FIRST OPTION TO EXTEND. On the condition that Tenant is not in default of its covenants and obligations under this Lease (beyond applicable notice and cure periods) both at the time of option exercise and as of the commencement of the hereinafter described additional term, Tenant shall have the option (“Tenant’s First Extension Option”) to extend the Term for an additional term of five (5) years (herein referred to as the “First Additional Term”), said First Additional Term to commence immediately after the expiration of the initial Term. If Tenant desires to extend the Term as aforesaid, it shall give notice thereof (the “First Extension Notice”) to Landlord no later than one hundred twenty (120) days prior to the end of the initial Term. If Tenant fails timely to give such notice, then Tenant shall have no right to extend the Term (time being of the essence with respect to exercise of Tenant’s First Extension Option). Upon the timely giving of such notice, the Term shall be deemed extended upon all of the same terms and conditions of this Lease, except that the Annual Base Rent during said First Additional Term shall be at the rate of $15.00 per rentable square foot NNN per year for Year 1 of the First Additional Term with said Base Rent increasing annually by the greater of CPI-U Boston or 2.5%. The First Additional Term Annual Base Rent shall be payable in equal monthly installments in advance on or before the first day of each calendar month during the First Additional Term. Notwithstanding the fact that Tenant’s exercise of the herein option to extend the Term shall be self-executing, as aforesaid, upon the request of Landlord, Tenant shall promptly execute a lease amendment reflecting said First Additional Term and the First Additional Term Annual Base Rent and annual escalations thereof after Tenant exercises the herein option. Upon Tenant’s exercise of Tenant’s First Extension Option, the word “Term” wherever it appears in this Lease shall include the First Additional Term and the phrase “Expiration Date” shall be changed to the last day of the First Additional Term.
Appears in 1 contract
Samples: Lease (Enterprise Bancorp Inc /Ma/)
FIRST OPTION TO EXTEND. On the condition that Tenant is not in default beyond applicable notice and cure periods in the performance of any of its covenants and obligations under this Lease (beyond applicable notice and cure periods) both at the time of option exercise and as of the commencement of the hereinafter described additional termexercise, Tenant shall have the option (“"Tenant’s 's First Extension Option”") to extend the Term for an additional term of five (5) years (herein referred to as the “"First Additional Term”"), said the First Additional Term to commence immediately after the expiration of the initial Initial Term. If Tenant desires to extend the Term as aforesaidfor the First Additional Term, it then Tenant shall give notice thereof (the “"First Extension Notice”") thereof to Landlord no later than one hundred twenty the date that is eighteen (12018) days months prior to the end scheduled expiration of the initial Initial Term. If Tenant fails timely to give such notice, then Tenant shall have no right to extend the Term (time being of the essence with respect to exercise of Tenant’s First Extension Option). Upon the timely giving of such noticethe First Extension Notice, the Term shall be deemed extended upon all of the same terms and conditions of set forth in this LeaseLease for the Initial Term, except that the Annual annual Base Rent payable during said the First Additional Term (the "First Additional Term Annual Base Rent") shall be equal at the rate of $15.00 per rentable square foot NNN per year for Year 1 ninety-five percent (95%) of the First Additional Term then current fair market annual rent for five (5) year leases of comparable premises in comparable buildings in the general vicinity of the Building, as determined in accordance with said Base Rent increasing annually by the greater of CPI-U Boston or 2.5%following paragraph. The First Additional Term Annual Base Rent shall be payable in equal monthly installments in advance on or before the first day of each calendar month during the First Additional Term. Notwithstanding the fact that Tenant’s 's exercise of the herein option to extend the Term Tenant's First Extension Option shall be self-executing, as aforesaid, upon the request of Landlordeither Landlord or Tenant, both Landlord and Tenant shall promptly execute a lease and deliver an amendment to this Lease reflecting said the First Additional Term and the First Additional Term Annual Base Rent and annual escalations thereof after Tenant exercises the herein optionTenant's First Extension Option. Upon Tenant’s 's timely exercise of Tenant’s 's First Extension Option, the word “"Term” ", wherever it appears in this Lease Lease, shall include the First Additional Term. Landlord shall give Tenant written notice (the "First Additional Term and the phrase “Expiration Date” shall be changed to the last day Rental Notice") of Landlord's good faith determination of the First Additional Term Annual Base Rent on or before the date that is thirty (30) days after Landlord's receipt of the First Extension Notice. If Tenant does not accept in writing Landlord's determination of First Additional Term Annual Base Rent and if Landlord and Tenant cannot agree in writing on the First Additional Term Annual Base Rent within thirty (30) days after Tenant's receipt of the First Additional Term Rental Notice, Tenant may elect to rescind its exercise of Tenant's First Extension Option by written notice within thirty (30) days after Tenant's receipt of the First Additional Term Rental Notice. In the event that Tenant shall not elect to so rescind, then Landlord and Tenant shall, not later than sixty (60) days after Tenant's receipt of the First Additional Term Rental Notice, each retain a real estate professional with at least ten (10) years' continuous experience in the business of appraising or marketing commercial real estate in the Andover, Massachusetts area. The two (2) real estate professionals referred to in the preceding sentence as well as the Final Professional referred to below in this paragraph shall each be instructed by Landlord and Tenant that, in reaching his or her conclusion as to the First Additional Term Annual Base Rent, he or she shall take into consideration all relevant factors, including, without limitation, current market terms and leasing transactions and tenant concessions, including without limitation, the fact no tenant improvement allowance, free rent, moving expenses or other concessions will be payable to Tenant in connection with its leasing the Premises for the First Additional Term and he or she shall take into consideration the amount of brokerage commissions, if any, payable by Landlord in connection with Tenant's leasing of the Premises for the First Additional Term. The two (2) real estate professional referred to above in this paragraph shall, within thirty (30) days after his or her selection, prepare a written report summarizing his or her conclusion as to the First Additional Term Annual Base Rent. Landlord and Tenant shall exchange such reports; provided, however, that if one Party has not delivered to the other Party such a report within ninety (90) days after Tenant's receipt of the First Additional Term Rental Notice, then the determination set forth in the other Party's report shall be final and binding upon the Parties. If both Parties so deliver reports within such time and the lesser of the two (2) determinations is within ten (10%) percent of the higher determination, then the average of these determinations shall be deemed to be the First Additional Term Annual Base Rent. If these determinations differ by more than ten (10%) percent, then Landlord and Tenant shall mutually select a person with the qualifications stated above (the "Final Professional") to resolve the dispute as to the First Additional Term Annual Base Rent. If Landlord and Tenant cannot agree upon the designation of the Final Professional within thirty (30) days after the exchange of the first valuation reports, then either party may apply to the American Arbitration Association, the Greater Boston Real Estate Board, or any successor thereto, for the designation of a Final Professional. Within ten (10) days after the selection of the Final Professional, Landlord and Tenant shall each submit to the Final Professional a copy of their respective real estate professional's determination of the First Additional Term Annual Base Rent. The Final Professional shall not perform his or her own valuation but rather shall, within thirty (30) days after such submissions, select the submission which is closest to the determination of the First Additional Term Annual Base Rent which the Final Professional would have made acting alone. The Final Professional shall give notice of his or her selection to Landlord and Tenant and such decision shall be final and binding upon Landlord and Tenant. Each party shall pay the fees and expenses of its real estate professional and counsel, if any, in connection with any proceeding under this paragraph, and the losing party (i.e., the party whose submission was not selected by the Final Professional) shall pay the fees and expenses of the Final Professional.
Appears in 1 contract
Samples: Lease (Dynamics Research Corp)
FIRST OPTION TO EXTEND. On Provided the condition that Tenant is not in default of its covenants and obligations under this Lease (beyond applicable notice and cure periods) both at the time of option exercise and as of the commencement of the hereinafter described additional termdefault, Tenant shall have the one (1) option (“Tenant’s First Extension Option”) to extend the Term of this Lease for an additional term a further period of five three (53) years and no months provided, however, that Tenant shall give Landlord notice of its intention to extend not less than six (herein referred 6) months prior to as the “First Additional Term”), said First Additional Term to commence immediately after the expiration of the initial Termoriginal Term of this Lease. If Tenant desires to extend Said notice shall be effective only if given in the Term as aforesaid, it shall give notice thereof (the “First Extension Notice”) to Landlord no later than one hundred twenty (120) days prior to the end of the initial Term. If Tenant fails timely to give such notice, then Tenant shall have no right to extend the Term manner described (time being of the essence with respect in relation to exercise said notice) and provided Tenant is not in default under the Lease on the date of Tenant’s First Extension Option)the notice nor on the date the original Term of the Lease is scheduled to expire. Upon the timely giving of such notice, the Term Such extended term shall be deemed extended upon subject to all of the same terms agreements, covenants and conditions of this Lease, except that the Annual Base Rent during said First Additional Term shall be at the rate of $15.00 per rentable square foot NNN per year for Year 1 of the First Additional Term with said Base Rent increasing annually by the greater of CPI-U Boston or 2.5%. The First Additional Term Annual Base Rent shall be payable in equal monthly installments in advance on or before the first day of each calendar month during the First Additional Term. Notwithstanding the fact that Tenant’s exercise of the herein option to extend the Term shall be self-executing, as aforesaid, upon the request of Landlord, Tenant shall promptly execute a lease amendment reflecting said First Additional Term and the First Additional Term Annual Base Rent and annual escalations thereof after Tenant exercises the herein option. Upon Tenant’s exercise of Tenant’s First Extension Option, the word “Term” wherever it appears set forth in this Lease except for (i) the Minimum Rent payable pursuant to Article III hereof which shall include be as set forth hereinafter, and except for (ii) further Options to Extend, as to which there shall be one (1). It is agreed and understood that the First Additional Term annual Minimum Rent for the extended period shall be equal to ninety- five (95%) percent of fair market rental value rate of the Premises as of the Commencement Date of this extended term. The Parties shall execute an Amendment to this Lease at least three (3) months prior to the said original expiration date memorializing said new Minimum Rent. If the Landlord and the phrase “Expiration Date” Tenant are unable to mutually agree in writing upon the said fair market rental value with thirty (30) days after Tenant's exercise of its rights hereunder the said fair market rental value shall be changed determined by a panel of two appraisers who are members of the American Institute of Real Estate Appraisers one of whom shall be selected by landlord and one by Tenant. The two appraisers shall attempt to agree on the said value and if they cannot agree within thirty (30) days, a third shall be selected by the two so nominated and a decision by the majority of these three shall be accepted as final and binding upon the Landlord and Tenant. All costs and expenses of said appraisers shall be borne in equal shares by the Landlord and the Tenant, except the said costs and expenses shall be borne by the party requesting this appraisal procedure if the figure thus determined is within ten (10%) percent of the figures proffered in writing by the other party prior to commencing selection of the appraisers. If Landlord or the Tenant shall fail to select an appraiser in accordance with the provisions hereof and such failure shall continue for a period of twenty (20) days after written notice thereof by either to the last day other, then in that event the appraisers selected by the party selecting an appraiser shall alone determine the fair market value and the costs of such appraisal shall be paid in equal shares by the First Additional Term.Landlord and the Tenant. ARTICLE XXXIX ------------- 39.1 SECOND
Appears in 1 contract
FIRST OPTION TO EXTEND. On the condition that Tenant is not in default of its covenants and obligations under this Lease (beyond applicable notice and cure periods) both at the time of option exercise and as of the commencement of the hereinafter described additional term, Tenant Sublessee shall have the option (“Tenant’s First Extension Option”) to extend the Term for an additional term one (1) period of five approximately three (53) years from January 1, 2008 to and including January 11, 2011 (herein referred to as the “First Additional Extended Term”), said First Additional Term . This option is referred to commence immediately after 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 Tenant desires 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 extend Sublessee and may not be exercised by any assignee or subtenant (other than a Permitted Transferee). Sublessee may not exercise the Term as aforesaid, it shall give Extension Option if on the date of such notice thereof Sublessee is in default (the “First Extension Notice”after any required notice and expiration of any applicable cure period) to Landlord no later than one hundred twenty under this Sublease. If Sublessee becomes in default (120after any required notice and expiration of any applicable cure period) days prior to the end under this Sublease after exercise of the initial Term. If Tenant fails timely to give such noticeExtension Option, then Tenant shall have no right to extend but before the Term (time being commencement of the essence with respect First Extended Term, Sublessor may, in its sole discretion and in addition to exercise of Tenant’s First Extension Option). Upon the timely giving of its other remedies under this Lease, elect to terminate such noticeextension by notice in writing to Sublessee, whereupon the Term shall expire without any such extension. Upon such exercise, the parties shall be deemed extended upon obligated under all of the same terms and conditions of this LeaseLease through the First Extended Term, except that (i) Sublessor shall have no obligation to alter the Annual 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 said the First Additional Extended Term shall be at the rate of $15.00 per rentable square foot NNN per year for Year 1 of the First Additional Term with said Base Rent increasing annually by the greater of CPI-U Boston or 2.5%. The First Additional Term Annual Base Rent shall be payable as set forth in equal monthly installments in advance on or before the first day of each calendar month during the First Additional Term. Notwithstanding the fact that Tenant’s exercise of the herein option to extend the Term shall be self-executing, as aforesaid, upon the request of Landlord, Tenant shall promptly execute a lease amendment reflecting said First Additional Term and the First Additional Term Annual Base Rent and annual escalations thereof after Tenant exercises the herein option. Upon Tenant’s exercise of Tenant’s First Extension Option, the word “Term” wherever it appears in this Lease shall include the First Additional Term and the phrase “Expiration Date” shall be changed to the last day of the First Additional TermSection 5(a).
Appears in 1 contract
Samples: Sublease (Eden Bioscience Corp)
