Common use of Extension Right Clause in Contracts

Extension Right. Tenant shall have the right (the “First Extension Right”) to extend the term of this Lease for a period of 3 years (the “First Extension Term”), and, if the First Extension Right has been exercised, Tenant shall have the additional right (the “Second Extension Right;” the First Extension Right and the Second Extension Right may be collectively referred to herein as the “Extension Rights” or individually as an “Extension Right”) to extend the term for an additional period of 1 year (the “Second Extension Term”) on the same terms and conditions as this Lease (other than Base Rent) by giving Landlord written notice of its election to exercise each Extension Right at least 12 months prior to the expiration of the Base Term of the Lease or the expiration of the First Extension Term, as applicable. Upon the commencement of an Extension Term, Base Rent shall be payable at the Market Rate (as defined below). Base Rent shall thereafter be adjusted on each annual anniversary of the commencement of such Extension Term by a percentage as determined by Landlord and agreed to by Tenant at the time the Market Rate is determined. As used herein, “Market Rate” shall mean the then market rental rate as determined by Landlord and agreed to by Tenant, which shall in no event be less than the Base Rent payable as of the date immediately preceding the commencement of such Extension Term increased by the Rent Adjustment Percentage multiplied by such Base Rent. In addition, Landlord may impose a market rent for the parking rights provided hereunder. Notwithstanding anything to the contrary contained in this Lease, Tenant’s Extension Rights granted above may only be exercised if the term of that certain Lease Agreement, dated as of September 28, 2001 (as amended and assigned, the “Annex Lease”), to which Landlord and Tenant are now parties, and which covers the portion of the Building known as Annex Level B, shall be concurrently extended pursuant to Section 40 of the Annex Lease so that both this Lease and the Annex Lease expire on the same date. Accordingly, if the term of the Annex Lease is not extended pursuant to Section 40 of the Annex Lease, Tenant shall have no right to extend the term of this Lease pursuant to Section 40 of this Lease.”

Extension Right. Tenant shall have the right (the “First Extension Right”) to extend the term of this Lease for a period of 3 years (the “First Extension Term”), and, if the First Extension Right has been exercised, Tenant shall have the additional right (the “Second Extension Right;” the First Extension Right and the Second Extension Right may be collectively referred to herein as the “Extension Rights” or individually as an “Extension Right”) to extend the term for an additional period of 1 year (the “Second Extension Term”) on the same terms and conditions as this Lease (other than Base Rent) by giving Landlord written notice of its election to exercise each Extension Right at least 12 months prior to the expiration of the Base Term of the Lease or the expiration of the First Extension Term, as applicable. Upon the commencement of an Extension Term, Base Rent shall be payable at the Market Rate (as defined below). Base Rent shall thereafter be adjusted on each annual anniversary of the commencement of such Extension Term by a percentage as determined by Landlord and agreed to by Tenant at the time the Market Rate is determined. As used herein, “Market Rate” shall mean the then market rental rate as determined by Landlord and agreed to by Tenant, which shall in no event be less than the Base Rent payable as of the date immediately preceding the commencement of such Extension Term increased by the Rent Adjustment Percentage multiplied by such Base Rent. In addition, Landlord may impose a market rent for the parking rights provided hereunder. Notwithstanding anything to the contrary contained in this Lease, Tenant’s Extension Rights granted above may only be exercised if the term of that certain Lease Agreement, Agreement dated as of September 28April 6, 2001 2000 (as amended and assigned, the “Annex Suite 650 Lease”), to which Landlord and Tenant are now parties, and which covers Suites 640 and 650 in the portion of the Building known as Annex Level BBuilding, shall be concurrently extended pursuant to Section 40 of the Annex Suite 650 Lease so that both this Lease and the Annex Suite 650 Lease expire on the same date. Accordingly, if the term of the Annex Suite 650 Lease is not extended pursuant to Section 40 of the Annex Suite 650 Lease, Tenant shall have no right to extend the term of this Lease pursuant to Section 40 of this Lease. If, on or before the date which is 120 days prior to the expiration of the Base Term of this Lease or the expiration of the First Extension Term, as applicable, Tenant has not agreed with Landlord’s determination of the Market Rate and the rent escalations during such subsequent Extension Term after negotiating in good faith, Tenant may by written notice to Landlord not later than 20 days prior to the expiration of the Base Term of this Lease or the expiration of the First Extension Term, as applicable, elect arbitration as described in Section 40(b) below. If Tenant does not elect such arbitration, Tenant shall be deemed to have waived any right to extend the term of the Lease and the Extension Rights shall terminate.”

Extension Right. Tenant shall have the right (the “First Extension Right”"EXTENSION RIGHT") to extend the term of this Lease for a period of 3 years (the “First Extension Term”), and, if the First Extension Right has been exercised, Tenant shall have the additional right (the “Second Extension Right;” the First Extension Right and the Second Extension Right may be collectively referred to herein as the “Extension Rights” or individually as an “Extension Right”) to extend the term for an additional period of 1 year (the “Second Extension Term”"EXTENSION TERM") on the same terms and conditions as this Lease (other than Base Rent) by giving Landlord written notice of its election to exercise each the Extension Right at least 12 six months prior to the expiration of the Base initial Term of the Lease or Lease. During the expiration of the First Extension Term, as applicable. Upon the commencement of an Extension Term, Base Rent shall be payable at the greater of: (i) the Market Rate (as defined below), and (ii) 104% of the Base Rent payable during the month immediately preceding the commencement of the Extension Term. Base Rent shall thereafter be adjusted increased on each annual anniversary of the commencement of such Extension Term by a percentage as determined by Landlord and agreed to by Tenant at 4% of the time Base Rent payable during the Market Rate is determinedlast month of the immediately preceding Lease Year. As used herein, “Market Rate” "MARKET RATE" shall mean the then triple net market rental rate as determined by Landlord and agreed to by Tenant, which shall in no event be less than the Base Rent payable as of the date immediately preceding the commencement of such Extension Term increased by the Rent Adjustment Percentage multiplied by such Base Rent. In addition, to the extent not included in the Market Rate for the Premises, Landlord may impose a market rent for the parking rights provided hereunder. Notwithstanding anything If, on or before the date which is 120 days prior to the contrary contained in expiration of the initial Term of this Lease, Tenant’s Extension Rights granted above may only be exercised if the term of that certain Lease Agreement, dated as of September 28, 2001 (as amended and assigned, the “Annex Lease”), to which Landlord and Tenant are now parties, and which covers the portion has not agreed with Landlord's determination of the Building known as Annex Level B, shall be concurrently extended pursuant to Section 40 of the Annex Lease so that both this Lease Market Rate and the Annex Lease expire on the same daterent escalations during such subsequent Extension Term after negotiating in good faith, Tenant may by written notice to Landlord elect arbitration as described in Section 39(b) below. Accordingly, if the term of the Annex Lease is If Tenant does not extended pursuant to Section 40 of the Annex Leaseelect such arbitration, Tenant shall be deemed to have no waived any right to extend extend, or further extend, the term Term of this Lease pursuant to Section 40 of this the Lease.”

Extension Right. Tenant shall have the one time right (the “First Extension Right”) to extend the term of this Lease for a period of 3 years (the “First Extension Term”), and, if the First Extension Right has been exercised, Tenant shall have the additional right (the “Second Extension Right;” the First Extension Right and the Second Extension Right may be collectively referred to herein as the “Extension Rights” or individually as an “Extension Right”) to extend the term for an additional period of 1 year (the “Second Extension Term”) on the same terms and conditions as this Lease (other than Base Rent) by giving Landlord written notice of its election to exercise each the Extension Right at least 12 9 months prior to the expiration of the Base Term of the Lease or the expiration of the First Extension Term, as applicableLease. Upon the commencement of an the Extension Term, Base Rent shall be payable at the Market Rate (as defined below). Base Rent shall thereafter be adjusted on each annual anniversary of the commencement of such the Extension Term by a percentage as determined by Landlord and agreed to by Tenant at the time the Market Rate is determined. As used herein, “Market Rate” shall mean the then market rental rate as determined by Landlord and agreed to by Tenant, which shall in no event be less than the Base Rent payable as of the date immediately preceding the commencement of such the Extension Term increased by the Rent Adjustment Percentage multiplied by such Base Rent. In addition, Landlord may impose a market rent for the parking parking, rights provided hereunder. Notwithstanding anything If, on or before the date which is 120 days prior to the contrary contained in expiration of the Base Term of this Lease, TenantTenant has not agreed with Landlord’s Extension Rights granted above may only be exercised if the term of that certain Lease Agreement, dated as of September 28, 2001 (as amended and assigned, the “Annex Lease”), to which Landlord and Tenant are now parties, and which covers the portion determination of the Building known as Annex Level BMarket Rate and the rent escalations during the Extension Term after negotiating in good faith, shall be concurrently extended pursuant Tenant may by written notice to Section 40 Landlord not later than 120 days prior to the expiration of the Annex Lease so that both Base Term of this Lease and the Annex Lease expire on the same dateLease, elect arbitration as described in Section 39(b) below. Accordingly, if the term of the Annex Lease is If Tenant does not extended pursuant to Section 40 of the Annex Leaseelect such arbitration, Tenant shall be deemed to have no waived any right to extend the term of this Base Term of-the Lease pursuant to Section 40 of this Leaseand the Extension Right shall terminate.”