Common use of Exercise of Option to Extend Term Clause in Contracts

Exercise of Option to Extend Term. If no “Suspension Condition” (as hereinafter defined) exists at the time of Tenant’s exercise of the option to extend the Term or at the commencement of the Extended Term, and if Tenant has timely and properly exercised the option to extend set forth in the Annex Lease for the comparable extended term, Tenant shall have one (1) option (the “Extension Option”) to extend the Initial Term for an additional period of five (5) years (an “Extended Term”). To exercise Tenant’s option with respect to the Extended Term, Tenant shall give notice to Landlord not less than twelve (12) months prior to the expiration of the Initial Term (“Election Notice”). A “Suspension Condition” shall mean the existence of any event or condition of default after the expiration of any applicable grace, notice or cure periods. Notwithstanding any provision in this Lease to the contrary, Tenant shall have no right to exercise the Extension Option unless Tenant simultaneously properly exercises the extension option under the Annex Lease.

Exercise of Option to Extend Term. If no “Suspension Condition” (as hereinafter defined) exists at the time of Tenant’s exercise of the option to extend the Term or at the commencement of the Extended Term, and if Tenant has timely and properly exercised the option to extend set forth in the Annex Lease for the comparable extended term, Tenant shall have one two separate options (1) option (each, an “Extension Option” and, collectively, the “Extension OptionOptions”) to extend the Initial Term for an additional period of five (5) years each (an each, the “Extended Term” and, collectively, the “Extended Terms”)) if (a) Tenant has not been in default past the applicable notice and cure period during the one (1) year period preceding the date that Tenant exercises its Extension Option, and (ii) Tenant has not been in default beyond the applicable notice and cure period during the period beginning on the date that Tenant exercises its Extension Option and continuing until the day that precedes the commencement of the Extended Term. To exercise Tenant’s option with respect to the Extended Term, Tenant shall give notice to Landlord not more than fifteen (15) months and no less than twelve (12) months prior to the expiration commencement of the Initial such Extended Term (“Election Notice”). A “Suspension Condition” shall mean If Tenant does not effectively exercise the existence of any event or condition of default after first Extension Option hereunder and continue the expiration of any applicable grace, notice or cure periods. Notwithstanding any provision in this Lease to for the contraryfirst Extended Term, Tenant shall have no right rights hereunder to exercise the a second Extension Option unless Tenant simultaneously properly exercises or to continue the extension option under the Annex LeaseLease for a second Extended Term.