FIRST OPTION TO RENEW. Tenant is hereby granted the option to renew this Lease for a First Renewal Term for each Facility, which option shall be exercised by Notice to Landlord at least one hundred eighty (180) days, but not more than three hundred sixty (360) days, before the Expiration Date for such Facility specified in Exhibit B hereto; provided, however, that no Event of Default exists either on the date on which Tenant gives such Notice to Landlord or on the applicable Expiration Date. During the First Renewal Term, all of the terms and conditions of this Lease shall remain in full force and effect.
FIRST OPTION TO RENEW. Provided Tenant is not then in material default under this Lease or the Offer to Lease, Landlord will, at the expiration of the Term and on the written request of Tenant delivered not later than 6 months and not earlier than 18 months before the expiration of the Term, grant Tenant one option to renew (the “First Option”) for a further 5 years (the “First Extended Term”). Tenant’s failure to exercise this option within the time period specified shall render both the First Option and the Second Option (as defined In Section 14.3) null and void and incapable of further exercise. If Tenant exercises the First Option within the time specified, then:
(a) all conditions in this Lease shall remain the same during the First Extended Term except for Annual Rent, Landlord’s contribution to the cost of Leasehold Improvements as set out in the Offer to Lease, and the First Option; and
(b) the Annual Rent during each year of the First Extended Term shall be the effective fair market rent for the Premises as of the commencement of the First Extended Term, when compared to premises of similar size, quality and location in office buildings of a similar size, quality and location In the Greater Vancouver Regional District (but excluding any consideration for the Special Tenant Improvements). The effective fair market rent referred to above shall be determined by mutual agreement of the parties, or, failing agreement thereon prior to the date two months before the conclusion of the Term, by arbitration under the Commercial Arbitration Act of British Columbia. if the matter is being determined by arbitration but has not been determined at the commencement of the First Extended Term, Tenant shall continue to pay, when due, the instalments of Annual Rent payable during the last year of the Term, together with all other payments which comprise Rent, and Tenant shall pay the deficiency or Landlord shall credit the excess (if any) without interest within 10 days of the adjusted Annual Rent being agreed or determined.
FIRST OPTION TO RENEW. 1 1.5 Second Option to Renew..........................................2 1.6 Other Conditions of Renewal.....................................2
FIRST OPTION TO RENEW. 51 18.2 SECOND OPTION TO RENEW. .................................51
FIRST OPTION TO RENEW. Lessee is hereby granted the option to renew this Lease for the First Renewal Term, which option is exercisable by written Notice to Lessor at least one hundred eighty (180) days, but not more than three hundred sixty (360) days, prior to the Expiration Date; provided, however, that no Event of Default exists either on the date on which Lessee gives such Notice to Lessor or on the Expiration Date. During the First Renewal Term, all of the terms and conditions of this Lease shall remain in full force and effect.
FIRST OPTION TO RENEW. 2 SECTION 9. SECOND OPTION TO RENEW...........................................3
FIRST OPTION TO RENEW. Provided Tenant/Purchaser is not at the time of exercise and, prior to the expiration of the applicable Lease term will not be in default under this Lease and has not been in default of the Lease during the expiring Term, Tenant/Purchaser shall have an option to renew this Lease for a renewal term of five (5) years. This option may be exercised only by Tenant/Purchaser upon written notice to Landlord/Seller not less than six (6) months prior to the expiration of the initial Term. The terms and conditions of the first renewal term of the exercised option shall be the same as those in this Lease except only as hereinafter provided. Rent during the first renewal term shall be as follows Lease Year Annual Monthly ---------- ------ -------
FIRST OPTION TO RENEW. Provided that the Tenant is not in default with respect to any of the terms or conditions of this Lease, the Tenant shall an option to renew this Lease for an additional period of five (5) years upon the same terms and conditions as set forth herein except that the Fixed Minimum Annual Base Rent for each year of the first option term shall be as follows: First Year of 1st Option Term: $ 173,880.18 ($ 14,490.02/mo) Second Year of 1st Option Term: $ 179,096.59 ($ 14,924.72/mo) Third Year of 1st Option Term: $ 184,469.49 ($ 15,372.48/mo) Fourth Year of 1st Option Term: $ 190,003.57 ($ 15,833.63/mo) Fifth Year of 1st Option Term: $ 195,703.68 ($ 16,308.64/mo) To exercise this right to renew, Tenant must give written notice to Landlord hand delivered or overnight mail no later than eight (8) months prior to the expiration of the initial Lease term. Failure to provide the proper notice in a timely fashion may be deemed a waiver of the right to renew. If Tenant remains in possession of the premises after the end of the original term without having given notice, Tenant will be deemed to have exercised its first option to renew the Lease.
FIRST OPTION TO RENEW. Provided Licensee is not then in breach of this --------------------- Agreement, Licensee will have the option to extend the Initial Term for an additional, fixed 60 month period ("First Renewal Term"). The fees that will apply during the First Renewal Term will be as set forth in Exhibit 1. Notice of Licensee's election so to extend must be given to OSI not less than three months before the end of the Initial Term.
FIRST OPTION TO RENEW. (A) The Lessor covenants with the Lessee that if the Lessee duly and regularly pays the Rent and any and all amounts required to be paid pursuant to this Lease and performs each and every covenant, proviso and agreement on the part of the Lessee to be paid, rendered, observed and performed herein, the Lessor will at the expiration of the term on written notice by the Lessee to the Lessor given by the Lessee not less than Six (6) Months prior to the expiration of the Term, grant to the Lessee a Thirty (30) Month renewal of Lease of the Leased premises (the "First Renewal Term" on the same general terms and conditions as in the Lease then, at the commencement of the Renewal Term, being used by the Lessor for the Building.
(B) The Rent for the First Option to Renew shall be paid according to the following schedule: $20,038.00 Per Month - September, 2002 through August, 2003 $20,739.00 Per Month - September, 2003 through August, 2004 $21,465.00 Per Month - September, 2004 through August, 2005
