Common use of Extension Option Clause in Contracts

Extension Option. Subject to the terms and conditions of this Section 31.1, Landlord hereby grants to Tenant the right to extend the original Term for two (2) periods of five (5) years each (each an “Extension Period”). If Tenant desires to exercise an extension option, Tenant shall notify Landlord on or before the date which is twelve (12) months prior to the expiration of the original Term or first Extension Period, as applicable. If Tenant fails to timely notify Landlord of its election to extend this Lease, Tenant will be deemed to have waived its right to extend the term of this Lease, time being of the essence with respect to the exercise of any such extension option. If Tenant exercises the extension option, all of the terms and conditions of this Lease will apply to each Extension Period, except that (i) the Basic Rent for each year of the applicable Extension Period will be determined pursuant to Section 31.2, and (ii) the Base Period for the applicable Extension Period will be the calendar year in which the commencement of such Extension Period occurs. In connection with any extension of the Term, Landlord will not be obligated to do any work to the Premises and will not be obligated to contribute to the cost of any work done to the Premises by Tenant. Tenant’s right to exercise any extension option is expressly subject to the satisfaction of all of the following conditions on both the date Tenant exercises such extension option and the commencement date of the applicable Extension Period: (i) Tenant must not be in default of any monetary obligation or any material non-monetary obligation under this Lease; (ii) Tenant must be in occupancy of the entire Premises; and (iii) Tenant must not have sublet any part of the Premises. If all of the foregoing conditions are not satisfied on both the date Tenant exercises the applicable Extension Option and the commencement date of such Extension Period, any notice exercising the extension option will be automatically null and void.

Extension Option. Subject to the terms and conditions of this Section 31.1, Landlord hereby grants to Tenant the right to extend the original Term for two one (21) periods period of five (5) years each (each an the “Extension Period”). If Tenant desires to exercise an the extension option, Tenant shall notify Landlord on or before the date which is twelve (12) months prior to the expiration of the original Term or first Extension Period, as applicableTerm. If Tenant fails to timely notify Landlord of its election to extend this Lease, Tenant will be deemed to have waived its right to extend the term of this Lease, time being of the essence with respect to the exercise of any such extension option. If Tenant exercises the extension option, all of the terms and conditions of this Lease will apply to each the Extension Period, except that (i) the Basic Rent for each year of the applicable Extension Period will be equal an amount determined pursuant to Section 31.2, and (ii) the Base Period for the applicable Extension Period will be the calendar year in which the commencement of such Extension Period occurs. In connection with any extension of the Term, Landlord will not be obligated to do any work to the Premises and will not be obligated to contribute to the cost of any work done to the Premises by Tenant. Tenant’s right to exercise any the extension option is expressly subject to the satisfaction of all of the following conditions on both the date Tenant exercises such the extension option and the commencement date of the applicable Extension Period: (i) Tenant must not be in default of any monetary obligation or any material non-monetary obligation under this Lease; (ii) Tenant must be in occupancy of the entire Premises; and (iii) Tenant must not have sublet any part of the Premises. If all of the foregoing conditions are not satisfied on both the date Tenant exercises the applicable Extension Option and the commencement date of such the Extension Period, then any notice exercising the extension option will be automatically null and void.

Extension Option. Subject to the terms and conditions of this Section 31.1, Landlord hereby grants to Tenant the right to extend the original Term for two one (21) periods period of five (5) years each (each an the “Extension Period”). If Tenant desires to exercise an the extension option, Tenant shall notify Landlord on or before the date which is twelve nine (129) months prior to the expiration of the original Term or first Extension Period, as applicableTerm. If Tenant fails to timely notify Landlord of its election to extend this Lease, Tenant will be deemed to have waived its right to extend the term of this Lease, time being of the essence with respect to the exercise of any such extension option. If Tenant exercises the extension option, all of the terms and conditions of this Lease will apply to each the Extension Period, except that (i) the Basic Rent for each year of the applicable Extension Period will be an amount determined pursuant to Section 31.2, and (ii) the Base Period for the applicable Extension Period will be the calendar year in which the commencement of such Extension Period occurs. In connection with any extension of the Term, Landlord will not be obligated to do any work to the Premises and will not be obligated to contribute to the cost of any work done to the Premises by Tenant. Tenant’s Tenant shall not have the right to exercise any the extension option is expressly subject to the satisfaction of all of the following conditions if on both the date Tenant exercises such the extension option and the commencement date of the applicable Extension Period: (i) Tenant must not be is in default default, beyond applicable notice and cure periods, of any monetary obligation or any material non-monetary obligation under this Lease; (ii) Tenant must be in occupancy of at least 75% of the entire Premises; and (iii) Tenant must not have sublet any part more than 25% of the Premises. If all of the foregoing conditions are not satisfied on both the date Tenant exercises the applicable Extension Option and the commencement date of such the Extension Period, then any notice exercising the extension option will be automatically null and void.

Extension Option. Subject to So long as this lease is in full force and effect and Tenant is not in default beyond any applicable notice and grace period in the performance of any of the covenants or terms and conditions of this Section 31.1lease at the time of notification to Landlord or at the time of commencement of the Extension Period, Landlord hereby grants to as that term is hereinafter defined, Tenant shall have the right option (collectively, the "Extension Options") to extend the original Term term of this lease with respect to all or any portion of the Premises (subject to the limitations described below) for two (2) additional periods of five (5) years each (each an “collectively, the "Extension Periods" and, individually, the "Extension Period”). If Tenant desires ") subject to exercise an extension option, the following terms and conditions: Tenant shall notify provide Landlord on or before the date which is with at least twelve (12) months prior to the expiration of the original Term or first Extension Period, as applicable. If Tenant fails to timely notify Landlord written notice of its election desire to extend this Leaselease. Tenant shall have the right to exercise each Extension Option separately but Tenant shall only have the right to exercise the second Extension Option if Tenant has properly exercised the first Extension Option. Tenant's right to exercise the Extension Option(s) with respect to a portion of the then existing Premises leased pursuant to this lease shall be subject to the following conditions and limitations: a. Tenant shall only have the right to exercise an Extension Option in full floor increments (except as noted below) with a minimum of four (4) floors. b. If Tenant elects to extend the lease with respect to its Premises on Floor 2 of the Building, Tenant will Floor 2 shall be deemed to have waived its right to include, and Tenant shall also extend the term of this Leaselease with respect to, time being any portion of the essence Premises located on the lobby level. c. All floors must be contiguous to each other. d. Unless Tenant elects to exercise its Extension Option with respect to its lower most floors in the exercise of any such extension optionBuilding (i.e. floors 2 including the lobby through 5 if Tenant elects to only extend with respect to 4 floors), Landlord shall have the right to approve Tenant's floor selection, in Landlord's sole and absolute discretion. If Tenant exercises The Extension Periods shall be upon the extension option, all of the same terms and conditions of this Lease will apply lease except that the Base Rental during the Extension Periods shall be at an annual rate equal to each ninety five percent (95%) of the then current fair market rental rate for leases comparable to this lease for space comparable to the Premises in the Perimeter Center submarket taking into account all relevant factors including without limitation, age and quality of building, size of space, length of term creditworthiness of tenant, free rent, method of paying operating expenses, tenant improvement allowances, rent concessions, and rental escalations (the "FMR"). The FMR shall be determined by Landlord and Tenant by mutual agreement; however, if Landlord and Tenant cannot agree in writing on the FMR within thirty (30) days after Tenant's notice of its election to renew, the FMR shall be determined by the Broker Method set forth below. Tenant shall have no option to renew this lease beyond the expiration of the second Extension Period, except that and the Premises shall be delivered in their existing condition (ion an "as is" basis) at the Basic Rent for time each year Extension Period commences. Within fifteen (15) days after Tenant's exercise of the applicable Extension Period will be determined pursuant to Section 31.2Option, and (ii) the Base Period for the applicable Extension Period will be the calendar year Landlord shall advise Tenant in which the commencement writing of such Extension Period occurs. In connection with any extension its determination of the TermFMR, Landlord will not be obligated to do any work to the Premises and will not be obligated to contribute to the cost of any work done to the Premises by Tenant. Tenant’s right to exercise any extension option is expressly subject to the satisfaction of all on a rentable square foot basis, as of the following conditions on both the date Tenant exercises such extension option and the commencement date beginning of the applicable Extension Period: . Within ten (i10) business days of receipt of Landlord's notice, Tenant must shall advise Landlord, in writing, whether or not Tenant accepts or rejects the FMR proposed by Landlord. If Tenant accepts such rate in writing, then the Base Rental rate during such Extension Period shall be said rate with escalations as provided in default the determination, if any. If Tenant rejects in writing the FMR proposed by Landlord, Tenant shall have the option to specify in such notice its selection of any monetary obligation a real estate broker, who shall act on Tenant's behalf in determining the FMR or any material non-monetary obligation under elect to allow the then current term of this Lease; lease to expire. Within fifteen (ii15) days after Landlord's receipt of Tenant's selection of a real estate broker, Landlord, by written notice to Tenant must be shall designate a real estate broker, who shall act on Landlord's behalf in occupancy the determination of the entire Premises; and FMR. Within fifteen (iii15) Tenant must not have sublet any part days of the Premisesselection of Landlord's broker, the two brokers shall select a third broker meeting the qualifications stated below. If Each of the parties shall bear one-half (1/2) of the cost of the appointment of the third broker and of the third broker's fee to determine such FMR. Within fifteen (15) days following the appointment of the third broker, Landlord and Tenant's brokers shall each submit to the third broker in a sealed envelope its respective determination of FMR. The third broker shall then hold such hearings and collect such evidence as the third broker deems appropriate. Within thirty (30) days of his/her appointment, the third Broker shall select either the FMR submitted by Landlord's broker or the FMR submitted by Tenant's broker, whichever he/she believes is closest to the fair market value, taking into account all of the foregoing conditions are not satisfied on both criteria set forth above. All brokers selected in accordance with this subparagraph must be licensed in the State of Georgia as a real estate broker and shall have at least ten (10) years prior experience immediately prior to the date in question in commercial office leasing in The Northwest submarket of Atlanta, Georgia. If either Landlord or Tenant exercises fails or refuses to select a broker, the applicable Extension Option other broker shall alone determine the FMR. Landlord and Tenant agree that they shall be bound by the commencement date determination of such FMR pursuant to this subparagraph for the Extension Period, any notice exercising . Landlord shall bear the extension option will be automatically null fee and voidexpenses of its broker and Tenant shall bear the fee and expenses of its broker.

Extension Option. Subject to the terms and conditions of this Section 31.1, Landlord hereby grants to Tenant the right to extend the original Term for two one (21) periods period of five (5) years each (each an the “Extension Period”). If Tenant desires to exercise an the extension option, Tenant shall notify Landlord on or before the date which is twelve (12) months prior to the expiration of the original Term or first Extension Period, as applicableTerm. If Tenant fails to timely notify Landlord of its election to extend this Lease, Tenant will be deemed to have waived its right to extend the term of this Lease, time being of the essence with respect to the exercise of any such extension option. If Tenant exercises the extension option, all of the terms and conditions of this Lease will apply to each the Extension Period, except that (i) the Basic Rent for each year of the applicable Extension Period will be equal an amount determined pursuant to Section 31.2, 31.2 and (ii) the Base Period for the applicable Extension Period will shall be reset to the calendar year in which the commencement of such Extension Period occurscommences. In connection with any extension of the Term, Landlord will not be obligated to do any work to the Premises and will not be obligated to contribute to the cost of any work done to the Premises by Tenant. Tenant’s right to exercise any the extension option is expressly subject to the satisfaction of all of the following conditions on both the date Tenant exercises such the extension option and the commencement date of the applicable Extension Period: (i) Tenant must an Event of Default shall not be in default of any monetary obligation or any material non-monetary obligation exist under this Lease; (ii) Tenant must be in occupancy of the entire Premises; and (iii) Tenant must not have sublet any part of the PremisesPremises other than as permitted by Section 16.7 hereof. If all of the foregoing conditions are not satisfied on both the date Tenant exercises the applicable Extension Option and the commencement date of such the Extension Period, then unless Landlord elects in writing (in its sole discretion) to waive any of such conditions, any notice exercising the extension option will be automatically null and void. Any waiver of the condition set forth in clause (i) above shall not constitute a waiver of such default, but simply a waiver of such condition in connection with Tenant’s exercise of its extension option for the applicable Extension Period.

Extension Option. i. Subject to and in accordance with the terms and conditions of this Section 31.17.B, Landlord hereby grants to Tenant Lessee shall have one (1) extension option (the right “5A Extension Option”) to extend the original 5A Term, as it relates to the 5A Additional Premises only, for a period of sixty (60) months (the “5A Extension Term”), upon the same terms, conditions and provisions applicable to the 5A Term for two (2except as provided otherwise in this Section 7.B). The monthly amount of 5A Base Rent (defined below) periods payable with respect to the 5A Additional Premises during the first year of five the 5A Extension Term shall be equal to [***] the monthly amount of 5A Base Rent applicable to each month of each subsequent year of the 5A Extension Term shall be deemed to have been increased hereunder, as of the first (51st) years day of each such subsequent year, to be equal to [***] percent (each an [***]%) of the scheduled monthly amount of 5A Base Rent applicable to the last month of the then-expiring year of such 5A Extension Term. [***] Information has been omitted and submitted separately to the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. ii. Lessee may exercise the 5A Extension Option only by delivering a written notice (the “Extension PeriodOption Interest Notice”). If Tenant desires ) to exercise an extension option, Tenant shall notify Landlord on or before the date which is twelve Lessor at least [***] calendar months (12and not more than [***] calendar months) months prior to the expiration date of the original Term or first 5A Term, specifying that Lessee is interested in exercising the 5A Extension PeriodOption pursuant to the terms of this Section 7.▇. ▇▇▇▇▇▇ shall thereafter deliver a written notice (the “Extension Option Lessor’s Notice”) to Lessee advising Lessee of the monthly 5A Base Rent for the 5A Extension Term. Lessee shall thereafter have the right, as applicable. If Tenant fails within thirty (30) days after Lessor’s delivery of the Extension Option Lessor’s Notice to timely notify Landlord Lessee, to exercise the applicable 5A Extension Option by delivering binding notice to Lessor (the “Extension Option Exercise Notice”) of its Lessee’s election to extend this Lease, Tenant will be deemed to have waived the 5A Term on the basis of the terms set forth in the Extension Option Lessor’s Notice. Lessee’s Extension Option Exercise Notice must specify that Lessee is irrevocably exercising its right 5A Extension Option so as to extend the term of 5A Term by the 5A Extension Term on the terms set forth (i) in this LeaseSection 7.B and (ii) in the Extension Option Lessor’s Notice. In the event that Lessee shall duly exercise the 5A Extension Option, the 5A Term shall be extended to include the 5A Extension Term. In the event that Lessee shall fail to deliver the Extension Option Interest Notice or the Extension Option Exercise Notice within the applicable time period specified herein for the delivery thereof, time being of the essence essence, at the election of Lessor, Lessee shall be deemed to have forever waived and relinquished such 5A Extension Option, and any other options or rights to renew or extend the 5A Term effective after the then applicable expiration date of the 5A Term shall terminate and shall be of no further force or effect. iii. Lessee shall have the right to exercise the 5A Extension Option only with respect to the exercise of any such extension optionentire 5A Additional Premises leased by Lessee under this Amendment at the time that Lessee delivers the Extension Option Exercise Notice. If Tenant Lessee duly exercises the extension option5A Extension Option, Lessor and Lessee shall execute an amendment reflecting such exercise. Notwithstanding anything to the contrary herein, any attempted exercise by Lessee of the 5A Extension Option shall, at the election of Lessor, be invalid, ineffective, and of no force or effect if, on the date on which Lessee delivers the Extension Option Exercise Notice, or on the date on which the 5A Extension Term is scheduled to commence, there shall be an uncured Event of Default by Lessee under the Lease. Additionally, Lessee’s 5A Extension Option shall be personal to Internap Corporation, a Delaware corporation; and, as such, such right shall not be exercisable by any party to whom any or all of the terms and conditions rights of this “Lessee” under the Lease will apply to each Extension Period, except that (i) the Basic Rent for each year of the applicable Extension Period will be determined pursuant to Section 31.2, and (ii) the Base Period for the applicable Extension Period will be the calendar year in which the commencement of such Extension Period occurs. In connection with any extension of the Term, Landlord will not be obligated to do any work to the Premises and will not be obligated to contribute to the cost of any work done to the Premises by Tenant. Tenant’s right to exercise any extension option is expressly subject to the satisfaction of all of the following conditions on both the date Tenant exercises such extension option and the commencement date of the applicable Extension Period: (i) Tenant must not be in default of any monetary obligation are hereafter assigned or any material non-monetary obligation under this Lease; (ii) Tenant must be in occupancy of the entire Premises; and (iii) Tenant must not have sublet any part of the Premises. If all of the foregoing conditions are not satisfied on both the date Tenant exercises the applicable Extension Option and the commencement date of such Extension Period, any notice exercising the extension option will be automatically null and voidotherwise transferred.

Extension Option. Subject to the terms and conditions of this Section 31.1, Landlord hereby grants to Tenant the right The option to extend the original Term for two term of the Existing Lease set forth in Section 57 of the Existing Lease, as amended hereby, shall apply to the Second Expansion Premises; provided, however, that Lessee may elect to exercise such option with respect to either (2a) periods of five the Expansion Premises, the First Expansion Premises and the Second Expansion Premises (5both the Suite 208 Expansion Premises and the Suite 210 Expansion Premises), or (b) years each only the Original Premises and the Second Expansion Premises (each an “both the Suite 208 Expansion Premises and the Suite 210 Expansion Premises), which election must be made in the notice by which Lessee exercises such option ("Extension Period”Notice"). For the avoidance of doubt, if Lessee elects either option above, the Second Expansion Premises must be included. If Tenant desires the Extension Option does not include such election, such notice shall be deemed Lessee's election to exercise an extension optionsuch option with respect to the Original Premises, Tenant shall notify Landlord on or before the date which First Expansion Premises and the Second Expansion Premises. Notwithstanding anything in the Existing Lease to the contrary, Lessee is twelve required to provide Lessor with the Extension Notice a minimum of nine (129) months prior to the expiration of the original Term or first Extension Period, as applicable. If Tenant fails Existing Premises Expiration Date; and in no event shall notice be considered by Lessor earlier than twelve (12) months prior to timely notify Landlord of its election to extend this Lease, Tenant will be deemed to have waived its right to extend the term of this Lease, time being expiration of the essence Existing Premises Expiration Date unless othe1wise agreed to by Lessor. In the event Lessee decides to exercise the Extension Option, the extended term for the portion of the Premises with respect to which Lessee has exercised the exercise of any such extension optionoption shall be measured from the Existing Premises Expiration Date. If Tenant exercises the extension option, all All other provisions of the terms and conditions of this Lease will apply option to each Extension Period, except that (i) the Basic Rent for each year extend set forth in Section 57 of the applicable Extension Period will be determined pursuant to Section 31.2, and (ii) Existing Lease shall remain the Base Period for the applicable Extension Period will be the calendar year in which the commencement of such Extension Period occurs. In connection with any extension of the Term, Landlord will not be obligated to do any work to the Premises and will not be obligated to contribute to the cost of any work done to the Premises by Tenant. Tenant’s right to exercise any extension option is expressly subject to the satisfaction of all of the following conditions on both the date Tenant exercises such extension option and the commencement date of the applicable Extension Period: (i) Tenant must not be in default of any monetary obligation or any material non-monetary obligation under this Lease; (ii) Tenant must be in occupancy of the entire Premises; and (iii) Tenant must not have sublet any part of the Premises. If all of the foregoing conditions are not satisfied on both the date Tenant exercises the applicable Extension Option and the commencement date of such Extension Period, any notice exercising the extension option will be automatically null and voidsame.

Extension Option. Subject to the terms and conditions of this Section 31.1, Landlord hereby grants to Tenant the right to extend the original Term for two (2) successive periods of five (5) years each (each an “"Extension Period”"). If Tenant desires to exercise an the extension option, Tenant shall notify Landlord on or before the date which is twelve fifteen (1215) months prior to the expiration of the original Term or the first Extension Period, as applicablethe case may be. If Tenant fails to timely notify Landlord of its election to extend this Lease, Tenant will be deemed to have waived its right to extend the term of this Lease, time being of the essence with respect to the exercise of any such extension option. If Tenant exercises the an extension option, all of the terms and conditions of this Lease will apply to each the applicable Extension Period, except that (i) the Basic Rent for each year of the applicable Extension Period will be an amount determined pursuant to Section 31.2, and (ii) the Base Period for the applicable Extension Period will be the calendar year in which the commencement of such Extension Period occurs. In connection with any extension of the Term, Landlord will not be obligated to do any work to the Premises and will not be obligated to contribute to the cost of any work done to the Premises by Tenant. Tenant’s 's right to exercise any the extension option is expressly subject to the satisfaction of all of the following conditions condition that, on both the date Tenant exercises such the extension option and the commencement date of the applicable Extension Period: (i) , Tenant must is not be in default of any monetary obligation or any material non-monetary obligation under this Lease; (ii) Tenant must be in occupancy of the entire Premises; and (iii) Tenant must not have sublet Lease beyond any part of the Premisesapplicable cure period. If all of the foregoing conditions are condition is not satisfied on both the date Tenant exercises the applicable Extension Option an extension option and the commencement date of such an Extension Period, then any notice exercising the extension option will be automatically null and void.

Extension Option. Subject to the terms and conditions of this Section 31.1below, Landlord hereby grants to Tenant shall have the right option to extend the original Term for two (2) periods of additional five (5) years each year extension terms (each an “"Extension Period”Term") by notice given to Landlord at least one (1) year before the then applicable Expiration Date (any such notice, "Tenant's Option Exercise Notice"). If Tenant desires to exercise an extension optionTenant's election shall be exercised, Tenant shall notify Landlord on or before and Annual Base Rent for the date which is twelve (12) months prior to the expiration of the original Extension Term or first Extension Perioddetermined, as applicableset forth below. If Tenant fails timely to timely notify Landlord of exercise its election option for any Extension Term, Tenant shall have no further extension rights hereunder. Tenant's option so to extend this Leasethe Term shall be void, at Landlord's election, if Tenant will is in monetary or other material default at the time Tenant elects to extend the Term or at the time the Term would expire but for such extension. The extension of the Term shall be deemed applicable to the entire Premises and Tenant shall have waived its no right to extend the term of this Lease, time being of the essence with respect to the exercise of any such extension option. If Tenant exercises the extension option, all of the terms and conditions of this Lease will apply to each Extension Period, except that (i) the Basic Rent Term for each year of the applicable Extension Period will be determined pursuant to Section 31.2, and (ii) the Base Period for the applicable Extension Period will be the calendar year in which the commencement of such Extension Period occurs. In connection with any extension of the Term, Landlord will not be obligated to do any work to the Premises and will not be obligated to contribute to the cost of any work done to the Premises by Tenant. Tenant’s right to exercise any extension option is expressly subject to the satisfaction of all of the following conditions on both the date Tenant exercises such extension option and the commencement date of the applicable Extension Period: (i) Tenant must not be in default of any monetary obligation or any material non-monetary obligation under this Lease; (ii) Tenant must be in occupancy of the entire Premises; and (iii) Tenant must not have sublet any part only a portion of the Premises. If During the Extension Term, all provisions of this Lease shall apply except that Tenant shall have no further option to extend the Term after the last Extension Term. For each Lease Year during each Extension Term, Tenant shall pay Annual Base Rent equal to One Hundred Two and One-Half Percent (102.5%) of the foregoing conditions are not satisfied on both Annual Base Rent for the date Tenant exercises the applicable Extension Option and the commencement date of such Extension Period, any notice exercising the extension option will be automatically null and voidimmediately preceding Lease Year.