FIRST OPTION TO EXTEND. Borrower shall have the option to extend the term of the Loan from the Maturity Date (for purposes of this Section, “Original Maturity Date”), to the First Extended Maturity Date, upon satisfaction of each of the following conditions precedent:
(a) Borrower shall provide Lender with written notice of Borrower’s request to exercise the First Option to Extend not more than one hundred twenty (120) days but not less than thirty (30) days prior to the Original Maturity Date; and
(b) As of the date of Borrower’s delivery of notice of request to exercise the First Option to Extend, no Default shall have occurred and be continuing, and no event or condition which, with the giving of notice or the passage of time or both, would constitute a Default shall have occurred and be continuing, and Borrower shall so certify in writing; and
(c) Borrower shall execute or cause the execution of all documents reasonably required by Lender to exercise the First Option to Extend and shall deliver to Lender, at Borrower’s sole cost and expense, such title insurance endorsements reasonably required by Lender; and
(d) There shall have occurred no material adverse change, as determined by Lender in its sole discretion, in the financial condition of Borrower or any Guarantor that could reasonably be expected to threaten the ability of Borrower or Guarantor to fulfill their obligations under the Loan Document, from that which existed as of the later of: (A) the Effective Date; or (B) the date upon which the financial condition of such party was first represented to Lender; and
(e) On or before the Original Maturity Date, Borrower shall pay to Lender an extension fee equal to twenty five (25) basis points of the Loan amount on the Original Maturity Date; and
(f) The Property supports a Debt Yield of at least twelve and one-half percent (12.50%). If the Debt Yield is not at least 12.50%, at the time of execution of such extension, then Borrower shall pay down the outstanding principal balance of the Loan at the time of such extension such that the Debt Yield is at least 12.50%. Except as modified by this First Option to Extend, the terms and conditions of this Agreement and the other Loan Documents as modified and approved by Lender shall remain unmodified and in full force and effect.
FIRST OPTION TO EXTEND. Sublessee shall have the option to extend the Term for one (1) period of approximately three (3) years from January 1, 2008 to and including January 11, 2011 (the “First Extended Term”). This option is referred to herein as an “Extension Option”. The Extension Option may be exercised by Sublessee only by irrevocable written notice of exercise delivered to Sublessor no later than twelve (12) months prior to the expiration of the initial Term. If Sublessee does not deliver a notice of exercise by the appropriate date, then the Extension Option shall immediately terminate and be of no further force or effect and this Lease shall terminate on the Expiration Date. Sublessee’s Extension Option shall be personal to Sublessee and may not be exercised by any assignee or subtenant (other than a Permitted Transferee). Sublessee may not exercise the Extension Option if on the date of such notice Sublessee is in default (after any required notice and expiration of any applicable cure period) under this Sublease. If Sublessee becomes in default (after any required notice and expiration of any applicable cure period) under this Sublease after exercise of the Extension Option, but before the commencement of the First Extended Term, Sublessor may, in its sole discretion and in addition to its other remedies under this Lease, elect to terminate such extension by notice in writing to Sublessee, whereupon the Term shall expire without any such extension. Upon such exercise, the parties shall be obligated under all the terms and conditions of this Lease through the First Extended Term, except that (i) Sublessor shall have no obligation to alter the Premises or pay any tenant improvement or refurbishment allowance for the Extended Term, and (ii) Sublessee shall not have any additional rights to extend the Term, except to the extent Extension Options remain to be exercised under Section 20 and except as set forth in the Lessor’s Consent to Sublease as referenced above. Base Monthly Rent during the First Extended Term shall be as set forth in Section 5(a).
FIRST OPTION TO EXTEND. [Terms to be negotiated in each instance.]
FIRST OPTION TO EXTEND. On or before one hundred twenty (120) days prior to the expiration of the term, and providing Tenant is not in default of this Lease, Tenant may extend the term of this Lease for an additional one hundred and twenty (120) months by notifying Landlord of such intention in writing (the “First Extension Period”). The maximum term of the Lease with one extension is forty-four and one-half (44 1/2) years.
FIRST OPTION TO EXTEND. The Tenant shall have the option to extend this Lease Agreement from 12:01 PM the 31st day of December, 2021, to 12:01AM on the 31st Day of December 2026. In the event the Tenant desires to exercise said option, Tenant shall give written notice of such exercise to Landlord no later than December 31st, 2020. See below for Option Term Rent. In the event of such exercise, this Lease Agreement shall be automatically extended for the additional term. Notwithstanding the foregoing, this option shall be void and of no force or effect if the Tenant is in default hereunder either as of the date of the Tenant’s exercise of said option or as of the date of the commencement of the option or additional term.
FIRST OPTION TO EXTEND. Section 2.12 of the Loan Agreement is hereby deleted and replaced in its entirety with the following:
FIRST OPTION TO EXTEND. Lessee shall have the right, subject to the provisions hereinafter provided, to extend the term of this Lease for one (1) period of five (5) years on the terms and provisions of this Article XXXI. Such five-year renewal period is sometimes herein referred to as the "First Renewal Term". The conditions of such First Renewal Term shall be as follows:
(a) That this Lease is in full force and effect and Lessee is not in default in the performance of any of the terms, covenants and conditions herein contained, in respect to which notice of default has been given hereunder which has not been or is not being remedied in the time limited Scottsdale Northsight/JDA Software 04/30/98: 532732.1827-0801 Exhibit C in this Lease, at the time of exercise of the right of renewal, but Lessor shall have the right at its sole discretion to waive the non-default conditions herein.
(b) That such First Renewal Term shall be on the same terms, covenants and conditions as in this Lease; provided, however, the annual Base Rent for such First Renewal Term shall be an amount equal to 115% of the Base Rent rate for the last sixty (60) months of the initial ten (10) year term of this Lease per rentable square feet of the Premises.
(c) That Lessee shall exercise its right to the First Renewal Term provided herein, if at all, by notifying Lessor in writing of its election to exercise the right to renew the term of this Lease no later than twelve (12) months prior to end of the initial ten-year term.
FIRST OPTION TO EXTEND. Landlord hereby grants to Tenant an Option to Extend ("First Option to Extend") this Lease for an additional ten (10) year period upon the following terms and conditions; A. Tenant shall give Landlord written notice of Tenant's exercise of this First Option to Extend not later than twelve months prior to the expiration date of the Initial Term, in which event this Lease shall be extended for an additional ten (10) years ("First Extended Term") on all of the terms and conditions of this Lease except that the Basic Rent shall be adjusted as set forth below and this Paragraph 44 shall be of no further force and effect and deemed deleted thereby. In the event that Tenant fails to timely exercise Tenant's option as set forth herein in writing, Tenant shall have no further Option to Extend this Lease, and this Lease shall continue in full force and effect for the full remaining Term, absent this Paragraph 44 and Paragraph 45 below.
FIRST OPTION TO EXTEND. Subject to satisfaction of the conditions precedent set forth below, Tenant shall have one option to extend the Term ("First Extension Option") for one (1) additional period of sixty (60) months beginning the day after the expiration of the initial Term ("First Extension Term"), on the following terms and conditions:
FIRST OPTION TO EXTEND. Provided Tenant is not in default under any of the terms and conditions of this Lease, Tenant shall have the option to extend the term of this Lease for an additional period of five (5) years from the date upon which such term would otherwise expire. Such extensions shall be upon and subject to the same terms, covenants and conditions as those herein specified. If Tenant elects to exercise this option, it shall do so by giving Landlord written notice of such election no later than one hundred twenty (120) days prior to the date this Lease would otherwise expire. If Tenant gives such notice, the term of this Lease shall be automatically extended for the additional period of years covered by the option so exercised without execution of an extension or renewal Lease.
