Common use of First Extension Term Clause in Contracts

First Extension Term. (a) The Lease Term for the Existing Premises is hereby extended for a period commencing on the Expansion Premises Rent Commencement Date and expiring on August 31, 2027 (the “First Extension Term Expiration Date”), which comprises a period of approximately eighty-six (86) months (the “Existing Premises Extension Term”). (b) The Lease Term with respect to the Expansion Premises shall commence on the Expansion Premises Rent Commencement Date and shall expire on the First Extension Term Expiration Date (the “Expansion Premises Term” and together with the Existing Premises Extension Term, collectively, the “First Extension Term”). (c) Landlord and Tenant hereby acknowledge that Tenant’s option to extend the Lease Term as set forth in Section 2.2 of the Lease remains in full force and effect and is not modified by this Amendment.

Appears in 2 contracts

Sources: Lease Agreement (Precision Biosciences Inc), Lease (Precision Biosciences Inc)

First Extension Term. (a) The Lease Term for the Existing Premises is hereby extended for a period commencing on the Expansion Premises Rent Commencement Date and expiring on August 31, 2027 (the “First Extension Term Expiration Date”), which comprises a period of approximately eighty-six (86) months (the “Existing Premises Extension Term”). (b) The Lease Term with respect to the Expansion Premises shall commence on the Expansion Premises Rent Commencement Date and shall expire on the First Extension Term Expiration Date (the “Expansion Premises Term” and together with the Existing Premises Extension Term, collectively, the “First Extension Term”). (c) Landlord and Tenant hereby acknowledge that Tenant’s option to extend the Lease Term as set forth in Section 2.2 of the Lease remains in full force and effect and is not modified by this Amendment.. 304134396 v5

Appears in 1 contract

Sources: Lease (Precision Biosciences Inc)