Common use of Extension Rights Clause in Contracts

Extension Rights. Tenant shall have 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 by giving Landlord written notice of its election to exercise each Extension Right at least 180 days prior to the expiration of the initial term of the Lease or the expiration of any prior Extension Term. 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 each Extension Term and on each annual anniversary of the commencement of such Extension Term shall be increased by a percentage as determined by Landlord and agreed to by Tenant at the time Market Rent 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 agreed to by Tenant. If, on or before the date which is 120 days prior to the expiration of the initial Term of this Lease, or the expiration of any Extension Term, 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 elect arbitration as described in Section 41 (b) below. If Tenant does not elect such arbitration, Tenant shall be deemed to have waived any right to extend, or further extend, the Term of the Lease and all of the remaining Extension Rights shall terminate.

Extension Rights. Tenant shall have two 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 Base Rent) by giving Landlord written notice of its election to exercise each the Extension Right (“Exercise Notice”) at least 180 days 9 months prior to the expiration of the initial term 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 expiration commencement of any prior Extension Term. During any the 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 thereafter be adjusted on the commencement of each Extension Term and on each annual anniversary of the commencement of such the Extension Term shall be increased by a percentage as determined by Landlord and agreed to by Tenant at the time the Market Rent Rate 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 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. If, on or before the date which is 120 180 days prior to the expiration of the initial Base Term of this Lease, or the expiration of any Extension Term, Tenant has not agreed with Landlord's ’s determination of the Market Rate and the rent escalations during such subsequent the Extension Term after negotiating in good faith, Tenant may by written notice shall be deemed to Landlord elect have elected arbitration as described in Section 41 (b) below40(b). If Tenant does not elect such arbitrationacknowledges and agrees that, if Tenant has elected to exercise the Extension Right by delivering the Extension Notice to Landlord as required in this Section 40(a), Tenant shall be deemed have no right thereafter to have waived any right rescind or elect not to extend, or further extend, extend the Term term of the Lease and all of for the remaining Extension Rights shall terminateTerm.

Extension Rights. Tenant shall have two 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 Base Rent) by giving Landlord written notice of its election to exercise each Extension Right at least 180 days prior 12 months prior, and no earlier than 18 months prior, to the expiration of the initial term Base Term of the Lease or the expiration of any prior Extension Term. During any Extension Term, Base Rent shall be payable at adjusted (i) first, on the rate commencement date of 95% of such Extension Term to 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 each Extension Term and (ii) thereafter, on each annual anniversary of the commencement of such Extension Term shall be increased by a percentage as determined multiplying the Base Rent payable immediately before such adjustment by Landlord and agreed to by Tenant at the time Market Rent is determined, but in no event less than the Rent Adjustment Percentage hereunderand adding the resulting amount to the Base Rent payable immediately before such adjustment. As used herein, "“Market Rate" ” shall mean the then market rental rate as determined by Landlord and agreed to by Tenant, for comparable first-class office and laboratory space in the Xxxxxxx Square, Cambridge, Massachusetts area, which shall in no event be less than the Base Rent payable as of the date immediately preceding the commencement of such Extension Term. In addition, Landlord may impose a market rent for the parking rights provided hereunder. If, on or before the date which is 120 days prior to the expiration of the initial Base Term of this Lease, or the expiration of any prior Extension Term, Tenant has not agreed with Landlord's ’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 120 days prior to the expiration of the Base Term of this Lease, or the expiration of any then effective Extension Term, elect arbitration as described in Section 41 (b40(b) below. If Tenant does not elect such arbitration, Tenant shall be deemed to have waived any right to extend, or further extend, the Term of the Lease and all of the remaining Extension Rights shall terminate.

Extension Rights. Tenant shall have two consecutive rights 1 extension right (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 Basic Annual Rent) by giving Landlord written notice of its election to exercise each the Extension Right at least 180 days 9 months prior to the expiration Term Expiration Date. Upon the commencement of the initial term of the Lease or the expiration of any prior Extension Term. During any Extension Term, Base Basic Annual 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 Basic Annual Rent shall thereafter be adjusted on the commencement of each Extension Term and on each annual anniversary of the commencement of such Extension Term shall be increased by a percentage as determined by Landlord and agreed to by Tenant at the time the Market Rent Rate 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 agreed to by Tenant, which shall in no event be less than the Basic Annual Rent payable as of the date immediately preceding the commencement of such Extension Term increased by the Rent Adjustment Percentage multiplied by such Basic Annual Rent. In addition, Landlord may impose a market rent for the parking rights provided hereunder. Landlord shall provide Tenant with Landlord’s determination of the Market Rate within 30 days after Landlord’s receipt of Tenant’s notice of its election to exercise the Extension Right. If, on or before the date which is 120 180 days prior to the expiration of the initial Base Term of this Lease, or the expiration of any Extension Term, Tenant has not agreed with Landlord's ’s determination of the Market Rate and the rent escalations during such subsequent the Extension Term after negotiating in good faith, Tenant may by written notice shall be deemed to Landlord elect have elected arbitration as described in Section 41 (b) below42(b). If Tenant does not elect such arbitrationacknowledges and agrees that, if Tenant has elected to exercise the Extension Right by delivering notice to Landlord as required in this Section 42(a), Tenant shall be deemed have no right thereafter to have waived any right rescind or elect not to extend, or further extend, extend the Term term of the Lease and all of for the remaining Extension Rights shall terminateTerm.

Extension Rights. Tenant shall have two 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 180 days months prior (the “Exercise Date”), and no earlier than months prior, to the expiration of the initial term Base Term of the this Lease or the expiration of any the prior Extension Term. 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 Upon the commencement of each the first Extension Term and on each annual anniversary of the commencement of such the first Extension Term Term, Base Rent shall be increased adjusted by a percentage as determined multiplying the Base Rent payable immediately before such adjustment by Landlord and agreed to by Tenant at the time Market Rent is determined, but in no event less than the Rent Adjustment Percentage hereunderand adding the resulting amount to the Base Rent payable immediately before such adjustment. As used hereinTenant shall exercise the second Extension Right, "Market Rate" if at all, as follows: (i) Tenant shall mean deliver written notice to Landlord (the then market rental rate as determined by Landlord and agreed to by Tenant. If, on or before the date which is 120 days “Interest Notice”) not more than months nor less than months prior to the expiration of the initial 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 this Lease, or the expiration of any Extension Term, Tenant has not agreed with Interest Notice setting forth Landlord's ’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 rent escalations during Exercise Date, exercise such subsequent second Extension Term after negotiating in good faithRight 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 written notice arbitration pursuant to Landlord elect arbitration as described in Section 41 (b39(b) below. If Tenant does not elect such arbitrationdeliver an Objection Notice pursuant to the immediately preceding sentence, Tenant shall be deemed to have waived any 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 extend, rescind such Exercise Notice or further extend, elect not to extend the term of this Lease for the Extension Term of subject to the Lease and all of the remaining Extension Rights shall terminateExercise Notice.

Extension Rights. Tenant Lessee shall have two 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 as to the amount of Base Rent and the definition of the Premises) by giving Landlord written notice of its election to exercise each Extension Right Lessor (the “Election Notice”) at least 180 days six (6) months prior, and not more than nine (9) months prior to the expiration of the initial term Original Term of this Lease. Upon the commencement of the Lease or the expiration of any prior Extension Term. During any Extension Term, Base Rent shall be payable at the rate of 9597% of the then prevailing Market Rate (as defined below), but in no event less than the Base Rent payable . The Extension Right shall only be effective if as of the date immediately preceding Expiration Date of the commencement such Extension Term. Base Rent shall Original Term if the Premises may be adjusted on and is expanded to include the commencement of each Extension Term and on each annual anniversary Remainder Space as of the commencement of such 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 Remainder Space free of any other tenancies. If at the expiration of the Original Term, a tenant occupies the Remainder Space pursuant to a lease that shall not have expired by the original Expiration Date (the “Remainder Space Lease”), Lessee shall have the right 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 increased by a percentage as determined by Landlord 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 by providing Lessor an Election Notice at least six (6) months, and agreed to by Tenant at the time Market Rent is determinednot more than nine (9) months, 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 agreed to by Tenant. If, on or before the date which is 120 days prior to the expiration of the initial Term Coterminous Extension Term. Lessee acknowledges that Lessor may give a tenant of this Lease, or 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 any the term of this Lease as such term may have been extended by the Extension Term. The foregoing notwithstanding, Tenant has not agreed with Landlord's determination any options provided to a tenant of the Market Rate and Remainder Space to expand into the rent escalations during such subsequent Extension Term after negotiating in good faith, Tenant may by written notice to Landlord elect arbitration as described in Section 41 (b) below. If Tenant does not elect such arbitration, Tenant Reduced Premises shall be deemed subordinate to have waived any right to extend, or further extend, the Term of the Lease and all of the remaining Lessee’s Coterminous Extension Rights shall terminate.Right. References in Paragraph

Extension Rights. Tenant shall have two consecutive rights the right (each, an "the “Extension Right"”) to extend the term of this Lease for 5 years each (each, an "the “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 such Extension Right at least 180 days 12 months prior to the expiration of the initial term Base Term of the Lease or Lease. Upon the expiration commencement of any prior Extension Term. During any the 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 thereafter be adjusted on the commencement of each Extension Term and on each annual anniversary of the commencement of such the Extension Term shall be increased by a percentage as determined multiplying the Base Rent payable immediately before such adjustment by Landlord and agreed to by Tenant at the time Market Rent is determined, but in no event less than the Rent Adjustment Percentage hereunderand adding the resulting amount to the Base Rent payable immediately before such adjustment. 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 the ExtensionTerm 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 120 270 days prior to the expiration of the initial Base Term of this Lease, or the expiration of any Extension Term, Tenant has not agreed with Landlord's ’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 270 days prior to the expiration of the Base Term of this Lease, elect arbitration as described in Section 41 (b39(b) below. If Tenant does not elect such arbitration, Tenant shall be deemed to have waived any right to extend, or further extend, extend the Term of the Lease and all of the remaining Extension Rights Right shall terminate.

Extension Rights. Tenant shall have two 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 of its election to exercise each Extension Right at least 180 days prior 9 months prior, and no earlier than 12 months prior, to the expiration of the initial term Base Term of the Lease or the expiration of any prior Extension Term. During any Notwithstanding anything to the 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, Base Rent ) shall be payable at the rate of 95% of the Market Rate (Net Multi-Tenant Laboratory 259 E. Grand/Onyx - Page 32 automatically extended as defined below)necessary, but in no event less than not to exceed 15 months, so that Landlord has a full 24 months notice that Tenant is not electing to exercise the Base Rent payable as of first Extension Right for the first Extension Term or, if applicable, the second Extension Right for the second Extension Term under this Lease. Tenant shall have the right to waive its right to exercise the Extension Right that can next be exercised under this Lease prior to the date immediately preceding the commencement such Extension Term. Base Rent shall be adjusted on the commencement of each Extension Term and on each annual anniversary of the commencement of such Extension Term shall be increased by a percentage as determined by Landlord and agreed to by Tenant at the time Market Rent that 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 agreed to by Tenant. If, on or before the date which is 120 days 9 months prior to the expiration of the initial Base Term of this Leaseor the Extension Term, as applicable (the “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 delivers the Non-Extension Election Notice to Landlord. 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. For example purposes, (1) if Tenant delivers a Non-Extension Election Notice 12 months prior to the expiration of any Extension the Base Term, Tenant has not agreed with Landlord's determination the scheduled expiration date of the Market Rate Term shall be automatically extended for 12 months, and (2) if Tenant fails to deliver a Non-Extension Election Notice and fails to exercise its first Extension Right, the rent escalations during such subsequent scheduled expiration date of the Term shall be automatically extended for 15 months. The provisions of this paragraph shall not apply as to the second Extension Term after negotiating in good faith, Tenant may by written notice to Landlord elect arbitration as described in Section 41 (b) below. If Right if Tenant does not elect such arbitration, Tenant shall be deemed to have waived any right to extend, or further extend, properly exercise the Term of the Lease and all of the remaining first Extension Rights shall terminateRight under this Lease.

Extension Rights. Tenant shall have two 2 consecutive rights (each, an "Extension Right") } to extend the term of this Lease for 5 years each (each, an a "Extension TermTerm Extension") on the same terms and conditions as this Lease by giving Notice to Landlord written notice of its Tenant's election to exercise each Extension Right at least 180 days 12 months prior to the expiration of the initial term of the Lease Term or the expiration of any prior Extension TermTerm Extension. During any Extension TermTerm Extension, Base Rent shall be payable at the rate of 95% of the "Market Rate Rate" (as defined below), but in no event less than the Base Rent payable as of the date immediately preceding the commencement of such Extension TermTerm Extension. Base Rent shall be adjusted on the commencement of each Term Extension Term and on each annual anniversary of the commencement of such Term Extension Term shall be increased by a percentage as determined by Landlord and agreed to by Tenant at the time the Market Rent Rate is determined, but in no event less than determined (the "Extension Rent Adjustment Percentage hereunderPercentage"). As used herein, "Market Rate" shall mean the then market rental rate as determined by Landlord and agreed to by Tenant, taking into account the base rent then payable at Similar Facilities. If, on or before the date which that is 120 180 days prior to the expiration of the initial Term of this Lease, or the expiration of any Extension Termprior Term Extension, Tenant has not agreed with Landlord's determination of the Market Rate and the rent escalations Extension Rent Adjustment Percentage during such subsequent Term Extension Term after negotiating in good faith, Tenant may by written notice to Landlord elect arbitration as described in Section 41 (b41(b) below. If Tenant does not elect such arbitration, ------------- Tenant shall be deemed to have waived any right to extend, or further extend, the Term of the Lease and all of the remaining Extension Rights shall terminate.

Extension Rights. Tenant shall have two consecutive rights the right (each, an "the “Extension Right"”) to extend the term of this Lease for 5 years each (each, an "the “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 180 days 12 months prior to the expiration of the initial term Base Term of the Lease or the expiration of any prior Extension Term. During Upon the commencement of 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 thereafter be adjusted on the commencement of each Extension Term and on each annual anniversary of the commencement of such Extension Term shall be increased by a percentage as determined by Landlord and agreed to by Tenant at the time the Market Rent Rate 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 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. If, on or before the date which is 120 days prior to the expiration of the initial Base Term of this Lease, or the expiration of any prior Extension Term, Tenant has not agreed with Landlord's ’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 120 days prior to the expiration of the Base Term of this Lease, or the expiration of any then effective Extension Term, elect arbitration as described in Section 41 (b40(b) below. If Tenant does not elect such arbitration, Tenant shall be deemed to have waived any right to extend, or further extend, the Term of the Lease and all of the remaining Extension Rights shall terminate.