Exercise of Option to Renew. In accordance with Section 2 of the Agreement, the Parties hereby exercise their option to renew this Agreement for the Second Renewal Term. This Second Renewal Term will begin on August 15, 2022 and end on August 14, 2023.
Exercise of Option to Renew. In accordance with Section 2 of the Agreement, the Parties hereby exercise their option to renew this Agreement for the 1-Year First Renewal Term. This First Renewal Term will begin on 8/1/2021 and end on 8/1/2022.
Exercise of Option to Renew. To exercise its Option to Renew in respect of the First Option Term or the Second Option Term (as the case may be), the Tenant shall give written notice to the Landlord of its intention to exercise such Option to Renew, such notice to be given not less than eighteen (18) months prior to expiration of the Tenant’s lease agreement then in force Provided Always that:
Exercise of Option to Renew. Lessee shall have one (1) Option to Renew the Lease for a period of One Hundred and Twenty (120) Months (the “Renewal Term”). Lessee must exercise its Option to Renew upon providing Lessor with written notice thereof no sooner than Fifteen (15) Months and no later than Twelve (12) Months prior to expiration of the Initial Lease Term. If exercised, the Lease terms during the Renewal Term shall be the same as the original Lease, however Base Rent shall be adjusted to then current fair market rents for leases or renewals in comparable buildings in Redmond, WA (the “Fair Market Rent”). The Option to Renew is personal to Lessee. The Option to Renew shall also pertain to the Expansion Premises (as defined below) if the Option to Expand is exercised.
Exercise of Option to Renew. The Parties mutually agree to renew the STS Agreement for an additional one (1) year term as provided for in Section 3 of the STS Agreement, with said additional Option Term commencing on July 1, 2024 and expiring on June 30, 2025. The Parties acknowledge that one (1) Option Term remains under Section 3 of the STS Agreement, with said final additional Option Term, if duly exercised, commencing on July 1, 2025.
Exercise of Option to Renew. If Tenant elects to exercise an option to extend the Term of this Lease, it shall do so as follows:
(i) Tenant shall notify Landlord, in writing, of its desire for a determination of Market Rent, such notice to be given no sooner than five hundred thirty (530) days and no later than five hundred (500) days prior to the expiration of the Initial Term or the first Renewal Term (as the case may be), time being of the essence with respect to such notice (the “Request for Market Rent”). During the sixty (60) day period following the receipt of the Request for Market Rent, Landlord and Tenant will meet on at least two (2) occasions at the Demised Premises and attempt to agree upon the “Market Rent” for the Demised Premises for the Renewal Teem in question. The Landlord and the Tenant will each submit their final best offer for Market Rent to the other in writing before the end of that sixty (60) day period (referred to as the “Landlord’s and Tenant’s Final Offer”). If the parties are unable to agree upon the Market Rent for the Renewal Term during such sixty (60) day period, Tenant shall, (on or before the date which is seventy (70) days after delivery of the Request for Market Rent) either: (i) withdraw its Request for Market Rent; or (ii) deliver an “Appraisal Request” to Landlord. If Tenant does neither, it will be deemed to have elected (i) above. If Tenant withdraws, or is deemed to have withdrawn, the Request for Market Rent, Tenant’s option to renew the Term, and all succeeding options, shall terminate. Tenant shall be deemed to have made the irrevocable election to exercise the next available Renewal Term at such time as Tenant delivers an Appraisal Request to Landlord.
(ii) If Tenant gives Landlord a timely Appraisal Request, each party will, within twenty (20) days, choose a person with at least five (5) years experience as a real estate appraiser of income producing assembly and office property in the market area who shall be a member in good standing of the American Institute of Real Estate Appraisers (or successor organization or if no such organization exists then persons of similar professional qualifications), with the designation M.A.I., and give notice of the name and address of such person to the other within twenty (20) days of the notice of disagreement from Tenant. Those two persons shall within five (5) days select a third person who is experienced in the determination of commercial rental rates for office space in the market area and the ...
Exercise of Option to Renew. Subject to the Tenant's right to withdraw a Renewal Notice as provided in Section 2.1.3 hereof, the right to renew for the First Renewal Term or the Second Renewal Term shall be exercised by Tenant giving written Notice to Landlord not less than twelve (12) months prior the expiration, as applicable, of the Initial Term and the First Renewal Term. Each written Notice in respect to the exercise of Tenant's right to renew is hereinafter referred to as "RENEWAL NOTICE." Notwithstanding the foregoing, Tenant's right to renew for the Second Renewal Term is contingent on Tenant having exercised its right to the First Renewal Term.
Exercise of Option to Renew. Tenant and Landlord acknowledge and agree that the extension of the term of the Lease pursuant to this Amendment is in lieu of an exercise by Tenant of Tenant's renewal option under Section R1-A of Rider One of the Lease and, therefore, Section R1-A of Rider One of the Lease is hereby deleted from the Lease and rendered of no further force or effect.
Exercise of Option to Renew. Tenant may exercise the option to renew by a written notice to Landlord (a “Renewal Notice”), given not less than four hundred fifty-five (455) days prior to the last day of the Original Term or, if applicable, the then existing Renewal Term. In no event shall Tenant have the right to lease less than the entire Premises during a Renewal Term.
