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: Office Building Lease (Imanage Inc), Office Building Lease (Imanage 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 Agreement (Keros Therapeutics, Inc.), Lease Agreement (Keros Therapeutics, 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 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 extension optionfirst (1st) 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 2 contracts
Samples: Lease Agreement (Equity Lifestyle Properties Inc), Lease Agreement (Manufactured Home Communities Inc)
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 extend the Term. Notwithstanding the fact that Tenant’s proper and timely exercise of such option to extend the Term shall be 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 waive any work of the conditions to Tenant’s exercise of its rights under this Section 1.2.
(b) The Base Rent during the Extension Term (the “Extension Term Base Rent”) shall be determined in accordance with the process described hereafter. Extension Term Base Rent shall be the greater of (i) Base Rent for the last Rent Year of the prior term, or contribution to improve (ii) ninety-five percent (95%) of the fair market rental value of the Premises for Tenant's use. Upon then demised to Tenant as of the commencement of the Extension Term as determined in accordance with the process described below, for leases of office space in the East Cambridge/Xxxxxxx Square area of equivalent quality, size, utility and location, with the length of the Extension Term, the credit standing of Tenant and all other relevant factors to be taken into account. Within thirty (30) days after receipt of the Extension Notice, Landlord shall deliver to Tenant written notice of its determination of the Extension Term Base Rent for the Extension Term. Tenant shall, within thirty (30) days after receipt of such notice, notify Landlord in writing (“Tenant’s Response Notice”) that either (A) Tenant elects to withdraw its Extension Notice, in which event the Lease shall expire on the Expiration Date, or (B) Tenant accepts Landlord’s determination of the Extension Term Base Rent, or (C) Tenant rejects Landlord’s determination of the Extension Term Base Rent. If Tenant fails timely to deliver Tenant’s Response Notice, Tenant shall be added deemed to and become part have accepted landlord’s determination of the Extension Term (but shall not beBase Rent.
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: Lease Agreement (Xenetic Biosciences, Inc.), Lease Agreement (Xenetic Biosciences, Inc.)
Extension Term. (a) Provided that the Tenant has not been in uncured default and is not in default at the time it sends Tenant’s Notification, and has not assigned this Lease to any entity other than a Permitted Transferee, the Tenant shall have the right option to extend the Term for all of the Premises Lease for one extension term the additional period designated in C(ii) of 5 years (the "Extension Term") which shall commence Preamble, commencing on the day following the expiration of the initial Term or the first Extension Period, as the case may be (collectively, the “Extension Periods” and end on the fifth anniversary of the Expiration Date, unless the each an “Extension Term shall sooner terminate pursuant to any of the terms of this Lease or otherwisePeriod”). The Extension Term shall commence only if (i) Tenant shall have notified notify the Landlord in writing of Tenant's its intention to exercise of such extension right not later than nine (9) months the Option to extend at least [REDACTED: TIME PERIOD] prior to the Expiration Dateexpiry date of the Term or of the first Extension Period, as the case may be (the “Tenant’s Notification”). The Extension Periods will run on the same terms and conditions as those set out in the Lease, with the exception of (i) the Minimum Rent payable during the Extension Periods, which will be the fair market price for comparable premises in a comparable building in the same area, taking into consideration all leasing inducements; such as (a) the Free Rent Period, (b) the Allowance; (ii) at the time of the exercise of such right and immediately prior this option to extend, under this Section 3.2, with respect to the Expiration Date, applicable Extension Period shall no event of Default shall have occurred and longer be continuing hereunder, applicable; and (iii) the Tenant and/or Related Entities shall be will accept the Leased Premises in occupancy of at least 80 percent of their “as-is” condition. If the Premises at parties cannot agree on the time such notice is given. Time is of the essence with respect Minimum Rent no later than [REDACTED: TIME PERIOD] prior 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 or the second Extension TermPeriod as the case may be, (A) the Extension Term Lease shall be added to terminate and become part the Tenant shall vacate the Leased Premises at the end of the Term (but or of the first Extension Period, as the case may be. Notwithstanding the foregoing, there shall be no tacit renewal of the Lease. This Section 3.2 is personal to Theratechnologies Inc. and any Permitted Transferee and cannot beotherwise be transferred or assigned in any way.
Appears in 1 contract
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: Lease Agreement (Opgen 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) the named Tenant and/or Related Entities shall not have assigned this Lease, or, at any time during the Primary Term or the first Extension Term, if applicable, subleased in the aggregate more than 50% of the Premises, except for subleases or assignments to Affiliates or Successors.
(b) During each Extension Term, the Fixed Rent for the first Lease Year shall be in occupancy the greater of at least 80 percent (i) 95% of the fair rental value of the Premises at the time such notice is given. Time is as of the essence with respect date that is six (6) months prior to the giving commencement of such Extension Term; and (ii) 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 Fixed Rent payable hereunder during (x) the Fixed Rent last Lease Year of the Primary Term, in the case of the first Extension Term, or (y) the last Lease Year of the first Extension Term, in the case of the second Extension Term (the “Fair Rental Value”), taking into account all relevant factors including, without limitation, all current marketplace concessions and current renewal rents for comparable space in Comparable Buildings, the Annual Increase (as defined in Article 1below) and the lack of tenant improvement allowances and brokerage commissions. The Fixed Rent shall be determined as provided in Section 2.2(bincrease for each subsequent Lease Year of the applicable Extension Term by one and one half percent (1.5%) (the “Annual Increase”), (y) Tenant shall . In the event that the parties have no further right to renew not agreed upon the Term and (z) Landlord shall have no obligation to provide any work or contribution to improve Fair Rental Value of the Premises for Tenant's use. Upon prior to the date that is six (6) months before the commencement of the applicable Extension Term, the Fair Rental Value shall be determined by arbitration in Stamford, Connecticut before a single Appraiser as follows:
(Ai) Either of Landlord or Tenant shall initiate the arbitration process by giving notice to that effect to the other on or after the date that is six (6) months before the commencement of the applicable Extension Term, which notice shall include the name and address of the Appraiser proposed by the party giving such notice. Within ten (10) days after the giving of such notice, the party to whom such notice was given shall give notice to the other party either accepting the proposed Appraiser or disputing the proposed Appraiser and requesting the American Arbitration Association (or any successor organization) (the “AAA”) to appoint an impartial Appraiser on the parties’ behalf, and both parties shall be bound by any such appointment. If the AAA fails to so appoint an impartial Appraiser, then either Landlord or Tenant may apply to any court having jurisdiction to make such appointment. The Appraiser shall subscribe and swear to an oath to determine, fairly and impartially, such dispute.
(ii) Within seven (7) Business Days after the appointment of the Appraiser, each of Landlord and Tenant shall submit to the Appraiser, with a copy to the other party, its final determination of the Fair Rental Value (each, a “Final Determination”), together with all supporting materials that it desires to have considered by the Appraiser in rendering its determination. If either party shall fail to timely to submit a Final Determination, then the Final Determination of the other party shall be deemed to be the Fair Rental Value. Within seven (7) Business Days after the date that both parties have submitted their respective Final Determination, each of Landlord and Tenant shall thereafter have the right, but not the obligation, to submit rebuttal documentation addressed to the Final Determination of the other party
(iii) There shall be no discovery in the arbitration.
(iv) The Appraiser shall make a determination of Fair Rental Value by selecting either the amount set forth in Landlord’s Final Determination or the amount set forth in Tenant’s Final Determination, whichever the Appraiser determines is closer to the Fair Rental Value of the Premises. The Appraiser may not select any other amount as the Fair Rental Value. The fees and expenses of any arbitration pursuant to this subsection 3.2(b) shall be borne by the Landlord and Tenant equally, but each of Landlord and Tenant shall bear the expense of its own arbitrator, attorneys and experts and the additional expenses of presenting its own proof. The Appraiser shall not have the power to add to, modify or change any of the provisions of this Lease. After a determination has been made of the Fair Rental Value, each of Landlord and Tenant shall execute and deliver an instrument setting forth the Fair Rental Value, but the failure to so execute and deliver any such instrument shall not affect the determination of the Fair Rental Value.
(c) The determination of the Appraiser shall be binding upon each of Landlord and Tenant and may be entered in any court of competent jurisdiction.
(d) If the determination of the Fair Rental Value shall not be made on or before the first day of the applicable Extension Term, then, pending such determination, Tenant shall pay, as Fixed Rent for the Extension Term Term, the average of Landlord’s Final Determination and Tenant’s Final Determination. Within thirty (30) days after the determination of the Fair Rental Value, an adjustment required to correct the amounts previously paid on account thereof shall be added to and become part of made by the Term (but shall not beappropriate party.
Appears in 1 contract
Samples: Lease (KAYAK SOFTWARE Corp)
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
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
Extension Term. (a) Tenant shall have the right to extend the Term for all of the Premises for one (1) extension term of 5 five (5) years (the "“Extension Term"”) which shall commence commencing on the day following after the expiration of the initial Term (the “Extension Term Commencement Date”) and end ending at 11:59 p.m. on the last day of the month in which the fifth (5th) yearly anniversary of the Expiration DateExtension Term Commencement Date occurs, 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 Tenant notifies Landlord (ithe “Extension Notice”) Tenant shall have notified Landlord in writing of Tenant's ’s exercise of such extension right not earlier than eighteen (18) months and not later than nine fourteen (914) months prior to the Expiration Date, (ii) at the time expiration 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 optioninitial Term. The Extension Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenantof this Lease, except that (x) the Fixed Rent (as defined in Article 1) shall be determined as provided in Section 2.2(b)28.3, (y) the Base Year will be revised to be the calendar year in which the Extension Term shall commence as provided below; and (z) Tenant shall have no further right to renew extend the Term and (z) Landlord shall have no obligation to provide any work or contribution to improve beyond the Premises for Tenant's useExtension Term. Upon the commencement of the Extension Term, (A) any reference to the “Term,” the “term of this Lease” or any similar expression shall be deemed to include the Extension Term and the expiration of the Extension Term shall be added to and become part the Expiration Date. Any termination, cancellation or surrender of the entire interest of Tenant under this Lease at any time during the Term (but shall not beterminate any right of extension of Tenant hereunder.
Appears in 1 contract
Samples: Deed of Lease (FBR & Co.)
Extension Term. (a) Tenant shall have the right to extend the The Term for of this Lease of all of the Premises may be extended for three (3) additional one extension term (1) year periods (any of 5 years such one (the "1) year period, an “Extension Term";” together, the “Extension Terms”) which shall commence by unconditional written notice from Tenant to Landlord at least twelve (12) (but not more than fifteen (15)) months before the end of the Initial Term, or the respective Extension Term, as applicable, time being of the essence. If Tenant does not timely exercise this option, or if on the day following date of such notice or at the expiration beginning of the initial Term and end on the fifth anniversary of the Expiration Date, unless the applicable 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 Datea monetary default exists, (ii) at the time of the exercise of such right a non-monetary default beyond any applicable notice and immediately prior to the Expiration Datecure periods exists, no event of Default shall have occurred and be continuing hereunder, and or (iii) Tenant and/or Related Entities shall be has sublet in occupancy excess of at least 80 percent 25% of the Premises at the time such notice is given. Time is of the essence with respect Premises, Tenant’s right to the giving of the notice of Tenant's exercise of the extension option. The Extension Term extend shall be upon all of the agreementsirrevocably lapse, 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 or applicable Extension Term. In the event that Tenant exercises its right to extend the Term and (z) pursuant to this Section 3.03, Tenant shall deposit with Landlord shall have no obligation to provide any work or contribution to improve the Premises for Tenant's use. Upon upon the commencement of the applicable Extension TermTerm an amount sufficient to provide Landlord, together with amounts then being held by Landlord as the Security Deposit, with a Security Deposit equal to four (A4) months of the then-applicable Base Rent and four (4) months of the then-applicable estimate of Tenant’s Pro Rata Share of Total Operating Costs, which aggregate amount shall continue to be held as a Security Deposit pursuant to Article 15 of this Lease. All references to the Term shall mean the Initial Term as it may be extended by the applicable Extension Terms. The Extension Terms shall be on all the same terms and conditions except that the Base Rent for the respective Extension Term shall be added to and become part of the Term (but shall not beas set forth below.
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Samples: Industrial Real Estate Lease (Alexion Pharmaceuticals 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 that the following conditions are satisfied (the “Extension Conditions”), which Extension Conditions may be waived by Landlord in its sole discretion, (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 (1) as of the date of the Extension Notice (hereinafter defined), and (2) at the commencement of the applicable Extension Term (hereinafter defined), Tenant shall have the right option (the “Initial Extension Option”) to extend the Term for all one (1) additional term of three (3) years and two (2) months (the Premises “First Extension Term”), commencing as of November 1, 2025 and expiring on December 31, 2028.
(b) Provided that the Extension Conditions are satisfied or waived by Landlord in its sole discretion, and provided further that Tenant has timely and properly exercised the Initial Extension Option pursuant to Section 4(a) above, Tenant shall have the option to extend the Term for one extension (1) additional term of 5 years five (the "Extension Term"5) which shall commence on the day following years, commencing as of the expiration of the initial First Extension Term (the “Second Extension Term”; and end together with the First Extension Term, each an “Extension Term”).
(c) Tenant must exercise each option to extend, if at all, by giving Landlord written notice (the “Extension Notice”) (i) on the fifth anniversary or before January 31, 2025, time being of the Expiration Dateessence, unless with respect to the Initial Extension Option and (ii) on or before December 31, 2027 with respect to the option to extend for the Second Extension Term. Upon the timely giving of such Extension Notice, the Term shall be deemed extended upon all of the terms and conditions of this Lease, except that (A) Base Rent during each Extension Term shall sooner terminate pursuant be calculated in accordance with this Section 4, (B) Landlord shall have no obligation to any of construct or renovate the terms of this Lease or otherwise. The Extension Term shall commence only if Premises, and (iC) Tenant shall have notified Landlord in writing of Tenant's exercise of such extension right not later than nine one (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 fewer option to extend the Term. If Tenant fails to give timely notice, as provided in Section 2.2(b)aforesaid, (y) Tenant shall have no further right to renew extend the Term Term. Notwithstanding the fact that Tenant’s proper 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 betimely
Appears in 1 contract
Samples: Lease (T2 Biosystems, Inc.)