Common use of Extension Term Provisions Clause in Contracts

Extension Term Provisions. Each Extension Term shall be on all of the same terms and conditions set forth in the Lease and applicable to the Initial Term, except Tenant shall have no further option to extend the Term following the second (2nd) Extension Term, and the Annual Rent payable by Tenant for each Extension Term shall be the “Fair Market Rental Value” of the Premises for such Extension Term determined as follows: Within ten (10) days after receipt by Landlord of the Extension Notice, Landlord shall notify Tenant of Landlord’s determination of the Fair Market Rental Value of the Premises for the Extension Term related thereto. Said Fair Market Rental Value may be different for each lease year during said Extension Term. Within ten (10) days after receipt of Landlord’s notice, time being of the essence with respect thereto, Tenant shall advise Landlord that (a) it accepts Landlord’s determination of the Fair Market Rental Value of the Premises, (b) it rejects Landlord’s determination of the Fair Market Rental Value of the Premises, or (c) that Tenant revokes its exercise of the Extension Term (in which case, the Expiration Date shall occur upon the last day of the Initial Term or the Extension Term then in effect, without further extension). If Tenant fails to advise Landlord within said ten (10) day period, Tenant shall be deemed to have rejected the Fair Market Rental Value determined by Landlord. If Tenant rejects (or is deemed to have rejected) Landlord’s determination of the Fair Market Rental Value of the Premises, Tenant shall, at its cost and expense, engage the services of an independent real estate appraiser, having an MAI designation, with knowledge and experience of rental values of similar properties in the area to perform an appraisal to determine the Fair Market Rental Value of the Premises for the Extension Term. Such appraiser shall render his or her appraisal report to Landlord and Tenant not later than thirty (30) days after the date of Tenant’s notice to Landlord rejecting Landlord’s determination of the Fair Market Rental Value of the Premises. If the Fair Market Rental Value so determined by the appraiser in his or her report shall not be acceptable to Landlord, Landlord shall have the right, at its cost and expense, to engage the services of an appraiser, having similar qualifications as those set forth above, to determine the Fair Market Rental Value of the Premises for the Extension Term. The two appraisers shall then select a third appraiser, having similar qualifications as those set forth above, and Landlord and Tenant shall engage the services of such third appraiser to perform an appraisal to determine the Fair Market Rental Value of the Premises, with Landlord and Tenant each to pay one-half of the cost of such third appraiser. The appraiser for Landlord and the appraiser for Tenant shall select such third appraiser within ten (10) days after Landlord notifies Tenant that such third appraiser is required. Such third appraiser shall be instructed to render an appraisal report to Landlord and Tenant not later than thirty days (30) after the date of his or her engagement. The Fair Market Rental Value of the Premises for the Extension Term shall be the Fair Market Rental Value determination of the appraiser selected by Landlord or Tenant whose determination is closer to the determination of the third appraiser. The Fair Market Rental Value of the Premises, as agreed upon by the parties or as determined as hereinabove provided, shall be final and binding upon both Landlord and Tenant. Initials: Landlord Tenant

Extension Term Provisions. Each Extension Term shall be on all of the same terms and conditions set forth in the Lease and applicable to the Initial Term, except Tenant shall have no further option to extend the Term following the second (2nd) Extension Term, and the Annual Base Rent payable by Tenant for each during a particular Extension Term shall be equal to the “Fair Market Rental Value” greater of (i) the Base Rent immediately prior to the Extension Term or (ii) ninety-five (95%) percent of the Premises fair market rental for the Premises, as of the date which is two hundred seventy (270) days prior to the commencement of such Extension Term determined as follows: Within Term. At least two hundred ten (10210) days after receipt by Landlord prior to the commencement of the applicable Extension NoticeTerm, Landlord shall notify Tenant of Landlordthe Base Rent to be charged during that Extension Term, based upon the fair market rental as calculated below. All provisions for the payment of Additional Rent shall continue to apply without limitation except as otherwise provided. The “fair market rental value” shall be determined as follows: Following receipt by Landlord of Tenant’s determination notice of Tenant’s exercise of the Fair Market Rental Value option to extend for such Extension Term, Landlord shall notify Tenant of the “fair market rental value” of the Premises as of the New Rental Valuation Date. The parties agree that fair market value shall be determined by taking into account the Tenant Work or any other improvements made by Tenant to the Premises, and that there shall be no break in the rent stream for lease-up time, construction time, free rent or other lease procurement costs, and shall otherwise take into account all other matters relevant to the Extension Term related theretoleasing of the Premises, including the net nature of the Lease. Said Fair Market Rental Value may be different for each lease year during said Extension Term. Within ten If Tenant disagrees with Landlord’s determination, Tenant shall, within thirty (1030) days after receipt of Landlord’s noticedetermination, time being of the essence with respect thereto, Tenant shall advise notify Landlord that (a) it accepts Tenant disputes Landlord’s determination of the Fair Market Rental Value of the Premises, (b) it rejects Landlordand shall submit to Landlord with such notice Tenant’s good faith determination of the Fair Market Rental Value of fair market rental value and the Premises, or (c) annual Base Rent. In the event Tenant notifies Landlord that Tenant revokes its exercise of the Extension Term (in which case, the Expiration Date shall occur upon the last day of the Initial Term or the Extension Term then in effect, without further extension). If Tenant fails to advise Landlord within said ten (10) day period, Tenant shall be deemed to have rejected the Fair Market Rental Value determined by Landlord. If Tenant rejects (or is deemed to have rejected) disputes Landlord’s determination of the Fair Market Rental Value of the Premisesdetermination, Tenant shall, at its cost and expense, engage the services of an independent real estate appraiser, having an MAI designation, with knowledge and experience of rental values of similar properties in the area to perform an appraisal to determine the Fair Market Rental Value of the Premises for the Extension Term. Such appraiser shall render his or her appraisal report to then Landlord and Tenant not later than shall attempt to agree upon the fair market rental value. If Landlord and Tenant fail to reach agreement within thirty (30) days after the date of following Tenant’s notice to Landlord rejecting disputing Landlord’s determination (“Outside Renewal Agreement Date”), then each party shall, within fifteen (15) days of the Fair Market Rental Value Outside Renewal Agreement Date, mutually agree upon an appraiser who is a member of the PremisesAppraisal Institute and who has at least five (5) years experience in the appraisal of office buildings in the Mxxxxx County, New Jersey area (“Qualified Appraiser”) and each shall submit to such Qualified Appraiser within twenty (20) days of the Outside Renewal Agreement Date its sealed final determination of the fair market rent (provided that Landlord’s sealed final determination shall in no event be greater than the rental set forth in Landlord’s determination, and Tenant’s sealed final determination shall in no event be less than Tenant’s determination as set forth in Tenant’s original notice disputing Landlord’s original determination). Each of the Landlord and Tenant may submit to the independent Qualified Appraiser documentation in support of its determination of fair market rent. If the Fair Market Rental Value so determined by parties are unable to agree upon such independent Qualified Appraiser, either party may request the appraiser American Arbitration Association in his or her report shall not be acceptable to LandlordSomerset, Landlord shall have the right, at its cost and expenseNew Jersey, to engage the services of an appraiser, having similar qualifications as those set forth above, to determine the Fair Market Rental Value of the Premises for the Extension Term. The two appraisers appoint such independent Qualified Appraiser which request shall then select a third appraiser, having similar qualifications as those set forth above, and Landlord and Tenant shall engage the services of such third appraiser to perform an appraisal to determine the Fair Market Rental Value of the Premises, with Landlord and Tenant each to pay one-half of the cost of such third appraiser. The appraiser for Landlord and the appraiser for Tenant shall select such third appraiser within ten be made no later than fifteen (1015) days after Landlord notifies Tenant that such third appraiser is requiredthe Outside Renewal Agreement Date. Such third appraiser shall be instructed to render an appraisal report to Landlord and Tenant not later than The independent Qualified Appraiser shall, within thirty days (30) after days of his/her appointment, determine the date of his or her engagement. The Fair Market Rental Value of the Premises for the Extension Term fair market rent, which determination shall be the Fair Market Rental Value determination of the appraiser selected by Landlord or Tenant whose determination is closer to the determination of the third appraiser. The Fair Market Rental Value of the Premises, as agreed upon by the parties or as determined as hereinabove provided, shall be final and binding upon both Landlord and Tenant. The parties shall share equally in the cost of any independent Qualified Appraiser. Both Landlord and Tenant agree to be irrevocably bound by the final decision in arbitration, provided that Tenant have the right to withdraw Tenant’s exercise of its option to renew within ten (10) days of a final determination of the fair market rent. All provisions for the payment of Additional Rent shall continue to apply without limitation except as otherwise provided. The Extension Term shall, upon the commencement thereof, be deemed a part of the term of this Lease. Notwithstanding anything to the contrary herein, Tenant shall have no further right to renew or extend the term of this Lease upon the expiration of the second Extension Term. Initials: Landlord Tenant

Extension Term Provisions. Each The Extension Term shall be on all of the same terms and conditions set forth in the Lease and applicable to the Initial Term, including provisions relating to the payment of Additional Rent, except Tenant shall have no further option to extend the Term following the second (2nd) Extension Term, and that the Annual Base Rent payable by Tenant for each the Extension Term shall be determined in the following manner: (a) The Annual Base Rent for the first Lease Year of the Extension Term shall be the “then current market rental rate for comparable industrial space in Salem, New Hampshire (the "Fair Market Rental"), provided, however, that in no event whatsoever shall the Annual Base Rent for the first Lease Year of the Extension Term be less than the Annual Base Rent for the last Lease Year of the Initial Term. If the Fair Market Rental Value” as determined by Landlord is not greater than the Annual Base Rent for the last Lease Year of the Premises Initial Term, then, the Annual Base Rent for such the first Lease Year of the Extension Term determined shall conclusively be deemed to be equal to the Annual Base Rent for the last Lease Year of the Initial Term, and Landlord shall provide notice to that effect to Tenant. If, in Landlord's opinion, the Fair Market Rental is greater than the Annual Base Rent for the last Lease Year of the Initial Term, then, Landlord shall set forth its opinion of the Fair Market Rental in a written notice from Landlord to Tenant ("Notice of Rent Determination") given within sixty (60) days following Landlord's actual receipt of the Extension Notice from Tenant, If Tenant does not wish to accept the Fair Market Rental as follows: Within ten set forth in Landlord's Notice of Rent Determination, then, Tenant shall give Landlord written notice of such non- acceptance (10"Tenant's Notice of Non-Acceptance") within twenty (20) days after Tenant's receipt by Landlord of Landlord's Notice of Rent Determination; said twenty (20) day period being strictly of the Extension Noticeessence. If Tenant notifies Landlord that Tenant accepts Landlord's determination of the Fair Market Rental, or, if, for any reason whatsoever, Landlord fails to receive a timely and proper Notice of Non-Acceptance, then, Tenant shall notify automatically, conclusively, and irrevocably be deemed to have accepted and agreed to the Fair Market Rental set forth in Landlord's Notice of Rent Determination. If Tenant delivers a timely and proper Notice of Non- Acceptance to Landlord’s , then, Tenant shall automatically, conclusively and irrevocably be deemed to have withdrawn and nullified its prior exercise of the Option to extend the Term of this Lease for the Extension Term, unless said Notice of Non-Acceptance expressly contains a demand to submit the determination of the Fair Market Rental Value to the appraisal process described below. (b) If Tenant's timely and proper Notice of Non-Acceptance contains a demand to submit the Premises for the Extension Term related thereto. Said Fair Market Rental Value may be different for each lease year during said Extension Term. Within ten (10) days after receipt of Landlord’s notice, time being of the essence with respect thereto, Tenant shall advise Landlord that (a) it accepts Landlord’s determination of the Fair Market Rental Value to appraisal, then, within twenty (20) days of said proper and timely demand, Landlord and Tenant shall each retain a reputable appraiser with at least ten (10) years experience in appraising industrial buildings in Salem, New Hampshire. Each party shall bear the cost of its appraiser. Each party shall direct its appraiser to render his/her opinion of the PremisesFair Market Rental within thirty (30) days of the date of his/her selection. Each party's appraiser shall prepare a written report setting forth said appraiser's opinion of the Fair Market Rental. In the event that the Fair Market Rentals determined by the two appraisers shall not differ by more than five (5%) percent of the lower appraisal, then the Fair Market Rental shall be deemed to be the average of the two appraisals and said average shall be final, conclusive and binding on Landlord and Tenant. If the Fair Market Rentals determined by the two appraisers shall differ by more than such five (b5%) it rejects percent amount, then, the two (2) appraisers shall select a third appraiser with at least ten (10) years experience in appraising industrial buildings in Salem, New Hampshire, with Landlord and Tenant each to pay one half (1/2) of the cost of such third appraiser. Said third appraiser's sole function shall be to select as the Fair Market Rental either the Fair Market Rental determined by Landlord’s 's appraiser or the Fair Market Rental determined by Tenant's appraiser. Said third appraiser shall have no right to average the appraisals of Landlord's appraiser and Tenant's appraiser or otherwise select as the Fair Market Rental any amount other that determined by Landlord's appraiser or that determined by Tenant' appraiser. So long as the third appraiser proceeds as aforesaid, the determination of the Fair Market Rental Value of by the Premises, or (c) that third appraiser shall be binding and conclusive on Landlord and Tenant revokes its exercise of the Extension Term (and shall be set forth in an Amendment to Lease which case, the Expiration Date shall occur upon the last day of the Initial Term or the Extension Term then in effect, without further extension). If Tenant fails to advise Landlord within said ten (10) day period, and Tenant shall be deemed to have rejected the Fair Market Rental Value determined by Landlordboth promptly execute. If Tenant rejects The third (or is deemed to have rejected3rd) Landlord’s determination of the Fair Market Rental Value of the Premises, Tenant shall, at its cost and expense, engage the services of an independent real estate appraiser, having an MAI designation, with knowledge and experience of rental values of similar properties in the area to perform an appraisal to determine the Fair Market Rental Value of the Premises for the Extension Term. Such appraiser shall render be instructed to submit his or her appraisal report to Landlord and Tenant not later than within thirty (30) days after the date of Tenant’s notice to Landlord rejecting Landlord’s determination of the Fair Market Rental Value of the Premises. If the Fair Market Rental Value so determined by the appraiser in his or her report shall not be acceptable to Landlord, Landlord shall have the right, at its cost and expense, to engage the services of an appraiser, having similar qualifications as those set forth above, to determine the Fair Market Rental Value of the Premises for the Extension Term. The two appraisers shall then select a third appraiser, having similar qualifications as those set forth above, and Landlord and Tenant shall engage the services of such third appraiser to perform an appraisal to determine the Fair Market Rental Value of the Premises, with Landlord and Tenant each to pay one-half of the cost of such third appraiser. The appraiser for Landlord and the appraiser for Tenant shall select such third appraiser within ten (10) days after Landlord notifies Tenant that such third appraiser is required. Such third appraiser shall be instructed to render an appraisal report to Landlord and Tenant not later than thirty days (30) after the date of his or her engagement. The . (c) For each particular Lease Year of the Extension Term from, after and including the second Lease Year of the Extension Term hereof, through, to and including the tenth Lease Year of the Extension Term hereof (said particular Lease Year being hereinafter in this paragraph referred to as the "Lease Year in Question"), Annual Base Rent shall be an annual amount equal to the product of (i) Fair Market Rental Value multiplied by (ii) a fraction, the numerator of the Premises for the Extension Term which shall be the Index (as hereinafter defined) existing on the first day of the Lease Year In Question and the denominator of which shall be the Index existing as of the first day of the first Lease Year of the Extension Term; provided, however, that in no event whatsoever shall the Annual Base Rent for the Lease Year In Question be less than the Fair Market Rental Value determination Rental. As used herein, the term "Index" shall mean and shall refer to the Consumer Price Index, All Urban Consumers (CPI-U) for the Boston -- Lawrence -- Salem, MA -- NH Area, all items (1982-84 = 100) of the appraiser selected by Landlord United State Bureau of Labor Statistics, United States Department of Labor. In the event that as of any relevant date the Index is no longer published or issued, such other index as in Landlord's reasonable judgment provides a basis for wage negotiations shall be used and employed in the place and stead thereof. Without limiting the foregoing, in the event that the level of the Index for the first day of the Lease Year In Question is not known as of said first day, Tenant whose determination is closer shall continue to pay Annual Base Rent at the rate in effect immediately prior to the determination commencement of the third appraiser. The Fair Market Rental Value Lease Year In Question until the Index for the first day of the PremisesLease Year In Question becomes available. Thereafter, as agreed upon by Landlord shall determine the parties or as determined as hereinabove providedproper Annual Base Rent payable during the Lease Year In Question, which shall apply retroactively from and after the first day of the Lease Year In Question. To the extent that Tenant shall have paid less than the full and proper amount of Annual Base Rent from and after the first day of the Lease Year In Question, said deficiency shall be final and binding upon both paid to Landlord and Tenant. Initials: Landlord Tenantwithin fifteen (15) days of Landlord's demand therefor.

Extension Term Provisions. Each The Extension Term Terms shall be on all of the same terms and conditions set forth in the Lease and applicable to the Initial Term, except Tenant shall have no further option to extend as follows: (A) The Base Rent during the Term following the second (2nd) Extension Term, and the Annual Rent payable by Tenant for each First Extension Term shall be the “higher of (i)115% of the Base Rent payable during the last year of the Initial Term; or (ii) Fair Market Rental Value” Rent at the commencement of the Premises for such First Extension Term. (B) The Base Rent during the Second Extension Term determined shall be the higher of (i) 115% of the Base Rent payable during the First Extension Term; or (ii) Fair Market Rent at the commencement of the Second Extension Term. (C) Fair Market Rent shall be established as follows: : (a) Within ten (10) days after receipt by Landlord of the Extension NoticeTenant exercises its option to renew, Landlord shall notify will advise Tenant of Landlord’s 's determination of the Fair Market Rental Value of the Premises Rent for the Extension Term related thereto. Said Fair Market Rental Value may be different for each lease year during said Extension Term. Within ten (10) days after receipt of "Landlord’s notice, time being of the essence with respect thereto, Tenant shall advise Landlord that (a) it accepts Landlord’s determination of the Fair Market Rental Value of the Premises, (b) it rejects Landlord’s determination of the Fair Market Rental Value of the Premises, or (c) that Tenant revokes its exercise of the Extension Term (in which case, the Expiration Date shall occur upon the last day of the Initial Term or the Extension Term then in effect, without further extension's FMR Notice"). If Tenant fails to advise Landlord within said ten (10) day period, Tenant shall be deemed to have rejected the Fair Market Rental Value determined by Landlord. If Tenant rejects (or is deemed to have rejected) Landlord’s determination of the Fair Market Rental Value of the Premises, Tenant shall, at its cost and expense, engage the services of an independent real estate appraiser, having an MAI designation, with knowledge and experience of rental values of similar properties in the area to perform an appraisal to determine the Fair Market Rental Value of the Premises for the Extension Term. Such appraiser shall render his or her appraisal report to Landlord and Tenant cannot later than thirty (30) days after agree on the date of Tenant’s notice to Landlord rejecting Landlord’s determination of the Fair Market Rental Value of the Premises. If the Fair Market Rental Value so determined by the appraiser in his or her report shall not be acceptable to Landlord, Landlord shall have the right, at its cost and expense, to engage the services of an appraiser, having similar qualifications as those set forth above, to determine the Fair Market Rental Value of the Premises fair market rate for the Extension Term. The two appraisers shall then select a third appraiser, having similar qualifications as those set forth above, and Landlord and Tenant shall engage the services of such third appraiser to perform an appraisal to determine the Fair Market Rental Value of the Premises, with Landlord and Tenant each to pay one-half of the cost of such third appraiser. The appraiser for Landlord and the appraiser for Tenant shall select such third appraiser Extended Term within ten (10) days after Landlord's FMR Notice, then Landlord notifies shall provide Tenant with a statement from a qualified real estate appraiser stating the appraiser's opinion of Fair Market Rent and that such third it has been determined in accordance with this Section. (b) If Tenant disagrees with Landlord's appraisal, then Tenant shall have ten (10) days to submit to Landlord an appraisal by a qualified real estate appraiser of Fair Market Rent effective as of the commencement date of the Extension Term. If the higher estimate is required. Such third appraiser not more than one hundred five percent (105%) of the lower estimate, Fair Market Rent shall be instructed to render an appraisal report to established as the average of the two appraisals. If not, the two appraisers acting on behalf of Landlord and Tenant not later than shall, within fifteen (15) days after Tenant's appraisal has been submitted, jointly appoint a third qualified real estate appraiser (the "Referee"). If the two appraisers are unable to agree upon the selection of a Referee, then the Referee shall be selected within fifteen (15) days thereafter by an arbitrator pursuant to the rules of the American Arbitration Association. (c) The Referee shall, within thirty days (30) days after appointment, render his decision which decision shall be strictly limited to choosing one of the date of his or her engagementtwo determinations made by the two appraisers chosen by Landlord and Tenant with respect to Fair Market Rent. The Fair Market Rental Value decision of the Premises for the Extension Term Referee shall be binding upon the Fair Market Rental Value determination parties. Landlord and Tenant shall each pay for their own appraisal, and the cost of the appraiser selected by Landlord or Tenant whose determination is closer to the determination of the third appraiser. The Fair Market Rental Value of the Premises, as agreed upon by the parties or as determined as hereinabove provided, Referee shall be final and binding upon both shared equally by Landlord and Tenant. In determining Fair Market Rent, the appraisers shall each take into account the amount of space and length of term taken by the Tenant; and rent in comparable buildings in the relevant competitive market. (d) Notwithstanding the foregoing, in the event that Landlord and Tenant cannot agree as to the Fair Market Rent within thirty (30) days after Tenant's Extension Notice, then Tenant may withdraw it's Extension Notice within such thirty (30) period and Tenant shall be deemed not to have exercised its Extension Option. If Tenant does not withdraw its Extension Notice within such thirty (30) day period, then the determination of Fair Market Rent shall proceed as outlined hereinabove and the parties shall be obligated to extend the Term at the Fair Market Rent determined by the appraisers and/or Referee. Initials: Landlord Tenant Date of Lease: November 4, 2004 Landlord: Cransud One, L.L.C. Tenant: United Stationers Supply Co. Property: 000 Xxxxxxx Xxx, Xxxxxxxx, Xxx Xxxxxx 1. Tenant shall not cause or permit any overloading of the floors of the Building or in any way deface the Building. Prior to bringing any heavy safes, vaults, or other heavy equipment into the Property, Tenant shall inform Landlord in writing of the dimensions and weights thereof and shall obtain Landlord's consent thereto. Such consent shall not constitute a representation or warranty by Landlord that the safe, vault or other equipment complies, with regard to distribution of weight and/or vibration, with the provisions of this Rules and Regulations Rider nor relieve Tenant from responsibility for any damage caused by such heavy objects. Any such safe, vault or other equipment or object which Landlord reasonably determines to constitute a danger of damage to the Property, either alone or in combination with other heavy and/or vibrating objects and equipment, shall be promptly removed by Tenant, at Tenant's cost, upon Landlord's written notice of such determination and demand for removal thereof. Landlord represents that the floor is 7" concrete, designed to support a load of 4,000 pounds per square inch. 2. Tenant shall not install or erect any aerial or antenna on the roof or exterior of the Building nor place any equipment or other items upon or through the roof, or cause openings to be made in the roof, without Landlord's prior written consent. Tenant shall use a roofing contractor designated by Landlord for any roof work so long as there is a warranty covering the roof. After the expiration of the roof warranty, Landlord shall not unreasonably withhold or delay consent to the use of a roofing contractor selected by Tenant. 3. No storage of any goods, equipment or materials shall be permitted outside the Building on the Property other than construction materials during any permitted Alterations. Tenant shall keep all trash, garbage, waste or other refuse in sealed sanitary containers and shall regularly and frequently remove same from the Property. Tenant shall keep all containers or other equipment used for storage in a clean and sanitary condition. 4. Tenant shall keep the sewage disposal system in good operating condition and free of all obstructions.