Extension Options. Tenant acknowledges and agrees that Tenant has no options and/or rights to lease additional space at the Project and, except as otherwise expressly provided herein below, Tenant has no options and/or rights to extend the Extended Term. Subject to the terms and conditions of this Section 10, Landlord hereby grants to Tenant up to two (2) options to extend the Extended Term (each an “Extension Option”), each for a consecutive period of five (5) years (each an "Option Term"), on the same terms, covenants and conditions as provided for in the Amended Lease during the Extended Term except as otherwise provided below in this Section 10. Monthly Base Rent shall initially be equal to the "fair market rental rate" for the Premises for each Option Term as defined and determined in accordance with the provisions of Section 10.a. below, subject to annual rent increases during each Option Term. The first Extension Option must be exercised, if at all, by written notice ("Extension Notice") delivered by Tenant to Landlord no sooner than that date which is fifteen (15) months and no later than that date which is ten (10) months prior to the expiration of the Extended Term. The second Extension Option must be exercised, if at all, by Extension Notice delivered by Tenant to Landlord no sooner than that date which is fifteen (15) months and no later than that date which is ten (10) months prior to the expiration of the first Option Term; provided, however, that the first and second Extension Option shall automatically become void and of no effect if Tenant fails to validly exercise the first Extension Option. Provided Tenant has properly and validly exercised an Extension Option, the Extended Term shall be extended by the five (5) year Option Term for that Extension Option, and all terms, covenants and conditions of the Amended Lease shall remain in full force and effect except that (a) Monthly Base Rent shall initially be equal to the "fair market rental rate" for the Premises for that Option Term as defined and determined in accordance with the provisions of Section 10.a. below, subject to annual rent increases during that Option Term, (b) the other economic terms will be established by Landlord, which may be taken into consideration when determining the fair market rental rate for that Option Term, (c) if Tenant fails to timely and validly exercise the second Extension Option, the second Extension Option shall be void and of no effect and tenant shall have no further options remaining, (d) after the exercise of the second Extension Option, Tenant shall have no further options remaining, and (e) Landlord shall have no obligation whatsoever in connection with any such extension to remodel, alter or improve the Premises or Building for use by Tenant, to provide any improvement or construction allowance to Tenant, or to pay or reimburse Tenant for any remodeling, alterations or improvements to the Premises or Building. The extension rights under this Section are “one-time, if at all” rights only, and are not renewing or reoccurring rights whether in connection with any further extension of the Term or otherwise.
Appears in 1 contract
Samples: Telecom Business Center NNN Lease (REVA Medical, Inc.)
Extension Options. (a) Tenant acknowledges and agrees that Tenant has no options and/or rights to lease additional space at the Project and, except as otherwise expressly provided herein below, Tenant has no options and/or rights to extend the Extended Term. Subject to the terms and conditions of this Section 10, Landlord hereby grants to Tenant up to shall have two (2) successive options to extend the Extended Term (each an “Extension Option”), each for a consecutive period of five (5) years each (collectively, the “Option Terms” or each an "“Option Term"”), on the same terms, covenants terms and conditions as provided for then in the Amended Lease during the Extended Term effect, except as expressly otherwise provided below in this Section 10herein. Monthly Base Rent shall initially be equal to the "fair market rental rate" Tenant may exercise any such extension option for the Premises for each one or more Option Term as defined and determined in accordance with the provisions of Section 10.a. below, subject to annual rent increases during each Option Term. The first Extension Option must be exercised, if at all, Terms by written notice ("Extension Notice") delivered by Tenant to Landlord no sooner not less than that date which is fifteen twelve (15) months and no later than that date which is ten (1012) months prior to the expiration of the Extended Term. The second Extension Option must be exercised, if at all, by Extension Notice delivered by Tenant to Landlord no sooner than that date which is fifteen (15) months and no later than that date which is ten (10) months prior to the expiration of the first Option Term; provided, however, that the first and second Extension Option shall automatically become void and of no effect if Tenant fails shall fail to validly give any such notice within such time limit, Tenant’s right to exercise its option shall nevertheless continue until thirty (30) days after Landlord shall have given Tenant notice of Landlord’s election to terminate such option, and Tenant may exercise such option at any time prior to the first Extension Optionexpiration of such thirty (30) day period.
(b) The parties intend to avoid forfeiture of Tenant’s rights to extend the Term under any of the Option Terms set forth in this Section 3.2 through failure to give notice of exercise thereof within the time limits prescribed. Provided Accordingly, if Tenant has properly shall fail to give notice to Landlord of Tenant’s election to extend the Term for any of the Option Terms and validly exercised an Extension OptionLandlord shall fail to give notice to Tenant of Landlord’s election to terminate Tenant’s right to extend this Lease under the option applicable thereto, then the Extended Term shall be automatically extended by from month to month upon all of the five (5) year Option Term for that Extension Option, and all terms, covenants terms and conditions of the Amended Lease shall remain then in full force and effect except that (a) Monthly Base Rent shall initially be equal to the "fair market rental rate" for the Premises for that Option Term as defined and determined in accordance with the provisions of Section 10.a. beloweffect, subject to annual rent increases during that Option Term, (b) Tenant’s right under such option to extend the other economic terms will be established by Landlord, which may be taken into consideration when determining Term for the fair market rental rate for that Option Term, (c) if Tenant fails to timely and validly exercise the second Extension Option, the second Extension Option shall be void and of no effect and tenant shall have no further options remaining, (d) after the exercise remainder of the second Extension Option, Tenant shall have no further options remaining, Option Term covered thereby and to Landlord’s right to place the thirty (e30) Landlord shall have no obligation whatsoever day limit on such option by notice in connection with any such extension to remodel, alter or improve the Premises or Building for use by Tenant, to provide any improvement or construction allowance to Tenant, or to pay or reimburse Tenant for any remodeling, alterations or improvements to the Premises or Building. The extension rights under manner provided in this Section are “one-time, if at all” rights only, and are not renewing or reoccurring rights whether in connection with any further extension of the Term or otherwise3.2.
Appears in 1 contract
Extension Options. Tenant acknowledges and agrees that Tenant has no options and/or rights to lease additional space at the Project and, except as otherwise expressly provided herein below, Tenant has no options and/or rights to extend the Extended Term. Subject to the terms and conditions of this Section 10Subparagraph 4(c) above, Landlord hereby grants to Tenant up to shall have either two (2) options to extend the Extended Lease Term (each an “Extension Option”), each for a consecutive period of five one (51) year each or, alternatively, one (1) option to extend the Lease Term for a period of three (3) years (each such applicable option(s) hereinafter being referred to as the "Extension Options" and the period(s) or term(s) of such applicable Extension Option hereinafter being referred to as the "Extension Terms") provided that Tenant is not in default both as of the date Tenant exercises the applicable Extension Option and as of the first day of the applicable Extension Term, and provided, further, that Tenant gives Landlord written notice of Tenant's exercise of the applicable Extension Option at least one hundred and eighty (180) days prior to the end of the then-current Lease Term. If Tenant first exercises an "Extension Option Term")for a term of one (1) year, on then Tenant shall be deemed to have waived the same termsright to exercise the Extension Option for a period of three (3) years. Conversely, covenants and conditions as provided if Tenant first exercises the Extension Option for a period of three (3) years, then Tenant shall be deemed to have waived the right to exercise the Extension Options for a period of one (1) year each. If Tenant timely exercises an Extension Option in the Amended manner prescribed herein, then such exercise shall be with respect to both Building B and Building D. All of the terms of this Lease during shall apply to each Extension Term, except that the Extended Term except Monthly Installment of rent shall be calculated as otherwise provided below set forth in this Section 10. Monthly Base Rent Subparagraph 5(b) below, Tenant shall initially not be equal entitled to the "fair market rental rate" for the Premises for each Option Term as defined any additional Extension Options or Termination Options, and determined in accordance with the provisions of Section 10.a. below, subject to annual rent increases during each Option Term. The first Extension Option must Exhibit C shall not be exercised, if at all, by written notice ("Extension Notice") delivered by Tenant to Landlord no sooner than that date which is fifteen (15) months and no later than that date which is ten (10) months prior applicable to the expiration of the Extended TermExtension Terms. The second Extension Option must be exercised, if at all, by Extension Notice delivered by Tenant to Landlord no sooner than that date which is fifteen (15) months and no later than that date which is ten (10) months prior to the expiration of the first Option Term; provided, however, that the first and second Extension Option shall automatically become void and of no effect if If Tenant fails to validly exercise exercise, or fails to effectively exercise, the first Extension Option. Provided Tenant has properly and validly exercised an one (1) year Extension Option, then the Extended Term shall be extended by the five second one (51) year Option Term for that Extension Option, and all terms, covenants and conditions of the Amended Lease shall remain in full force and effect except that (a) Monthly Base Rent shall initially be equal to the "fair market rental rate" for the Premises for that Option Term as defined and determined in accordance with the provisions of Section 10.a. below, subject to annual rent increases during that Option Term, (b) the other economic terms will be established by Landlord, which may be taken into consideration when determining the fair market rental rate for that Option Term, (c) if Tenant fails to timely and validly exercise the second Extension Option, the second Extension Option shall be void and of no effect force or effect. The one-year Extension Options shall be personal to Cisco Systems, Inc. and tenant shall have no further options remainingmay not be assigned to, transferred to or exercised for the benefit of any third party (d) after the other than an Affiliate of Tenant as defined in Paragraph 25 below). Any exercise of the second Extension Option, Tenant shall have no further options remaining, and (e) Landlord shall have no obligation whatsoever in connection with any such extension to remodel, alter or improve the Premises or Building for use by Tenant, to provide any improvement or construction allowance to Tenant, or to pay or reimburse Tenant for any remodeling, alterations or improvements to the Premises or Building. The extension rights under this Section are “one-timeyear Extension Option by or on behalf of any assignee, if at all” rights only, and are not renewing sublessee or reoccurring rights whether in connection with any further extension transferee (other than an Affiliate of the Term or otherwise.Tenant) of
Appears in 1 contract
Samples: Lease Agreement (Cisco Systems Inc)
Extension Options. Tenant acknowledges and agrees that Tenant has no options and/or rights to lease additional space at the Project and, except as otherwise expressly provided herein below, Tenant has no options and/or rights to extend the Extended Term. Subject to the terms and conditions of this Section 10following conditions, Landlord Lender hereby grants to Tenant up to Borrower two (2) options to extend the Extended Term one (1)-year (each an “Extension Term”) extension options following the original Maturity Date or first extension period, as the case may be (individually, an “Extension Option”). During each such extension, each for a consecutive period of five (5) years (each an "Option Term"), on the same terms, covenants principal and conditions as provided for in the Amended Lease during the Extended Term except as otherwise provided below in this Section 10. Monthly Base Rent interest payments shall initially be equal to the "fair market rental rate" for the Premises for each Option Term as defined and determined payable in accordance with the provisions of Section 10.a. below, subject to annual rent increases during each Option Term. The first Extension Option must be exercised, if at all, by written notice ("Extension Notice"2.1(b) delivered by Tenant to Landlord no sooner than that date which is fifteen (15) months and no later than that date which is ten (10) months prior to the expiration of the Extended Term. The second Extension Option must be exercised, if at all, by Extension Notice delivered by Tenant to Landlord no sooner than that date which is fifteen Note.
(15a) months and no later than that date which is ten (10) months prior to the expiration of the first Option Term; provided, however, that the first and second Extension Option shall automatically become void and of no effect if Tenant fails to validly To exercise the first Extension Option. Provided Tenant has properly and validly exercised an Option (“Extension OptionOption 1”), the Extended Term shall following conditions must be extended by the met:
(i) Borrower must give Lender written notice of exercise of Extension Option 1 (an “Extension 1 Notice”) not less than forty-five (545) year Option Term for that Extension Option, and all terms, covenants and conditions days before the Maturity Date;
(ii) Borrower must have achieved a Debt Service Coverage Ratio of 1.15x calculated as of the Amended Lease end of the calendar month preceding the date Borrower delivers the Extension 1 Notice; (CYPRESS/FAIRFIELD)
(iii) The Loan-to-Value Ratio shall remain not exceed sixty-five percent (65%), based upon a current Appraised Value of the Project reflected in full force a new appraisal;
(iv) No Event of Default shall have occurred and effect except that be continuing and no condition has occurred which, with notice or the passage of time, would constitute an Event of Default; and
(av) Monthly Base Rent Borrower shall initially have paid Lender a quarter percent (0.25%) extension fee in cash (which may be equal to from Loan proceeds if included in the "fair market rental rate" for Budget) based on the Premises for that Option Term as defined and determined in accordance with outstanding, unpaid principal balance of the provisions of Section 10.a. below, subject to annual rent increases during that Option Term, Loan Amount.
(b) the other economic terms will be established by Landlord, which may be taken into consideration when determining the fair market rental rate for that Option Term, (c) if Tenant fails to timely and validly To exercise the second Extension OptionOption (“Extension Option 2”), the second following conditions must be met:
(i) Borrower must give Lender written notice of exercise of Extension Option 2 (an “Extension 2 Notice”) not less than forty-five (45) days before the Maturity Date, as previously extended by the first extension period;
(ii) Borrower must have achieved a Debt Service Coverage Ratio of 1.25x calculated as of the end of the calendar month preceding the date Borrower delivers the Extension 2 Notice;
(iii) The Loan-to-Value Ratio shall not exceed sixty-five percent (65%), based upon a current Appraised Value of the Project reflected in a new appraisal;
(iv) No Event of Default shall have occurred and be continuing and no condition has occurred which, with notice or the passage of time, would constitute an Event of Default; and
(v) Borrower shall have paid Lender a one-half percent (0.50%) extension fee in cash (which may be from Loan proceeds if included in the Budget) based on the outstanding, unpaid principal balance of the Loan Amount. Notwithstanding anything to the contrary contained herein, Borrower shall be void and of no effect and tenant shall have no further options remaining, (d) after the exercise of the second Extension Option, Tenant shall have no further options remaining, and (e) Landlord shall have no obligation whatsoever in connection with any such extension to remodel, alter or improve the Premises or Building for use by Tenant, to provide any improvement or construction allowance to Tenant, or allowed to pay or reimburse Tenant for any remodeling, alterations or improvements down the Loan in order to meet the Premises or Building. The extension rights under Debt Service Coverage Ratio and the Loan-To-Value requirements in this Section are “one-time, if at all” rights only, and are not renewing or reoccurring rights whether in connection with any further extension of the Term or otherwise2.4.
Appears in 1 contract
Samples: Construction Loan Agreement (CNL Growth Properties, Inc.)
Extension Options. Tenant acknowledges and agrees that Tenant has no options and/or rights to lease additional space at the Project and, except as otherwise expressly provided herein belowIf any Extension Option is indicated in Section 1.1, Tenant has no options and/or rights shall have the option to extend the Extended Term. Subject to Lease Term for the number of successive extension terms and conditions the number of this Section 10, Landlord hereby grants to Tenant up to two (2) options to extend the Extended Term (each an “Extension Option”), each for a consecutive period of five (5) years (each an "Option Term"), on the same terms, covenants and conditions as provided for in the Amended Lease during the Extended Term except as otherwise provided below in this Section 10. Monthly Base Rent shall initially be equal to the "fair market rental rate" for the Premises for each Option Term extension term as defined and determined specified in Section 1.1 in accordance with the provisions of Section 10.a. below, subject to annual rent increases during each Option Term. The first following:
(a) Tenant may not exercise any Extension Option must be unless, on the date when such option is exercised, if at all(i) this Lease is in full force and effect, by written notice ("Extension Notice"ii) delivered by Tenant to Landlord no sooner than that date which is fifteen (15) months Event of Default, and no later event which, with the giving of notice or the passage of time, or both, would constitute an Event of Default has occurred and is continuing, and
(b) Tenant shall exercise an Extension Option by giving Landlord notice to such effect (which notice shall be irrevocable) not less than that date which is ten (10) months 225 days prior to the expiration first day of such extension term. Upon the giving of such notice, this Lease shall be deemed to be extended for the period of the Extended Termrelevant extension term without the execution of any further instrument (although either party may request an amendment to the Lease to reflect such extension and the terms thereof, in which case the parties will in good faith negotiate and execute such an amendment). The second Extension Option must be exercised, if at all, failure to give such notice by Extension Notice delivered such date shall constitute a waiver by Tenant of any right to Landlord no sooner than that date which is fifteen extend the Lease Term.
(15c) months and no later than that date which is ten (10) months prior to the expiration The provisions of the first Option Term; provided, however, that the first and second Extension Option shall automatically become void and of no effect if Tenant fails to validly exercise the first Extension Option. Provided Tenant has properly and validly exercised an Extension Option, the Extended Term shall be extended by the five (5) year Option Term for that Extension Option, and all terms, covenants and conditions of the Amended Lease shall remain in full force and effect during any extension term except that (ai) Monthly the Lease Term will be extended by the period of such extension term, (ii) the Base Rent shall initially be equal to the "fair market rental rate" for the Premises extension term shall be as set forth in Section 1.1 of the Lease for that the applicable Extension Option Term as defined and determined in accordance with the provisions of Section 10.a. below, subject to annual rent increases during that Option Term, (b) the other economic terms will be established by Landlord, which may be taken into consideration when determining the fair market rental rate for that Option Term, (ciii) if Tenant fails to timely and validly exercise the second Extension Option, the second such Extension Option shall be void and of no effect and tenant shall have no further options remaining, (d) after is the exercise of the second only or final Extension Option, Tenant shall have no further options remainingright to renew the Term. Notwithstanding the foregoing, and (e) Landlord shall have no obligation whatsoever in connection with any such extension to remodel, alter or improve Tenant may not exercise the Premises or Building for use by Tenant, to provide any improvement or construction allowance to Tenant, or to pay or reimburse Tenant for any remodeling, alterations or improvements to first Extension Option effective upon the Premises or Building. The extension rights under this Section are “one-time, if at all” rights only, and are not renewing or reoccurring rights whether in connection with any further extension expiration of the Initial Term if the first floor tenant has exercised a right to lease the entire Premises on the second floor of the Building which right is exercised on or otherwisebefore the commencement of the fourth (4th) year of the Initial Term and Landlord has notified Tenant of the exercise of such right by the First Floor Tenant on or before the commencement of the fourth (4th) year of the Initial Term (the “First Floor Tenant Right”).
Appears in 1 contract
Extension Options. Section 1 (Option to Extend) of Special Stipulations contained in Exhibit E to the Lease is hereby deleted. Provided (i) Tenant acknowledges and agrees that Tenant has no options and/or rights to lease additional space is not in default under this Lease either at the Project andtime of exercise of an option to extend or as of the commencement of an Extension Term, except as otherwise expressly provided (ii) the creditworthiness of Tenant is then acceptable to Landlord, (iii) the Tenant originally named herein belowremains in possession of and has been continuously operating in the entire Premises for the Lease Term or Extension Term immediately preceding the Extension Term, and (iv) the current use of the Leased Premises is acceptable to Landlord, Tenant has no options and/or rights shall have the option to extend the Extended Term. Subject to the terms and conditions of this Section 10, Landlord hereby grants to Tenant up to Lease Term for two (2) options to extend the Extended Term (each an “Extension Option”), each for a consecutive period successive periods of five (5) years each (each an "Option Term"the Extension Term(s), ”). The Extension Terms shall be on the same terms, covenants terms and conditions as provided for contained in the Amended Lease during for the Extended initial Lease Term except as otherwise provided below in (i) no allowances, tenant improvements, rent abatement or other concessions shall apply, (ii) this Section 10. Monthly Base granting extension options shall be deemed modified to reflect the remaining Extension Term option, if any, and (iii) Minimum Annual Rent shall initially be equal adjusted as set forth below. Tenant shall exercise such option by delivering to the "fair market rental rate" for the Premises for each Option Term as defined and determined in accordance with the provisions of Section 10.a. belowLandlord, subject to annual rent increases during each Option Term. The first Extension Option must be exercised, if at all, by written notice ("Extension Notice") delivered by Tenant to Landlord no sooner than that date which is fifteen (15) months and no later than that date which is ten six (106) months prior to the expiration of the Extended then current Lease Term or Extension Term, as applicable, written notice of Tenant’s exercise of such option. Once given, Tenant’s exercise of an Extension Term option shall be irrevocable. Unless waived by Landlord in writing, Tenant’s failure to timely exercise an Extension Term option shall be a waiver of all rights to extend the Lease Term. The second Extension Option must be exercisedIf Tenant properly exercises an option to extend, if at all, by Extension Notice delivered by Landlord and Tenant to Landlord no sooner than that date which is fifteen (15) months and no later than that date which is ten (10) months prior shall execute an amendment to the expiration of Lease reflecting the first Option Term; provided, however, that the first and second Extension Option shall automatically become void and of no effect if Tenant fails to validly exercise the first Extension Option. Provided Tenant has properly and validly exercised an Extension Option, the Extended Term shall be extended by the five (5) year Option Term for that Extension Option, and all terms, covenants terms and conditions of the Amended Lease shall remain in full force and effect except that (a) Monthly Base Extension Term. Minimum Annual Rent shall initially be equal to the "fair market rental rate" for the Premises for that Option Term as defined and determined in accordance with the provisions of Section 10.a. belowExtension Terms, subject to annual rent increases during that Option Termif exercised, (b) the other economic terms will be established by Landlord, which may be taken into consideration when determining the fair market rental rate for that Option Term, (c) if Tenant fails to timely and validly exercise the second Extension Option, the second Extension Option shall be void and of no effect and tenant shall have no further options remaining, (d) after the exercise of the second as follows: First Extension Option, Tenant shall have no further options remaining, and (e) Landlord shall have no obligation whatsoever in connection with any such extension to remodel, alter or improve the Premises or Building for use by Tenant, to provide any improvement or construction allowance to Tenant, or to pay or reimburse Tenant for any remodeling, alterations or improvements to the Premises or Building. The extension rights under this Section are “one-time, if at all” rights only, and are not renewing or reoccurring rights whether in connection with any further extension of the Term or otherwise.5/1/20—4/30/21 $ 1,807,428.07 $ 150,619.01 $ 3.00900 5/1/21—4/30/22 $ 1,843,576.63 $ 153,631.39 $ 3.06918 5/1/22—4/30/23 $ 1,880,448.16 $ 156,704.01 $ 3.13056 5/1/23—4/30/24 $ 1,918,057.12 $ 159,838.09 $ 3.19317 5/1/24—4/30/25 $ 1,956,418.27 $ 163,034.86 $ 3.25704 Second Extension Term 5/1/25—4/30/26 $ 1,771,988.30 $ 147,665.69 $ 2.95000 5/1/26—4/30/27 $ 1,807,428.07 $ 150,619.01 $ 3.00900 5/1/27—4/30/28 $ 1,843,576.63 $ 153,631.39 $ 3.06918 5/1/28—4/30/29 $ 1,880,448.16 $ 156,704.01 $ 3.13056 5/1/29—4/30/30 $ 1,918,057.12 $ 159,838.09 $ 3.19317
Appears in 1 contract
Extension Options. Tenant acknowledges and agrees that Tenant has no options and/or rights If one or more Revolving Lenders do not confirm their execution of the Extension Agreement to lease additional space at which such Extension Request relates within the Project and, except aforesaid 30 days (such Revolving Lenders being hereinafter referred to as otherwise expressly provided herein below, Tenant has no options and/or rights to extend the Extended Term. Subject to the terms and conditions of this Section 10, Landlord hereby grants to Tenant up to two (2) options to extend the Extended Term (each an “Extension Option”), each for a consecutive period of five (5) years (each an "Option TermNonextending Lenders"), on the Borrower shall be entitled to:
(i) extend the Term Out Date with respect to the Commitments of the Revolving Lenders who have so confirmed their execution of the Extension Agreement (such Revolving Lenders being hereinafter referred to as the "Extending Lenders") for a number of days (not exceeding 364 days) as set forth in the Extension Agreement from the date the Borrower notifies the Agent of the Borrower's exercise of this entitlement and to terminate the Commitment(s) of the Nonextending Lender(s) unutilized as of the Term Out Date as the same terms, covenants and conditions was determined prior to giving effect to such Extension Request; or
(ii) extend the Term Out Date with respect to the Commitments of the Extending Lenders for a number of days (not exceeding 364 days) as provided for set forth in the Amended Lease during Extension Agreement from the Extended Term except as otherwise provided below in date the Borrower notifies the Agent of the Borrower's exercise of this Section 10. Monthly Base Rent shall initially be equal to the "fair market rental rate" for the Premises for each Option Term as defined and determined in accordance with the provisions of Section 10.a. below, subject to annual rent increases during each Option Term. The first Extension Option must be exercised, if at all, by written notice ("Extension Notice") delivered by Tenant to Landlord no sooner than that date which is fifteen (15) months and no later than that date which is ten (10) months entitlement; prior to the expiration fifth Business Day preceding the Term Out Date as the same was determined prior to giving effect to such Extension Request, replace one or more of the Extended Term. The second Extension Option must Nonextending Lenders with one or more Eligible Lenders (in respect of whom, the Term Out Date shall be exercisedthe same date as the Term Out Date with respect to the Commitments of the Extending Lenders); and terminate the Commitment(s) of the Nonextending Lender(s), if at allto the extent not so replaced, by Extension Notice delivered by Tenant to Landlord no sooner than that date which is fifteen (15) months and no later than that date which is ten (10) months unutilized as of the Term Out Date as the same was determined prior to the expiration Extension Request; or
(iii) elect to revoke such Extension Request; provided that: (i) if the Borrower does not notify the Agent of its election hereunder prior to the fifth Business Day preceding the Term Out Date as the same was determined prior to giving effect to such Extension Request with respect to the Commitments of such Revolving Lenders, the Borrower shall be deemed to have elected to revoke such Extension Request; and (ii) if the Commitments of the first Option Term; providedNonextending Lenders constitute 25% or more of the Facility, however, that all of the first and second Extension Option shall automatically become void and unutilized Commitments of no effect if Tenant fails to validly exercise the first Extension Option. Provided Tenant has properly and validly exercised an Extension Option, the Extended Term all Revolving Lenders shall be extended by the five (5) year Option Term for that Extension Option, and all terms, covenants and conditions of the Amended Lease shall remain in full force and effect except that (a) Monthly Base Rent shall initially be equal to the "fair market rental rate" for the Premises for that Option Term as defined and determined in accordance with the provisions of Section 10.a. below, subject to annual rent increases during that Option Term, (b) the other economic terms will be established by Landlord, which may be taken into consideration when determining the fair market rental rate for that Option Term, (c) if Tenant fails to timely and validly exercise the second Extension Option, the second Extension Option shall be void and of no effect and tenant shall have no further options remaining, (d) after the exercise of the second Extension Option, Tenant shall have no further options remaining, and (e) Landlord shall have no obligation whatsoever in connection with any such extension to remodel, alter or improve the Premises or Building for use by Tenant, to provide any improvement or construction allowance to Tenant, or to pay or reimburse Tenant for any remodeling, alterations or improvements to the Premises or Building. The extension rights under this Section are “one-time, if at all” rights only, and are not renewing or reoccurring rights whether in connection with any further extension of terminated on the Term or otherwiseOut Date as the same was determined prior to giving effect to such Extension Request and the Term Out Date shall not be extended.
Appears in 1 contract
Extension Options. Tenant acknowledges and agrees that Tenant has no options and/or rights to lease additional space at the Project and, except as otherwise expressly provided herein below, Tenant has no options and/or rights to extend the Extended Term. Subject to the terms and conditions of this Section 10, Landlord hereby grants to Tenant up to two (2) options the option to extend the Extended Term of this Lease for (not more than) the number of Extension Terms set forth in Section 1.1, the first three (3) of which shall each an “Extension Option”), each for a consecutive period of be five (5) years Lease Years in duration and the last of which shall be four (each an "Option Term")4) Lease Years and eleven (11) months in duration. Tenant’s extension options may be exercised at once or serially, on the same terms, covenants and conditions as provided for in the Amended Lease during the Extended Term except as otherwise provided below in this Section 10. Monthly Base Rent Tenant sees fit.
(a) Each extension option shall initially be equal to the "fair market rental rate" for the Premises for each Option Term as defined and determined in accordance with the provisions of Section 10.a. below, subject to annual rent increases during each Option Term. The first Extension Option must be exercised, if at all, exercised by written notice ("Extension Notice") delivered by Tenant to Landlord no sooner than that date which is fifteen at least one hundred eighty (15180) months and no later than that date which is ten (10) months prior to days before the expiration end of the Extended Term. The second Extension Option must be exercised, if at all, by Extension Notice delivered by Tenant to Landlord no sooner than that date which is fifteen (15) months and no later than that date which is ten (10) months prior to the expiration of the first Option then-current Term; provided, however, that Landlord and Tenant agree that Tenant’s extension options hereunder shall not be forfeited or deemed waived by neglect or inadvertence and, accordingly, Tenant’s right to extend shall not be deemed waived or forfeited unless (i) Tenant affirmatively elects in writing not to extend the first and second Extension Option shall automatically become void and of no effect if Term or (ii) Tenant fails to validly exercise its extension option by the first Extension Option. Provided Tenant has properly and validly exercised an Extension Optiondate which is the later of: (x) one hundred eighty (180) days prior to the expiration of the then-current Term, the Extended Term or (y) thirty (30) days after receipt of Landlord’s “reminder notice,” which shall be extended sent by Landlord to Tenant no sooner than two hundred seventy (270) days prior to the five (5) year Option Term for that Extension Option, and all terms, covenants and conditions expiration of the Amended Lease shall remain in full force and effect except that (a) Monthly Base Rent shall initially be equal to the "fair market rental rate" for the Premises for that Option Term as defined and determined in accordance with the provisions of Section 10.a. below, subject to annual rent increases during that Option then-current Term, .
(b) If the other economic terms will be established by Landlord, which may be taken into consideration when determining the fair market rental rate Term of this Lease is extended for that Option any Extension Term, then during such Extension Term (but subject to Section 4.6 below), Tenant shall pay to Landlord the applicable Annual Base Rent specified in Section 1.1 above and, except as otherwise provided herein to the contrary, all terms and conditions in effect under this Lease immediately prior to such Extension Term shall continue to apply throughout such Extension Term.
(c) if As a condition to Tenant’s valid exercise of each extension option pursuant to this Section 3.3, no uncured Event of Default by Tenant fails to timely and validly exercise the second Extension Option, the second Extension Option shall be void outstanding under Section 18(a) and of no effect and tenant shall have no further options remaining, (d) after the exercise of the second Extension Option, Tenant shall have no further options remaining, and (e) Landlord shall have no obligation whatsoever be operating its business in connection with any such extension to remodel, alter or improve the Premises or Building for as provided in Section 13.1 (subject to Excused Closures and Tenant’s right to change its use by Tenant, pursuant to provide any improvement or construction allowance to Tenant, or to pay or reimburse Tenant for any remodeling, alterations or improvements to the Premises or Building. The extension rights under this Section are “one-time, if at all” rights only, and are not renewing or reoccurring rights whether in connection with any further extension of the Term or otherwise13.1).
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Extension Options. Tenant acknowledges and Landlord agrees that Tenant has no options and/or rights to lease additional space at the Project andshall have, except as otherwise expressly provided herein belowand it is hereby granted, Tenant has no options and/or rights to extend the Extended Term. Subject to the terms and conditions of this Section 10, Landlord hereby grants to Tenant up to two (2) successive options (the “Extension Options”) to extend the Extended Term as to any Property Location or Property Locations, in Tenant’s sole discretion, for a period of ten (10) years each (individually, an “Extension OptionPeriod”, and collectively, the “Extension Periods”), each for a consecutive period such Extension Period to begin respectively upon the expiration of five (5) years (each an "Option Term")the initial Term or the prior Extension Period, on as the same case may be. All of the terms, covenants and conditions provisions of this Lease shall apply to each Extension Period with respect to the Property Locations that Tenant elects to extend, except that Base Rent (as provided defined in Section 2.01 below) for each of the Extension Periods shall continue to be adjusted pursuant to the terms of Sections 1.04 and 2.01 below, payable in the Amended Lease during the Extended Term except equal monthly installments as otherwise provided below in this Section 10. Monthly Base Rent shall initially be equal to the "fair market rental rate" for the Premises for each Option Term (as defined and determined in accordance with Section 2.01). In order to exercise the provisions Extension Options, Tenant shall give Landlord notice of Section 10.a. below, subject such exercise (which notice shall identify the Property Locations that are to annual rent increases during each Option Term. The first Extension Option must be exercised, if at all, by written notice ("Extension Notice"extended) delivered by Tenant to Landlord no sooner than that date which is fifteen (15) months and no later than that date which is ten one hundred twenty (10120) months days prior to the expiration end of the Extended Term. The second initial Term of this Lease or the prior Extension Option must be exercisedPeriod, if at all, by Extension Notice delivered by Tenant to Landlord no sooner than that date which is fifteen (15) months and no later than that date which is ten (10) months prior to as the expiration of the first Option Termcase may be; provided, however, that the first and second Extension Option shall automatically become void and of no effect if Tenant fails shall fail to validly give the notice within the aforesaid time limit, Tenant’s right to exercise its option shall nevertheless continue during said one hundred twenty (120) day period until thirty (30) days after Landlord shall have given Tenant notice of Landlord’s election to terminate such option (“Landlord’s Notice”), and Tenant may exercise such option at any time until the first expiration of said thirty (30) day period. It is the intention of the parties to avoid forfeiture of Tenant’s rights to extend the Term under any of the options set forth in this Lease through inadvertent failure to give the extension notice within the time limits prescribed. Accordingly, if Tenant shall fail to give an extension notice to Landlord for any of the Extension Option. Provided Periods, and if Landlord shall fail to give Landlord’s Notice to Tenant, then until the expiration of thirty (30) days following Landlord’s Notice, or until Tenant has properly and validly exercised an Extension Optioneither exercises its option to extend or notifies Landlord that it does not intend to exercise said option to extend, the Extended Term shall be extended by automatically from month to month upon all the five (5) year Option Term for that Extension Option, and all terms, covenants terms and conditions of the Amended Lease shall remain then in full force and effect effect, except that (a) Monthly Base Rent shall initially be equal to the "fair market rental rate" for the Premises for that Option Term as defined and determined increased in accordance with Article 8, and in no event shall the provisions of Section 10.a. below, subject to annual rent increases during that Option Term, (b) Term extend beyond the other economic terms will be established by Landlord, which may be taken into consideration when determining the fair market rental rate for that Option Term, (c) if Tenant fails to timely and validly exercise the second Extension Option, the second Extension Option shall be void and of no effect and tenant shall have no further options remaining, (d) after the exercise last date of the second last Extension OptionPeriod. Upon the failure of Tenant to exercise one or any of the options herein following Xxxxxxxx’s Notice, and, in any event, upon expiration of the last of such Extension Periods, Tenant shall have no further options remaining, and (e) Landlord shall have no obligation whatsoever in connection with any such extension or additional right to remodel, alter renew or improve the Premises or Building for use by Tenant, to provide any improvement or construction allowance to Tenant, or to pay or reimburse Tenant for any remodeling, alterations or improvements to the Premises or Building. The extension rights under extend this Section are “one-time, if at all” rights only, and are not renewing or reoccurring rights whether in connection with any further extension of the Term or otherwiseLease.
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Samples: Master Lease (Spirit Finance Corp)
Extension Options. Tenant acknowledges and agrees that Tenant has no options and/or rights to lease additional space at the Project and, except as otherwise expressly provided herein below, Tenant has no options and/or rights to extend the Extended Term. 2.3.1 Subject to and in accordance with the terms and conditions of this Section 102.3, Landlord hereby grants Tenant shall have the following options (“Extension Options”) to extend the Term of the Lease. First Extension Term: Three (3) years (months 61-96) Second Extension Term: Three (3) years (months 97-132) [***] Information has been omitted and filed separately with the Securities and Exchange Commission. Confidential Treatment has been requested with respect to the omitted portions. Tenant’s right to extend the Term of the Lease with respect to any Extension Term shall be conditioned upon Tenant up having timely and properly exercised its right to two extend the Term of the Lease for all prior Extension Terms.
2.3.2 Each Extension Term shall be upon all of the same terms, conditions and provisions applicable to the then-current Term of this Lease (2) except as provided otherwise herein). Tenant shall have no further options to extend the Extended Term (each an “Extension Option”)Term, each for a consecutive period of five (5) years (each an "Option Term"), on the same terms, covenants and conditions as provided for in the Amended Lease during the Extended Term except as otherwise provided below expressly set forth in this Section 10. Monthly 2.3.
2.3.3 The monthly Extension Term Base Rent payable with respect to the Tenant Space for each Extension Term shall initially be equal to the "fair market rental rate" then prevailing base rent then being charged by Landlord for comparable space in the Premises Building for each Option Term as defined new leases, taking into consideration the quality, size, utility and determined in accordance with location thereof, the provisions of Section 10.a. below, subject to annual rent increases during each Option Term. The first Extension Option must be exercised, if at all, by written notice ("Extension Notice") delivered by Tenant to Landlord no sooner than that date which is fifteen (15) months and no later than that date which is ten (10) months prior to the expiration length of the Extended Extension Term. The second Extension Option must be exercised, if at allthe credit standing of Tenant, by Extension Notice delivered by Tenant and the amenities provided to Landlord no sooner than that date which is fifteen (15) months and no later than that date which is ten (10) months prior to the expiration of the first Option TermTenant; provided, however, that in no event shall the monthly Base Rent payable by Tenant during the first year of any Extension Term be less than one hundred three percent (103%) of the scheduled monthly Base Rent for the last month of the immediately preceding year of the Term of the Lease; and second provided further that, once the Base Rent has been determined in accordance with this Section 2.3 with regard to the first year of an Extension Term, the monthly Base Rent for each subsequent year of such Extension Term shall be increased hereunder as of the first (1st) day of each such subsequent year to be equal to one hundred three percent (103%) of the scheduled monthly Base Rent for the last month of the immediately preceding year of the Term of the Lease, as extended.
2.3.4 With respect to the First Extension Option and the Second Extension Option, Tenant may exercise each such Extension Option only by delivering an Extension Option Interest Notice to Landlord at least nine (9) calendar months (and not more than twelve (12) calendar months) prior to the then applicable expiration date of the Term, specifying that Tenant is interested in exercising an Extension Option pursuant to this Section 2.3. Landlord shall automatically become void and of no effect if thereafter deliver the Extension Option Landlord’s Notice to Tenant. Tenant fails shall thereafter have the right to validly exercise the first applicable Extension Option. Provided Option by delivering an Extension Option Exercise Notice to Landlord within thirty (30) days after Landlord’s delivery of the Extension Option Landlord’s Notice to Tenant, specifying that Tenant has properly is irrevocably exercising its Extension Option so as to extend the Term of this Lease by an Extension Term on the terms set forth (a) in this Section 2.3, and validly exercised (b) in the Extension Option Landlord’s Notice.
2.3.5 In the event that Tenant shall duly exercise an Extension Option, the Extended Term shall be extended to include the applicable Extension Term (and all references to the Term in this Lease shall be deemed to refer to the Term specified in Item 5 of the Basic Lease Information, plus all Extension Terms properly exercised by Tenant). In the five (5) year event that Tenant shall fail to deliver an Extension Option Term Exercise Notice, or an Extension Option Interest Notice, as the case may be, within the applicable time period specified herein for that the delivery thereof, time being of the essence, at the election of Landlord, Tenant shall be deemed to have forever waived and relinquished such Extension Option, and all terms, covenants and conditions any other options or rights to renew or extend the Term effective after the then applicable expiration date of the Amended Term shall terminate and shall be of no further force or effect.
2.3.6 Tenant shall have the right to exercise any Extension Option only with respect to the entire Tenant Space leased by Tenant at the time that Tenant delivers the applicable Extension Option Exercise Notice. If Tenant duly exercises an Extension Option, Landlord and Tenant shall execute an amendment reflecting such exercise. Notwithstanding anything to the contrary herein, any attempted exercise by Tenant of an Extension Option shall, at the election of Landlord, be invalid, ineffective, and of no force or effect if, on the date on which Tenant delivers an Extension Option Exercise Notice, or an Extension Option Interest Notice, as the case may be, or on the date on which the Extension Term is scheduled to commence, either: (i) there shall be an uncured Event of Default by Tenant under this Lease, or (ii) the Lease shall remain is no longer in full force and effect except that (a) Monthly Base Rent shall initially be equal to the "fair market rental rate" for the Premises for that Option Term as defined and determined in accordance with the provisions of Section 10.a. below, subject to annual rent increases during that Option Term, (b) the other economic terms will be established by Landlord, which may be taken into consideration when determining the fair market rental rate for that Option Term, (c) if Tenant fails to timely and validly exercise the second Extension Option, the second Extension Option shall be void and of no effect and tenant shall have no further options remaining, (d) after the exercise of the second Extension Option, Tenant shall have no further options remaining, and (e) Landlord shall have no obligation whatsoever in connection with any such extension to remodel, alter or improve the Premises or Building for use by Tenant, to provide any improvement or construction allowance to Tenant, or to pay or reimburse Tenant for any remodeling, alterations or improvements to the Premises or Building. The extension rights under this Section are “one-time, if at all” rights only, and are not renewing or reoccurring rights whether in connection with any further extension of the Term or otherwiseeffect.
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Extension Options. (A) On the conditions (which conditions Landlord may waive by written notice to Tenant) that both at the time of exercise of the herein described option to extend and as of the commencement of the Extended Term in question (i) there exists no monetary or material non-monetary “Event of Default” (defined in Section 15.1), (ii) this Lease is still in full force and effect, (iii) if the Building and the building known as Eight Cambridge Center (the “8CC Building”), space within which Tenant acknowledges is leasing herewith pursuant to a Lease of even date herewith (the “8CC Lease”), are both owned by entities affiliated with Boston Properties Limited Partnership or its successors and agrees assigns or are otherwise affiliated with each other (as defined in Section 16.32), then provided that Tenant has no options and/or rights to lease additional space at the Project and, except as otherwise expressly provided herein below, Tenant has no options and/or rights is contemporaneously exercising its right to extend the term of its 8CC Lease for a co-terminous period with the Extended Term. Subject , and (iv) Tenant has not sublet more than one half (1/2) of the Rentable Floor Area of the Premises (except for subletting permitted without Landlord’s consent under Section 12.2 hereof), Tenant shall have the right to extend the terms Term hereof upon all the same terms, conditions, covenants and conditions agreements herein contained (except for the Annual Fixed Rent and tax and operating cost bases, which shall be adjusted during the option period as hereinbelow set forth and except that there shall be no further option to extend after exercise of this Section 10, Landlord hereby grants Tenant’s second five (5) year option to Tenant up to extend) for two (2) options to extend the Extended Term (each an “Extension Option”), each for a consecutive period periods of five (5) years (each as hereinafter set forth. Each option period is sometimes herein referred to as an "Option “Extended Term"), on the same terms, covenants and conditions as provided for in the Amended Lease during the Extended Term except as otherwise provided below in this Section 10. Monthly Base Rent shall initially be equal .” Notwithstanding any implication to the "fair market rental rate" for contrary, Landlord has no obligation to make any additional payment to Tenant in respect of any construction allowance or the like or to perform any work to the Premises for each Option Term as defined and determined in accordance with a result of the provisions exercise by Tenant of Section 10.a. belowany such option.
(B) If Tenant desires to exercise said option to extend the Term, subject to annual rent increases during each Option Term. The first Extension Option must be exercised, if at all, by written then Tenant shall give notice ("the “Extension Term Exercise Notice"”) delivered by Tenant to Landlord no sooner Landlord, not earlier than that date which is fifteen twenty one (1521) months and no nor later than that date which is ten eighteen (1018) months prior to the expiration of the Lease Term, exercising such option to extend. Promptly after Landlord’s receipt of the Extension Term Exercise Notice, Landlord shall provide Landlord’s quotation to Tenant of a proposed annual rent for the Extended Term (“Landlord’s Extension Term Rent Quotation”). If at the expiration of thirty (30) days after the date when Landlord provides such quotation to Tenant (the “Extension Term Negotiation Period”), Landlord and Tenant have not reached agreement on a determination of an annual rental for the Extended Term and executed a written instrument extending the Term of this Lease pursuant to such agreement, then Tenant shall have the right, for thirty (30) days following the expiration of the Extension Term Negotiation Period, to make a request to Landlord for a broker determination (the “Broker Determination”) of the Prevailing Market Rent (as defined in Exhibit I) for the Extended Term, which Broker Determination shall be made in the manner set forth in Exhibit I. If Tenant timely shall have requested the Broker Determination, then the Annual Fixed Rent for the Extended Term shall be the Prevailing Market Rent as determined by the Broker Determination. The second If Tenant does not timely request the Broker Determination, then Annual Fixed Rent during the Extended Term shall be equal to Landlord’s Rent Quotation.
(C) If Tenant desires to make a preliminary inquiry as to Landlord’s Extension Option must be exercisedTerm Rent Quotation, if at allwithout giving Extension Term Exercise Notice, by then Tenant may give notice (“Extension Notice delivered by Tenant Term Rent Inquiry Notice”) to Landlord no sooner Landlord, not earlier than that date which is fifteen twenty two (1522) months and no nor later than that date which is ten nineteen (1019) months prior to the expiration of the first Option Lease Term; provided, howevermaking such inquiry. Promptly after Landlord’s receipt of the Extension Term Rent Inquiry Notice, that the first and second Landlord shall provide Landlord’s Extension Option shall automatically become void and of no effect if Term Rent Quotation to Tenant. If Tenant fails should thereafter timely give Extension Term Exercise Notice to validly exercise the first Extension Option. Provided Tenant has properly and validly exercised an Extension OptionLandlord, the Extension Term Negotiation Period shall continue until the expiration of thirty (30) days after the date such Extension Term Exercise Notice is given, and the terms and conditions of Section 3.2(B) above shall be applicable.
(D) Base Taxes (as defined in Section 6.2(f)) applicable with respect to any Extended Term shall be extended by instead equal Landlord’s Tax Expenses for the five (5) then current fiscal tax year Option Term for that Extension Option, and all terms, covenants and conditions as of the Amended Lease commencement of such Extended Term. Base Operating Expenses (as defined in Section 7.5) applicable with respect to any Extended Term shall remain in full force and effect except that (a) Monthly Base Rent shall initially be instead equal to the "fair market rental rate" Operating Expenses for the Premises Property for that Option the calendar year in which such Extended Term as defined and determined in accordance with the provisions of Section 10.a. below, subject to annual rent increases during that Option Term, (b) the other economic terms will be established by Landlord, which may be taken into consideration when determining the fair market rental rate for that Option Term, (c) if Tenant fails to timely and validly exercise the second Extension Option, the second Extension Option shall be void and of no effect and tenant shall have no further options remaining, (d) after the exercise of the second Extension Option, Tenant shall have no further options remaining, and (e) Landlord shall have no obligation whatsoever in connection with any such extension to remodel, alter or improve the Premises or Building for use by Tenant, to provide any improvement or construction allowance to Tenant, or to pay or reimburse Tenant for any remodeling, alterations or improvements to the Premises or Building. The extension rights under this Section are “one-time, if at all” rights only, and are not renewing or reoccurring rights whether in connection with any further extension of the Term or otherwisecommences.
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Extension Options. Tenant acknowledges and agrees that Tenant has no options and/or rights to lease additional space at the Project and, except as otherwise expressly provided herein below, Tenant has no options and/or rights to extend the Extended Term. Subject to the terms and conditions of this Section 10, Landlord The Port hereby grants to Tenant up to two (2) successive options to extend the Extended Term of this Agreement (each herein referred to individually as an “Extension Option”), each ) for a consecutive an additional period of five ten (510) years for each option (each an "Option herein referred to individually as “Extension Term"), ”) except that no additional Extension Options shall apply following the second Extension Term and Rent during any such Extension Terms shall be determined and adjusted pursuant to Section 4.2. Except for the Allowed Variances and special provisions provided for in Section 25.3 to cure deficiencies arising out of the Allowed Variances (collectively referred to as “Special Provisions Variance”) the Extension Terms shall be on the same terms, covenants and conditions as provided the initial term of this Agreement. The Special Provisions Variance will apply only so long as the GSA Sublease (as hereinafter defined) remains in effect. Written notices of Tenant's exercise of the Extension Option for in the Amended Lease during the Extended each Extension Term except as otherwise provided below in this Section 10. Monthly Base Rent shall initially must be equal given to the "fair market rental rate" for the Premises for each Option Term as defined and determined in accordance with the provisions of Section 10.a. below, subject to annual rent increases during each Option Term. The first Extension Option must be exercised, if at all, by written notice Port no less than six ("Extension Notice") delivered by Tenant to Landlord no sooner than that date which is fifteen (15) months and no later than that date which is ten (106) months prior to the expiration of the Extended Termthen-current Term (the “Extension Notice Date”). The second Tenant shall have no right to exercise its right to extend the Term of this Agreement at such time as an Event of Default is outstanding beyond the applicable notice and cure period; provided, that, if the Port declares an Event of Default within thirty (30) days prior to the Extension Notice Date, then the period of time within which said option may be exercised shall be extended as reasonably necessary for Tenant to cure the Event of Default. In the event that Tenant fails to exercise an Extension Option must be exercisedwithin the time period stated above, if at allPort will give written notice to the Leasehold Mortgagee and Leasehold Mortgagee shall have thirty (30) days from receipt of the notice to exercise the Extension Option in the place and stead of the Tenant. In the event that both Tenant and Leasehold Mortgagee fail to exercise an Extension Option in the time periods contemplated above, by Extension Notice delivered by Tenant to Landlord no sooner than that date which is fifteen (15) months and no later than that date which is ten (10) months prior to the Term of this Agreement shall expire upon the expiration of the first Option then-current Term; provided, however, that the first and second Extension Option shall automatically become void and of no effect if Tenant fails to validly exercise the first Extension Option. Provided Tenant has properly and validly exercised an Extension Option, the Extended Term shall be extended by the five (5) year Option Term for that Extension Option, and all terms, covenants and conditions of the Amended Lease shall remain in full force and effect except that (a) Monthly Base Rent shall initially be equal to the "fair market rental rate" for the Premises for that Option Term as defined and determined in accordance with the provisions of Section 10.a. below, subject to annual rent increases during that Option Term, (b) the other economic terms will be established by Landlord, which may be taken into consideration when determining the fair market rental rate for that Option Term, (c) if Tenant fails to timely and validly exercise the second Extension Option, the second Extension Option shall be void and of no effect and tenant shall have no further options remaining, (d) after the exercise of the second Extension Option, Tenant shall have no further options remainingright to extend the Term hereof. The Extension Options herein granted to Tenant may not be separated from this Agreement in any manner, and by reservation or otherwise; however, Permitted Subleases may provide that notice of exercise of a materially co- terminus (ee.g., not more than one (1) Landlord shall have no obligation whatsoever in connection with any such month shorter) corresponding extension to remodel, alter or improve option by the subtenant of the entirety of the Premises or Building for use by Tenant, to provide any improvement or construction allowance to Tenant, or to pay or reimburse is binding upon both Tenant for any remodeling, alterations or improvements to and the Premises or Building. The extension rights Port under this Section are “one-time, if at all” rights only, and are not renewing or reoccurring rights whether in connection with any further extension of the Term or otherwiseAgreement.
Appears in 1 contract
Samples: Ground Lease Agreement
Extension Options. Tenant acknowledges and agrees that Tenant has no options and/or rights to lease additional space at shall have one (1) option (the Project and, except as otherwise expressly provided herein below, Tenant has no options and/or rights “First Extension Option”) to extend the Extended Term. Subject to the terms and conditions of this Section 10, Landlord hereby grants to Tenant up to two initial Term for one (21) options to extend the Extended Term (each an “Extension Option”), each for a consecutive period extension term of five (5) years (each an "Option Term"), on the same terms, covenants and conditions as provided for in the Amended Lease during the Extended Term except as otherwise provided below in this Section 10. Monthly Base Rent shall initially be equal to the "fair market rental rate" for the Premises for each Option Term as defined and determined in accordance with the provisions of Section 10.a. below, subject to annual rent increases during each Option Term. The first Extension Option must be exercised, if commencing at all, by written notice ("Extension Notice") delivered by Tenant to Landlord no sooner than that date which is fifteen (15) months and no later than that date which is ten (10) months prior to the expiration of the Extended initial Term (the “First Extension Term”). The second Extension Option must be exercised, if at all, by Extension Notice delivered by Tenant to Landlord no sooner than that date which is fifteen (15) months and no later than that date which is ten (10) months prior to the expiration Any extension of the first Option Term; provided, however, that Term for the first and second First Extension Option shall automatically become void and of no effect if Tenant fails to validly exercise the first Extension Option. Provided Tenant has properly and validly exercised an Extension Option, the Extended Term shall be extended by the five (5) year Option Term for that Extension Option, and all terms, covenants and conditions of the Amended Lease shall remain in full force and effect except that (a) Monthly Base Rent shall initially be equal applicable to the "fair market rental rate" for entire Premises (as the Premises for that Option Term as defined and determined in accordance with the provisions of Section 10.a. below, subject to annual rent increases during that Option Term, (b) the other economic terms will be established by Landlord, which same may be taken into consideration when determining the fair market rental rate for that Option Term, (c) if expanded). If Tenant fails timely to timely and validly exercise the second Extension Option, the second Extension Option shall be void and of no effect and tenant shall have no further options remaining, (d) after the exercise of the second First Extension Option, Tenant shall have no further options remainingextension rights hereunder. If Tenant timely exercises the First Extension Option as provided below, the Term shall be extended for the First Extension Term, and Tenant shall pay Base Rent for the Premises during the First Extension Term, in accordance with the terms and conditions of Section 4.02 of the Lease, at a Base Rent rate equal to the Fair Market Rent Rate (eas defined below) Landlord for the Premises for the First Extension Term as determined in accordance with the provisions of this Section set forth below (the “Extension Rent Rate”). Time is of the essence with respect to Tenant’s timely exercise of the First Extension Option as provided herein. Any notice exercising the First Extension Option must be unconditional and irrevocable in order to be effective. Except as set forth herein, Tenant’s lease of the Premises during the First Extension Term shall be on all of the terms and conditions in effect for the Premises immediately prior to such extension. Additionally, Tenant shall have no obligation whatsoever in connection one (1) option (the “Second Extension Option,” and together with any such the First Extension Option, as applicable, an “Extension Option”) to extend the First Extension Term for one (1) extension to remodelterm of five (5) years commencing at the expiration of the First Extension Term (the “Second Extension Term,” and together with the First Extension Term, alter or improve the Premises or Building for use by Tenantas applicable, to provide any improvement or construction allowance to Tenant, or to pay or reimburse Tenant for any remodeling, alterations or improvements to the Premises or Buildingan “Extension Term”). The extension rights under this Section are “one-time, if at all” rights only, and are not renewing or reoccurring rights whether in connection with any further Any extension of the Term or otherwise.for the Second Extension Term shall be applicable to the entire Premises (as the same may be expanded). If Tenant fails timely to exercise the Second Extension Option, Tenant shall have no further extension rights hereunder. If Tenant timely exercises the Second Extension Option as provided below, the Term shall be extended for the Second Extension Term, and Tenant shall pay Base Rent for the Premises during the Second Extension Term, in accordance with the terms and conditions of Section 4.02 of the Lease, at a Base Rent rate equal to the Fair Market Rent Rate for the Premises for the Second Extension Term as determined in accordance with the provisions of this Section set forth below. Time is of the essence with respect to Tenant’s timely exercise of the Second Extension Option as provided herein. Any notice exercising the Second Extension Option must be unconditional and irrevocable in order to be effective. Except as set forth herein, Tenant’s lease of the Premises during the Second Extension Term shall be on all of the terms and conditions in effect for the Premises immediately prior to such extension, except that Tenant shall have no further option to extend the Term after the end of the Second Extension Term. The procedures for Tenant to exercise an Extension Option, and for the applicable Extension Rent Rate (as defined below) applicable to the applicable Extension Term to be determined, are as follows:
Appears in 1 contract
Extension Options. Tenant acknowledges and agrees that Tenant has (a) Provided (i) there is no options and/or rights to lease additional space uncured Event of Default under the terms of this Lease at the Project andtime this extension option is exercised or at the commencement of the applicable Extension Term (as hereinafter defined), except as otherwise expressly provided herein belowand (ii) Tenant is leasing at least 75,000 rentable feet of the Premises, Tenant has no options and/or rights shall have the option (the “Extension Options”) to extend the Extended Term. Subject to the terms and conditions Term of this Section 10, Landlord hereby grants to Tenant up to Lease for two (2) options to extend the Extended Term (each an “Extension Option”), each for a consecutive period additional periods of five (5) years each (each each, an "Option Term"“Extension Period”), on by giving written notice to Landlord of the same terms, covenants and conditions as provided for in the Amended Lease during the Extended Term except as otherwise provided below in this Section 10. Monthly Base Rent shall initially be equal to the "fair market rental rate" for the Premises for each Option Term as defined and determined in accordance with the provisions exercise of Section 10.a. below, subject to annual rent increases during each Option Term. The first such Extension Option must be exercised, if (the “Extension Exercise Notice”) at all, by written notice least twelve ("Extension Notice") delivered by Tenant to Landlord no sooner than that date which is fifteen (15) months and no later than that date which is ten (1012) months prior to the expiration of the Extended Term. The second initial Term hereof, with respect to the initial Extension Option must be exercisedOption, if and at all, by Extension Notice delivered by Tenant to Landlord no sooner than that date which is fifteen least twelve (15) months and no later than that date which is ten (1012) months prior to the expiration of the first Option Term; providedinitial Extension Period, however, that the first and second Extension Option shall automatically become void and of no effect if Tenant fails with respect to validly exercise the first Extension Option. Provided Tenant has properly and validly exercised an Extension Option, the Extended Term shall be extended by the five (5) year Option Term for that Extension Option, and all terms, covenants and conditions of the Amended Lease shall remain in full force and effect except that (a) Monthly Base Rent shall initially be equal to the "fair market rental rate" for the Premises for that Option Term as defined and determined in accordance with the provisions of Section 10.a. below, subject to annual rent increases during that Option Term, (b) the other economic terms will be established by Landlord, which may be taken into consideration when determining the fair market rental rate for that Option Term, (c) if Tenant fails to timely and validly exercise the second Extension Option. Tenant shall have the right to exercise an Extension Option with respect to the entire Premises covered by the Lease as of the commencement of the applicable Extension Period, or with respect to less than the entire Premises then covered by the Lease (the “Reduced Premises”), provided the Reduced Premises shall include a minimum of seventy-five percent (75%) the Premises initially leased hereunder (as modified pursuant to Section 2.2 above, if applicable). That portion of the Premises for which the Extension Option is not being exercised is referred to herein as the “Relinquished Premises”. If the Reduced Premises shall be so configured that Landlord shall be required to separately demise any portion of the Reduced Premises from any portion of Relinquished Premises, Tenant shall reimburse Landlord for fifty percent (50%) of the reasonable cost of such demising. The Extension Exercise Notice shall designate whether Tenant is exercising the option with respect to the entire Premises then leased hereunder, or, if Tenant is exercising the Extension Option with respect to the Reduced Premises, in which event such Extension Exercise Notice shall clearly delineate the Reduced Premises. If the Extension Exercise Notice does not indicate whether it is applicable to the entire Premises or to Reduced Premises, it shall be deemed to apply to the entire Premises. The exercise of an Extension Option by Tenant shall be irrevocable, except as specifically set forth herein. Upon such exercise, the second Term of this Lease shall automatically be extended for the applicable Extension Option shall be void Period without the execution of any further instrument by the parties, provided that Landlord and of no effect Tenant shall, if requested by the other, execute and tenant shall have no further options remaining, (d) after acknowledge an instrument confirming the exercise of the second Extension Option. The Extension Options shall terminate if not exercised precisely in the manner provided herein. Any extension of the Term hereof shall be upon all the terms and conditions set forth in this Lease, except that: (i) Tenant shall have no further options remainingoption to extend the term of this Lease beyond the second Extension Period, (ii) Landlord shall not be obligated to contribute funds toward the cost of any remodeling, renovation, alteration or improvement work in the Premises, (iii) commencing on the commencement date of the applicable Extension Period, the “Premises” shall consist of the Reduced Premises and Tenant’s Proportionate Share shall be calculated based on the Rentable Area of the Reduced Premises, and (eiv) Landlord shall have no obligation whatsoever in connection with annual Base Rent for any such extension Extension Period shall be an amount equal to remodel, alter or improve ninety-five percent (95%) of the “Fair Market Annual Rent” (as defined below) for the Premises (or Building for use by TenantReduced Premises, as applicable). Tenant shall surrender the Relinquished Premises, if any, to provide any improvement or construction allowance to Tenant, or to pay or reimburse Tenant for any remodeling, alterations or improvements Landlord in the condition required by this Lease prior to the Premises or Building. The extension rights under this Section are “one-time, if at all” rights only, and are not renewing or reoccurring rights whether in connection with any further extension commencement of the Term or otherwiseapplicable Extension Term. If Tenant continues to occupy the Relinquished Premises to Landlord following commencement of the applicable Extension Term, the provisions of Section 15.2 of this Lease shall govern such continued occupancy.
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Extension Options. Tenant acknowledges and agrees that Tenant has no options and/or rights to lease additional space at the Project and, except as otherwise expressly provided herein below, Tenant has no options and/or rights to extend the Extended Term. Subject to the terms and conditions of this Section 10Subparagraph 4(c) above, Landlord hereby grants to Tenant up to shall have either two (2) options to extend the Extended Lease Term (each an “Extension Option”), each for a consecutive period of five one (51) year each or, alternatively, one (1) option to extend the Lease Term for a period of three (3) years (each such applicable option(s) hereinafter being referred to as the "Extension Options" and the period(s) or term(s) of such applicable Extension Option hereinafter being referred to as the "Extension Terms") provided that Tenant is not in default both as of the date Tenant exercises the applicable Extension Option and as of the first day of the applicable Extension Term, and provided, further, that Tenant gives Landlord written notice of Tenant's exercise of the applicable Extension Option at least one hundred and eighty (180) days prior to the end of the then-current Lease Term. If Tenant first exercises an "Extension Option Term")for a term of one (1) year, on then Tenant shall be deemed to have waived the same termsright to exercise the Extension Option for a period of three (3) years. Conversely, covenants and conditions as provided if Tenant first exercises the Extension Option for a period of three (3) years, then Tenant shall be deemed to have waived the right to exercise the Extension Options for a period of one (1) year each. If Tenant timely exercises an Extension Option in the Amended manner prescribed herein, then such exercise shall be with respect to both Building A and Building C. All of the terms of this Lease during shall apply to each Extension Term, except that the Extended Term except Monthly Installment of rent shall be calculated as otherwise provided below set forth in this Section 10. Monthly Base Rent Subparagraph 5(b) below, Tenant shall initially not be equal entitled to the "fair market rental rate" for the Premises for each Option Term as defined any additional Extension Options or Termination Options, and determined in accordance with the provisions of Section 10.a. below, subject to annual rent increases during each Option Term. The first Extension Option must EXHIBIT "C" shall not be exercised, if at all, by written notice ("Extension Notice") delivered by Tenant to Landlord no sooner than that date which is fifteen (15) months and no later than that date which is ten (10) months prior applicable to the expiration of the Extended TermExtension Terms. The second Extension Option must be exercised, if at all, by Extension Notice delivered by Tenant to Landlord no sooner than that date which is fifteen (15) months and no later than that date which is ten (10) months prior to the expiration of the first Option Term; provided, however, that the first and second Extension Option shall automatically become void and of no effect if If Tenant fails to validly exercise exercise, or fails to effectively exercise, the first Extension Option. Provided Tenant has properly and validly exercised an one (1) year Extension Option, then the Extended Term shall be extended by the five second one (51) year Option Term for that Extension Option, and all terms, covenants and conditions of the Amended Lease shall remain in full force and effect except that (a) Monthly Base Rent shall initially be equal to the "fair market rental rate" for the Premises for that Option Term as defined and determined in accordance with the provisions of Section 10.a. below, subject to annual rent increases during that Option Term, (b) the other economic terms will be established by Landlord, which may be taken into consideration when determining the fair market rental rate for that Option Term, (c) if Tenant fails to timely and validly exercise the second Extension Option, the second Extension Option shall be void and of no effect force or effect. The one-year Extension Options shall be personal to Cisco Systems, Inc. and tenant shall have no further options remainingmay not be assigned to, transferred to or exercised for the benefit of any third party (d) after the other than an Affiliate of Tenant as defined in Paragraph 25 below). Any exercise of the second Extension Option, Tenant shall have no further options remaining, and (e) Landlord shall have no obligation whatsoever in connection with any such extension to remodel, alter or improve the Premises or Building for use by Tenant, to provide any improvement or construction allowance to Tenant, or to pay or reimburse Tenant for any remodeling, alterations or improvements to the Premises or Building. The extension rights under this Section are “one-timeyear Extension Option by or on behalf of any assignee, if at all” rights only, and are not renewing sublessee or reoccurring rights whether in connection with any further extension transferee (other than an Affiliate of the Term or otherwise.Tenant) of
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Samples: Lease Agreement (Cisco Systems Inc)
Extension Options. Tenant acknowledges and Landlord agrees that Tenant has no options and/or rights to lease additional space at the Project andshall have, except as otherwise expressly provided herein belowand it is hereby granted, Tenant has no options and/or rights to extend the Extended Term. Subject to the terms and conditions of this Section 10, Landlord hereby grants to Tenant up to two (2) successive options (the “Extension Options”) to extend the Extended Term as to any Property Location or Property Locations, in Tenant’s sole discretion, for a period of ten (10) years each (individually, an “Extension OptionPeriod”, and collectively, the “Extension Periods”), each for a consecutive period such Extension Period to begin respectively upon the expiration of five (5) years (each an "Option Term")the initial Term or the prior Extension Period, on as the same case may be. All of the terms, covenants and conditions provisions of this Lease shall apply to each Extension Period with respect to the Property Locations that Tenant elects to extend, except that Base Rent for each of the Extension Periods shall continue to be adjusted pursuant to the terms of Sections 1.04 and 2.01 below, payable in equal monthly installments as provided for in the Amended Lease during the Extended Term except as otherwise provided below in this Section 10. Monthly Base Rent (as hereinafter defined in Section 2.01). In order to exercise the Extension Options, Tenant shall initially give Landlord notice of such exercise (which notice shall identify the Property Locations that are to be equal to the "fair market rental rate" for the Premises for each Option Term as defined and determined in accordance with the provisions of Section 10.a. below, subject to annual rent increases during each Option Term. The first Extension Option must be exercised, if at all, by written notice ("Extension Notice"extended) delivered by Tenant to Landlord no sooner than that date which is fifteen (15) months and no later than that date which is ten one hundred twenty (10120) months days prior to the expiration end of the Extended Term. The second initial Term of this Lease or the prior Extension Option must be exercisedPeriod, if at all, by Extension Notice delivered by Tenant to Landlord no sooner than that date which is fifteen (15) months and no later than that date which is ten (10) months prior to as the expiration of the first Option Termcase may be; provided, however, that the first and second Extension Option shall automatically become void and of no effect if Tenant fails shall fail to validly give the notice within the aforesaid time limit, Tenant’s right to exercise its option shall nevertheless continue during said one hundred twenty (120) day period until thirty (30) days after Landlord shall have given Tenant notice of Landlord’s election to terminate such option (“Landlord’s Notice”), and Tenant may exercise such option at any time until the first expiration of said thirty (30) day period. It is the intention of the parties to avoid forfeiture of Tenant’s rights to extend the Term under any of the options set forth in this Lease through inadvertent failure to give the extension notice within the time limits prescribed. Accordingly, if Tenant shall fail to give an extension notice to Landlord for any of the Extension Option. Provided Periods, and if Landlord shall fail to give Landlord’s Notice to Tenant, then until the expiration of thirty (30) days following Landlord’s Notice, or until Tenant has properly and validly exercised an Extension Optioneither exercises its option to extend or notifies Landlord that it does not intend to exercise said option to extend, the Extended Term shall be extended by automatically from month to month upon all the five (5) year Option Term for that Extension Option, and all terms, covenants terms and conditions of the Amended Lease shall remain then in full force and effect effect, except that (a) Monthly Base Rent shall initially be equal to the "fair market rental rate" for the Premises for that Option Term as defined and determined increased in accordance with Article 8, and in no event shall the provisions of Section 10.a. below, subject to annual rent increases during that Option Term, (b) Term extend beyond the other economic terms will be established by Landlord, which may be taken into consideration when determining the fair market rental rate for that Option Term, (c) if Tenant fails to timely and validly exercise the second Extension Option, the second Extension Option shall be void and of no effect and tenant shall have no further options remaining, (d) after the exercise last date of the second last Extension OptionPeriod. Upon the failure of Tenant to exercise one or any of the options herein following Landlord’s Notice, and, in any event, upon expiration of the last of such Extension Periods, Tenant shall have no further options remaining, and (e) Landlord shall have no obligation whatsoever in connection with any such extension or additional right to remodel, alter renew or improve the Premises or Building for use by Tenant, to provide any improvement or construction allowance to Tenant, or to pay or reimburse Tenant for any remodeling, alterations or improvements to the Premises or Building. The extension rights under extend this Section are “one-time, if at all” rights only, and are not renewing or reoccurring rights whether in connection with any further extension of the Term or otherwiseLease.
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Extension Options. Tenant acknowledges and agrees that Tenant has no options and/or rights to lease additional space at the Project and, except as otherwise expressly provided herein below, Tenant has no options and/or rights to extend the Extended Term. 2.3.1 Subject to and in accordance with the terms and conditions of this Section 102.3, Landlord hereby grants to Tenant up to two (2) options shall have the number of Extension Options specified in Item 6 of the Basic Lease Information to extend the Extended Term (each an “of this Lease, for the respective Extension Option”)Terms specified in such Item 6, each for a consecutive period of five (5) years (each an "Option Term"), on upon the same terms, covenants conditions and conditions provisions applicable to the then-current Term of this Lease (except as provided otherwise herein). The monthly Base Rent for in the Amended First Extension Term shall be the First Extension Term Base Rent (as defined on Schedule “2”) and the monthly Base Rent for the Second Extension Term shall be the Second Extension Term Base Rent (as defined on Schedule “2”).
2.3.2 Tenant may exercise each Extension Option only by delivering (a) an Extension Option Exercise Notice to Landlord at least nine (9) calendar months (and not more than twelve (12) calendar months) prior to the then applicable expiration date of the Term, specifying that Tenant is irrevocably exercising its Extension Option so as to extend the Term of this Lease during by an Extension Term on the Extended Term except as otherwise provided below terms set forth in this Section 102.3, and (b) a Market Rate Energy Supply Agreement covering the entire Extension Term. Monthly Base Rent In the event that Tenant shall initially duly exercise an Extension Option, the Term shall be equal extended to include the applicable Extension Term (and all references to the "fair market rental rate" for Term in this Lease shall be deemed to refer to the Premises for each Option Term as defined and determined specified in accordance with Item 5 of the provisions of Section 10.aBasic Lease Information, plus all duly exercised Extension Terms). belowNotwithstanding the foregoing, subject if Tenant shall fail to annual rent increases during each Option Term. The first give any Extension Option must be exercisedExercise Notice within the aforesaid time limit, if at all, by Tenant’s right to exercise such Extension Option shall nevertheless continue until thirty (30) days after Landlord shall have given Tenant written notice of Landlord’s election to terminate such Extension Option and Tenant may exercise such Extension Option at any time until the expiration of said thirty ("30) day period. In the event that Tenant shall fail to deliver an Extension Notice") delivered by Tenant to Landlord no sooner than that date which is fifteen (15) months and no later than that date which is ten (10) months Option Exercise Notice prior to the expiration of said thirty (30) day period, time being of the Extended Term. The second essence, at the election of Landlord, Tenant shall be deemed to have forever waived and relinquished such Extension Option, and any other options or rights to renew or extend the Term effective after the then applicable expiration date of the Term shall terminate and shall be of no further force or effect.
2.3.3 Tenant shall have the right to exercise any Extension Option must be exercised, if at all, by Extension Notice delivered by Tenant to Landlord no sooner than that date which is fifteen (15) months and no later than that date which is ten (10) months prior only with respect to the expiration of entire Premises leased by Xxxxxx at the first Option Term; provided, however, time that Tenant delivers the first and second applicable Extension Option shall automatically become void and of no effect if Exercise Notice. If Tenant fails to validly exercise the first Extension Option. Provided Tenant has properly and validly exercised duly exercises an Extension Option, the Extended Term shall be extended by the five (5) year Option Term for that Extension Option, Landlord and all terms, covenants and conditions of the Amended Lease shall remain in full force and effect except that (a) Monthly Base Rent shall initially be equal to the "fair market rental rate" for the Premises for that Option Term as defined and determined in accordance with the provisions of Section 10.a. below, subject to annual rent increases during that Option Term, (b) the other economic terms will be established by Landlord, which may be taken into consideration when determining the fair market rental rate for that Option Term, (c) if Tenant fails to timely and validly exercise the second Extension Option, the second Extension Option shall be void and of no effect and tenant shall have no further options remaining, (d) after the exercise of the second Extension Option, Tenant shall have no further options remaining, and (e) Landlord shall have no obligation whatsoever in connection with any execute an amendment reflecting such extension to remodel, alter or improve the Premises or Building for use by Tenant, to provide any improvement or construction allowance to Tenant, or to pay or reimburse Tenant for any remodeling, alterations or improvements to the Premises or Building. The extension rights under this Section are “one-time, if at all” rights only, and are not renewing or reoccurring rights whether in connection with any further extension of the Term or otherwiseexercise.
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Extension Options. Tenant acknowledges (A) On the conditions (which conditions Landlord may waive by written notice to Tenant) that (i) at the time of exercise of the option to extend there exists no monetary or material non-monetary Event of Default (defined in Section 7.1), (ii) both at the time of exercise of the option and agrees that at the commencement date of the extension option period this Lease is still in full force and effect, and (iii) at the time of exercise of the option to extend (or at any time after the exercise of such option to extend but prior to the commencement of the applicable extension option period) Tenant has no options and/or rights to lease additional space at not sublet more than fifty percent (50%) of the Project and, Premises for all or substantially all of the remaining Term of this Lease (except as otherwise expressly provided herein belowfor a subletting permitted without Landlord’s consent under Section 5.6.4 hereof), Tenant has no options and/or rights shall have the right to extend the Extended Term. Subject to Term hereof upon all the terms same terms, conditions, covenants and conditions of this Section 10, Landlord hereby grants to Tenant up to agreements herein contained (except for the Annual Fixed Rent which shall be adjusted during the option periods as hereinbelow set forth) for two (2) options to extend the Extended Term (each an “Extension Option”), each for a consecutive period successive periods of five (5) years (each as hereinafter set forth. Each option period is sometimes herein referred to as an "Option “Extended Term"), on the same terms, covenants and conditions as provided for in the Amended Lease during the Extended Term except as otherwise provided below in this Section 10. Monthly Base Rent shall initially be equal .” Notwithstanding any implication to the "fair market rental rate" for contrary Landlord has no obligation to make any additional payment to Tenant in respect of any construction allowance or the like or to perform any work to the Premises as a result of the exercise by Tenant of any such options. If after the exercise of the extension option, Tenant sublets a portion of the Premises for each Option all or substantially all of the remaining Term as defined then in effect, and determined such sublease individually or in accordance the aggregate with any prior subleases entered into by Tenant results in 50% or more of the provisions Premises being sublet for all or substantially all of Section 10.a. belowthe remaining Term then in effect, subject at Landlord’s option, Tenant’s exercise of its option to annual rent increases during each Option extend for the next Extended Term (and any subsequent Extended Term. The first Extension Option must be exercised, if at allapplicable) shall be void and of no force or effect and the Term of the Lease will expire on the expiration date of the Lease Term then in effect.
(B) If Tenant desires to exercise the applicable option to extend the Term, by written then Tenant shall give notice to Landlord, not earlier than twenty-one ("Extension Notice"21) delivered by Tenant to Landlord no sooner months nor later than that date which is fifteen (15) months and no later than that date which is ten (10) months prior to the expiration of the Term, as it may have been previously extended, hereunder of Tenant’s request for Landlord’s quotation of the Annual Fixed Rent proposed by Landlord for the Premises as of the commencement date of the applicable Extended Term. The second Extension Option must be exercisedWithin thirty (30) days after Landlord’s receipt of Tenant’s notice requesting such a quotation, if at allLandlord shall notify Tenant of Landlord’s quotation of the Annual Fixed Rent for the Extended Term, by Extension Notice delivered by Tenant to Landlord no sooner which Annual Fixed Rent shall reflect the Prevailing Market Rent as defined on Exhibit J attached hereto (the “Landlord’s Rent Quotation”). If not later than that date which is fifteen (15) months days after Tenant’s receipt of Landlord’s Rent Quotation (the “Extension Term Negotiation Period”), Landlord and no later than that date which is ten Tenant have not reached agreement on a determination of an Annual Fixed Rent for the applicable Extended Term and executed a written instrument extending the Term of this Lease pursuant to such agreement, then Tenant shall have the right, by delivery of written notice to Landlord (10the “Exercise Notice”) months delivered prior to the expiration of the first Option Extension Term Negotiation Period, time being of the essence, to either (i) exercise its option to extend the Lease Term at the Annual Fixed Rent set forth in Landlord’s Rent Quotation, or (ii) make a request to Landlord for a broker determination (the “Broker Determination”) of the Prevailing Market Rent (as defined in Exhibit J) for such Extended Term; provided, however, that which Broker Determination shall be made in the first and second Extension Option manner set forth in Exhibit J. If Tenant timely shall automatically become void and of no effect if Tenant fails to validly exercise the first Extension Option. Provided Tenant has properly and validly exercised have delivered an Extension OptionNotice that requests the Broker Determination, then the Annual Fixed Rent for the applicable Extended Term shall be extended the Prevailing Market Rent as determined by the five (5) year Option Broker Determination. If Tenant does not timely deliver an Exercise Notice, then Tenant will be deemed to have elected not to extend the Lease Term for that Extension Option, and all terms, covenants and conditions the applicable Extended Term.
(C) Upon the giving of the Amended Exercise Notice by Tenant to Landlord exercising Tenant’s option to extend the Lease shall remain in full force and effect except that (a) Monthly Base Rent shall initially be equal to the "fair market rental rate" for the Premises for that Option Term as defined and determined in accordance with the provisions of Section 10.a. below2.4.1(B) above, subject to annual rent increases during then this Lease and the Lease Term hereof shall automatically be deemed extended for the Extended Term upon all of the same terms, conditions, covenants and agreements contained in this Lease, except that Option Term, (bi) the other economic terms will be established by Landlord, which may be taken into consideration when determining Annual Fixed Rent for the fair market rental rate for that Option Term, (c) if Tenant fails to timely and validly exercise the second Extension Option, the second Extension Option applicable Extended Term shall be void determined in accordance with this Section 2.4.1, and (ii) the only extension options shall be those set forth in this Section 2.4.
1. Upon the giving of such Exercise Notice, this Lease and the Term hereof shall be extended for the applicable Extended Term and without the necessity for the execution of any additional documents, except that Landlord and Tenant agree to enter into an instrument in writing setting forth the Annual Fixed Rent for the Extended Term as determined in the relevant manner set forth in this Section 2.4.
1. Notwithstanding anything contained herein to the contrary, in no effect and tenant event shall Tenant have no further options remainingthe right to exercise more than one extension option at a time and, (d) after the exercise of the second Extension Optionfurther, Tenant shall not have the right to exercise its second extension option unless it has duly exercised its first extension option and in no further options remaining, and event shall the Lease Term hereof be extended for more than ten (e10) Landlord shall have no obligation whatsoever in connection with any such extension to remodel, alter or improve years after the Premises or Building for use by Tenant, to provide any improvement or construction allowance to Tenant, or to pay or reimburse Tenant for any remodeling, alterations or improvements to the Premises or Building. The extension rights under this Section are “one-time, if at all” rights only, and are not renewing or reoccurring rights whether in connection with any further extension expiration of the Original Lease Term or otherwisehereof.
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Samples: Lease Agreement (Mimecast LTD)
