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...

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.

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:

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...

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.

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.

Additional Options to Extend