Common use of Extension Term Clause in Contracts

Extension Term. (a) Tenant shall have the right to extend the Term for all of the Premises for one extension term of 5 years (the "Extension Term") which shall commence on the day following the expiration of the initial Term and end on the fifth anniversary of the Expiration Date, unless the Extension Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Extension Term shall commence only if (i) Tenant shall have notified Landlord in writing of Tenant's exercise of such extension right not later than nine (9) months prior to the Expiration Date, (ii) at the time of the exercise of such right and immediately prior to the Expiration Date, no event of Default shall have occurred and be continuing hereunder, and (iii) Tenant and/or Related Entities shall be in occupancy of at least 80 percent of the Premises at the time such notice is given. Time is of the essence with respect to the giving of the notice of Tenant's exercise of the extension option. The Extension Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant, except that (x) the Fixed Rent (as defined in Article 1) shall be determined as provided in Section 2.2(b), (y) Tenant shall have no further right to renew the Term and (z) Landlord shall have no obligation to provide any work or contribution to improve the Premises for Tenant's use. Upon the commencement of the Extension Term, (A) the Extension Term shall be added to and become part of the Term (but shall not be

Appears in 2 contracts

Samples: Agreement (Imanage Inc), Agreement (Imanage Inc)

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Extension Term. (a) Provided (i) Tenant, an Affiliate, its Affiliated Funds and/or its Portfolio Companies (as such terms are hereinafter defined) is/are then occupying at least sixty-five percent (65%) of the Premises; and (ii) there is no Event of Default nor an event which, with the passage of time and/or the giving of notice would constitute an Event of Default (1) as of the date of the Extension Notice (hereinafter defined), and (2) at the commencement of the applicable Extension Term (hereinafter defined) (it being understood and agreed that if Tenant shall cure any default within applicable notice and/or cure periods, then Tenant shall thereafter be entitled to exercise such option), Tenant shall have the right option to extend the Term for all of the Premises for one extension (1) additional term of 5 five (5) years (the "Extension Term") which shall commence on the day following ”), commencing as of the expiration of the initial Term and end Initial Term, or the prior Extension Term, as the case may be. Tenant must exercise such option to extend by giving Landlord written notice (the “Extension Notice’’) on or before the fifth anniversary of the Expiration Date, unless the Extension Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Extension Term shall commence only if date that is thirteen (i) Tenant shall have notified Landlord in writing of Tenant's exercise of such extension right not later than nine (913) months prior to the Expiration Date, (ii) at the time expiration of the exercise then-current term of this Lease, time being of the essence. Upon the timely giving of such notice, the Term shall, subject to Tenant’s right and immediately prior to withdraw the Expiration DateExtension Notice in accordance with Section 1.2(b) below, no event of Default shall have occurred and be continuing hereunder, and (iii) Tenant and/or Related Entities shall be in occupancy of at least 80 percent deemed extended upon all of the Premises at terms and conditions of this Lease, except that Base Rent during the time such notice is given. Time is of the essence with respect to the giving of the notice of Tenant's exercise of the extension option. The Extension Term shall be upon all of calculated in accordance with this Section 1.2, Landlord shall have no obligation to construct or renovate the agreements, terms, covenants Premises and conditions hereof binding upon Tenant, except that (x) the Fixed Rent (as defined in Article 1) shall be determined as provided in Section 2.2(b), (y) Tenant shall have no further right to renew extend the Term and (z) Landlord Term. If Tenant fails to give timely notice, as aforesaid, Tenant shall have no obligation further right to provide any work or contribution extend the Term. Notwithstanding the fact that Tenant’s proper and timely exercise of such option to improve extend the Premises for Tenant's use. Upon the commencement of the Extension Term, (A) the Extension Term shall be added self executing, the parties shall promptly execute a lease amendment reflecting such Ext1nsion Term after Tenant exercises such option. The execution of such lease amendment shall not be deemed to and become part waive any of the Term (but shall not beconditions to Tenant’s exercise of its rights under this Section 1.2.

Appears in 2 contracts

Samples: Sublease (Praxis Precision Medicines, Inc.), Sublease (Praxis Precision Medicines, Inc.)

Extension Term. The Term of this Lease of all of the Premises may be extended for the Extension Term by unconditional written notice from Tenant to Landlord at least nine (a9) (but not more than twelve (12)) months before the end of the Initial Term, time being of the essence. If Tenant does not timely exercise this option, or if on the date of such notice or at the beginning of the Extension Term (i) a default by Tenant exists, or (ii) Tenant shall have is not leasing one hundred percent (100%) of the Premises, or (iii) Tenant has made any Transfer under Article 13 (other than a Related Party Transfer), at Landlord’s option upon written notice to Tenant, Tenant’s right to extend the Term for all of the Premises for one extension term of 5 years (the "Extension Term") which shall commence on the day following the expiration of the initial Term and end on the fifth anniversary of the Expiration Date, unless the Extension Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Extension Term shall commence only if (i) Tenant shall have notified Landlord in writing of Tenant's exercise of such extension right not later than nine (9) months prior to the Expiration Date, (ii) at the time of the exercise of such right and immediately prior to the Expiration Date, no event of Default shall have occurred irrevocably lapse and be continuing hereundervoid and of no further force and effect, and (iii) Tenant and/or Related Entities shall be in occupancy of at least 80 percent of the Premises at the time such notice is given. Time is of the essence with respect to the giving of the notice of Tenant's exercise of the extension option. The Extension Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant, except that (x) the Fixed Rent (as defined in Article 1) shall be determined as provided in Section 2.2(b), (y) Tenant shall have no further right to renew extend, and this Lease shall expire at the end of the Initial Term. If Tenant fails to timely exercise its rights hereunder, then within seven (7) days of Landlord’s request therefor, Tenant shall execute and deliver to Landlord a certification, in recordable form, confirming the Tenant’s failure to exercise (or waiver of) such right, and Tenant’s failure to so execute and deliver such certification shall (without limiting Landlord’s remedies on account thereof) entitle Landlord to execute and deliver to any third party, and record, an affidavit confirming the failure or waiver, which affidavit shall be binding on Tenant and may be conclusively relied on by third parties. All references to the Term and (z) Landlord shall have no obligation to provide any work or contribution to improve mean the Premises for Tenant's use. Upon the commencement of [Initial] Term as it may be extended by the Extension Term, (A) . The Extension Term shall be on all the same terms and conditions except that the Base Rent for the Extension Term shall be added to and become part of the Term (but shall not beas set forth below.

Appears in 2 contracts

Samples: Commencement Date Agreement (Xenetic Biosciences, Inc.), Commencement Date Agreement (Xenetic Biosciences, Inc.)

Extension Term. The Term of this Lease of all of the Premises may be extended for the Extension Term by unconditional written notice from Tenant to Landlord at least twelve (a12) (but not more than fifteen (15)) months before the end of the Initial Term, time being of the essence. If Tenant does not timely exercise this option, or if on the date of such notice or at the beginning of the Extension Term (i) an Event of Default by Tenant exists, or (ii) Tenant shall have is not leasing sixty percent (60%) or more of the Premises, or (iii) Tenant has made any Transfer under Article 13 (other than a Related Party Transfer), at Landlord’s option upon written notice to Tenant, Tenant’s right to extend the Term for all of the Premises for one extension term of 5 years (the "Extension Term") which shall commence on the day following the expiration of the initial Term and end on the fifth anniversary of the Expiration Date, unless the Extension Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Extension Term shall commence only if (i) Tenant shall have notified Landlord in writing of Tenant's exercise of such extension right not later than nine (9) months prior to the Expiration Date, (ii) at the time of the exercise of such right and immediately prior to the Expiration Date, no event of Default shall have occurred irrevocably lapse and be continuing hereundervoid and of no further force and effect, and (iii) Tenant and/or Related Entities shall be in occupancy of at least 80 percent of the Premises at the time such notice is given. Time is of the essence with respect to the giving of the notice of Tenant's exercise of the extension option. The Extension Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant, except that (x) the Fixed Rent (as defined in Article 1) shall be determined as provided in Section 2.2(b), (y) Tenant shall have no further right to renew extend, and this Lease shall expire at the end of the Initial Term. If Tenant fails to timely exercise its rights hereunder, then within seven (7) days of Landlord’s request therefor, Tenant shall execute and deliver to Landlord a certification, in recordable form, confirming the Tenant’s failure to exercise (or waiver of) such right, and Tenant’s failure to so execute and deliver such certification shall (without limiting Landlord’s remedies on account thereof) entitle Landlord to execute and deliver to any third party, and record, an affidavit confirming the failure or waiver, which affidavit shall be binding on Tenant and may be conclusively relied on by third parties. All references to the Term and (z) Landlord shall have no obligation to provide any work or contribution to improve mean the Premises for Tenant's use. Upon the commencement of Initial Term as it may be extended by the Extension Term, (A) . The Extension Term shall be on all the same terms and conditions except that the Base Rent for the Extension Term shall be added to and become part of the Term (but shall not beas set forth below.

Appears in 2 contracts

Samples: Lease (Keros Therapeutics, Inc.), Lease (Keros Therapeutics, Inc.)

Extension Term. The Term of this Lease of all of the Premises may be extended for the Extension Term by unconditional written notice from Tenant to Landlord at least nine (a9) (but not more than fifteen (15)) months before the end of the Initial Term, time being of the essence. If Tenant does not timely exercise this option, or if on the date of such notice or at the beginning of the Extension Term (i) a default by Tenant exists, or (ii) Tenant shall have is not leasing one hundred percent (100%) of the Premises, or (iii) Tenant has made any Transfer under Article 13, at Landlord’s option upon written notice to Tenant, Tenant’s right to extend the Term for all of the Premises for one extension term of 5 years (the "Extension Term") which shall commence on the day following the expiration of the initial Term and end on the fifth anniversary of the Expiration Date, unless the Extension Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Extension Term shall commence only if (i) Tenant shall have notified Landlord in writing of Tenant's exercise of such extension right not later than nine (9) months prior to the Expiration Date, (ii) at the time of the exercise of such right and immediately prior to the Expiration Date, no event of Default shall have occurred irrevocably lapse and be continuing hereundervoid and of no further force and effect, and (iii) Tenant and/or Related Entities shall be in occupancy of at least 80 percent of the Premises at the time such notice is given. Time is of the essence with respect to the giving of the notice of Tenant's exercise of the extension option. The Extension Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant, except that (x) the Fixed Rent (as defined in Article 1) shall be determined as provided in Section 2.2(b), (y) Tenant shall have no further right to renew extend, and this Lease shall expire at the end of the Initial Term. If Tenant fails to timely exercise its rights hereunder, then within seven (7) days of Landlord’s request therefor, Tenant shall execute and deliver to Landlord a certification, in recordable form, confirming the Tenant’s failure to exercise (or waiver of) such right, and Tenant’s failure to so execute and deliver such certification shall (without limiting Landlord’s remedies on account thereof) entitle Landlord to execute and deliver to any third party, and record, an affidavit confirming the failure or waiver, which affidavit shall be binding on Tenant and may be conclusively relied on by third parties. All references to the Term and (z) Landlord shall have no obligation to provide any work or contribution to improve mean the Premises for Tenant's use. Upon the commencement of Initial Term as it may be extended by the Extension Term, (A) . The Extension Term shall be on all the same terms and conditions except that the Base Rent for the Extension Term shall be added to and become part of the Term (but shall not beas set forth below.

Appears in 1 contract

Samples: Commencement Date Agreement (Cyteir Therapeutics, Inc.)

Extension Term. (a) Provided that the following conditions (the “Extension Conditions”), any or all of which may be waived by Landlord in its sole discretion, are satisfied: (i) Tenant, an Affiliate (hereinafter defined) and/or a Successor (hereinafter defined) is/are then occupying one hundred percent (100%) of the Premises; and (ii) there is no Event of Default (hereinafter defined) (1) as of the date of the Extension Notice (hereinafter defined), and (2) at the commencement of the Extension Term (hereinafter defined), Tenant shall have the right option to extend the Initial Term for all of the Premises for one extension (1) additional term of 5 three (3) years (the "Extension Term") which shall commence on the day following ”), commencing as of the expiration of the initial Term Initial Term. Tenant must exercise such option to extend, if at all, by giving Landlord written notice (the “Extension Notice”) not earlier than twelve (12) months and end on the fifth anniversary of the Expiration Date, unless the Extension Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Extension Term shall commence only if (i) Tenant shall have notified Landlord in writing of Tenant's exercise of such extension right not no later than nine (9) months prior to the Expiration Date, (ii) at the time expiration of the then-current term of this Lease, time being of the essence. Notwithstanding the foregoing, Landlord may nullify Tenant’s exercise of such right and immediately prior its option to extend the Expiration DateTerm by written notice to Tenant (the “Nullification Notice”) if (A) on the date Landlord receives the Extension Notice there is an event which, no event with the passage of Default shall have occurred and be continuing hereunder, and (iii) Tenant time and/or Related Entities shall be in occupancy of at least 80 percent of the Premises at the time such notice is given. Time is of the essence with respect to the giving of notice, would constitute an Event of Default hereunder and (B) Tenant fails to cure such default within the notice of Tenant's exercise applicable cure period set forth in Section 18.1 after receipt of the extension optionNullification Notice. The Upon the satisfaction of the Extension Conditions and the timely giving of the Extension Notice without a subsequent nullification by Landlord, the Initial Term shall be deemed extended upon all of the terms and conditions of this Lease, except that Base Rent during the Extension Term shall be upon all of the agreementscalculated in accordance with this Section 1.2. If Tenant fails to give a timely Extension Notice, termsas aforesaid, covenants and conditions hereof binding upon Tenant, except that (x) the Fixed Rent (as defined in Article 1) shall be determined as provided in Section 2.2(b), (y) Tenant shall have no further right to renew extend the Term Initial Term. Notwithstanding the fact that Tenant’s proper and (z) Landlord shall have no obligation timely exercise of such option to provide any work or contribution to improve extend the Premises for Tenant's use. Upon the commencement of the Extension Term, (A) the Extension Initial Term shall be added to and become part self-executing, the parties shall promptly execute a lease amendment reflecting such Extension Term after Tenant validly exercises its option. The execution of the Term (but such lease amendment shall not bebe deemed to waive any Event of Default or any an event which, with the passage of time and/or the giving of notice, would constitute an Event of Default hereunder.

Appears in 1 contract

Samples: Indenture of Lease (Black Diamond Therapeutics, Inc.)

Extension Term. (a) Tenant shall have the right right, upon written notice to extend the Term for all of the Premises for one extension term of 5 years (the "Extension Term") which shall commence on the day following the expiration of the initial Term and end on the fifth anniversary of the Expiration Date, unless the Extension Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Extension Term shall commence only if (i) Tenant shall have notified Landlord in writing of Tenant's exercise of such extension right not given no later than nine (9) months prior to the Expiration DateFebruary 1, (ii) at the time of the exercise of such right 2021 and immediately prior to the Expiration Date, provided no event Event of Default shall have occurred and be continuing hereunder, and (iii) Tenant and/or Related Entities shall be in occupancy of at least 80 percent as of the Premises at date of such written notice, to elect to extend the time such notice is given. Time is term of this Lease for an additional term of one (1) month (i.e. through March 31, 2021) (the essence with respect to the giving of the notice of Tenant's exercise of the extension option. The Extension Term shall be Term”) upon all of the agreements, terms, covenants and conditions hereof binding upon Tenantcontained in this Lease, except that (x) including but not limited to the Fixed Base Rent (as defined in Article 1) shall be determined as provided specified in Section 2.2(b)4.1(b) and the net rent basis specified in Section 4.3. Provided, (y) Tenant shall have no further however, if after Tenant’s correct exercise of its right to renew the Term and (z) Landlord shall have no obligation to provide any work or contribution to improve the Premises for Tenant's use. Upon the commencement of the Extension Term, Tenant shall fully vacate the Leased Premises before March 31, 2021, and shall have (Ai) left the Leased Premises in a broom clean condition, (ii) made any and all repairs and restorations required under this Lease in connection with the surrender of the Lease Premises, (iii) left all fixtures and equipment owned by Landlord in the Leased Premises in the state and condition required by this Lease, and (iv) shall have given one day’s prior written notice to Landlord of Tenant’s desire to terminate the Extension Term early (collectively, the “Early Surrender Conditions”), then, Tenant shall be added entitled to and become part a per diem refund of the Base Rent actually prepaid by Tenant to Landlord for such Extension Term (but for each day prior to March 31, 2021 that the Early Surrender Conditions were met counting from the day after the Early Surrender Condition were met. Landlord’s determination of the date that the Early Surrender Conditions were met shall be presumptively correct unless in manifest error. Other than the per diem refund of Base Rent as provided above, Tenant shall not bebe entitled to a rebate or refund of any other rent or other payments Tenant is required to pay pursuant to this Lease during the Extension Period.

Appears in 1 contract

Samples: Industrial Facility Lease (FreightCar America, Inc.)

Extension Term. The Term of this Lease of all of the Premises may be extended for the Extension Term by unconditional written notice from Tenant to Landlord at least twelve (a12) (but not more than fifteen (15)) months before the end of the Initial Term, time being of the essence. If Tenant does not timely exercise this option, or if on the date of such notice or at the beginning of the Extension Term (i) a default by Tenant exists, (ii) Tenant shall have is not occupying seventy-five percent (75%) or more of the Premises, or (iii) Tenant has not subleased more than twenty-five percent (25%) of the Premises, at Landlord’s option upon written notice to Tenant, Tenant’s right to extend the Term for all of the Premises for one extension term of 5 years (the "Extension Term") which shall commence on the day following the expiration of the initial Term and end on the fifth anniversary of the Expiration Date, unless the Extension Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Extension Term shall commence only if (i) Tenant shall have notified Landlord in writing of Tenant's exercise of such extension right not later than nine (9) months prior to the Expiration Date, (ii) at the time of the exercise of such right and immediately prior to the Expiration Date, no event of Default shall have occurred irrevocably lapse and be continuing hereundervoid and of no further force and effect, and (iii) Tenant and/or Related Entities shall be in occupancy of at least 80 percent of the Premises at the time such notice is given. Time is of the essence with respect to the giving of the notice of Tenant's exercise of the extension option. The Extension Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant, except that (x) the Fixed Rent (as defined in Article 1) shall be determined as provided in Section 2.2(b), (y) Tenant shall have no further right to renew extend, and this Lease shall expire at the end of the Initial Term. If Xxxxxx fails to timely exercise its rights hereunder, then within seven (7) days of Landlord’s request therefor, Tenant shall execute and deliver to Landlord a certification, in recordable form, confirming the Tenant’s failure to exercise (or waiver of) such right, and Xxxxxx’s failure to so execute and deliver such certification shall (without limiting Landlord’s remedies on account thereof) entitle Landlord to execute and deliver to any third party, and record, an affidavit confirming the failure or waiver, which affidavit shall be binding on Tenant and may be conclusively relied on by third parties. All references to the Term and (z) Landlord shall have no obligation to provide any work or contribution to improve mean the Premises for Tenant's use. Upon the commencement of Initial Term as it may be extended by the Extension Term, (A) . The Extension Term shall be on all the same terms and conditions except that the Base Rent for the Extension Term shall be added to and become part of the Term (but shall not beas set forth below.

Appears in 1 contract

Samples: Commencement Date Agreement (Curis Inc)

Extension Term. Provided (ai) that the Lease shall be in full force and effect; (ii) that, except for a “Corporate Transfer” (as defined below), Tenant shall have not assigned the Lease or sublet more than thirty percent (30%) of the rentable area of the Demised Premises; and (iii) that Tenant is not in default under this Lease beyond the expiration of any applicable notice and cure period, then, and only in such event, Tenant shall have the right right, at Tenant’s sole option, to extend the Term for all term of the Premises Lease for one extension term (1) additional period of 5 five (5) years (the "Extension Term") which ”). Such extension option shall commence on the day following the expiration of the initial Term and end on the fifth anniversary of the Expiration Date, unless the Extension Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Extension Term shall commence only if (i) be exercisable by Tenant shall have notified Landlord in writing of Tenant's exercise of such extension right not later than nine (9) months prior to the Expiration Date, (ii) at the time giving written notice of the exercise of such right and immediately extension option to Landlord no later than three hundred sixty five (365) days prior to the Expiration Date, no event of Default shall have occurred and be continuing hereunder, and (iii) Tenant and/or Related Entities shall be in occupancy of at least 80 percent expiration of the Premises at Lease Term and not earlier than four hundred fifty five (455) days prior to the time such notice is given. Time is expiration of the essence Lease Term; provided, however, in the event Tenant fails to exercise such option to extend during the aforesaid time period, such extension option shall become null and void and all rights with respect to the giving of the notice of Tenant's exercise of the extension optionthereto shall automatically terminate and expire. The Extension Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenantas set forth herein with respect to the Lease Term, except that Base Annual Rent shall be adjusted for the Extension Term to the fair market rental for renewal leases in laboratory buildings in the North Rockville submarket after factoring in all prevailing fair market concessions, and the then existing build out of the Demised Premises. In the event that the parties do not, within sixty (x60) days after the Fixed date that Tenant exercises its extension option, agree upon the fair market rent for the Demised Premises and enter into an amendment of the Lease setting forth the Base Annual Rent (as defined in Article 1) payable during the Extension Term and prevailing fair market concessions, then the Base Annual Rent and prevailing fair market concessions shall be determined as provided in accordance with Section 2.2(b), (y3(f) Tenant shall have no further right to renew the Term and (z) Landlord shall have no obligation to provide any work or contribution to improve the Premises for Tenant's use. Upon the commencement of the Extension Term, (A) the Extension Term shall be added to and become part of the Term (but shall not bebelow.

Appears in 1 contract

Samples: Deed of Lease (Opgen Inc)

Extension Term. The Term of this Lease of all of the Premises may be extended for each applicable Extension Term by unconditional (aexcept for the Base Rent determination process as provided herein) written notice from Tenant shall have to Landlord at least twelve (12) (but not more than eighteen (18)) months before the end of the Initial Term or first (1st) Extension Term, as the case may be, time being of the essence. If Tenant does not timely exercise such option, or if on the date of such notice or at the beginning of the applicable Extension Term an uncured Event of Default by Tenant exists, at Landlord’s option upon written notice to Tenant, Tenant’s right to extend the Term for all of the Premises for one extension term of 5 years (the "Extension Term") which shall commence on the day following the expiration of the initial Term and end on the fifth anniversary of the Expiration Date, unless the Extension Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Extension Term shall commence only if (i) Tenant shall have notified Landlord in writing of Tenant's exercise of such extension right not later than nine (9) months prior to the Expiration Date, (ii) at the time of the exercise of such right and immediately prior to the Expiration Date, no event of Default shall have occurred irrevocably lapse and be continuing hereundervoid and of no further force and effect, and (iii) Tenant and/or Related Entities shall be in occupancy of at least 80 percent of the Premises at the time such notice is given. Time is of the essence with respect to the giving of the notice of Tenant's exercise of the extension option. The Extension Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant, except that (x) the Fixed Rent (as defined in Article 1) shall be determined as provided in Section 2.2(b), (y) Tenant shall have no further right to renew extend, and this Lease shall expire at the Term and (z) Landlord shall have no obligation to provide any work or contribution to improve the Premises for Tenant's use. Upon the commencement end of the Initial Term or first (1st) Extension Term, as the case may be. If Tenant fails to timely exercise its rights hereunder, then within seven (A7) days of Landlord’s request therefor, Tenant shall execute and deliver to Landlord a certification, in recordable form, confirming the Tenant’s failure to exercise (or waiver of) such right, and Tenant’s failure to so execute and deliver such certification shall (without limiting Landlord’s remedies on account thereof) entitle Landlord to execute and deliver to any third party, and record, an affidavit confirming the failure or waiver, which affidavit, to the extent true, shall be binding on Tenant and may be conclusively relied on by third parties. All references to the Term shall mean the Initial Term as it may be extended by an Extension Term. Each Extension Term shall be added to on all the same terms and become part of conditions except that the Base Rent for the applicable Extension Term (but shall not bebe as set forth below.

Appears in 1 contract

Samples: Letter (Concert Pharmaceuticals, Inc.)

Extension Term. (a) Tenant Licensee shall have the right to extend obtain three (3) additional successive but independent extension terms of twenty (20) years each (each, an “Extension Term”). Unless waived by Licensor in its sole discretion, Licensee must meet the following conditions in order to obtain each Extension Term: (i) Licensee must provide Licensor with notice of its desire to obtain the applicable Extension Term not later than December 31, 2088 for all the first Extension Term, not later than December 31, 2108 for the second Extension Term, and not later than December 31, 2128 for the third Extension Term, which notice shall be non-revocable; (ii) Licensee shall not then be in a continuing event of default pursuant to the provisions of Section 17.2 of this Agreement at the time each notice set forth in subsection (i) above is given and when the applicable Extension Term is set to commence; and (iii) the aggregate Gross Sales Price for the sale of Licensed Shared Ownership Products and Shared Ownership Products at Affiliated Unbranded Shared Ownership Projects (each, the “Actual Aggregate GSP”) during the prior twenty (20) years immediately preceding the last day of the Premises for one extension term of 5 years (the "Initial Term or any Extension Term", as applicable (each, an “Extension Test Period”) which shall commence on must not be less than one billion dollars ($1,000,000,000) as adjusted by the day following CPI Index at the expiration of the initial Initial Term and end on for the fifth anniversary of the Expiration Date, unless the Extension Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Extension Term shall commence only if (i) Tenant shall have notified Landlord in writing of Tenant's exercise of such extension right not later than nine (9) months prior to the Expiration Date, (ii) at the time of the exercise of such right and immediately prior to the Expiration Date, no event of Default shall have occurred and be continuing hereunder, and (iii) Tenant and/or Related Entities shall be in occupancy of at least 80 percent of the Premises at the time such notice is given. Time is of the essence with respect to the giving of the notice of Tenant's exercise of the extension option. The Extension Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant, except that (x) the Fixed Rent (as defined in Article 1) shall be determined as provided in Section 2.2(b), (y) Tenant shall have no further right to renew the Term and (z) Landlord shall have no obligation to provide any work or contribution to improve the Premises for Tenant's use. Upon the commencement of the first Extension Term, (A) at the expiration of the first Extension Term for the second Extension Term, and at the expiration of the second Extension Term for the third Extension Term (each, a “Target Aggregate GSP”). Any applicable Target Aggregate GSP as set forth herein shall be added to and become part of replaced if applicable in this Section 4.2(a) by the Term (but shall not beAdjusted Target Aggregate GSP if any, determined as set forth in Section 4.2(c) below.

Appears in 1 contract

Samples: Master License Agreement (Interval Leisure Group, Inc.)

Extension Term. (a) Provided that the following conditions (the “Extension Conditions”), any or all of which may be waived by Landlord in its sole discretion, are satisfied: (i) Tenant, an Affiliate (hereinafter defined) and/or a Successor (hereinafter defined) is/are then occupying at least seventy-five percent (75%) of the Premises; and (ii) there is no Monetary Default (hereinafter defined) continuing beyond any applicable notice and cure period nor any Event of Default (1) as of the date of the Extension Notice (hereinafter defined), nor (2) at the commencement of the Extension Term (hereinafter defined), Tenant shall have the right option to extend the Initial Term for all of the Premises for one extension (1) additional term of 5 five (5) years (the "Extension Term") which shall commence on the day following ”), commencing as of the expiration of the initial Term Initial Term. Tenant must exercise such option to extend, if at all, by giving Landlord written notice (the “Extension Notice”) no earlier than fifteen (15) months and end on the fifth anniversary of the Expiration Date, unless the Extension Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Extension Term shall commence only if (i) Tenant shall have notified Landlord in writing of Tenant's exercise of such extension right not no later than nine twelve (912) months prior to the Expiration Date, (ii) at the time expiration of the Initial Term, time being of the essence. Notwithstanding the foregoing, Landlord may nullify Tenant’s exercise of such right and immediately prior its option to extend the Expiration DateTerm by written notice to Tenant (the “Nullification Notice”) if (A) on the date Landlord receives the Extension Notice, no there is an event which, with the passage of Default shall have occurred and be continuing hereunder, and (iii) Tenant time and/or Related Entities shall be in occupancy of at least 80 percent of the Premises at the time such notice is given. Time is of the essence with respect to the giving of notice, would constitute an Event of Default hereunder and (B) Tenant fails to cure such default within the notice of Tenant's exercise applicable cure period set forth in Section 20.1 after receipt of the extension optionNullification Notice. The Upon the satisfaction of the Extension Conditions and the timely giving of the Extension Notice without a subsequent nullification by Landlord, the Term shall be deemed extended for the Extension Term upon all of the terms and conditions of this Lease, except that Base Rent during such Extension Term shall be upon all of calculated in accordance with this Section 1.2, Landlord shall have no obligation to construct or renovate the agreements, terms, covenants and conditions hereof binding upon Tenant, except that Premises (x) the Fixed Rent (as defined in Article 1) which shall be determined as provided in Section 2.2(btaken into consideration when determining FMV (hereinafter defined), (y) and Tenant shall have no further right to renew extend the Term and (z) Landlord Initial Term. If Tenant fails to give a timely Extension Notice, as aforesaid, Tenant shall have no obligation further right to provide any work or contribution extend the Initial Term. Notwithstanding the fact that Tenant’s proper and timely exercise of such option to improve extend the Premises for Tenant's use. Upon the commencement of the Extension Term, (A) the Extension Initial Term shall be added self-executing, the parties shall promptly execute a lease amendment reflecting such Extension Term after Tenant validly exercises its option. The execution of such lease amendment shall not be deemed to and become part waive any of the Term (but shall not beconditions to Tenant’s exercise of its rights under this Section 1.2.

Appears in 1 contract

Samples: Lease Agreement (Theseus Pharmaceuticals, Inc.)

Extension Term. (a) Tenant shall have the right to extend the Term for all of the Premises for one extension term of 5 years (the "Extension Term") which shall commence on the day following the expiration of the initial Term and end on the fifth anniversary of the Expiration Date, unless the Extension Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Extension Term Option shall commence only if be exercised by notice given by the Tenant to the Landlord at least twelve (i) Tenant shall have notified Landlord in writing of Tenant's exercise of such extension right not later than nine (912) months prior to the Expiration Date, (ii) at the time expiration of the exercise Initial Term, or, in the case of such right and immediately the second Extension Term, twelve (12) months prior to the Expiration Dateexpiration of the first Extension Term. Upon the Tenant's giving such notice, no event of Default shall have occurred this Lease and be continuing hereunder, and (iii) Tenant and/or Related Entities the Term hereof shall be in occupancy extended for the applicable Extension Term without the necessity of at least 80 percent execution of the Premises at the time such notice is givenany additional documents. Time is of the essence with respect to the giving of the notice of Tenant's exercise of the extension option. The Each Extension Term shall be upon all of the agreements, terms, covenants conditions and conditions hereof binding upon Tenantprovisions of this Lease, except that (x) the Annual Fixed Rent (as defined in Article 1) shall be determined as provided in Section 2.2(b), (y) Tenant shall have no further right to renew the Term and (z) Landlord shall have no obligation to provide any work or contribution to improve the Premises for Tenant's use. Upon the commencement of the Extension Term, (A) during the Extension Term shall be added to and become part the fair market rental value (the "Fair Rental Value") of the Premises as of the commencement of such Extension Term, determined as provided below, but in no event shall the Annual Fixed Rent for the Extension Term be less on a per rentable square foot basis than the Annual Fixed Rent for the immediately preceding portion of the Initial Term or the first Extension Term, as the case may be, for the office portion of the original Premises, and in each case, the Tenant shall have no option to extend the Term for any further Extension Terms beyond the two provided for by this Section 2.5. The term "Fair Rental Value" shall mean the market rental value per annum. The Landlord shall exercise reasonable and good faith judgment in establishing the Fair Rental Value of the Premises for the Extension Term and, if not agreed upon by the Tenant prior to the date that is nine (but 9)months prior to the date on which the Extension Term is to commence, such Fair Rental Value shall be determined in accordance with the arbitration procedure set forth in Exhibit 1. If the applicable Fair Rental Value has not bebeen determined as of the date the same is to become effective, the Tenant shall pay Annual Fixed Rent at the rate quoted by the Landlord as the Fair Rental Value until such determination is made. In the event it shall subsequently be determined that the Fair Rental Value quoted (and reasonably determined) by the Landlord was in excess of the Fair Rental Value, the Landlord shall credit the amount of such overpayment against the next installments of Annual Fixed Rent. In the event it shall subsequently be determined that the Fair Rental Value quoted by the Landlord was less than the Fair Rental Value, the Tenant shall promptly pay the difference to the Landlord.

Appears in 1 contract

Samples: Lease Agreement (Aspect Medical Systems Inc)

Extension Term. The Term of this Lease of all of the Premises may be extended for the Extension Term by unconditional (aexcept for the Base Rent determination process as provided herein) written notice from Tenant shall have to Landlord at least nine (9) (but not more than fifteen (15)) months before the end of the Initial Term, time being of the essence. If Tenant does not timely exercise this option, or if on the date of such notice or at the beginning of the Extension Term an uncured Event of Default by Tenant exists, at Landlord’s option upon written notice to Tenant, Tenant’s right to extend the Term for all of the Premises for one extension term of 5 years (the "Extension Term") which shall commence on the day following the expiration of the initial Term and end on the fifth anniversary of the Expiration Date, unless the Extension Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Extension Term shall commence only if (i) Tenant shall have notified Landlord in writing of Tenant's exercise of such extension right not later than nine (9) months prior to the Expiration Date, (ii) at the time of the exercise of such right and immediately prior to the Expiration Date, no event of Default shall have occurred irrevocably lapse and be continuing hereundervoid and of no further force and effect, and (iii) Tenant and/or Related Entities shall be in occupancy of at least 80 percent of the Premises at the time such notice is given. Time is of the essence with respect to the giving of the notice of Tenant's exercise of the extension option. The Extension Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant, except that (x) the Fixed Rent (as defined in Article 1) shall be determined as provided in Section 2.2(b), (y) Tenant shall have no further right to renew extend, and this Lease shall expire at the end of the Initial Term. If Tenant fails to timely exercise its rights hereunder, then within ten (10) days of Landlord’s request therefor, Tenant shall execute and deliver to Landlord a certification, in recordable form, confirming the Tenant’s failure to exercise (or waiver of) such right, and Tenant’s failure to so execute and deliver such certification shall (without limiting Landlord’s remedies on account thereof) entitle Landlord to execute and deliver to any third party, and record, an affidavit confirming the failure or waiver, which affidavit shall be binding on Tenant and may be conclusively relied on by third parties. All references to the Term and (z) Landlord shall have no obligation to provide any work or contribution to improve mean the Premises for Tenant's use. Upon the commencement of Initial Term as it may be extended by the Extension Term, (A) . The Extension Term shall be on all the same terms and conditions except that the Base Rent for the Extension Term shall be added to and become part of the Term (but shall not beas set forth below.

Appears in 1 contract

Samples: Commencement Date Agreement (Synageva Biopharma Corp)

Extension Term. (a) Provided that the following conditions, which may be waived by Landlord in its sole discretion, are satisfied (i) Tenant, an Affiliated Entity (hereinafter defined) and/or a Successor (hereinafter defined) is/are then occupying one hundred percent (100%) of the Premises; and (ii) no Event of Default nor an event which with the passage of time and/or the giving of notice would constitute an Event of Default has occurred (A) as of the date of the Extension Notice (hereinafter defined) and (B) at the commencement of the Extension Term (hereinafter defined), Tenant shall have the right option to extend the Term for one (1) additional term of five (5) years (the “Extension Term”), commencing as of February 1,2024 and expiring as of January 31, 2029. Tenant must exercise such option to extend, if at all, by giving Landlord written notice (the “Extension Notice”) on or before February 1, 2023, time being of the essence. Upon the timely giving of such notice, the Term shall be deemed extended upon all of the Premises for one extension term terms and conditions of 5 years (the "Extension Term") which shall commence on the day following the expiration of the initial Term and end on the fifth anniversary of the Expiration Datethis Lease, unless except that Base Rent during the Extension Term shall sooner terminate pursuant to any of the terms of be calculated in accordance with this Lease or otherwise. The Extension Term shall commence only if (i) Tenant Section 1.2 below, Landlord shall have notified Landlord in writing of Tenant's exercise of such extension right not later than nine (9) months prior no obligation to the Expiration Date, (ii) at the time of the exercise of such right and immediately prior to the Expiration Date, no event of Default shall have occurred and be continuing hereunder, and (iii) Tenant and/or Related Entities shall be in occupancy of at least 80 percent of construct or renovate the Premises at the time such notice is given. Time is of the essence with respect to the giving of the notice of Tenant's exercise of the extension option. The Extension Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant, except that (x) the Fixed Rent (as defined in Article 1) shall be determined as provided in Section 2.2(b), (y) Tenant shall have no further right to renew extend the Term and (z) Landlord Term, If Tenant fails to give timely notice, as aforesaid, Tenant shall have no obligation further right to provide any work or contribution extend the Term. Notwithstanding the fact that Tenant’s proper and timely exercise of such option to improve extend the Premises for Tenant's use. Upon the commencement of the Extension Term, (A) the Extension Term shall be added self-executing, the parties shall promptly execute a lease amendment confirming such Extension Term after Tenant exercises such option. The execution of such lease amendment shall not be deemed to and become part waive any of the Term (but shall not beconditions to Tenant’s exercise of its rights under this Section 1.2.

Appears in 1 contract

Samples: Sublease Agreement (Compass Therapeutics, Inc.)

Extension Term. (a) Subject to the terms and conditions of this Article 28, Tenant shall have the right to extend the Term for all of the Premises for one extension term of 5 five (5) years (the "Extension Term") which shall commence commencing on the day immediately following the expiration of the initial Initial Term (the “Extension Term Commencement Date”) and end ending on the day preceding the fifth (5th) anniversary of the Expiration Extension Term Commencement Date, unless the Extension Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The right of Tenant to extend the Term for the Extension Term shall be subject to, and the Extension Term shall commence only if if, all of the following conditions precedent are satisfied: (ia) Tenant shall have notified delivers notice (the “Extension Notice”) to Landlord in writing of Tenant's ’s exercise of such extension right not earlier than eighteen (18) months and not later than nine twelve (912) months prior to the Expiration Date, (iib) at the time of the exercise of such right and immediately prior to the Expiration DateExtension Notice is given, no event Event of Default shall have occurred and be continuing hereunder, and (iiic) at the time the Extension Notice is given, Tenant and/or Related Entities shall be in occupancy has not assigned the Lease or sublet more than fifty percent (50%) of at least 80 percent the rentable area of the Premises at (excepting only assignments or subleases to Affiliates of the time such notice is givenoriginal tenant named herein). Time is of the essence with respect to the giving of the notice of Tenant's exercise of the extension optionExtension Notice. The Extension Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenantof this Lease, except that (xw) the Fixed Rent (as defined in Article 1) shall be determined as provided in Section 2.2(b)28.2, (yx) Tenant shall have no further right to renew extend the Term, (y) the Base Tax Year shall be the Tax Year commencing on the July 1st prior to the Extension Term Commencement Date, and (z) Landlord the Base Expense Year shall have no obligation be the Comparison Year ending on the December 31st prior to provide any work or contribution to improve the Premises for Tenant's useExtension Term Commencement Date. Upon the commencement of the Extension Term, (A) the Extension Term shall be added to and become part of the Term, (B) any reference in this Lease to the “Term”, the “term of this Lease” or any similar expression shall be deemed to include the Extension Term, and (C) the expiration of the Extension Term (but shall not bebecome the Expiration Date. Any termination, cancellation or surrender of the entire interest of Tenant under this Lease at any time during the Term shall terminate the foregoing right of extension of Tenant hereunder.

Appears in 1 contract

Samples: Lease (Centessa Pharmaceuticals PLC)

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Extension Term. (a) Tenant For an Extension Term, Fixed Rent and monthly -------------- installments shall have be as agreed or at Fair Market Rent as determined in accordance with the right to extend following procedures, however, in no event shall the Fair Market Rent for the Extended Term for all be less than the Fixed Rent during the last year of the Premises for one extension term of 5 years (the "Extension Term") which shall commence on the day following the expiration of the initial Initial Term and end on the fifth anniversary of the Expiration Date, unless the Extension Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Extension Term shall commence only if (i) Tenant shall have notified Landlord in writing of Upon Tenant's exercise of such extension right request given not later earlier than nine three (93) months prior to the Expiration Datelast date by which Tenant is to give notice of an election to extend, (ii) at Landlord shall designate the time proposed Fixed Rent for the Extension Term, if the option were exercised. If Tenant disagrees with Landlord's designation of the exercise of such right and immediately prior to the Expiration Dateproposed Fixed Rent, no event of Default then Tenant shall have occurred and be continuing hereunderthe right, and by notice given within fifteen (iii15) days after Tenant and/or Related Entities shall be in occupancy has been notified of at least 80 percent Landlord's designation, to submit the determination of the Premises at applicable Fixed Rent to arbitration as follows: If the time such notice is given. Time is of the essence with respect to the giving of the notice of Tenant's exercise of the extension option. The Extension Term parties shall be not have agreed upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant, except that (x) the Fixed Rent for the Extension Term within fifteen (as defined in Article 115) days after Tenant's notice, then the Fair Market Rent ("Fair Market Rent") shall be determined as provided by an appraiser acceptable to both Landlord and Tenant who shall be a member of the M.A.I. or A.S.R.E.C. (or successor professional organizations) and shall have at least ten (10) years experience appraising commercial property in Section 2.2(b), (y) the Greater Boston area. Landlord and Tenant shall share equally the expense of the appraiser. If the parties can not agree on an appraiser within ten (10) days of Tenant's notice, then either party may, with notice to the other, apply to the then governing board of A.S.R.E.C. (or any successor organization) for such appointment. "Fair Market Rent" shall be computed as of the applicable date at then general market conditions for comparable space used for the Permitted Uses, taking into account and giving effect, in determining comparability, without limitation, to such considerations as size, location, age and condition. Neither party shall be deemed under any compulsion to rent or lease space. The arbitrator shall not have no further the right to renew the Term and (z) Landlord shall have no obligation to provide modify any work or contribution to improve the Premises for Tenant's use. Upon the commencement other provision of the Extension Term, (A) the Extension Term shall be added to and become part of the Term (but shall not beLease except Fixed Rent.

Appears in 1 contract

Samples: Storage Computer Corp

Extension Term. 39.01. (a) Subject to the provisions of Section 39.04 hereof, Named Tenant (or any Tenant’s Affiliates of the Named Tenant) shall (X) have the right (herein called the “First Extension Option”) to extend the Term for all of the Premises for one extension term of 5 years (the "Extension Term") which shall commence on the day following the expiration of the initial Term and end on the fifth anniversary of the Expiration Date, unless the Extension Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Extension Term shall commence only if (i) Tenant shall have notified Landlord in writing of Tenant's exercise of such extension right not later than nine (9) months prior to the Expiration Date, (ii) at the time of the exercise of such right and immediately prior to the Expiration Date, no event of Default shall have occurred and be continuing hereunder, and (iii) Tenant and/or Related Entities shall be in occupancy of at least 80 percent of the Premises at the time such notice is given. Time is of the essence with respect to the giving entire Premises for an additional term of five (5) years commencing on the day (herein called the “Commencement Date of the notice of Tenant's exercise First Extension Term”) immediately following the Expiration Date of the extension option. The initial term of this Lease and ending on the day (herein called the “Expiration Date of the First Extension Term”) immediately preceding the five (5) year anniversary of the Commencement Date of the First Extension Term shall be upon (such additional term is herein called the “First Extension Term”), and (Y) provided Tenant has timely and property exercised the First Extension Option and at such time Tenant gives an Extension Notice for the Second Extension Term this Lease is still in full force and effect, have the right (herein called the “Second Extension Option”, and together with the First Extension Option herein called the “Applicable Extension Option”) to extend the term of this Lease with respect to (1) the entire Premises (or (2) a portion of the Premises consisting of contiguous full floors (i.e., all of the agreementsrentable area on a floor of the Building) of the Premises, termscommencing with the highest or lowest such contiguous floors, covenants provided same shall consist of at least two (2) such contiguous full floors (and conditions hereof binding upon Tenant, except that if Tenant fails to identify in the Extension Notice if Tenant is electing to renew for less than all of the entire Premises pursuant to this clause (x) the Fixed Rent (as defined in Article 1) shall be determined as provided in Section 2.2(b2), (y) then Tenant shall have no further right elected to renew this Lease for the entire Premises), in either case for an additional term of five (5) years commencing on the day (herein called the “Commencement Date of the Second Extension Term”) immediately following the Expiration Date of the First Extension Term and ending on the day (z) Landlord shall have no obligation to provide any work or contribution to improve herein called the Premises for Tenant's use. Upon the commencement “Expiration Date of the Second Extension Term, ”) immediately preceding the five (A5) year anniversary of the Commencement Date of the Second Extension Term shall be added to (such additional term is herein called the “Second Extension Term”; and become part of together with the First Extension Term (but shall not beherein called the “Applicable Extension Term”), provided that, in both cases:

Appears in 1 contract

Samples: Lease (Investment Technology Group Inc)

Extension Term. Provided Tenant is occupying at least fifty percent (a50%) of the Premises, Tenant shall have in not in Default hereunder, both at the right time the option may be exercised, and on the commencement date of the Extension Term (as hereinafter defined), Landlord grants to Tenant one (1) option (the “Extension Option”) to extend the Term for this Lease with respect to all of the Premises for one extension term an additional period of 5 five (5) years (the "Extension Term") which shall commence on the day following the expiration of the initial Term and end on the fifth anniversary of the Expiration Date, unless the Extension Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise”). The Extension Term shall commence only if Option may be exercised by Tenant delivering written notice to Landlord at least twelve (i12) Tenant shall have notified Landlord in writing of Tenant's exercise of such extension right months, but not later more than nine fifteen (915) months months, prior to the Expiration Date, (ii) at the time Date of the exercise of such right and immediately prior to Initial Term (the Expiration Date, no event of Default shall have occurred and be continuing hereunder, and (iii) Tenant and/or Related Entities shall be in occupancy of at least 80 percent of the Premises at the time such notice is given“Tenant’s Extension Notice”). Time is of the essence in the exercise of the Extension Option. The annual Base Rent payable for the Extension Term (the “Extension Rental Rate”) shall be ninety-five percent (95%) of the market rental rate for comparable space in comparable buildings in the general vicinity of the Building (with respect to size, age, use, quality, utility and location) being leased by a new, non-equity tenant, and taking into account the Tenant’s creditworthiness, the length of the term, the base years, expansion and extension rights (or the lack thereof), and all allowances and concessions being offered in the marketplace, as well as transaction costs, such as broker’s commissions (or the lack thereof) (but in no event less than $19.50 per square foot of Premises Rentable Area), determined as follows: In the event Tenant timely exercises the Extension Option in accordance herewith, within thirty (30) days after Landlord receives notice of Tenant’s exercise of such Extension Option, Landlord shall notify Tenant in writing of Landlord’s good faith determination of the Extension Rental Rate for the Extension Term (“Landlord’s Extension Term Rental Notice”). Tenant shall have fifteen (15) days from the date of Landlord’s Extension Term Rental Notice to either accept or dispute Landlord’s determination of the Extension Rental Rate. In the event that Tenant disputes Landlord’s determination of the Extension Rental Rate, Tenant shall so notify Landlord and advise Landlord of Tenant’s determination of the Extension Rental Rate. If Landlord and Tenant cannot agree upon the Extension Rental Rate within thirty (30) days of the date of Landlord’s Extension Term Rental Notice (the “Negotiation Period”), Landlord and Tenant shall simultaneously exchange within the following fifteen (15) days, on a date determined by Landlord, statements setting forth each such party’s conclusion regarding the Extension Rental Rate (each, a “Statement of Rental Rate”); provided, however, that if one party has not submitted such statement within forty-five (45) days after the date of Landlord’s Extension Term Rental Notice, then the determination set forth in the other party’s statement shall be final and binding upon both parties. Landlord and Tenant shall then mutually select a real estate professional with at least ten (10) years’ continuous experience in the business of appraising or marketing multi-tenant office buildings in the Greater Boston Area (the “Valuation Expert”) to resolve the dispute as to the Extension Rental Rate. If Landlord and Tenant cannot agree upon the designation of the Valuation Expert within thirty (30) days of the exchange of the Statements of Rental Rate, either party may apply to the American Arbitration Association, the Greater Boston Real Estate Board, or any successor thereto, for the designation of a Valuation Expert. Within ten (10) days of the selection of the Valuation Expert, Landlord and Tenant shall each submit to the Valuation Expert a copy of its Statement of Rental Rate, together with any supporting material. The Valuation Expert shall not perform his own valuation, but rather, shall, within thirty (30) days after receipt of such submissions, select as the Extension Rental Rate the submission which the Valuation Expert concludes most closely and accurately reflects the Extension Rental Rate for the Premises and the rental rate set forth in that submission shall be the Extension Rental Rate for the Extension Term in question (provided, however, that in no event shall the Extension Rental Rate ever be less than $19.50 per square foot of Premises Rentable Area). The Valuation Expert shall give notice of his or her determination to Landlord and Tenant and such decision shall be final and conclusively binding upon Landlord and Tenant. Each party shall pay the fees and expenses of any real estate professional such party retains and such party’s counsel, if any, in connection with any proceeding under this paragraph, and the party whose determination was determined by the Valuation Expert not to most accurately and closely reflect the Extension Rental Rate of the Premises shall pay the fees and expenses of the Valuation Expert. Landlord and Tenant shall execute an amendment to this Lease within thirty (30) days after the determination of the Extension Rental Rate (in accordance with the procedure set forth above) for the Extension Term, which amendment shall set forth the Extension Term, the Extension Rental Rate, and any other terms and conditions for such Extension Term; provided, however, any failure to execute and deliver such Amendment shall not affect the rights or obligations of the parties with respect to the giving of Extension Term. Except as set forth above, the notice of Tenant's exercise of the extension option. The Extension Term shall be upon subject to all of the agreements, terms, covenants terms and conditions hereof binding upon Tenantof this Lease; provided, except however, that (x) the Fixed Rent (as defined in Article 1) shall be determined as provided in Section 2.2(b), (y) Tenant shall have no further right to renew the Term and (z) Landlord shall have no obligation to provide any work or contribution to improve the Premises for Tenant's use. Upon the commencement of extension rights once it has exercised the Extension Term, (A) the Extension Term shall be added to and become part of the Term (but shall not beOption.

Appears in 1 contract

Samples: Lease (Acme Packet Inc)

Extension Term. (a) Tenant Borrower shall have one (1) option (the “Extension Option”), to extend the scheduled Maturity Date of the Loan for twelve (12) months (the period of each such extension, an “Extension Term”), provided that (i) Borrower shall deliver to Lender written notice (the “Extension Notice”) of its election of such Extension Term at least thirty (30) days and not more than ninety (90) days prior to the Initial Maturity Date; provided, however, if Lender has not received the Extension Notice before the date that is thirty (30) days prior to the Initial Maturity Date (and assuming all other conditions of the Extension Option are then, or will be in the ordinary course of business, satisfied), Lender shall deliver written notice to Borrower and Borrower shall have an additional ten (10) days after Borrower’s receipt of Lender’s notice in which to exercise its right to exercise the Extension Term (it being the intent of Lender and Borrower that Borrower’s right to extend the Term for all of the Premises for one extension term of 5 years (the "Extension Term") which Initial Maturity Date shall commence on the day following not be waived until the expiration of the initial Term and end on the fifth anniversary of the Expiration Date, unless the Extension Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Extension Term shall commence only if ten (i10) Tenant shall have notified Landlord in writing of Tenant's exercise of such extension right not later than nine (9) months prior to the Expiration Date, day period following Lender’s notice; (ii) at the time of the exercise of such right and immediately prior to the Expiration Date, no event of Default shall have occurred and be continuing hereunder, and on the Initial Maturity Date; (iii) Tenant and/or Related Entities no Master Lease Default shall then exist or would result due to such extension; (iv) Lease Guarantor shall be in occupancy of compliance with the Lease Guarantor Performance Threshold at least 80 percent of the Premises at the such time such notice is given. Time is of the essence with respect to the giving of the notice of Tenant's exercise of the extension option. The Extension Term and no other Blocked Condition shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant, except that then exist; (xv) the Fixed Rent no Cash Trap Event (as defined in Article 1the Cash Management Agreement) shall be determined as provided continuing on the Initial Maturity Date; (vii) Borrower shall have executed and delivered to Lender all agreements, instruments, certificates and documents reasonably required by Lender in Section 2.2(b)connection with the Extension Option, (yviii) Tenant the Outstanding Loan Balance as of the Initial Maturity Date shall not exceed $110,000,000.00 and (ix) Borrower shall have no further right paid to renew Lender in cash the Term Extension Fee and (z) Landlord shall have all Fees and Expenses incurred by Lender in connection with the Extension Option. If Borrower fails to exercise any option to extend in accordance with the provisions of this Agreement, the Extension Option will automatically cease and terminate. Except as expressly set forth in this Section 2.5, Lender has no obligation to provide any work or contribution extend, and Borrower has no right to improve an extension of, the Premises for Tenant's use. Upon the commencement of the Extension Term, (A) the Extension Term shall be added to and become part of the Term (but shall not beLoan.

Appears in 1 contract

Samples: Loan Agreement (Bloomin' Brands, Inc.)

Extension Term. (a) Tenant shall have the right The options to extend the Term for all of the Premises for one extension term of 5 years (the "Extension Term") which shall commence on the day following the expiration of the initial Term and end on the fifth anniversary of the Expiration Date, unless the Extension Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Extension Term as described above shall commence only if not be deemed exercised by Tenant unless at least twenty-four (i) Tenant shall have notified Landlord in writing of Tenant's exercise of such extension right not later than nine (924) months prior to the Lease Expiration Date, Date for the Primary Term or at least twenty-four (ii24) at the time of the exercise of such right and immediately months prior to the Expiration Dateexpiration of the Extension Term for the first (1st) Extension Term, no event of Default Tenant shall have occurred and be continuing hereunder, and (iii) Tenant and/or Related Entities shall be in occupancy delivered written notice to Landlord of Tenant’s irrevocable election to so extend this Lease at least 80 percent the end of the Premises at Primary Term or the time first (1st) Extension Term, as applicable. Tenant’s failure to deliver one (1) such timely notice to Landlord shall terminate all future Extension Terms, if any, following the Extension Term to which such notice is givenspecifically relates. Time is Subject to the provisions of paragraph 5 of this Lease, the terms and conditions of this Lease shall apply to each Extension Term with the same force and effect as if such Extension Term had originally been included in the Primary Term of the essence Lease. The right of Tenant to exercise its rights with respect to the giving Extension Terms shall be conditioned upon (i) this Lease being in full force and effect and no Event of Default then existing as of the notice of Tenant's exercise Lease Expiration Date (for the first (1st) Extension Term), or expiration of the first (1st) Extension Term (for the second (2nd) Extension Term), and (ii) the effective extension optionof the term under the Mid-Atlantic Lease and Outdoor World Lease in accordance with the respective terms of the Mid-Atlantic Lease and Outdoor World Lease through the first (1st) Extension Term (for the first (1st) Extension Term) and through the second (2nd) Extension Term (for the second (2nd) Extension Term). The Primary Term, together with any Extension Term with respect to which Tenant properly exercises its option, and for which the conditions related thereto are satisfied, shall be upon all constitute the “Term” of the agreements, terms, covenants and conditions hereof binding upon Tenant, except that (x) the Fixed Rent (as defined in Article 1) shall be determined as provided in Section 2.2(b), (y) Tenant shall have no further right to renew the Term and (z) Landlord shall have no obligation to provide any work or contribution to improve the Premises for Tenant's use. Upon the commencement of the Extension Term, (A) the Extension Term shall be added to and become part of the Term (but shall not bethis Lease.

Appears in 1 contract

Samples: Lease Agreement (Equity Lifestyle Properties Inc)

Extension Term. Provided that the following conditions, which may be waived by Sublandlord in its sole discretion, are satisfied (ai) Tenant Subtenant has not assigned its interest in this Sublease nor sublet any of the Subleased Space to anyone other than an Affiliated Entity and/or a Successor; and (ii) no uncured Event of Default exists (1) as of the date of the Extension Notice (hereinafter defined), and (2) at the commencement of the applicable Extension Term (hereinafter defined), and subject to Sublandlord’s consent to such extension as set forth in this Section 21, Subtenant shall have the right option to extend the Term of this Sublease for all of the Premises for one extension a single additional term of 5 years either six (6) months or one (1) year (such elected term length, the "Extension Term") which shall commence on the day following ”), commencing as of the expiration of the initial Term and end Term. Subtenant must exercise such option to extend (including its election to extend for either six (6) months or one (1) year), if at all, by giving Sublandlord written notice (the “Extension Notice”) on or before the fifth anniversary of the Expiration Date, unless the Extension Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Extension Term shall commence only if date that is six (i6) Tenant shall have notified Landlord in writing of Tenant's exercise of such extension right months but not later more than nine twelve (912) months prior to the Expiration Dateexpiration of the then current Term of this Sublease, time being of the essence. Sublandlord shall have ten (10) days from receipt of Subtenant’s Extension Notice with which to either (i) confirm Subtenant’s extension for the Extension Term for either six (6) months or one (1) year, or (ii) at in the time of event Subtenant elects to extend for one (1) year, to deny Subtenant’s extension for the exercise of such right and immediately prior to additional six (6) months (which denial may be provided in Sublandlord’s sole discretion), in which event the Expiration Date, no event of Default shall have occurred and be continuing hereunder, and (iii) Tenant and/or Related Entities shall be in occupancy of at least 80 percent of the Premises at the time such notice is given. Time is of the essence with respect to the giving of the notice of Tenant's exercise of the extension option. The Extension Term shall be automatically reduced to six (6) months. Upon the timely giving of such notice by Sublandlord, the Term shall be deemed so extended, for one (1) year or six (6) months, as so specified by Sublandlord, upon all of the agreements, terms, covenants same terms and conditions hereof binding upon Tenantof this Sublease, except that (x) the Fixed Rent (as defined in Article 1) other than Base Rent, which shall be determined 103% of the Base Rent in existence as provided in Section 2.2(b)of the initial Termination Date. If Subtenant fails to give timely notice, (y) Tenant as aforesaid, Subtenant shall have no further right to renew extend the Term and (z) Landlord shall have no obligation Term. If Sublandlord fails to provide any work or contribution give timely notice in response to improve the Premises for Tenant's use. Upon the commencement of the Extension TermNotice, as aforesaid, this Sublease shall be so extended for the either six (A6) month or one (1) year period as set forth in Subtenant’s Extension Notice. Notwithstanding the Extension fact that Subtenant’s proper and timely exercise of such option to extend the Term shall be added self-executing, the parties shall promptly execute a sublease amendment reflecting such Extension Term after Subtenant exercises such option and to and become part the extent Sublandlord provides its consent. The execution of such sublease amendment shall not be deemed to waive any of the Term (but shall not beconditions to Subtenant’s exercise of its rights under this Section 21. [Signatures appear on the following page.] The parties have executed this Sublease as of the Effective Date. Sublandlord: FREQUENCY THERAPEUTICS, INC., a Delaware corporation By: /s/ Xxxxx X. Xxxxxxxx Name & Title: Subtenant: SALIOGEN THERAPEUTICS, INC., a Delaware corporation By: /s/ Xxx Xxxxxxxxxx

Appears in 1 contract

Samples: Sublease Agreement (Frequency Therapeutics, Inc.)

Extension Term. Provided (ai) that the Lease shall be in full force and effect; (ii) except for a Corporate Transfer, that Tenant shall have not assigned the Lease; and (iii) that no Event of Default exists on the date that the applicable “Extension Notice” (as defined below) is sent or on the date the applicable Extension Term (as defined below) is to commence, then, and only in such event, Tenant shall have the right, at Tenant’s sole option, to extend the term of the Lease for two (2) additional periods of five (5) years (each an “Extension Term”). Each such extension option shall be exercisable by Tenant giving written notice (the “Extension Notice”) of the exercise of such extension option to Landlord no later than fifteen (15) months prior to the expiration of the then current Term and no earlier than eighteen (18) months prior to the expiration of the then current Term; provided, however, in the event Tenant fails to exercise such option to extend during the aforesaid time period, such extension option (and any subsequent option) shall become null and void and all rights with respect thereto shall automatically terminate and expire. Each Extension Term shall be upon the same terms, covenants and conditions as set forth herein with respect to the Lease Term, except that (x) Base Monthly Rent shall be adjusted for each Extension Term as follows: (x) the Base Monthly Rent for each extension term shall be equal to the then current fair market rent, and (y) the base year for purposes of calculating the Operating Expenses and Real Estate Taxes shall be based on market negotiations at the time the Base Monthly Rent for the Extension Term is determined, and (z) the parking ratio and the parking charges shall be based on the then market ratio and then market rates. Despite the foregoing, Tenant shall have the right to so extend the Term for all term of the Lease for less than the entire Demised Premises for one (but in no event less than 000,000 xxxxxx xxxx xx xxxxxxxx xxxx), provided that any such extension term of 5 years (complies with the "Extension Term") which shall commence on the day following the expiration of the initial Term and end on the fifth anniversary of the Expiration Date, unless the Extension Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Extension Term shall commence only if procedures: (i) Tenant shall have notified Landlord advise Landlord, in writing the Extension Notice, of Tenant's exercise the amount of such extension right not later rentable area that Tenant desires to extend the term of the Lease (which shall be no less than nine (9) months prior to the Expiration Date000,000 xxxxxx xxxx xx xxxxxxxx xxxx), (ii) at each block of space that Tenant so extends the time term of the exercise of such right and immediately prior Lease for shall constitute a full floor, provided, however, to the Expiration Dateextent that Tenant is then leasing a partial floor, no event of Default Tenant shall have occurred and be continuing hereunderthe right to exercise such extension with respect to all of the space that it is then leasing on such partial floor, and (iii) if Tenant and/or Related Entities shall be was leasing a full floor in occupancy of at least 80 percent of Tower 1, Tower 2 or Tower 3, and Tenant desires to exercise an extension with regard to any such fully leased floor within a single Tower, Tenant must exercise the Premises at the time such notice is given. Time is of the essence extension with respect to the giving full floors that it was leasing (provided, however, if Tenant exercises such right on a full floor that it is leasing in both Tower 1 and Tower 2, it must also exercise such right with respect to the connector space on such floor in Tower 3), (iv) if the extension is for less than the entire Demised Premises, the space retained by Tenant shall consist of either the lowest floor(s) then leased by Tenant or the highest floor(s) then leased by Tenant, which election shall be made by Tenant at the time it exercises such extension right, and (v) in the event that, on the date Tenant delivers an Extension Notice, Tenant’s tangible net worth is less than Tenant’s tangible net worth as of the notice date of Tenant's exercise this Lease, then as of the commencement of such Extension Term, Tenant shall not be permitted to sublease, in the aggregate, in excess of twenty percent (20%) of the rentable area of the portion of the Demised Premises for which it exercises its extension option. The Extension Term shall be In the event that the parties do not, within thirty (30) days after the date that Tenant exercises its extension option, agree upon all the fair market rent for the Demised Premises and enter into an amendment of the agreementsLease setting forth the Base Monthly Rent payable during the applicable Extension Term, termsthen, covenants and conditions hereof binding upon Tenantunless Tenant withdraws, except that in writing, its election to extend the term of the Lease, which written withdrawal notice must be delivered to Landlord, if at all, within five (x5) Business Days after the Fixed expiration of such thirty (30) day period, the Base Monthly Rent (as defined in Article 1) shall be determined as provided in accordance with Section 2.2(b)3(f) below. In the event Tenant timely delivers its withdrawal notice in strict accordance with the foregoing, then (ya) Tenant shall be deemed to have no further elected not to exercise its right to renew extend the Term of the Lease, and (zb) Landlord the Lease shall have no obligation to provide any work or contribution to improve automatically end on the Premises for Tenant's use. Upon the commencement last day of the Extension Term, (A) the Extension then current Term shall be added to and become part of the Term (but shall not beLease.

Appears in 1 contract

Samples: Deed of Lease (Cvent Inc)

Extension Term. Provided that (ai) an Event of Default does not exist as of the commencement of the Extension Term (as defined below) or as of the date of Landlord’s receipt of the Extension Notice (as defined below), (ii) neither the Expansion Rescission occurred nor the Expansion Termination Option is exercised in accordance with this Amendment and (iii) Tenant has not assigned the Lease (excluding an assignment to a Permitted Transferee) or subleased more than fifty percent (50%) of the Premises (excluding a sublease to a Permitted Transferee), Tenant shall have the right to extend the Lease Term for all one (1) period of the Premises for one extension term of 5 five (5) years (the "Extension Term") by giving Landlord written notice of extension (the “Extension Notice”), which shall commence on the day following the expiration of the initial Term and end on the fifth anniversary of the Expiration Datenotice must be received by Landlord not earlier than 18 months, unless the Extension Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Extension Term shall commence only if (i) Tenant shall have notified Landlord in writing of Tenant's exercise of such extension right not nor later than nine (9) months 12 months, prior to the Expiration Date, (ii) at the time then-expiration date of the exercise of Lease Term, if such right and immediately prior to extension becomes effective, the Expiration Date, no event of Default shall have occurred and be continuing hereunder, and (iii) Tenant and/or Related Entities shall be in occupancy of at least 80 percent of the Premises at the time such notice is given. Time is of the essence with respect to the giving of the notice of Tenant's exercise of the extension option. The Extension Lease Term shall be automatically extended upon all of the agreements, terms, covenants same terms and conditions hereof binding upon Tenantas are applicable to the current Lease Term, except that (x) the Fixed Base Rent (as defined in Article 1) shall be determined as provided in Section 2.2(b), (y) Tenant shall have no further right to renew the Term and (z) Landlord shall have no obligation to provide any work or contribution to improve the Premises for Tenant's use. Upon the commencement of the Extension Term, (A) the Extension Term shall be added as set forth in subsection (b) below, and (y) there shall be no further right to extend or renew the Lease Term beyond the Extension Term. The right of extension provided under this section is personal to Genocea Biosciences, Inc. (or any of its Permitted Transferees) and become part of the Term (but shall is not beexercisable by any subtenant or assignee permitted under this Lease. 80333389_1

Appears in 1 contract

Samples: Lease (Genocea Biosciences, Inc.)

Extension Term. (a) Provided the Lease shall be in full force and effect and no Event of Default shall then be continuing, Tenant shall have the right to extend the Lease Term for all one (1) period of the Premises for one extension term of 5 three (3) years (the "Extension Renewal Term") which ). The Renewal Term shall commence on the day following after the expiration of the initial Term Expiration Date and end shall expire on the fifth day prior to the three (3) year anniversary of the Expiration Datesuch commencement, unless the Extension Renewal Term shall sooner terminate end pursuant to any of the terms terms, covenants or conditions of this Lease or otherwisepursuant to any applicable laws, rules or regulations. The Extension Term shall commence only if (i) If Tenant desires to exercise such renewal option, Tenant shall have notified give Landlord in writing of Tenant's exercise written notice of such extension right not election no earlier than twelve (12) and no later than nine six (96) months prior to the scheduled Expiration Date, (ii) and upon the giving of such notice the Lease and the Term shall be extended without execution or delivery of any other or further documents, with the same force and effect as if the Renewal Term had originally been included in the Lease Term and the expiration date of the Lease Term shall thereupon be deemed to be the last day of the Renewal Term. The Premises will be accepted ‘as-is’ by Tenant at the time commencement of the exercise of such right and immediately prior to the Expiration Date, no event of Default shall have occurred and be continuing hereunderRenewal Term, and (iii) Tenant and/or Related Entities Landlord shall not be in occupancy of at least 80 percent of the Premises at the time such notice is given. Time is of the essence obligated to perform any work or provide any allowance, credit or payment with respect to any Tenant work with respect thereto or to provide any rent abatement in connection with the giving Renewal Term. All of the notice of Tenant's exercise of the extension option. The Extension Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenantof this Lease shall continue in full force and effect during the Renewal Term (with Base Rent continuing to escalate by $0.50 per rentable square foot per annum during the Renewal Term), except that Base Rent for the first year of the Renewal Term shall be equal to the then annual market rental rate per square foot for comparable premises in the Austin, Texas market multiplied by the square footage of the Premises (x) provided that in no event shall Base Rent payable for the Fixed first year of the Renewal Term be less than the Base Rent (as defined in Article 1) payable for the last year of the initial Term, escalated by $0.50 per rentable square foot). Such annual market rental rate shall be determined as provided follows. Within twenty (20) days after Tenant’s exercise of its option to extend, Landlord will propose to Tenant the market rental rate. Within twenty (20) days thereafter, Tenant will either accept such determination (with no response on Tenant’s part during such period being deemed acceptance) or, if Tenant disagrees with such determination, Tenant will provide in Section 2.2(b)writing to Landlord Tenant’s determination of the market rental rate. If, within twenty (y20) days thereafter, the parties are not able to agree on the market rental rate, within twenty (20) days after such failure to agree, Landlord and Tenant shall together appoint a MAI appraiser having at least five (5) years' experience in industrial and warehouse leasing in the vicinity of Austin, Texas. If Landlord and Tenant are not able to agree upon the designation of the appraiser, then the appraiser will be appointed by the American Arbitration Association (or its successor) from its qualified panel of arbitrators, which appraiser shall, to the extent practicable, have no further right the qualifications set forth above. Within thirty (30) days after his or her appointment, the appraiser will determine the fair market rental value of the Premises applicable to renew the Renewal Term and (z) Landlord shall have no obligation to provide any work or contribution to improve the Premises for Tenant's use. Upon the commencement choose whichever of the Extension Termfair market rental values set forth in Landlord's initial proposal or Tenant’s response is closer to such determination, (A) which shall, for all purposes hereunder, be deemed the Extension Term fair market rental rate. The determination of the appraiser shall be added to binding, final and become part conclusive on the parties. The fees and expenses of the Term (but shall not beappraiser and the costs incurred in connection with the appointment of the appraiser will be shared equally by Landlord and Tenant.

Appears in 1 contract

Samples: Lease Agreement (Virtuix Holdings Inc.)

Extension Term. (a) Tenant shall have the right right, at its option, to extend the Term for all of this Lease with respect to all, and only all, of the Premises for one extension term two (2) additional terms of 5 five (5) years each, (the "each, an “Extension Term") which shall commence on the day following the expiration of the initial Term and end on the fifth anniversary of the Expiration Date, unless the Extension Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise”). The Extension Term shall commence only if on the day after the expiration of the Primary Term or the first Extension Term, as the case may be, and shall expire on the day prior to the fifth (i5th) Tenant shall have notified Landlord in writing of Tenant's exercise anniversary of such extension right commencement date. Each option to extend the Term of this Lease as described above shall be exercisable by Tenant giving notice to Landlord (the “Extension Notice”) not later less than nine twelve (912) months prior to the applicable Expiration Date. TIME SHALL BE OF THE ESSENCE with respect to the date of exercising the option, (ii) at any principle of law to the time contrary notwithstanding. Except for the Fixed Rent and the obligation of Landlord to perform Landlord’s Work and to give a Tenant Improvement Allowance, the terms and conditions of this Lease shall apply to each Extension Term with the same force and effect as if the Extension Term had originally been included in the Primary Term of this Lease. All Rent shall commence on the first day of the exercise applicable Extension Term. The right of such right and immediately prior Tenant to each Extension Term shall be conditioned upon the Expiration Date, following: (i) no event Event of Default shall have occurred and remain uncured (A) as of the date on which the Extension Notice has been delivered, and (B) on the applicable Expiration Date; (ii) this Lease shall be continuing hereunder, in full force and effect as of the applicable Expiration Date; and (iii) Tenant and/or Related Entities shall be in occupancy of at least 80 percent of the Premises at the time such notice is given. Time is of the essence with respect to the giving of the notice of Tenant's exercise of the extension option. The Extension Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant, except that (x) the Fixed Rent (as defined in Article 1) shall be determined as provided in Section 2.2(b), (y) named Tenant shall not have no further right to renew assigned this Lease, or, at any time during the Primary Term and (z) Landlord shall have no obligation to provide any work or contribution to improve the Premises for Tenant's use. Upon the commencement of the first Extension Term, (A) if applicable, subleased in the Extension Term shall be added to and become part aggregate more than 50% of the Term (but shall not bePremises, except for subleases or assignments to Affiliates or Successors.

Appears in 1 contract

Samples: Lease (KAYAK SOFTWARE Corp)

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