Common use of Renewal Term Clause in Contracts

Renewal Term. Tenant shall have the option to renew this Lease for one renewal term of 5 years (the "Renewal Term") which shall commence on the day following the expiration of the initial Term and end on the fifth anniversary of the Expiration Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (i) Tenant shall have notified Landlord in writing of Tenant's exercise of such renewal option not later than one year prior to the Expiration Date, and (ii) at the time of the exercise and immediately prior to the Expiration Date, no event of Default shall have occurred and be continuing hereunder. ________ of the _______ with respect to the giving of the notice of Tenant's exercise of the ______ renewal option. The Renewal Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution to, or perform any Alteration), except that the Fixed Rent (as defined in Section 1.1) shall be determined as provided in Section 37.2 and there shall be no further renewal right after the expiration of the Renewal Term. Upon the commencement of the Renewal Term, (A) the Renewal Term shall be added to and become part of the Term (but shall not be considered part of the initial Term), (B) any reference to "this Lease", to the "Term", the "term of this Lease" or any similar expression shall be deemed to include the Renewal Term, and (C) the expiration of the Renewal Term shall become the Expiration Date.

Appears in 1 contract

Samples: Kasper a S L LTD

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Renewal Term. The Original Tenant and any Related Entity to whom the Lease, as amended, is assigned to, shall have the option right to renew this Lease the New Term for all of the existing Premises for one renewal term of 5 five (5) years (the "Renewal Term") which shall commence commencing on April 1, 2028 (the day following the expiration of the initial “Renewal Term Commencement Date”) and end ending on the fifth anniversary of the Expiration DateMarch 31, 2033, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease the Lease, as amended, or otherwise. The Renewal Term shall commence only if (i) Tenant shall have notified notifies Landlord in writing (the “Exercise Notice”) of Tenant's ’s exercise of such renewal option right not earlier than twelve (12) months, and not later than one year nine (9) months, prior to the New Term Expiration Date, and (ii) at the time of the exercise of such right and immediately prior to the Expiration Renewal Term Commencement Date, no event of Default default under the Lease, as amended, shall have occurred and be continuing hereunder. ________ , (iii) Tenant occupies the entire Premises at the time the Exercise Notice is given and immediately prior to the Renewal Term Commencement Date, and (iv) Tenant exercises its renewal option, if at all, with respect to all of the _______ Premises. Time is of the essence with respect to the giving of the notice of Tenant's exercise of the ______ renewal optionExercise Notice. The Renewal Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution tothe Lease, or perform any Alteration)as amended, except that (a) the Fixed Rent (as defined in Section 1.1) for the Renewal Term shall be determined as provided in Section 37.2 9.2 below and there (b) if Tenant exercises the renewal option set forth in this Section 9, then Tenant shall be have no further renewal right after to renew the expiration of the Renewal TermNew Term unless otherwise agreed to in writing by Landlord and Tenant. Upon the commencement of the Renewal Term, (A1) the Renewal Term shall be added to and become part of the Term (but shall not be considered part of the initial New Term), (B2) any reference to "this “the Lease", to the "“New Term", the "term of this the Lease" or any similar expression shall be deemed to include the Renewal Term, Term and (C3) the expiration date of the Renewal Term shall become the New Term Expiration Date. Any termination, cancellation or surrender of the entire interest of Tenant under the Lease, as amended, at any time during the New Term shall automatically terminate the renewal right set forth in this Section 9. The rights contained in this Section 9 shall be personal to the Original Tenant and any Related Entity to whom the Lease, as amended, is assigned to, and may only be exercised by the Original Tenant or any such Related Entity (and not any other assignee, or any sublessee or other transferee of Original Tenant’s interest in the Lease, as amended).

Appears in 1 contract

Samples: Lease (ChromaDex Corp.)

Renewal Term. Tenant shall have the option right to renew this Lease the Term for all of the Premises only for one (1) renewal term of 5 (five) years (the "Renewal Term") which shall commence commencing on the day following after the expiration of the initial Term (the “Renewal Term Commencement Date”) and end ending on the day last day of the calendar month immediately preceding the fifth anniversary of the Expiration Renewal Term Commencement Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (ia) Tenant shall have notified notifies Landlord in writing (the “Exercise Notice”) of Tenant's ’s exercise of such renewal option right not later than one year fifteen (15) months prior to the Expiration Date, and (iib) at the time of the exercise of such right and immediately prior to the Expiration Renewal Term Commencement Date, no event Event of Default shall have occurred and be continuing hereunder, and (c) Tenant named herein and/or an assignee permitted under Section 13.8(a) without Landlord’s consent thereof occupy at least two full contiguous floors in the Building (the “Occupancy Threshold”) at the time the Exercise Notice is given. ________ Time is of the _______ essence with respect to the giving of the notice of Tenant's exercise of the ______ renewal optionExercise Notice. The Renewal Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution to, or perform any Alteration)this Lease, except that (x) the Fixed Rent (as defined in Section 1.1) shall be determined as provided in Section 37.2 31.2, (y) Tenant shall have no further right to renew the Term, and there (z) the Base Tax Year shall be no further renewal right after the expiration Tax Year commencing on the July 1st of the calendar year in which the Renewal TermTerm Commencement Date occurs and (z) the Base Expense Year shall be the calendar year in which the Renewal term Commencement Date occurs. Upon the commencement of the Renewal Term, (A1) the Renewal Term shall be added to and become part of the Term (but shall not be considered part of the initial Term), (B2) any reference to "this Lease", to the "Term", the "term of this Lease" or any similar expression shall be deemed to include the Renewal Term, and (C3) the expiration of the Renewal Term shall become the Expiration Date. Any termination, cancellation or surrender of the entire interest of Tenant under this Lease at any time during the Term shall terminate any right of renewal of Tenant hereunder.

Appears in 1 contract

Samples: Agreement (2U, Inc.)

Renewal Term. Tenant Lessee shall have the an option to renew extend the Initial Term of this Lease for up to three (3) additional renewal terms of seven (7) years each (each of such additional seven-year terms are referred to as a “Renewal Term”), but only in the manner and upon the terms and conditions set forth in this Lease, The Initial Term of this Lease and all Renewal Terms for which this Lease is actually extended by Lessee are collectively referred to as the “Term” or “Terms” of this Lease. Lessee may extend the term of this Lease for one renewal or more such additional seven-year terms, at Lessee’s option. Lessee shall not have the right to renew or extend this Lease except as provided herein. Subject to any provision hereof expressly limiting the applicability of any term of 5 years this Lease to a particular time period, all terms of this Lease shall be effective during the Renewal Terms. Lessee shall not have the right to extend the term of this Lease for more than one Renewal Term at a time. In the event Lessee elects to exercise the right to extend the Term, Lessee shall give written notice to Lessor not less than two (the "Renewal Term"2) which shall commence on the day following months prior to the expiration of the initial Term then-current Term. If Lessee fails to notify Lessor in a timely and proper manner, in accordance with this Lease, that Lessee wishes to exercise its option to extend this Lease beyond the end on the fifth anniversary of the Expiration Datethen-current term, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (i) Tenant shall have notified Landlord in writing of Tenant's exercise of such renewal option not later than one year prior to the Expiration Date, and (ii) at the time of the exercise and immediately prior to the Expiration Date, no event of Default shall have occurred and be continuing hereunder. ________ of the _______ with respect to the giving of the notice of Tenant's exercise of the ______ renewal option. The Renewal Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution to, or perform any Alteration), except that the Fixed Rent (as defined in Section 1.1) shall be determined as provided in Section 37.2 and there shall be no further renewal right after the expiration of the Renewal Term. Upon the commencement of the Renewal Term, (A) the Renewal Term shall be added to and become part of the Term (but shall not be considered part of the initial Term), (B) any reference to "this Lease", to the "Term", the "term of this Lease" or any similar expression then Lessee shall be deemed to have waived the right to renew this Lease, shall have no right to renew this Lease, and this Lease shall terminate at the conclusion of the then-current term without further notice or action by any party. As used in this Lease, the phrase “Term” shall include the Renewal Term or Renewal Terms unless the “Initial Term, and (C) the expiration of the Renewal Term shall become the Expiration Date” is specified.

Appears in 1 contract

Samples: Lease Agreement With Option to Purchase (Remembrance Group, Inc.)

Renewal Term. Tenant Lessee shall have the an option to renew extend the Initial Term of this Lease for up to three (3) additional renewal terms of seven (7) years each (each of such additional seven-year terms are referred to as a “Renewal Term”), but only in the manner and upon the terms and conditions set forth in this Lease. The Initial Term of this Lease and all Renewal Terms for which this Lease is actually extended by Lessee are collectively referred to as the “Term” or “Terms” of this Lease. Lessee may extend the Term of this Lease for one renewal term or more such additional seven (7)-year terms, at Lessee’s option, provided Lessee is not in default of 5 years the further terms and conditions of this Lease. Lessee shall not have the right to renew or extend this Lease except as provided herein. Subject to any provision hereof expressly limiting the applicability of any term, covenant or condition of this Lease to a particular time period, all terms and conditions of this Lease shall be effective during the Renewal Terms. Lessee shall not have the right to extend the Term of this Lease for more than one Renewal Term at a time. In the event Lessee elects to exercise the right to extend the Term, Lessee shall give written notice to Lessor not less than sixty (the "Renewal Term"60) which shall commence on the day following days’ prior to the expiration of the initial Term then-current Term. If Lessee fails to notify Lessor in a timely and proper manner, in accordance with this Lease, that Lessee wishes to exercise its option to extend this Lease beyond the end on the fifth anniversary of the Expiration Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (i) Tenant shall have notified Landlord in writing of Tenant's exercise of such renewal option not later than one year prior to the Expiration Date, and (ii) at the time of the exercise and immediately prior to the Expiration Date, no event of Default shall have occurred and be continuing hereunder. ________ of the _______ with respect to the giving of the notice of Tenant's exercise of the ______ renewal option. The Renewal Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution to, or perform any Alteration), except that the Fixed Rent (as defined in Section 1.1) shall be determined as provided in Section 37.2 and there shall be no further renewal right after the expiration of the Renewal Term. Upon the commencement of the Renewal then-current Term, (A) the Renewal Term shall be added to and become part of the Term (but shall not be considered part of the initial Term), (B) any reference to "this Lease", to the "Term", the "term of this Lease" or any similar expression then Lessee shall be deemed to have waived the right to renew this Lease, shall have no further right to renew this Lease, and this Lease shall terminate at the conclusion of the then-current Term without further notice or action by any party. As used in this Lease, the phrase “Term” shall include the Renewal Term or Renewal Terms unless the “Initial Term, and (C) the expiration of the Renewal Term shall become the Expiration Date” is specified.

Appears in 1 contract

Samples: Lease Agreement (Remembrance Group, Inc.)

Renewal Term. Original Tenant shall have the option right to renew this Lease the initial Term for all of the Premises for one renewal term of 5 five (5) years (the "Renewal Term") which shall commence commencing on the day following after the expiration of the initial Term (the “Renewal Term Commencement Date”) and end ending on the day immediately preceding the fifth (5th) anniversary of the Expiration Renewal Term Commencement Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (i) Tenant shall have notified notifies Landlord in writing (the “Exercise Notice”) of Tenant's ’s exercise of such renewal option right not earlier than fifteen (15) months, and not later than one year nine (9) months, prior to the Expiration Date, and (ii) at the time of the exercise of such right and immediately prior to the Expiration Renewal Term Commencement Date, no event of Default default under this Lease shall have occurred and be continuing hereunder. ________ , (iii) Tenant occupies the entire Premises at the time the Exercise Notice is given and immediately prior to the Renewal Term Commencement Date, and (iv) the Original Tenant exercises its renewal option, if at all, with respect to all of the _______ Premises. Time is of the essence with respect to the giving of the notice of Tenant's exercise of the ______ renewal optionExercise Notice. The Renewal Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution to, or perform any Alteration)this Lease, except that (a) the Fixed Rent (as defined in Section 1.1) for the Renewal Term shall be determined as provided in Section 37.2 2.5(b) below and there (b) if Tenant exercises the renewal option set forth in this Section 2.5, then Tenant shall be have no further renewal right after to renew the expiration of the Renewal TermTerm unless otherwise agreed to in writing by Landlord and Tenant. Upon the commencement of the Renewal Term, (A1) the Renewal Term shall be added to and become part of the Term (but shall not be considered part of the initial Term), (B2) any reference to "this Lease", to the "Term", the "term of this Lease" or any similar expression shall be deemed to include the Renewal Term, Term and (C3) the expiration of the Renewal Term shall become the Expiration Date. Any termination, cancellation or surrender of the entire interest of Tenant under this Lease at any time during the Term shall automatically terminate the renewal right set forth in this Section 2.5. The rights contained in this Section 2.5 shall be personal to Original Tenant, and may only be exercised by the Original Tenant (and not any assignee, sublessee or other transferee of the Original Tenant’s interest in this Lease).

Appears in 1 contract

Samples: Lease (Cereplast Inc)

Renewal Term. Tenant shall have the option right to renew this Lease the ------------ Term for all of the Premises for one (1) renewal term of 5 five (5) years (the "Renewal Term") which shall commence on the day following the expiration of the initial Term and end on the fifth (5th) anniversary of the originally-scheduled Expiration Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (ia) Tenant shall have notified Landlord in writing of Tenant's exercise of such renewal option right (the "Exercise Notice") not later than one year fourteen (14) months prior to the Expiration Date, and (iib) at the time of the exercise of such right and immediately prior to the Expiration Date, no event Event of Default shall have occurred and be continuing hereunder. ________ , and (c) Tenant and/or a Related Entity shall be in occupancy of at least sixty-six percent (66%) of the _______ rentable area of the Premises at the time such Exercise Notice is given. Time is of the essence with respect to the giving of the notice Exercise Notice of Tenant's exercise of the ______ such renewal option. The Renewal Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution to, or perform any Alteration)Tenant, except that the Fixed Rent (as defined in Section 1.1) shall be determined as provided in Section 37.2 34.2 and there Tenant shall be have no further renewal right after to renew the expiration of the Renewal Term. Upon the commencement of the Renewal Term, (A) the Renewal Term shall be added to and become part of the Term (but shall not be considered part of the initial Term), (B) any reference to "this Lease", to the "Term", the "term of this Lease" or any similar expression shall be deemed to include the Renewal Term, and (C) the expiration of the Renewal Term shall become the Expiration Date.

Appears in 1 contract

Samples: Lease (Portal Software Inc)

Renewal Term. Tenant shall have the option right to renew this Lease the initial Term for all of the Leased Premises for one (1) renewal term of 5 five (5) years (the "Renewal Term") which shall commence ”), commencing on the day following after the expiration of the initial Lease Term (the “Renewal Term Commencement Date”) and end ending on the day immediately preceding the fifth (5th) anniversary of the Expiration Renewal Term Commencement Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (i) Tenant shall have notified notifies Landlord in writing (the “Renewal Exercise Notice”) of Tenant's ’s exercise of such renewal option right not earlier than fifteen (15) full calendar months, and not later than one year twelve (12) full calendar months, prior to the Expiration DateDate (the “Extension Deadline”), and and, (ii) at the time of the exercise and of such right and, at the option of Landlord, immediately prior to the Expiration Renewal Term Commencement Date, no event Event of Default under this Lease shall have occurred and be continuing hereunder. ________ A Renewal Exercise Notice shall be irrevocable once delivered. Time is of the _______ essence with respect to the giving of the notice of Tenant's exercise of the ______ renewal optionRenewal Exercise Notice. The Renewal Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution to, or perform any Alteration)this Lease, except that (a) the Fixed Base Monthly Rent (as defined in Section 1.1) shall be determined as provided in Section 37.2 below and there (b) Tenant shall be have no further renewal right after to renew or extend the expiration of the Renewal Lease Term. Upon the commencement of the Renewal Term, (A1) the Renewal Term shall be added to and become part of the Term (but shall not be considered part of the initial Lease Term), (B2) any reference to "this Lease", to the "“Lease Term", the "term of this Lease" or any similar expression shall be deemed to include the Renewal Term, and (C3) the expiration of the Renewal Term shall become the Expiration Date. Any termination, cancellation or surrender of any interest of Tenant under this Lease at any time during the Lease Term shall automatically terminate the renewal rights set forth herein. The renewal right contained herein shall be personal to PMC-Sierra, Inc. (and Permitted Transferees) (and not available to any other assignee, or any other sublessee or other transferee) and may be exercised only provided and on condition that PMC-Sierra, Inc. has not assigned its interest in this Lease (except to a Permitted Transferee) or sublet (except to a Permitted Transferee) more than 50% of Leased Premises as of the date Tenant purports to give the Renewal Exercise Notice and, at the option of Landlord, upon commencement of the Renewal Term.

Appears in 1 contract

Samples: Office Lease (PMC Sierra Inc)

Renewal Term. Subject to the terms of this Section 2.5, Landlord hereby grants to the originally named Tenant shall have (“Original Tenant”), and any Related Entity (defined in Section 13.8, below) to whom this Lease is assigned (an “Affiliate Assignee”), the option right to renew this Lease the initial Term for all of the initial Premises and, at its option, any “First Offer Space,” as that term is defined in Section 2.6, below for one renewal term of 5 five (5) years (the "Renewal Term") which shall commence commencing on the day following after the expiration of the initial Term (the “Renewal Term Commencement Date”) and end ending (the “Renewal Term Expiration Date”) on the day immediately preceding the fifth (5th) anniversary of the Expiration Renewal Term Commencement Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (i) Tenant shall have notified notifies Landlord in writing (the “Exercise Notice”) of Tenant's ’s exercise of such renewal option right not later than one year nine (9) months, prior to the Expiration Date, and (ii) at the time of the exercise of such right and immediately prior to the Expiration Renewal Term Commencement Date, no event of Default material non-monetary and no monetary default under this Lease beyond any applicable notice and cure period set forth herein shall have occurred and be continuing hereunder, and (iii) Tenant exercises its renewal option, if at all with respect to the entire Premises, excluding any First Offer Space; provided that Tenant shall, in the Exercise Notice, designate whether Tenant is exercising the renewal right with respect to any First Offer Space then being leased by Tenant, the term of which First Offer Space expires prior to the Renewal Term Expiration Date. ________ In the event that Tenant elects to renew the Term of the _______ Lease pursuant to the terms of this Section 2.5, but fails to designate whether Tenant desires to renew the term of any First Offer Space in the Exercise Notice, then Tenant shall be deemed to have elected to extend the term of all First Offer Space. In the event that Tenant elects, or is deemed to have elected, to renew the term of any First Offer Space then being leased by Tenant, then the extended term of any such First Offer Space shall commence (the “First Offer Renewal Commencement Date”) following the expiration of the applicable First Offer Term (defined in Section 2.6(e), below), and shall thereafter expire on the Renewal Term Expiration Date. The period commencing on the First Offer Renewal Commencement Date and expiring on the Renewal Term Expiration Date shall be referred to herein as the “First Offer Renewal Term.” Time is of the essence with respect to the giving of the notice of Tenant's exercise of the ______ renewal optionExercise Notice. The Renewal Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution to, or perform any Alteration)this Lease, except that (a) the Fixed Rent (for the Renewal Term shall be as defined set forth in Section 1.12.5(b) below and (b) if Tenant exercises the renewal option set forth in this Section 2.5, then Tenant shall be determined as provided in Section 37.2 and there shall be have no further renewal right after to renew the expiration of the Renewal TermTerm unless otherwise agreed to in writing by Landlord and Tenant. Upon the commencement of the Renewal Term, (A1) the Renewal Term shall be added to and become part of the Term (but shall not be considered part of the initial Term), (B2) any reference to "this Lease", to the "Term", the "term of this Lease" or any similar expression shall be deemed to include the Renewal Term, Term and (C3) the expiration of the Renewal Term shall become the Expiration Date. Any termination, cancellation or surrender of the entire interest of Tenant under this Lease at any time during the Term shall automatically terminate the renewal right set forth in this Section 2.5. The terms of this Section 2.5 shall be applicable to Tenant’s lease of the First Offer Space subject to the terms set forth herein.

Appears in 1 contract

Samples: Lease (Mindspeed Technologies, Inc)

Renewal Term. Tenant shall have the option right to renew the Term as set forth below as to any of the following configurations of the Premises: (a) the entirety of the Leased Premises; (b) the entirety of the Phase 3 Premises and the Phase 4 Premises; (c) the entirety of the Phase 2 Premises, the Phase 3 Premises and the Phase 4 Premises; or (d) the entirety of the Phase 1 Premises, the Phase 3 Premises and the Phase 4 Premises. Notwithstanding the foregoing, if Tenant exercises the Early Termination Right or the Partial Surrender Right or the Outside Termination Right, the right to renew the Term pursuant to this Section shall not apply to the Phase 4 Premises or those portions of the Leased Premises surrendered pursuant to the Partial Surrender Right and Tenant may renew as to any Phase of the Premises then being leased by Tenant under this Lease for as set forth under this Section 3.4. Tenant shall have the right to one (1) renewal term of 5 five (5) years (the "Renewal Term") which shall commence on the day following the expiration of the initial Term of this Lease and end on the fifth anniversary last day of the Expiration DateRenewal Term, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (ia) Tenant shall have notified Landlord in writing of Tenant's ’s exercise of such renewal option not later right no more than one year twelve (12) months and no less than nine (9) months prior to the Expiration DateDate (“Exercise Notice”), and (iib) at the time of the exercise of such right and immediately prior to the Expiration Date, no event Event of Default (as defined below) under the Lease by Tenant shall have occurred and be continuing hereundercontinuing. ________ If any of the _______ conditions set forth in the immediately preceding sentence is not satisfied, Tenant’s option to renew the Term shall lapse and be null and void. Tenant’s notice of its election to renew the Term shall be irrevocable when made. Time is of the essence with respect to the giving of the notice of Tenant's ’s exercise of the ______ renewal option. The Renewal Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution to, or perform any Alteration)Tenant, except that the Fixed Annual Base Rent (as defined in Section 1.1) shall be determined as provided in Section 37.2 Sections 3.5 and there 3.6 below and Tenant shall be have no further renewal right after to renew the expiration of the Renewal Term. Upon the commencement of the Renewal Term, (A) the Renewal Term shall be added to and become part of the Term (but shall not be considered part of the initial Term), (B) any reference to "this Lease", to the "Term", the "term Term of this Lease" Lease or any similar expression shall be deemed to include the Renewal Term, and (C) the expiration of the Renewal Term shall become the Expiration Date and (D) if all of the Leased Premises are not included in the Renewal Term, the L C Amount shall be reduced proportionately; provided, however, the L C Amount shall not decrease below Three Hundred Eighty-Seven Thousand Nine Hundred Forty-Six and 20/100 ($387,946.20). The foregoing right to renew the Term of this Lease is personal to Tenant (and any Permitted Transferee, as defined below) and may not be assigned, sold, leased, subleased or otherwise transferred, voluntarily or involuntarily, by or to any other person or entity, except in connection with a Permitted Transfer (as defined below). Notwithstanding anything set forth in this Section 3.4 to the contrary, Landlord shall have the right, within ten (10) Business Days of receipt of Tenant’s Exercise Notice, and by written notice to Tenant, to elect to recapture all or any Phase of the Premises solely for the purpose of occupancy by Landlord. If Landlord exercises its right to recapture all or any Phase of the Premises, provided Tenant (or Tenant’s Permitted Transferee) is then itself occupying the Premises, Tenant shall have the right to withdraw its exercise of the renewal option by delivering written notice thereof to Landlord within thirty (30) days thereafter; provided, however, if Tenant does not provide such withdrawal notice, Landlord and Tenant shall amend the Lease to reflect the reduction in rsf of the Leased Premises and L C Amount as of the Expiration Date; provided, however, the L C Amount shall not decrease below Three Hundred Eighty-Seven Thousand Nine Hundred Forty-Six and 20/100 Dollars ($387,946.20). No tenant improvement allowance shall be granted with respect to such Renewal Term.

Appears in 1 contract

Samples: Office Lease Agreement (Roblox Corp)

Renewal Term. Tenant shall have the option to renew this Lease for one renewal term of 5 years (the "Renewal Term") which shall commence on the day following the expiration of the initial Term and end on the fifth anniversary of the Expiration Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if Provided that (i) Tenant shall have notified Landlord is not in writing of Tenant's exercise of such renewal option not later than one year prior to the Expiration Date, default (beyond applicable notice and (iicure periods) under this Lease at the time of the exercise of such option or as of the commencement of the applicable Renewal Term (as defined below), (ii) Tenant occupies the entire Premises, and immediately (iii) Tenant has not assigned or transferred this Lease (except as may be permitted pursuant to Section 12(b) of this Lease), Tenant shall have two options (each a “Renewal Option”) to renew this Lease, each for one additional term of five years (each a “Renewal Term”). Each such Renewal Option shall be exercisable by Tenant’s delivery to Landlord of an irrevocable written notice of intention to exercise the Renewal Option (“Renewal Exercise Notice”). A Renewal Exercise Notice shall be given not more than 15 months nor less than 12 months prior to the Expiration Date, no event of Default shall have occurred and be continuing hereunder. ________ end of the _______ with respect Initial Term or the first Renewal Term, as applicable. In the event this Lease is at any time (whether now or hereafter) subject to an over-lease or master lease (“Over-Lease”), Tenant’s right to exercise a Renewal Option shall be contingent and conditioned upon (x) the giving existing term of the notice of Tenant's exercise of the ______ renewal option. The Renewal Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution to, Over-Lease expiring on a date which is on or perform any Alteration), except that the Fixed Rent (as defined in Section 1.1) shall be determined as provided in Section 37.2 and there shall be no further renewal right after the expiration of the applicable Renewal Term. Upon the commencement of the Term then being exercised pursuant to such Renewal TermOption, or (Ay) the Renewal Term shall be added availability to and become part of the Term (but shall not be considered part of the initial Term), (B) any reference to "this Lease", to the "Term", the "term of this Lease" or any similar expression shall be deemed to include the Renewal TermLandlord of, and (C) the expiration of the Renewal Term shall become the Expiration Date.Landlord’s exercise of, a renewal or extension Pursuant to 17 C.F.R. Section 200.83

Appears in 1 contract

Samples: Lease Agreement (Reynolds Group Holdings LTD)

Renewal Term. Tenant is hereby granted and shall have four (4), five (5)-year options to renew the Term (each a “Renewal Term”) provided that: (a) Tenant is not in default under this Lease beyond any applicable notice and cure periods; (b) Tenant is open and operating in the Premises; and (c) Tenant provides Landlord with written notice on a timely basis in the manner described below. The options to renew shall be exercised by Xxxxxx, if at all, by delivering to Landlord written notice of its election to renew the term of this Lease as herein provided not earlier than 12 months and not later than six (6) months prior to the expiration date then in effect. If Tenant fails to exercise its option as required by this Section 3.2, then said option will expire automatically and this Section 3.2 shall be null and void. With regard to the multiple Renewal Term options granted herein, the second Renewal Term option cannot be exercised unless Tenant timely exercised the first Renewal Term option; the third Renewal Term option cannot be exercised unless Tenant timely exercised the first and second Renewal Term options; and the fourth Renewal Term option cannot be exercised unless Tenant timely exercised the first, second and third Renewal Term options. For purposes of each option to renew this Lease renew, to the extent applicable, Base Rent for one renewal term the first lease year of 5 years (the "Renewal Term") which shall commence on the day following the expiration of the initial Term and end on the fifth anniversary of the Expiration Date, unless the each Renewal Term shall sooner terminate pursuant to any of be the terms of this Lease or otherwise. The Renewal Term shall commence only if (i) Tenant shall have notified Landlord in writing of Tenant's exercise of such renewal option not later than one year prior to fair market value for the Expiration Date, and (ii) Leased Property at the time of the exercise and immediately prior to the Expiration Dateexercise, no event as determined by an appraisal prepared by a third-party appraiser of Default shall have occurred and be continuing hereunderLandlord’s selection. ________ Base Rent for each subsequent lease year of the _______ with respect to the giving of the notice of Tenant's exercise of the ______ renewal option. The a Renewal Term shall be automatically increase by Two and 50/100ths percent (2.50%) upon all the anniversary of the agreements, terms, covenants Effective Date. Tenant shall accept the Premises “as is” for each Renewal Term and conditions hereof binding upon Tenant (but excluding any Landlord shall have no obligation of Landlord to make any contribution to, improvements or perform alterations to the Premises during any Alteration), except that the Fixed Rent (as defined in Section 1.1) shall be determined as provided in Section 37.2 and there shall be no further renewal right after the expiration of the Renewal Term. Upon the commencement All terms and conditions of this Lease shall be applicable during the Renewal Term, (A) the Renewal Term if exercised by Tenant, except that Base Rent shall be added to and become part of the Term (but shall not be considered part of the initial Term), (B) any reference to "as set forth in this Lease", to the "Term", the "term of this Lease" or any similar expression shall be deemed to include the Renewal Term, and (C) the expiration of the Renewal Term shall become the Expiration DateSection 3.2.

Appears in 1 contract

Samples: Lease Agreement (Leo Holdings Corp. II)

Renewal Term. Tenant shall have the option right to renew this Lease the Term for one all of the Premises for two (2) consecutive renewal term terms of 5 five (5) years each (the "each, a “Renewal Term") which shall commence commencing on the day following after the expiration of the initial Term or the first Renewal Term, as the case may be (each, the “Renewal Term Commencement Date”), and end ending on the day immediately preceding the fifth (5th) anniversary of the Expiration applicable Renewal Term Commencement Date, unless the such Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The applicable Renewal Term shall commence be exercisable only if by written notice delivered by Tenant, as provided in Section 2.6(b) below, provided that, (i) Tenant shall have notified Landlord in writing of Tenant's exercise of such renewal option not later than one year prior to the Expiration Date, and (ii) at the time of the exercise of such right no default under this Lease beyond any applicable notice and immediately prior to the Expiration Date, no event of Default cure period set forth in this Lease shall have occurred and be continuing hereunder. ________ hereunder and (iii) the Original Tenant or a Related Assignee occupies at least an aggregate of thirty-five thousand (35,000) rentable square feet of the _______ Premises at the time the “Renewal Exercise Notice,” as that term is defined in Section 2.6(b) below, is given. Time is of the essence with respect to the giving of the notice of Tenant's Renewal Exercise Notice. In no event may Tenant exercise of its right to extend the ______ renewal optionTerm for the second Renewal Term if Tenant fails to timely exercise its right to extend the initial Term for the first Renewal Term under this Section 2.6. The Each Renewal Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution to, or perform any Alteration)this Lease, except that (a) the Fixed Rent (as defined in Section 1.1) shall be determined as provided in Section 37.2 2.6(c) below and there (b) Tenant shall be have no further renewal right after to renew the expiration of the Renewal TermTerm except as provided herein. Upon the commencement of the applicable Renewal Term, (A1) the such Renewal Term shall be added to and become part of the Term (but shall not be considered part of the initial Term), (B2) any reference to "this Lease", to the "Term", the "term of this Lease" or any similar expression shall be deemed to include the such Renewal Term, Term and (C3) the expiration of the such Renewal Term shall become the Expiration Date. Any termination, cancellation or surrender of the entire interest of Tenant under this Lease at any time during the Term shall automatically terminate the renewal rights set forth in this Section 2.6. The rights contained in this Section 2.6 shall be personal to the Original Tenant, and a Related Assignee, and may only be exercised by the Original Tenant or a Related Assignee (and not any other assignee, or any sublessee or transferee of the Original Tenant’s interest in this Lease).

Appears in 1 contract

Samples: Agreement of Sublease (Sunrun Inc.)

Renewal Term. Provided that Tenant is occupying at least 80% of the Premises (which 80% shall consist of no less than all of the 7th Floor Premises, all of the 8lh Floor Premises, all of the 9th Floor Expansion Premises, and all of the 10th Floor Expansion Premises), Tenant shall have the option right to renew this the Lease Term for either (A) all of the Premises or (B) all of the 7th Floor Premises, all of the 8th Floor Premises, all of the 9th Floor Expansion Premises, and all of the 10th Floor Expansion Premises (each of (A) and (B) are referred to herein as the “Renewal Premises”) for one (1) renewal term of 5 three (3) years (the "Renewal Term") which shall commence commencing on the day following after the expiration of Lease Expiration Date (the initial “Renewal Term Commencement Date”) and end ending on the fifth day immediately preceding the third (3rd) anniversary of the Expiration Renewal Term Commencement Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease Lease, or otherwise. The Renewal Term shall commence only if (i) Tenant shall have notified notifies Landlord in writing (the “Exercise Notice”) of Tenant's ’s exercise of such renewal option right not earlier than fifteen (15) months, and not later than one year twelve (12) months, prior to the Lease Expiration Date, and (ii) at the time of the exercise of such right and immediately prior to the Expiration Renewal Term Commencement Date, no event of Default default by Tenant under this Lease, shall have occurred and be continuing hereunder. ________ thereunder, (iii) Tenant occupies (A) the entire Premises or (B) all of the _______ 7th Floor Premises, all of the 8th Floor Premises, all of the 9th Floor Expansion Premises, and all of the 10th Floor Expansion Premises at the time the Exercise Notice is given, and (iv) Tenant exercises its renewal option, if at all, with respect to (A) all of the Premises or (B) all of the 7th Floor Premises, all of the 8th Floor Premises, all of the 9th Floor Expansion Premises, and all of the 10th Floor Expansion Premises; provided, however, that if Tenant timely delivers to Landlord the Exercise Notice, Landlord shall have thirty (30) days from receipt of such Exercise Notice to notify Tenant in writing of Landlord’s election to terminate, which election shall be in Landlord’s sole and absolute discretion, Tenant’s right to renew the Lease Term, in which case Tenant’s Exercise Notice, and the renewal right set forth in this Section 17.1, each shall be null and void and of no further force or effect, and Tenant shall have no further right to renew the Lease Term, unless otherwise agreed to in writing by Landlord and Tenant. Time is of the essence with respect to the giving of the notice of Tenant's exercise of the ______ renewal optionExercise Notice. The Renewal Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution to, or perform any Alteration)this Lease, except that (a) the Fixed Rent (as defined in Section 1.1) shall be determined as provided in Section 37.2 17.2 below, and there (b) if Tenant exercises the renewal option set forth in this Section 17, then Tenant shall be have no further renewal right after to renew the expiration of the Renewal Lease Term, unless otherwise agreed to in writing by Landlord and Tenant. Upon the commencement of the Renewal Term, (A1) the Renewal Term shall be added to and become part of the Term (but shall not be considered part of the initial Lease Term), (B2) any reference to "this Lease", to the "“Lease Term", to the "term of this Lease" or any similar expression shall be deemed to include the Renewal Term, and (C3) the expiration date of the Renewal Term shall become the Lease Expiration Date. Any termination, cancellation or surrender of the entire interest of Tenant under this Lease, at any time during the Lease Term, shall automatically terminate the renewal right set forth in this Section 17. The rights contained in this Section 17 shall be personal to the Original Tenant or a Permitted Transferee and may only be exercised by the Original Tenant or a Permitted Transferee (but not any other assignee, sublessee or other transferee of the Original Tenant’s interest in this Lease).

Appears in 1 contract

Samples: Office Lease (Yelp! Inc)

Renewal Term. Tenant shall have the option to renew ("Renewal Option") this Lease for one renewal additional term of 5 five (5) years (the "Renewal Term") which shall commence on the day following ), commencing upon the expiration of the initial Term and end of this Lease, on the fifth anniversary condition that Tenant is not in default under the Lease as amended herein in any material respect at the time Tenant gives notice of the Expiration Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (i) Tenant shall have notified Landlord in writing of Tenant's exercise of such renewal its Renewal option not later than one year prior to the Expiration Date, and (ii) or at the time of the exercise and immediately prior to the Expiration Date, no event of Default shall have occurred and be continuing hereunder. ________ commencement of the _______ with respect to the giving of the notice of Tenant's exercise of the ______ renewal optionRenewal Term. The Renewal Term shall be upon on all of the agreements, terms, covenants and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution to, or perform any Alteration)the Lease as amended herein, except that the Fixed Rent (as defined in Section 1.1i) shall be determined as provided in Section 37.2 and there shall be no obligation to provide any tenant improvements, furniture, cabling or other Tenant allowance or to construct any tenant improvements, (ii) Landlord's Operating Expense Contribution for determining Tenant's obligations to pay Additional Rent pursuant to the provisions of Article 54 shall be changed to mean the total amount of Operating Expenses (on a per square foot of rentable area basis) incurred by Landlord during the Calendar Year in which the Renewal Term commences, (iii) there shall be no Right of First Offer or Right to Expand Leased Premises or further renewal right after to renew the expiration Term of the Renewal Term. Upon Lease, and (iv) the commencement of annual Base Rent for the Renewal Term, (A) Leased Premises during the Renewal Term shall be added the Renewal Term Fair Market Rental Rate ("RTFMRR") as defined in subparagraph 7(b) below, at the time the Renewal Term begins. Tenant's Renewal Option may be exercised only by Tenant giving Landlord written notice of Tenant's election to and become part of exercise such option, at least nine (9) months prior to the Term (but shall not be considered part end of the initial Term), (B) any reference to "this Lease", to the "Term", the "term of this Lease" or any similar expression shall be deemed to include the Renewal Term, and (C) the expiration Term of the Renewal Term shall become Lease, time being of the Expiration Dateessence with respect to such notice.

Appears in 1 contract

Samples: Lease (Rancher Energy Corp.)

Renewal Term. Tenant shall have the option right to renew this Lease the Term for all of the Premises for (x) one renewal term of 5 years 24 months (the "“First Renewal Term") which shall commence on the day following the expiration of the initial Term and end on the fifth second anniversary of the Expiration Date, unless the First Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise; and (y) provided that Tenant timely exercised its option for the First Renewal Term and, subject to Landlord’s recapture right as hereinafter provided, a second renewal term of 36 months (the “Second Renewal Term” and, jointly with the First Renewal Term, a “Renewal Term”), unless the Second Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (ia) Tenant shall have notified Landlord in writing of Tenant's ’s exercise of each such renewal option right not earlier than nine months and not later than one year prior to the then scheduled Expiration Date, and (iib) at the time of the exercise of such right and immediately prior to the Expiration Date, no event of Default shall have occurred and be continuing hereunder. ________ Time is of the _______ essence with respect to the giving of the notice of Tenant's ’s exercise of the ______ renewal option. The Each Renewal Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution to, or perform any Alteration)Tenant, except that the Fixed Rent (as defined in Section 1.1) shall be determined as provided in Section 37.2 and there 30.2 and, upon the exercise of the renewal right respecting the Second Renewal Term, Tenant shall be have no further renewal right after to renew the expiration of the Renewal Term. Upon the commencement of the each Renewal Term, (A) the applicable Renewal Term shall be added to and become part of the Term (but shall not be considered part of the initial Term), (B) any reference to "this Lease", to the "Term", the "term of this Lease" or any similar expression shall be deemed to include the applicable Renewal Term, and (C) the expiration of the subject Renewal Term shall become the Expiration Date. Notwithstanding anything set forth in this Section 30.1 to the contrary, Landlord shall have the right, within 10 Business Days of receipt of Tenant’s exercise notice with respect to the Second Renewal Term, and by written notice to Tenant, to elect to recapture the Premises for its own use and enjoyment as of the end of the First Renewal Term.

Appears in 1 contract

Samples: Lease (DemandTec, Inc.)

Renewal Term. Tenant Provided (i) Sublessee is not in default under the terms of this Sublease for more than five (5) days after Sublessor's delivery of written notice thereof to Sublessee at the time this renewal is exercised or at the commencement of the Renewal Term (as defined below), (ii) Sublessee is occupying at least ninety percent (90%) of the Sublet Space, including any Available Space, (iii) Sublessor has not given more than two (2) notices of default in any twelve (12) month period for nonpayment of monetary obligations, (iv) the Master Lease is then in full force and effect, and (v) Sublessee's then-existing financial condition is at least as favorable as Sublessee's financial condition as of the Commencement Date, in Sublessor's sole discretion, Sublessee shall have the option to renew this Lease Sublease for either (and not both) (A) one renewal (1) period of one (1) year, or (B) a term equal to the remaining portion of the term of 5 years the Master Lease (the either, a "Renewal Term") which shall commence on the day following the expiration of the initial Term and end on the fifth anniversary of the Expiration Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (i) Tenant shall have notified Landlord in writing of Tenant's exercise of such renewal option not later than one year prior to the Expiration Date, and (ii) at the time of the exercise and immediately prior to the Expiration Date, no event of Default shall have occurred and be continuing hereunder. ________ of the _______ with respect to the giving of the notice of Tenant's exercise of the ______ renewal option). The Renewal Term shall be upon on all of the agreements, terms, covenants terms and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution to, or perform any Alteration)this Sublease, except that (a) Base Rent for the Fixed Renewal Term shall be ninety-five percent (95%) of the then- existing Market Rent (as defined in Section 1.1below), and (b) shall be determined as provided in Section 37.2 and there shall be no further renewal right after the expiration of the Renewal Term. Upon the commencement Sublessee's exercise of the Renewal Term, (A) the Renewal Term Sublessee shall be added have no further rights to and become part any renewal of the Term of this Sublease. Sublessee must exercise its option to renew this Sublease by giving Sublessor written notice (but shall not be considered part an "Extension Notice") of its election to do so no later than one hundred twenty (120) days prior to the end of the initial Term), (B) any reference to "this Lease", to the "Term", the "term of this Lease" or any similar expression . Any notice not given in a timely manner shall be void; and Sublessee shall be deemed to include the Renewal Term, and (C) the expiration of the have waived its renewal rights. The Renewal Term set forth herein is personal to Sublessee and any Affiliate thereof and shall become the Expiration Datenot be included in any assignment of this Sublease.

Appears in 1 contract

Samples: Sublease Agreement (Nvidia Corp/Ca)

Renewal Term. Section 37.1 (A) Subject to the terms of this Article 37, Tenant shall have the option (the "Renewal Option") to renew extend the term of this Lease for the Renewal Premises for one renewal term (1) additional period of 5 ten (10) years (the "Renewal Term") ), which Renewal Term shall commence on the day following immediately succeeding the expiration of the initial Term Fixed Expiration Date and end on the fifth day immediately preceding the tenth (10th) anniversary of the Fixed Expiration Date, unless provided that (a) this Lease has not been previously terminated, (b) no Event of Default has occurred and is continuing on the date that Tenant gives Landlord notice (the "Renewal Notice") of Tenant's election to exercise the Renewal Term shall sooner terminate pursuant Option, and (c) the Minimum Square Footage Requirement is satisfied on the date that Tenant gives the Renewal Notice to any of the terms of this Lease or otherwiseLandlord. The Renewal Term Option shall commence be exercisable only if by Tenant delivering the Renewal Notice to Landlord not less than two (i2) Tenant shall have notified Landlord in writing of Tenant's exercise of such renewal option not later than years and one year (1) month prior to the Fixed Expiration Date, and Date (ii) at the as to which date time shall be of the exercise and immediately prior to the Expiration Date, no event of Default essence). Landlord shall have occurred and be continuing hereunder. ________ of the _______ with respect right to the giving of the notice of declare Tenant's exercise of the ______ renewal option. The Renewal Term shall be upon all Option ineffective if (a) an Event of Default has occurred and is continuing as of the agreements, terms, covenants and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution toFixed Expiration Date, or perform any Alteration), except that (b) the Minimum Square Footage Requirement is not satisfied as of the Fixed Rent Expiration Date, in either case by giving notice thereof to Tenant during the period commencing on the Fixed Expiration Date and ending on the date that is fifteen (as defined in Section 1.115) shall be determined as provided in Section 37.2 and there shall be no further renewal right days after the expiration Fixed Expiration Date (it being understood that (x) if Landlord so declares Tenant's exercise of the Renewal Term. Upon Option ineffective, then the commencement of the Renewal Term, (A) the Renewal Term shall be added to and become part terminate on the fifteenth (15th) day after the date that Landlord gives Tenant notice of such declaration (with the Term (but understanding that Tenant shall not be considered part of pay the initial Term), (B) any reference to "this Lease", to the "Term", the "term of this Lease" or any similar expression shall be deemed to include the Renewal Term, and (C) the expiration Rental due hereunder in respect of the Renewal Term shall become to the Expiration Dateextent accruing during the period commencing on the first day of the Renewal Term and ending on the date that the Term so terminates), and (y) nothing contained in this Section 37.1(A) limits Landlord's other rights or remedies after the occurrence of an Event of Default).

Appears in 1 contract

Samples: Alexanders Inc

Renewal Term. Tenant shall have the option right to renew this Lease the Term for all of the Premises for one renewal term of 5 years (the "Renewal Term") which shall commence on the day following the expiration of the initial Term and end on the fifth 5th anniversary of the Expiration Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (ia) Tenant shall have notified Landlord in writing of Tenant's exercise of such renewal option not later than one year right at least 15 months prior to the Expiration Date, and (iib) at the time of the exercise of such right and immediately prior to the Expiration Date, no event of Default shall have occurred and be continuing hereunder. ________ , and (c) PMC-Sierra, Inc. and/or Related Entities shall be in occupancy of at least 70% of the _______ Premises at the time such notice is given. Time is of the essence with respect to the giving of the notice of Tenant's exercise of the ______ renewal option. The Renewal Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution to, or perform any Alteration)Tenant, except that the Fixed Rent (as defined in Section 1.1) shall be determined as provided in Section 37.2 29.2 and there Tenant shall be have no further renewal right after to renew the expiration of the Renewal Term. Upon the commencement of the Renewal Term, (A) the Renewal Term shall be added to and become part of the Term (but shall not be considered part of the initial Term), (B) any reference to "this Lease", to the "Term", the "term of this Lease" or any similar expression shall be deemed to include the Renewal Term, and (C) the expiration of the Renewal Term shall become the Expiration Date.

Appears in 1 contract

Samples: Lease (PMC Sierra Inc)

Renewal Term. Tenant PFIC shall have the option right and option, in its discretion, to renew extend the Initial Term of this Lease Agreement for one two (2) renewal terms of five (5) years each (each such option, as it applies to each such renewal term, being hereinafter referred to as a “Renewal Option” and each such term resulting from exercise of 5 years (the "a Renewal Option being herein referred to as a “Renewal Term") ”), which Renewal Term shall commence on the day following upon the expiration of the initial Initial Term and end on the fifth anniversary or expiration of the Expiration Dateimmediately preceding Renewal Term, unless as the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if case may be; provided, that: (i) Tenant PFIC shall have notified Landlord in writing deliver a notice to Manager of Tenant's its election to exercise of such renewal option a Renewal Option not later than one year six (6) calendar months prior to the Expiration Dateexpiration of the then applicable Initial Term or Renewal Term, as the case may be; and (ii) in the case of any Renewal Term after the first Renewal Term, Manager shall have exercised all of its preceding Renewal Options. If Manager shall fail to exercise any Renewal Option otherwise exercisable hereunder on a timely basis, this Agreement shall expire at the time end of the exercise Initial Term or the then applicable Renewal Term, as the case may be, and immediately prior any remaining Renewal Option shall thereupon terminate and be of no further force or effect. The terms of this Agreement shall be applicable to the Expiration Date, no event of Default shall have occurred management and be continuing hereunder. ________ operation of the _______ with respect to Lounge by Manager during the giving of the notice of Tenant's exercise of the ______ renewal option. The Renewal Initial Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution to, or perform any Alteration), except that the Fixed Rent (as defined in Section 1.1) shall be determined as provided in Section 37.2 and there shall be no further renewal right after the expiration each of the Renewal Terms. For the purposes hereof, the “Term” of this Agreement shall mean the Initial Term together with any Renewal Terms if, as, and when in effect. Upon In no event shall the commencement of Initial Term together with the Renewal Term, Terms exceed a period of time in excess of fifteen (A15) the Renewal Term shall be added to and become part of the Term (but shall not be considered part of the initial Term), (B) any reference to "this Lease", to the "Term", the "term of this Lease" or any similar expression shall be deemed to include the Renewal Term, and (C) the expiration of the Renewal Term shall become the Expiration Dateyears.

Appears in 1 contract

Samples: Lounge Management Agreement

Renewal Term. Tenant shall have the option right to renew this the Lease Term for all of the Leased Premises for one renewal term of 5 [*] years (the "Renewal Term") which shall commence commencing on the day following after the expiration of the initial Term (the “Renewal Term Commencement Date”) and end ending on the fifth day preceding the [*] anniversary of the Expiration Renewal Term Commencement Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (ia) Tenant shall have notified notifies Landlord in writing (the “Exercise Notice”) of Tenant's ’s exercise of such renewal option right not later than one year [*] prior to the Expiration Date, and (iib) at the time of the exercise of such right and immediately prior to the Expiration Renewal Term Commencement Date, no event of Default default shall have occurred and be continuing following any applicable cure period hereunder. ________ ; and (c) Tenant occupies no less than [*] of the _______ Lease Premises for its own use at the time the Exercise Notice is given. Time is of the essence with respect to the giving of the notice of Tenant's exercise of the ______ renewal optionExercise Notice. The Renewal Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution to, or perform any Alteration)this Lease, except that (w) the Fixed Rent (as defined in Section 1.1) Base Rental shall be determined adjusted as provided set forth in Section 37.2 and there shall be no further renewal right after the expiration of the Renewal Term. Upon the commencement of the Renewal Term, (Ai) the Renewal Term shall be added to and become part of the Term (but shall not be considered part of the initial Term), (B) any reference to "this Lease", to the "Term", the "term of this Lease" or any similar expression shall be deemed to include the Renewal Termbelow, and (Cx) Tenant shall have no further right to renew the expiration Term. Any termination, cancellation or surrender of the Renewal entire interest of Tenant under this Lease at any time during the Term shall become terminate the Expiration Dateforegoing right of renewal of Tenant hereunder.

Appears in 1 contract

Samples: Lease Agreement (Boston Beer Co Inc)

Renewal Term. The originally named Tenant herein (the “Original Tenant”) shall have the option right to renew this Lease the initial Term for all of the Premises for one (1) renewal term of 5 three (3) years (the "Renewal Term") which shall commence commencing on the day following after the expiration of the initial Term (the “Renewal Term Commencement Date”) and end ending on the fifth day immediately preceding the third (3rd) anniversary of the Expiration Renewal Term Commencement Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (i) Tenant shall have notified notifies Landlord in writing (the “Exercise Notice”) of Tenant's ’s exercise of such renewal option right not earlier than twelve (12) months, and not later than one year ten (10) months, prior to the Expiration Date, and (ii) at the time of the exercise of such right and immediately prior to the Expiration Renewal Term Commencement Date, no event of Default default under this Lease shall have occurred and be continuing hereunder. ________ , and (iii) Tenant exercises its renewal option, if at all, with respect to all of the _______ Premises. Time is of the essence with respect to the giving of the notice of Tenant's exercise of the ______ renewal optionExercise Notice. The Renewal Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution to, or perform any Alteration)this Lease, except that (a) the Fixed Rent (as defined in Section 1.1) for the Renewal Term shall be determined as provided in Section 37.2 2.5(b) below, and there (b) if Tenant exercises the renewal option set forth in this Section 2.5, then Tenant shall be have no further renewal right after to renew the expiration of the Renewal TermTerm unless otherwise agreed to in writing by Landlord and Tenant. Upon the commencement of the Renewal Term, (A1) the Renewal Term shall be added to and become part of the Term (but shall not be considered part of the initial Term), (B2) any reference to "this Lease", to ,” “the "Term", ,” the "term of this Lease" or any similar expression shall be deemed to include the Renewal Term, and (C3) the expiration date of the Renewal Term shall become the Expiration Date. Any termination, cancellation or surrender of the entire interest of Tenant under this Lease at any time during the Term shall automatically terminate the renewal right set forth in this Section 2.5. The rights contained in this Section 2.5 shall be personal to the Original Tenant and any Permitted Assignee (as defined in Section 13.8 below) and may only be exercised by the Original Tenant or a Permitted Assignee (and not any other assignee, sublessee or transferee of the Original Tenant’s interest in this Lease).

Appears in 1 contract

Samples: Lease (E2open Inc)

Renewal Term. Tenant shall have the option right, exercisable as hereinafter provided, to renew extend the Term of this Lease for one renewal term four (4) successive periods of 5 five (5) years each (the "“First Renewal Term") ,” the “Second Renewal Term,” the “Third Renewal Term,” and the “Fourth Renewal Term,” and collectively the “Renewal Terms”). Each such Renewal Term is hereby granted upon the same covenants, terms and conditions as those provided in this Lease for the Term, except for the payment of Base Rent, which shall commence on be governed by Section 4.2 of this Lease. If Tenant desires to extend the Term of this Lease for any Renewal Term, it shall provide Landlord with written notice (the “Renewal Notice”) no later than the day following which is twelve (12) months prior to the expiration of the initial Term or the then current Renewal Term, as the case may be. If Tenant shall fail timely to provide the Renewal Notice, Landlord agrees to deliver to Tenant a written notice informing Tenant that it did not provide the Renewal Notice. After receipt of Landlord’s notice, Tenant shall have an additional fifteen (15) day period in which to deliver the Renewal Notice, and end on the fifth anniversary of the Expiration Date, unless the Renewal Term shall sooner terminate pursuant then be considered to have been properly exercised if Tenant delivers the Renewal Notice within such fifteen (15) day period. The Base Rent per annum applicable to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (i) Tenant shall have notified Landlord in writing of Tenant's exercise of such renewal option not later than one year prior to the Expiration Date, and (ii) at the time of the exercise and immediately prior to the Expiration Date, no event of Default shall have occurred and be continuing hereunder. ________ of the _______ with respect to the giving of the notice of Tenant's exercise of the ______ renewal option. The Renewal Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution to, or perform any Alteration), except that the Fixed Rent (as defined amount indicated in Section 1.11.1(h) shall be determined as provided in Section 37.2 and there shall be no further renewal right after of this Lease. If the expiration Term of this Lease is not extended for the Renewal Term. Upon the commencement of the First Renewal Term, (A) the Renewal Term Tenant shall be added have no right to and become part of extend the Term (but shall not be considered part of the initial Term), (B) hereof for any reference to "this Lease", to the "Term", the "term of this Lease" or any similar expression shall be deemed to include the subsequent Renewal Term, and (C) the expiration of the Renewal Term shall become the Expiration Date.

Appears in 1 contract

Samples: Lease Agreement (American Realty Capital Trust, Inc.)

Renewal Term. (a) Provided that there shall not then exist an uncured "Event of Default" (as such term is defined in Article 13 below) on the date Tenant delivers Tenant's Renewal Notice (hereinafter defined) to Landlord, Tenant shall have the option (the "Renewal Option") to renew the term of this Lease for one renewal term of 5 years (the "Renewal Term"), for ten (10) which years. The Renewal Option for the Renewal Term shall commence be exercised by written notice from Tenant to Landlord (the "Tenant's Renewal Notice") to the effect that Tenant desires to renew the term of this Lease, to be given not later than two years prior to the Expiration Date of the Initial Term ("Option Exercise Date"). If Tenant shall fail to give Tenant's Renewal Notice to Landlord on or before the day following Option Exercise Date, then the Renewal Option shall not lapse and Landlord shall not enter into a lease(s) for the Premises or any portion thereof for any period after the expiration of the initial Term and end on the fifth anniversary of the Expiration DateInitial Term, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (i) Tenant Landlord shall have notified Landlord in writing of given Tenant written notice that Tenant has not exercised Tenant's exercise right to extend the term of such renewal option not later than one year prior to the Expiration Datethis Lease, and (ii) at an additional period of fifteen (15) business days, during which additional period Tenant may exercise such right to extend the time term of this Lease, has elapsed from receipt of such notice by Tenant. If Tenant shall not have exercised the exercise and immediately Renewal Option prior to the Expiration Dateexpiration of said fifteenth (15th) business day, no event of Default shall have occurred and be continuing hereunder. ________ of the _______ with respect to the giving of the notice of then Tenant's exercise of right to extend the ______ renewal optionInitial Term shall be deemed to have been waived. The Renewal Term shall be upon all of on the same covenants, agreements, terms, covenants provisions and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution to, or perform any Alteration)as are contained herein, except that as expressly provided herein to the Fixed Rent (as defined in Section 1.1) shall be determined as provided in Section 37.2 and there shall be no further renewal right after the expiration of the Renewal Termcontrary. Upon the commencement of the Renewal Term, (A) The rent payable during the Renewal Term shall be added as provided in Section 4.04. If Tenant fails to exercise effectively its Renewal Option (and become part of the Term (but shall not be considered part of the initial Term), (B) any reference to "this Lease", to the "Term", the "term of this Lease" or any similar expression shall be deemed to include the Renewal Term, and (C) the expiration of the Renewal Term does not become effective), then the Lease shall become terminate on the original Expiration DateDate as herein provided.

Appears in 1 contract

Samples: Lease (Scholastic Corp)

Renewal Term. Tenant Lessee shall have the an option to renew extend the Initial Term of this Lease for up to three (3) additional renewal terms of seven (7) years each (each of such additional seven-year terms are referred to as a “Renewal Term”), but only in the manner and upon the terms and conditions set forth in this Lease. The Initial Term of this Lease and all Renewal Terms for which this Lease is actually extended by Lessee are collectively referred to as the “Tern,” or “Terms” of this Lease. Lessee may extend the term of this Lease for one renewal or more such additional seven-year terms, at Xxxxxx’s option. Lessee shall not have the right to renew or extend this Lease except as provided herein. Subject to any provision hereof expressly limiting the applicability of any term of 5 years this Lease to a particular time period, all terms of this Lease shall he effective during the Renewal Terms. Lessee shall not have the right to extend the term of this Lease for more than one Renewal Term at a time. In the event Lessee elects to exercise the right to extend the Term, Lessee shall give written notice to Lessor not less than two (the "Renewal Term"2) which shall commence on the day following months prior to the expiration of the initial Term then-current Term. If Lessee fails to notify Lessor in a timely and proper manner, in accordance with this Lease, that Lessee wishes to exercise its option to extend this Lease beyond the end on the fifth anniversary of the Expiration Datethen-current term, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (i) Tenant shall have notified Landlord in writing of Tenant's exercise of such renewal option not later than one year prior to the Expiration Date, and (ii) at the time of the exercise and immediately prior to the Expiration Date, no event of Default shall have occurred and be continuing hereunder. ________ of the _______ with respect to the giving of the notice of Tenant's exercise of the ______ renewal option. The Renewal Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution to, or perform any Alteration), except that the Fixed Rent (as defined in Section 1.1) shall be determined as provided in Section 37.2 and there shall be no further renewal right after the expiration of the Renewal Term. Upon the commencement of the Renewal Term, (A) the Renewal Term shall be added to and become part of the Term (but shall not be considered part of the initial Term), (B) any reference to "this Lease", to the "Term", the "term of this Lease" or any similar expression then Lessee shall be deemed to have waived the right to renew this Lease, shall have no right to renew this Lease, and this Lease shall terminate at the conclusion of the then-current term without further notice or action by any party. As used in this Lease, the phrase “Term” shall include the Renewal Term or Renewal Terms unless the “Initial Term, and (C) the expiration of the Renewal Term shall become the Expiration Date” is specified.

Appears in 1 contract

Samples: Lease Agreement (Remembrance Group, Inc.)

Renewal Term. Tenant Lessee shall have the an option to renew extend the Initial Term of this Lease for up to three (3) additional renewal terms of seven (7) years each (each of such additional seven-year terms are referred to as a “Renewal Term”), but only in the manner and upon the terms and conditions set forth in this Lease. The Initial Term of this Lease and all Renewal Terms for which this Lease is actually extended by Lessee are collectively referred to as the “Term” or “Terms” of this Lease. Lessee may extend the term of this Lease for one renewal or more such additional seven-year terms, at Xxxxxx’s option. Lessee shall not have the right to renew or extend this Lease except as provided herein. Subject to any provision hereof expressly limiting the applicability of any term of 5 years this Lease to a particular time period, ail terms of this Lease shall be effective during the Renewal Terms. Lessee shall not have the right to extend the term of this LeaSe for more than one Renewal Term at a time. In the event Lessee elects to exercise the right to extend the Term, Lessee shall give written notice to Lessor not less than two (the "Renewal Term"2) which shall commence on the day following months prior to the expiration of the initial Term then-current Term. If Lessee fails to notify Lessor in a timely and proper manner, in accordance with this Lease, that Lessee wishes to exercise its option to extend this Lease beyond the end on the fifth anniversary of the Expiration Datethen-current term, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (i) Tenant shall have notified Landlord in writing of Tenant's exercise of such renewal option not later than one year prior to the Expiration Date, and (ii) at the time of the exercise and immediately prior to the Expiration Date, no event of Default shall have occurred and be continuing hereunder. ________ of the _______ with respect to the giving of the notice of Tenant's exercise of the ______ renewal option. The Renewal Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution to, or perform any Alteration), except that the Fixed Rent (as defined in Section 1.1) shall be determined as provided in Section 37.2 and there shall be no further renewal right after the expiration of the Renewal Term. Upon the commencement of the Renewal Term, (A) the Renewal Term shall be added to and become part of the Term (but shall not be considered part of the initial Term), (B) any reference to "this Lease", to the "Term", the "term of this Lease" or any similar expression then Lessee shall be deemed to have waived the right to renew this Lease, shall have no right to renew this Lease, and this Lease shall terminate at the conclusion of the then-current term without further notice or action by any party. As used in this Lease, the phrase “Term” shall include the Renewal Term or Renewal Terms unless the “Initial Term, and (C) the expiration of the Renewal Term shall become the Expiration Date” is specified.

Appears in 1 contract

Samples: Lease Agreement (Remembrance Group, Inc.)

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Renewal Term. Tenant shall have the option right to renew this Lease the Term ------------ for all of the Premises for one (1) renewal term of 5 five (5) years (the "Renewal Term") which shall commence on the day following the expiration of the initial Term and end on the fifth (5th) anniversary of the originally-scheduled Expiration Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (ia) Tenant shall have notified Landlord in writing of Tenant's exercise of such renewal option right (the "Exercise Notice") not later than one year fourteen (14) months prior to the Expiration Date, and (iib) at the time of the exercise of such right and immediately prior to the Expiration Date, no event Event of Default shall have occurred and be continuing hereunder. ________ , and (c) Tenant and/or a Related Entity shall be in occupancy of at least sixty-six percent (66%) of the _______ rentable area of the Premises at the time such Exercise Notice is given. Time is of the essence with respect to the giving of the notice Exercise Notice of Tenant's exercise of the ______ such renewal option. The Renewal Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution to, or perform any Alteration)Tenant, except that the Fixed Rent (as defined in Section 1.1) shall be determined as provided in Section 37.2 34.2 and there Tenant shall be have no further renewal right after to renew the expiration of the Renewal Term. Upon the commencement of the Renewal Term, (A) the Renewal Term shall be added to and become part of the Term (but shall not be considered part of the initial Term), (B) any reference to "this Lease", to the "Term", the "term of this Lease" or any similar expression shall be deemed to include the Renewal Term, and (C) the expiration of the Renewal Term shall become the Expiration Date.

Appears in 1 contract

Samples: Lease (Portal Software Inc)

Renewal Term. The Original Tenant and a Permitted Transferee Assignee, as the case may be, shall have the option right to renew this Lease the initial Term for all of the Premises for one renewal term of 5 five (5) years (the "Renewal Term") which shall commence commencing on the day following after the expiration of the initial Term (the “Renewal Term Commencement Date”) and end ending on the day immediately preceding the fifth (5th) anniversary of the Expiration Renewal Term Commencement Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (i) Tenant shall have notified notifies Landlord in writing (the “Exercise Notice”) of Tenant's ’s exercise of such renewal option right not earlier than fourteen (14) months, and not later than one year nine (9) months, prior to the Expiration Date, and (ii) at the time of the exercise of such right and immediately prior to the Expiration Renewal Term Commencement Date, no event of Default default by Tenant under this Lease shall have occurred and be continuing hereunder. ________ , (iii) Tenant occupies the entire Premises at the time the Exercise Notice is given and immediately prior to the Renewal Term Commencement Date, and (iv) Tenant exercises its renewal option, if at all, with respect to all of the _______ Premises. Time is of the essence with respect to the giving of the notice of Tenant's exercise of the ______ renewal optionExercise Notice. The Renewal Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution to, or perform any Alteration)this Lease, except that (a) the Fixed Rent (as defined in Section 1.1) for the Renewal Term shall be determined as provided in Section 37.2 2.5(b) below and there (b) if Tenant exercises the renewal option set forth in this Section 2.5, then Tenant shall be have no further renewal right after to renew the expiration of the Renewal TermTerm unless otherwise agreed to in writing by Landlord and Tenant. Upon the commencement of the Renewal Term, (A1) the Renewal Term shall be added to and become part of the Term (but shall not be considered part of the initial Term), (B2) any reference to "this Lease", to the "Term", the "term of this Lease" or any similar expression shall be deemed to include the Renewal Term, Term and (C3) the expiration date of the Renewal Term shall become the Expiration Date. Any termination, cancellation or surrender of the entire interest of Tenant under this Lease at any time during the Term shall automatically terminate the renewal right set forth in this Section 2.5. The rights contained in this Section 2.5 shall be personal to Original Tenant and a Permitted Transferee Assignee, as the case may be, and may only be exercised by Original Tenant or a Permitted Transferee Assignee, as the case may be (and not any other assignee, or any sublessee or other transferee of Original Tenant’s interest in this Lease).

Appears in 1 contract

Samples: Lease (Catasys, Inc.)

Renewal Term. Tenant In consideration of the Rent hereinafter reserved and the terms, covenants and conditions set forth in this Lease to be observed and performed by Lessee, Lessor hereby demises and leases to Lessee, and Lessee hereby rents and takes from Lessor, the following property (collectively hereinafter referred to as the "Demised Premises"): 0000 Xxxxxxxx-Xxxxxxxxx Xxxx Line Road, Rochester, New York 14623; (a) all the land (the "Land") described in Exhibit A hereto; (b) all buildings, structures and other improvements (the "Improvements") now or hereafter located on the Land, other than Lessee's Equipment as hereinafter defined; and (c) all rights of way or of use, servitudes, licenses, tenements, appurtenances and easements now or hereafter belonging or pertaining unto Lessee, and the permitted successors and assigns of Lessee, upon and subject to all of the terms, covenants and conditions herein contained, for a ten (10) year term commencing on October , 2003, and terminating on October , 2013. If the Lessee is then in compliance with all of the terms and conditions of this Lease, the Lessee shall have the one (1) option to renew this Lease for one renewal term of 5 years (the "Renewal Term"1) five (5) year term, which shall commence on the day following the expiration date of the initial Term term of this Lease. All terms and end on the fifth anniversary of the Expiration Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms conditions of this Lease or otherwise. The Renewal Term shall commence only if (i) Tenant shall have notified Landlord remain in writing of Tenant's exercise of such full force and effect during the renewal option not later than one year prior to the Expiration Date, and (ii) at the time of the exercise and immediately prior to the Expiration Date, no event of Default shall have occurred and be continuing hereunder. ________ of the _______ with respect to the giving of the notice of Tenant's exercise of the ______ renewal option. The Renewal Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution to, or perform any Alteration)term, except that the Fixed Rent (as defined in Section 1.1) Lessee shall have no other renewal option, and the annual rent shall be determined as provided adjusted to reflect the increase in Section 37.2 and there shall be no further renewal right after the expiration of Consumer Price Index applicable to the Renewal Term. Upon Rochester, New York, metropolitan area in the period between the commencement of the Renewal Term, (A) the Renewal Term shall be added to and become part of the Term (but shall not be considered part date of the initial Term), term of the Lease and the commencement date of the renewal term of the Lease. This option shall be exercised by the Lessee no later than one hundred twenty (B120) any reference to "this Lease", days prior to the "Term", expiration date of the "initial term of this Lease" or any similar expression shall be deemed to include the Renewal Term, and (C) the expiration of the Renewal Term shall become the Expiration Date.

Appears in 1 contract

Samples: Lease (Total Identity Corp)

Renewal Term. Tenant shall have At the option of Licensee, Licensee may, subject to renew this Lease the terms contained herein, extend the Initial Term for one renewal (1) additional term of 5 years five (5) Operating Years (the "Renewal Term") which shall commence on the day following the expiration of the initial Term if, and end on the fifth anniversary of the Expiration Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if if: (i) Tenant shall have notified Landlord Licensee is not in writing of Tenant's exercise of such renewal option not later than one year prior to the Expiration Date, and (ii) default at the time of exercising the exercise and immediately prior option to extend the Expiration Date, no event of Default shall have occurred and be continuing hereunder. ________ of the _______ with respect to the giving of the notice of Tenant's exercise of the ______ renewal option. The Renewal Initial Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution to, or perform any Alteration), except that the Fixed Rent (as defined in Section 1.1) shall be determined as provided in Section 37.2 and there shall be no further renewal right after the expiration of the Renewal Term. Upon at the commencement of the Renewal Term, ; (Aii) Licensee properly and timely exercises its right to extend the Renewal Initial Term shall be added to and become part of within the Term time period provided herein (but shall not be considered part of the initial TermWITH TIME BEING OF THE ESSENCE), (B) any reference to "this Lease", to the "Term", the "term of this Lease" or any similar expression shall be deemed to include the Renewal Term, and (Ciii) the annual Gross Revenues for the fifth (5th) Operating Year of the Initial Term exceed Two Million Seven Hundred Fifty Thousand Dollars ($2,750,000.00) (the “Renewal Base”). The Renewal Term will be upon the same terms, conditions and charges (including the Concession Fees) as set forth in this Agreement except for the Minimum Annual Fees which shall be adjusted as provided in Section 5(c) below. Licensee may exercise its right to extend the Initial Term by giving written notice of such intention to UCDP no earlier than nine (9) months and no later than three (3) months prior to the end of the Initial Term. If Licensee fails to timely deliver written notice to UCDP at least three (3) months prior to the expiration of the Initial Term, Licensee’s right to extend the Initial Term will be null and void and of no further effect and this Agreement shall terminate at the expiration of the Initial Term. If Licensee exercises its right to extend the Initial Term as provided herein and Gross Revenues for the fifth (5th) Operating Year of the Initial Term do not exceed the Renewal Base, then the Term of this Agreement shall become expire thirty (30) days after the Expiration Dateexpiration of the fifth Operating Year of the Initial Term.

Appears in 1 contract

Samples: Propell Corporation.

Renewal Term. Tenant shall have the option right to renew this Lease the Term for all of the Premises for one renewal term of 5 five (5) years (the "Renewal Term") which shall commence commencing on the day following after the expiration of the initial Term (the “Renewal Term Commencement Date”) and end ending on the day preceding the fifth (5th) anniversary of the Expiration Renewal Term Commencement Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (ia) Tenant shall have notified notifies Landlord in writing (the “Exercise Notice”) of Tenant's ’s exercise of such renewal option right not later than one year fifteen (15) months prior to the Expiration Date, and (iib) at the time of the exercise of such right and immediately prior to the Expiration Renewal Term Commencement Date, no event of Default default shall have occurred and be continuing hereunder. ________ , and (c) Tenant leases no less than four (4) Bays at the time of such Exercise Notice and occupies for its own use 75% of the _______ Leased Premises at the time the Exercise Notice is given. Time is of the essence with respect to the giving of the notice of Tenant's exercise of the ______ renewal optionExercise Notice. The Renewal Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution to, or perform any Alteration)this Lease, except that (w) the Fixed Base Rent shall be the Fair Market Value (as defined in Section 1.1) shall be determined as provided in Section 37.2 and there shall be no further renewal right after the expiration of the Renewal Term. Upon the commencement of the Renewal Term, (A) the Renewal Term shall be added to and become part of the Term (but shall not be considered part of the initial Termbelow), (B) any reference to "this Lease", to the "Term", the "term of this Lease" or any similar expression shall be deemed to include the Renewal Term, and (Cx) Tenant shall have no further right to renew the expiration Term. Any termination, cancellation or surrender of the Renewal entire interest of Tenant under this Lease at any time during the Term shall become terminate the Expiration Dateforegoing right of renewal of Tenant hereunder.

Appears in 1 contract

Samples: Lease Agreement (Soaring Eagle Acquisition Corp.)

Renewal Term. If Tenant performs all of the terms and conditions of this Lease, Tenant shall have the option right to renew this extend the term of the Lease for one renewal term the number of 5 years set forth in ITEM 4(B) OF THE BASIC LEASE PROVISIONS ("RENEWAL TERM" and, as extending the Term, the "Renewal TermTERM") ), which shall commence on the day following the expiration of the initial Term and end on the fifth anniversary of the then current Expiration DateDate ("RENEWAL TERM COMMENCEMENT DATE"). Tenant shall be deemed to have waived its rights under this ARTICLE 2.04, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (i) Tenant shall have notified notifies Landlord in writing of Tenant's election to exercise of such this renewal option right and executes Landlord's standard form amendment subject to negotiations extending the Term at the rental rate set forth in ITEM 3(C) OF THE BASIC LEASE PROVISIONS, which notice and amendment shall be executed and delivered to Landlord not later more than one year nine (9) months and not less than six (6) months prior to the then Expiration Date. Tenant shall accept the Premises in an "AS-IS" condition, Tenant shall not be entitled to any lease inducements (such as rent abatement or refurbishment allowances), and (ii) at Tenant shall not be entitled to extend the time of the exercise and immediately prior to the Expiration Date, no event of Default shall have occurred and be continuing hereunder. ________ of the _______ with respect to the giving of the notice of Tenant's exercise of the ______ renewal option. The Renewal Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution to, or perform any Alteration), except that the Fixed Rent (as defined in Section 1.1) shall be determined as provided in Section 37.2 and there shall be no further renewal right after the expiration of beyond the Renewal Term. Upon The terms and conditions of Landlord's then standard form lease shall apply to the commencement of Premises and the Renewal Term, Rent shall be equal to ninety percent (A90%) the Renewal Term shall be added to and become part of the Term (but shall not be considered part of the initial Term), (B) any reference to "this Lease", to the "Term", the "term of this Lease" or any similar expression shall be deemed to include the Renewal Term, and (C) the expiration Prevailing Market Rate determined as of the Renewal Term Commencing Date. If requested in writing by Tenant, Landlord shall become provide Tenant with Landlord's good faith determination of the Expiration DatePrevailing Market Rate for the Premises.

Appears in 1 contract

Samples: Lease Agreement (Santa Fe Energy Trust)

Renewal Term. Provided Tenant shall have is not in default or breach under the Lease at the time the option to renew this described below (the "Renewal Option") is exercised or at the commencement of the Renewal Term (as hereinafter defined), Tenant shall have one (1) option to extend the Term of the Lease for one renewal term a period of 5 five (5) years (the "Renewal Term") which shall commence ), commencing on the first day following the expiration last day of the initial Term and end on upon the fifth anniversary of same terms and conditions as are contained in the Expiration DateLease, unless except as hereinafter provided. If Tenant timely and properly exercises the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (i) Tenant shall have notified Landlord in writing of Tenant's exercise of such renewal option not later than one year prior to the Expiration DateOption, and (ii) at the time of the exercise and immediately prior to the Expiration Date, no event of Default shall have occurred and be continuing hereunder. ________ of the _______ with respect to the giving of the notice of Tenant's exercise of the ______ renewal option. The Renewal Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution to, or perform any Alteration), except that the Fixed monthly Base Rent (as defined in Section 1.1) shall be determined as provided in Section 37.2 and there shall be no further renewal right after the expiration of the Renewal Term. Upon the commencement of the Renewal Term, (A) for the Renewal Term shall be added as follows: Renewal Term (Months) Monthly Base Rent 1 - 12 $20,36122 13-24 $20,972.05 25-36 $21,601.22 37-48 $22,249.25 49-60 $22,916.73 Tenant shall have no further or additional right to and become part extend the Term of the Term Lease. Landlord shall have no obligation to make any improvements, decorations, repairs, alterations or additions to the Premises as a condition to Tenant's obligation to pay monthly Base Rent, Additional Rent and any and all other amounts owing under the Lease for the Renewal Term. The Renewal Option shall be exercised, if at all, by written notice to Landlord given no later than six (but 6) months prior to the last day of the initial Tenn. If Tenant fails to timely exercise the Renewal Option, Tenant shall not conclusively be considered part deemed to have waived the Renewal Option and the Lease shall terminate on the last day of the initial Term. In the event of any assignment or sublease by Tenant (whether in accordance with the terms of the Lease or otherwise), (B) any reference to "this Lease", to the "Term", the "term of this Lease" or any similar expression shall be deemed to include the Renewal TermOption shall automatically be null and void, and (C) the expiration of the Renewal Term shall become the Expiration Date.unless Landlord first provides its written consent otherwise, which consent may not be unreasonably withheld 5. Base Rent Total Monthly Gross Rent 5.1

Appears in 1 contract

Samples: Lease) Agreement (Value Line Inc)

Renewal Term. Tenant shall have the option right to renew this Lease the Term for one all of the Premises for two (2) successive renewal term of 5 years terms (the "each, a “Renewal Term";” the “First Renewal Term” and the “Second Renewal Term”, respectively) which shall commence on of five (5) years each, by notice (each, a “Renewal Notice”) delivered to Landlord not less than eighteen (18) months prior to the day following Expiration Date or the expiration of the initial Term and end First Renewal Term, as applicable, time being of the essence; provided, however, (x) no Event of Default shall remain outstanding either on the fifth anniversary date such Renewal Notice is given or on the respective Renewal Term Commencement Date (as hereinafter defined, and (y) the One Xxxxxx Street Lease is and remains in full force and effect, and concurrently therewith, Tenant renews the term of the Expiration DateOne Xxxxxx Street Lease. Upon the giving of each such Renewal Notice, unless the Term of this Lease shall be extended for the respective Renewal Term with the same force and effect as if such Renewal Term had originally been included in the Term. The First Renewal Term shall sooner commence on January 1, 2024 (the “First Renewal Term Commencement Date”) and shall expire on December 31, 2029, or such earlier date as this Lease may terminate pursuant to any of the terms and conditions of this Lease or otherwiseLease. The Second Renewal Term shall commence only if on January 1, 2030 (i) Tenant shall have notified Landlord in writing of Tenant's exercise of such renewal option not later than one year prior to the Expiration “Second Renewal Term Commencement Date”), and (ii) at the time shall expire on December 31, 2034, or such earlier date as this Lease may terminate pursuant to any of the exercise terms and immediately prior to the Expiration Date, no event conditions of Default shall have occurred and be continuing hereunderthis Lease. ________ Time is of the _______ essence with respect to the giving of the notice of Tenant's exercise of the ______ renewal optioneach Renewal Notice. The Each Renewal Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution to, or perform any Alteration)this Lease, except that (w) the Fixed Rent (as defined in Section 1.1) shall be determined as provided in Section 37.2 and there 28.2, (x) after the exercise of the option with respect to the Second Renewal Term, Tenant shall have no further right to renew the Term, (y) the Base Tax Year shall be no further renewal right after the expiration of Tax Year commencing on the July 1st prior to the applicable Renewal TermTerm Commencement Date, and (z) the Base Expense Year shall be the Comparison Year ending on the December 31st immediately preceding the respective Renewal Term Commencement Date. Upon the commencement of the each respective Renewal Term, (A) the respective Renewal Term shall be added to and become part of the Term (but shall not be considered part of the initial Term), (B) any reference to "in this Lease", Lease to the "Term", the "term of this Lease" or any similar expression shall be deemed to include the respective Renewal Term, and (C) the expiration of the respective Renewal Term shall become the Expiration Date. Any termination, cancellation or surrender of the entire interest of Tenant under this Lease at any time during the Term shall terminate the foregoing rights of renewal of Tenant hereunder.

Appears in 1 contract

Samples: Lease (Pegasystems Inc)

Renewal Term. Section 39.1(A) Subject to the provisions of Section 39.4 hereof, Tenant shall have the option (each, an "Eight Year Space Renewal Option") to renew extend the term of this Lease with respect to the Eight Year Space for one renewal term four (4) additional periods of 5 five (5) years each (the each, an "Eight Year Space Renewal Term") ), each of which Eight Year Space Renewal Terms shall commence on the day following date immediately succeeding the expiration eighth (8th) anniversary of the initial Term Commencement Date, or if the Commencement Date shall occur other than on the first day of the month, on the date immediately succeeding the last day of the month in which the eighth (8th) anniversary of the Commencement Date shall occur (the "Eight Year Space Expiration Date"; the period between the Commencement Date and the Eight Year Space Expiration Date being hereinafter 93 94 referred to as the "Eight Year Space Term") or the then current Eight Year Space Renewal Term, as the case may be, and end on the fifth (5th) anniversary of the Expiration Date, unless the Renewal Term shall sooner terminate pursuant to any expiration of the terms of Eight Year Space Term or the then current Eight Year Space Renewal Term, as the case may be, provided that (a) this Lease or otherwise. The Renewal Term shall commence only if not have been previously terminated, (ib) Tenant shall have notified Landlord in writing of Tenant's exercise of such renewal option not later than one year prior to the Expiration Date, and (ii) at the time of the exercise and immediately prior to the Expiration Date, no event Event of Default shall have occurred and be continuing hereunder. ________ (x) on the date Tenant gives Landlord written notice (each, an "Eight Year Space Renewal Notice") of Tenant's election to exercise the Eight Year Space Renewal option, and (y) on the expiration of the _______ Eight Year Space Term or the then current Eight Year Space Renewal Term, as the case may be, provided, however, that with respect to any Event of Default which may occur without Landlord being required to deliver to Tenant a notice of default (other than an Event of Default under Section 16.1(E) of this Lease) then, solely for the purposes of this Section 39.1, no such Event of Default shall be deemed to have occurred unless Landlord shall have delivered to Tenant a notice thereof and Tenant shall have failed or refused to cure the same within seven (7) Business Days after delivery of such notice, and (c) Tenant and its Affiliates shall occupy not less than eighty percent (80%) of the rentable area of the Eight Year Space on the date the applicable Eight Year Space Renewal Notice is given and on the first (1st) day of the applicable Eight Year Space Renewal Term. Each such Eight Year Space Renewal Option may be exercised only with respect to the entire Eight Year Space and shall be exercisable by Tenant delivering the applicable Eight Year Space Renewal Notice to Landlord at least eighteen (18) months prior to the expiration of the Eight Year Space Term or the then applicable Eight Year Space Renewal Term, as the case may be. Time is of the essence with respect to the giving of the notice of Tenant's exercise of the ______ renewal option. The each Eight Year Space Renewal Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution to, or perform any Alteration), except that the Fixed Rent (as defined in Section 1.1) shall be determined as provided in Section 37.2 and there shall be no further renewal right after the expiration of the Renewal TermNotice. Upon the commencement giving of the Eight Year Space Renewal Notice with respect to the fourth Eight Year Space Renewal Term, (A) Tenant shall have no further right or option to extend or renew the Renewal Term shall be added to and become part of the Term (but shall not be considered part of the initial Term), (B) any reference to "this Lease", to the "Term", the "term of this Lease" or any similar expression shall be deemed to include the Renewal Term, and (C) the expiration of the Renewal Term shall become the Expiration Date.

Appears in 1 contract

Samples: Mony Group Inc

Renewal Term. Tenant (a) Provided that (i) this Sublease shall not have been previously terminated, and (ii) no default shall have occurred and be continuing hereunder on (x) the date Subtenant gives Sublessor written notice (the "Renewal Notice") of Subtenant's election to exercise the Renewal Option (as hereinafter defined), and (y) the Expiration Date, Subtenant shall have the option (the "Renewal Option") to renew extend the Term of this Lease Sublease for one renewal term (1) additional period of 5 approximately five (5) years (the "Renewal Term") ), which Renewal Term shall commence on the day following date immediately succeeding the expiration of the initial Term Expiration Date and end on the fifth anniversary of December 31, 2012 (in which case, such date shall be deemed the Expiration Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise). The Renewal Term Option may be exercised with respect to the entire Subleased Premises only and shall commence only if be exercisable by Subtenant delivering the Renewal Notice to Sublessor 77 79 on or before the date which is six (i6) Tenant shall have notified Landlord in writing of Tenant's exercise of such renewal option not later than one year months prior to the Expiration Date (the "Renewal Notice Date, and (ii) at the time "). Time is of the exercise and immediately prior to the Expiration Date, no event of Default shall have occurred and be continuing hereunder. ________ of the _______ essence with respect to the giving of the notice of Tenant's exercise of Renewal Notice on or before the ______ renewal option. The Renewal Term Notice Date, and in the event Subtenant does not deliver the Renewal Notice to Subtenant on or before the Renewal Notice Date, this Section 27 shall be upon all void and of no force or effect. Upon the agreements, terms, covenants and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution to, or perform any Alteration), except that the Fixed Rent (as defined in Section 1.1) shall be determined as provided in Section 37.2 and there shall be no further renewal right after the expiration giving of the Renewal Term. Upon Notice, Subtenant shall have no further right or option to extend or renew the commencement of the Renewal Term, (A) the Renewal Term shall be added to and become part of the Term (but shall not be considered part of the initial Term), (B) any reference to "this Lease", to the "Term", the "term of this Lease" or any similar expression shall be deemed to include the Renewal Term, and (C) the expiration of the Renewal Term shall become the Expiration DateSublease.

Appears in 1 contract

Samples: Bisys Group Inc

Renewal Term. Tenant (a) Coincident with the exercise by the Lessee of its option during the Base Term or a Renewal Term then in effect to renew the Lease for a new Renewal Term pursuant to Section 2.4 of the Lease: (i) Lessee may, at Lessee's expense and by written request to the Lessor and the Administrative Agent not earlier than nine (9) months nor later than six (6) months prior to the Maturity Date then in effect, arrange or request Administrative Agent to solicit bids from Participants to permit Lessee to extend the Operative Documents for another Renewal Term, and concomitantly to extend the Final Maturity Date to the new Renewal Term Expiration Date, which shall have be the date that is two years after the Maturity Date then in effect; Lessee may, in its sole discretion, accept or reject any and all offers from one or more Participants and in its sole discretion, Lessee may elect, with the consent of the Administrative Agent, which consent shall not be unreasonably withheld, to replace (in accordance with SECTION 2.8(b)) any Participant that does not submit an offer to extend or whose offer is not acceptable to Lessee (in each case, a "NON-CONSENTING PARTICIPANT"); and (ii) on or before the expiration of the Base Term or the Renewal Term then in effect, Lessee, Administrative Agent, Lessor and continuing or new Lenders shall enter into appropriate documentation (including an amendment to this Agreement and the Loan Agreement to reflect the agreed-upon economic terms) to effect such renewal of the Lease and the other Operative Documents for such Renewal Term, and concomitantly to extend the Final Maturity Date to the new Renewal Term Expiration Date. Such renewal of the Lease and concomitant extension of the Final Maturity Date shall be effective for such Participants approving the extension if the Required Entities agree to and approve such extension. None of the Lenders or the Lessor is in any way obligated to bid or offer to participate under the option to renew this Lease for one renewal term of 5 years (the "Renewal Term") which shall commence on the day following the expiration of the initial Term and end on the fifth anniversary of the Expiration Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (i) Tenant shall have notified Landlord in writing of Tenant's exercise of such renewal option not later than one year prior to otherwise remain subject to the Expiration Date, and (ii) at the time of the exercise and immediately prior to the Expiration Date, no event of Default shall have occurred and be continuing hereunder. ________ of the _______ with respect to the giving of the notice of Tenant's exercise of the ______ renewal option. The Renewal Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution to, or perform any Alteration), except that the Fixed Rent (as defined in Section 1.1) shall be determined as provided in Section 37.2 and there shall be no further renewal right Operative Documents after the expiration of the Base Term or after expiration of any Renewal Term. Upon the commencement of the Renewal Term, (A) the Renewal Term shall be added to and become part of the Term (but shall not be considered part of the initial Term), (B) any reference to "this Lease", to the "Term", the "term of this Lease" or any similar expression shall be deemed to include the Renewal Term, and (C) the expiration of the Renewal Term shall become the Expiration Date.

Appears in 1 contract

Samples: Participation Agreement (Reebok International LTD)

Renewal Term. A. Provided that both at the time of the exercise of the option hereinafter set forth and at the time of the commencement of the Renewal Term (as hereinafter defined) this Lease is in full force and effect and provided, further, that Tenant shall have is not then in default hereunder beyond any applicable notice and grace periods, then Tenant is hereby granted the option to renew this Lease the Term for one renewal term (1) additional period of 5 five (5) years (the "Renewal Term") which shall commence on the day following the expiration of the initial Term and end on the fifth anniversary of the Expiration Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise). The Renewal Term shall commence only if at the expiration of the Original Lease Term and shall expire on the fifth (i5th) anniversary of the expiration date of the Original Lease Term. Tenant shall have notified Landlord in writing of Tenant's exercise the option to renew, if at all, by delivering notice of such renewal option election (the "Renewal Notice") to Landlord not later less than one year twelve (12) months but not more than eighteen (18) months prior to the Expiration Date, and (ii) at the time expiration of the exercise and immediately Original Lease Term. In the event that Landlord does not receive the Renewal Notice prior to the Expiration Dateexpiration of such time period (time being of the essence with respect thereto), no event then such option to renew the Term shall, upon the expiration of Default shall have occurred such time period, become null and void and be continuing of no further force or effect and Tenant shall, at the request of Landlord, execute an instrument in form and substance acceptable to Landlord confirming such facts. If Tenant fails to execute such instrument within ten (10) days after receipt thereof from Landlord, then such failure shall be a default by Tenant hereunder. ________ of the _______ with respect to the giving of the notice of Tenant's exercise of the ______ renewal option. The Renewal Term shall be upon all of the agreements, terms, covenants same terms and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution to, or perform any Alteration), this Lease except that the Fixed Rent (as defined in Section 1.1) Tenant shall be determined as provided in Section 37.2 and there shall be have no further renewal right after option to renew this Lease beyond the expiration of the Renewal Term. Upon the commencement of the Renewal Term, (A) the Renewal Term shall be added to and become part of the Term (but shall not be considered part of the initial Term), (B) any reference to "this Lease", to the "Term", the "term of this Lease" or any similar expression shall be deemed to include the Renewal Term, and (C) the expiration of the Renewal Term shall become the Expiration Date.

Appears in 1 contract

Samples: Lease (Ha Lo Industries Inc)

Renewal Term. Tenant (a) Coincident with the exercise by the Lessee of its option during the Base Term or a Renewal Term then in effect to renew the Lease for a new Renewal Term pursuant to Section 2.4 of the Lease: (i) Lessee may, at Lessee's expense and by written request to the Lessor and the Administrative Agent not earlier than 18 months nor later than 15 months prior to the Maturity Date then in effect, arrange or request Administrative Agent to solicit bids from Participants to permit Lessee to extend the Operative Documents for another Renewal Term, and concomitantly to extend the Final Maturity Date to the new Renewal Term Expiration Date, which shall have be the date that is two years after the Maturity Date then in effect; Lessee may, in its sole discretion, accept or reject any and all offers from one or more Participants and in its sole discretion, Lessee may elect, with the consent of the Administrative Agent, which consent shall not be unreasonably withheld, to replace (in accordance with Section 2.8(b)) any Participant that does not submit an offer to extend or whose offer is not acceptable to Lessee (in each case, a "Non- Consenting Participant"); and (ii) on or before the expiration of the Basic Term or the Renewal Term then in effect, Lessee, Administrative Agent, Lessor and continuing or new Lenders shall enter into appropriate documentation (including an amendment to this Agreement and the Loan Agreement to reflect the agreed-upon economic terms) to effect such renewal of the Lease and the other Operative Documents for such Renewal Term, and concomitantly to extend the Final Maturity Date to the new Renewal Term Expiration Date. Such renewal of the Lease and concomitant extension of the Final Maturity Date shall be effective for such Participants approving the extension if the Required Entities agree to and approve such extension. None of the Lenders or the Lessor is in any way obligated to bid or offer to participate under the option to renew this Lease for one renewal term of 5 years (the "Renewal Term") which shall commence on the day following the expiration of the initial Term and end on the fifth anniversary of the Expiration Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if (i) Tenant shall have notified Landlord in writing of Tenant's exercise of such renewal option not later than one year prior to otherwise remain subject to the Expiration Date, and (ii) at the time of the exercise and immediately prior to the Expiration Date, no event of Default shall have occurred and be continuing hereunder. ________ of the _______ with respect to the giving of the notice of Tenant's exercise of the ______ renewal option. The Renewal Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution to, or perform any Alteration), except that the Fixed Rent (as defined in Section 1.1) shall be determined as provided in Section 37.2 and there shall be no further renewal right Operative Documents after the expiration of the Renewal Base Term. Upon the commencement of the Renewal Term, (A) the Renewal Term shall be added to and become part of the Term (but shall not be considered part of the initial Term), (B) any reference to "this Lease", to the "Term", the "term of this Lease" or any similar expression shall be deemed to include the Renewal Term, and (C) the expiration of the Renewal Term shall become the Expiration Date.

Appears in 1 contract

Samples: Participation Agreement (Reebok International LTD)

Renewal Term. Tenant shall have the option to renew this Lease for one renewal term of 5 years (the "Renewal Term") which shall commence on the day following the expiration of the initial Term and end on the fifth anniversary of the Expiration Date, unless the Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence only if Provided that (i) Tenant shall have notified Landlord this Lease is in writing full force and effect as of Tenant's exercise the date of the Renewal Notice (as such renewal option not later than one year prior to the Expiration Dateterm is hereinafter defined), and (ii) at the time of exercise of this option or at the exercise time of commencement of the Renewal Term (as defined herein) Tenant shall not be in Default of this Lease, and immediately prior (iii) Tenant shall physically occupy one hundred percent (100%) of the initial Premises, the Tenant named in this Lease shall have one option to extend the Term of this Lease for an additional term of one (1) year (the “Renewal Term”) commencing on the day after the Lease Expiration Date, no event of Default shall have occurred and be continuing hereunder. ________ of the _______ Tenant’s option with respect to the giving of Renewal Term shall be exercisable by written notice (the notice of Tenant's exercise of “Renewal Notice”) to Landlord given not later than twelve (12) months prior to the ______ renewal optionLease Expiration Date (i.e. no later than December 31, 2014). The Renewal Term shall constitute an extension of the initial Term of this Lease and shall be upon all of the agreements, terms, covenants same terms and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution to, or perform any Alteration)as the initial Term, except that the Fixed Rent (as defined in Section 1.1i) shall be determined as provided in Section 37.2 and there shall be no further renewal right after option to renew the expiration Term of the Renewal Term. Upon the commencement of the Renewal Termthis Lease, (Aii) 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 make any tenant allowance or reimburse Tenant for any Alterations made or to be made by Tenant, or grant to Tenant any rent concession, (iii) the Base Rent for the Renewal Term shall be added to and become part of the as follows: Renewal Term Base RentPer Square FootPer Annum Base RentPer Annum MonthlyBase Rent 1/1/2016 – 12/31/2016 $50.00 $684,200.00 $57,016.67 (but iv) Tenant shall not be considered part of obligated to pay Base Rent for the initial Term), first two (B2) any reference to "this Lease", to the "Term", the "term of this Lease" or any similar expression shall be deemed to include the Renewal Term, and (C) the expiration months of the Renewal Term (i.e. 1/1/2016 – 2/29/2016), and (v) Landlord shall become grant to Tenant an additional “rent credit” with respect to the Expiration Datethird installment of Monthly Base Rent to be paid during the Renewal Term in the amount of Fifty-Two Thousand Sixteen and 67/100 Dollars ($52,016.67) so that Tenant’s first installment of Monthly Base Rent shall be reduced to Five Thousand and 00/100 ($5,000.00).

Appears in 1 contract

Samples: MCG Capital Corp

Renewal Term. Tenant shall have the option right to renew this Lease the initial Term for one all of the Leased Premises for two (2) renewal terms of three (3) years each (each a “Renewal Term”), the first such renewal term of 5 years (the "Renewal Term") which shall commence commencing on the day following after the expiration of the initial Term (the “First Renewal Term Commencement Date”) and end ending on the fifth day immediately preceding the third (3rd) anniversary of the Expiration First Renewal Term Commencement Date and, if the first renewal right is properly exercised in accordance with this Lease, the second such renewal term commencing on the day after the expiration of the first Renewal Term (the “Second Renewal Term Commencement Date”) and ending on the day immediately preceding the third (3rd) anniversary of the Second Renewal Term Commencement Date, in each case, unless the applicable Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The A Renewal Term shall commence only if (i) Tenant shall have notified notifies Landlord in writing (the “Renewal Exercise Notice”) of Tenant's ’s exercise of such renewal option right not earlier than twelve (12) full calendar months, and not later than one year nine (9) full calendar months, prior to the Expiration DateDate (or expiration of the first Renewal Term with respect to the second renewal option) (the “Extension Deadline”), and and, (ii) at the time of the exercise and of such right and, at the option of Landlord, immediately prior to the Expiration applicable Renewal Term Commencement Date, no event Event of Default under this Lease shall have occurred and be continuing hereunder. ________ A Renewal Exercise Notice shall be irrevocable once delivered. Time is of the _______ essence with respect to the giving of the notice of Tenant's exercise of the ______ renewal optionRenewal Exercise Notice. The Each Renewal Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution to, or perform any Alteration)this Lease, except that (a) the Fixed Base Monthly Rent (as defined in Section 1.1) shall be determined as provided in Section 37.2 below and there (b) if Tenant does not timely exercise the first renewal right, Tenant shall be have no further right to renew or extend the Lease Term and if Tenant does timely exercise the first renewal right right, after the expiration or sooner termination of the second Renewal Term, Tenant shall have no further right to renew or extend the Lease Term. Upon the commencement of the a Renewal Term, (A1) the Renewal Term shall be added to and become part of the Term (but shall not be considered part of the initial Lease Term), (B2) any reference to "this Lease", to the "“Lease Term", the "term of this Lease" or any similar expression shall be deemed to include the applicable Renewal Term, and (C3) the expiration of the such Renewal Term shall become the Expiration Date. Any termination, cancellation or surrender of the any interest of Tenant under this Lease at any time during the Lease Term shall automatically terminate the renewal rights set forth herein. The renewal rights contained herein shall be personal to Cortina Systems, Inc. (and not available to any assignee, or any sublessee or other transferee) and may be exercised only provided and on condition that Cortina Systems, Inc. has not assigned its interest in this Lease or sublet more than 33% of Leased Premises as of the date Tenant purports to give the Renewal Exercise Notice and, at the option of Landlord, upon commencement of the applicable Renewal Term.

Appears in 1 contract

Samples: Office Lease (Cortina Systems Inc)

Renewal Term. Tenant shall have the option right to renew this Lease the Term for one all of the Premises for two (2) successive renewal term of 5 years terms (the "each, a “Renewal Term";” the “First Renewal Term” and the “Second Renewal Term”, respectively) which shall commence on of five (5) years each, by notice (each, a “Renewal Notice”) delivered to Landlord not less than eighteen (18) months prior to the day following Expiration Date or the expiration of the initial Term and end First Renewal Term, as applicable, time being of the essence; provided, however, (x) no Event of Default shall remain outstanding either on the fifth anniversary date such Renewal Notice is given or on the respective Renewal Term Commencement Date (as hereinafter defined, and (y) the One Xxxxxxx Park Lease is and remains in full force and effect, and concurrently therewith, Tenant renews the term of the Expiration DateOne Xxxxxxx Park Lease. Upon the giving of each such Renewal Notice, unless the Term of this Lease shall be extended for the respective Renewal Term with the same force and effect as if such Renewal Term had originally been included in the Term. The First Renewal Term shall sooner commence on January 1, 2024 (the “First Renewal Term Commencement Date”) and shall expire on December 31, 2029, or such earlier date as this Lease may terminate pursuant to any of the terms and conditions of this Lease or otherwiseLease. The Second Renewal Term shall commence only if on January 1, 2030 (i) Tenant shall have notified Landlord in writing of Tenant's exercise of such renewal option not later than one year prior to the Expiration “Second Renewal Term Commencement Date”), and (ii) at the time shall expire on December 31, 2034, or such earlier date as this Lease may terminate pursuant to any of the exercise terms and immediately prior to the Expiration Date, no event conditions of Default shall have occurred and be continuing hereunderthis Lease. ________ Time is of the _______ essence with respect to the giving of the notice of Tenant's exercise of the ______ renewal optioneach Renewal Notice. The Each Renewal Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant (but excluding any obligation of Landlord to make any contribution to, or perform any Alteration)this Lease, except that (w) the Fixed Rent (as defined in Section 1.1) shall be determined as provided in Section 37.2 and there 28.2, (x) after the exercise of the option with respect to the Second Renewal Term, Tenant shall have no further right to renew the Term, (y) the Base Tax Year shall be no further renewal right after the expiration of Tax Year commencing on the July 1st prior to the applicable Renewal TermTerm Commencement Date, and (z) the Base Expense Year shall be the Comparison Year ending on the December 31st immediately preceding the respective Renewal Term Commencement Date. Upon the commencement of the each respective Renewal Term, (A) the respective Renewal Term shall be added to and become part of the Term (but shall not be considered part of the initial Term), (B) any reference to "in this Lease", Lease to the "Term", the "term of this Lease" or any similar expression shall be deemed to include the respective Renewal Term, and (C) the expiration of the respective Renewal Term shall become the Expiration Date. Any termination, cancellation or surrender of the entire interest of Tenant under this Lease at any time during the Term shall terminate the foregoing rights of renewal of Tenant hereunder.

Appears in 1 contract

Samples: Lease (Pegasystems Inc)

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