Additional Options to Extend Sample Clauses

Additional Options to Extend. Tenant is hereby granted the right and option to extend the Lease Term for one additional period of five (5) years (the “Third Extended Term”) by providing Landlord with written notice thereof no later than June 1, 2015. The Third Extended Term shall be upon the same covenants, agreements, terms and provisions that are contained herein for the Second Extended Term, except as expressly provided herein to the contrary. Tenant may not exercise the option to extend the Lease Term for the Third Extended Term if an event of default by Tenant under this Lease has occurred and is continuing beyond the applicable period for written notice and cure. The Base Rental rate for the Third Extended Term shall be 95% of the Market Rental Rate in effect as of March 1, 2016. For purposes of this section, “Market Rental Rate” shall mean the annual effective rental rate per square foot of Rentable Floor Area then being charged by landlords under new leases of office space in the Deerwood Park area of Jacksonville, Florida, for space similar to the Demised Premises in a building of comparable quality and with comparable parking and other amenities. In determining the Market Rental Rate, Landlord and Tenant (and any appraisers, if applicable) shall take into account the fact that Tenant shall pay Tenant’s Share of the annual Operating Expenses in excess of a base amount. Also, in determining the Market Rental Rate, Landlord and Tenant (and any appraisers, if applicable) shall compare actual rental rates only (after making appropriate adjustments resulting from the foregoing facts) and shall take into consideration any discounts, allowances, free rent, remodeling credits, construction allowances and other concessions and inducements granted by other landlords. If Landlord and Tenant cannot agree on the amount of such Market Rental Rate prior to September 1, 2015 (the “Determination Deadline”), Landlord and Tenant agree that the determination of the Market Rental Rate for the applicable Extended Term shall be made in accordance with the following procedure. Landlord and Tenant shall each appoint one (1) appraiser within nine (9) business days after the Determination Deadline. Those two (2) appraisers shall promptly appoint a third (3rd) appraiser. Each appraiser appointed hereunder shall be a member of the American Institute of Real Estate Appraisers (or successor organization) having at least ten (10) years experience in appraisal of office buildings and office rental rates in th...
Sample 1
AutoNDA by SimpleDocs
Additional Options to Extend. If the LESSEE is not then in default beyond applicable notice, grace and cure periods, and if LESSEE has previously exercised its option under Paragraph 6 above, LESSOR does hereby grant to LESSEE the option to extend this Lease for two (2) additional five- (5) year terms, commencing on the expiration of the Option Term per Paragraph 6 above upon the same terms and conditions as herein contained except the annual Base Rent set forth in Paragraph 4 hereof shall be at the rate set forth below. The option shall be exercised by written notice from LESSEE and received by LESSOR at least eight (8) months prior to the expiration of the prior term. The annual rent for the Extended Terms shall be adjusted at the commencement of each Extended Term and shall be at fair market value as determined below. Fair market value shall mean the then prevailing rents and charges for comparable rental properties in Cambridge, Massachusetts, taking into account the then condition of the Leased Premises. Within 30 days after LESSEE exercises its option to extend, LESSOR shall notify LESSEE in writing of LESSOR'S determination of the market rate ("LESSOR'S Rental Notice"). Upon LESSEE'S receipt of LESSOR's Rental Notice, LESSEE may elect to nullify its exercise of the option to extend by giving LESSOR written notice of such nullification within ten (10) days after receipt of LESSOR'S Rental Notice; upon the giving of such nullification notice,
Sample 1
Additional Options to Extend. The Lease is hereby amended by adding thereto a new Paragraph 36, Additional Options to Extend, which shall read as follows:
Sample 1
Additional Options to Extend. (a) Lessor hereby grants Lessee the option to further extend the term of this Lease for two (2) consecutive periods of twelve (12) months each, and one (1) additional period of three (3) months, commencing January 1, 2016, January 1, 2017, and January 1, 2018, respectively. Lessee may exercise each of the foregoing options to extend the term by giving written notice of exercise to Lessor at least three (3) months, but no more than nine (9) months, prior to December 31, 2015, December 31, 2016, and December 31, 2017, respectively; provided, that if Lessee is in a state of uncured default after the expiration of applicable notice and cure periods (referred to herein as “in default”) at either the time of exercise of an option or at the commencement of the applicable option period, such notice shall be void and of no force or effect. Each such option period, if exercised, shall be upon the same terms and conditions as the initial term of this Lease, including the payment by Lessee of the Operating Expenses of the Premises in accordance with Paragraph 4(b) of this Lease and the payment by Lessee of the real property taxes and assessments in accordance with Paragraph 4(c) of this Lease, except that (1) Lessee shall pay Monthly Base Rent during such option period as set forth in Paragraph 36(b), (2) there shall be no additional option to extend the term (other than any remaining options under this Paragraph 36), and (3) Lessee shall accept the Premises on the commencement of such option period in their then “as is” condition, subject to any continuing repair and maintenance obligations of Lessor under this Lease. If Lessee does not exercise any such option in a timely manner, such option and any succeeding option, if applicable, shall automatically lapse, time being of the essence. The “lease term” as used in this Lease shall include the initial term and any option period(s), if exercised. (b) Lessee shall pay to Lessor during the option periods described in this Paragraph 36, if exercised, Monthly Base Rent as follows: Jan 1, 2016 – Dec 31, 2016 $2.00 $30,600.00/month Jan 1, 2017 – Dec 31, 2017 see below Jan 1, 2018 – Mar 31, 2018 see below The Monthly Base Rent for the second and third option periods set forth above shall be ninety-five percent (95%) of the then current fair market rental for the Premises as of the commencement of the applicable option period (hereafter, the “current fair market rental”) as determined by agreement between Lessor and Lessee, if...
Sample 1
Additional Options to Extend. Provided Tenant is not in default beyond applicable notice and cure periods under the Lease either at the time of giving notice of its exercise of an additional option to extend or, as applicable, at the end of the Fourth Amendment Extended Term or at the end of the Fourth Amendment First Additional Extended Term (as hereinafter defined), Tenant shall have two (2) options to extend the term of this Lease for periods of twelve (12) months each (the "Fourth Amendment First Additional Extended Term" and the "Fourth Amendment Second Additional Extended Term," respectively). Each such option shall be exercisable, if at all, by Tenant giving nine (9) month's written notice to Landlord prior to the then-current expiration date. If Tenant does not validly exercise its option for the Fourth Amendment First Additional Term, the Term of this Lease shall expire at the end of the Fourth Amendment Extended Term and Tenant shall have no further rights or options to extend the Tenn under this Section. If Tenant elects to exercise its option for the Fourth Amendment First Additional Extended Term, then Rent shall be calculated as provided in Section 3 above but at a rate per square foot equal to $30.50 during such Fourth Amendment First Additional Extended Term, and if Tenant elects to exercise its option for the Fourth Amendment Second Additional Extended Term, then Rent shall be calculated as provided in Section 3 above but at a rate per square foot equal to $31.50 during such Fourth Amendment Second Additional Extended Term.
Sample 1
Additional Options to Extend. Tenant shall have one (1) additional option ("Third Option") of five (5) years to extend the term of the Lease pursuant to the terms of Section 29 of the Lease. The remaining options shall be: Option 2: October 1, 2022 to September 30, 2027 Option 3: October 1, 2027 to September 30, 2032 The Annual Fixed Rent for the Third Option shall be at the then-current market rate for similar space in the Wichita, Kansas market, but will not be less than the amount of Annual Fixed Rent payable in the Second Option term.
Sample 1
Additional Options to Extend. So long as Kodiak Sciences Inc., a Delaware corporation (or an assignee of Tenant in compliance with the requirements of Article 7 above) is the Tenant hereunder and has previously exercised its option with respect to the Initial Extension Term pursuant to Paragraph 15.1 above, and subject to the conditions set forth in subparagraphs (a), (b), and (c) below, Tenant shall have two (2) options to extend the term of this Lease beyond the Initial Extension Term with respect to the entirety of the Leased Premises, the first (the “First Extension Period”) being for a period of five (5) years from the expiration of the Initial Extension Term, and the second (the “Second Extension Period”) being for a period of five (5) years from the expiration of the First Extension Period, subject to the following conditions: (a) The applicable option to extend shall be exercised, if at all, by notice of exercise given to Landlord by Tenant not more than fifteen (15) months nor less than nine (9) months prior to the expiration of the Initial Extension Term or the First Extension Period, as applicable; and (b) Anything herein to the contrary notwithstanding, if Tenant is in default beyond any applicable notice and cure period under any of the terms, covenants or conditions of this Lease, Landlord shall have, in addition to all of Landlord’s other rights and remedies provided in this Lease, the right to terminate such option(s) to extend upon notice to Tenant.
Sample 1
AutoNDA by SimpleDocs
Additional Options to Extend 
Sample 1

Related to Additional Options to Extend

  • Options to Extend a. Landlord hereby grants to Tenant two (2) options (singularly an “Extension Option” and collectively the “Extension Options”) to extend the term of this Agreement for additional terms of five (5) years each (singularly an “Option Period” and collectively the “Option Periods”), on the same terms, conditions and covenants set forth in this Agreement, except the monthly rental shall be adjusted as hereinafter provided. Each Extension Option shall be exercised automatically without providing any notice of extension unless Tenant provides written notice delivered to the Landlord that Tenant will not extend the Term of this Agreement at least one (1) year prior to the expiration of the Primary Term or the preceding Option Period. b. Base Rent for the Extension Options shall be as set forth in Section 3.4 of this Agreement. c. Notwithstanding the foregoing, any option to extend the Term of this Agreement shall be deemed null and void, at Landlord’s sole discretion, if one or more of the following has occurred: 1) Tenant has been late in the payment of Rent on three (3) or more occasions within any twelve (12) month period, after Tenant first receiving written notice from Landlord that Tenant was late in the payment of Rent for the first two occasions before a third late payment is to occur. For this purpose, a payment shall be deemed to be late if it is received by Landlord after the tenth (10th) day of the month in which such Rent is due. 2) Tenant is in default beyond any applicable cure period in the performance of any of its obligations under this Agreement at the time Tenant exercises any Extension Option, or at the time of commencement of any Option Period. 3) This Agreement has ever been assigned by Tenant other than as set forth in this Agreement. d. Notwithstanding anything to the contrary contained in the Agreement, at any time after the ninth full year after the Commencement Date, Landlord may elect to terminate the Agreement for any reason or no reason by giving Tenant three hundred sixty five (365) days prior written notice of such election (“Notice”), such termination to be effective as of the date three hundred sixty five (365) days after the date of the Notice (the “Termination Date”). In the event of any termination of the Agreement by Landlord as provided herein, Landlord hereby reserves any and all rights and remedies available to Landlord under the Agreement, at law or in equity with respect to any past due amounts due from Tenant under the Agreement or any other defaults by Tenant thereunder occurring prior to the Termination Date. Upon any such termination, Tenant shall surrender the Premises to Landlord in the condition required by the Agreement on the Termination Date and the parties shall be relieved of further obligation under the Agreement accruing after the Termination Date (except as to any monies due and owing as of the Termination Date, to include any outstanding amounts of Rent or those obligations which are specifically stated to survive the expiration or earlier termination of the Agreement).

  • Additional Options The NYS Contract Price for Additional Options offered under the Contract in accordance with Section III.2.7 Additional Options, shall be the Additional Options NYS Discount listed on the Contract Pricelist, or higher, applied to the MSRP on the current OEM Data Book or Contractor-Published Pricelist, as applicable. See Section III.1.2

  • Options to Extend Term Tenant shall have options (each, an “Option”) to extend the Term of this Lease upon the following terms and conditions: 42.1. Tenant shall have two (2) consecutive Options to extend the Term of this Lease by three (3) years each on the same terms and conditions as this Lease. Basic Annual Rent shall equal ninety-five percent (95%) of the fair market value (“FMV”) for comparable office/research and development projects in the Brisbane/Peninsula market as of the date Tenant exercises the respective Option, increased on each annual anniversary of the commencement of each extended term by such percentage, if any, that constitutes a market rate annual increase for such market. In the event that Landlord and Tenant disagree as to the FMV, they shall hire an appraiser reasonably acceptable to both parties, the cost of which shall be split equally by Landlord and Tenant, which appraiser’s decision as to the FMV shall be binding on both parties. 42.2. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer an Option, either separately or in conjunction with an assignment or transfer of Tenant’s interest in this Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion. 42.3. The Options are conditional upon Tenant giving Landlord written notice of its election to exercise the applicable Option at least nine (9) months prior to the end of the expiration of the then-current Term of this Lease. 42.4. Notwithstanding anything contained in this Section 42, Tenant shall not have the right to exercise an Option: (a) During the time commencing from the date Landlord delivers to Tenant a written notice that Tenant is in default under any provisions of this Lease and continuing until Tenant has cured the specified default to Landlord’s reasonable satisfaction; or (b) At any time after an event of Default as described in Section 24 of the Lease (provided, however, that, for purposes of this Subsection 42.4(b), Landlord shall not be required to provide Tenant with notice of such Default) and continuing until Tenant cures any such Default, if such Default is susceptible to being cured; or (c) In the event that Tenant has committed a Default two (2) or more times and a service or late charge has become payable under Section 24.1 for each of such Defaults during the twelve (12)-month period immediately prior to the date that Tenant intends to exercise the Option, whether or not Tenant cures such Defaults within any applicable cure period. 42.5. The period of time within which Tenant may exercise an Option shall not be extended or enlarged by reason of Tenant’s inability to exercise such Option because of the provisions of Section 42.4. 42.6. All of Tenant’s rights under the provisions of the Option shall terminate and be of no further force or effect even after Tenant’s due and timely exercise of an Option if, after such exercise, but prior to the commencement date of the new term, (a) Tenant fails to pay to Landlord a monetary obligation of Tenant for a period of twenty (20) days after written notice from Landlord to Tenant, (b) Tenant fails to commence to cure a default (other than a monetary default) within thirty (30) days after the date Landlord gives notice to Tenant of such default or (c) Tenant has defaulted under this Lease three (3) or more times and a service or late charge under Section 24.1 has become payable for any such default, whether or not Tenant has cured such defaults.

  • Extension Options Subject to the provisions of this Section 2.6.1, Borrower shall have the option (the “First Extension Option”), by irrevocable written notice (the “First Extension Notice”) delivered to Lender no later than thirty (30) days prior to the Stated Maturity Date, to extend the Maturity Date to August 31, 2022 (the “First Extended Maturity Date”). Borrower’s right to so extend the Maturity Date shall be subject to the satisfaction of the following conditions precedent prior to the effectiveness of any such extension: (a) (i) no Event of Default shall have occurred and be continuing on the date Borrower delivers the First Extension Notice or the Second Extension Notice, as applicable, and (ii) no Default or Event of Default shall have occurred and be continuing on the Stated Maturity Date and the First Extended Maturity Date, as applicable; (b) All amounts due and payable by Borrower and any other Person pursuant to this Agreement or the other Loan Documents as of the Stated Maturity Date or the First Maturity Date, as applicable, and all costs and expenses of Lender, including fees and expenses of Lender’s counsel, in connection with the Loan and/or the extension shall have been paid in full; (c) Borrower shall deliver an Officer’s Certificate to Lender (i) certifying that all representations and warranties set forth in this Agreement remain true, correct and complete in all material respects as of the commencement of the applicable Extension Option, and (ii) waiving any claims, counterclaims, rights of rescission, set-offs or defenses, known or unknown, against Lender as of the commencement of the applicable Extension Option. If Borrower is unable to satisfy all of the foregoing conditions within the applicable time frames for each, Lender shall have no obligation to extend the Stated Maturity Date hereunder.

  • Renewal Options a. Tenant shall have the right and option to renew the Lease (“Renewal Option”) for two (2) successive renewal periods of five (5) years each (each, an “Option Term”); provided, however, the Renewal Option is contingent upon the following: (i) there is not an Event of Default beyond all applicable cure period(s) at the time Tenant gives Landlord notice of Tenant’s intention to exercise the Renewal Option or at the expiration of the current Term; (ii) no event has occurred that upon notice or the passage of time would constitute an Event of Default, unless Landlord has given notice of default and Tenant is diligently attempting to cure such event; and (iii) Tenant is occupying the Premises. Following expiration of the final Option Term allowable hereunder, Tenant shall have no further right to renew the Lease pursuant to this Section 5. b. Tenant shall exercise the Renewal Option by giving Landlord notice at least one hundred eighty (180) days prior to the expiration of the current Term. If Tenant fails to give notice to Landlord prior to the 180-day period, then Tenant shall forfeit the Renewal Option. If Tenant exercises the Renewal Option, then during the Option Term, Landlord and Tenant’s respective rights, duties and obligations shall be governed by the terms and conditions of the Lease, except as provided otherwise in this Section. Time is of the essence in exercising the Renewal Option. c. The Base Rental for an Option Term shall be the Fair Market Rental Rate. “Fair Market Rental Rate” shall mean the market rental rate for the time period such determination is being made for office space in same class office buildings in the area of Murfreesboro, Tennessee (the “Area”) of comparable condition for space of equivalent quality, size, utility, and location. Such determination shall take into account all relevant factors, including, without limitation, the following matters: the credit standing of Tenant; the length of the term; the fact that Landlord will experience no vacancy period and that Tenant will not suffer the costs and business interruption associated with moving its offices and negotiating a new lease; construction allowances and other tenant concessions that would be available to tenants comparable to Tenant in the Area (such as moving expense allowance, free rent periods, and lease assumptions and take over provisions, if any, but specifically excluding the value of improvements installed in the Premises at Tenant’s cost), and whether adjustments are then being made in determining the rental rates for renewals in the Area because of concessions being offered by Landlord to Tenant (or the lack thereof for the Option Term in question). For purposes of such calculation, it will only be assumed that Landlord is paying a representative of Tenant a brokerage commission in connection with the Option Term in question if Landlord is in fact paying a brokerage commission to a representative of Tenant in connection with the applicable Option Term.

  • Term and Renewal Options The term of service is 24 months (Initial Term). Following the expiration of the Initial Term, service under this option will continue on a month-to-month basis subject to the terms and conditions, including rates and discounts set forth under this option (Extension Term). The Company or the Customer may elect to forego the Extension Term by providing the other party written notice at least 60 days prior to the expiration of the Initial Term. Either party may terminate service during the Extension Term by providing the other party at least 60 days prior written notice. Term shall mean the Initial Term and the Extension Term.

  • Extension Option The Borrower may request that the Commitments be extended for up to two additional one year periods by providing not less than 30 days’ written notice (the date of such notice, a “Notice Date”) to the Administrative Agent prior to any anniversary of the Closing Date. If a Bank agrees, in its individual and sole discretion (and with the approval of the Swingline Lender and the Issuing Banks, such approval, in each case, not to be unreasonably withheld, delayed or conditioned), to extend its Commitment (such Bank, an “Extending Bank”), it will notify the Administrative Agent, in writing, of its decision to do so no later than 15 days after the applicable Notice Date (such extension decision, a “Commitment Extension”). The Administrative Agent will notify the Borrower, in writing, of the Banks’ decisions promptly upon receipt thereof and in any event not later than one (1) Business Day after receipt thereof. The Extending Banks’ Commitments will be extended for an additional year from the then current Maturity Date so long as (i) the Commitments of the Extending Banks (after giving effect to any assumption by any Extending Banks of Commitments of Declining Banks as described below), together with the Commitments of any New Banks that replace any Declining Banks, represent more than 50% of the Total Commitments then in effect, and (ii) on the date of any request by the Borrower to extend the Commitments, the applicable conditions set forth in Section 5.3 shall be satisfied. No Commitment Extension shall result in the then-existing Maturity Date being more than five (5) years from the effective date of such Commitment Extension. No Bank shall be required to consent to any such extension request or be required to increase its Commitment. The Maturity Date with respect to any Bank that declines or does not respond to the Borrower’s request for an extension of the Commitments (a “Declining Bank”) shall remain the then-existing Maturity Date (without regard to any extension of the Commitments of other Banks); provided that the Borrower shall continue to have the right to replace any such Declining Bank (with respect to all or any portion of its Commitment) following the effectiveness of any such extension. The Borrower will have the right to accept Commitments from any Eligible Assignee that is not a Bank in an aggregate amount up to the aggregate amount of the Commitments of any Declining Banks; provided that any Eligible Assignee proposed to be substituted for a Declining Bank (unless such Eligible Assignee is an affiliate of a Bank) must be approved by the Administrative Agent, the Swingline Lender and the Issuing Banks, such approval, in each case, not to be unreasonably withheld, delayed or conditioned. The Borrower may only extend the Maturity Date twice during the term of this Agreement pursuant to this Section 2.7.

  • Lender Elections to Extend Each Lender, acting in its sole and individual discretion, shall, by notice to the Administrative Agent given not earlier than 30 days prior to the Existing Termination Date and not later than the date (the "Notice Date") that is 20 days prior to the Existing Termination Date, advise the Administrative Agent whether or not such Lender agrees to such extension and each Lender that determines not to so extend its Commitment Termination Date (a "Non-Extending Lender") shall notify the Administrative Agent of such fact promptly after such determination (but in any event no later than the Notice Date) and any Lender that does not so advise the Administrative Agent on or before the Notice Date shall be deemed to be a Non-Extending Lender. The election of any Lender to agree to such extension shall not obligate any other Lender to so agree.

  • Renewal Option This Contract may be renewed under the same terms and conditions, subject to the approval of the Commissioner of the Department of Administration and the State Budget Director in compliance with IC § 5-22-17-4. The term of the renewed contract may not be longer than the term of the original Contract.

  • Option to Extend (a) Provided that the Tenant is not then in default of its obligations under this Lease beyond any applicable cure or grace period, the Landlord shall at the expiration of the Term, provided the Tenant has given the Landlord notice of its exercise of the option to extend at least twelve (12) months prior to the expiration of the Term, extend the Term for a further term of five (5) years (the “First Extension Term”) from the expiration of the Term, upon the same terms and conditions contained in this Lease except extension options and the Annual Base Rent to be paid during the First Extension Term. (b) Provided that the Tenant is not then in default of its obligations under this Lease beyond any applicable cure or grace period, the Landlord shall at the expiration of the First Extension Term, provided the Tenant has given the Landlord notice of its exercise of the option to extend at least twelve (12) months prior to the expiration of the First Extension Term, extend the First Extension Term for a further term of five (5) years (the “Second Extension Term”) from the expiration of the Term, upon the same terms and conditions contained in this Lease except extension options and the Annual Base Rent to be paid during the Second Extension Term. (c) The Annual Base Rent during any Extension Term shall be the Current Market Rent for the Premises. If the Landlord and the Tenant have not mutually agreed on the amount of the Annual Base Rent at least three (3) months prior to the commencement of such Extension Term, then Annual Base Rent shall be decided in the manner set out in Section 3.3. Until the Annual Base Rent has been determined, the Tenant shall pay the monthly Rent requested by the Landlord and, upon the determination of the Annual Base Rent, the Landlord and the Tenant shall make the appropriate adjustments together with interest at the Prime Rate.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!