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 Base Rent) by giving Landlord written notice of its election to exercise each Extension Right at least 12 months prior, and no earlier than 18 months prior, to the expiration of the Base Term of the Lease or the expiration of any prior Extension Term. Base Rent shall be adjusted (i) first, on the commencement date of such Extension Term to the Market Rate (as defined below), and (ii) thereafter, on each annual anniversary of the commencement of such Extension Term 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. 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 Base Term of this Lease, or the expiration of any prior 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 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 40(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 2 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 12 months prior, and no earlier than 18 months prior, prior to the expiration of the Base Term of the Lease or the expiration of any prior Extension Term. Upon the commencement of any Extension Term, Base Rent shall be adjusted (i) first, on the commencement date of such Extension Term to payable at the Market Rate (as defined below), and (ii) thereafter, . Base Rent shall thereafter be adjusted on each annual anniversary of the commencement of such Extension Term by multiplying a percentage as determined by Landlord and agreed to by Tenant at the Base Rent payable immediately before such adjustment by time the Rent Adjustment Percentage and adding the resulting amount to the Base Rent payable immediately before such adjustmentMarket Rate is determined. 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 TermTerm 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 Base Term of this Lease, or the expiration of any prior 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 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 40(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 2 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 Base Basic Annual Rent) by giving Landlord written notice of its election to exercise each the Extension Right at least 12 9 months prior, and no earlier than 18 months prior, prior to the expiration Term Expiration Date. Upon the commencement of the Base Term of the Lease or the expiration of any prior Extension Term. Base , Basic Annual Rent shall be adjusted (i) first, on the commencement date of such Extension Term to payable at the Market Rate (as defined below), and (ii) thereafter, . Basic Annual Rent shall thereafter be adjusted on each annual anniversary of the commencement of such Extension Term by multiplying a percentage as determined by Landlord and agreed to by Tenant at the Base Rent payable immediately before such adjustment by time the Rent Adjustment Percentage and adding the resulting amount to the Base Rent payable immediately before such adjustmentMarket Rate is determined. 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 Basic Annual Rent payable as of the date immediately preceding the commencement of such Extension TermTerm 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 Base Term of this Lease, or the expiration of any prior Extension Term, Tenant has not agreed with Landlord’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 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 have elected arbitration as described in Section 40(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 2 consecutive rights (each, an “"Extension Right”) "} to extend the term of this Lease for 5 years each (each, an “Extension Term”a "Term Extension") on the same terms and conditions as this Lease (other than Base Rent) by giving Notice to Landlord written notice of its Tenant's election to exercise each Extension Right at least 12 months prior, and no earlier than 18 months prior, prior to the expiration of the Base Term of the Lease or the expiration of any prior Extension TermTerm Extension. During any Term Extension, Base Rent shall be adjusted (i) first, on payable at the commencement date of such Extension Term to the "Market Rate Rate" (as defined below), and (ii) thereafter, on each annual anniversary of the commencement of such Extension Term 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. 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 but in no event be less than the Base Rent payable as of the date immediately preceding the commencement of such Term Extension. Base Rent shall be adjusted on the commencement of each Term Extension Termand on each annual anniversary of the commencement of such Term Extension shall be increased by a percentage determined by Landlord and Tenant at the time the Market Rate is determined (the "Extension Rent Adjustment Percentage"). In additionAs used herein, "Market Rate" shall mean the then market rental rate as determined by Landlord may impose a market and Tenant, taking into account the base rent for the parking rights provided hereunderthen payable at Similar Facilities. If, on or before the date which that is 120 180 days prior to the expiration of the Base Term of this Lease, or the expiration of any prior Extension TermTerm Extension, Tenant has not agreed with Landlord’s '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 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 40(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 2 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 12 months prior, and no earlier than 18 months prior, prior to the expiration of the Base Term of the Lease or Lease. Upon the expiration commencement of any prior the Extension Term. , Base Rent shall be adjusted (i) first, on the commencement date of such Extension Term to payable at the Market Rate (as defined below), and (ii) thereafter, . Base Rent shall thereafter be adjusted on each annual anniversary of the commencement of such the Extension Term 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. 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 the ExtensionTerm increased by the Rent Adjustment Percentage multiplied by such Extension TermBase 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 Base Term of this Lease, or the expiration of any prior 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 not later than 120 270 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 40(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.