Common use of Extension Rights Clause in Contracts

Extension Rights. Tenant shall have 2 consecutive rights (each, an “Extension Right”) to extend the term of this Lease for 5 years each (each, an “Extension Term”) on the same terms and conditions as this Lease (other than with respect to Base Rent and the Work Letter) by giving Landlord written notice (“Exercise Notice”) of its election to exercise each Extension Right at least months prior (the “Exercise Date”), and no earlier than months prior, to the expiration of the Base Term of this Lease or the expiration of the prior Extension Term. Upon the commencement of the first Extension Term and on each annual anniversary of the commencement of the first Extension Term, Base Rent shall be adjusted by multiplying the Base Rent payable immediately before such adjustment by the Rent Adjustment Percentage and adding the resulting amount to the Base Rent payable immediately before such adjustment. Tenant shall exercise the second Extension Right, if at all, as follows: (i) Tenant shall deliver written notice to Landlord (the “Interest Notice”) not more than months nor less than months prior to the expiration of the first Extension Term stating that Tenant may be interested in exercising its second Extension Right; (ii) Landlord shall deliver written notice (the “Option Rent Notice”) to Tenant within days after Landlord’s receipt of the Interest Notice setting forth Landlord’s good faith determination of the Market Rate during the second Extension Term; and (iii) if Tenant wishes to exercise its second Extension Right, Tenant shall, on or before the Exercise Date, exercise such second Extension Right by delivering an Exercise Notice to Landlord. Concurrently with Tenant’s delivery of an Exercise Notice to Landlord, Tenant may object, in writing (the “Objection Notice”), to Landlord’s determination of the Market Rate set forth in the Option Rent Notice, in which event such Market Rate shall be determined by arbitration pursuant to Section 39(b) below. If Tenant does not deliver an Objection Notice pursuant to the immediately preceding sentence, Tenant shall be deemed to have accepted the Market Rate set forth in the Option Rent Notice. Tenant acknowledges and agrees that, if Tenant has delivered an Exercise Notice to Landlord pursuant to this Section 39(a), Tenant shall have no right thereafter to rescind such Exercise Notice or elect not to extend the term of this Lease for the Extension Term subject to the Exercise Notice.

Extension Rights. Tenant shall have 2 4 consecutive rights (each, an “Extension Right”) to extend the term of this Lease with respect to all or any of the Buildings (provided that Tenant must exercise its Extension Right with respect to the entire rentable square footage of any Building being leased to Tenant with respect which Tenant is exercising its Extension Right) for 5 years each (each, an “Extension Term”) on the same terms and conditions as this Lease (other than with respect to Base Rent and Rent, the Building 4 Work Letter, the Building 1 and 2 Work Letter, the Building 5 Work Letter, any Expansion Building Work Letter and Section 39 hereof) by giving Landlord written notice (“Exercise Notice”) of its election to exercise each Extension Right (which notice shall identify the Building(s) with respect to which Tenant elects to exercise its Extension Right) at least 12 months prior (the “Exercise Date”)prior, and no earlier than 24 months prior, to the expiration of the Base Term of this the Lease or the expiration of the any prior Extension Term. Upon Notwithstanding the commencement of the first Extension Term and on each annual anniversary of the commencement of the first Extension Term, Base Rent shall be adjusted by multiplying the Base Rent payable immediately before such adjustment by the Rent Adjustment Percentage and adding the resulting amount foregoing or anything to the Base Rent payable immediately before such adjustment. Tenant shall exercise the second Extension Right, if at all, as follows: (i) Tenant shall deliver written notice to Landlord (the “Interest Notice”) not more than months nor less than months prior to the expiration of the first Extension Term stating that Tenant may be interested contrary contained in exercising its second Extension Right; (ii) Landlord shall deliver written notice (the “Option Rent Notice”) to Tenant within days after Landlord’s receipt of the Interest Notice setting forth Landlord’s good faith determination of the Market Rate during the second Extension Term; and (iii) if Tenant wishes to exercise its second Extension Right, Tenant shall, on or before the Exercise Date, exercise such second Extension Right by delivering an Exercise Notice to Landlord. Concurrently with Tenant’s delivery of an Exercise Notice to Landlord, Tenant may object, in writing (the “Objection Notice”), to Landlord’s determination of the Market Rate set forth in the Option Rent Notice, in which event such Market Rate shall be determined by arbitration pursuant to Section 39(b) below. If Tenant does not deliver an Objection Notice pursuant to the immediately preceding sentencethis Lease, Tenant shall be deemed to only have accepted the Market Rate set forth in the Option Rent Notice. Tenant acknowledges and agrees that, if Tenant has delivered an Exercise Notice to Landlord pursuant to this Section 39(a), Tenant shall have no right thereafter to rescind such Exercise Notice or elect not to extend the term of this Lease with respect to Building 5 and the Sports Courts if Tenant is also extending the term of the Lease with respect to Xxxxxxxx 0, Xxxxxxxx 0, Xxxxxxxx 0, Xxxxxxxx 4 and any Expansion Buildings then being leased by Tenant. If Tenant extends the term of this Lease for the any Extension Term subject with respect to some but not all of the Exercise NoticeBuildings then being leased by Tenant at the Project, Tenant shall not have the right to extend the term of the Lease with respect to Building 5 or the Sports Courts, Building 5 shall no longer be included as part of the Premises and Tenant shall no longer have the right to use Building 5 or the Sports Courts.

Extension Rights. So long as no Event of Default has occurred and is continuing under this Lease, and subject to satisfaction of the Lease Extension Operating Test for such extension period, Tenant shall have 2 consecutive rights the option (each, an “the "Extension Right”Option") to extend the term Fixed Term of this Lease for 5 three (3) additional successive periods of five (5) years each (each, each an “"Extension Term”) on the same terms and conditions as this Lease (other than with respect to Base Rent and the Work Letter) by giving Landlord written notice (“Exercise Notice”) of its election to exercise each "). Said Extension Right at least months prior (the “Exercise Date”)Option shall be subject, and no earlier than months priorhowever, to the expiration of the Base Term of this Lease or the expiration of the prior Extension Term. Upon the commencement of the first Extension Term following terms and on each annual anniversary of the commencement of the first Extension Term, Base Rent shall be adjusted by multiplying the Base Rent payable immediately before such adjustment by the Rent Adjustment Percentage and adding the resulting amount to the Base Rent payable immediately before such adjustment. conditions: (a) Tenant shall exercise the second each such Extension Right, if at all, as follows: (i) Tenant shall deliver Option by giving written notice to Landlord at least six (the “Interest Notice”6) not more than months nor less than months prior to the expiration of the first Fixed Term or the then current Extension Term, as applicable (the "Extension Notice"). Notwithstanding the foregoing, in the event Tenant fails to give notice of its election to extend at least six (6) months prior to the expiration of the Fixed Term stating that Tenant or then current Extension Term, as the case may be interested in exercising its second Extension Right; (ii) be, then Landlord shall deliver written notice notify Tenant in writing of such failure and thereafter Tenant shall have an additional fifteen (the “Option Rent Notice”15) to Tenant within days after Landlord’s receipt of the Interest Notice setting forth Landlord’s good faith determination of the Market Rate during the second Extension Term; and (iii) if Tenant wishes to exercise its second the Extension Right, Tenant shall, on or before the Exercise Date, exercise such second Option by giving an Extension Right by delivering an Exercise Notice to Landlord. Concurrently with Tenant’s delivery of an Exercise Notice to Landlord, Tenant may object, in writing (the “Objection Notice”), to Landlord’s determination of the Market Rate set forth ; and in the event Tenant fails to exercise the Extension Option Rent Noticewithin such fifteen (15) day period, in which event such Market Rate shall be determined by arbitration pursuant to Section 39(b) below. If Tenant does not deliver an Objection Notice pursuant to the immediately preceding sentence, then Tenant shall be deemed to have accepted waived the Market Rate set forth Extension Option, and the Term shall expire at the end of the Fixed Term or then current Extension Term, as applicable. (b) No Event of Default shall exist on the date of commencement of any Extension Term. (c) Tenant shall have delivered to Landlord, on or before the first day of the applicable Extension Term, a renewal or extension of the Letter of Credit or a substitute letter of credit, upon the same terms and in the Option Rent Notice. Tenant acknowledges and agrees that, if Tenant has delivered an Exercise Notice to Landlord same amount (as the same may have been adjusted pursuant to Section 3.9(n)) as the expiring Letter of Credit and otherwise acceptable to Landlord, which renewed, extended, or substituted letter of credit shall be maintained in effect, by automatic renewal or extension, until the date which is thirty (30) days after expiration of the subject Extension Term. Any such renewed, extended, or substituted letter of credit shall be deemed the "Letter of Credit" under this Lease during the subject Extension Term and shall be held and governed pursuant to the terms of Section 39(a3.9 below which are applicable to the original Letter of Credit, including without limitation the provisions of said Section 3.9 which permit the reduction of the Letter of Credit from time to time. Notwithstanding the foregoing, in the event that Net Operating Income from the Leased Property, calculated on a trailing 12 month basis (excluding any Net Operating Income attributable to any Property which has been released from this Lease), shall have been not less than an amount equal to 1.05 times annual Base Rent (excluding Base Rent attributable to any Property which has been released from this Lease) for the eight (8) consecutive calendar quarters ending on September 30 of the year immediately preceding the calendar year in which an Extension Term commences, Tenant shall have no right thereafter not be required to rescind provide and maintain a Letter of Credit during such Exercise Notice or elect not to extend Extension Term. The Base Rent for each Extension Term shall be adjusted and reallocated among the term Properties as of the first day of such Extension Term as provided in Section 3.3 below, and the Additional Rent Base shall be adjusted as of the first day of such Extension Term as provided in Section 3.4 below. Except for such adjustment of Base Rent and the Additional Rent Base, all of the terms, covenants and conditions of this Lease for the shall continue in full force and effect during each Extension Term, as if such Extension Term subject to were part of the Exercise Noticeoriginal Term.

Extension Rights. Tenant shall have 2 consecutive rights 1 right (each, an the “Extension Right”) to extend the term of this Lease for 5 years each either a 3-year or a 5-year period (each, an the “Extension Term”) on the same terms and conditions as this Lease (other than with respect to Base Rent and the Work LetterRent) by giving Landlord written notice of its election to exercise the Extension Right (“Exercise Notice”) of its election to exercise each Extension Right at least 9 months prior to the expiration of the Base Term of the Lease. If Tenant delivers the Exercise Notice to Landlord, Tenant will be deemed to have elected to extend the Term of the Lease (i) for a 3-year period if Tenant has not exercised its Expansion Right under Section 39 above, or (ii) for a 5-year period if Tenant has exercised such Expansion Right. Upon the commencement of 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 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, “Exercise Date”)Market Rate” shall mean the then market rental rate as determined by Landlord and agreed to by Tenant, and which shall in no earlier event be less than months priorthe 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. If, on or before the date which is 180 days prior to the expiration of the Base Term of this Lease or the expiration of the prior Extension Term. Upon the commencement of the first Extension Term and on each annual anniversary of the commencement of the first Extension Term, Base Rent shall be adjusted by multiplying the Base Rent payable immediately before such adjustment by the Rent Adjustment Percentage and adding the resulting amount to the Base Rent payable immediately before such adjustment. Tenant shall exercise the second Extension Right, if at all, as follows: (i) Tenant shall deliver written notice to Landlord (the “Interest Notice”) not more than months nor less than months prior to the expiration of the first Extension Term stating that Tenant may be interested in exercising its second Extension Right; (ii) Landlord shall deliver written notice (the “Option Rent Notice”) to Tenant within days after Landlord’s receipt of the Interest Notice setting forth Landlord’s good faith determination of the Market Rate during the second Extension Term; and (iii) if Tenant wishes to exercise its second Extension RightLease, Tenant shall, on or before the Exercise Date, exercise such second Extension Right by delivering an Exercise Notice to Landlord. Concurrently has not agreed with Tenant’s delivery of an Exercise Notice to Landlord, Tenant may object, in writing (the “Objection Notice”), to Landlord’s determination of the Market Rate set forth and the rent escalations during the Extension Term after negotiating in the Option Rent Notice, in which event such Market Rate shall be determined by arbitration pursuant to Section 39(b) below. If Tenant does not deliver an Objection Notice pursuant to the immediately preceding sentencegood faith, Tenant shall be deemed to have accepted the Market Rate set forth elected arbitration as described in the Option Rent NoticeSection 40(b). Tenant acknowledges and agrees that, if Tenant has delivered an Exercise elected to exercise the Extension Right by delivering the Extension Notice to Landlord pursuant to as required in this Section 39(a40(a), Tenant shall have no right thereafter to rescind such Exercise Notice or elect not to extend the term of this the Lease for the Extension Term subject to the Exercise NoticeTerm.

Extension Rights. Tenant Lessee shall have 2 consecutive rights one option (each, an the “Extension Right”) to extend the term of this Lease for 5 five (5) years each (each, an the “Extension Term”) on the same terms and conditions as this Lease (other than with respect as to the amount of Base Rent and the Work Letterdefinition of the Premises) by giving Landlord written notice to Lessor (the “Exercise Election Notice”) of its election to exercise each Extension Right at least months prior six (the “Exercise Date”), and no earlier than 6) months prior, and not more than nine (9) months prior to the expiration of the Base Original Term of this Lease or the expiration of the prior Extension TermLease. Upon the commencement of the first Extension Term and on each annual anniversary of the commencement of the first Extension Term, Base Rent shall be adjusted by multiplying 97% of the Base Rent payable immediately before such adjustment by then prevailing Market Rate (as defined below). The Extension Right shall only be effective if as of the Rent Adjustment Percentage Expiration Date of the Original Term if the Premises may be and adding is expanded to include the resulting amount Remainder Space as of the commencement of the Extension Term, any lease that Lessor shall have entered into for the Remainder Space shall have expired and Lessor shall be able to deliver possession of the Base Rent payable immediately before such adjustmentRemainder Space free of any other tenancies. Tenant shall exercise the second Extension Right, if If at all, as follows: (i) Tenant shall deliver written notice to Landlord (the “Interest Notice”) not more than months nor less than months prior to the expiration of the first Extension Term stating Original Term, a tenant occupies the Remainder Space pursuant to a lease that Tenant may be interested in exercising its second Extension Right; (ii) Landlord shall deliver written notice not have expired by the original Expiration Date (the “Option Rent Notice”) to Tenant within days after Landlord’s receipt of the Interest Notice setting forth Landlord’s good faith determination of the Market Rate during the second Extension Term; and (iii) if Tenant wishes to exercise its second Extension Right, Tenant shall, on or before the Exercise Date, exercise such second Extension Right by delivering an Exercise Notice to Landlord. Concurrently with Tenant’s delivery of an Exercise Notice to Landlord, Tenant may object, in writing (the “Objection NoticeRemainder Space Lease”), to Landlord’s determination of the Market Rate set forth in the Option Rent Notice, in which event such Market Rate shall be determined by arbitration pursuant to Section 39(b) below. If Tenant does not deliver an Objection Notice pursuant to the immediately preceding sentence, Tenant shall be deemed to have accepted the Market Rate set forth in the Option Rent Notice. Tenant acknowledges and agrees that, if Tenant has delivered an Exercise Notice to Landlord pursuant to this Section 39(a), Tenant Lessee shall have no the right thereafter to rescind such Exercise Notice or elect not to extend the term of this Lease (the “Coterminous Extension Right”) so that it expires at the same time as the term of the Remainder Space Lease, including any extensions thereto (the “Coterminous Extension Term”) on the same terms and conditions of this Lease other than the Base Rent, which shall be ninety seven percent (97%) of the then-prevailing Market Rate (as defined below) by giving Lessor an Election Notice. If the Coterminous Extension Term is longer than five (5) years, then at the end of the first five (5) years of the Coterminous Extension Term, the Base Rent shall again be adjusted to be equal to ninety seven percent (97%) of the then-prevailing Market Rate which, if not agreed upon by Lessor and Lessee at least six (6) months prior to such five (5)- year period, shall be determined by arbitration as set forth in paragraph (b) below. Upon the expiration of the Coterminous Extension Term, Lessee shall have the right to exercise the Extension Right for the Extension Term subject by providing Lessor an Election Notice at least six (6) months, and not more than nine (9) months, prior to the Exercise Notice.expiration of the Coterminous Extension Term. Lessee acknowledges that Lessor may give a tenant of the Remainder Space unqualified options to extend the term of its lease for the Remainder Space as well as a right to expand into the Reduced Premises upon the expiration of the term of this Lease as such term may have been extended by the Extension Term. The foregoing notwithstanding, any options provided to a tenant of the Remainder Space to expand into the Reduced Premises shall be subordinate to Lessee’s Coterminous Extension Right. References in Paragraph

Extension Rights. So long as no Event of Default has occurred and is continuing under this Lease, and subject to satisfaction of the Lease Extension Operating Test for such extension period, Tenant shall have 2 consecutive rights the option (each, an the “Extension RightOption”) to extend the term Fixed Term of this Lease for 5 three (3) additional successive periods of five (5) years each (each, each an “Extension Term”) on the same terms and conditions as this Lease (other than with respect to Base Rent and the Work Letter) by giving Landlord written notice (“Exercise Notice”) of its election to exercise each ). Said Extension Right at least months prior (the “Exercise Date”)Option shall be subject, and no earlier than months priorhowever, to the expiration of the Base Term of this Lease or the expiration of the prior Extension Term. Upon the commencement of the first Extension Term following terms and on each annual anniversary of the commencement of the first Extension Term, Base Rent shall be adjusted by multiplying the Base Rent payable immediately before such adjustment by the Rent Adjustment Percentage and adding the resulting amount to the Base Rent payable immediately before such adjustment. conditions: (a) Tenant shall exercise the second each such Extension Right, if at all, as follows: (i) Tenant shall deliver Option by giving written notice to Landlord at least six (the “Interest Notice”6) not more than months nor less than months prior to the expiration of the first Fixed Term or the then current Extension Term stating that Tenant may be interested in exercising its second Extension Right; (ii) Landlord shall deliver written notice Term, as applicable (the “Option Rent Extension Notice”). Notwithstanding the foregoing, in the event Tenant fails to give notice of its election to extend at least six (6) months prior to Tenant within days after Landlord’s receipt the expiration of the Interest Notice setting forth Landlord’s good faith determination of the Market Rate during the second Fixed Term or then current Extension Term; , as the case may be, then Landlord shall notify Tenant in writing of such failure and thereafter Tenant shall have an additional fifteen (iii15) if Tenant wishes days to exercise its second the Extension Right, Tenant shall, on or before the Exercise Date, exercise such second Option by giving an Extension Right by delivering an Exercise Notice to Landlord. Concurrently with Tenant’s delivery of an Exercise Notice to Landlord, Tenant may object, in writing (the “Objection Notice”), to Landlord’s determination of the Market Rate set forth ; and in the event Tenant fails to exercise the Extension Option Rent Noticewithin such fifteen (15) day period, in which event such Market Rate shall be determined by arbitration pursuant to Section 39(b) below. If Tenant does not deliver an Objection Notice pursuant to the immediately preceding sentence, then Tenant shall be deemed to have accepted waived the Market Rate set forth Extension Option, and the Term shall expire at the end of the Fixed Term or then current Extension Term, as applicable. (b) No Event of Default shall exist on the date of commencement of any Extension Term. (c) Tenant shall have delivered to Landlord, on or before the first day of the applicable Extension Term, a renewal or extension of the Letter of Credit or a substitute letter of credit, upon the same terms and in the Option Rent Notice. Tenant acknowledges and agrees that, if Tenant has delivered an Exercise Notice to Landlord same amount (as the same may have been adjusted pursuant to Section 3.9(n)) as the expiring Letter of Credit and otherwise acceptable to Landlord, which renewed, extended, or substituted letter of credit shall be maintained in effect, by automatic renewal or extension, until the date which is thirty (30) days after expiration of the subject Extension Term. Any such renewed, extended, or substituted letter of credit shall be deemed the “Letter of Credit” under this Lease during the subject Extension Term and shall be held and governed pursuant to the terms of Section 39(a3.9 below which are applicable to the original Letter of Credit, including without limitation the provisions of said Section 3.9 which permit the reduction of the Letter of Credit from time to time. Notwithstanding the foregoing, in the event that Net Operating Income from the Leased Property, calculated on a trailing 12 month basis (excluding any Net Operating Income attributable to any Property which has been released from this Lease), shall have been not less than an amount equal to 1.05 times annual Base Rent (excluding Base Rent attributable to any Property which has been released from this Lease) for the eight (8) consecutive calendar quarters immediately preceding the calendar month in which an Extension Term commences, Tenant shall have no right thereafter not be required to rescind provide and maintain a Letter of Credit during such Exercise Notice or elect not to extend Extension Term. The Base Rent for each Extension Term shall be adjusted and reallocated among the term Properties as of the first day of such Extension Term as provided in Section 3.3 below, and the Additional Rent Base shall be adjusted as of the first day of such Extension Term as provided in Section 3.4 below. Except for such adjustment of Base Rent and the Additional Rent Base, all of the terms, covenants and conditions of this Lease for the shall continue in full force and effect during each Extension Term, as if such Extension Term subject to were part of the Exercise Noticeoriginal Term.

Extension Rights. Tenant shall have 2 consecutive rights (each, an “Extension Right”) to extend the term of this Lease for 5 years each (each, an “Extension Term”) on the same terms and conditions as this Lease (other than with respect to Base Rent and the Work Letter) by giving Landlord written notice (“Exercise Notice”) of its election to exercise each Extension Right at least 9 months prior (the “Exercise Date”)prior, and no earlier than 12 months prior, to the expiration of the Base Term of this the Lease or the expiration of the any prior Extension Term. Upon Notwithstanding anything to the commencement contrary contained in this Lease, Tenant agrees that if Tenant properly exercises the first Extension Right and, if applicable, the second Extension Right under the 249 Lease, but does not properly exercise the corresponding right under this Lease, the scheduled expiration date of the then applicable Term (i.e., Base Term or, if applicable, the first Extension Term) shall be Net Multi-Tenant Laboratory 259 E. Grand/Onyx - Page 32 automatically extended as necessary, but not to exceed 15 months, so that Landlord has a full 24 months notice that Tenant is not electing to exercise the first Extension Right for the first Extension Term and on each annual anniversary of or, if applicable, the commencement of second Extension Right for the first second Extension Term, Base Rent shall be adjusted by multiplying the Base Rent payable immediately before such adjustment by the Rent Adjustment Percentage and adding the resulting amount to the Base Rent payable immediately before such adjustmentTerm under this Lease. Tenant shall have the right to waive its right to exercise the second Extension Right, if at all, as follows: (i) Tenant shall deliver written notice Right that can next be exercised under this Lease prior to Landlord (the “Interest Notice”) not more than months nor less than date that is 9 months prior to the expiration of the first Base Term or the Extension Term stating that Tenant may be interested in exercising its second Extension Right; (ii) Landlord shall deliver written notice Term, as applicable (the “Option Rent Extension Deadline”) by delivering written notice thereof to Landlord (a “Non-Extension Election Notice”) ), in which case the 15-month period in the preceding sentence shall be reduced by 1 day for each day prior to the Extension Deadline that Tenant within days after Landlord’s receipt of delivers the Interest Notice setting forth Landlord’s good faith determination of the Market Rate during the second Non-Extension Term; and (iii) if Tenant wishes to exercise its second Extension Right, Tenant shall, on or before the Exercise Date, exercise such second Extension Right by delivering an Exercise Election Notice to Landlord. Concurrently with Nothing contained herein is intended to grant Tenant any additional time to elect to exercise an Extension Right or grant Tenant the right to rescind any Extension Right previously elected by Tenant’s delivery of an Exercise . For example purposes, (1) if Tenant delivers a Non-Extension Election Notice 12 months prior to Landlord, Tenant may object, in writing (the “Objection Notice”), to Landlord’s determination expiration of the Market Rate set forth in Base Term, the Option Rent Notice, in which event such Market Rate scheduled expiration date of the Term shall be determined by arbitration pursuant automatically extended for 12 months, and (2) if Tenant fails to Section 39(b) belowdeliver a Non-Extension Election Notice and fails to exercise its first Extension Right, the scheduled expiration date of the Term shall be automatically extended for 15 months. If The provisions of this paragraph shall not apply as to the second Extension Right if Tenant does not deliver an Objection Notice pursuant to properly exercise the immediately preceding sentence, Tenant shall be deemed to have accepted the Market Rate set forth in the Option Rent Notice. Tenant acknowledges and agrees that, if Tenant has delivered an Exercise Notice to Landlord pursuant to first Extension Right under this Section 39(a), Tenant shall have no right thereafter to rescind such Exercise Notice or elect not to extend the term of this Lease for the Extension Term subject to the Exercise NoticeLease.

Extension Rights. Tenant shall have 2 two consecutive rights (each, an “"Extension Right”") to extend the term of this Lease for 5 years each (each, an “"Extension Term”") on the same terms and conditions as this Lease (other than with respect to Base Rent and the Work Letter) by giving Landlord written notice (“Exercise Notice”) of its election to exercise each Extension Right at least months 180 days prior (the “Exercise Date”), and no earlier than months prior, to the expiration of the Base Term initial term of this the Lease or the expiration of the any prior Extension Term. Upon During any Extension Term, Base Rent shall be payable at the rate of 95% of the Market Rate (as defined below), but in no event less than the Base Rent payable as of the date immediately preceding the commencement such Extension Term. Base Rent shall be adjusted on the commencement of the first each Extension Term and on each annual anniversary of the commencement of the first such Extension Term, Base Rent Term shall be adjusted increased by multiplying a percentage as determined by Landlord and agreed to by Tenant at the Base time Market Rent payable immediately before such adjustment by is determined, but in no event less than the Rent Adjustment Percentage hereunder. As used herein, "Market Rate" shall mean the then market rental rate as determined by Landlord and adding agreed to by Tenant. If, on or before the resulting amount to the Base Rent payable immediately before such adjustment. Tenant shall exercise the second Extension Right, if at all, as follows: (i) Tenant shall deliver written notice to Landlord (the “Interest Notice”) not more than months nor less than months date which is 120 days prior to the expiration of the first initial Term of this Lease, or the expiration of any Extension Term stating that Term, Tenant may be interested in exercising its second Extension Right; (ii) Landlord shall deliver written notice (the “Option Rent Notice”) to Tenant within days after has not agreed with Landlord’s receipt of the Interest Notice setting forth Landlord’s good faith 's determination of the Market Rate and the rent escalations during the second such subsequent Extension Term; and (iii) if Tenant wishes to exercise its second Extension Right, Tenant shall, on or before the Exercise Date, exercise such second Extension Right by delivering an Exercise Notice to Landlord. Concurrently with Tenant’s delivery of an Exercise Notice to LandlordTerm after negotiating in good faith, Tenant may object, by written notice to Landlord elect arbitration as described in writing Section 41 (the “Objection Notice”), to Landlord’s determination of the Market Rate set forth in the Option Rent Notice, in which event such Market Rate shall be determined by arbitration pursuant to Section 39(bb) below. If Tenant does not deliver an Objection Notice pursuant to the immediately preceding sentenceelect such arbitration, Tenant shall be deemed to have accepted waived any right to extend, or further extend, the Market Rate set forth in Term of the Option Rent Notice. Tenant acknowledges Lease and agrees that, if Tenant has delivered an Exercise Notice to Landlord pursuant to this Section 39(a), Tenant all of the remaining Extension Rights shall have no right thereafter to rescind such Exercise Notice or elect not to extend the term of this Lease for the Extension Term subject to the Exercise Noticeterminate.