Extension Options. Subject to the provisions of this Section 2.6.1, Borrower shall have the option (the “First Extension Option”), by irrevocable written notice (the “First Extension Notice”) delivered to Lender no later than thirty (30) days prior to the Stated Maturity Date, to extend the Maturity Date to August 31, 2022 (the “First Extended Maturity Date”). Borrower’s right to so extend the Maturity Date shall be subject to the satisfaction of the following conditions precedent prior to the effectiveness of any such extension:
(a) (i) no Event of Default shall have occurred and be continuing on the date Borrower delivers the First Extension Notice or the Second Extension Notice, as applicable, and (ii) no Default or Event of Default shall have occurred and be continuing on the Stated Maturity Date and the First Extended Maturity Date, as applicable;
(b) All amounts due and payable by Borrower and any other Person pursuant to this Agreement or the other Loan Documents as of the Stated Maturity Date or the First Maturity Date, as applicable, and all costs and expenses of Lender, including fees and expenses of Lender’s counsel, in connection with the Loan and/or the extension shall have been paid in full;
(c) Borrower shall deliver an Officer’s Certificate to Lender (i) certifying that all representations and warranties set forth in this Agreement remain true, correct and complete in all material respects as of the commencement of the applicable Extension Option, and (ii) waiving any claims, counterclaims, rights of rescission, set-offs or defenses, known or unknown, against Lender as of the commencement of the applicable Extension Option. If Borrower is unable to satisfy all of the foregoing conditions within the applicable time frames for each, Lender shall have no obligation to extend the Stated Maturity Date hereunder.
Extension Options. Borrower shall have the right, at its option, to extend the Term until (i) July 1, 2009 (the “First Extended Maturity Date”); (ii) July 1, 2010 (the “Second Extended Maturity Date”); and (iii) July 1, 2011 (the “Third Extended Maturity Date”), in each case, by giving notice of such extension to Lender at least 15 days prior to (i) the originally scheduled Stated Maturity Date, in the case of extending the Term until the First Extended Maturity Date, (ii) the First Extended Maturity Date, in the case of extending the Term until the Second Extended Maturity Date, and (iii) the Second Extended Maturity Date, in the case of extending the Term until the Third Extended Maturity Date. Upon receipt of such request to extend the Term until the First Extended Maturity Date or the Second Extended Maturity Date or the Third Extended Maturity Date, as the case may be, Lender will promptly confirm to Borrower in writing whether or not the Stated Maturity Date will be so extended, which extension will be granted upon the satisfaction of the following conditions:
(a) no Event of Default exists at the time such request is made and on the originally scheduled Stated Maturity Date or the First Extended Maturity Date or Second Extended Maturity Date, as applicable;
(b) Borrower delivers to Lender an Officer’s Certificate confirming the accuracy of the information contained in clause (a) above; and
(c) on or prior to the originally scheduled Stated Maturity Date or the First Extended Maturity Date or Second Extended Maturity Date, as the case may be, Borrower either (i) extends the term of the Interest Rate Protection Agreement to a date not earlier than the First Extended Maturity Date or the Second Extended Maturity Date or the Third Extended Maturity Date, as applicable, or (ii) enters into a new interest rate protection agreement which expires no earlier than the First Extended Maturity Date or the Second Extended Maturity Date or the Third
Extension Options. Provided Tenant is not then in default of any term or provision of this Lease, beyond any applicable notice rights and cure periods, Tenant shall have the option to extend the Term for two (2) separate periods of five (5) years each (each, an “Extension Option”) upon all the terms and conditions contained in this Lease, except as otherwise expressly set forth in this Paragraph 3. Each such Extension Option is exercisable by Tenant giving notice to Landlord at least three hundred sixty-five (365) days, but no more than four hundred eighty (480) days prior to the expiration of the Term, or of the preceding Extension Option period, as the case may be. If Tenant timely notifies Landlord of Tenant’s intention to exercise an Extension Option, Landlord shall deliver written notice to Tenant, within thirty (30) days following Landlord’s receipt of Tenant’s extension notice, Landlord’s determination of the fair market rental value (“FMRV”) that will payable by Tenant as Base Rental during each year of the Extension Option period. Landlord shall make a reasonable determination of FMRV Base Rental based on the fixed base rent at which office space in the Building will be leasing, as of the date on which the Extension Option period will commence, in non-sublease, non-equity leasehold transactions involving space comparable in size and location to the Premises, for a comparable length of extension term and taking into consideration customary rent and lease concessions provided to other similarly sized credit worthy tenants. The FMRV determination by Landlord shall include an annual rental increase during each Lease Year of the Extension Option period. Within sixty (60) days after Tenant’s receipt of the FMRV determination notice from Landlord, Tenant shall send Landlord written notice that Tenant (i) rejects Landlord’s determined and rescinds its previous election to exercise an Extension Option (the “Rescission Notice”), whereupon Tenant’s notice will be deemed to have rescinded, such right to exercise any Extension Option shall lapse, and the Term of the Lease will expire at the end of the then-current Term without any further or additional right of Tenant to extend the Term or otherwise remain in possession of the Premises, (ii) Tenant accepts Landlord’s determination of FMRV Base Rental, whereupon the Extension Option shall be conclusively exercise at the Base Rental set forth in Landlord’s notice (the “Acceptance Notice”), or (iii) Tenant disagrees with Landlord’s...
Extension Options. Four (4) extensions of five (5) years each, as described in Section 3.02.
Extension Options. (a) Tenant shall have the right, at its option, to extend the term of this Lease for the Extension Period(s) upon the same terms, covenants and conditions herein set forth; provided, however, that the Minimum Rent for the first Lease Year of each Extension Period shall be increased to the greater of (i) the market rate then being charged for similar space in the Shopping Center or (ii) the Minimum Rent for the preceding Lease Year increased by three percent (3%). Thereafter, the Minimum Rent for each successive Lease Year during each Extension Period shall be an amount equal to the Minimum Rent for the last preceding Lease Year, increased by three percent (3%) per annum. In order to exercise the Extension Option, Tenant shall be required to give written notice of its intention to extend at least six (6) months but not more than nine (9) months prior to the Lease Termination Date, or expiration of the then current Extension Period, as the case may be. Failure to deliver timely notice as required above shall cause the Extension Option, and all remaining Extension Options, to lapse and be of no further force and effect. Further, if Tenant shall be in default of the terms of this Lease, Tenant shall not have the right to exercise the Extension Option and if Tenant shall default hereunder after such right has been exercised but within the six (6) month period preceding the Extension Period such election shall, at Landlord’s option, be null and void.
(b) In the event that Tenant shall dispute Landlord’s determination of the market rate of rent being charged for similar space pursuant to the paragraph above, Tenant shall give notice to Landlord within ten (10) days of Tenant’s receipt of such Landlord’s determination, and the market rate shall be determined as follows: The market rate shall be determined by a single arbitrator appointed in accordance with the American Arbitration Association Real Estate Valuation Arbitration Proceeding Rules. Such arbitrator shall be impartial and shall have not less than ten (10) year’s experience in the County where the Shopping Center is located, in a calling related to the leasing of commercial space in premises comparable to the Shopping Center. Within fifteen (15) days following the appointment of such arbitrator each party shall submit a report setting forth its determination of the market rate of the Leased Premises for the applicable term, together with such other information as such party shall deem relevant. The arbitr...
Extension Options. Landlord grants Tenant the right to extend the Initial Term of this Lease six (6) consecutive times for a period of five (5) years each (each such extension, an "Extended Term"). Tenant may exercise its option for an Extended Term solely by giving written notice at least one hundred eighty (180) days prior to the termination of the then-current term. Tenant shall be entitled to exercise these options only if at the time of the giving of such notice, Tenant is then the lessee of the Property pursuant to this Lease, and at the time of the commencement of the applicable Term or Extended Term no Event of Default shall then exist. During the Extended Term, all of the terms and conditions of this Lease shall continue in full force and effect, as the same may be amended, supplemented or modified.
Extension Options. Subject to the provisions of this Section 5, Mezzanine Borrower shall have the option (the First Extension Option), by irrevocable written notice (the First Extension Notice) delivered to Mezzanine Lender no later than thirty (30) days prior to the Initial Maturity Date, to extend the Maturity Date to November 11, 2010 (the First Extended Maturity Date). In the event Mezzanine Borrower shall have exercised the First Extension Option, Mezzanine Borrower shall have the option (the Second Extension Option), by irrevocable written notice (the Second Extension Notice) delivered to Mezzanine Lender no later than thirty (30) days prior to the First Extended Maturity Date, to extend the First Extended Maturity Date to November 10, 2011 (the Second Extended Maturity Date). In the event Mezzanine Borrower shall have exercised the Second Extension Option, Mezzanine Borrower shall have the option (the Third Extension Option), by irrevocable written notice (the Third Extension Notice) delivered to Mezzanine Lender no later than thirty (30) days prior to the Second Extended Maturity Date, to extend the Second Extended Maturity Date to November 12, 2012 (the Third Extended Maturity Date). Mezzanine Borrower's right to so extend the Maturity Date shall be subject to the satisfaction of the following conditions precedent prior to each extension hereunder:
i. no Noticed Default or Event of Default shall have occurred and be continuing both on (A) the date Mezzanine Borrower delivers the applicable Extension Notice and (B) on the Initial Maturity Date, the First Extended Maturity Date and the Second Extended Maturity Date, as applicable; provided, however, that if Mezzanine Borrower has exercised the applicable Extension Option and a Noticed Default is pending at the time of the expiration of the then-applicable term, and Mezzanine Borrower is diligently curing such Noticed Default within the allotted cure period under the Mezzanine Loan Documents, then such term (and the applicable Extension Option) shall be extended through the end of the applicable cure period (provided further that in no event shall such term be extended for more than 30 days unless all Defaults are cured within such period), and upon such timely cure (and satisfaction of the other conditions set forth in this Section 5 for such extension), the term shall be extended to the next to occur of the First Extended Maturity Date, the Second Extended Maturity Date or the Third Extended Maturity Date;
ii. Mezzan...
Extension Options. Tenant shall have the option to extend the term of this Lease for one (_1_) period(s) of five (_5_) years, following each term hereof (the “Extended Term”), upon the condition that there is no default in the performance of any condition of this Lease for which a notice of default has been given to Tenant. However, in the case of any default which cannot with due diligence be cured prior to the last date on which Tenant is entitled to exercise the option, if Tenant shall have proceeded promptly after the service of the notice of default with due diligence to cure the default, Tenant may, nevertheless, exercise the option and shall be entitled to any such Extended Term. The Extended Term shall be upon the same conditions as provided in this Lease.
Extension Options. Two (2) extensions of ten (10) years each, as described in Section 3.02.
Extension Options. Landlord hereby grants to Tenant two (2) consecutive options to extend the Term (each, an “Extension Option” and collectively, the “Extension Options”) for successive periods of five (5) years each (each, an “Extension Term”) commencing on the first day following the Expiration Date, on the terms and subject to the conditions set forth in this Paragraph; provided, however, that (a) an Extension Option shall be exercised, if at all, only with respect to the entire Premises; (b) the second Extension Option may be exercised only if the first Extension Option has been duly exercised; and (c) if Tenant is in monetary or material non-monetary default beyond applicable notice and cure periods under any of the terms, covenants or conditions of this Lease either at the time Tenant exercises an Extension Option or upon the commencement of the applicable Extension Term, Landlord shall have, in addition to all of Landlord’s other rights and remedies provided in this Lease, the right to terminate such Extension Option and to unilaterally nullify Tenant’s exercise of such Extension Option, in which event this Lease shall expire on the Expiration Date, unless sooner terminated pursuant to the terms hereof, and Tenant shall have no further rights under this Lease to renew or extend the Term.
