Exercise of Extension Option. Tenant shall have two (2) successive options (each, an “Extension Option”) to extend the Term of this Lease for a period of five (5) years each (each, an “Extension Period”), on the same terms and conditions in effect under this Lease immediately prior to the Extension Period, except that Base Rent shall be determined as set forth below and Tenant shall have no further right to extend the Term of this Lease after the end of the second (2nd) Extension Period; provided, however, it shall be a condition of Tenant’s exercise of the Extension Option that Tenant also exercise the corresponding “Extension Option” as defined in the Companion Lease. If Tenant exercises an Extension Option, such extension shall apply to the entire Premises. Tenant may exercise an Extension Option only by giving Landlord irrevocable and unconditional written notice thereof (the “Extension Notice”) on or before the date which is twelve (12) months prior to the commencement date of each applicable Extension Period and such Extension Period shall commence on the day immediately succeeding the expiration date of the preceding Term or the preceding Extension Period, as the case may be, and shall end at midnight Eastern Time on the last day of the applicable Extension Period. Such exercise shall, at Landlord’s election, be null and void if any Event of Default shall have occurred and is continuing at the date of such notice. Upon delivery of the Extension Notice, Tenant shall be irrevocably bound to lease the Premises for the Extension Period. If Tenant shall fail to timely exercise the Extension Option in accordance with the provisions of this Section 1.4, then the Extension Option shall terminate, and shall be null and void and of no further force and effect. If this Lease or Tenant’s right to possession of the Premises shall terminate in any manner whatsoever before Tenant shall exercise the Extension Option, then immediately upon such termination the Extension Option shall simultaneously terminate and become null and void. Time is of the essence with regard to this Section 1.4.
Exercise of Extension Option. The Extension Option must be exercised, if at all, by written notice ("Extension Notice") delivered by Tenant to Landlord no later than the date which is two hundred ten (210) days, and no earlier than the date which is one (1) year prior to the expiration of the then current Term of this Lease.
Exercise of Extension Option. With respect to the Extension Closing, the Purchaser shall have exercised the Extension Option in accordance with Section 2.5 of the License Agreement.
Exercise of Extension Option. If at any time after the date hereof the Company exercises an extension option as described in that certain promissory note entered into in connection with the Notes and the Credit Agreement, the Warrant Shares issuable hereunder shall be increased by ten percent (10%) for each such extension option exercised.
Exercise of Extension Option. The option provided under this Section 3.9 shall be exercised by Tenant, if at all, only in the following manner: (i) Tenant shall deliver written notice (“Exercise Notice”) to Landlord no earlier than the first day of the twelfth (12) full calendar month before the expiration of the Term and no later than the last day of the ninth (9th) full calendar month before the expiration of the Term, irrevocably exercising the option; (ii) Landlord, after receipt of Tenant’s notice, shall deliver notice (the “Option Rent Notice”) to Tenant no later than thirty (30) days after Landlord's receipt of the Exercise Notice, setting forth its determination of Fair Market Rental Rate. In the event Tenant objects to the Fair Market Rental Rate submitted by Landlord, Tenant shall do so in writing within ten (10) days and, with such objection, set forth Tenant's determination of the Fair Market Rental Rate for the Premises. If Tenant does not object in such time and manner, Tenant shall be deemed to have accepted Landlord's determination. If Tenant has properly objected to Landlord's determination, then Landlord and Tenant shall attempt to agree upon such Fair Market Rental Rate. If Landlord and Tenant fail to reach agreement on such Fair Market Rental Rate on or before thirty (30) days after Landlord's delivery of the Option Rent Notice, then each party’s determination shall be submitted to arbitration in accordance with clause (d) below. Tenant’s failure to deliver the Exercise Notice on or before the applicable delivery date specified hereinabove shall be deemed to constitute Tenant’s waiver of its extension rights hereunder.
Exercise of Extension Option. To exercise Tenant's Extension Option to extend the term of this Lease for the Extension Term, Tenant must deliver written notice of Tenant's irrevocable and unconditional exercise of the Extension Option to Landlord not earlier than fifteen (15) months and not later than six (6) months prior to the Adjustment Date. If Landlord does not receive such notice from Tenant by that time, then Tenant's Extension Option shall forever lapse unexercised and be of no further force or effect whatsoever.
Exercise of Extension Option. The Company may by giving written notice to the Facility Agent (an "Extension Request"):
Exercise of Extension Option i. If Tenant wishes to exercise the Extension Option, Tenant shall deliver written notice (“Interest Notice”) to Landlord no less than six (6) months before the expiration of the initial Lease Term. The Interest Notice shall state whether Tenant elects to exercise the Extension Option for a thirty-six (36) month term, or a sixty (60) month term, and whichever Tenant elects in the Interest Notice shall be the “Option Term.” Within sixty (60) days after Landlord’s receipt of Tenant’s Interest Notice, Landlord shall deliver notice (“Option Rent Notice”) to Tenant stating the Base Rent for the Option Term (the “Option Rent”), based upon Landlord’s determination of fair market rental value of the Premises as of the commencement date of the Option Term.
Exercise of Extension Option. The option contained in this Extension Rider shall be exercised by Tenant, if at all, only by delivering written notice (“Exercise Notice”) thereof to Landlord no sooner than the date (such date, the “Exercise Date”) that is fifteen (15) months prior to the expiration of the initial Lease Term and no later than the date which is twelve (12) months prior to the expiration of the initial Lease Term. The Fair Market Rental Rate for the Option Term shall be determined pursuant to Section 4 below. Tenant’s failure to deliver the Exercise Notice on or before the applicable delivery dates therefor specified hereinabove shall be deemed to constitute Tenant’s waiver of its extension right hereunder.
