tenant for a term of two (1) period of five (52) years (the “Renewal Term”). The Renewal Term shall commence upon on the day next following after the last day Expiration Date. The Renewal Option shall be void if a default by Tenant exists, either at the time of exercise of the initial Renewal Option or the time of commencement of the Renewal Term. The Renewal Option must be exercised, if at all, by written notice from Tenant shall notify to Landlord in writing of its election to extend this Lease for the Renewal Term given not less than six (6) months prior to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants same terms and conditions of this Leaseas the original Term, except that (a) the Fixed Base Rent payable during the Renewal Term shall be increased by adding the CPI Adjustment Amount (defined below) equal to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Base Rent payable for the last year month of the initial Term by a ratiooriginal Term, the numerator plus $0.05 per square foot of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics Rentable Area of the United States Department Premises, and the Base Rent shall increase by $0.05 per square foot of Labor (Rentable Area of the “Index”) Premises on the date nearest first anniversary of the commencement date of the Renewal Term, (b) Tenant shall not be entitled to any tenant improvement allowance during the Renewal Term; and (c) from and after the exercise of the Renewal Option, (i) all references to “Expiration Date” shall be deemed to refer to the last day of the Renewal Term, and (ii) all references to “Term” shall be deemed to include the denominator Renewal Term. The Renewal Option is personal to Tenant and shall be inapplicable and null and void if Tenant assigns its interest under the Lease (other than to an affiliate of which is Tenant).” “In the Index as event Tenant exercises its Renewal Option, Landlord shall have the right to terminate the Lease effective at any time after the twelve (12) month anniversary of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodTerm upon at least six (6) months prior written notice to Tenant.

Appears in 3 contracts

Samples: Lease, Lease (Silver Spring Networks Inc), Lease (Silver Spring Networks Inc)

Renewal Option. Provided Tenant is not in default under any of the terms and provisions herein contained and further provided Tenant is occupying the Demised Premises at the time the option is exercised, Landlord hereby grants to Tenant, and Tenant shall have, the right and one (1) option to extend the Term of renew this Lease for one (1) period of five (5) years (years, commencing on the “Renewal day following the expiration of the existing Lease Term”). The Renewal renewal term shall be upon all the terms and conditions as the existing Lease Term with the sole exception that the Base Annual Rent shall commence upon be adjusted to reflect the day next following then fair market rental value. Fair market rental value shall mean the last day then prevailing rent for premises comparable in size and use to the Demised Premises, located in buildings comparable in size and use to, and in the general vicinity of, the Building, leased on terms comparable to the terms contained in this Lease, taking into consideration all allowances for tenant improvements, moving expenses, landlord expenses, rent abatement, brokerage expenses, tenant benefits, parking charges or any other market concessions which may be commonly available at the time in question. Landlord shall provide Tenant with its estimate of the initial TermFair Market Rental Value within thirty (30) days from Tenant’s notice to Landlord of its intent to exercise the renewal option. In the event Tenant disagrees as to Landlord’s estimate of the Fair Market Rental Value, it shall notify Landlord in writing of its election such disagreement within twenty (20) days from receipt of Landlord’s notice of Fair Market Rental Value and shall provide Landlord with Tenant’s commercially reasonable estimate of the Fair Market Rental Value. In the event Landlord disagrees with Tenant’s proposed amount, the parties hereby agree to extend this Lease for appoint a mutually acceptable unrelated independent arbitrator to resolve the Renewal Term dispute and agree to be bound by the decision of such arbitrator. Tenant and Landlord shall equally split the cost of the independent arbitrator. The foregoing option to renew shall be exercised by written notice to Landlord given not less than six three hundred sixty-five (6365) months days prior to the expiration of the initial Term, time being existing Term of this Lease. Time is of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord Tenant’s exercise of its election option to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodrenew.

Appears in 2 contracts

Samples: Lease (Bankrate, Inc.), Lease (Bankrate Inc)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, the right have a personal and non-transferable option to extend renew the Term term of this Lease for one (1J) period term of five (5) years (years. Such renewal tenn shall begin the “Renewal Term”). The Renewal Term shall commence upon the first day next following the last day expiration of the initial immediately preceding Term. Tenant shall notify have the right to exercise the renewal option confe1Tcd herein by giving Landlord in writing of its election to extend this Lease for the Renewal Term not less than six notice at least two hundred seventy (6270) months days prior to the expiration of the initial then current Term; provided that, at the time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as exercise and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration datecommencement of the renewal tenn (a) no Event of Default has occWTed and remains uncured beyond the applicable cure period; and (b) Tenant has not sublet or assigned any portion of the Premises. The Renewal Term renewal option shall be upon subject to all of the terms, covenants terms and conditions contained in this I.ease, except that Minimum Annual Rent during the renewal term shall be at 95% of Market Rent, but in no event less than the Minimum Annual Rent in effect immediately preceding the renewal tem1. "Market Rent" shall be the anticipated rate in effect for the Premises as of the commencement of the renewal term, together with any market rate increases during the renewal term, based upon the rents generally in e!Tect for renewed leases of space in the area in which the Building is located of equivalent quality, size, utility and location, and taking into account the length of the renewal term and the credit standing of Tenant. Landlord shall lease the Premises to Tenant in their then-current condition, and Landlord shall not provide to Tenant any allowances (e.g., moving allowance, construction allowance, free rent or the like) or other tenant inducements. In the event that Tenant shall exercise an option to renew this Lease, then the Market Rent shall be agreed upon in a meeting of the parties hereto held at least ninety (90) days prior to the expiration of the then current Term. If the parties are able to agree on an amount of Market Rent that is mutually satisfactory, then such agreements shall be placed in writing and shall be signed by the parties hereto and shall thereupon become a part of this Lease. If the parties hereto arc unable to agree upon the Market Rent at least thirty (30) days prior to the commencement of any renewal term, except that then the Fixed disagreement shall be promptly submitted to arbitration. In such event, each party shall select an arbitrator having not less than ten (I 0) years' actual experience in the commercial real estate brokerage business, and the arbitrators so selected shall immediately meet for the purpose of hearing and deciding the dispute and fixing the relevant rate of rent. ff the two arbitrators selected agree on Market Rent, their decision shall be binding on both parties. If the two arbitrators selected cannot agree on the Market Rent within ten (10) business days after appointment (the "Initial Review Period"), but the rates differ by less than five percent (5%), the Market Rent shall be increased the average of the two rates. If the rates differ by adding more than five percent (5%), no later than five (5) business days following the CPI Adjustment Amount (defined belowexpiration of the Jnitial Review Period, tht,; two arbitrators shall select a third arbitrator with qualifications similar to their own. Within ten ( 10) to business days following appointment, the then-current Fixed third arbitrator shall select one of the two rental rates promulgated by the first two arbitrators as the Market Rent. The “CPI Adjustment Amount” is calculated by multiplying If the Fixed Rent payable for arbitrators cannot agree on the last year third arbitrator, they shall petition the presiding judge of the initial Term local state court having jurisdiction to appoint such arbitrator to act as an umpire between the arbitrators selected by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics Landlord and Xxxxxx. The decision of the United States Department of Labor (third arbitrator or presiding judge, as the “Index”) case may be, shall be binding on both parties. Landlord and Tenant shall each be responsible to pay their respective arbitrators and will share equally the date nearest the commencement date cost of the Renewal Termthird arbitrator. Failure of Tenant properly to exercise the option herein granted shall be construed as a waiver of such option, and the denominator of which is Lease shall then terminate at the Index as expiration of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall current Tenn. [REMAINDER OF XXXX INTENTIONALLY LEFT BLANK] !4 Date signed: Date signed: Attest: Landlord and Xxxxxx have no right to renew executed this Lease ifon the respective date(s) set forth below. Landlord: LSOP 3 MD 3, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.LLC By: ~ . -=-- - - / Name:- 8a~:f:..Mttf.6ws.£l,,\\ ll\e l\tx\ Title: Senior Vice Prcsicfent '1 Tenant: ASCEl'iD ONE CORPORATION 15

Appears in 2 contracts

Samples: Lease Agreement (Nava Health Md, LLC), Lease Agreement (Nava Health Md, LLC)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall havehave two (2) options (each, the right and option a “Renewal Option”) to extend the Term of this the Lease for one (1) period the entire Premises then being leased to Tenant for terms of five (5) years each (the each, a “Renewal Term”). The If the first Renewal Option is exercised, the first Renewal Term shall commence upon on the day next following after the last Expiration Date. If the second renewal term is exercised, the second Renewal Term shall commence on the day after the Expiration Date of the initial first Renewal Term. Each Renewal Option shall be void if an Event of Default by Tenant shall notify Landlord in writing exists, either at the time of its election to extend this Lease for exercise of such Renewal Option or the time of commencement of such Renewal Term. The second Renewal Term shall be void if Tenant fails to exercise the first Renewal Option. Each Renewal Option must be exercised, if at all, by written notice from Tenant to Landlord given not more than eighteen (18) months and not less than six twelve (612) months prior to the expiration of the initial TermTerm (as previously extended, time being of the essence with respect to such notificationif applicable). Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Each Renewal Term shall be upon all of the terms, covenants same terms and conditions of this Leaseas the original Term, except that (a) the Fixed Base Rent payable pursuant to Section 6.1 with respect to each Renewal Term shall be increased by adding equal to ninety-five percent (95%) of the CPI Adjustment Prevailing Market Rent as of the commencement of the Renewal Term, as determined pursuant to Exhibit C, (b) Tenant shall not be entitled to any Tenant Improvement Allowance during the Renewal Term, (c) the L-C Amount shall remain as the amount determined in accordance with Section 6.5(a) below; and (defined belowd) from and after the exercise of a Renewal Option, (i) all references to “Expiration Date” shall be deemed to refer to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date day of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases (ii) all references to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index “Term” shall be used in determining deemed to include the amount of any such adjustmentRenewal Term. Notwithstanding the foregoing, The Renewal Options are personal to Tenant and shall have no right to renew be inapplicable and null and void if Tenant assigns its interest under this Lease if, either at the time Tenant notifies to any Transferee other than a Permitted Transferee. Landlord of its election shall not be responsible for any commissions or fees related to extend this Lease or upon the commencement date Tenant’s exercise of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodOption.

Appears in 2 contracts

Samples: Commercial Lease (Jazz Pharmaceuticals PLC), Commercial Lease (Jazz Pharmaceuticals PLC)

Renewal Option. Landlord hereby grants (a) Provided that all the following have not occurred at the time of Tenant’s exercise of the Renewal Option: (1) Tenant is not in default of any of the terms, covenants and conditions hereof beyond any applicable notice and/or cure periods, (2) Tenant’s right to Tenantpossession of the Premises has not been terminated, and (3) Tenant has not assigned any of its interest in this Lease or sublet any portion of the Premises, other than in connection with a Permitted Transfer, then Tenant shall have, have the right and option to extend the Lease Term of this Lease (the “Renewal Option”) for one (1) further sixty (60) month period of five (5) years (hereinafter the “Renewal Term”). The Such extension of the Lease Term shall be on the same terms, covenants and conditions as provided for in the Lease Term, except as set forth in this Section, and, except that the Base Rent during the Renewal Term shall commence upon be at fair market base rent then in effect on equivalent properties, of equivalent size, in equivalent areas, with the day next following the last day length of the initial TermRenewal Term and the credit standing of Tenant to be taken into account and otherwise based on the factors listed below, (the “Fair Market Base Rent”). Tenant shall notify deliver written notice to Landlord in writing of its election Tenant’s intent to extend this Lease for exercise the Renewal Term Option granted herein (the “Renewal Request Notice”) not more than twelve (12) months nor less than six nine (69) months prior to the expiration of the initial Term, time being Lease Term of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter providedthis Lease. If Landlord does not receive such written notice as and when required hereinTenant mutually agree, using their respective good faith efforts, in writing upon the base rent for the Renewal Term within thirty (30) days after written exercise by Tenant of this Renewal Option, Landlord shall terminate and be of no further force or effectlease the Premises to Tenant during the Renewal Term in their then-current, “AS IS, WHERE IS” with all faults condition, and this Lease Landlord shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the termsnot provide to Tenant any allowances (e.g. moving allowance, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Termconstruction allowance, and the denominator of which is like) or other tenant inducements, except to the Index as extent determined appropriate in connection with the determination of the first day of the third Lease YearFair Market Base Rent. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right further renewal options unless expressly granted by Landlord in writing. Fair Market Base Rent will take into account all relevant factors, including, without limitation: (1) the location, quality, size, condition, and age of the Building and the level of LEED® certification of the Building then in effect; (2) the use, location, size, and/or floor levels of the space in question, including view, elevator, lobby exposure, etc.; (3) definition of “rentable” area; (4) the extent of leasehold improvements in the space in question or to renew this Lease ifbe provided (other than any improvements already installed in the Premises), either at and/or any allowance for same; (5) abatements (including base rental, operating expenses and real estate taxes, and parking charges); (6) the parking rates set forth in Landlord’s rent proposal, the parking rates charged for comparable parking for tenants in comparable buildings and inclusion and/or exclusion of parking charges in rental; (7) lease takeovers and assumptions; (8) programming/space planning/interior architecture and engineering allowances; (9) relocation allowances; (10) tenant improvement allowances or refurbishment allowances, including those set forth in Landlord’s rent proposal; (11) distinction between “gross” and “net” leases; (12) base year or dollar amounts for escalation purposes (both ad valorem/real estate taxes and other operating expenses); (13) any other adjustments (including, for example, indices) to base rental; (14) credit standing and financial stature of Tenant (or the applicable transferee pursuant to a Permitted Transfer) and any applicable tenants; (15) term or length of lease; (16) the time Tenant notifies Landlord the particular rental rate under consideration was agreed upon or is to become effective and the period of its election time from the date such rate is determined to extend this Lease the date it will be effective; (17) the extent of services provided or upon to be provided; (18) inclusions and exclusions for operating expenses; (19) the commencement date total amount of space in the Renewal TermBuilding leased to Tenant; (20) presence, Tenant absence or amount of leasing commissions to the extent applicable; and (21) any other concession or inducement and/or relevant terms or conditions that a reasonable and knowledgeable real estate professional would include in making such fair value rental rate determination. The determination of Fair Market Base Rent will not take into account any transaction that is in default hereunder beyond not a typical market-driven transaction, such as a sale-leaseback or any applicable grace or cure periodfinancing type lease transaction.

Appears in 2 contracts

Samples: Lease Agreement (Sunnova Energy International Inc.), Lease Agreement (Sunnova Energy International Inc.)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have two (2) options (the right and option “Renewal Options”) to extend the Term of this Lease for one (1) a period of five (5) years (each, a “Renewal Term”, and respectively the “First Renewal Term” and the “Second Renewal Term”). The Each Renewal Term shall commence upon (i) must be exercised, if at all, as to the day next following the last day entire Premises subject to this Lease as of the initial Commencement Date (unless reduced pursuant to condemnation) and (ii) will be void if this Lease has previously expired or terminated with respect to any part of the Premises leased by Tenant hereunder as of the Commencement Date (other than as a result of condemnation), or if the Premises then leased by Tenant hereunder shall be less than 100% of the Premises as of the Commencement Date such that a portion of the Buildings shall be available to Landlord to lease to others. Each Renewal Option shall be void if an Event of Default by Tenant exists, either at the time of exercise of the applicable Renewal Option or the time of commencement of the applicable Renewal Term. Each Renewal Option must be exercised, if at all, by written notice from Tenant shall notify to Landlord in writing of its election to extend this Lease for the Renewal Term given not less than six twelve (612) months prior to the expiration of the initial Term, time being Term (in the case of the essence with respect First Renewal Term), and not less than twelve (12) months prior to such notification. Notice thereof shall be deemed sufficient if given the expiration of the First Renewal Term (in the manner hereinafter providedcase of the Second Renewal Term). If Landlord does not receive such written notice as and when required hereinFor the avoidance of doubt, the Second Renewal Term shall terminate and be of no further force or effect, and this Lease void unless the First Renewal Option shall expire as of the then-scheduled expiration datebe timely exercised by Tenant. The Each Renewal Term shall be upon all of the terms, covenants same terms and conditions of this Leaseas the original Term, except that the Fixed Base Rent applicable to the relevant Renewal Term shall be increased by adding the CPI Adjustment Amount (defined below) equal to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed greater of (i) Base Rent payable under this Lease for the last full year immediately preceding the effectiveness of that Renewal Term or (ii) Prevailing Market Rent as of the initial Term by commencement of that Renewal Term, as determined pursuant to Exhibit C. As a ratio, condition to the numerator of which is exercise and the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date effectiveness of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoingOption, Tenant shall be required to modify the Letter of Credit so that the Letter of Credit will have no right a face amount equal to renew this Lease if, either at the time Tenant notifies Landlord Required Amount and otherwise meet the requirements of its election Section 4.7 with respect to extend this Lease or upon the commencement date Term as extended by Tenant’s exercise of the Renewal Term, Option. The Renewal Option is personal to Tenant is and shall be inapplicable and null and void if Tenant assigns its interest under this Lease (including an “Assignment” as defined in default hereunder beyond any applicable grace or cure periodSection 15.1 but excluding short-term Subleases contemplated by Section 15.5).

Appears in 2 contracts

Samples: Lease (Google Inc.), Lease (Silicon Graphics Inc)

Renewal Option. Landlord hereby grants to TenantProvided that no Event of Default shall be continuing at the time of the exercise of the option herein provided and at the time of the commencement of the Renewal Term (as hereinafter defined), and Tenant shall havehave the right, the right and option at its option, to extend the original Lease Term of this Lease (“Original Term”), for one a renewal term (1“Renewal Term”) period of five (5) years (the “Renewal Term”). The Renewal Term shall to commence upon the day next immediately following the last day expiration of the initial Original Term. Tenant shall notify , by giving notice to Landlord in writing of its election to extend this Lease for the Renewal Term not less than six nine (69) nor more than eighteen (18) months prior to the expiration Expiration Date of this Lease and, upon the initial giving of such notice, this Lease, subject to the provisions hereof, shall be automatically extended for the Renewal Term with the same force and effect as if the Renewal Term had been originally included in the Lease Term, time being . Time shall be of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as exercise by Tenant of the then-scheduled expiration dateoption. The Renewal Term shall be upon all All of the terms, covenants and conditions of this Lease, Lease shall continue in full force and effect during the Renewal Term except that (a) the Fixed Basic Rent shall be increased by adding as hereinafter set forth, (b) the CPI Adjustment Amount Base Tax Factor shall be the fiscal tax year and the Base Operating Factor shall be the calendar year during which the Renewal Term Commences; (defined belowc) the terms of this Lease relating to the then-current Fixed RentWork Letter and the performance of Landlord’s Work and Tenant’s Work shall not be applicable to the Renewal Term and (d) there shall be no further privilege of extension of this Lease beyond the Renewal Term. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Basic Rent payable for by Tenant during the last first year of the initial Renewal Term shall be the fair market basic rent prevailing at the commencement of the Renewal Term for rental of space comparable in size to the Premises in privately owned multi-tenanted office buildings owned by a ratioother than governmental entities comparable in age, size, quality and location to the Building, as determined in the first instance by Landlord, based upon then current leases for such space, taking into account tenant improvement allowances. No less than thirty (30) days following Landlord’s receipt of Tenant’s notice to extend the Lease for the Renewal Term, Landlord shall notify Tenant in writing of its determination of the Basic Rent for the first year of the Renewal Term as set forth above. In the event Tenant disagrees with such determination Landlord and Tenant shall attempt in good faith to agree on such Basic Rent. In the event Landlord and Tenant fail to reach an agreement on such rental rate at least four (4) months prior to the expiration of the then current term, the numerator of which is dispute as to Basic Rent shall be arbitrated pursuant to the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics provisions of the United States Department Article XXII, and Tenant shall pay Basic Rent as determined by Landlord pending the outcome of Labor (such arbitration subject to the “Index”) on adjustment by reason thereof. After final determination of the date nearest Basic Rent for the commencement date first year of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, same shall increase during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date each subsequent year of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodTerm two and one-half (2.5%) percent over the Basic Rent for the prior year.

Appears in 2 contracts

Samples: Lease Agreement (Cerecor Inc.), Lease Agreement (Cerecor Inc.)

Renewal Option. Landlord hereby grants to TenantProvided no Event of Default shall have occurred and be continuing and Lessee shall have duly given the notice required by Section 22.2, and Tenant the corresponding notice under the Other Lease and shall haveupon the renewal of the Units hereunder concurrently renew the units under the Other Lease and Lessee has not exercised its option to purchase the Units pursuant to Section 22.3, Lessee shall have the right and, upon the giving of a notice under this Section 22.4 as below provided, the right obligation to lease pursuant to this Lease all (but not less than all) of the Units at the expiration of the Basic Term or any applicable Renewal Term. Lessee may exercise this renewal option by giving Lessor written notice not less than 90 days and option not more than 360 days prior to the end of the Basic Term (or, in the circumstances described below the then Renewal Term) that Lessee elects to renew this Lease with respect to all, but not less than all, of the Units then leased hereunder at a rental payment calculated by reference to the then fair market rental value (a "Fair Market Renewal") or a fixed rental (a "Fixed Rate Renewal"). At Lessee's option, such renewal may, in the case of a Fair Market Renewal, be for a Lease Agreement (TRLI 2001-1B) renewal term of one or more years or, in the case of a Fixed Rate Renewal, be for an initial renewal term of three years (but not to extend beyond the Outside Renewal Date) and in connection with any renewal term following the initial renewal term, a term of one year or more expiring not later than the Outside Renewal Date, in each case as Lessee shall specify in such notice, which notice shall be irrevocable. The Basic Rent for each Unit during any Renewal Term of this Lease for one (1) period of five (5) years (the "Renewal Rent") shall (a) in the case of any Fixed Rate Renewal, be 1/12th of 100% of the average annual Basic Rent allocated over the period from the end of the Basic Rent Holiday through the Basic Term Expiration Date, payable monthly in arrears and (b) in the case of any Fair Market Renewal, be 100% of the Fair Market Rental Value determined as of the commencement of the applicable Renewal Term; provided, however, that in the case of the first two years of the Fair Market Renewal period(s) that immediately follow the Basic Term Expiration Date (whether under Section 22.4 or Section 6.1), be 105% of the Fair Market Rental Value determined as of the commencement of the applicable Renewal Term; provided further, however, that the preceding proviso shall not apply in the event that the Lessee provides the Lessor, at the Lessee's sole cost and expense, with an opinion of independent tax counsel selected by Lessor (which counsel shall be selected by Lessor from among four nationally recognized law firms proposed by Lessee, each of which must be experienced in leveraged leasing transactions similar to the transactions contemplated herein) to the effect that applicable Treasury Regulations (or other administrative pronouncements upon which taxpayers may rely for Federal income tax purposes) will permit rent for such Renewal Term at a rate equal to 100% of the fair market rent determined as of the time of such Renewal Term without resulting in any adverse Federal income tax consequences to the Owner Participant Parent (within the meaning of the Tax Indemnity Agreement) under Code Section 467 or any successor provision thereto. The Each Renewal Term shall commence immediately upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being of Basic Term or the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the preceding Renewal Term, and as the denominator of which is case may be. Lessee shall not be entitled to enter any Fixed Rate Renewal following the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount expiry of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodFair Market Renewal.

Appears in 2 contracts

Samples: Lease Agreement (Trinity Industries Inc), Lease Agreement (Trinity Industries Inc)

Renewal Option. Landlord hereby grants Tenant acknowledges and agrees that Tenant has no further rights of renewal or similar rights in or to the Premises or the Building, except as follows: Subject to the conditions herein, provided that (a) Tenant has not assigned the Lease or sublet any portion of the Premises other than to an entity controlling, controlled by or under common control with Tenant, or to any successor of Tenant resulting from a merger or consolidation of Tenant, and (b) Tenant is not in default under the Lease beyond any applicable notice, grace or cure period, Tenant shall havehave the right, the right and option at Tenant’s option, to elect to extend the Term of this the Lease for one (1) period of five (5) years (the “Renewal Term”). The Renewal Term Term, if properly exercised in accordance herewith, shall commence upon on December 1, 2022, or on the first day next following the last day any subsequent extension of the initial Term. Tenant shall notify Landlord in writing Term under Section 13 of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration dateAmendment. The Renewal Term shall be upon all exercised by Tenant giving written notice of the termsexercise thereof (the “Renewal Notice”) to Landlord on or before the day that is nine (9) months, covenants and conditions but not more than twelve (12) months, prior to the then applicable Expiration Date of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this extend the Term of the Lease, and the Renewal Notice shall not be effective, if (i) Tenant fails to timely give its Renewal Notice as provided herein, or (ii) a default by Tenant exists under the Lease ifbeyond any applicable notice, either at grace or cure period (x) when Landlord receives the time Tenant notifies Landlord of its election to extend this Lease Renewal Notice, or (y) upon the expiration of the Term of the Lease prior to the commencement date of the Renewal Term. In the event Tenant properly exercises the Renewal Term, within ten (10) days of receipt of such Renewal Notice, Landlord shall provide the annual Base Rent at which Landlord is willing to lease the Premises to Tenant for the Renewal Term (the “Renewal Rent”), which Renewal Rent shall be based on the “then current fair market rent rate” for buildings of comparable size, type and class located in the same area of Coral Gables, Florida, under leases and renewal amendments being negotiated and entered into at or about the time the Renewal Rent is being determined, giving appropriate consideration to tenant creditworthiness, tenant concessions, length of the term, landlord or building services provided to a tenant, brokerage commissions, tenant improvement allowances and similar factors. If Tenant in its reasonable judgment determines that Landlord’s proposed Renewal Rent does not accurately reflect the then current fair market rent rate, Tenant is shall provide Landlord written notice of its objection to Landlord’s determination of the Renewal Rent within ten (10) days after Tenant’s receipt of Landlord’s determination of Renewal Rent. If Tenant timely delivers notice of its objection to Landlord’s determination of Renewal Rent as set forth above, then for a period of thirty (30) days after the date of Tenant’s notice (the “Negotiation Period”), Landlord and Tenant shall work together in default hereunder beyond any good faith to agree upon the Renewal Rent. If Landlord and Tenant fail to agree on the Renewal Rent within such Negotiation Period, Tenant shall, within ten (10) days after expiration of the Negotiation Period, by written notice to Landlord, elect either (i) to withdraw its Renewal Notice, in which event the Lease shall expire on the then applicable grace Expiration Date, or cure period.(ii) to submit the Renewal Rent to determination in accordance with the following procedures (the “Appraisal Election”):

Appears in 2 contracts

Samples: Confidential Treatment (Catalyst Pharmaceuticals, Inc.), Confidential Treatment (Catalyst Pharmaceutical Partners, Inc.)

Renewal Option. Landlord hereby grants to 50.01 Provided that: (i) the tenant named on the first page of this Lease or a Successor Entity, as defined in Section 4.13, above (collectively, “Named Tenant”) is not in default under this Lease on the Extension Notice Date (as defined below) and on the Extension Term Commencement Date (as defined below) after notice (in which event Named Tenant’s rights under this Article shall be suspended until the earlier of (i) Named Tenant’s timely and full cure of the default alleged in such notice, at which time Named Tenant’s rights hereunder shall be reinstated, and (ii) the expiration of Named Tenant’s time in which to cure such default, at which time Named Tenant’s rights hereunder shall be extinguished); and (ii) Named Tenant shall have, occupy no less than ninety (90%) percent of the Premises for the conduct of its business on the Extension Notice Date and on the Expiration Date; then the Named Tenant shall have the one-time right and option (the “Extension Right”) to extend the Term of this Lease with respect to the entire Premises for one (1) period of five (5) years (the “Renewal Extension Term”). The Renewal Extension Term shall commence upon on the day next immediately following the last Expiration Date (the “Extension Term Commencement Date”) and shall expire on the day immediately preceding the fifth (5th) anniversary of the initial Term. Tenant Extension Term Commencement Date (the “Extension Term Expiration Date”), unless the Extension Term shall notify Landlord in writing sooner end pursuant to any of its election to extend the terms, covenants or conditions of this Lease for or pursuant to law. The Extension Right may be exercised with respect to the Renewal Term not less entire Premises only and shall be exercisable by Named Tenant delivering to Landlord a notice (the “Extension Notice”) no later than six the date (6the “Extension Notice Date”) months that is three hundred sixty-five (365) days prior to the expiration Expiration Date, as to which date time is of the initial Termessence, time being and upon the giving of such notice, subject to the essence with respect to such notification. Notice thereof shall be deemed sufficient if given provisions set forth below in the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinthis Article, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all extended for the period of the Extension Term without execution or delivery of any other or further document, with the same force and effect as if the Extension Term had originally been included in the Term. All of the terms, covenants and conditions of this LeaseLease shall continue in full force and effect during the Extension Term, except including items of Additional Rent and escalation which shall remain payable on the terms herein set forth. In the event that the Fixed Rent Named Tenant shall fail to give the Extension Notice to Landlord on or prior to the Extension Notice Date, the Named Tenant shall be increased by adding deemed to have waived its Extension Right hereunder. Landlord shall have the CPI Adjustment Amount (defined below) right, in its sole discretion, to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year waive any or all of the initial Term by a ratioforegoing conditions to Tenant’s exercise of its Extension Right. Upon the giving of the Extension Notice, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Named Tenant shall have no further right to renew this Lease if, either at the time Tenant notifies Landlord of its election or option to extend this Lease or upon renew the commencement date Term. Tenant’s failure to timely exercise its Extension Right in compliance with all of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodrequirements of this Article shall be deemed a waiver of Tenant’s Extension Right hereunder.

Appears in 2 contracts

Samples: Agreement (Schrodinger, Inc.), Agreement (Schrodinger, Inc.)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall havehave the right, at its option (referred to herein as the right and option “Renewal Option”), to extend renew the Term of this Lease Lease, for one (1) the entire Leased Property, for up to three consecutive renewal terms, each for a period of five (5) years (the each, a “Renewal Term”). The , which shall commence on the day following the scheduled Termination Date as it may have previously been extended (the “Renewal Term shall commence upon Commencement Date”) and expire on the day next following the last day fifth (5th) anniversary of the initial TermTermination Date (the “Renewal Term Expiration Date”). Tenant shall notify Landlord in writing of its election to extend this Lease for To exercise the Renewal Term Option, Tenant must give written notice to Landlord not less than six (6) months 6 months, and no more than 18 months, prior to the expiration of the initial Term, time being then current Term of the essence with respect its intention to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, exercise the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable Option for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and which notice shall be irrevocable (the denominator “Renewal Notice”). The failure of which is Tenant to timely deliver the Index as Renewal Notice in accordance with this Section III.B shall be deemed a permanent waiver of Tenant’s right to renew the Term of this Lease beyond the then current Termination Date. Except for the Renewal Option, Tenant shall have no other right to extend or renew the Term of the first day of the third Lease YearLease. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at exercise the time Renewal Option if a Tenant notifies Landlord Event of its election to extend this Lease or upon Default exists on the commencement date of the Renewal Notice or on the Renewal Term Commencement Date. Upon exercising the Renewal Option in accordance with the terms hereof, the Term shall be deemed to be extended without the execution of any further instrument. All terms of this Lease, including periodic adjustments to Base Rent and the Minimum Charity Care Amount, shall apply during a Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.

Appears in 2 contracts

Samples: Hospital Facility Lease Agreement, Hospital Facility Lease Agreement

Renewal Option. Landlord Lessor hereby grants Lessee (but no assignee or subtenant) two (2) options to Tenantrenew this Lease, and Tenant shall have, the right and each option to extend the Term of this Lease be for one (1) a period of five sixty(60) months, for a total of one hundred twenty (5120) years (months in the “Renewal Term”)event both renewal options are exercised. The Renewal Term Each said renewal option shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord be exercised by Lessee notifying Lessor thereof in writing of its election to extend this Lease for the Renewal Term not less more than six two hundred seventy (6270) months and at least two hundred ten (210) days prior to the expiration of the initial Termthen current lease or renewal term, time being as the case may be. In the event a renewal agreement has not been executed at least one hundred twenty (120) days prior to the expiration date of the essence with respect to current lease or renewal term, the option shall automatically become null and void. Each such notification. Notice thereof renewal shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon subject to all of the terms, covenants terms and conditions of this Lease, Lease except that (i) the Fixed Rent rentals payable during each renewal term shall be increased by adding as set forth below and (ii) no further renewal option shall exist during the CPI Adjustment Amount second renewal term. It shall be a condition to Lessee's exercising any renewal option herein granted that (defined belowy) Lessee not be then in default under this Lease and (z) Lessee shall have previously exercised the immediately preceding renewal option, if any, so that the second renewal option may not be exercised if Lessee has failed to exercise the then-current Fixed Rentfirst renewal option. The “CPI Adjustment Amount” is calculated by multiplying Base Rent for each renewal term shall be based on not less than 95% of the Fixed then prevailing rental rates for properties of equivalent quality, size, utility and location in the Dallas/Forth Worth market, with the length of the lease term and the creditworthiness of the Lessee taken into account; provided, however, that in no event shall the Base Rent payable in any renewal period be less than the Base Rent for the last year month immediately preceding said renewal period. Upon notification from Lessee of its intent to exercise each renewal option, Lessor shall, within fifteen (15) days thereafter, notify Lessee in writing of the initial Term Base Rent for the applicable renewal term; Lessee shall, within fifteen (15) days following receipt of same, notify Lessor in writing of the acceptance or rejection of the proposed Base Rent. In the event of rejection by a ratioLessee, Lessee may rescind the exercise of such renewal option by written notice to Lessor within such fifteen (15) day period for acceptance or rejection. If Lessee does not so rescind such exercise, the numerator of which is Base Rent for the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index applicable renewal term shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.determined as follows:

Appears in 2 contracts

Samples: Office Lease (Exe Technologies Inc), Office Lease (Exe Technologies Inc)

Renewal Option. Landlord Tenant is hereby grants to Tenant, and Tenant shall have, the right and option to extend the Term of this Lease for granted one (1) period option (“Extension Option”) to extend the term of the Lease for the entire Premises then under Lease for five (5) years (the Renewal Extension Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Extension Option may be exercised only by giving Landlord in writing of its election to extend this Lease for the Renewal Term not less irrevocable and unconditional written notice thereof no earlier than six fifteen (615) months and no later than twelve (12) months prior to the commencement of the Extension Term. Tenant may not exercise the Extension Option if Tenant is in Monetary Default under the Lease beyond the expiration of any applicable cure period either at the initial Term, time being date of said notice or at the commencement of the essence with respect Extension Term. Upon exercise of the Extension Option, all references in the Lease to such notification. Notice thereof the Term shall be deemed sufficient if given in to be references to the manner hereinafter provided. If Landlord does not receive such written notice Term as and when required herein, extended pursuant to the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration dateExtension Option. The Renewal Extension Term shall be upon all of on the same terms, covenants and conditions of this as are contained in the Lease, except that the Fixed Rent (i) no additional extension option shall be increased conferred by adding the CPI Adjustment Amount exercise of the Extension Option, (defined belowii) Base Rent applicable to the thenPremises for the Extension Term shall be determined as provided below, (iii) any rent abatement, concession or allowance (including, without limitation, the Construction Allowance) which are in the nature of economic concessions or inducements contained in the Lease shall not be again applicable to any Extension Term because new concessions shall be determined in connection with determination of the Current Market Rate, and (iv) Tenant shall accept the Premises in its “as-current Fixed is, where is” condition. In addition to Base Rent, Tenant shall pay Additional Rent and other Rent during the Extension Term as provided in this Lease. Base Rent per annum per rentable square foot of the Premises for the Extension Term shall be one hundred percent (100%) of the Current Market Rate for lease terms commencing on or about the date of commencement of the Extension Term. The term CPI Adjustment AmountCurrent Market Ratemeans the prevailing rental rate per rentable square foot and concession package for comparable renewals recently executed for comparable space in the Building and in buildings of comparable age and quality in the Building’s submarket for renewing tenants of similar size, credit quality and stature. The determination of Current Market Rate shall take into consideration net versus gross lease; differing base years if applicable; any differences in the size of space being leased, the location of space in the applicable building and the length of lease terms; the use of the applicable premises; any differences in definitions of rentable square feet or rentable area with respect to which rental rates are computed; the value of rent abatements, allowances (for demolition, space planning, architectural and engineering fees, construction, moving expenses, commissions, or other purposes), leasing commissions, the creditworthiness of Tenant; the location and condition of the building, the location and condition of the applicable premises within the applicable building, and other pertinent factors. The Current Market Rate may include an escalation of a fixed base rental rate (based on a fixed step or index) then prevailing in the market. Within thirty (30) days after receipt of Tenant’s notice to extend Landlord shall deliver to Tenant written notice of the Current Market Rate and shall advise Tenant of the required adjustment to Base Rent, if any. Tenant shall, within thirty (30) days after receipt of Landlord’s notice, notify Landlord in writing whether Tenant (a) accepts Landlord’s determination of the Current Market Rate; or (b) requests that the Current Market Rate be determined by brokers (“Arbitration Request”). If Tenant requests that the Current Market Rate be determined by brokers, Landlord and Tenant, within ten (10) days after the date of the Arbitration Request, shall each simultaneously submit to the other, in a sealed envelope, its good faith estimate of the Current Market Rate (collectively referred to as the “Estimates”). If the higher of such Estimates is calculated not more than one hundred five percent (105%) of the lower of such Estimates, then Current Market Rate shall be the average of the two Estimates. If the Current Market Rate is not resolved by multiplying the Fixed Rent payable exchange of Estimates, Landlord and Tenant, within seven (7) days after the exchange of Estimates, shall each select a commercial real estate broker to determine which of the two Estimates most closely reflects the Current Market Rate. Each commercial real estate broker selected pursuant hereto shall (a) be a licensed commercial real estate broker in good standing, (b) have had at least ten (10) years’ experience within the previous fifteen (15) years as a commercial real estate broker working in the Building’s particular marketplace, (c) have working knowledge of current office rental rates and practices, and (d) not be affiliated with either Landlord or Tenant. Upon selection, Landlord’s and Tenant’s brokers shall work together in good faith to agree upon which of the two Estimates most closely reflects the Current Market Rate. The Estimate chosen by such brokers shall be binding on both Landlord and Tenant as the Current Market Rate. If either Landlord or Tenant fails to appoint a broker within the seven day period referred to above, the broker appointed by the other party shall be the sole broker for the last year purposes hereof. If the two brokers cannot agree upon which of the initial Term by a ratiotwo Estimates most closely reflects the Current Market Rate within the twenty (20) days after their appointment, then, within ten (10) days after the expiration of such twenty (20) day period, the numerator two (2) brokers shall select a third broker meeting the aforementioned criteria. Once the third broker has been selected as provided for above, then, as soon thereafter as practicable but in any case within fourteen (14) days, the third broker shall make his determination of which is of the Consumer Price Index for All Urban Consumerstwo Estimates most closely reflects the Current Market Rate and such Estimate shall be binding on both Landlord and Tenant as the Current Market Rate. The parties shall share equally in the costs of the third broker. Any fees of any broker, Cleveland-Akroncounsel or experts engaged directly by Landlord or Tenant, All Items (1982-1984=100) published however, shall be borne by the Bureau of Labor Statistics of party retaining such broker, counsel or expert. In the United States Department of Labor (event that the “Index”) on the date nearest Current Market Rate has not been determined by the commencement date of the Renewal TermExtension Term at issue, and Tenant shall pay the denominator of which is the Index as of the first day of the third Lease Year. If, during most recent Base Rent set forth in the Lease Term until such time as the Bureau of Labor Statistics ceases to maintain the IndexCurrent Market Rate has been determined. Upon such determination, then such other index or standard as will most nearly accomplish the aim or purpose of the Index Base Rent shall be used retroactively adjusted. If such adjustment results in determining an underpayment of Base Rent by Tenant, Tenant shall pay Landlord the amount of such underpayment within thirty (30) days after the determination thereof. If such adjustment results in an overpayment of Base Rent by Tenant, Landlord shall credit such overpayment against the next installment of Base Rent due under the Lease and, to the extent necessary, any subsequent installments until the entire amount of such adjustmentoverpayment has been credited against Base Rent. Notwithstanding Tenant must timely exercise the foregoingExtension Option or the Extension Option shall terminate. Tenant’s exercise of the Extension Option shall not operate to cure any default by Tenant of any of the terms or provisions in the Lease, nor to extinguish or impair any rights or remedies of Landlord arising by virtue of such default. If the Lease or Tenant’s right to possession of the Premises shall terminate in any manner whatsoever before Tenant shall exercise the Extension Option, or if Tenant shall have no right subleased (other than to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date an Affiliate) more than twenty five percent (25%) of the Renewal TermPremises, then immediately upon such termination or sublease of more than 25%, the Extension Option shall simultaneously terminate and become null and void. The Extension Option is personal to Tenant, Tenant’s Affiliates, and any successor Tenant is after any Business Transfer in default hereunder beyond any applicable grace or cure periodaccordance with Section 11.04 of the Lease.

Appears in 2 contracts

Samples: Office Lease Agreement, Office Lease Agreement (Xeris Pharmaceuticals Inc)

Renewal Option. Landlord hereby grants to Tenant (but not any assignee or subtenant of Tenant, and Tenant shall haveeven if Landlord's consent is obtained as required in the Lease), is granted the right and option to extend the Term term of this Lease for one two extended terms of sixty (160) period months each, provided (a) Tenant is not in default at the time of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day exercise of the initial Termoption, and (b) Tenant gives written notice of its exercise of the option at least two hundred ten (210) days prior to the expiration of the original term, or the first extended term, of the Lease, as applicable. Landlord shall, within fifteen (15) days of its receipt of Tenant's notice, notify Tenant in writing of its opinion concerning the proposed renewal rate, which shall be the fair market rental value described in the immediately succeeding paragraph, and the Tenant shall, within thirty (30) days of its receipt of Landlord's notice of the renewal rate, during which time Landlord and Tenant shall confer and attempt to reach an agreement regarding the reasonableness of the proposed renewal rate, notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration acceptance or rejection of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter providedproposed rental rate. If Landlord does not receive and Tenant are unable to mutually agree on the renewal rate within such written notice as and when required hereinthirty (30) day period, then the Renewal Term renewal options described in this paragraph shall automatically terminate and be of no without further force or effect, and this Lease shall expire as of the then-scheduled expiration datenotice. The Renewal Term Each such extension term shall be upon all of the same terms, covenants conditions, and conditions of this Leaserentals, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined belowi) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no further right of renewal after the last extension term prescribed above, and (ii) the Rent amount shall be increased to renew this Lease if, either fair market rental value of the Premises at the time Tenant notifies Landlord of exercises its election to extend this Lease or upon the commencement date election. Fair market rental value of the Renewal TermPremises for each extension term will be determined by the parties, Tenant is in default hereunder beyond any applicable grace or cure period.their reasonable discretion and upon their combined good faith efforts, considering the rental market for comparable land and improvements in substantially the same condition, in comparable locations, used for similar purposes, and under terms similar to those set forth in this Lease. 24 EXHIBIT "C-2" RENT

Appears in 2 contracts

Samples: Lease Agreement (H R Window Supply Inc), Lease Agreement (H R Window Supply Inc)

Renewal Option. 1. If, and only if, on the Expiration Date and the date Tenant notifies Landlord hereby grants of its intention to renew the term of this Lease (as provided below), (i) Tenant is not in default under this Lease, (ii) Tenant then occupies and the Premises then consist of at least all the original Premises and (iii) this Lease is in full force and effect, then Tenant, but not any assignee or subtenant of Tenant, shall have and Tenant shall have, the right and may exercise an option to extend the Term of renew this Lease for one (1) period additional term of five (5) years (the "Renewal Term”). The Renewal Term shall commence ") upon the day next following the last day of the initial Term. Tenant shall notify Landlord same terms and conditions contained in writing of its election to extend this Lease with the exceptions that (x) this Lease shall not be further available for renewal and (y) the rental for the Renewal Term not shall be the "Renewal Rental Rate", but in no event will the Base Annual Rent be less than six the Base Annual Rent for the last twelve (612) calendar months prior to the expiration of the initial Term, time being term of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration dateLease. The Renewal Term shall be upon all of Rental Rate is hereby defined to mean the termsthen prevailing rents (including, covenants and conditions of this Leasewithout limitation, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) those similar to the then-current Fixed Basic Annual Rent and Additional Rent. The “CPI Adjustment Amount” is calculated ) payable by multiplying renewal tenants having a credit standing substantially similar to that of Tenant, for properties of equivalent quality, size, utility and location as the Fixed Rent payable Premises, including any additions thereto, located within the area described below and leased for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of renewal term approximately equal to the Renewal Term, and . The Renewal Rental Rate will take into consideration the denominator of which is tenant inducements offered in the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used renewal transactions considered by Landlord in determining the amount of any such adjustmentRenewal Rental Rate. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodTHE TENANT'S OPERATING EXPENSE STOP AND TENANT'S REAL ESTATE TAXES STOP SHALL BE ADJUSTED TO BE THE ACTUAL SUCH EXPENSES FOR THE YEAR THE RENEWAL OCCURS.

Appears in 2 contracts

Samples: Lease Agreement (McAfee Associates Inc), Lease Agreement (Networks Associates Inc/)

Renewal Option. Landlord hereby grants to TenantA. If Tenant is not in default under any term or condition of the Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant shall havenamed herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the right and option to extend Lease for all or a portion of the Term of this Lease Leased Premises (but no less than one floor) for one (1) additional period of five (5) years (the “Renewal Term”), by delivering written notice (the “Renewal Notice”) of the exercise thereof to Landlord not earlier than twelve (12) months nor later than nine (9) months before the expiration of the then current Term. The Base Rent payable for each month during the Renewal Term shall commence upon be the day next following the last day Fair Market Rent (as defined below) as of the initial commencement date of the Renewal Term. Within thirty (30) days after receipt of Tenant’s Renewal Notice, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then Xxxxxx’s written notice shall include Tenant’s determination of its election the Fair Market Rent. If Tenant does not deliver Xxxxxx’s written determination of Fair Market Rent to extend this Lease for Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Renewal Term not less than Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior to the expiration commencement of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “IndexTrigger Date) on ), Landlord and Tenant have not agreed in writing as to the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the IndexFair Market Rent, then such other index or standard as will most nearly accomplish within ten (10) business days following the aim or purpose of Trigger Date (the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing“Withdrawal Deadline”), Tenant shall have no the one time right to renew this withdraw its Renewal Notice, and the Lease ifshall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, either at the time Tenant notifies Landlord parties shall proceed to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, Xxxxxx’s exercise of its election renewal option right hereunder shall be binding upon Tenant and not subject to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodrescission except as provided herein.

Appears in 2 contracts

Samples: Office Building Lease (Marqeta, Inc.), Office Building Lease (Marqeta, Inc.)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have the right and option to extend the Term of renew this Lease for one (1) period renewal term of five three (53) years (the “herein referred to individually as a "Renewal Term”)") which shall commence on the day following the expiration of the Term defined in this Lease and end on the third anniversary of the commencement date of the Renewal Term, unless the Renewal Term shall sooner terminate pursuant to the terms of this Lease or otherwise. The Renewal Term shall commence upon the day next following the last day of the initial Term. only if (i) Tenant shall notify have notified Landlord in writing of its election to extend this Lease for the Renewal Term not less than six at least nine (69) months prior to the expiration of the initial then existing Term, time being and (ii) immediately prior to the expiration of the Term, this Lease shall be in full force and effect and no Event of Default shall have occurred and be continuing. Time is of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as giving of the then-scheduled expiration datenotice of Tenant's exercise of a renewal option. The A Renewal Term shall be upon subject to all of the agreements, terms, covenants and conditions of this Leasehereof binding upon Tenant and Landlord, except that the Fixed Rent basic annual rent (as defined in Section 2.1) shall be increased by adding at the CPI Adjustment Amount greater of the current rent under the Lease or the then fair market rent, escalating annually at the then market escalation rate. Upon the commencement of a Renewal Term, (defined belowx) such Renewal Term shall be added to and become part of the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year Term (but shall not be considered part of the initial Term by a ratioTerm, (y) any reference to "this Lease", to the "Term", the numerator "term of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the this Lease" or any similar expression shall be deemed to include such Renewal Term, and (z) the denominator Expiration Date shall become the expiration of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.

Appears in 2 contracts

Samples: Lease (Biolife Solutions Inc), Lease (Biolife Solutions Inc)

Renewal Option. Landlord hereby grants to Tenantagrees that as long as Tenant is not in monetary default under the terms of the Lease beyond any applicable notice and cure period, and Tenant shall have, have the right and option to extend renew the Term of this Lease for one either a renewal term of ten (110) period years or a renewal term of five (5) years years, at Tenant’s option (the “Renewal Term”). The Renewal Term shall , to commence upon at the day next following the last day expiration of the initial TermTerm of the Lease and to expire on the fifth (5th) anniversary or tenth (10th) anniversary thereof, as applicable. In the event Tenant elects to renew for a term of five (5) years, Tenant shall have the right to renew this Lease for additional five (5) years at the end of the initial renewal Term of this Lease. Tenant shall notify Landlord in writing exercise its option to renew the Term of its the Lease by delivering written notice of such election specifying whether Tenant elects to extend this renew the term of the Lease for the Renewal Term not less than six five (65) years or ten (10) years, to Landlord at least twelve (12) months prior to the expiration of the initial Term. Except as set forth in the next paragraph, time being Tenant’s exercise of such option shall be irrevocable. Any such renewal shall be upon the same terms and conditions of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in Lease as it may have been amended, except (a) the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, Base Rental during the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as at the prevailing Market Base Rental Rate at the beginning of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the applicable Renewal Term, and (b) the denominator exercise of which is the Index any renewal option if at all, shall be as to all of the first day of the third Lease Year. IfLeased Premises, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index and there shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date exercise a renewal option for less than all of the Renewal TermLeased Premises. Notwithstanding anything contained in this Exhibit F to the contrary, all rights provided to Tenant is in default hereunder beyond this Lease, including but not limited to, renewal rights, signage rights and other similar rights are assignable to any applicable grace or cure periodassignee.

Appears in 2 contracts

Samples: Office Lease Agreement (Exterran Holdings Inc.), Office Lease Agreement (Exterran Energy Solutions, L.P.)

Renewal Option. Landlord hereby grants to TenantTenant the option ("Renewal Option") to renew and extend the term of this Lease, provided that at the time the Renewal Option is exercised, this Lease shall be in full force and effect and Tenant shall have, the right and option to extend the Term of this Lease for one not be in default beyond any applicable cure period hereunder. The renewal term (1) period of five (5) years (the “"Renewal Term”)") shall be sixty (60) months commencing upon the expiration of the original term of the Lease. The Renewal Term Option shall commence upon the day next following the last day be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of the initial Term. Tenant shall notify exercise to Landlord in writing of its election to extend this Lease for the Renewal Term not less later than six Two Hundred Seventy (6270) months days prior to the expiration of the initial Term, time being original term of the essence with respect to such notificationLease. Notice thereof shall be deemed sufficient if given in Any renewal and extension of the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, Lease for the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as at 95% of the then-scheduled expiration datethen current market terms and conditions. The Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Term shall be upon all Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before thirty (30) days after the delivery of the terms, covenants renewal Notice Landlord and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) Tenant cannot agree in writing to the then-"current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by market terms and conditions" to be applicable during a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the denominator of which is Landlord, one by the Index as Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the first day State of Texas as applied to the facts found by him, her or them. The cost of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index appraisers shall be used paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in determining writing to the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right "current market terms and conditions" to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of be applicable during the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodmay terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Option.

Appears in 2 contracts

Samples: Lease Agreement (Pervasive Software Inc), Lease Agreement (Pervasive Software Inc)

Renewal Option. Landlord (a) As long as Lessee is not in uncured default in the performance of its covenants under this lease of which Lessor has given Lessee written notice, Lessee is hereby grants to Tenant, and Tenant shall have, granted the right and option to extend renew the Term term of this Lease lease for one (1) additional period of five three (53) years (years, the “Renewal Term”). The Renewal Term shall ” to commence upon at the day next following the last day expiration of the initial Termterm of this lease. Tenant Lessee shall notify Landlord in writing of exercise its election option to extend this Lease for the Renewal Term renew as follows: Lessee shall deliver written notice to Lessor no greater than 9 months but not less than six (6) months prior to the expiration of the initial Termterm of this lease, time being that Lessee may exercise its renewal option. Within thirty (30) days of Lessor’s receipt of Lessee’s written notice, Lessor shall notify Lessee in writing of the essence with respect to Market Base Rental Rate (hereinafter defined) that Lessee shall pay during such notificationrenewal term. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive Within sixty (60) days after receipt of such written notice as and when required hereinfrom Lessor, Lessee shall, if it elects, deliver written notice to Lessor of its election to exercise its renewal option hereunder. If Lessee does not respond within such sixty (60) day period, Lessee’s right to renew hereunder shall terminate. All terms of this lease shall apply to such renewal option, except (i) the Base Rental (hereinafter defined) during the Renewal Term shall terminate and be of no further force or effectthe then prevailing Market Base Rental Rate at the time Lessee exercises the respective renewal option, and (ii) Lessee shall not have an option to renew this Lease shall expire as of lease beyond the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and (iii) Lessee shall not have the denominator of which is the Index as right to assign its renewal rights to any sublessee or assignee of the first day of Premises nor may a sublessee or assignee exercise such renewal right, and (iv) the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, leasehold improvements will be provided in their then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either existing condition (i.e. on an “as-is” basis) at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodTerm commences.

Appears in 2 contracts

Samples: Lease Agreement (Dexterity Surgical Inc), Lease Agreement (Dexterity Surgical Inc)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, an option (the right and option "Option") to extend the Term term of this Lease for one (1) additional period of five (5) years (the "Renewal Term”). The Renewal Term shall commence upon ") under the day next following the last day of the initial Termterms set forth below. Tenant shall notify Landlord in writing not be entitled to exercise the Option unless each of the following conditions shall be fully satisfied at the time of its election exercise: (i) the Lease shall be in full force and effect; (ii) the Tenant originally named in this Lease, or its permitted assignees, shall be in possession of the entire Premises; and (iii) Tenant shall not then be in default under any of the material terms, provisions, covenants or conditions of the Lease beyond any applicable notice and cure periods. In order to extend this Lease for exercise the Renewal Term Option, Tenant must first give written request to Landlord, not less than six twelve (612) months prior to the expiration Expiration Date of the initial TermInitial Lease Term for delivery of Landlord's determination of Market Rent, time being of the essence with respect to such notificationas defined below. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Base Rent for each Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) equal to the then-current Fixed Market Rent, as determined in accordance with this section ("Market Rent"). The “CPI Adjustment Amount” is calculated by multiplying the Fixed Within thirty (30) days following its receipt of Tenant's request, Landlord shall advise Tenant of Market Rent payable for the last each year of the initial Term by a ratio, the numerator of which is the Consumer Price Index respective Renewal Term. Market Rent (including escalations for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date successive years of the Renewal Term, and the denominator of which is the Index as ) shall be determined by Landlord in its reasonable judgment. Landlord's determination of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index Market Rent shall be used based, as Landlord reasonably deems appropriate, upon then current and projected rents for space in determining the Building, adjusted for any special conditions applicable to such space and leases, for location, length of term, amount of any such adjustmentspace and other factors Landlord deems relevant in computing rents for space in the Building, including adjustments for anticipated inflation. Notwithstanding Tenant may exercise its option by notifying Landlord, within 30 days from the foregoing, date on which Tenant shall have no right to renew this Lease if, either at the time Tenant notifies was first advised by Landlord of its election determination of Market Rent, that Tenant has elected to extend this exercise the Option at the Market Rent determined by Landlord or proceed as provided below. If Tenant exercises the Option as provided, the Expiration Date of the Lease or upon shall be extended for the commencement date length of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.Term and Base Rent shall be adjusted to

Appears in 2 contracts

Samples: Letter Agreement (1997 Corp), Andrx Corp

Renewal Option. Landlord hereby grants to TenantSo long as Sublessee is not in default after any applicable notice and cure period and has not been in default after any applicable notice and cure period under the Sublease on more than two (2) occasions during the Expansion Space Term, Sublessee physically occupies the entire Expansion Space, and Tenant Sublessee has not assigned or further sublet the Expansion Space (except in the event of a Permitted Assignment under the Master Lease which has been consented to by Lessor to the extent required by the Master Lease), then subject to the terms of the Master Lease and the receipt of any consent required from Lessor, Sublessee shall have, the right and have one (1) option to extend the Expansion Space Term as to the Expansion Space only through the expiration date of this Lease for one the Original Sublease as to the Existing Premises (1i.e., through January 31, 2025) period at a Base Rent equal to three percent (3%) over the Base Rent payable immediately preceding the commencement of five such option term (5) years which Base Rent will thereafter increase on each anniversary of the commencement date of such option term by three percent (the “Renewal Term”3%)). The Renewal Term option contained in this Section 12 shall commence upon the day next following the last day be exercised by Sublessee, if at all, only by delivery of the initial Term. Tenant shall notify Landlord in writing of its election written notice (“Option Notice”) to extend this Lease for the Renewal Term not less Sublessor no later than six nine (69) months prior to the expiration of the initial Expansion Space Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter providedstating that Sublessee is exercising its option. If Landlord does not receive such written notice as Sublessee timely and when required hereinproperly exercises its option to extend, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Expansion Space Term shall be extended upon all of the terms, covenants terms and conditions of this Leaseset forth in the Sublease, as amended, except that the Fixed Base Rent for the Expansion Space shall be increased by adding as indicated above. The exercise of this option is expressly contingent upon the CPI Adjustment Amount (defined below) receipt of Lessor’s consent to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year extension of the initial Expansion Space Term by a ratio, pursuant to the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics terms of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodMaster Lease.

Appears in 2 contracts

Samples: Gossamer Bio, Inc., Gossamer Bio, Inc.

Renewal Option. Landlord hereby grants to TenantTenant shall, provided the Lease is in full force and effect and Tenant shall haveis not in default under any of the other terms and conditions of the Lease at the time of notification or commencement, the right and option have two (2) successive options to extend the Term of renew this Lease for one a term of three (1) period of five (53) years (each, for the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day portion of the initial Term. Premises being leased by Tenant as of the date the renewal term is to commence, on the same terms and conditions set forth in the Lease, except as modified by the terms, covenants and conditions as set forth below: If Tenant elects to exercise said option, then Tenant shall notify provide Landlord in writing of its election to extend this Lease for with written notice no earlier than the Renewal Term not less than six (6) months date that is 365 days prior to the expiration of the initial Term, time being Term of the essence with respect Lease but no later than the date that is 180 days prior to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as expiration of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) . If Tenant fails to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then provide such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoingnotice, Tenant shall have no further or additional right to extend or renew the term of the Lease. The Annual Rent and Monthly Installment in effect at the expiration of the then current term of the Lease shall be increased to reflect the current fair market rental for comparable space in the Building and in other similar buildings in the same rental market as of the date the renewal term is to commence, taking into account the specific provisions of the Lease which will remain constant. Landlord shall advise Tenant of the new Annual Rent and Monthly Installment for the Premises no later than sixty (60) days after receipt of Tenant’s written request therefor. Said request shall be made no earlier than thirty (30) days prior to the first date on which Tenant may exercise its option under this Paragraph. Said notification of the new Annual Rent may include a provision for its escalation to provide for a change in fair market rental between the time of notification and the commencement of the renewal term. In no event shall the Annual Rent and Monthly Installment be less than the Annual Rent and Monthly Installment in the preceding period. This option is not transferable to any third party that does not acquire all or substantially all of the assets or equity of Tenant, but is transferable by Tenant to any entity acquiring all or substantially all of the assets or equity of Tenant; the parties hereto acknowledge and agree that they otherwise intend that the aforesaid option to renew this Lease ifshall be “personal” to Tenant as set forth above and that in no event will any assignee or sublessee otherwise have any rights to exercise the aforesaid option to renew. As each renewal option provided for above is exercised, either at the time number of renewal options remaining to be exercised is reduced by one and upon exercise of the last remaining renewal option Tenant notifies Landlord of its election shall have no further right to extend this Lease or upon the commencement date term of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodLease.

Appears in 1 contract

Samples: Lease (LogMeIn, Inc.)

Renewal Option. Landlord hereby grants to Tenant(i) If this Lease is in effect and if Tenant is not then in default hereunder beyond the applicable period of grace, and Tenant shall have, have the right and option (the "Renewal Option") to extend the Term as to all (but not part, except as set forth in the next succeeding sentence) of this Lease the Premises for one two (12) period additional periods, each of five (5) years (each the "Renewal Term”). The ") if Tenant gives Landlord written notice of Tenant's exercise of each such option (the "Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term Notice") not less later than six eighteen (618) months prior to the expiration of the initial Termthen-current Term (the "Notice Cut-Off Date"), time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date timely delivery of the Renewal TermNotice being an express condition of valid exercise of each said option. At Tenant's election, and Tenant may exclude from a Renewal Option only (i) all or any part of any Expansion Space added to the denominator Premises after the date of which this Lease (but any such partial exclusion must be such that any excluded area is the Index reasonably susceptible of re-leasing by Landlord, as reasonably determined by Landlord) and/or (ii) all or any part of the first day portion of the third Lease Year. If, during Premises located on the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose eighth (8th) floor of the Index shall be used in determining the amount of Building depicted on Exhibit "A-3" attached hereto (but any such adjustmentpartial exclusion must be such that any excluded area is reasonably susceptible of re-leasing by Landlord, as reasonably determined by Landlord), provided that Tenant designates such election in the Renewal Notice. An election to so exclude a portion of the Premises from the Renewal Option will be irrevocable once made. Notwithstanding the foregoing, if Landlord wishes to assert that Tenant may not exercise a Renewal Option by reason of an outstanding default by Tenant of its obligations under the Lease, Landlord must so notify Tenant within ten (10) days after receipt of Tenant's Renewal Notice and afford Tenant the opportunity to cure the default in accordance with and within the cure period provided by the provisions of this Lease, after which cure (if any) Tenant's Renewal Notice shall have no right be deemed effective even if given after the Notice Cut-Off Date. If Tenant fails to renew cure such default in accordance with and within the cure period provided by the provisions of this Lease ifLease, either Tenant's Renewal Notice of exercise shall be deemed ineffective. If Tenant effectively exercises a Renewal Option, the first Renewal Term shall commence at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date expiration of the initial Term of the Lease, and the second Renewal Term shall commence at the expiration of the first Renewal Term. As a condition to exercising the second Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodmust have exercised the first Renewal Term.

Appears in 1 contract

Samples: Agreement of Lease (American Business Financial Services Inc /De/)

Renewal Option. Provided Tenant is not in default of the Terms and Conditions of this Lease, Landlord hereby grants to Tenant, and Tenant shall have, the right and option to extend the Term of extending this Lease for one (1) period an additional Term of five (5) years (years. Said extension of Lease shall contain the same agreements, conditions, covenants, and provisions set forth in this Lease, except those agreements, conditions, covenants and provisions which, by their terms, have no relevance beyond the original Term hereby demised, and except further that the Basic Rent per year for the renewal term shall be in an amount equal to the Average Basic Rent payable at the end of the original term exclusive of any concessions given for the original term payable under this lease multiplied by a fraction, the numerator of which is the “Renewal Term”). The Renewal Term shall commence upon Consumer Price Index” (all items, 1982-1984=100) for the day next following Philadelphia area, as published by the last day U.S. Bureau of Labor Statistics, for the eighth month preceding the end of the initial Termterm of this lease and the denominator of which is the same Index for the eighth month prior to the month during which the term commenced. In the event that the Bureau of Labor Statistics shall change the base period used in computing the aforesaid Index, adjustments shall be made to reflect the intent of the parties as aforesaid. If for any reason the aforesaid publication shall be discontinued, then another appropriate financial index published by a federal government agency or a financial institution shall be used. In no event shall the rental paid during the option period be less than the rental paid during the first five (5) years of the original lease term. Tenant shall notify Landlord may exercise said option only by giving notice to the Landlord, in writing of its election to extend this Lease for the Renewal Term writing, not less later than six (6) months prior to the expiration date of the initial Termoriginal Term of this Lease and if said notice is not given, time being of the essence with respect to such notification. Notice thereof Tenant shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as to have waived and when required herein, the Renewal Term shall terminate and be forfeited all rights to said extension of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.

Appears in 1 contract

Samples: Lease Agreement (Sielox Inc)

Renewal Option. Landlord hereby grants to TenantSECTION 39.01. Provided (i) Tenant is not then in default under any of the terms, and Tenant shall have, the right and option to extend the Term covenants or conditions of this Lease on Tenant's part to be observed or performed after notice and beyond the expiration of any applicable grace and cure periods; and (ii) Tenant and its subsidiaries and affiliates, in contradistinction to any subtenants or occupants, shall then be in occupancy of at least fifty (50%) percent of the space leased to Tenant under this Lease (for one the purposes of this Article 39, any space leased to Tenant under this Lease which has been eliminated from the Demised Premises pursuant to Section 11.03 shall be deemed space leased to Tenant under this Lease), Tenant shall have the single option to renew this Lease and the Demised Term for a single renewal term (1referred to as the "Renewal Term") period of five (5) years (commencing on the “Renewal Term”). The Renewal Term shall commence upon the day date next following the last day of the initial Term. Tenant shall notify Landlord Expiration Date set forth in writing of its election Section 1.02.A and ending, unless sooner terminated pursuant to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this LeaseLease or pursuant to law, except that on the last day (referred to as the "Extended Expiration Date") of the calendar month in which the day immediately preceding the fifth (5th) anniversary date of the commencement of the Renewal Term shall occur. If Tenant exercises such option in accordance with the provisions and limitations of this Article, this Lease and the Demised Term shall be renewed for the Renewal Term at a Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) equal to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year fair market annual rental value of the initial Term by a ratio, the numerator Demised Premises as of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and as agreed by the denominator parties or determined in accordance with the provisions of which is Section 39.03, but in no event shall the Index Fixed Rent for the Renewal Term be less than the Fixed Rent in effect as of the first day Expiration Date (before giving effect to any abatement or apportionment of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or Fixed Rent) but otherwise upon the commencement date of same then executory terms, covenants and conditions as the Renewal Termoriginal Demised Term (including, Tenant is but not limited to, Base Operating Expenses set forth in default hereunder beyond any applicable grace or cure periodArticle 23).

Appears in 1 contract

Samples: Additional Space Agreement (N2k Inc)

Renewal Option. Landlord hereby grants to TenantIf the Tenant is not in default under this Lease or any of the provisions hereof, and Tenant shall have, the right and option to may extend the Term term of this Lease for one (1) successive period of five (5) years by providing written notice to Landlord of it's intent to renew lease at least two hundred ten (210) days prior to completion of the “Renewal Term”)original lease term. The Renewal Term Such rental shall commence upon be under the day next following same terms and conditions set forth within this Lease except that the last day annual rental for the succeeding lease term shall be ninety five percent (95%) of the prevailing fair market rent for the Property existing at the end of the initial Termlease term. Operating costs payable by Tenant for the renewal term shall notify be equal to Landlord's actual costs, plus twenty percent (20%) for administrative and overhead costs. Landlord's determination of fair market rent for the renewal term ("LANDLORD'S RATE") shall be submitted by Landlord in writing to Tenant within thirty (30) days after Landlord's receipt of its election Tenant's written notice of it's intent to extend this Lease renew the lease. If Landlord fails to submit Landlord's Rate, then annual rent for the Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given to be 95% of rent payable in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term Term. If Tenant elects to contest Landlord's Rate, Tenant, at it's sole expense, shall contract for and obtain a third party appraisal to determine the fair market rental rate (inclusive of all improvements provided to the Property) of the Property within thirty (30) days after Tenant's receipt of Landlord's Rate ("TENANT'S RATE"). Landlord shall, within fifteen (15) days after receipt of Tenant's Rate, notify Tenant whether Tenant's Rate is acceptable. If Tenant's Rate is unacceptable to Landlord, Landlord and Tenant shall determine within five (5) days whether to continue negotiations if they both agree to do so, then they shall select a mutually agreeable third party appraiser to perform an additional appraisal (inclusive of all improvements to the Property) to determine fair market rental rates applicable to the Property. In such event, said selection must be made by a ratioboth parties within five (5) business days thereafter. The cost of such appraisal shall be borne equally by Landlord and Tenant and said appraisal will be binding to both Tenant and Landlord PROVIDED, that if such third appraisal exceeds Landlord's Rate or is less than Tenant's Rate, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics average of the United States Department of Labor (three shall be the “Index”) on rental rate for the date nearest Renewal Term. Annual rent over the commencement date of renewal term shall be payable in advance in equal monthly installments subject to the same penalties and conditions set forth for rents due during the original lease period. During the Renewal Term, actual operating costs and the denominator expenses (as defined in Section 9 of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index this Lease) shall be used in determining the amount determined by Landlord and billed no less often than quarterly for such fiscal year as Landlord may adopt for such purpose. Said billings shall include an itemized listing of any such adjustmentcosts incurred. Notwithstanding the foregoingPaymenxx xxxxx be due from Tenant to Landlord within thirty (30) days after receipt of remittance request from Landlord. Tenant may elect to audit Landlord's books and records relating to operating costs and expenses. If it is determined from said audit that Landlord has incorrectly billed for operating costs and overhead, Landlord will be required to reimburse Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodpromptly for said incorrect charges.

Appears in 1 contract

Samples: Lease Agreement (Advanced Technical Products Inc)

Renewal Option. Landlord hereby grants Subject to the conditions herein, provided that (a) Tenant has not assigned the Lease or sublet any portion of the Premises other than to an entity controlling, controlled by or under common control with Tenant, or to any successor of Tenant resulting from a merger or consolidation of Tenant, and (b) Tenant is not in default under the Lease beyond any applicable notice, grace or cure period, Tenant shall havehave the right, the right and option at Tenant’s option, to elect to extend the Term of this the Lease for one (1) period of five (5) years (the “Renewal Term”). The Renewal Term Term, if properly exercised in accordance herewith, shall commence upon on the day next immediately following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Extended Term not less than six (6) months prior to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration dateLease. The Renewal Term shall be upon all exercised by Tenant giving written notice of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor exercise thereof (the “IndexRenewal Notice”) to Landlord on or before the date nearest day that is nine (9) months, but not more than twelve (12) months, prior to the commencement date of the Renewal Term, and the denominator of which is the Index as of the first last day of the third Lease Year. If, during the Lease Extended Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustmentLease. Notwithstanding the foregoing, Tenant shall have no right to renew this extend the Term of the Lease, and the Renewal Notice shall not be effective, if (i) Tenant fails to timely give its Renewal Notice as provided herein, or (ii) a default by Tenant exists under the Lease ifbeyond any applicable notice, either at grace or cure period (x) when Landlord receives the time Tenant notifies Landlord of its election to extend this Lease Renewal Notice, or (y) upon the expiration of the Extended Term of the Lease prior to the commencement date of the Renewal Term. In the event Tenant properly exercises the Renewal Term, within ten (10) days of receipt of such Renewal Notice, Landlord shall provide the annual Base Rent at which Landlord is willing to lease the Premises to Tenant for the Renewal Term (the “Renewal Rent”), which Renewal Rent shall be based on the “then current fair market rent rate” for buildings of comparable size, type and class located in the same area of Coral Gables, Florida, under leases and renewal amendments being negotiated and entered into at or about the time the Renewal Rent is being determined, giving appropriate consideration to tenant creditworthiness, tenant concessions, length of the term, landlord or building services provided to a tenant, brokerage commissions, tenant improvement allowances and similar factors. If Tenant in its reasonable judgment determines that Landlord’s proposed Renewal Rent does not accurately reflect the then current fair market rent rate, Tenant is shall provide Landlord written notice of its objection to Landlord’s determination of the Renewal Rent within ten (10) days after Tenant’s receipt of Landlord’s determination of Renewal Rent. If Tenant timely delivers notice of its objection to Landlord’s determination of Renewal Rent as set forth above, then for a period of thirty (30) days after the date of Tenant’s notice (the “Negotiation Period”), Landlord and Tenant shall work together in default hereunder beyond any applicable grace good faith to agree upon the Renewal Rent. If Landlord and Tenant fail to agree on the Renewal Rent within such Negotiation Period, Tenant shall, within ten (10) days after expiration of the Negotiation Period, by written notice to Landlord, elect either (i) to withdraw its Renewal Notice, in which event the Lease shall expire on the Expiration Date of the Extended Term, or cure period.(ii) to submit the Renewal Rent to determination in accordance with the following procedures (the “Appraisal Election”):

Appears in 1 contract

Samples: Lease (Catalyst Pharmaceutical Partners, Inc.)

Renewal Option. (a) Tenant shall, upon giving Landlord hereby grants to Tenantat least twelve (12) months prior written notice but no more than fifteen (15) months from the Expiration Date of the Lease ("Exercise Notice"), and Tenant shall have, have the right and option to extend the Term of renew this Lease for one two (12) period additional terms of five (5) years each (the "Renewal Terms"), upon all the same terms and conditions of the Lease, except for the Annual Base Rent for each Renewal Term”), which shall be determined in accordance with the then "Prevailing Fair Market Rental Rate" being charged in the Building and other comparable quality office buildings in the Fairfield, New Jersey office sub-market over the previous four months for: (i) comparable space in size, quality and condition; (ii) comparable term of lease; (iii) comparable Building services, amenities and location; and (iv) and comparable brokerage commissions. The Renewal Term Within ten (10) days after receipt of Tenant's Exercise Notice, Landlord shall commence send written notice to Tenant of the Prevailing Fair Market Rental Rate and shall advise Tenant of the required increase to the Base Rent, if any, and the other terms and conditions offered. In the event Landlord and Tenant cannot agree upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease annual Base Rent for the Renewal Term not less than six within thirty (630) months prior to days of Landlord's notice, then within ten (10) days thereafter, each party shall select a qualified commercial real estate appraiser with at lease five (5) years experience in appraising office properties in the expiration Paramus office market and surrounding areas. The two appraisers shall give their opinion of Prevailing Fair Market Rental Rates and other terms within twenty (20) days after their retention. In the event the opinions of the initial Termtwo appraisers differ and, time being of after good faith efforts over the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in succeeding twenty (20) day period the manner hereinafter provided. If Landlord does parties cannot receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) mutually agree on the date nearest the commencement date of Base Rent for the Renewal Term, then the appraisers shall immediately and jointly appoint a third appraiser with the denominator qualifications specified above. This third appraiser shall, within five (5) business days, choose either the determination of which is the Index as Landlord's appraiser or Tenant's appraiser and such choice of the first day of the this third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index appraiser shall be used in determining final and binding on Landlord and Tenant. Each party shall pay its own costs for its real estate appraiser and shall equally share the amount costs of any such adjustmentthird appraiser. Notwithstanding the foregoing, Tenant The parties shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of immediately confirm the Renewal Term, Tenant is Base Rent and other terms and conditions so determined, in default hereunder beyond any applicable grace or cure periodwriting by an amendment to Lease.

Appears in 1 contract

Samples: Lease Agreement (Cover All Technologies Inc)

Renewal Option. Landlord hereby grants to TenantIf Tenant is not then in Default beyond applicable notice and cure periods, and Tenant shall haveis occupying no less than seventy-five percent (75%) of the New Space at the time of such election, the right and option to extend the Term of Tenant may renew this Lease with respect to the entire New Space only for one (1) additional period of five (5) years (“Extension Term”), by delivering written notice of the exercise thereof to Landlord not earlier than fifteen (15) months nor later than twelve (12) months before the expiration of the New Term. The Base Rent payable for each month during such Extension Term shall be the prevailing rental rate including all relevant business points in comparable transactions, including without limitation, base rent, base rent increases, operating expenses, operating expense protections (including new Base Year), tenant improvement allowances or the approximate value on a rentable per square feet basis for Landlord’s build-out, rent abatement and any other market monetary concessions (the “Renewal Prevailing Rental Rate”), at the commencement of such Extension Term. Upon the commencement of the Extension Term, the Base Year shall be adjusted to be the calendar year in which the first day of the Extension Term occurs. Within thirty (30) days after receipt of Tenant’s delivery of the notice to renew within the time periods provided above, Landlord shall deliver to Tenant written notice of the Prevailing Rental Rate and shall advise Tenant of the required adjustment to Base Rent, if any (the “Rent Adjustment Notice”). The Renewal Term Prevailing Rental Rate shall commence upon take into account completed lease renewal transactions (including, without limitation, base rent, base rent increases, operating expenses, base year, tenant improvement allowances, rent abatement and other monetary concessions) in comparable second-generation spaces in comparable buildings in Westlake Village in the day next following 12-month period prior to Tenant’s notice exercising the last day of the initial Termoption set forth herein. Tenant shall shall, within fifteen (15) business days after receipt of Landlord’s notice, notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration whether Tenant accepts or rejects Landlord’s determination of the initial TermPrevailing Rental Rate. If Tenant fails to respond to Landlord’s Rent Adjustment Notice in such 15-business day period, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinessence, the Renewal Term then Tenant’s rights under this Exhibit shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to extend or renew this Lease ifLease. If Tenant responds to Landlord’s Rent Adjustment Notice within such 15-business day period but rejects Landlord’s determination of the Prevailing Rental Rate in the Rent Adjustment Notice, then Landlord and Tenant shall attempt to agree on the Prevailing Rental Rate during the Extension Term within thirty (30) days of Tenant’s rejection of the Rent Adjustment Notice. If Landlord and Tenant are not able to so agree within such thirty (30) day period, then Landlord and Tenant each, at its sole cost and by giving written notice to the other party, shall appoint a competent and impartial commercial real estate broker (hereinafter “broker”) with at least ten (10) years’ full-time commercial real estate brokerage experience in the geographical area of the New Space to give its determination of the Prevailing Rental Rate for the New Space during the Extension Term. If either Landlord or Tenant does not appoint a broker within ten (10) business days after the other party has given written notice of the name of its broker, the single broker appointed shall be the sole broker and shall conclusively determine the Prevailing Rental Rate during the Extension Term. If two (2) brokers are appointed by Landlord and Tenant as stated in this paragraph, they shall meet promptly and attempt to set the Prevailing Rental Rate. If the two (2) brokers are unable to agree within ten (10) business days after the second broker has been appointed, then the two (2) brokers shall attempt to select a third broker, meeting the qualifications stated in this paragraph within ten (10) business days after the last day the two (2) brokers are given to set the Prevailing Rental Rate. In addition, each of the two (2) brokers shall submit to the other prior to the end of such second (2nd) ten (10) business day period their respective good faith estimate of the Prevailing Rental Rate. If the two (2) brokers are unable to agree on the third broker, either at Landlord or Tenant by giving ten (10) business days’ written notice to the other party, can apply to the Presiding Judge of the Superior Court of the county in which the New Space is located for the selection of a third broker who meets the qualifications stated in this paragraph. If either of the first two (2) brokers fails to submit their respective opinion of the Prevailing Rental Rate within the time frames set forth below, then the single Prevailing Rental Rate submitted shall automatically be the Prevailing Rental Rate for the Extension Term and shall be binding upon Landlord and Tenant. Landlord and Tenant notifies each shall bear one-half (½) of the cost of appointing the third broker and of paying the third broker’s fee. The third broker, however selected, shall be a person who has not previously acted in any capacity for either Landlord or Tenant. Within fifteen (15) business days after the selection of its election to extend this Lease the third broker, the third broker shall select one of the two Prevailing Rental Rates for the Premises, which may be one or the other of the Prevailing Rental Rates submitted by the first two (2) brokers, or a different rate not greater than the higher nor lower than the lesser of the Prevailing Rental Rates submitted by the first two (2) brokers. The determination of the Prevailing Rental Rate by the third broker shall be conclusive and binding upon Landlord and Tenant. Upon agreement or determination of the Prevailing Rental Rate as set forth herein, on or before the commencement date of the Renewal Extension Term, Landlord and Tenant is shall execute an amendment to the Lease extending the Term on the same terms provided in default hereunder beyond any applicable grace or cure period.the Lease, except as follows:

Appears in 1 contract

Samples: Office Lease Agreement (Arcutis Biotherapeutics, Inc.)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have the right and option to extend the Term term of this Lease with respect to all, but not any lesser portion, of the Premises for one (1) additional period of five (5) years (such additional term is hereinafter called the “Renewal Term”), by delivering written notice of the exercise thereof (“Renewal Notice”) to Landlord not later than nine (9) months before the expiration of the Extension Term, provided that Tenant is not in default and no facts or circumstances then exist that, with the giving of notice or the passage of time, or both, would constitute a default, either as of the date of Tenant’s Renewal Notice or the commencement date of the Renewal Term. The Base Annual Rental payable for each month during such Renewal Term shall commence upon be the day next following prevailing rental rate (the last day “Prevailing Rental Rate”), at the commencement of the initial Renewal Term, for renewals of space of equivalent quality, size, utility and location, with the length of the Renewal Term and the credit standing of Tenant to be taken into account, but in no event shall the Base Annual Rental be lower than the Base Annual Rental in effect at the end of the Extended Term, as provided below. Within thirty (30) days after receipt of Tenant’s Renewal Notice, Landlord shall deliver to Tenant written notice of the Prevailing Rental Rate and shall advise Tenant of the required adjustment to Base Annual Rental, if any. Thereafter, Tenant shall have ten (10) days from its receipt of Landlord’s notice to notify Landlord in writing that Tenant does not agree with Landlord’s determination of the Prevailing Rental Rate. If Tenant fails to object as aforesaid, Landlord’s determination shall be deemed to be the Prevailing Rental Rate for the Renewal Term. Upon receipt of Tenant’s objection, however, Landlord and Tenant shall meet for a period of thirty (30) additional days (the “Negotiation Period”) to negotiate the Prevailing Rental Rate, with each acting in good faith. If such negotiations are successful, the rate so negotiated by the parties will be deemed to be the Prevailing Rental Rate for the Renewal Term. If such negotiations are not successful, the Prevailing Rental Rate will be determined in accordance with the following arbitration procedure: Within five (5) days after the expiration of the Negotiation Period, Tenant shall notify Landlord of Tenant’s selection of a real estate broker who shall act on Tenant’s behalf in writing determining the Prevailing Rental Rent. After Tenant delivers its notice to Landlord as set forth above, Landlord shall notify Tenant of Landlord’s selection of a real estate broker who shall act on Landlord behalf in determining the Prevailing Rental Rate. Within twenty (20) days after the selection of Tenant’s and Landlord’s broker, the two (2) brokers shall render a joint written determination of the Prevailing Rental Rate, which joint determination shall be final, conclusive and binding for the Renewal Term. If the two (2) brokers are unable to agree upon a joint written determination within said twenty (20) day period, the two (2) brokers shall select a third broker within such twenty (20) day period and shall each submit a determination of the Prevailing Rental Rate to such third broker. In the event the two (2) brokers cannot agree on a third, Landlord or Tenant may request that the local chapter of the Board of Realtors appoint a party to act as the third broker. Within ten (10) days after the appointment of the third broker, the third broker shall render a written determination of the Prevailing Rental Rate, which must be either the Landlord’s broker’s determination as submitted or the Tenant’s broker’s determination as submitted, but no other amount and no compromise between the two, with the third broker’s determination being final, conclusive and binding on both parties. All brokers selected or appointed in accordance with this subparagraph shall have at least ten (10) years prior experience in the commercial office leasing market of the [northeast Atlanta/Gwinnett County, Georgia suburban office submarket]. If either Landlord or Tenant fails or refuses to select a broker, the other broker shall alone determine the Prevailing Rental Rate. Landlord and Tenant agree that they shall be bound by the determination of Prevailing Rental Rate pursuant to this paragraph. Landlord shall bear the fee and expenses of its election broker; Tenant shall bear the fee and expenses of its broker; and Landlord and Tenant shall share equally the fee and expenses of the third broker, if any. Notwithstanding anything to extend the contrary contained herein, in the event the Prevailing Rental Rate determined in accordance with this Lease Section 3 is less than the rate payable upon the expiration of the Extended Term of the Lease, the Prevailing Rental Rate will be automatically adjusted to be the Base Annual Rental in effect during the last year of the Extension Term, subject to the same rate of escalation as was in place during the Extension Term. The Prevailing Rental Rate determined in accordance with this Section 3 shall be final, binding and conclusive upon the parties and such determination shall not be subject to dispute or challenge in court or otherwise. Except for the Base Annual Rental, which shall be determined as set forth in above, leasing of the Premises by Tenant for the Renewal Term not less than six (6) months prior shall be subject to all of the same terms and conditions set forth in the Lease; provided, however, that any construction provisions, improvement allowances, rent abatements or other concessions applicable to the expiration Premises during the initial term or the Extension Term shall not be applicable during the Renewal Term (unless otherwise mutually acceptable to both Landlord and Tenant in the sole discretion of each at the time Tenant exercises its option to extend), and Tenant shall have no further renewal option unless expressly granted by Landlord in writing. Landlord and Tenant shall enter into an amendment to the Lease to evidence Tenant’s exercise of this extension option. If the Lease is guaranteed now or at any time in the future, Tenant simultaneously shall deliver to Landlord an original, signed reaffirmation of each guarantor’s guaranty, in form and substance acceptable to Landlord. Tenant’s rights under this Section 3 shall terminate if (a) this Lease or Tenant’s right to possession of the initial TermPremises is terminated, (b) Tenant assigns any of its interest in this Lease (except for a permitted assignment), (c) Tenant fails to timely exercise its option under this Section 3, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given Tenant’s exercise thereof, or (4) Landlord determines, in its sole but reasonable discretion, that Tenant’s financial condition or creditworthiness has materially deteriorated since the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions date of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodSecond Amendment.

Appears in 1 contract

Samples: Lease Agreement (Primerica, Inc.)

Renewal Option. Landlord hereby grants to Tenant, Provided no Event of Default exists and Tenant shall haveis occupying the entire Premises at the time of such election, the right and option to extend the Term of Tenant may renew this Lease for one (1) additional period of five (5) years years, by delivering written notice of the exercise thereof to Landlord not earlier than 12 months nor later than nine months before the expiration of the Term. The Basic Rent payable for each month during such extended Term shall be the prevailing rental rate (the “Renewal "Prevailing Rental Rate"), at the commencement of such extended Term”). The Renewal Term shall commence upon , for renewals of space in the day next following Building of equivalent quality, size, utility and location, with the last day length of the initial Termextended Term and the credit standing of Tenant to be taken into account. Within 30 days after receipt of Tenant's notice to renew, Landlord shall deliver to Tenant written notice of the Prevailing Rental Rate and shall advise Tenant of the required adjustment to Basic Rent, if any, and the other terms and conditions offered. Tenant shall shall, within ten days after receipt of Landlord's notice, notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration whether Tenant accepts or rejects Landlord's determination of the initial Term, time being Prevailing Rental Rate. If Tenant timely notifies Landlord that Tenant accepts Landlord's determination of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinPrevailing Rental Rate, the Renewal Term shall terminate and be of no further force then, on or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest before the commencement date of the Renewal extended Term, Landlord and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right execute an amendment to renew this Lease ifextending the Term on the same terms provided in this Lease, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.except as follows:

Appears in 1 contract

Samples: Lease Agreement (Alco Stores Inc)

Renewal Option. Landlord hereby grants to Tenant, and (a) Tenant shall have, the right and option to extend the Term of this Lease for have one (1) option (the “Renewal Option”) to extend the New Premises Term for a period of five two (52) years beyond the New Premises Expiration Date (the “Renewal Term”). The Renewal Term Option shall commence upon be effective only if Tenant is not in Default under the day next following Lease, nor has any event occurred which with the last day giving of notice or the passage of time, or both, would constitute a Default thereunder, either at the time of exercise of the initial Renewal Option or the time of commencement of the Renewal Term. The Renewal Option must be exercised, if at all, by written notice (the “Election Notice”) from Tenant shall notify to Landlord in writing of its election to extend this Lease for the Renewal Term given not more than nine (9) months nor less than six (6) months prior to the expiration of the initial New Premises Term. Except as hereinafter provided in this Paragraph 6, any such notice given by Tenant to Landlord shall be irrevocable. If Tenant fails to exercise the Renewal Option in a timely manner as provided for above, the Renewal Option shall be void (time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, essence) and this Lease Agreement shall expire as automatically terminate on the New Premises Expiration Date without the necessity of notice from either party to the other. Tenant’s lease of the then-scheduled expiration date. The New Premises during the Renewal Term shall be upon all of the terms, covenants same terms and conditions of this Leaseas during the New Premises Term, except that the Fixed annual Base Rent during the Renewal Term shall be increased by adding the CPI Adjustment Amount (defined below) equal to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying prevailing market rate for space in similarly situated buildings in the Fixed Rent payable for the last year vicinity of the initial Term by a ratioBuilding comparable to the New Premises in location, the numerator of which is the Consumer Price Index for All Urban Consumerssize, Cleveland-Akroncondition, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest quality and type at the commencement date of the Renewal Term, and ; provided however that in no event shall the denominator of which is Base Rent for the Index as Renewal Term be less than the Base Rent for the last month of the first day New Premises Term. As used herein, the term “prevailing market rate” shall mean the base annual rental for such comparable space, taking into account any additional rental and all other payments and escalations payable hereunder and by tenants under leases of such comparable space. Landlord shall notify Tenant in writing (such notice being hereinafter referred to as the “Renewal Rate Notice”) of the third prevailing market rate for the Renewal Term within sixty (60) days after Landlord’s receipt of the Election Notice. Tenant shall have ten (10) days after receipt of the Renewal Rate Notice (the “Response Period”) to advise Landlord whether or not Tenant agrees with Landlord’s determination of the prevailing market rate. If Tenant agrees with Landlord’s determination, then Landlord and Tenant shall promptly enter into an amendment to the Lease Year. If, providing for the lease of the New Premises by Tenant during the Lease Renewal Term upon the Bureau of Labor Statistics ceases to maintain terms stated in the Index, then such other index or standard as will most nearly accomplish the aim or purpose Renewal Rate Notice. If Tenant disputes Landlord’s determination of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoingprevailing market rate, Tenant shall have no the right to renew rescind its Election Notice in writing within the Response Period and neither party shall have any further rights or obligations under this Lease if, either at Paragraph 6(a). If Tenant fails to provide Landlord with written notice of rescission prior to the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date expiration of the Renewal TermResponse Period, then Tenant is in default hereunder beyond any applicable grace or cure periodshall be deemed to have accepted Landlord’s determination of the prevailing market rate.

Appears in 1 contract

Samples: Lease Agreement (Financial Engines, Inc.)

Renewal Option. Landlord hereby grants to TenantProvided this Lease is in full force and effect and no default by Lessee has occurred hereunder, and Tenant Lessee shall have, have the right and option to extend the Term of renew this Lease for one (1) period five (5) year term upon providing Lessor with written notice one hundred eighty (180) days prior to the current expiration. The renewal term shall be subject to the terms and conditions set forth in this Lease, and the rent shall be at ninety five percent (95%) of the fair market value at the time of the renewal for similarly improved space in similar properties in the surrounding area, taking into account market concessions. Lessee's rights as to this option are personal to the original Lessee executing the Lease and may not be exercised or be assigned, voluntarily, by or to any person or entity other than the original Lessee (and any Permitted Assignee). Such fair market value shall be as determined by the agreement of the parties, or, if the parties cannot agree within thirty (30) days after Lessee has exercised this right to renew, then the fair market value shall be determined by three appraisers who are certified appraisers with at least five (5) years (experience appraising office space in the “Renewal Term”)vicinity of the Premises, selected and governed by the Rules of the American Arbitration Association. The Renewal Term shall commence upon the day next following the last day cost of the initial Termappraisers shall be shared equally by Lessor and Lessee. Tenant The value of improvements to the Premises paid for by Lessee shall notify Landlord not be considered in writing determining Fair Market Rent. All other terms and conditions contained in the Lease, as the same may be amended from time to time by the parties in accordance with the provisions of the Lease, shall remain in full force and effect and shall apply during the Option term. If the Fair Market Rent is determined by appraisal and if Lessee does not, in Lessee's sole discretion, approve the rental amount established thereby, then Lessee may rescind its exercise of the renewal option by giving Lessor written notice of such election to extend this Lease for the Renewal Term not less than six rescind within ten (610) months prior to the expiration days after such monthly rent amount has been established. If Lessee rescinds its exercise of the initial Termrenewal option, time being of then (i) the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term Lease shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date Lease term would otherwise have expired absent Lessee's exercise of the Renewal Term, renewal option and the denominator of which is the Index as (ii) Lessee shall pay all costs and expenses of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodappraisal.

Appears in 1 contract

Samples: Office Lease (PMC Sierra Inc)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have the right to renew and option to extend the term of this Lease for the Renewal Term of (herein so called) upon and subject to the following terms and conditions: Tenant may extend this Lease for one (1) period Renewal Term of five (5) years by Tenant's giving Landlord a Renewal Notice no more than twelve (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not 12) months and no less than six nine (69) months prior to the expiration of the initial term. Such Renewal Term shall commence immediately upon the expiration of the initial term and upon exercise of such renewal option the expiration date of the term shall automatically become the last day of the Renewal Term. If Tenant does not renew the Lease in a timely manner for the Renewal Term, time being of the essence then Tenant's rights with respect to such notificationRenewal Term shall expire and be of no further force and effect. Notice thereof shall The exercise by Tenant of the renewal option set forth herein must be deemed sufficient made, if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinat all, by delivery of the Renewal Term Notice to Landlord on or before the dates set forth above. Once Tenant shall exercise such renewal option, Tenant may not thereafter revoke such exercise. At Landlord's election, Tenant's renewal option shall terminate and be of no further force or effecteffect if (i) an Event of Default exists under the Lease at the time Tenant attempts to exercise its renewal option, (ii) Tenant defaults under any provision of the Lease after exercising its renewal option and such default continues beyond any applicable cure period provided in the Lease, (iii) at any time during the Term of the Lease, as extended, Tenant assigns the Lease to a third party, or (iv) at the time Tenant attempts to exercise its renewal option, Tenant has subleased or has demonstrated an intention to sublease more than fifty percent (50%) or more of the Premises to an unrelated third party. Tenant shall take the Premises "as is" for the Renewal Term and, other than as may then be a component of the "Fair Market Rental Rate", Landlord shall have no obligation to make any improvements or alterations to same; provided, however, Landlord shall comply with its repair and maintenance obligations as set forth in this Lease. Annual Base Rent for the Renewal Term shall be the "Fair Market Rental Rate" multiplied by the number of square feet of net rentable area in the Building, but in no event less than the Base Rent for the last Lease Year of the initial term. Within thirty (30) days after the date of Tenant's Renewal Notice, Landlord and Tenant shall endeavor in good faith to agree upon the Fair Market Rental Rate applicable to the Building for each year of the Renewal Term. In the event Landlord and Tenant are unable to agree upon the Fair Market Rental Rate within the aforesaid thirty (30) day period, Landlord and Tenant shall each select a broker to determine the Fair Market Rental Rate within thirty-five (35) days after the date of the Renewal Notice. Each broker shall make an independent determination of the Fair Market Rental Rate of the Building for each year of the Renewal Term. If the two brokers so appointed agree on the Fair Market Rental Rate for each year of the Renewal Term within forty (40) days after the date of the Renewal Notice, the Fair Market Rental Rate shall be the amount determined by them. If the two brokers so appointed do not agree on the Fair Market Rental Rate within forty (40) days after the date of the Renewal Notice, the two brokers shall jointly appoint a third broker on or before the forty-fifth (45th) day after the date of the Renewal Notice. The third broker shall make a valuation within fifty (50) days after the date of the Renewal Notice and the Fair Market Rental Rate for each year of the Renewal Term shall be an amount equal to the quotient obtained by dividing the sum of the Fair Market Rental Rates determined by the two brokers who were closest to each other in amount, by two. Each broker appointed shall be an individual of recognized competence who has a minimum of ten (10) consecutive years' experience in the leasing of office space in the suburban Northern Virginia area immediately preceding such engagement. All valuations of the Fair Market Rental Rate shall be in writing, shall be expressed in terms of an annual rent per square foot of rentable area, and shall take into consideration that the Premises are to be taken in "as is" condition for any renewal period. Each broker shall determine the Fair Market Rental Rate on the basis of all relevant factors affecting Fair Market Rental Rates such as concessions then being offered in the marketplace. The party appointing each broker shall be obligated, promptly after receipt of the valuation report prepared by the broker appointed by such party, to deliver a copy of such valuation report to the other party in the manner provided elsewhere in this Lease for the giving of notices. If a third broker is appointed, the third broker shall expire as be directed, at the time of his appointment, to deliver copies of his valuation report, promptly after its completion, to Landlord and Tenant in the manner provided elsewhere in this Lease for the giving of notices. The expenses of each of the then-scheduled expiration datefirst two brokers appointed shall be borne by the party appointing such broker. The expenses of the third broker appointed shall be paid one-half by Landlord and one-half by Tenant. Tenant shall not be entitled to any rental abatement concessions, additional renewal options or other similar concessions during any Renewal Term, except to the extent they constitute part of the determination of the Fair Market Rental Rate. Except as set forth herein, the leasing of the Premises for the Renewal Term shall be upon the same terms and conditions as are applicable for the initial term and shall be upon and subject to all of the terms, covenants and conditions provisions of this Lease, except that including, without limitation, the Fixed Rent obligation of Tenant to pay any costs or amounts payable by Tenant to Landlord under the Lease. Tenant's rights under this Section 16.32 shall be increased by adding the CPI Adjustment Amount (defined below) personal to Tenant and shall not inure to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year benefit of any assignee or occupant of the initial Term by a ratio, the numerator of Premises other than an assignee which is the Consumer Price Index for All Urban Consumersa successor corporation into which or with which Tenant is merged or consolidated or which acquires substantially all of Tenant's assets and property, Cleveland-Akronor to any subsidiary, All Items (1982-1984=100) published by the Bureau affiliate or parent company of Labor Statistics Tenant, or any subsidiary of the United States Department parent company of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodTenant.

Appears in 1 contract

Samples: Stanford Telecommunications Inc

Renewal Option. Landlord hereby grants Subject to the expansion rights of Arthur Andersen LLP xxx/xx xxx xxxxessor in interest under a Lease for a major portion of the Building ("Other Tenant") to expand into the Premises after expiration of the original Tenn, and Tenant shall have, have the right and option to extend renew the Term of this the Lease for one (1) period of two additional five (5) years year period in accordance with the following provisions. Not later than nine (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (69) months prior to the expiration of the initial original Term, time being of Landlord will notify Tenant whether Other Tenant has elected to exercise its option to expand into the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter providedPremises. If Landlord does not receive Other Tenant exercises such written notice as and when required hereinOption, the Renewal Term shall this Paragraph 30 will terminate and be of no further force or effect. If Landlord notifies Tenant that Other Tenant did not exercise its option to expand into the Premises, and this Lease such notice shall expire include Landlord's determination of then Prevailing Market Rental (as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last Premises for a five (5) year renewal term, but in no event will that be less than the rental for the original Lease Term. In such event, within thirty (30) days after receipt of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoingLandlord's notice, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord may give notice of its election to extend this Lease or upon renew the commencement date Term of the Renewal TermLease and whether it accepts Landlord's determination of Prevailing Market Rental. If Tenant does not timely give such notice, Tenant's current option to renew (and the second option, if applicable) shall terminate. If the parties agree on Prevailing Market Rental for the extended term, they shall immediately execute an amendment to the Lease stating the Prevailing Market Rental and the amount of the fixed rent for such renewal term in question. If the parties are unable to agree on the Prevailing Market Rental for the renewal term within the thirty (30) day period, the Prevailing Market Rental shall be determined pursuant to arbitration as follows. In such event, within ten (10) days thereafter, each party shall select as its arbitrator a qualified commercial real estate broker with at least ten (10) years experience in appraising property and buildings in the city or submarket in which the Premises are located. The two (2) arbitrators shall give their opinion of prevailing rental rates within twenty (20) days after their retention. In the event the opinions of the two (2) arbitrators differ and, after good faith efforts over the succeeding 20-day period, they cannot mutually agree, the arbitrators shall immediately and jointly appoint a third arbitrator with the qualifications specified above. This third arbitrator shall immediately (within five (5) days) choose either the determination of Landlord's. arbitrator or Tenant's arbitrator and such choice of this third arbitrator shall be final and binding on Landlord and Tenant. If either party fails to timely appoint its arbitrator, the opinion of prevailing rental rates of the arbitrator for the other party shall be utilized. Each party shall pay its own costs for its arbitrator. Following the determination of the Prevailing Market Rental by the arbitrators, the parties shall equally share the costs of any third arbitrator. Upon determination of the Prevailing Market Rental, the parties shall immediately execute an amendment as set forth above. The "Prevailing Market Rental" shall be the prevailing annual rental rate per rentable square foot for the Premises then being charged to new tenants in the Building and comparable buildings for improved space comparable to the Premises (or adjusting the rental rate as appropriate for differences therein), which is agreed by Landlord and Tenant is or determined by arbitration in default hereunder beyond accordance with the provisions of the balance of this paragraph, taking into consideration use, location and floor level within the applicable building, the location, quality, age and reputation of the building, the definition of rentable area or net rentable area, as the case may be, with respect to which such rental rates are computed, rent concessions or other allowances, abatements, lease assumptions or take-overs, differences in terms and provisions of the applicable leases such as passthroughs of operating expenses and taxes, moving expenses, tenant improvements, parking rights, the term of the lease (or renewal) under consideration, and the extent of services provided thereunder, applicable distinctions between "gross" leases and "net" leases, base year or expense stop figures for escalation purposes, other tenant concessions and benefits such as new carpeting, paint and wall coverings for the Premises, and any applicable grace other relevant term or cure periodcondition in making such evaluation.

Appears in 1 contract

Samples: Lease (Calibrus, Inc.)

Renewal Option. Landlord hereby grants to TenantSo long as this Lease is in full force and effect and provided that Tenant is not in default beyond any applicable cure period of any terms and conditions hereof and that there has not been (a) material adverse change in the financial condition of Tenant as reasonably determined by Landlord, and (b) neither the Premises nor any part thereof have not been sublet, Tenant shall have, have the right and option to extend the Term original term of this Lease for one (1) period additional term of five three (53) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify ) by providing Landlord in writing written notice of its election intent to extend this Lease for the Renewal Term not renew no less than six nine (69) months prior to the expiration date of the initial Term, time being of the essence with respect to such notificationcurrent lease term. Notice thereof Such renewal shall be deemed sufficient if given in on the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the same terms, covenants and conditions of this Leaseas provided for in the original lease term, except that the Fixed Rent (1) no further renewal terms shall be increased by adding provided; (2) no termination options shall be provided; and (3) the CPI Adjustment Amount (defined below) rental rate during the Renewal Term shall be adjusted to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying then Fair Market Rental Rate then in effect on equivalent properties, of equivalent size, in equivalent areas, taking into account the Fixed Rent payable for the last year length of the initial Term by a ratiolease, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics length of the United States Department renewal term, the credit standing of Labor the Tenant and the scope of the leasehold improvements (the “IndexFair Market Rental Rate) on ). In no event shall the date nearest the commencement date of base rental for the Renewal TermTerm be less than the base rental applicable to the immediately preceding lease period. EXHIBIT A LEGAL DESCRIPTION OF THE PROPERTY THAT PART OF LOT 1 AND OUTLOT “A” IN RIVERWALK UNIT - 1, and BEING A SUBDIVISION OF PART OF THE SOUTHEAST QUARTER OF SECTION 35, TOWNSHIP 43 NORTH, RANGE 11, EAST OF THE THIRD PRINCIPAL MERIDIAN, ACCORDING TO THE PLAT THEREOF RECORDED NOVEMBER 16, 1989 AS DOCUMENT NO. 2851778, AND AMENDED BY CERTIFICATE OF CORRECTION FILED JUNE 14, 1991 AS DOCUMENT NO. 3029425, DESCRIBED AS FOLLOWS: BEGINNING AT THE MOST NORTHERLY CORNER OF SAID LOT 1, BEING ALSO THE MOST EASTERLY XXXXXX XX XXX 0 XX XXXX XXXXXXXXX XXXX - 0; THENCE SOUTH 44 DEGREES 42 MINUTES 41 SECONDS EAST ALONG THE NORTHEASTERLY LINE OF SAID LOT 1, 139.03 FEET TO A POINT OF CURVATURE IN SAID LINE; THENCE SOUTHEASTERLY ALONG THE NORTHEASTERLY LINE OF SAID LOT 1, BEING A CURVED LINE CONVEX SOUTHWESTERLY AND HAVING A RADIUS OF 180.00 FEET, AN ARC DISTANCE OF 146.90 FEET TO A POINT OF TANGENCY IN SAID LINE (THE CHORD OF SAID ARC BEARS SOUTH 68 DEGREES 05 MINUTES 27 SECONDS EAST, 142.86 FEET); THENCE NORTH 88 DEGREES 31 MINUTES 46 SECONDS EAST ALONG THE NORTHEASTERLY LINE OF SAID LOT 1, 50.26 FEET TO A POINT OF CURVATURE IN SAID LINE; THENCE SOUTHEASTERLY ALONG THE NORTHEASTERLY LINE OF SAID LOT 1, BEING A CURVED LINE CONVEX NORTHEASTERLY AND HAVING A RADIUS OF 80.00 FEET, AN ARC DISTANCE OF 128.12 FEET TO A POINT OF TANGENCY IN SAID LINE (THE CHORD OF SAID ARC BEARS SOUTH 45 DEGREES 35 MINUTES 27 SECONDS EAST, 114.86 FEET); THENCE SOUTH 00 DEGREES 17 MINUTES 19 SECONDS WEST ALONG THE EASTERLY LINE OF SAID LOT 1, 106.39 FEET TO AN ANGLE POINT IN SAID LINE; THENCE SOUTH 08 DEGREES 31 MINUTES 39 SECONDS WEST ALONG THE EASTERLY LINE OF SAID LOT 1, 133.53 FEET TO THE MOST EASTERLY SOUTHEAST CORNER OF SAID LOT 1, BEING ALSO THE MOST EASTERLY NORTHEAST CORNER OF OUTLOT “C” IN SAID RIVERWALK UNIT - 1; THENCE SOUTH 52 DEGREES 54 MINUTES 38 SECONDS WEST ALONG THE SOUTHEASTERLY LINE OF SAID LOT 1, 44.92 FEET TO A CORNER OF SAID LOT 1; THENCE NORTHWESTERLY ALONG THE SOUTHERLY LINE OF SAID LOT 1, BEING A CURVED LINE CONVEX SOUTHWESTERLY AND HAVING A RADIUS OF 1025.00 FEET, AN ARC DISTANCE OF 210.68 FEET TO A POINT OF TANGENCY IN SAID LINE (THE CHORD OF SAID ARC BEARS NORTH 77 DEGREES 17 MINUTES 19 SECONDS WEST, 210.31 FEET); THENCE NORTH 71 DEGREES 24 MINUTES 01 SECONDS WEST ALONG THE SOUTHERLY LINE OF SAID LOT 1, 40.60 FEET TO A SOUTHWEST CORNER OF SAID LOT 1, BEING ALSO THE SOUTHEAST CORNER OF SAID OUTLOT “A”; THENCE CONTINUING NORTH 71 DEGREES 24 MINUTES 01 SECONDS WEST ALONG THE SOUTHERLY LINE OF SAID OUTLOT “A”, 108.98 FEET TO AN ANGLE POINT IN SAID LINE; THENCE NORTH 67 DEGREES 50 MINUTES 16 SECONDS WEST ALONG THE SOUTHERLY LINE OF SAID OUTLOT “A”, 213.36 FEET TO A POINT OF CURVATURE IN SAID LINE; THENCE WESTERLY ALONG THE SOUTHERLY LINE OF SAID OUTLOT “A”, BEING A CURVED LINE CONVEX NORTHERLY AND HAVING A RADIUS OF 275.00 FEET, AN ARC DISTANCE OF 71.24 FEET TO AN INTERSECTION WITH THE SOUTHERLY EXTENSION OF THE WEST LINE OF SAID LOT 1; THENCE NORTH 00 DEGREES 17 MINUTES 19 SECONDS EAST ALONG THE SOUTHERLY EXTENSION OF THE WEST LINE OF SAID XXX 0 XXX XXXXX XXX XXXX XXXX XX XXXX XXX 0, 173.78 FEET TO THE MOST WESTERLY NORTHWEST CORNER OF SAID LOT 1; THE FOLLOWING 6 COURSES ARE ALONG THE NORTHERLY LINE OF SAID LOT 1; THENCE SOUTH 89 DEGREES 42 MINUTES 41 SECONDS EAST, 30.83 FEET; THENCE NORTH 45 DEGREES 17 MINUTES 19 SECONDS EAST, 7.07 FEET; THENCE SOUTH 89 DEGREES 42 MINUTES 41 SECONDS EAST, 25.75 FEET; THENCE NORTH 00 DEGREES 17 MINUTES 19 SECONDS EAST, 6.00 FEET; THENCE SOUTH 89 DEGREES 42 MINUTES 41 SECONDS EAST, 122.68 FEET; THENCE NORTH 45 DEGREES 17 MINUTES 19 SECONDS EAST, 171.05 FEET TO THE POINT OF BEGINNING, IN LAKE COUNTY, ILLINOIS XXXXXXX X XXXX XX XXXXXXXX EXHIBIT C WORK LETTER Landlord hereby agrees to provide the denominator of which is following tenant improvements necessary to refit the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.leased premises:

Appears in 1 contract

Samples: Lease Agreement (RestorGenex Corp)

Renewal Option. If Tenant objects to Landlord's determination of the Market Base Rental Rate and the Basic Parking Charge, Landlord hereby grants to Tenant, and Tenant shall have, work diligently to attempt to resolve their differences as to the right and option to extend the Term of this Lease for one (1) period of Market Base Rental Rate within forty-five (545) years days after Tenant's receipt of the Rate Notice (the "Renewal Term”Election Period"). The Renewal Term shall commence upon the day next following the last day of the initial Term. If Landlord and Tenant shall notify Landlord agree in writing of its election as to extend this Lease for the Renewal Term not less than six (6) months Market Base Rental Rate and the Basic Parking Charge prior to the expiration of the initial TermRenewal Election Period, time being the Market Base Rental Rate so agreed to by Landlord and Tenant shall be applicable if Tenant, in its sole discretion, elects to exercise the Renewal Option prior to the expiration of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter providedRenewal Election Period. If Landlord does not receive such written notice as and when required herein, Tenant timely furnishes the Renewal Term shall terminate Intent Notice to Landlord and be of no further force or effectTenant, and this Lease shall expire as in its sole discretion, exercises the Renewal Option prior to the expiration of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants Election Period and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) prior to Landlord and Tenant agreeing in writing as to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable Market Base Rental Rate for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, Tenant's exercise of the Renewal Option shall constitute Tenant's irrevocable election to exercise the Renewal Option and irrevocable agreement to Landlord's determination of the Market Base Rental Rate as contained in the Rate Notice. Tenant must notify Landlord in writing (the "Election Notice") prior to the expiration of the Renewal Election Period if Tenant elects to exercise the Renewal Option. If Tenant timely delivers the Renewal Intent Notice and the denominator of which is Election Notice to Landlord, but at any time prior to the Index as commencement of the first day Renewal Term an Event of the third Lease Year. IfDefault occurs Landlord, at its sole option during the Lease Term continuance of such Event of Default, may terminate Tenant's election to exercise the Bureau of Labor Statistics ceases Renewal Option and the Renewal Option shall expire and thereafter not be exercisable by Tenant. If Tenant fails to maintain timely exercise the IndexRenewal Option by failing to timely deliver the Renewal Intent Notice or the Election Notice as provided above, then such other index or standard as will most nearly accomplish the aim or purpose of the Index Renewal Option shall be used in determining the amount of any such adjustment. Notwithstanding the foregoingautomatically terminate, and Tenant shall have no waived forever its right to renew this Lease if, either at and extend the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Initial Term, Tenant is in default hereunder beyond any applicable grace or cure period.

Appears in 1 contract

Samples: Lease Agreement (Icarus International Inc)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, the right and option to may extend the Term original term of this Lease for two (2) consecutive additional terms of ten (10) Lease Years each by giving to Landlord notice of each such election at least one hundred eighty (1180) period days prior to the expiration of the original term or then renewal term hereof, as applicable; provided, however, that Tenant shall not have such right to extend if it shall then be in default under the terms of this Lease (at the time of election) or if this Lease shall have earlier expired or terminated, and that there shall only be two (2) such renewal terms. The Minimum Annual Rent payable during each renewal term shall be a sum equal to the fair rental value (the "Fair Rental Value") of the Leased Premises on the date which is one hundred eighty (180) days prior to the commencement date of said renewal term (such Fair Rental Value being determined by agreement between Landlord and Tenant), but in no event shall such minimum Annual Rent be less than the Minimum Annual Rent payable by Tenant for the last Lease Year of the prior term or more than one hundred twenty-five percent (125%) of the Minimum Annual Rent payable by Tenant for the last Lease Year of the prior term. If, at least five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Termthen current term of this Lease, time being Landlord and Tenant are unable to agree upon said Fair Rental Value for the next renewal term, either party may serve a written notice on the other party nominating and appointing an appraiser who shall have at least five years experience in real estate in the Rockville, Maryland area and in the case of the essence third appraiser shall not have acted in any manner for either Landlord or Tenant within four years of the appointment, and within fifteen (15) days thereafter the other party shall appoint an appraiser. Upon the appointment of the two appraisers as hereinabove provided, said appraisers shall forthwith, and within fifteen (15) days after the appointment of the second appraiser, and before exchanging views to the question at issue, appoint in writing a third appraiser and give written notice of such appointment to each of the parties. In the event the two appraisers shall fail to appoint or agree upon third appraiser within said fifteen (15) day period, a third appraiser shall be selected by the parties themselves if they so agree upon such third appraiser within a further period of ten (10) days. If any appraiser shall not be appointed or agreed upon within the time herein provided, then either party may apply to the appropriate Court of the State of Maryland having jurisdiction for appointment of such appraiser. Said appraisers shall be sworn faithfully and fairly to determine the Fair Rental value. The three appraisers shall afford to the parties a hearing and the right to submit evidence, with respect the privilege of cross-examination, on the question at issue and shall, with all possible speed, make their determination in writing and shall give notice to the parties of such notificationdetermination. Notice thereof The concurring determination of any two of said three appraisers shall be binding upon the parties, or, in case no two of the three appraisers shall render a concurring determination, then the determination of the third appraiser appointed shall be binding upon the parties. The fees and expenses of the appraisers shall be divided equally between the parties. If Tenant shall have exercised an option to extend the term of this Lease within the time period herein provided, this Lease shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be extended upon all of the then executory terms, covenants and conditions of this Lease, contained herein except that the Fixed Minimum Annual Rent payable during such extended term shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rentas set forth above in this paragraph. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year Time shall be of the initial Term essence as to any notice which may be given by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew under this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodparagraph.

Appears in 1 contract

Samples: Lease (Calypte Biomedical Corp)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have one (1) option (the right and option "Renewal Option") to extend the Term of this Lease for one (1) a period of five (5) years beyond the Expiration Date (the "Renewal Term"). The Renewal Term Option shall commence upon be effective only if Tenant is not in Default under this Lease, nor has any event occurred which with the day next following giving of notice or the last day passage of time, or both, would constitute a Default hereunder, either at the time of exercise of the initial Renewal Option or the time of commencement of the Renewal Term. The Renewal Option must be exercised, if at all, by written notice (the "Election Notice") from Tenant shall notify to Landlord in writing of its election to extend this Lease for the Renewal Term given not more than eight (8) months nor less than six (6) months prior to the expiration of the initial Term. Except as hereinafter provided in this Paragraph 51, time being of the essence with respect any such notice given by Tenant to such notification. Notice thereof Landlord shall be deemed sufficient if given in the manner hereinafter providedirrevocable. If Landlord does not receive such written notice Tenant fails to exercise the Renewal Option in a timely manner as and when required hereinprovided for above, the Renewal Term Option shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration datevoid. The Renewal Term shall be upon all of the terms, covenants same terms and conditions of this Leaseas the initial Term, except that the Fixed annual Base Rent during the Renewal Term shall be increased by adding the CPI Adjustment Amount (defined below) equal to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying prevailing market rate for space in well located, high visibility buildings in Irvine, California comparable to the Fixed Rent payable for the last year of the initial Term by Premises in location, size, condition, quality and type, and with a ratiocomparable landlord (taking into account, among other things, the numerator availability of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100tenant improvement dollars) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest at the commencement date of the Renewal Term. As used herein, the term "prevailing market rate" shall mean the base annual rental for such comparable space, taking into account any additional rental and all other payments and escalations payable hereunder and by tenants under leases of such comparable space. Landlord shall notify Tenant in writing (such notice being hereinafter referred to as the denominator of which is the Index as "Renewal Rate Notice") of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of prevailing market rate for the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.Term within thirty (30) days after Landlord's receipt of the

Appears in 1 contract

Samples: Lease Agreement (Vixel Corp)

Renewal Option. Landlord hereby grants to TenantProvided Tenant is not and has not been in default under this Lease beyond any applicable notice and cure period, and subject to the terms and conditions of this Section 2.13, Tenant shall have, the right and option to extend the Term of this Lease for have one (1) period of five (5) years option to renew (the “Renewal Option to Renew”) the Lease Term with respect to the entire Premises, for a period of sixty (60) months following the scheduled expiration date of the initial Lease Term (such sixty (60) month period, the “Option Term”). The Renewal Term shall commence upon If the day next Option to Renew is exercised during any applicable cure period following an event, which with the last day passage of time or the initial Term. Tenant shall notify Landlord in writing giving of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration notice, or both, would constitute an Event of the initial TermDefault, time being of the essence with respect to then such notification. Notice thereof exercise shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as void and when required herein, the Renewal Term shall terminate and be of no further force or effect, and . Except as set forth in this Section 2.13 or otherwise stated as being applicable only to the initial Lease shall expire as Term (or any prior portion of the then-scheduled expiration date. The Renewal Term shall be upon Lease Term), all of the terms, covenants terms and conditions of this Lease, except that Lease shall remain the Fixed same during the Option Term. Monthly Base Rent during the Option Term shall be increased the then Fair Market Rental Rate. “Fair Market Rental Rate” shall mean the net effective market rental (plus any escalations thereof) then being offered and accepted by adding the CPI Adjustment Amount (defined below) tenants for space comparable to the then-current Fixed RentPremises in size, quality, utility and location in the Project and in the Westlake Village market area, taking into account the credit worthiness of the tenant, the length of the term, the base year, allowances and concessions and the quality of the existing tenant improvements. The “CPI Adjustment Amountnet effective market rentalis calculated by multiplying shall equal the Fixed Rent payable for the last year arithmetic average of the initial Term by a ratiorental rate over the term of such comparable lease, provided that the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics value of the United States Department of Labor (then existing improvements in the “Index”) on the date nearest the commencement date of the Renewal TermPremises shall be taken into account in determining what improvements are granted by landlords under similar circumstances, and the denominator of which is the Index as value of the first day of the third free parking under this Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall also be used taken into account in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodFair Market Rental Rate.

Appears in 1 contract

Samples: Office Lease (Mannkind Corp)

Renewal Option. Landlord hereby grants Provided that as of the time of the giving of the Extension Notice (as defined below) and the Commencement Date of the Extension Term, (as defined below) (a) Tenant (or a successor entity permitted hereunder) is the Tenant orginally named herein, (b) Tenant actually occupies all of the Premises initially demised under this Lease and any space added to Tenantthe Demised Premises, and (c) no Event of Default exists or would exist but for the passage of time or the giving of notice, or both; then Tenant shall have, will have the right and option to extend the Lease Term of this Lease two (2) times for one (1) period an additional term of five (5) years each (each an "Extension Term") commencing on the day following the expiration of the Lease Term (the “Renewal "Commencement Date of the Extension Term"). The Renewal Term shall commence upon Tenant will give Landlord notice (the day next following the last day of the initial Term. Tenant shall notify Landlord in writing "Extension Notice") of its election to extend this the term of the Lease for the Renewal Term not less than at least six (6) months, but not more than nine (9) months, prior to the scheduled expiration date of the Lease Term or extended Lease term, as applicable (the "Notice Period"). If Tenant does not give the Extension Notice during the Notice Period, Tenant's right to extend the Lease Term will automatically terminate. Time is of the essence as to the giving of the Extension Notice. The Base Rent payable by Tenant to Landlord during each of the Extension Terms will be the then prevailing market rate for comparable space at the Property and comparable buildings in the vicinity of the Property, taking into account the size of the Lease, the length of the Extension Term, market escalations and the credit of Tenant. The Base Rent will not be reduced by reason of any costs or expenses saved by Landlord by reason of Landlord's not having to find a new tenant for such premises (including, without limitation, brokerage commissions, costs of improvements, rent concessions or lost rental income during any vacancy period). In the event Landlord and Tenant fail to reach an agreement on such rental rate and execute the Extension Amendment (defined below) at least 6 months prior to the expiration of the initial TermLease, time being then Tenant's exercise of the essence with respect to such notification. Notice thereof shall extension option will be deemed sufficient if given withdrawn, and the Lease will expire at the end of the Lease Term. Except for the Base Rent as determined above, Tenant's occupancy of the Demised Premises during the Extension Term will be on the same terms and conditions (including the payment of Additional Rent) as are in effect immediately prior to the manner hereinafter expiration of the initial Lease Term; provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of however, Tenant will have no further force right to any allowances, credits or effectabatements or any options to expand, and this Lease shall expire as of contract, renew or extend the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that as specifically provided herein. Landlord will have no obligation to refurbish or otherwise improve the Fixed Rent shall Demised Premises for the Extension Term. The Demised Premises will be increased by adding tendered on the CPI Adjustment Amount (defined below) Commencement Date of the Extension Term in "as-is" condition. If the Lease is extended for the Extension Term, Landlord will prepare, and both parties will execute, an amendment to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying Lease confirming the Fixed Rent payable for the last year extension of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term and the Bureau of Labor Statistics ceases to maintain other provisions applicable thereto (the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period"Extension Amendment").

Appears in 1 contract

Samples: Lease Agreement (Heelys, Inc.)

Renewal Option. Landlord hereby grants to TenantProvided that Tenant is not in default hereunder, and Tenant (but not any assignee or sublessee) shall have, have the right and option to extend the Term of this Lease for one (1) period of five (5) years (the "Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election Option") to extend renew this Lease for the Renewal Term not less Lease, by written notice delivered to Landlord, no earlier than six twelve (612) months and no later than three months prior to the expiration of the initial Lease Term, time being for an additional term (the "Renewal Term") of sixty (60) months under the essence with respect to such notification. Notice thereof shall be deemed sufficient if given same terms, conditions and covenants contained in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that (a) no abatements or other concessions, if any, applicable to the Fixed Rent initial Lease Term shall apply to the Renewal Term; (b) the Base Rental shall be increased by adding equal to the CPI Adjustment Amount "Fair Market Value Rental" (defined belowherein, (c) Tenant shall have no option to renew this Lease beyond the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date expiration of the Renewal Term; and (d) all leasehold improvements within the Premises shall be provided in their then existing condition (on an "As Is" basis) at the time the Renewal Term commences. Failure by Tenant to timely give Landlord notice in writing of Tenant's election to exercise the Renewal Option herein granted shall constitute a waiver of such Renewal Option. In the event Tenant elects to exercise the Renewal Option as set forth above, Landlord shall, within 15 days thereafter, notify Tenant in writing of the proposed Base Rental, CAM Charges, Taxes and Insurance, water charges and any signage rental for the Renewal Tenn (the "Proposed Renewal Rental"). Tenant shall within 10 days following delivery of the Proposed Renewal Rental by Landlord notify Landlord in writing of the acceptance or rejection of the Proposed Renewal Rental. If Tenant accepts Landlord's proposal, then the Proposed Renewal Rental shall be the rental rate in effect during the Renewal Term. Failure of Tenant to respond in writing during the aforementioned 10 day period shall be deemed a rejection by Tenant of the Proposed Renewal Rental. Should Tenant reject Landlord's Proposed Renewal Rental during such ( I0 day period, then Landlord and Tenant shall negotiate during the 10 day period commencing upon Tenant's rejection of Landlord's Proposed Renewal Rental to determine the rental for the Renewal Term. In the event Landlord and Tenant are unable to agree to a rental for the Renewal Term during said 10 day period, then the Renewal Option shall terminate and the denominator of which is Lease shall, pursuant to its terms and provisions, terminate at the Index as end of the first day original Lease Term. Upon exercise of the third Renewal Option by Tenant and subject to the conditions set forth hereinabove, the Lease Yearshall be extended for the period of such Renewal Term without the necessity of the execution of any further instrument or document, although if requested by either party, Landlord and Tenant shall enter into a written agreement modifying and supplementing the Lease in accordance with the provisions hereof. IfUnless Tenant and Landlord have previously agreed to extend the Lease Term, during the Lease Term last three months prior to the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose expiration of the Index original term, in addition to the other rights of Landlord as set forth herein, Landlord reserves the right to show the Premises to prospective tenants during normal business hours. "Fair Market Value Rental Rate" shall be used that rate charged for space of comparable size and condition in determining comparable office buildings within a five (5) mile radius of the amount area immediately surrounding the building, taking into consideration the location, quality and age of any such adjustment. Notwithstanding the foregoingbuilding, Tenant shall have no right floor level, extent of leasehold improvements, rental abatements lease takeovers/ assumptions, moving expenses and other concessions, term of lease, extent of services to renew this Lease ifbe provided, either at distinction between "gross" and "net lease" base year or other amounts allowed for escalation purposes (expense stop), the time Tenant notifies Landlord of its election the particular rental rate under consideration became or is to extend this Lease become effective, or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace other relevant tem or cure periodcondition.

Appears in 1 contract

Samples: Office Lease Agreement (Zion Oil & Gas Inc)

Renewal Option. Landlord hereby grants to TenantThe renewal option set forth in Paragraph 6 of the Twelfth Amendment is deleted and is of no further force or effect. Instead, provided that (i) no uncured Event of Default then exists under the Lease, and (ii) Tenant provides Landlord with written notice (which notice shall have, the right and option to extend the Term of this Lease for one (1be irrevocable) period of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election intention to extend this Lease for the Renewal Term not less exercise its option by no later than six February 1, 2024 (6) months prior to the expiration of the initial Term, time being of the essence essence), Tenant shall have the option to renew the Lease for a fixed twelve (12) month term ending on October 31, 2025 with respect the Monthly Installment of Rent increased to such notification$63,965.00 (calculated at the annual rental rate of $22.00 per square foot) and otherwise on the terms, covenants and conditions of the Lease including the obligation to pay all additional rent, charges and other payments due under the Lease as set forth therein. Notice thereof The Premises shall be deemed sufficient taken by Tenant during the renewal term, in its “AS-IS” condition and Landlord shall have no liability to perform any renovation work nor to provide any improvement allowances therefor. Upon exercise of this option, Tenant shall, if given in so requested by Landlord, execute an amendment to the manner hereinafter providedLease confirming the exercise of the option and the new Monthly Installment of Rent for the Premises during the renewal term. If Landlord does Lxxxxxxx’s failure to prepare or Txxxxx’s failure to execute such amendment shall not receive such written notice affect the validity of the exercise of this option or alter Tenant’s obligations during the renewal term as and when required herein, the Renewal Term determined hereby. This option shall terminate and be of no further force or effecteffect if (a) Landlord terminates Tenant’s right to possession due to an Event of Default, and this Lease shall expire as of or (b) Tenant subleases the then-scheduled expiration datePremises or assigns the Lease, in each case other than to an Affiliate. The Renewal Term shall be upon all of the terms, covenants and conditions Upon exercise of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, renewal option Tenant shall have no further right to renew this Lease if, either at extend the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date Term of the Renewal Term, Tenant is Lease other than by agreement with Landlord in default hereunder beyond any applicable grace or cure periodits sole discretion.

Appears in 1 contract

Samples: Reata Pharmaceuticals Inc

Renewal Option. Landlord hereby grants to TenantProvided no Event of Default then exists, and as reasonably determined by Landlord, Tenant shall have, have the right and option (“Renewal Option”) to extend the Term of this Lease for one (1) additional one hundred twenty (120) calendar month period of five (5) years (the “Renewal Term”). The ) upon written notice (“Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Option Notice”) to Landlord in writing of its election to extend this Lease for the Renewal Term given not less than six (6) months and no more than twelve (12) months prior to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, Tenant fails to exercise the Renewal Term Option strictly within the time period set forth in this Section 5, then Tenant’s Renewal Option shall terminate automatically lapse and be of no further force or and effect. In the event that Tenant timely exercises the Renewal Option, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon the same terms and conditions as are in effect under this Lease immediately preceding the commencement of such Renewal Term, subject to the increase in Monthly Base Rent to the prevailing market rental rate, as determined by Landlord in its sole discretion; provided that the Monthly Base Rent during the Renewal Term shall be at no less than the amount of Monthly Base Rent in effect immediately prior to such renewal. For purposes of this Section 5, the “prevailing market rental rate” shall mean the rate charged for comparable buildings and land (in size, condition, location, etc.) in the other comparable type and style buildings and land in the Park, and if no such comparable improvements and land exist within the Park then comparable industrial improvements and land in the submarket of Houston, Texas, which are comparable to the Premises taking into consideration all relevant factors (including, without limitation, size of land, type of stabilization, location of the termsspace, covenants the floor level, extent of leasehold improvements (existing or to be provided and conditions taking into consideration who pays for such improvements) except for those improvements paid for by Tenant or cash allowances therefor, rental abatements, lease takeover/assumptions, moving expenses and other concessions, term of lease, extent of services to be provided, distinction between “net” and “gross” lease, base year or amount allowed by Landlord for payment of building operating expenses (expense stop) and any other relevant term or condition. If Tenant delivers to Landlord the Renewal Option Notice in accordance with this LeaseSection 5, except that Landlord shall, within thirty (30) days after receipt of same, deliver to Tenant the Fixed Rent shall be increased by adding the CPI Adjustment Amount Landlord’s Response (defined belowherein so called) to the then-current Fixed Renewal Option Notice which shall set forth the Monthly Base Rent for the Renewal Term. Tenant shall have fifteen (15) days from receipt of Landlord’s Response setting forth the proposed new Monthly Base Rent to either accept or reject such proposed new Monthly Base Rent. The “CPI Adjustment Amount” is calculated by multiplying In the Fixed event (i) Tenant rejects the new Monthly Base Rent payable for set forth in Landlord’s Response, or (ii) Tenant does not timely respond to Landlord’s Response, in each event, this Lease shall terminate at the last year end of the initial Term by a ratio, Term. Commencing with the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date second lease year of the Renewal Term, and the denominator of which is the Index as of on the first day of the third Lease Year. If, each successive lease year during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodthe Monthly Base Rent shall be increased by two and half a percent (2.5%) per lease year.

Appears in 1 contract

Samples: Land Lease Agreement (Vivakor, Inc.)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, the right and option to extend the Term of this Lease for (but no assignee or subtenant) one (1) period of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election option to extend renew this Lease for the Renewal Term a period of sixty (60) months. The renewal option shall be exercised by Tenant notifying Landlord thereof in writing not less than six two hundred forty (6240) months days prior to the expiration of the initial Termthen current lease term, time being of as the essence with respect to such notificationcase may be. Notice thereof Such renewal shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon subject to all of the terms, covenants terms and conditions of this Lease, Lease except that (i) the Fixed Rent rentals payable during each renewal term shall be increased by adding as set forth below and (ii) no further renewal option shall exist during the CPI Adjustment Amount (defined below) renewal term. It shall be a condition to Tenant's exercising the then-current Fixed Rentrenewal option herein granted that Tenant not be then in default under this Lease beyond any applicable notice and cure period. The “CPI Adjustment Amount” is calculated by multiplying Basic Rental for each renewal term shall be based on the Fixed Rent payable then prevailing rental rates for properties of equivalent quality, size, utility and location in the Dallas/Forth Worth market, with the length of the lease term and the creditworthiness of the Tenant taken into account; provided, however, that in no event shall the Basic Rental in any renewal period be less than the Basic Rental for the last year month immediately preceding said renewal period. Upon notification from Tenant of its intent to exercise each renewal option, Landlord shall, within fifteen (15) days thereafter, notify Tenant in writing of the initial Term Basic Rental for the applicable renewal term; Tenant shall, within fifteen (15) days following receipt of same, notify Landlord in writing of the acceptance or rejection of the proposed Basic Rental. In the event of rejection by a ratioTenant, the numerator of which is Basic Rental for the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index applicable renewal term shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.determined as follows:

Appears in 1 contract

Samples: Industrial Lease Agreement (Mohawk Industries Inc)

Renewal Option. Landlord hereby grants to TenantProviding Tenant is not in default under this Lease, and -------------- Tenant shall have, have the right and option to extend the Term of renewal this Lease for one (1) period of two consecutive five (5) years (the “Renewal Term”)year periods. The Renewal Term shall commence upon Base Rent for the day next following option period will be the last day Fair Rental Value Base Rent (as determined below) in the competitive rental market in which the Building is located at the time of the renewal. In the event Tenant fails to give notice to Landlord of Tenant's exercise of the first renewal option at least 180 days prior to the expiration or termination of the initial Lease Term, both of these options shall expire and Tenant's option to renew this Lease shall terminate. If Tenant timely exercises the first option and is not in default under this Lease, Tenant may exercise the second option by giving notice to Landlord at least 180 days prior to the expiration or termination of the first renewal term, and the second option shall expire and Tenant's option to renew this Lease shall terminate if it fails to timely exercise the option. Time is of the essence. If either or both of these options are properly exercised, then the term of that renewal period shall be included in the definition of Lease Term and, except for the adjustment of Rent and Base Year as provided below, all of the provisions of this Lease shall apply to the renewal term(s). If Tenant properly exercises one or both of the renewal options, then within 20 days thereafter, Landlord shall deliver to Tenant its computation of the fair rental value Base Rent for the Leased Premises for that renewal five- year period and the Base Year or Expense Stop that applies to it, which shall be determined without any allowance or reduction for brokerage commissions or leasing fees, tenant improvements, free rent or other rental concessions and without regard to the condition of or tenant improvements in the Leased Premises ("Fair Rental Value Base Rent"). Tenant shall notify Landlord in writing within 15 days after it receives Landlord's computation of its election to extend this Lease Fair Rental Value Base Rent if it disagrees with Landlord's proposal for the Renewal Term Fair Rental Value Base Rent for the applicable five-year period. If Tenant gives such a notice and Landlord and Tenant cannot less than six (6) months prior to agree upon the expiration Fair Rental Value Base Rent within 15 days thereafter, then Landlord and Tenant shall select a commercial real estate broker who specializes in leasing commercial office space in the market area of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given Building and who has leased commercial office space in the manner hereinafter provided. If Landlord does not receive such written notice Denver metropolitan area for at least the preceding 10 years ("Commercial Broker") to determine the Fair Rental Value Base Rent (as and when required herein, the Renewal Term shall terminate and be of no further force or effectdefined above), and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be if they cannot agree upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.single Commercial Broker within 10

Appears in 1 contract

Samples: Office Lease (Commnet Cellular Inc)

Renewal Option. Landlord Provided (i) Lessee is not in default in the performance of its covenants under this Lease and (ii) Lessee provides to Lessor a current statement of Lessee's financial condition acceptable to Lessor at the time this renewal option is exercised, Lessee is hereby grants to Tenant, and Tenant shall have, granted the right and option to extend renew the Term of this Lease for one (1) period additional term of five (5) years (the “"Renewal Term"). The Renewal Term shall , to commence upon at the day next following the last day expiration of the initial Termterm of this Lease. Tenant Lessee shall notify Landlord in writing exercise this option to renew by delivering written notice of its such election to extend this Lease for the Renewal Term not less than Lessor at least six (6) months prior to the expiration of the initial Term, time being Term of the essence with respect to such notificationthis Lease. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be The renewal of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants same terms and conditions of this Lease, except that (a) the Fixed Base Rent during the Renewal Term shall be increased the same rate and conditions as that being offered by adding the CPI Adjustment Amount Lessor for new leases in the Building; (defined belowb) the Operating Cost Allowance shall be the amount being offered by the Lessor for new leases in the Building; (c) Lessee shall have no option to renew this Lease beyond the thenRenewal Term set out above; (d) Lessee shall not have the right to assign its renewal rights to any non-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year affiliate sublessee of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, ClevelandPremises or non-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics affiliate assignee of the United States Department Lease; (e) the leasehold improvements will be provided in their then existing condition (on an "as is" basis) at the time the Renewal Term commences, provided that Lessor agrees to reimburse Lessee up to a maximum amount of Labor Three and 00/100 Dollars ($3.00) per net rentable square feet of floor space then included in the “Index”Premises, for any costs to refurbish the Premises incurred by Lessee within six (6) on the date nearest months from the commencement date of the Renewal Term, and (f) the denominator of which is "Term" as defined in the Index as of the first day of the third Lease Year. IfLease, during the Lease shall include any Renewal Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodthat has been duly exercised by Lessee.

Appears in 1 contract

Samples: Lease Agreement (Enchira Biotechnology Corp)

Renewal Option. (a) As long as Tenant is not in default in the performance of its covenants under this Lease, Landlord hereby grants shall grant Tenant two (2) options to Tenant, and Tenant shall have, renew (the right and option to extend "Renewal Options") the Term term of this Lease for one two (12) period periods of five (5) years each (the "Renewal Term”Terms"). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing exercise the first Renewal Option by delivering written notice of its such election to extend this Lease for the Renewal Term not less than six Landlord at least eighteen (618) months prior to the expiration of the initial Term, time being term of this Lease and shall exercise the second Renewal Option by delivering written notice of such election to Landlord at least eighteen (18) months prior to the expiration of the essence with respect to such notificationfirst Renewal Term. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be The renewal of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants same terms and conditions of this Lease, except that (i) the Fixed Rent Base Rental Rate during the Renewal Term shall be increased calculated based on the prevailing Market Base Rental Rate (as hereinafter defined) at the time the Renewal Term commences, (ii) Tenant shall not have the right to assign its renewal rights to any sublessee of the Premises or any portion thereof or to any assignee of the Lease, nor may any such sublessee or assignee exercise or enjoy the benefit of such renewal rights (unless otherwise agreed to by adding Landlord and Tenant), (iii) the CPI Adjustment Amount leasehold improvements to be provided by the Landlord shall be consistent with the prevailing market allowance for comparable renewals in the Birmingham area. Within thirty (defined below30) days after Landlord's receipt of Tenant's written notice of its intent to exercise its first or second Renewal Option in accordance with the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying above, Landlord shall provide Tenant a written proposal of terms and conditions including the Fixed Rent payable Market Base Rental Rate for the last year of Renewal Term applicable to Tenant's notice. Landlord and Tenant shall then have sixty (60) days during which to mutually agree on terms and conditions for the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the applicable Renewal Term, . If Landlord and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases Tenant have not agreed on terms and conditions for said Renewal Option within ninety (90) days after Tenant's notice to maintain the IndexLandlord exercising its Renewal Option, then such other index said Renewal Option(s) shall become null and void and of no further force or standard as will most nearly accomplish effect unless the aim or purpose of the Index shall be used in determining the amount of any such adjustmentparties mutually agree to continue good faith negotiations to reach mutual agreement on terms and conditions for said Renewal Term. Notwithstanding the foregoing, Tenant shall have no right to exercise such options to renew, and Landlord shall have no obligation to renew this Lease ifLease, either at the time Tenant notifies Landlord of its election to extend unless (A) this Lease or shall be in full force and effect upon the commencement date of the exercise of the Renewal TermOption(s) and upon the date of the expiration of the respective term, and (B) on the date of the exercise of the Renewal Options and on the date of the expiration of the respective term there shall exist no current default on the part of Tenant is under this Lease. If Tenant shall fail to exercise the Renewal Option(s) within the time permitted or conditions (A) and (B) set forth above are not entirely satisfied, the Renewal Option(s) shall automatically terminate. If Tenant shall remain in default hereunder beyond any applicable grace or cure periodpossession of the Premises after the expiration of the original term, without there having been executed between Landlord and Tenant an amendment to this Lease as contemplated by the terms of this Section, then Tenant shall be a Tenant holding over as provided in this Lease.

Appears in 1 contract

Samples: Lease Agreement (Infinity Property & Casualty Corp)

Renewal Option. The Landlord hereby grants to Tenant, and Tenant shall have, the right and option to extend the Term of renew this -------------- Lease for one two (12) period of additional five (5) years (year terms under the “Renewal Term”). The Renewal Term same terms and conditions provided herein except the annual base rental rate shall commence upon be at the day next following prevailing market rate and except the last day of Base Direct Expenses will change to equal the initial Termactual Base Direct Expenses for the calendar year immediately preceding the renewal period. Tenant shall notify give Landlord in writing written notice of its election intent to extend renew this Lease for the Renewal Term not less than six nine (69) months prior to the expiration of the initial Term, time being original term. In the event that the Tenant is in default of any of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be provision of no further force or effect, and this Lease shall expire as (beyond any applicable cure period) at the expiration of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Indexoriginal term hereof, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no Tenant's right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date shall be null and void. The "prevailing market rate" shall be determined as follows. At such time as tenant exercises it option, tenant shall notify Landlord of Tenant's determination of the Renewal Termmarket rate. Within ten (10) days thereafter, Landlord shall notify Tenant whether Landlord accepts or rejects Tenant's definition of market rates, and if Landlord rejects, landlord shall notify Tenant of Landlord's determination of market rate. If the rates differ by ten percent (10%) or less, the two rates shall be averaged, and such averages shall constitute the base rate for the renewal term. If the rate differ by more than ten percent (10%), Landlord and Tenant shall select a mutually acceptable arbitrator, the cost of which shall evenly be shared by Landlord and Tenant. This arbitrator shall have the option of choosing either the rate requested by Landlord, or the rate requested by Tenant and such rate shall constitute the base rate for the renewal term. In the event landlord and Tenant cannot agree upon an arbitrator, Tenant and Landlord shall each select an independent third party, who will select a third party arbitrator to make the final decision. Notwithstanding anything contained in this paragraph, the determination of an independent arbitrator anything else contained in this Lease to the contrary, in no event will the net rental rate (which is in default hereunder beyond any applicable grace or cure periodthe base rental rate minus the per square foot amount of Base Direct Expenses) to Landlord for the renewal period be less than the net rental rate Landlord is receiving under the Lease during the initial term.

Appears in 1 contract

Samples: Office Building Lease (Vialog Corp)

Renewal Option. Landlord hereby grants to Tenant, Provided that this Lease shall be in good standing and in full force and effect and shall not theretofore have been terminated and that Tenant shall havenot be in default under any of the terms or conditions of this Lease, Tenant shall have the right and option to extend the Term of renew this Lease for one three (13) period additional terms of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day each by notifying Landlord of the initial Term. Tenant shall notify Landlord in writing of its Tenant's election to extend this Lease for the Renewal Term not less than six one hundred eighty (6180) months prior to days before the expiration of the initial Termtwenty- five (25) year term of this Lease or the immediately preceding renewal term, time being of as the essence with respect to case may be. Each such notification. Notice thereof renewal shall be deemed sufficient if given in on the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants same terms and conditions of set forth in this Lease, except (a) that the Fixed Rent annual rent payable during the first renewal term of this Lease shall be increased by adding the CPI Adjustment Amount sum of Ninety-four thousand three hundred forty-six Dollars (defined below$94,346.00 ) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term multiplied by a ratio, fraction the numerator of which is shall be the 1978 Revised Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items Wage Earners and Clerical Workers (1982-1984=1001967=100) published issued by the Bureau of Labor Statistics of the United States Department of Labor (or the most nearly comparable successor index) (the "Index") on the date nearest the commencement date as of the Renewal Term, last day of the initial twenty-five (25) year term and the denominator of which is shall be the Index as of the date of this Lease, and (b) that the annual rent payable during the second renewal term of this Lease shall be the amount of annual rent calculated in subsection 2.2(a) multiplied by a fraction the numerator of which shall be the Index as of the last day of the first renewal term and the denominator of which shall be the Index as of the first day of the third Lease Yearfirst renewal term. If, during the Lease Term the Bureau Rent shall be payable in monthly installments of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose one-twelfth (1/12th) of the Index annual rent, in advance, on the first day of each and every month during such extended Term. The annual rent shall not be used in determining the amount of any such adjustment. Notwithstanding the foregoingadjusted, Tenant shall have no right to renew this Lease ifhowever, below Ninety-four thousand three hundred forty-six -- Dollars ($94,346.00) for either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure renewal period.

Appears in 1 contract

Samples: Lease (Stoneridge Inc)

Renewal Option. (a) As long as an event of default by Tenant has not occurred and is continuing after applicable notice and cure periods, Landlord shall grant and does hereby grants to Tenant, and grant Tenant shall have, the right and option to extend renew (the Term "First Renewal Option") the term of this Lease for one (1) a period of five sixty (560) years additional months (the "First Renewal Term"). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing exercise the First Renewal Option by delivering written notice of its such election to extend this Lease for the Renewal Term not less than six Landlord at least twelve (612) months prior to the expiration of the initial Term, time being term of the essence with respect to such notificationthis Lease. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be The renewal of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants same terms and conditions of this Lease, except that (i) the Fixed Rent Base Rental Rate during the First Renewal Term shall be increased by adding calculated based on the CPI Adjustment Amount prevailing Market Base Rental Rate (defined belowas hereinafter defined) at the time the First Renewal Term commences; (ii) with the exception of the potential assignees and sublessees described in Paragraph 5(b) of this Exhibit "G", Tenant shall not have the right to assign its renewal rights to any sublessee of the Demised Premises or any portion thereof or to any assignee of the Lease, nor may any such sublessee or assignee exercise or enjoy the benefit of such renewal rights; (iii) the leasehold improvements will be provided in their then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying existing condition at the Fixed Rent payable for time the last year of the initial First Renewal Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Termcommences, and the denominator of which is the Index as of the first day of the third Lease Year. If(iv) there shall not be any rent abatement period and Tenant shall not be entitled to cash payment, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index concessions or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount allowance of any such adjustmentnature or amount whatsoever. Notwithstanding the foregoing, Tenant shall have no right to exercise such option to renew, and Landlord shall have no obligation to renew this Lease, unless (A) this Lease shall be in full force and effect upon the date of the exercise of the First Renewal Option and upon the date of the expiration of the original term, and (B) on the date of the exercise of the First Renewal Option and on the date of the expiration of the original term there shall exist no event of default on the part of Tenant under this Lease for which Landlord has given notice and which remains uncured by Tenant after the expiration of any applicable period of grace or cure. If Tenant shall fail to exercise the First Renewal Option within the time permitted or conditions (A) and (B) set forth above are not entirely satisfied, the First Renewal Option shall automatically terminate, this Lease shall expire at the expiration of the original term and Tenant shall have no further right thereafter to renew this Lease if, either at or to acquire any interest whatsoever in the time Demised Premises. If Tenant notifies shall remain in possession of the Demised Premises after the expiration of the original term without there having been executed between Landlord of its election and Tenant an amendment to extend this Lease or upon as contemplated by the commencement date terms of the Renewal Termthis Section, then Tenant is shall be a Tenant holding over as provided in default hereunder beyond any applicable grace or cure periodthis Lease.

Appears in 1 contract

Samples: Lease Agreement (Focal Communications Corp)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have the right and option to extend renew ("Renewal Option") the Term of this Lease for one (1) period additional term of five (5) years (the “"Renewal Term”). The Renewal Term shall commence ") commencing upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Termscheduled Term of this Lease under Section 2 (and as extended pursuant to the terms of either Section 30 or Section 31 hereof), on the condition that Tenant is not in default under this Lease at the time being Tenant gives notice of exercise of its Renewal Option or at the time of commencement of the essence with respect to such notificationRenewal Term. Notice thereof Such renewal shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon on all of the terms, covenants and conditions of this Lease, except that except: (i) Tenant shall not have any right to further renewal beyond such additional five-year term; and (ii) the Fixed annual Basic Rent for the Premises for the renewal term shall be increased by adding at the CPI Adjustment Amount (defined below) prevailing market rates for office space in the Building comparable to the then-current Fixed RentPremises at the time the Renewal Term begins. The “CPI Adjustment Amount” is calculated by multiplying In no event shall the Fixed Basic Rent payable for during the last year Renewal Term be less than the Basic Rent payable under this Lease immediately prior to the commencement of the Renewal Term. Tenant's Renewal Option shall be exercised only by Tenant giving Landlord written notice of Tenant's election to renew not less than nine (9) months prior to the expiration of the initial Term by a ratioof this Lease, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics time being of the United States Department essence with respect to such notice. As of Labor (the “Index”) on the date nearest the commencement date Renewal Term begins, this Lease shall be deemed modified in the manner set forth above, without the necessity of any further agreement or document; provided, however, that either party to this Lease shall, upon request of the Renewal Termother party, execute, acknowledge, and the denominator deliver an instrument evidencing such renewal and modification of which is the Index as this Lease. All of the first day terms and provisions of the third Lease Year. IfLease, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Indexas herein amended and supplemented, then such other index or standard as will most nearly accomplish the aim or purpose of the Index are hereby ratified and confirmed, and shall be used remain in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodfull force and effect.

Appears in 1 contract

Samples: Lease Agreement (Multi Link Telecommunications Inc)

Renewal Option. Landlord hereby grants to TenantProvided that: (i) Tenant (including any Qualified Tenant Affiliate) is in possession of at least seventy five percent (75%) of the Premises and no Event of Default exists at the time of the exercise of such option or arises subsequent thereto, and no event exists which by notice and/or the passage of time would constitute an Event of Default if not cured within the applicable cure period provided under this Lease; and (ii) Tenant has not sublet or assigned any of its rights, title, and interest in and to this Lease except to qualified Tenant Affiliate, Tenant (or any Qualified Tenant Affiliate which is the bona fide assignee of Tenant’s entire leasehold interest in and to the Premises) shall have, have the right and option to extend the Term of renew this Lease for one (1) period consecutive renewal term of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. years, provided Tenant shall notify notifies Landlord in writing of its election to extend this Lease for the Renewal Term exercise of such option not less sooner than six fifteen (615) months nor later than twelve (12) months prior to the expiration of the initial TermTermination Date (“Tenant’s Renewal Notice”), time being of the essence essence. If Tenant fails to deliver timely Tenant’s Renewal Notice to Landlord or if Landlord fails to receive it, this option contained in this Section 41 shall automatically expire. If this option in this Section 41 is exercised timely, Landlord and Tenant shall have thirty (30) days after Tenant’s timely exercise of this renewal option in which to agree on the Annual Rent and rent escalations to be payable for the renewal period, provided that: (i) regardless of subsection (ii) which follows, in no event shall such Annual Rent be less than the then current escalated rate; (ii) Annual Rent and the rent escalations shall be at one hundred percent (100%) of the fair market rate, including the amount (i.e. on a per square foot basis) of tenant concessions and improvement allowances then being offered by landlords to actual tenant-occupants in comparable buildings in downtown Washington, D.C. under leases for office purposes of generally similar quantities of space for renewals (not for new space), but as also determined by the mutual agreement of Landlord and Tenant; and (iii) the Base Year for the renewal term shall be the calendar year in which the renewal term commences; (iv) Tenant shall post an increase in its Security Deposit which is commensurate with respect such new Annual Rent if an Event of Default shall have occurred within the twenty four (24) months immediately prior to the effective date of such notificationrenewal; and (v) all other provisions of this Lease shall remain the same during the renewal term, except that Tenant shall have no further renewal option. Notice thereof If Landlord and Tenant agree on the Annual Rent and rent escalations for said period, they shall execute an amendment to this Lease within ten (10) business days after such agreement stating the monthly rent and rent escalations payable for such period, and such amendment shall be attached to this Lease and become a part hereof. Should Landlord and Tenant be unable for any reason to agree upon a new Annual Rent within said thirty (30) days after Tenant’s exercise of this option, then the Annual Rent and rent escalations shall be determined by appraisal by a board of three (3) real estate brokers. One of such brokers shall be named by Landlord, one by Tenant, and the two so appointed shall select a third. Such brokers shall be licensed as real estate brokers in the District of Columbia, and shall have not less than ten (10) years’ experience in the field of commercial office leasing in the East End Submarket of downtown Washington, D.C. Each shall be recognized as being ethical and reputable within its field. Landlord and Tenant agree to make their appointments promptly within five (5) business days after the expiration of the thirty (30) day period, and the two brokers shall promptly select a third broker within five (5) business days thereafter. Each broker shall, within five (5) business days after selection of the third broker, submit its determination of the Annual Rent and rent escalations and the Annual Rent and rent escalations shall be deemed sufficient if given to be the rent and escalations determined by the third broker, unless it is higher than the higher of the two values determined by the first two brokers, in which event the higher of the first two appraisals shall be the Annual Rent and escalations, or unless it is lower than the lower of the two values determined by the first two brokers, in which event the lower of the first two appraisals shall be the Annual Rent and escalations. In arriving at its rental rate determinations, each broker shall consider and analyze all material components of the Lease, and review terms being offered to prospective office tenants for comparable space in comparable office buildings and locations in the manner hereinafter providedWashington, D.C. metropolitan area for leases commencing on or about the time of commencement of the renewal period. In nonevent shall the Annual Rent so determined be less than the Annual Rent for the immediately preceding Lease Year. Landlord and Tenant shall each pay the fee of the broker-selected by it and they shall share equally the payment of the fee of the third broker. If Landlord does not receive and Tenant agree on the Annual Rent and rent escalations for said period, they shall immediately execute an amendment to this Lease stating the monthly rent and rent escalations payable for such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effectperiod, and such amendment shall be attached to this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by become a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustmentpart hereof. Notwithstanding the foregoing, unless Tenant shall have no right entered into a written renewal amendment with Landlord as aforesaid, Tenant may withdraw its exercise of this renewal option in this Section 41 by giving written notice to Landlord at any time prior to the beginning of the tenth (10th) month before the Termination Date. If Tenant fails to provide timely such notice to Landlord and Tenant shall have also failed to enter into such written amendment, the parties shall nonetheless be deemed under this Lease to have agreed irrevocably in writing to renew this the Lease if, either at in accordance with the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date foregoing brokers’ determination of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodAnnual Rent and rent escalations.

Appears in 1 contract

Samples: Lease Agreement (Lionbridge Technologies Inc /De/)

Renewal Option. Provided no Event of Default exists, or any state of facts, which, with notice or the passage of time, or both, would constitute an Event of Default under this Lease, either at the time such option is exercised or at the time the Renewal Period commences, Landlord hereby grants to Tenant, and Tenant shall have, the right and option (the “Renewal Option”) to extend the Term of this Lease with respect to all of the Premises for one (1) additional consecutive period of five (5) years (the “Renewal TermPeriod”). The Renewal Term Option shall commence upon be exercised by Tenant delivering written notice to Landlord at least twelve (12) months prior to the day next following the last day Expiration Date of the initial Term. The Rent for the Renewal Period (the “Renewal Rental Rate”) shall be the fair market rental rate, which shall be the rental rate then being charged by landlords (including Landlord) in the market area in which the Premises is located on new leases or on renewed leases to tenants of a similar credit quality to Tenant for space of similar quality and size as the Premises, taking into account all relevant factors, including without limitation, location, age, extent and quality of the Premises, length of term, amenities of the Premises, location, definition of net rentable area, and, if any, abatement provisions reflecting free rent, improvement allowances, brokerage commissions and any other concessions which would be granted by Landlord or a comparable landlord. Within thirty (30) days after Tenant’s exercise of the Renewal Option, Landlord shall notify Landlord Tenant in writing of its election to extend this Lease for the proposed Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice Rental Rate as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published determined by the Bureau above formula. Tenant shall have ten (10) days from the receipt of Labor Statistics of the United States Department of Labor Landlord’s notice (the “IndexOutside Agreement Date”) on the date nearest the commencement date to either accept or dispute Landlord’s determination of the Renewal Term, and Rental Rate or cancel the denominator of which is the Index as exercise of the first day of Renewal Option. In the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoingevent that Tenant disputes Landlord’s determination, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies so notify Landlord of its election to extend this Lease or upon the commencement date and each party shall make a separate determination of the Renewal Term, Tenant is Rental Rate which shall be submitted to each other and to arbitration in default hereunder beyond any applicable grace or cure period.accordance with the following procedure:

Appears in 1 contract

Samples: Lease (Netezza Corp)

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Renewal Option. Landlord Subject to the terms and conditions hereof, Tenant is hereby grants to Tenant, and Tenant shall have, granted one (1) option (the right and option “Renewal Option”) to extend the Term of this Lease for one (1) an additional period of five (5) years (the “Renewal Term”). The , to commence at the expiration of the Initial Term provided Tenant notifies Landlord in writing of its intent to exercise the Renewal Term Option a minimum of nine (9) months prior to the Expiration Date, and further provided that if Tenant is in default on the date of giving such notice, said notice shall commence upon be totally ineffective, or if Tenant is in default beyond the day next following applicable notice and cure period(s) (if any) pursuant to Section 18.02 on the last day of the initial Initial Term, at Landlord’s option the Renewal Term shall not commence and this Lease shall terminate at the end of the Initial Term. Tenant shall notify Landlord It is mutually agreed that all provisions of the Lease, unless otherwise provided, will remain in writing of its election to extend this Lease full force and effect for the Renewal Term (including the pass through of increases in Operating Expenses and Real Estate Taxes which shall continue uninterrupted) and further provided that Base Rent shall be the prevailing fair rental value of the Premises as determined in accordance with this Section 2.05 at the time the Renewal Term is to commence. Landlord shall notify Tenant of its determination of fair rental value within thirty (30) days after Tenant exercises its Renewal Option. If Tenant does not less than six agree with Landlord’s determination of fair rental value, Tenant shall advise Landlord and each party shall designate in writing, within ten (610) months prior to days after the expiration of the initial Termaforementioned thirty (30) day period, time being an MAI or similarly accredited appraiser having at least 10 years experience in the appraisal of commercial real estate in the Metropolitan Washington, D.C. area, for the purpose of determining fair rental value. The appraiser may not be affiliated in any respect with either Landlord or Tenant or their respective affiliates. Within fifteen (15) days after the designation of the essence with respect appraisers, the two appraisers so designated shall designate a third appraiser of the same qualifications. The appraisers so designated, shall within forty-five (45) days after the date the third appraiser is designated, determine the fair rental value of the Premises, taking into consideration all relevant factors (including, but not limited to, that the Tax Base Year and the Operating Expense Base Year are not being updated). If the three appraisers are unable to such notification. Notice thereof agree upon the fair rental value, then the fair rental value of the Premises shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as average of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodtwo closest appraisals.

Appears in 1 contract

Samples: License Agreement (Spacehab Inc \Wa\)

Renewal Option. Landlord hereby grants to Tenant, (i) Provided no Event of Default exists and Tenant shall haveis occupying the entire Premises at the time of such election, Tenant may renew the right and option to extend the Term of this Lease for one (1) additional period of five (5) years years, by delivering written notice of the exercise thereof to Landlord not earlier than 12 months nor later than 9 months before the expiration of the Lease Term (the “Renewal TermOption Notification Period”). The Renewal Base Rent payable for each month during the extended Lease Term shall commence upon be the day next following prevailing rental rate (the last day ”Prevailing Rental Rate”), at the commencement of the initial extended Lease Term, for renewals of space similar to the Premises in buildings similar to the Building in the submarket in which the Building is located, and with the length of the extended Lease Term and the credit standing of Tenant to be taken into account. Within 30 days after receipt of Tenant’s notice to renew, Landlord shall deliver to Tenant written notice of Landlord’s determination of the Prevailing Rental Rate and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Tenant shall shall, within thirty (30) days after receipt of Landlord’s notice, notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration whether Tenant accepts or rejects Landlord’s determination of the initial Term, time being Prevailing Rental Rate. If Tenant timely notifies Landlord that Tenant accepts Landlord’s determination of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinPrevailing Rental Rate, the Renewal Term shall terminate and be of no further force then, on or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest before the commencement date of the Renewal extended Lease Term, Landlord and Tenant shall execute an amendment to the denominator of which is the Index as of the first day of the third Lease Year. If, during extending the Lease Term on the Bureau of Labor Statistics ceases to maintain same terms provided in the IndexLease, then such other index or standard except as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.follows:

Appears in 1 contract

Samples: Lease Agreement (Sleep Number Corp)

Renewal Option. Landlord hereby grants to TenantProvided (i) no Event of Default has occurred and is continuing at the time Tenant exercises its renewal option, and (ii) Tenant’s tangible net worth at the time of such election is reasonably acceptable to Landlord based on the obligations to be assumed by Tenant shall havepursuant to the terms of the lease renewal, the right and option to extend the Term of Tenant may renew this Lease for one two (12) period additional periods of five sixty (560) years months each (the each, a “Renewal Term”). The Renewal Term shall commence upon ) at the day next following the last day Market Rate as of the initial beginning of the applicable Renewal Term. Tenant shall notify must exercise each renewal right, if at all, by delivering written notice of the exercise thereof (a “Renewal Exercise Notice”) to Landlord in writing of its election to extend this Lease for the Renewal Term not less earlier than six fifteen (615) months prior to nor later than twelve (12) months before the expiration of the initial Term or the first Renewal Term, time being as the case may be. Within thirty (30) days after receipt of Tenant’s Renewal Exercise Notice, Landlord shall deliver to Tenant written notice (the “Estimate Notice”) advising Tenant of the essence Market Rate as determined by Landlord and the improvement allowance with respect thereto that Landlord is willing to provide. Landlord and Tenant shall negotiate in good faith for sixty (60) days after Landlord provides the Estimate Notice to Tenant. On or before the end of such notification60-day period, Tenant shall by written notice elect one of the following: (a) to not renew, in which case Tenant’s renewal option shall become null and void; (b) to renew at the agreed upon Market Rate, in which event the improvement allowance with respect thereto shall be as provided in the Estimate Notice; or (c) to renew subject to the determination of the Market Rate by way of arbitration (in the manner defined below). Notice thereof If Tenant does not timely provide its election, it shall be deemed sufficient if given in the manner hereinafter providedto have selected “(a)” above. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount Tenant elects option “(defined below) to the then-current Fixed Rent. The “CPI Adjustment Amountc)is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Termabove, and the denominator of which is arbitration proceeding has not yet determined the Index as of Market Rate prior to the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date start of the Renewal Term, Tenant is shall then pay Basic Rent at the rate specified in default hereunder beyond any the Landlord’s last best offer until such determination and shall be refunded the difference, if any, between the Landlord’s last best offer and the Market Rate within thirty (30) days of such determination, retroactive to the commencement of the applicable grace Renewal Term. If Tenant timely delivers a Renewal Exercise Notice then, on or cure period.before the commencement date of the applicable Renewal Term, Landlord and Tenant shall execute an amendment to this Lease extending the Term on the same terms provided in this Lease, except as follows:

Appears in 1 contract

Samples: Lease Agreement (Omega Protein Corp)

Renewal Option. (a) Provided the Tenant exercises the Four Year Space Option and/or the Five 42 43 Year Space Option, Landlord hereby grants to Tenant, and Tenant shall have, the right and option to extend the Term as to all or a part of the Premises (provided that each such Renewal Option may not be exercised for less than fifty thousand (50,000) rentable square feet, all of which shall be in not more than three reasonably contiguous blocks, and may not be exercised for more than the entire Premises subject to this Lease as of the commencement date of the Renewal Term) for two sequential five (5) year periods (such renewal options are referred to herein individually as the "Renewal Option" and collectively as the "Renewal Options"). The first Renewal Option shall run from the expiration of the first one hundred and twenty (120) months of the Lease Term, for one period of five (15) years and the second Renewal Option shall run from the expiration of the first Renewal Option for a period of five (5) years (individually and collectively the "Renewal Term"). The Each Renewal Term Option shall commence upon be exercised, if at all, by notice (the day next following the last day of the initial Term. Tenant shall notify "Renewal Notice") to Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months at any time prior to the expiration date nine (9) months (twelve (12) months if Tenant then occupies more than 100,000 rentable square feet in the Building) prior to the Expiration Date of the initial then applicable Term, time being of the essence with respect to such notification. Notice thereof which notice shall be deemed sufficient irrevocable by Tenant. Notwithstanding the foregoing, if given in an event of default exists under this Lease and all applicable grace periods have expired at the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, time Tenant exercises the Renewal Term shall terminate and be of no further force Option or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest at the commencement date of the Renewal Term, Landlord shall have, in addition to all of Landlord's other rights and remedies under this Lease, the denominator right to terminate the applicable Renewal Option and to cancel unilaterally Tenant's exercise of such Renewal Option, in which is event the Index as Expiration Date of the first day of the third this Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining and remain the amount of any such adjustment. Notwithstanding the foregoingthen scheduled Expiration Date, and Tenant shall have no right further rights under this Lease to renew or extend the Term. The provisions of this Lease ifSection 28.19 shall be personal to PeopleSoft, either at the time Tenant notifies Landlord of Inc. and its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodPermitted Assignees.

Appears in 1 contract

Samples: Office Lease (Peoplesoft Inc)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have the right and option to extend the Second Extended Term of this the Lease for one (1) period the Leased Premises, excluding the Building #3 Space, for two additional terms of five (5) years (the each an Additional Renewal Term”)) to commence immediately following the expiration of the Second Extended Term, or first Additional Renewal Term, whichever is applicable. The Tenant may exercise the right to extend the term of the Lease for an Additional Renewal Term shall commence upon the day next following the last day only by delivering to Landlord written notice of the initial Term. Tenant shall notify Landlord in writing Tenant’s exercise of its election to extend this Lease for the Renewal Term not such right no less than six nine (69) months prior to the expiration date of the initial Second Extended Term or the first Additional Renewal Term, if applicable, time being of the essence with respect to such notificationessence. Notice thereof The terms and conditions of the Lease shall be deemed sufficient if given continue in the manner hereinafter provided. If Landlord does not receive such written notice as full force and when required herein, the effect for each Additional Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of except that the then-scheduled expiration date. The monthly rental for each Additional Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) calculated pursuant to the then-current Fixed Rent. following formula: The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable monthly rental for the last year of the initial Additional Renewal Term for which this calculation is made shall equal $31,997.49 multiplied by a ratiofraction, the numerator of which is the CPI in effect on the expiration of the Second Extended Term or the first Additional Renewal Term, whichever is applicable, and the denominator of which is the CPI in effect for June 2011. Notwithstanding the result of the above calculation, the monthly rental for each applicable Additional Renewal Term shall not be less that the monthly rental in effect for the preceding term. The CPI, as referred to herein, means the Consumer Price Index for All all Urban ConsumersConsumers 1984=100 relating to the United States City Average, Cleveland-Akron, All Items (1982-1984=100) published as issued by the Bureau of Labor Statistics of the United States Department of Labor, or any successor to the function thereof. In the event of the conversion of the CPI to a different standard reference base or any other revision thereof, the determination hereunder shall be made with the use of such Bureau of Labor (Statistics or successor to the “Index”) on functions thereof or in the date nearest absence of the publication of such conversion factor, such formula or table as the parties shall mutually designate. As a condition precedent to the commencement date of the first Additional Renewal Term, or the second Additional Renewal Term, whichever is applicable, Tenant shall not be in default of the Lease, and Haemonetics Corporation, itself or its affiliate, shall be in full possession of the Leased Premises continually during the Second Extended Term and at the commencement of the first Additional Renewal Term, or during the first Additional Renewal Term, and at the denominator commencement of which the Second Additional Renewal Term, whichever is applicable. If the Index conditions precedent are not met, Landlord may, at its option, terminate the Lease as of the first last day of the third Lease Year. IfSecond Extended Term or first Additional Term, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Indexwhichever is applicable, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodLease.

Appears in 1 contract

Samples: Haemonetics Corp

Renewal Option. Landlord Lessor hereby grants Lessee (but no assignee or subtenant) two (2) options to Tenantrenew this Lease, and Tenant shall have, the right and each option to extend the Term of this Lease be for one (1) a period of five sixty (560) years months, for a total of one hundred twenty (120) months in the “Renewal Term”)event both renewal options are exercised. The Renewal Term Each said renewal option shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord be exercised by Lessee notifying Lessor thereof in writing of its election to extend this Lease for the Renewal Term not less more than six two hundred seventy (6270) months and at least two hundred ten (210) days prior to the expiration of the initial Termthen current lease or renewal term, time being as the case may be. In the event a renewal agreement has not been executed at least one hundred twenty (120) days prior to the expiration date of the essence with respect to current lease or renewal term, the option shall automatically become null and void. Each such notification. Notice thereof renewal shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon subject to all of the terms, covenants terms and conditions of this Lease, Lease except that (i) the Fixed Rent rentals payable during each renewal term shall be increased by adding as set forth below and (ii) no further renewal option shall exist during the CPI Adjustment Amount second renewal term. It shall be a condition to Lessee's exercising any renewal option herein granted that (defined belowy) Lessee not be then in default under this Lease and (z) Lessee shall have previously exercised the immediately preceding renewal option, if any, so that the second renewal option may not be exercised if Lessee has failed to exercise the then-current Fixed Rentfirst renewal option. The “CPI Adjustment Amount” is calculated by multiplying Base Rent for each renewal term shall be based on not less than 95% of the Fixed then prevailing rental rates for properties of equivalent quality, size, utility and location in the Dallas/Forth Worth market, with the length of the lease term and the creditworthiness of the Lessee taken into account; provided, however, that in no event shall the Base Rent payable in any renewal period be less than the Base Rent for the last year month immediately preceding said renewal period. Upon notification from Lessee of its intent to exercise each renewal option, Lessor shall, within fifteen (15) days thereafter, notify Lessee in writing of the initial Term Base Rent for the applicable renewal term; Lessee shall, within fifteen (15) days following receipt of same, notify Lessor in writing of the acceptance or rejection of the proposed Base Rent. In the event of rejection by a ratioLessee, Lessee may rescind the exercise of such renewal option by written notice to Lessor within such fifteen (15) day period for acceptance or rejection. If Lessee does not so rescind such exercise, the numerator of which is Base Rent for the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index applicable renewal term shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.determined as follows:

Appears in 1 contract

Samples: Office Lease (Exe Technologies Inc)

Renewal Option. Landlord hereby grants to TenantProvided no Event of Default exists, and Tenant shall have, the right and option to extend the Term of Lessee may renew this Lease with respect to all or a portion of the Premises, provided the same shall be for a minimum of two full floors, for one (1) additional period of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day by delivering written notice of the initial Term. Tenant shall notify Landlord in writing of its election exercise thereof to extend this Lease for the Renewal Term Lessor not less earlier than six twenty-four (624) months prior to nor later than eighteen (18) months before the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Basic Rent payable for each month during such extended Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor prevailing market rental rate (the “IndexPrevailing Market Rental Rate”) at the commencement of such extended Term for renewals of space in comparable buildings in the Frisco submarket of equivalent quality, size, utility and location, with the length of the extended Term and market concessions for similarly situated renewal tenants to be taken into account. Within thirty (30) days after receipt of Lessee’s notice to renew, Lessor shall deliver to Lessee written notice of the Prevailing Market Rental Rate and shall advise Lessee of the required adjustment to Basic Rent and, if any, and the other terms and conditions offered. Lessee shall, within ten days after receipt of Lessor’s notice, notify Lessor in writing whether Lessee accepts or rejects Lessor’s determination of the Prevailing Market Rental Rate. If Lessee timely notifies Lessor that Lessee accepts Lessor’s determination of the Prevailing Market Rental Rate, then, on the date nearest or before the commencement date of the Renewal extended Term, Lessor and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases Lessee shall execute an amendment to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease ifextending the Term on the same terms provided in this Lease, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.except as follows:

Appears in 1 contract

Samples: Of Lease Agreement (Comstock Resources Inc)

Renewal Option. A. If, and only if, on the date Tenant notifies Landlord hereby grants of its intention to renew the term of the Lease (as provided below), (i) Tenant is not in default under the Lease beyond applicable notice and curative periods, and (ii) the Lease is in full force and effect, then Tenant, but not any assignee or subtenant of Tenant (other than an assignee that is an Affiliate), shall have and Tenant shall have, the right and may exercise an option to extend renew the Term of this Lease for one (1) period additional term of five (5) years (the “Renewal Term”). The Renewal Term shall commence ) upon the day next following same terms and conditions contained in the last day of Lease with the initial Term. Tenant exceptions that (x) the Lease shall notify Landlord in writing of its election to extend this Lease not be further available for renewal, and (y) the rental for the Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration dateRental Rate”. The Renewal Term shall be upon all Rental Rate is hereby defined to mean the rate (or rates) a willing tenant would pay and a willing landlord would accept for a comparable transaction (i.e., a renewal in comparable space and in a comparable building) as of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the applicable term, neither being under any compulsion to lease and both having reasonable knowledge of the relevant facts, for the uses permitted hereunder if offered for lease in the open market with a reasonable period of time in which to consummate a transaction. In calculating the Renewal TermRental Rate, all relevant factors will be taken into account, including without limitation the location and quality of the Building, lease term, amenities of the Property, condition of the space, and finish allowances and base year applicable to the denominator of which is Renewal Rental Rate as set forth above, rent being charged in other first-class office buildings located in Dallas for leases then being entered into for space comparable to the Index as Premises; location, quality, amenities, age and reputation of the first day buildings in which the space being compared is located; use and size of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose space under comparison; location and/or floor level of the Index shall subject space and any comparison space within their respective buildings, including view, elevator lobby exposure, etc.; extent of services provided or to be used provided; extent and condition of leasehold improvements in determining the amount subject space and in any comparison space; abatements pertaining to the subject space and to any comparison space; inclusion of any such adjustment. Notwithstanding parking charges in rental, if applicable; lease takeovers/assumptions by the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date landlord of the Renewal Termcomparison space, Tenant is if applicable; moving allowances granted, if any in default hereunder beyond connection with the subject space and with respect to any applicable grace comparison space; relocation allowances granted, if any in connection with the subject space and with respect to any comparison space; construction, refurbishment and repainting allowances granted, if any in connection with the subject space and with respect to any comparison space; any other concessions or cure periodinducements in connection with the subject space and with respect to any comparison space; and differences, if any, between the brokerage commissions payable for a renewal of the Premises as compared to the brokerage commissions or the comparison premises.

Appears in 1 contract

Samples: Renaissance Tower (Pfsweb Inc)

Renewal Option. Provided that (i) this Lease shall be in full force and effect as of the date of the Renewal Notice (as hereinafter defined) and as of the Expiration Date; (ii) there shall not then be existing a default under this Lease which is continuing after notice by Landlord hereby grants to TenantTenant and the expiration of the applicable cure period, and (iii) Tenant shall havebe in actual occupancy of not less than two (2) full floors of the entire Premises (portions of the premises occupied by other parties pursuant to Section 11.12 shall be deemed to be occupied by Tenant for the purposes of this Section 26.01), the right and then Tenant originally herein named shall have one (1) option to extend the Term of this Lease for one (1) a period of five ten (510) years (the “Renewal Term”)) commencing on the day after the Expiration Date. Such option shall be exercisable by written notice (the “Renewal Notice”) to Landlord given not earlier than twenty four (24) months prior to nor later than fifteen (15) months prior to the Expiration Date. The Renewal Term shall commence upon the day next following the last day constitute an extension of the initial Term. Tenant shall notify Landlord in writing Term of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants same terms and conditions of this Leaseas the initial Term, except that the Fixed Rent (i) there shall be increased by adding no further option to renew the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year Term of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of this Lease in the Renewal Term, (ii) Landlord shall not be required to furnish any materials or perform any work to prepare the Premises for Tenant’s occupancy and Landlord shall not be required to reimburse Tenant for any Alterations made or to be made by Tenant, and (iii) the denominator Base Rent for the Renewal Term shall be payable at a rate per annum equal to the fair market rental value of which is the Index Premises as of the first day of the third Lease Year. IfRenewal Term as determined by Landlord based upon comparable space in the Building (including existing executed leases, during as well as pending transactions pursuant to letters of intent) and in comparable buildings in the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose vicinity of the Index Building, including all of Landlord’s services provided for in this Lease, and with the Premises considered as vacant, and in “as is” condition on the Renewal Term Commencement Date. The calculation of the fair market value shall be used in determining the amount of any such adjustmenttake into account all relevant factors and may include escalations on a fixed or CPI basis. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of During the Renewal Term, all Additional Rent that Tenant is obligated to pay under this Lease during the initial Term hereof for Real Estate Taxes and Operating Expenses shall continue without interruption, it being the intention of the parties hereto that the Renewal Term shall be deemed a part of and continuation of the initial Term of this Lease. If Tenant shall duly and timely give the Renewal Notice, then not later than twelve (12) months prior to the Expiration Date, Landlord shall respond to Tenant’s Renewal Notice with Landlord’s calculation of fair market value, provided, however, (i) the fact that the base years for Real Estate Taxes and Operating Expenses shall remain unchanged and shall be taken into account in default hereunder beyond any applicable grace or cure perioddetermining fair market value hereunder, and (ii) Landlord shall not be bound by such Landlord’s calculation of fair market value if the parties determine fair market value pursuant to Section 26.02.

Appears in 1 contract

Samples: MF Global Ltd.

Renewal Option. Landlord hereby grants to TenantSo long as Tenant is not then in default under this Lease, on the terms and conditions stated in this Paragraph 46.3, Tenant shall have, have the right and option to extend the Term term of this Lease for one up to two (12) period of five additional sixty (560) years month periods (the “Renewal "First Additional Term" and the "Second Additional Term", respectively). The Renewal renewal option for the Second Additional Term shall commence upon may be exercised only if the day next following renewal option for the last day of First Additional Term has been exercised. The First Additional Term and the initial Second Additional Term are collectively referred to as the "Additional Terms", and separately as an "Additional Term". Tenant shall notify Landlord in writing of To exercise its election option to extend this Lease for the Renewal Term not less than six an Additional Term, Tenant must deliver to Landlord a written notice (6an "Option Notice") exercising its renewal option at least twelve (12) months (but not more than eighteen (18) months) prior to the expiration date the then Lease Term will expire, together with a then current financial statement of Tenant. If such financial statement(s) show a material adverse change in Tenant's financial condition since the date of this Lease, at Landlord's option, Tenant's exercise of its renewal option shall be null and void. The extension options granted to Tenant pursuant to this paragraph are personal to Tenant and may not be exercised by or for the benefit of any assignee or sublessee of Tenant, except for assignees or sublessees expressly permitted under Paragraphs 15(f) and 15(g) of this Lease or an "Authority" (defined in Paragraph 46.12 below). All of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants terms and conditions of this Lease, Lease shall apply during each Additional Term except that (i) the Fixed Rent base annual rent shall be increased by adding the CPI Adjustment Amount "fair market rent" (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year Premises as agreed to by Landlord and Tenant or determined by arbitration as set forth below; (ii) unless otherwise agreed by Landlord in writing, there shall be no further renewal options after the commencement of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items Second Additional Term; and (1982-1984=100iii) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant Landlord shall have no right tenant improvement obligations with respect to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon Premises except as otherwise agreed in writing by Landlord. When the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.rental rate

Appears in 1 contract

Samples: Pacifica Bancorp Inc

Renewal Option. Landlord hereby grants to TenantProvided Tenant is in possession of the Premises and is not in default of any term, and covenant or condition of this Lease, Tenant shall have, have the right and option to extend renew the Term term of this Lease for one (1) additional period of five (5) years (the "Renewal Term”). The Renewal Term shall ") to commence immediately upon the day next following the last day expiration of the initial Lease Term upon the same terms, covenants and conditions as contained in this Lease except that (i) the Base Rental at the "Prevailing Market Rate"; (ii) there shall be no abatement of rent; (iii) Landlord shall not be obligated to construct, pay for, or grant an allowance with respect to improvements to the premises unless otherwise specifically provided for in this Lease, and (iv) there shall be no further option to renew the Lease Term, except as specifically provided herein. The Prevailing Market Rate shall mean the then current market renewal rental activity for Class A office space in the Westshore area of Tampa, Florida. In order to exercise the options granted herein, Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term writing, not less than six twelve (612) months prior to the expiration of the initial Lease Term that it is exercising its option to renew the Lease Term. On receipt of such notice, time being Landlord will in writing, not less than thirty (30) days after receipt of a notice from Tenant, notify Tenant what the Base Rental will be for such Renewal Term. Tenant shall within fifteen (15) days of Landlord's notice of the essence with respect to Base Rental for such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and notify Landlord if Tenant accepts or disputes such Base Rental. If Tenant notifies Landlord within the denominator aforesaid fifteen (15) day period that Tenant disputes the Base Rental quoted by Landlord, the parties shall during the following thirty (30) days negotiate in good faith to determine the Base Rental for such Renewal Term. If within said thirty (30) day period the parties are unable to agree on the Base Rental, then within ten (10) days thereafter, each party shall select a duly qualified licensed appraiser experienced in appraising commercial property in the vicinity of which the Building who will submit appraisals for the Premises within thirty (30) days of their appointment. If the difference between the appraisals is five percent (5%) or less, the Index as Base Rental shall be determined by the average of the two appraisals. If the difference is greater than five percent (5%) then the two appraisers shall select a third qualified appraiser who will submit an appraisal within thirty (30) days following the submission of the first day appraisal. The Base Rental shall then be the average of the two closest appraisals. The fees of such appraiser shall be paid by the party appointing the appraiser. The fees of the third Lease Year. Ifappraiser, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Indexif any, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining shared equally by the amount of any such adjustmentparties. Notwithstanding In the foregoingevent the Tenant exercises the option, Landlord and Tenant shall have no right to renew execute a modification of this Lease if, either acknowledging said renewal and setting forth the Base Rental. The option shall be void if at the time of such option Tenant notifies Landlord is not in possession of its election to extend the Premises or is in default of this Lease or upon Tenant fails to deliver the commencement date of requisite notice thereof within the Renewal Termtime period specified. The option granted herein shall not be severed from the Lease, Tenant is in default hereunder beyond any applicable grace separately sold, assigned or cure periodtransferred.

Appears in 1 contract

Samples: Lease Agreement (Florida Business Bancgroup Inc)

Renewal Option. Landlord Tenant is hereby grants to Tenant, and Tenant shall have, the right and option to extend the Term of this Lease for granted one (1) period five (5) year option to renew the Lease (“Renewal Option”). If the Tenant desires to exercise the Renewal Option, it shall so notify the Landlord, in writing, not later than the last day of the fourth Lease Year. Such notice shall only be effective if delivered at a time when the Tenant is not in Default under the Lease. Within thirty (30) days following its receipt of Tenant’s notice of its desire to exercise the Renewal Option, given at the time and in the manner provided above, Landlord shall prepare and transmit to Tenant an appropriate amendment to this Lease extending the Term for five (5) years (the “Renewal Term”). The ) and specifying (i) Landlord’s estimate of the Market Rent, and (ii) that all other terms and conditions during the Renewal Term shall commence upon are the day next following same as those during the last day Term, except for any tenant improvement allowances and renewal rights. If Tenant disagrees with Landlord’s estimation of the initial Term. Tenant shall Market Rent, it must so notify Landlord in writing within ten (10) days of its election Tenant’s receipt thereof and specify Tenant’s estimation of the Market Rent. If the parties are unable to extend this Lease agree on the Market Rent for the Renewal Term not less than six within twenty (620) months prior days following Landlord’s receipt of Tenant’s estimation of Market Rent, Tenant may elect in writing to (x) promptly enter into binding arbitration in accordance with the expiration provisions of Section 3 of this Exhibit F or (y) revoke its election to exercise the Renewal Option, in which case Tenant shall have no further rights under this Section 2 (and Tenant’s exercise of the initial Term, time being of the essence with respect to such notification. Notice thereof Renewal Option shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or in effect, ) and this Lease shall expire as Landlord may lease the Premises to a third party free of the then-scheduled expiration dateprovisions of this Section 2. The In the event that Tenant does not revoke its exercise of the Renewal Term Option and shall fail for any reason to execute and deliver the lease amendment within twenty (20) days of the determination of Market Rent (whether by agreement of the parties or by arbitration as provided below), or if Tenant shall be upon all of in Default under the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest Lease at the commencement date of the Renewal Term, then in either such event, at Landlord’s option, Tenant’s purported exercise of its Renewal Option shall be of no force or effect and the denominator of which Renewal Option shall become null and void. The Renewal Option is personal to the Index as of Tenant first named in this Lease and shall not inure to the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount benefit of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease assignee or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodsubtenant.

Appears in 1 contract

Samples: Office Lease Agreement (Bridgeline Software, Inc.)

Renewal Option. Landlord hereby grants to TenantProvided an Event of Default has not occurred and is not then continuing, and Tenant shall have, have the right and option to extend the Term of renew this Lease (the "Renewal Option") for one (1) period of five sixty (560) years month lease term (the "Renewal Term”). The ") by providing Landlord written notice thereof, (a "Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term Option Exercise Notice") not less than six one hundred eighty (6180) months days prior to the expiration of the initial Term, time being of Lease Term (the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided"Renewal Option Exercise Date"). If Landlord does not receive such written notice as and when required hereina Renewal Option Exercise Notice by the Renewal Option Exercise Date, the Renewal Term Option shall terminate expire and be null and void thereafter. If a Renewal Option Exercise Notice is received by Landlord by the Renewal Option Exercise Date, then Landlord shall within thirty (30) days reasonably and in good faith determine what it believes to be the current market rental rate (the "CMRR") for a renewal lease including comparable lease terms (such as, without limitation, duration of lease, tenant improvement allowances, inducements and credits) in comparable first class office buildings in Lake Forest, Illinois, and deliver written notice thereof (the "CMRR Notice") to Tenant within said 30 day period. Within thirty (30) days of Tenant's receipt of the CMRR Notice, Tenant shall, in a writing delivered to Landlord, either (i) elect to exercise the Renewal Option, which election shall be irrevocable by Tenant and binding upon Tenant and Landlord, or (ii) elect not to exercise the Renewal Option, in which event Tenant's right to exercise the Renewal Option shall be deemed to be null and void and of no further force or effect. If Tenant elects to exercise the Renewal Option within the time period set forth herein, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Base Rent shall be increased by adding adjusted for the CPI Adjustment Amount (defined below) first annual period of the Renewal Term to an amount which is equal to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable CMRR, and for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date each succeeding annual period of the Renewal Term, and the denominator of which is the Index as Base Rent shall be adjusted to one hundred three percent (103%) of the first day of the third Lease Yearimmediately preceding annual Base Rent amount. IfIf Tenant neither elects to exercise its Renewal Option nor elects not to exercise its Renewal Option, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index inaction shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its deemed an election to extend this Lease or upon the commencement date of not exercise the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodOption.

Appears in 1 contract

Samples: Office Lease (Eloyalty Corp)

Renewal Option. Landlord Lessor hereby grants to Tenant, and Tenant shall have, Lessee the right and option to renew and extend the Term term of this Lease for one thirty-six (136) period of five (5) years months (the "Renewal Term”Period"). In the event Lessee elects to exercise the option described herein, all terms and conditions of this Lease shall continue in full force and effect, except that (i) terms, covenants and condition that are expressly or by their nature inapplicable to the Renewal Period, including, without limitation, this Renewal Option shall not apply, and (ii) the monthly rent shall be adjusted in the following manner: The monthly rent to be paid during the Renewal Term Period shall commence be at the then current prevailing market rate. This market rental shall be based upon the day next following then prevailing rental rates for properties of equivalent quality, size, utility, and location, with the last day length of the initial Termlease term, lease structure (gross, net, etc.), amount of leasehold improvements to be provided and credit standing of the lessee to be taken into account. Tenant shall notify Landlord Notice of Lessee's intention to exercise the option must be given to Lessor in writing of its election to extend this Lease for the Renewal Term not less than four (4) months nor more than six (6) months prior to the expiration of the initial Termprimary or immediately preceding term of this Lease, and Lessee must not be in default under, nor shall there be any event or condition which with the passage of time being could constitute a default under this Lease at either the time that this option must be exercised or the commencement of the essence with respect Renewal Period; otherwise, this Renewal Option shall be null and void and of no further force or effect. Lessee's failure to such notification. Notice thereof give notice of exercise of the Renewal Option shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive a waiver of such written notice as option and when required herein, the Renewal Term shall terminate and such option will then be of no further force or effect, effects. Lessee shall promptly execute and this Lease shall expire as deliver an amendment of the then-scheduled expiration date. The Renewal Term shall be upon all of Lease in form and substance satisfactory to Lessor to evidence the terms, covenants and conditions exercise of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, Option and the denominator effect thereof. In the event the Premises are sublet or assigned, this renewal option will be null and void and of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodfurther effect.

Appears in 1 contract

Samples: Lease Agreement (Industrial Data Systems Corp)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have the right and option to extend the Term term of this Lease for one (1up to ( ) period renewal terms of five (5( ) years each (the each a “Renewal Term”), provided that (a) Tenant is not in uncured default under this Lease beyond any applicable notice and cure period, if any; and (b) Tenant has not been late on more than occasions within any month period, during the term of this Lease in the required payment of Base Rent or Additional Rent. The A rental payment shall be considered "late" if it is received by Landlord after the tenth (10th) calendar day of the month. Base Rent for the first Lease Year of any Renewal Term shall commence upon be the day next following greater of (1) the last day Base Rent for the immediately preceding Lease Year increased by percent ( %), or (2) the then fair market rent as determined by Landlord. Base Rent for each Lease Year of any Renewal Term after the initial Termfirst Lease Year of such term shall be the Base Rent for the immediately preceding Lease Year increased by % per annum. Tenant shall notify exercise Tenant’s option to renew the then current term (Initial Term or Renewal Term, as the case may be) by giving written notice to Landlord in writing of its election to extend this Lease for the Renewal Term not less than six at least one hundred eighty (6180) months days prior to the expiration end of the initial Termthen current term, time being of the essence with respect to such notification. Notice thereof essence, or Tenant shall be deemed sufficient if given in to have waived Tenant’s right to renew the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration dateLease. The Renewal Initial Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the together with any Renewal Term, and is herein collectively referred to as the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.

Appears in 1 contract

Samples: Office Lease

Renewal Option. Landlord hereby grants Provided that Tenant is not in default of any of the terms, covenants and conditions hereof after notice and opportunity to Tenantcure as required in the Lease, and this Lease has not been assigned or the premises (or a part thereof) sublet, Tenant shall have, have the right and option to extend the Term term of this Lease for one further term of sixty (160) period of five (5) years (the “Renewal Term”)months. The Renewal Term shall commence upon the day next following the last day Such extension of the initial Termterm shall be on the same terms, covenants, and conditions as provided for in the previous term except for this paragraph and except that the rental during the extended term shall be at the fair market rental then in effect on equivalent properties, of equivalent size, in equivalent areas. Tenant shall notify deliver written notice to Landlord in writing of its election Tenant’s intent to extend this Lease for exercise the Renewal Term renewal option granted herein not more than twelve (12) months nor less than six (6) months prior to the expiration of the initial Term, time being original term of this Lease. In the essence with respect event Tenant fails to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive deliver such written notice as and when required hereinwithin the time period set forth above, Tenant’s right to extend the Renewal Term term hereof shall terminate expire and be of no further force or and effect. If Landlord and Tenant are unable to agree upon a new Base Rent within sixty (60) days after the exercise of any of Tenant’s options, and this Lease shall expire as of then the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Base Rent shall be increased the fair market rent of the premises, taking into account the uses surrounding the premises, determined by adding a board of arbitrators comprised of three arbitrators in accordance with the CPI Adjustment Amount (defined below) rules of the American Arbitration Association. The arbitrators shall all be appraisers who are members in good standing of the American Institute of Real Estate Appraisers or an organization succeeding thereto. Tenant and Landlord each shall select one arbitrator and the two arbitrators shall elect a third arbitrator. The decision of the arbitrators as to the then-current Fixed RentBase Rent for any such extension shall be the Base Rent charged throughout such extension. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year cost of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index arbitration proceedings shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies divided equally between Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodand Tenant.

Appears in 1 contract

Samples: Lease Agreement (Interphase Corp)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have the right and option to extend the Term initial term of this the Lease for one (1) period additional term of five (5) years (the "Renewal Term”). The Renewal Term shall ") to commence upon the day next immediately following the last day expiration of the initial Termterm. Tenant shall notify Landlord in writing of its election to extend this Lease may exercise the right for the Renewal Term not only by delivering to Landlord written notice of Tenant's exercise of such right no less than six one (61) months year prior to the expiration of the initial term. The terms and conditions of this Lease shall continue in full force and effect for the Renewal Term, time being of except that the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, monthly rental for the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as determined pursuant to the following formula: Monthly Rental = $19,499.67 X CPI in effect on the for the Renewal expiration date of the then-scheduled expiration date. The Term initial term Divided by __________________________ CPI on October 1, 1997 Notwithstanding the result of the above calculation, the monthly rental for the Renewal Term shall not be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rentless than $20,718.40 per month. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratioCPI, the numerator of which is as referred to herein, means the Consumer Price Index for All all Urban ConsumersConsumers 1984=100 relating to the Pittsburgh Metropolitan area, Cleveland-Akron, All Items (1982-1984=100) published as issued by the Bureau of Labor Statistics of the United States Department of Labor, or any successor to the function thereof. In the event of the conversion of the CPI to a different standard reference base or any other revision thereof, the determination hereunder shall be made with the use of such Bureau of Labor Statistics or successor to the functions thereof or in the absence of the publication of such conversion factor, such formula or table as the parties shall mutually designate. The foregoing option and right to extend the term of this Lease for the Renewal Term as herein provided is subject to (i) Tenant's timely exercise of this option as herein provided, (ii) WESCO Distribution, Inc., or its subsidiary or affiliate themselves being in full possession of the “Index”Leased Premises one (1) on year prior to the expiration date nearest of the Extended Term and at the commencement date of the Renewal Term and (iii) Tenant not being in material default at the time of the exercise of such option or at the commencement of the Renewal Term. If Tenant does not satisfy conditions (ii) and (iii) above, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew Landlord at its option may terminate this Lease if, either at effective on the time Tenant notifies Landlord of its election to extend this Lease or upon day preceding the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.

Appears in 1 contract

Samples: Agreement of Lease (CDW Holding Corp)

Renewal Option. Landlord hereby grants to Tenant37.01 Provided that Tenant is not in default hereunder beyond any applicable notice and/or cure periods, and subject to any rights Conde may have with respect to the Premises, on (i) the date Tenant delivers to Landlord the Election Notice and (ii) the expiration date of the Term (it being understood that Landlord may waive any of such conditions in its sole discretion), Tenant shall have, have the right and option to extend renew the Term of this Lease (the "Renewal Option") with respect to the entire Premises for one (1) period of additional five (5) years year term (the "Renewal Term”). The Renewal Term shall commence upon ") commencing on the day next following after the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for Term and ending on the Renewal Term not less than six (6) months prior to the expiration last day of the initial Term, time being month immediately preceding the month in which occurs the fifth (5th) anniversary of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, which shall thereupon become the Expiration Date of this Lease. The Renewal Option may be exercised by notice (the "Election Notice") to Landlord delivered no earlier than twenty-four (24) months and no later than the denominator of which date that is twelve (12) months prior to the Index as of the first final day of the third Lease YearTerm. If, during The annual Fixed Rent for the Lease Renewal Term the Bureau of Labor Statistics ceases shall be equal to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose one hundred percent (100%) of the Index shall be used in determining annual fair market rental value of the amount Premises determined pursuant to the provisions of any such adjustmentSections 37.03 and 37.04 hereof. Notwithstanding anything herein to the foregoingcontrary, if Tenant (or an Affiliate, Subsidiary or Parent Company thereof) executes and delivers a lease with respect to an alternative location intending to relocate all or substantially all of Tenant's employees from the Building at any time before the date that is twenty four (24) months prior to the Expiration Date, Tenant's right to exercise the Renewal Option and this Article 37 shall immediately be null and void and of no further force or effect. Tenant agrees upon request of Landlord to promptly confirm the foregoing in writing, but failure to do so by Tenant shall have no right not operate to renew revive any rights of Tenant under this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodArticle 37.

Appears in 1 contract

Samples: Progenics Pharmaceuticals Inc

Renewal Option. Landlord hereby grants Subject to the terms and provisions of this Section 27, Tenant, and Tenant shall haveat its option, the right and option to may extend the Term of this Lease for one (1) period of five sixty (560) years (months at the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day end of the initial Term (the "Renewal Term"). To exercise such option, Tenant shall notify must deliver notice of the exercise thereof (the "Renewal Notice") to Landlord in writing of its election to extend this Lease for the Renewal Term not less no earlier than six eighteen (618) months months, and no later than twelve (12) months, prior to the expiration of the initial Term. During the Renewal Term, time being all of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as terms and when required hereinprovisions of this Lease will apply, except that (a) after the Renewal Term shall terminate and there will be of no further force right of renewal; (b) the Base Year will be changed to the calendar year during which the applicable Renewal Term will commence; and (c) the Base Rent during the Renewal Term will be payable at a rate per square foot of rentable area of the Premises per year equal to ninety-five percent (95%) of the prevailing market rate then offered for comparable non-sublease, non-equity space in comparable buildings in the Costa Mesa area and for a comparable term taking into consideration any tenant improvement allowances, commissions and other concessions Landlord is then offering (or effectthe lack thereof) contained in such comparable transaction (the "Renewal Rental Rate"). During the thirty (30) days after Tenant delivers its Renewal Notice, the parties shall negotiate in good faith the Renewal Rental Rate at which Base Rent will be payable during the Renewal Term ("Negotiation Period") and if the parties cannot agree on a Renewal Rental Rate during the Negotiation Period, then the Renewal Rental Rate shall be determined pursuant to Section 27.2 below; provided that in no event shall the Renewal Rental Rate be less than the Rent in effect under this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) immediately prior to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.

Appears in 1 contract

Samples: Lease Agreement (Tickets Com Inc)

Renewal Option. Landlord hereby grants to Tenant, If Tenant is not then in default of its obligations under this Lease and Tenant shall haveis occupying the entire Premises at the time of such election, the right and option to extend the Term of Tenant may renew this Lease for one two (12) period additional periods of five (5) years each, by delivering written notice of the exercise thereof to Landlord not later than one hundred twenty (120) days before the expiration of the term. The monthly rent installment payable for each month during such extended term shall be the lesser of (i) the prevailing rental rate (the “Renewal TermPrevailing Rental Rate”), at the commencement of such extended term, for renewals of space in the Building, of equivalent quality, size, utility and location, with the length of the extended term and the credit standing of Tenant to be taken into account, or (ii) (A) for the first renewal period, $15.46 per square foot; or (b) for the second renewal period, the price per square foot in effect during the final year of the first renewal period plus 2% (in each case, the “Carryover Rental Rate”). The Renewal Term Within thirty (30) days after receipt of Tenant’s notice to renew, Landlord shall commence upon the day next following the last day deliver to Tenant written notice of the initial TermPrevailing Rental Rate and shall advise Tenant of the required adjustment to the monthly rent installment, if any, and the other terms and conditions offered. Tenant shall shall, within ten (10) days after receipt of Landlord’s notice, notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration whether Tenant accepts or rejects Landlord’s determination of the initial Term, time being Prevailing Rental Rate. If Tenant timely notifies Landlord that Tenant accepts Landlord’s determination of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinPrevailing Rental Rate, the Renewal Term shall terminate and be of no further force then, on or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest before the commencement date of the Renewal Termextended term, Landlord and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right execute an amendment to renew this Lease ifextending the Term on the same terms provided in this Lease, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.except as follows:

Appears in 1 contract

Samples: Lease Agreement (Inuvo, Inc.)

Renewal Option. Landlord hereby grants to Tenant, (A) So long as this Lease is in full force and effect and Tenant shall havenot be in default hereunder at the time of the exercise of the Renewal Option (defined below and at the time of commencement of the Renewal Term (defined below), and further provided that the right and original named Tenant or Tenant’s permitted assignee is in occupancy of not less than one hundred percent (100%) of the Premises prior to the date Tenant exercises the applicable Renewal Option, Tenant shall have the option (“Renewal Option”) to extend the Term term of this Lease for one (1) additional period of five (5) years (the “Renewal Term”). The , commencing, on the day immediately following the expiration date of the initial Term of this Lease, upon all of the same terms, covenants and conditions of this Lease (including, without limitation, continued payment of additional rent in accordance with Paragraphs 4.B. through 4.I. of this Lease), except that: (i) Tenant shall have no further option to extend the term of this Lease beyond the expiration of the Renewal Term, and (ii) the Base Rent to be paid during each Renewal Term shall commence upon be as set forth in subparagraph B below, and (iii) Tenant shall accept the day next following Premises “as-is” and Landlord shall not be required to perform any work to the last day of the initial TermPremises or provide any contribution or allowance or any other concessions therefor or with respect thereto. Tenant shall notify Landlord in writing of its election to extend this Lease for may only exercise the Renewal Term Option by giving Landlord written notice, which notice is received by Landlord not less than six twelve (612) months nor more than fifteen (15) months prior to the expiration of the initial Term, time being of the essence with respect TIME BEING OF THE ESSENCE as to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter providedTenant’s obligation to deliver said notice within said specified period. If Landlord does not receive such written notice Tenant effectively exercises the Renewal Option as and when required hereinherein provided, the Renewal Term shall terminate and be term of no further force or effect, and this Lease shall expire as of be automatically extended for the then-scheduled expiration date. The applicable Renewal Term shall be upon all without necessity for execution of an extension or renewal Lease; and, in such event, the terms, covenants and conditions phrases “the term of this Lease, except that the Fixed Rent term hereof” or “the Term” as used in this Lease, shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of include the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.

Appears in 1 contract

Samples: Lease Agreement (BioXcel Therapeutics, Inc.)

Renewal Option. Landlord hereby grants to Tenant, Provided that no event of default or sublease has ever occurred under any term or provision contained in this Lease and Tenant is not in default beyond any applicable grace and cure period pursuant to this Lease, Tenant (but not any assignee or sublessee) shall have, have the right and option to extend the Term of this Lease for one (1) period of five (5) years (the “Renewal TermOption). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify ) to renew this Lease, by written notice delivered to Landlord in writing of its election to extend this Lease for the Renewal Term not less no later than six nine (69) months prior to the expiration of the initial Lease Term, time being for an additional term (the “Renewal Term”) of sixty (60) months under the same terms, conditions and covenants contained in the Lease, except that (a) no abatements or other concessions, if any, applicable to the initial Lease Term shall apply to the Renewal Term; (b) the Base Rental shall be equal to the market rate for comparable office space located in the Building as of the essence with respect end of the initial Lease Term as reasonably determined by Landlord, (c) Tenant shall have no option to renew this Lease beyond the expiration of the Renewal Term; and (d) all leasehold improvements within the Premises shall be provided in their then existing condition (on an “As Is” basis) at the time the Renewal Term commences. Failure by Tenant to notify Landlord in writing of Tenant’s election to exercise the Renewal Option herein granted within the time limits set forth for such notificationexercise shall constitute a waiver of such Renewal Option. Notice thereof In the event Tenant elects to exercise the Renewal Option as set forth above, Landlord shall, within thirty (30) days thereafter, notify Tenant in writing of the proposed rental for the Renewal Term (the “Proposed Renewal Rental”). Tenant shall within thirty (30) days following delivery of the Proposed Renewal Rental by Landlord notify Landlord in writing of the acceptance or rejection of the Proposed Renewal Rental. If Tenant accepts Landlord’s proposal, then the Proposed Renewal Rental shall be the rental rate in effect during the Renewal Term. Failure of Tenant to respond in writing during the aforementioned thirty (30) day period shall be deemed sufficient if given in an acceptance by Tenant of the manner hereinafter providedProposed Renewal Rental. If Should Tenant reject Landlord’s Proposed Renewal Rental during such thirty (30) day period, then Landlord does not receive such written notice as and when required herein, Tenant shall negotiate during the thirty (30) day period commencing upon Tenant’s rejection of Landlord’s Proposed Renewal Rental to determine the rental for the Renewal Term. In the event Landlord and Tenant are unable to agree to a rental for the Renewal Term during said thirty (30) day period, then the Renewal Option shall terminate and be of no further force or effectnull and void and the Lease shall, pursuant to its terms and this Lease shall expire as provisions, terminate at the end of the then-scheduled expiration dateoriginal Lease Term. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date Upon exercise of the Renewal TermOption by Tenant and subject to the conditions set forth hereinabove, and the denominator Lease shall be extended for the period of which is such Renewal Term without the Index as necessity of the first day execution of any further instrument or document, although if requested by either party, Landlord and Tenant shall enter into a written agreement modifying and supplementing the Lease in accordance with the provisions hereof. Any termination of the third Lease Year. If, during the initial Lease Term shall terminate all renewal rights hereunder. The renewal rights of Tenant hereunder shall not be severable from the Bureau of Labor Statistics ceases to maintain the IndexLease, then nor may such other index rights be assigned or standard as will most nearly accomplish the aim or purpose otherwise conveyed in connection with any permitted assignment of the Index shall be used in determining the amount of Lease. Landlord’s consent to any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date assignment of the Renewal Term, Tenant is in default hereunder beyond Lease shall not be construed as allowing an assignment of such rights to any applicable grace or cure periodassignee.

Appears in 1 contract

Samples: Office Lease Agreement (Quest Resource Corp)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, at its option (each such option being referred to herein as a "Renewal Option"), the right to renew and option to extend the Term of this Lease for one (1) period two consecutive terms of five (5) years each (the “each such renewal term being referred to herein as a "Renewal Term"). The first Renewal Term shall commence immediately upon the day next following the last day expiration of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for Term and the second Renewal Term not less shall commence immediately upon the expiration of the first Renewal Term by Tenant's giving written notice thereof to Landlord no earlier than six twelve (612) months months, and no later than nine (9) months, prior to the expiration of the then existing initial Term or Renewal Term, as the case may be. Once Tenant shall exercise any Renewal Option, Tenant may not thereafter revoke such exercise, except as expressly set forth below. Tenant shall not have the right to exercise any Renewal Option at a time being that an Event of Default (or an event which with notice and/or lapse of time could become an Event of Default) under this Lease has occurred. Tenant's failure to exercise timely a Renewal Option for any reason whatsoever shall conclusively be deemed a waiver of such Renewal Option and any future Renewal Option. At Landlord's option, Landlord may adjust the Annual Rent for any Renewal Term to an annual rate equal to the Fair Market Value Rate (as hereinafter defined) as of the essence with respect commencement of such Renewal Term. As used in this Lease, "Fair Market Value Rate" shall mean the fair market value rental rate per square foot of rentable area per year in effect at the commencement of the applicable Renewal Term for comparable tenants taking comparable space in comparable conditions under comparable terms in comparable buildings in the same rental market (hereinafter called "Comparable Buildings"); provided, however, that in no event shall the Annual Rent for the first Renewal Tenn be less than the Annual Rent for the last twelve (12) months of the initial Term and in no event shall the Annual Rent for the second Renewal Term be less than the Annual Rent for the last twelve (12) months of the immediately preceding Renewal Term. It is also agreed and understood that the Fair Market Value Rate shall include: (a) rent; and (b) rental operating expenses, property tax, and utility and expense adjustments that are being included as part of the terms and conditions of industrial tenant leases for comparable tenants in Comparable Buildings as of the time of determination of the Fair Market Value Rate. Landlord shall advise Tenant within fifteen (15) days after Tenant exercises any Renewal Option of the Fair Market Value Rate which shall be in effect as of the commencement date of the respective Renewal Term. Tenant shall then have fifteen (15) days to notify Landlord of its acceptance or rejection of the Fair Market Value Rate for such notificationRenewal Term. Notice thereof In the event Tenant fails to so notify Landlord within such fifteen (15) day period, Tenant shall be deemed sufficient if given to have accepted the Fair Market Value Rate proposed by Landlord. Notwithstanding the prohibition on Tenant's right to revoke its exercise of the Renewal Option, in the manner hereinafter provided. If event Tenant and Landlord does not receive are unable to agree on the Fair Market Value Rate for any Renewal Term within sixty (60) days after Tenant exercises its Renewal Option for such written notice as and when required hereinRenewal Term, Tenant shall be deemed to have revoked the Renewal Term Option and such Renewal Option, together with any future Renewal Option, shall terminate be deemed null and be void and of no further force or effect. Tenant shall take the Premises "as is" for any Renewal Term and Landlord shall have no obligation to make any improvements or alterations to the Premises. Except as set forth in this Article, and this Lease shall expire as the leasing of the then-scheduled expiration date. The Premises for any Renewal Term shall be upon the same terms and conditions as the leasing of the Premises for the initial Term and shall be upon and subject to all of the terms, covenants and conditions provisions of this Lease, except that the Fixed Rent . Any Renewal Option granted to Tenant under this Article shall be increased personal to Tenant and shall not be transferred, encumbered, or assigned by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year Tenant or in any manner transferred to, or exercised by, any subtenant of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodTenant.

Appears in 1 contract

Samples: Lease (Lmi Aerospace Inc)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have the right and option to extend the Term term of this Lease for one the respective Extension Term (1hereafter defined) period upon and subject to the following terms and conditions: so long as there has not occurred an Event of Default, Tenant may extend this Lease for two (2) extension terms (each, an "Extension Term") of five (5) years each by Tenant giving written notice thereof (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election an "Extension Notice") to extend this Lease for the Renewal Term not less Landlord, by no later than six nine (69) months prior to the expiration of the initial Term, time being or Extension Term, as the case may be. Within thirty (30) days after the Extension Notice, Landlord shall advise Tenant in writing of Landlord's determination of the essence with respect Fair Market Value Rate (such notice being referred to herein as a "Fair Market Value Notice"). Upon receipt of a Fair Market Value Notice from Landlord, Landlord and Tenant shall endeavor to agree upon the Fair Market Value Rate within thirty (30) days (the "Rate Determination Period") after Tenant's receipt of such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter providedFair Market Value Notice. If Landlord does not receive such written notice as and when required herein, Tenant fail to agree upon the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as Fair Market Value Rate by the expiration of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoingRate Determination Period, Tenant shall have the option to (i) rescind Tenant's Extension Notice, in which event the Lease shall not be extended beyond the current Initial Term or Extended Term, as the case may be, and Tenant shall have no right further renewal rights hereunder, or (ii) accept the Fair Market Value Rate provided by Landlord in the Fair Market Value Notice. Tenant's election must be made within thirty (30) days following expiration of the Rate Determination Period (the "Election Deadline"). In the event Tenant fails to make such election in writing prior to Election Deadline, Tenant shall be deemed to have elected to renew this the Lease if, either at the time Tenant notifies Landlord of its election pursuant to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period(ii) above.

Appears in 1 contract

Samples: Suit Lease Agreement (Englobal Corp)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have the right and option to extend the Term of renew this Lease as to the Expansion Space for one (1) period Renewal Term commencing December 1, 2005, and expiring March 31, 2010, which is the expiration date of five (5) years (the “Renewal Term”)Lease Term for the original Premises. The Such Renewal Term shall commence upon be subject to the day next following the last day provisions of the initial TermLease and at the then current market rental rate for renewal leases in Class A office buildings in the Westshore Business District of Tampa, Florida, as such rental rate is reasonably determined by agreement of Landlord and Tenant or determined by the three-appraiser method described below if Landlord and Tenant cannot agree. Tenant shall notify exercise such Renewal Option by written notice to Landlord in writing of its election to extend this Lease for the Renewal Term not less given no later than six (6) months prior to the expiration of the initial TermDecember 1, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided2004. If Landlord does not receive and Tenant, acting in good faith, have not, within thirty (30) days after such written notice as exercise, executed a renewal amendment to the Lease which amendment states, inter alia, the rental rate applicable to the Expansion Space during the Renewal Term, then Landlord and when required hereinTenant shall each select a MAT appraiser who, in turn, shall select a third MAT appraiser. The three (3) appraisers shall determine by majority action the market rental rate for renewal leases in Class A office buildings in the Westshore Business District of Tampa, Florida. The determination of the three appraisers shall be binding on Landlord and Tenant and shall establish the rental rate for the Expansion Space during such Renewal Term. The above notwithstanding, the rental rate for the Expansion Space during the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as less than the average rental rate for the Expansion Space for the two (2) years of the then-scheduled expiration dateExpansion Space Term immediately preceding the Renewal Term. The Renewal Term Landlord and Tenant shall each bear the cost of the appraiser they selected and shall share equally the cost of the third appraiser. Tenant may exercise its option to renew and Tenant’s exercise of that option shall be upon all effective only if, at the time of the terms, covenants Tenant’s exercise and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of any Renewal Term, the Lease is in full force and effect and Tenant is not in default under the Lease beyond any applicable cure period; provided that Tenant must, in any event, cure any then existing default within its applicable cure period or such exercise shall, at Landlord’s option, be deemed ineffective and null and void in its entirety. Upon exercise of the Renewal Option and determination of the rental rate, the Lease as to the Expansion Space shall be extended for the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.

Appears in 1 contract

Samples: Lease (Outback Steakhouse Inc)

Renewal Option. Landlord hereby grants Subject to TenantSection 10 below, if no uncured Event of Default exists at the time of exercise or at the commencement of the extended term, and Tenant shall haveis occupying at least seventy-five percent (75%) of the entire Reduced Premises at the time of such election, Tenant may renew the right and option to extend the Term of this Lease Lease, as hereby amended, for one (1) additional period of five three (53) years years, by delivering written notice of the exercise thereof to Landlord not earlier than twelve (12) months nor later than nine (9) months before the expiration of the Extension Term. The Base Rent payable for each month during such extended term shall be the prevailing fair market rental rate (the “Renewal Term”"Prevailing Market Rental Rate"). The Renewal Term shall commence upon , at the day next following commencement of such extended term, for renewals of space in the last day Building or complex, if applicable, of equivalent quality, size, utility and location, with the length of the initial Termextended term and the credit standing of Tenant to be taken into account. Within thirty (30) days after receipt of Tenant's notice to renew, Landlord shall deliver to Tenant written notice of the Prevailing Market Rental Rate and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Tenant shall shall, within ten (10) days after receipt of Landlord's notice, notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration whether Tenant accepts or rejects Landlord's determination of the initial Term, time being Prevailing Market Rental Rate. If Tenant timely notifies Landlord that Tenant accepts Landlord's determination of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinPrevailing Market Rental Rate, the Renewal Term shall terminate and be of no further force then, on or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest before the commencement date of the Renewal extended Term, Landlord and Tenant shall execute an amendment to this Lease extending the denominator of which is Extension Term on the Index as of the first day of the third Lease Year. If, during same terms provided in the Lease Term the Bureau of Labor Statistics ceases to maintain the Indexas amended by this Amendment, then such other index or standard except as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.follows:

Appears in 1 contract

Samples: Office Lease Agreement (Allos Therapeutics Inc)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have the right and option to extend the Term of this Lease for the Premises for one (1) additional period of five (5) years (the "Renewal Option"), under and subject to the following terms and conditions: (a) The renewal term (the "Renewal Term”). The Renewal Term ") shall commence upon be for a five (5)-year period commencing on the day next immediately following the last day Expiration Date of the initial TermTerm and expiring at midnight on the day immediately preceding the fifth (5th) anniversary thereof. (b) Tenant shall notify Landlord in writing of its election to extend this Lease for must exercise the Renewal Term not less than six Option, if at all, by written notice to Landlord delivered at least nine (69) months prior to the expiration of the initial TermExpiration Date, time being of the essence with respect essence. (c) At the time Tenant delivers its notice of election to such notification. Notice thereof exercise the Renewal Option to Landlord, there is no Event of Default, this Lease shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as full force and when required herein, the Renewal Term shall terminate and be of no further force or effect, and Tenant shall not have assigned this Lease shall expire as of or sublet the then-scheduled expiration datePremises, excluding any assignment or sublease permitted under Section 18(b) hereof. (d) The Renewal Term shall be upon all of on the terms, covenants same terms and conditions of contained in this Lease, except that (i) the Fixed Minimum Annual Rent shall be increased by adding the CPI Adjustment Amount Fair Market Rental Rate for the Premises, and (defined belowii) Tenant shall not be entitled to any allowances or other concessions with respect to the then-current Fixed RentRenewal Term. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable (e) Except for the last year specific Renewal Term set forth above, there shall be no further privilege of renewal. (f) Within thirty (30) days following Landlord's receipt of Tenant's notice of its exercise of the initial Term by a ratioRenewal Option, the numerator Landlord shall advise Tenant of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics Landlord's determination of the United States Department of Labor (the “Index”) on the date nearest the commencement date of Fair Market Rental Rate for the Renewal Term, and which shall include a reasonably detailed basis for such determination. In the denominator of which is the Index as event Tenant disagrees with Landlord's determination of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoingFair Market Rental Rate, Tenant shall have no right provide to renew this Lease if, either at Landlord its determination of the time Fair Market Rental Rate for the Renewal Term within fifteen (15) days after receipt of Landlord's determination. If Tenant notifies and Landlord of its election cannot mutually agree to extend this Lease or upon the commencement date of Fair Market Rental Rate for the Renewal Term, Tenant shall, but only within ten (10) days after delivery of Tenant's determination of the Fair Market Rental Rate, either (I) rescind by written notice to Landlord its exercise of the Renewal Option or (II) require by written notice to Landlord that the determination of the Fair Market Rental Rate be made by a panel of three (3) independent real estate appraisers or real estate brokers with at least ten (10) years experience in commercial leasing in the Mt. Laurel, New Jersey area ("Qualified Appraiser"), one Qualified Appraiser to be selected by Tenant, the second Qualified Appraiser to be selected by Landlord, and the third Qualified Appraiser to be selected by joint agreement of the two appointed appraisers (the "Panel of Appraisers"). The determination of the Panel of Appraisers shall be final and binding upon the parties. Within fifteen (15) days following Tenant's written notice that it will require that the determination of the Fair Market Rental Rate be made by Qualified Appraisers, each of Landlord and Tenant shall, by written notice to the other, designate its respective Qualified Appraiser. Within ten (10) days following the appointment of the second of such Qualified Appraisers, the two Qualified Appraisers so designated shall select a third Qualified Appraiser In the event that the two Qualified Appraisers are unable to agree upon the third Qualified Appraiser within such ten (10) day period, then Landlord and Tenant shall attempt to agree upon the third Qualified Appraiser within five (5) days thereafter, and if they fail to do so the third Qualified Appraiser shall be a Qualified Appraiser appointed under the commercial arbitration rules of the American Arbitration Association relating to appointment of arbitrators. The Panel of Appraisers so chosen shall render their decision as to the Fair Market Rental Rate, which must be either Landlord's determination or Tenant's determination and no sum in between, within ten (10) days following the appointment of the third Qualified Appraiser. In rendering their decision, the Panel of Appraisers shall be required to determine the Fair Market Rental Rate as such term is in default hereunder beyond herein defined. The party whose determination is not selected by the Panel of Appraisers as the Fair Market Rental Rate shall bear the costs of all of the Panel of Appraisers and for any applicable grace or cure periodgeneral arbitration costs. 31.

Appears in 1 contract

Samples: Lease Agreement (Intest Corp)

Renewal Option. Landlord Tenant is hereby grants granted two (2) options to Tenantrenew this Lease upon the following terms and conditions: At the time of the exercise of each option to renew and at the time of the said renewal, the Tenant shall not be in default in. accordance with the terms and provisions of this Lease, and Tenant shall have, be in possession of the right and Premises pursuant to this Lease. Notice of the exercise of the option shall be sent to extend the Term Landlord in writing at least nine (9) .months but not more than twelve (12) months before the expiration of the current term of this Lease Lease. Each renewal term shall be for one (1) a period of five (5) years (the “Renewal Term”). The Renewal Term shall years, to commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to at the expiration of the initial TermTerm of this Lease, time being of or the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice first renewal term, as and when required herein, the Renewal Term shall terminate and be of no further force or effectapplicable, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants terms and conditions of this Lease, except that other than the Fixed Rent Basic Rent, shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rentapply during any such renewal term. The “CPI Adjustment Amount” is calculated by multiplying annual Fixed Basic Rent to be paid during each renewal term shall not be less than that paid for the Fixed Rent payable for Premises during the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics original term of the United States Department of Labor (Lease, or the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as last year of the first day renewal term, as applicable. However, if the fair rental value per square foot at the commencement of the third Lease Yearrenewal term shall exceed the rent as established in the preceding sentence, the Tenant shall pay such fair rental value. IfIn determining the fair rental value, during the Lease Term Landlord shall notify Tenant of the Bureau of Labor Statistics ceases to maintain the Indexfair rental value as established by Landlord. Should Tenant dispute Landlord’s determination, then the Tenant shall be free to, at the Tenant’s sole cost and expense, employ the services of an appraiser familiar with office buildings located within the North Wales, Pennsylvania area comparable to the Building, who shall be a member of MAI and who shall render an appraisal. If the Landlord and the Tenant’s appraiser cannot agree on the fair rental value, or in such other index or standard as will most nearly accomplish case, on an independent appraiser acceptable to both, either party may request the aim or purpose American Arbitration Association to appoint such independent appraiser who shall be a member of MAI familiar with office buildings in the area of the Index Building who shall render an appraisal, and in such event the judgment of a majority of the three appraisers shall be used final and binding upon the parties. The parties shall share equally in determining the amount cost of any such adjustmentindependent appraiser. Notwithstanding Pending resolution of the foregoingissue of fair rental value, the Tenant shall have no right to renew this Lease if, either at pay the time Tenant notifies Landlord as of its election to extend this Lease or upon the commencement date of the Renewal Termrenewal term, Tenant is in default hereunder beyond any applicable grace or cure period.the Fixed Basic Rent as established by Landlord, subject to retroactive adjustment upon final determination of this issue. Any payments which are required as a result of a retroactive adjustment shall be made by the party required to make a payment within fifteen (15) days of such determination. EXHIBIT A (BUILDING) EXHIBIT B RULES AND REGULATIONS

Appears in 1 contract

Samples: Office Lease (Icon PLC /Adr/)

Renewal Option. Landlord hereby grants Provided Tenant is not in default under this Lease at the time of Tenant’s exercise of the Option to TenantRenew (as defined below) or any time thereafter up to the commencement of the Option Term (as defined below) beyond any applicable notice and cure periods and subject to the terms and conditions of this Section 2.10, and Tenant shall have, the right and option to extend the Term of this Lease for have one (1) period of five (5) years option to renew (the “Renewal Option to Renew”) the Lease Term with respect to the entire Premises for a period of thirty six (36) months (the “Option Term”). The Renewal Term Except as set forth in this Section 2.10, all terms and conditions of this Lease shall commence upon remain the day next following same during the last day Option Term. Rent during the Option Term, if any, shall be the then Fair Market Rental Rate. “Fair Market Rental Rate” shall mean the rental, including all escalations, Operating Costs, Property Taxes, additional rent and other charges at which tenants, (i) pursuant to leases or related agreement(s) which are executed prior to the commencement of the initial Option Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less , but no more than six (6) months prior to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Interest Notice (as defined below), and (ii) which have a term which is reasonably anticipated to commence within nine (9) months immediately preceding, or after, the commencement of the Option Term, for non-equity, non-sublease, non-encumbered, space comparable in size, location and quality to the denominator Premises, in an arms-length transaction of unrelated parties, for a term comparable to the Option Term, which comparable space is located in office buildings comparable to the Index as Project in terms of age, services, quality and location in Westlake Village, California (“Comparable Buildings”), taking into consideration and granting the following concessions: (a) rental abatement concessions, if any, being granted such tenants in connection with such comparable space, (b) tenant improvements or allowances to be provided for such comparable space, (c) a new 2018 base year, and (d) all other concessions, if any, being granted such tenants in connection with such comparable space, provided that the value of the first day then existing tenant improvements in each space shall be taken into account in determining what improvements are granted by landlords under similar circumstances. In addition, other material economic differences between this Lease and any comparison lease or amendment such as length of term, the manner in which the landlord under any comparison lease or amendment is reimbursed for taxes and operating expenses (including the applicable “base year” used to calculate pass through charges, if any), the value of parking ratios and parking locations at each space (considering the certainty of parking rights and how parking rights are structured), the value, if any, of signage availability, exposure and visibility at each space, the divisibility of the third Lease Year. Iffloor plate of each space, during the Lease Term the Bureau relative load factor of Labor Statistics ceases to maintain the Index, then such each space and all other index or standard as will most nearly accomplish the aim or purpose relevant factors (positive and negative) of the Index each space shall be used taken into account in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodFair Market Rental Rate.

Appears in 1 contract

Samples: Office Lease (Kythera Biopharmaceuticals Inc)

Renewal Option. Landlord hereby grants to Tenant, and (a) Tenant shall have, the right and option to may extend the Term of this Lease for one (1) period of two additional five (5) years year terms such extended term to be subject to the same terms and conditions as are contained in the Lease except the Rent set forth in Section 1(c) shall be the prevailing Fair Market Rate, as hereinafter defined. Provided that Tenant requests the same no more than eighteen (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not 18) months and no less than six seventeen (617) months prior to the expiration of the initial then current Lease Term, time being Landlord, no later than fifteen (15) months prior to the expiration of the essence with respect then current Lease Term, shall give Tenant written notice of its proposed Fair Market Rate. Tenant shall give Landlord written notice if it intends to exercise this option, which notice must be given at least twelve months prior to the expiration of the initial Term for the first option to renew and twelve months prior to the expiration of the first renewal term for the second option to renew; each such notification. Notice thereof notice shall be deemed sufficient if given in the manner hereinafter providedstate whether Landlord's proposed Fair Market Rate is acceptable to Tenant. If Landlord does not receive such written notice as and when required hereinLandlord's proposed Fair Market Rate is acceptable to Tenant, the Renewal Term shall terminate and be of no further force or effect, and then this Lease shall expire be renewed with such proposed Fair Market Rate as the Rent payable pursuant to Section 1(c). The Fair Market Rate as used herein shall mean the fair market rental rate then being charged for like space similarly situated in industrial/manufacturing buildings giving due consideration to all matters as are customarily and appropriately considered by landlords and tenants engaged in leasing similar space of approximately the same size and within a 5-mile radius of RiverTech Park as of the then-scheduled expiration date. The Renewal Term shall be upon all time of such determination and the terms, covenants and conditions terms of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year including, without limitation, age and condition of the initial Term by a ratiobuilding, rental and other concessions, finish allowances, the numerator creditworthiness and net worth of which is the Consumer Price Index for All Urban Consumerstenant, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, offered inducements and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term which would be offered for comparable properties. In the Bureau event the parties cannot reach an agreement as to the prevailing Fair Market Rate within thirty (30) days of Labor Statistics ceases Tenant's notice to maintain the Indexrenew, then such other index or standard as will most nearly accomplish the aim or purpose of the Index Fair Market Value shall be used in determining determined by the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodprocedure described below.

Appears in 1 contract

Samples: Lease Agreement (Mykrolis Corp)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall havehave the right, the right privilege and option to extend the Term term of this Lease for one two (12) period successive periods of five (5) years (under the “Renewal Term”). The Renewal Term same terms and conditions of this Lease then in effect except that the economic lease terms for any option period shall commence upon the day next following the last day equal 95% of "Fair Market Rental Value" of the initial TermPremises as determined below. Tenant Tenant, if it elects to exercise any option, shall notify do so by giving Landlord in writing written notice of its election to extend this Lease for the Renewal Term not less than six such exercise at least one hundred eighty (6180) months days prior to the expiration of the initial Termthen existing term of this Lease. If Tenant timely exercises it option to extend the term of this Lease as provided for in this paragraph, time being Landlord and Tenant shall, within thirty (30) days thereafter, undertake their mutual good faith and reasonable efforts to mutually agree in writing upon the fair market rental value for the Premises which will be applicable during the particular extension term for which Tenant shall have exercised its option (and such mutually agreed upon fair market fixed rent shall be 95% of the essence with respect "Fair Market Rental Value" applicable to the determination of Monthly Rent for such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter providedextended term). If Landlord does not receive and Tenant are unable to agree in writing upon the fair market rental value of the Premises within such written notice as 30-day period, then, within fifteen (15) days following the expiration of such 30-day period, Landlord and when required hereinTenant shall each name a professional MAI appraiser, the Renewal Term who shall terminate and be of no further force a qualified, professional, licensed appraiser unaffiliated with either Landlord or effectTenant, and this Lease shall expire notify the other party in writing as to the identity of the then-scheduled expiration datesuch party's appraiser. The Renewal Term two appraisers thus appointed shall, by agreement between them to be reached within ten (10) days following their appointment, appoint a third appraiser, who shall also be upon all of the termsa qualified, covenants and conditions of this Leaseprofessional licensed appraiser unaffiliated with Landlord, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal TermTenant and/or such two previously appointed appraisers, and the denominator of which is three appraisers so appointed shall determine the Index as Fair Market Rental Value of the first Premises for the option period in question. Within thirty (30) days of the appointment of such third appraiser, the appraisers shall notify, in writing, both Landlord and Tenant of their findings. If the three appraisers are unable to agree upon a valuation, then the valuation agreed upon by any two of them shall be binding. If none of the three appraisers thus selected are able to agree on the valuation within such 30-day period, then the average of the valuations of the two appraisers closest to each other shall be binding. Landlord and Tenant shall each pay the cost of the appraiser appointed by them and shall each pay one-half of the cost of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodappraiser.

Appears in 1 contract

Samples: Office Lease (Hoovers Inc)

Renewal Option. Landlord hereby grants A. Provided that Tenant is not in default with respect to Tenantthe performance of any of its material obligations hereunder beyond the expiration of applicable notice and cure periods, and Tenant shall have, have the right and option to extend the Term term of this Lease for one two (12) period successive periods of five (5) years (the each, a “Renewal Term”). The Tenant's right to extend the Lease for a Renewal Term shall commence upon the day next following the last day be exercised, if at all, by Tenant's delivery of the initial Term. Tenant shall notify Landlord in writing written notice of its election to extend this Lease for the Renewal Term not do so no less than six twelve (612) nor more than fifteen (15) months prior to the expiration of Termination Date, as the initial same may have been extended by the first Renewal Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Base Rent due during the first year of each Renewal Term shall be the fair market rent for the Premises as reasonably determined by Landlord, which shall be based on the value that would be agreed upon between a landlord and a tenant entering into a new lease on or about the date on which the Renewal Term is to begin for a comparable term and for space comparable to the Premises in the Building and buildings comparable to the Building in the market area. Such determination of fair market rent shall take into account all of relevant factors, including but not limited to any material economic differences between the terms, covenants and conditions terms of this LeaseLease and any comparison lease. Thereafter, except that the Fixed Base Rent during each Renewal Term shall be increased by adding the CPI Adjustment Amount increase two and one-half percent (defined below2.5%) annually. Except as expressly provided in this Section 33, all other provisions of this Lease shall apply to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying Renewal Terms, provided, however, that in no event shall Landlord be obligated to perform any additional improvements to the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, Premises and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, provided further that Tenant shall have no right not be entitled to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodadditional renewal terms.

Appears in 1 contract

Samples: Lease (Quantum-Si Inc)

Renewal Option. Landlord hereby grants to TenantA. If Tenant has not committed an Event of Default at any time during the Term, and Tenant shall have(or a Permitted Transferee) is occupying the entire Premises at the time of such election, the right and option to extend the Term of Tenant may renew this Lease for one (1) additional period of five (5) years (the “Renewal Term”). The , by delivering written notice (the “Renewal Term shall commence upon the day next following the last day Notice”) of the initial Term. Tenant shall notify exercise thereof to Landlord in writing of its election to extend this Lease for the Renewal Term not less earlier than six twelve (612) months prior to nor later than nine (9) months before the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, The Base Rent payable for each month during the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire the Fair Market Rent (as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year as of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term. Within thirty (30) days after receipt of Tenant’s Renewal Notice, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant of the required adjustment to Base Rent, if any, and the denominator other terms and conditions offered. Within ten (10) days after receipt of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoingLandlord’s Fair Market Rent Proposal, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then Tenant’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver Tenant’s written determination of Fair Market Rent to Landlord within ten (10) days after receipt of Landlord’s Fair Market Rent Proposal, then Landlord shall provide Tenant with a second notice (the “Second Notice”) that contains the following statement in bold and capital letters: “THIS IS A SECOND REQUEST FOR TENANT’S DETERMINATION OF FAIR MARKET RENT PURSUANT TO EXHIBIT G ATTACHED TO THE LEASE. IF TENANT FAILS TO RESPOND WITHIN FIVE (5) BUSINESS DAYS AFTER RECEIPT OF THIS NOTICE, THEN TENANT SHALL BE DEEMED TO HAVE ACCEPTED LANDLORD’S DETERMINATION OF FAIR MARKET RENT.” If Tenant fails to respond to such Second Notice within five (5) Business Days after receipt by Tenant, then Tenant will be deemed to have no right accepted Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent, then Landlord and Tenant shall attempt in good faith to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or agree upon the Fair Market Rent. If by that date which is five (5) months prior to the commencement date of the Renewal TermTerm (the “Trigger Date”), Landlord and Tenant is have not agreed in default hereunder beyond any applicable grace or cure periodwriting as to the Fair Market Rent, the parties shall determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below.

Appears in 1 contract

Samples: Office Lease Agreement (Guidewire Software, Inc.)

Renewal Option. Landlord hereby grants to Tenant, and Section 33.1 Tenant shall havehave the right, at its option (the right and option “Renewal Options”), to extend renew the initial Term of this Lease for (i) one (1) period term of five (5) years (the “First Renewal Term”) commencing on the day following the Expiration Date (the “First Renewal Term Commencement Date”) and expiring on the twentieth (20th) anniversary of the Full Rent Date (the “First Renewal Term Expiration Date”) and (ii) one additional term of five (5) years (the “Second Renewal Term”, and together with the First Renewal Term, each a “Renewal Term”). The , commencing on the day immediately succeeding the First Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor Expiration Date (the “IndexSecond Renewal Term Commencement Date” and, together with the First Renewal Term Commencement Date, each a “Renewal Term Commencement Date”) and expiring on the date nearest the commencement date twenty-fifth (25th) anniversary of the Full Rent Date (the “Second Renewal TermTerm Expiration Date” and, and together with the denominator of which is the Index as First Renewal Term Expiration Date, each a “Renewal Term Expiration Date”), consisting of the first day entire Premises or, at Tenant’s option, a portion thereof consisting of a Renewable Portion, together with, at Tenant’s option, the third Lease Yearentire Fourth Floor Space. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew exercise or consummate any Renewal Option unless on the date Tenant gives Landlord the applicable Renewal Notice, this Lease ifshall be in full force and effect and no monetary Event of Default or material non-monetary Event of Default shall have occurred and be continuing under this Lease, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date and unless each of the following conditions have been satisfied on the date Tenant gives Landlord the applicable Renewal Term, Tenant is in default hereunder beyond any Notice and on the applicable grace or cure period.Renewal Term Commencement Date:

Appears in 1 contract

Samples: Agreement of Lease (Taylor Ann Stores Corp)

Renewal Option. Landlord hereby grants to TenantProvided Lessee shall have duly given the -------------- notice required by Section 22.2, and Tenant the corresponding notice under the Other Leases and shall haveupon the renewal of the Units hereunder concurrently renew the units under the Other Leases and Lessee has not exercised its option to purchase the Units pursuant to Section 22.3, Lessee shall have the right and, upon the giving of a notice under this Section 22.4 as below provided, the right obligation to lease pursuant to this Lease all (but not less than all) of the Units at the expiration of the Basic Term or any applicable Renewal Term. Lessee may exercise this renewal option by giving Lessor written notice not less than 90 days and option not more than 360 days prior to the end of the Basic Term (or, in the circumstances described below the then Renewal Term) that Lessee elects to renew this Lease with respect to all, but not less than all, of the Units then leased hereunder at a rental payment equal to the then fair market rental value (a "Fair Market Renewal") or a fixed rental (a "Fixed Rate Renewal"). At Lessee's option, such renewal may, in the case of a Fair Market Renewal, be for a renewal term of one or more years or, in the case of a Fixed Rate Renewal, be for an initial renewal term of three years (but not to extend beyond the Outside Renewal Date) and in connection with any renewal term following the initial renewal term, a term of one year or more expiring not later than the Outside Renewal Date, in each case as Lessee shall specify in such notice, which notice shall be irrevocable. The Basic Rent for each Unit during any Renewal Term of this Lease for one (1) period of five (5) years (the "Renewal Rent") shall (a) in the case of any Fixed Rate Renewal, be 50% of the average of the monthly Basic Rent installments payable hereunder for such Unit during the Basic Term, payable monthly in arrears, and (b) in the case of any Fair Market Renewal, be the Fair Market Rental Value determined at the commencement of the applicable Renewal Term”), payable monthly in arrears. The Each Renewal Term shall commence immediately upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being of Basic Term or the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the preceding Renewal Term, and as the denominator of which is case may be. Lessee shall not be entitled to enter any Fixed Rate Renewal following the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount expiry of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodFair Market Renewal.

Appears in 1 contract

Samples: Equipment Lease Agreement (General American Railcar Corp Ii)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have one (1) option (the right and option "Renewal Option") to extend the Term of this Lease for one (1) an additional period of either three (3) or five (5) years years, as selected by Tenant, beyond the Expiration Date (the "Renewal Term"). The Renewal Term Option shall commence upon be effective only if Tenant is not in default under this Lease, nor has any event occurred which with the day next following giving of notice or the last day passage of time, or both, would constitute a default hereunder, either at the time of exercise of the initial Renewal Option or the time of commencement of the Renewal Term. The Renewal Option must be exercised, if at all, by written notice from Tenant shall notify to Landlord in writing of its election to extend this Lease for the Renewal Term given not more than nine (9) months nor less than six (6) months prior to the expiration of the initial Term, time being which notice shall specify the desired length of the essence with respect Renewal Term (i.e., three (3) or five (5) years). Any such notice given by Tenant to such notification. Notice thereof Landlord shall be deemed sufficient if given in the manner hereinafter providedirrevocable. If Landlord does not receive such written notice Tenant fails to exercise the Renewal Option in a timely manner as and when required hereinprovided for above, the Renewal Term Option shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration datevoid. The Renewal Term shall be upon all of the terms, covenants same terms and conditions of this Leaseas the initial Term, except that the Fixed annual Rent during the Renewal Term shall be increased by adding the CPI Adjustment Amount (defined below) equal to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying higher of (i) the Fixed Rent payable prevailing market rate for space comparable to the last year of the initial Term by a ratioPremises in size, the numerator of which is the Consumer Price Index for All Urban Consumerslocation, Cleveland-Akroncondition, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest quality and type at the commencement date of the Renewal Term, and or (ii) the denominator of which is Rent payable hereunder immediately prior to the Index as expiration of the first day initial Term. As used herein, the term "prevailing market rate" shall mean the base annual rental for such comparable space, taking into account any additional rental and all other payments and escalations payable hereunder and by tenants under leases of such comparable space. If Tenant disputes Landlord's determination of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoingprevailing market rate, Tenant shall have no right so notify the Landlord within ten (10) days following Landlord's notice to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.prevailing market rate and such dispute shall be resolved as follows:

Appears in 1 contract

Samples: Lease Agreement (PLX Technology Inc)

Renewal Option. Landlord hereby grants to Tenant, Provided no Event of Default exists and Tenant shall haveis occupying at least fifty percent (50%) of the Premises at the time of such election, the right and option to extend the Term of Tenant may renew this Lease for one (1) period two consecutive additional periods of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day each, by delivering written notice of the initial Term. Tenant shall notify exercise thereof to Landlord in writing of its election to extend this Lease for the Renewal Term not less earlier than six (6) 24 months prior to nor later than 12 months before the expiration of the initial Term. The Basic Rent payable for each month during such extended Term shall be 95% of the prevailing rental rate (the “Prevailing Rental Rate”), at the commencement of such extended Term, time being for new leases and/or renewals of comparable buildings in the vicinity of the essence Building of equivalent quality, size, configuration, utility and location, with respect the length of the extended Term, the credit standing of Tenant and all economic terms and conditions to be taken into account. Within thirty (30) days after receipt of Tenant’s notice to renew, Landlord shall deliver to Tenant written notice of the Prevailing Rental Rate. If Tenant disagrees with Landlord’s determination of the Prevailing Rental Rate, then Tenant may, but only within 10 business days after receipt of Landlord’s notice, require by written notice to Landlord that the determination of the Prevailing Rental Rate be made by brokers, taking into account the requirements of this Section 26; provided that Tenant’s failure to deliver such notification. Notice thereof notice within such 10 business day period shall be deemed sufficient if given to be Tenant’s acceptance of Landlord’s determination of the Prevailing Rental Rate. If Tenant timely delivers such notice, then, within 10 days after such delivery, each party shall select one qualified commercial real estate broker with at least 10 years experience in the manner hereinafter providedleasing of similar buildings in the city or submarket in which the Premises are located. If Landlord does or Tenant fails to select its broker within such 10-day period, then Landlord or Tenant may petition the then presiding judge of the Superior Court of the State of California for Los Angeles, County to appoint such broker, subject to the criteria set forth in this Section 26, or if he or she refuses to act, either party may petition any judge having jurisdiction over Landlord and Tenant to appoint such broker. Each broker shall deliver its written determination of the Prevailing Rental Rate, taking into account the requirements of this Section 26, to the other broker within 20 days after such broker’s retention. In the event the determinations of the two brokers differ and, after good faith efforts over the succeeding 20 day period, they cannot receive such written notice as and when required hereinmutually agree, the Renewal Term brokers shall, within 10 days thereafter, appoint a neutral third broker with the qualifications specified above and deliver their respective determinations to such third broker. If the two brokers fail to select the third broker within such 10-day period, then Landlord or Tenant may petition the then presiding judge of the Superior Court of the State of California, for Los Angeles County to appoint such broker subject to the criteria set forth in this Section 26, or if he or she refuses to act, either party may petition any judge having jurisdiction over the Landlord and Tenant to appoint such broker. Within 5 days after its appointment, the third broker shall terminate choose either the determination of Landlord’s broker or Tenant’s broker and such choice of the third broker shall be final and binding on Landlord and Tenant. Each party shall pay the costs of no further force or effectits real estate broker. The parties shall equally share the costs of any third broker. Following the determination of the Prevailing Rental Rate, Landlord and Tenant shall execute an amendment to this Lease shall expire as of extending the then-scheduled expiration date. The Renewal Term shall be upon all of on the terms, covenants and conditions of same terms provided in this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.follows:

Appears in 1 contract

Samples: Lease Agreement (Earthlink Inc)

Renewal Option. Upon written notice to Landlord hereby grants to Tenant, and Tenant shall have, the right and option to extend the Term of this Lease for ("Renewal Option Notice") received by Landlord no less than one (1) period of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months year prior to the expiration of the initial Term, time being of Tenant shall have the essence with respect right and option ("Renewal Option") to such notification. Notice thereof shall be deemed sufficient extend the Term for the entire Premises for one (1) additional and consecutive five (5) year period ("Renewal Term") on the terms and conditions hereof provided, however, if given in Tenant exercises the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinRenewal Option, Rent for the Premises during the Renewal Term shall terminate and be of no further force or effect, the Prevailing Market Rental Rate. Failure to give notice as above provided shall constitute an election by Tenant not to exercise the Renewal Option and this Lease shall expire as terminate in accordance with its terms. If Tenant so gives the Renewal Option Notice within said one (1) year period, Landlord shall provide Tenant with its written determination ("Determination Notice") of the then-scheduled expiration datePrevailing Market Rental Rate within ten (10) business days after Landlord's receipt of the Renewal Option Notice. If Tenant accepts such determination, or fails to revoke its Renewal Option Notice in writing within five (5) days after receipt of the Determination Notice, then Landlord's determination of the Prevailing Market Rental Rate shall control, and the remainder of this Article 33 shall apply. If Tenant revokes its Renewal Option Notice within said five (5) day period, the Renewal Option shall be deemed extinguished. The Renewal Term Option provided above is conditioned upon and shall be upon all of the termsdeemed validly exercised if, covenants and conditions of this Leaseonly if, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest of exercise of the commencement Renewal Option, and also on the first date of the Renewal Term, and the denominator Tenant is not in default in its obligations under this Lease (regardless of which is the Index as of the first day of the third Lease Year. Ifwhether any cure or grace periods have lapsed); provided, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant Landlord shall have no the right to renew this Lease ifwaive such condition in its sole discretion. Any attempt by Tenant to exercise its Renewal Option by any method, either or at any time, or in any circumstances except as specifically set forth above shall, at the time sole option and discretion of Landlord, be null and void and of no force or effect. Within twenty (20) days after Tenant notifies Landlord of its election to extend this Lease or upon exercises the commencement date of Renewal Option as aforesaid for the Renewal Term, Landlord and Tenant shall execute a document evidencing all of the following: (i) the exercise by the Tenant of the Renewal Option; (ii) the expiration of the Term of the Lease, as the case may be, as extended by the exercise of the Renewal Option; (iii) the rental rate during such Renewal Term; and (iv) such other facts as may be reasonably requested by the Landlord. The Renewal Option may be exercised only by, and is personal to, Tenant, and may not be exercised by or for the benefit of any other party. Notwithstanding anything contained in default hereunder beyond this Section to the contrary, any attempt by Tenant to exercise the Renewal Option by any method, or at any time, or in any circumstance, except as specifically set forth above, shall, at the sole option and discretion of Landlord, be null and void and of no force or effect. For purposes of this Section, "Prevailing Market Rental Rate" shall mean an annual amount per rentable square foot determined by Landlord for a term equivalent to the period for which Prevailing Market Rental Rate is being determined beginning with the first (1st) day of the subject period that a creditworthy, non-equity tenant leasing comparable renewal space to Tenant would pay, and a willing, comparable landlord of an office building comparable to the Building located in the immediate X'Xxxx office market ("Market") would accept at arms length, giving appropriate consideration to annual rental rate per rentable square foot, rental escalations (including type, base year and stops), length of lease term, size and location of the premises being leased, allowances, concessions and other generally applicable grace or cure periodterms and conditions prevailing for comparable space in comparable buildings located in the Market.

Appears in 1 contract

Samples: Office Lease (Picis Inc)

Renewal Option. Landlord hereby grants In addition to Tenantthe extension of the term provided in this Amendment, and Tenant shall have, the right and have one five (5) year option to extend the Term term of the Lease for the Remaining Premises as hereinafter set forth. Tenant acknowledges that Article Twenty-Two of the Original Lease was deleted by the Second Amendment, and that Tenant has no further right to extend the term of the Lease except as provided in this Section. Tenant shall have the right and option, which said option and right shall not be severed from this Lease or separately assigned, mortgaged or transferred, to extend the term for one (1) additional period of five (5) years (hereinafter referred to as the “Renewal TermExtension Period”). The Renewal Term shall commence upon the day next following the last day of the initial Term. , provided that (a) Tenant shall notify give Landlord in writing notice of its election to extend this Lease for the Renewal Term not less than six Tenant’s exercise of such option at least twelve (612) full calendar months prior to the expiration of the initial Term, term as extended by this Amendment and (b) no default shall exist at the time being of giving each applicable notice and the commencement of the essence with respect Extension Period and (c) the original Tenant named in this Amendment, or its successor by acquisition or merger, is occupying the Premises both at the time of giving the each applicable notice and at the time of commencement of such Extension Period. Except for the amount of fixed annual base rent (which is to such notification. Notice thereof be determined as hereinafter provided), all the terms, covenants, conditions, provisions and agreements in the Lease contained shall be deemed sufficient if given applicable to the additional period through which the term of the Lease shall be extended as aforesaid, except that there shall be no further options to extend the term nor shall Landlord be obligated to make or pay for any improvements to the Premises nor pay any inducement payments of any kind or nature unless hereafter expressly agreed to by the parties in writing. If Tenant shall give notice of its exercise of each such option to extend in the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinwithin the time period provided aforesaid, the Renewal Term shall terminate and be term of no further force or effect, and this Lease shall expire as be extended upon the giving of each such notice without the requirement of any further attention on the part of either Landlord or Tenant If Tenant shall fail to give timely notice of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount exercise of any such adjustment. Notwithstanding the foregoingoption as aforesaid, Tenant shall have no right to renew extend the Term of this Lease ifLease, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date being of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodessence of the foregoing provisions.

Appears in 1 contract

Samples: Lease (Lionbridge Technologies Inc /De/)

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