First Renewal Option Clause Samples
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First Renewal Option. Subtenant is hereby granted the option to extend the Term of this Sublease, with respect to all of the Sublet Premises as then constituted, in “as-is” condition, for one (1) consecutive additional period of one (1) year commencing on the day following the Sublease Termination Date (the “First Renewal Term”), on the following terms and conditions:
(i) No Event of Default shall exist, either at the time of Subtenant’s giving of its renewal notice to Sublandlord or at the commencement of the First Renewal Term (unless Sublandlord elects, in its sole discretion, to waive such condition);
(ii) Sublandlord shall have made a good faith determination that Subtenant remains creditworthy;
(iii) Subtenant shall not have previously assigned this Sublease or sublet all or any portion of the Sublet Premises (except to a Related Party, as hereinafter defined);
(iv) Subtenant shall have delivered to Sublandlord written notice of Subtenant’s election to exercise this option (the “First Renewal Notice”) not less than 240 days nor more than 395 days prior to the Sublease Termination Date (time being of the essence, and Subtenant’s failure to timely deliver such renewal notice being agreed to constitute Subtenant’s irrevocable waiver of this renewal option); and
(v) all Sublease terms for the First Renewal Term shall be the same as specified for the initial Term of this Sublease, except that (a) there shall be no further option to renew or extend the Term of this Sublease except as provided under Section 1.3 hereof, (b) there shall be no allowances or inducements payable by Sublandlord during the First Renewal Term, and (c) Base Rent payable during the First Renewal Term shall be agreed upon by the parties in good faith negotiations commencing with reasonable promptness after Sublandlord’s receipt of the First Renewal Notice; provided, however, that if the parties have not agreed in writing as to the rate or rates of Base Rent that will be payable during the First Renewal Term within ninety (90) days after Sublandlord’s receipt of the First Renewal Notice, then Sublandlord may terminate such negotiations by written notice delivered to Subtenant on or after that date and prior to the parties’ execution of such written agreement confirming the Base Rent, whereupon Subtenant’s election to extend the Term for the First Renewal Term shall be null and void and the Term shall expire on the Sublease Termination Date.
First Renewal Option. If Tenant shall not be in default under any term, covenant and condition of this Lease on the part of Tenant to be performed beyond any applicable grace period after notice, Tenant may by notice in writing given to Landlord at least six (6) months before the Expiration Date (the "First Option Exercise Date") renew and extend this Lease for the further term of five (5) years (the "First Renewal Option Term") for the entire Demised Premises at Tenant's option according to the terms and conditions of this Lease, as amended hereunder, with Fixed Rent at the fair market Fixed Rent for the Demised Premises at the beginning of the First Renewal Option Term, plus additional rent as provided in this Lease for the Demised Premises.
First Renewal Option. 2.01 Tenant shall have the right to extend the Term (the "First Renewal Option") for one additional period of 6 months commencing on the day following the Termination Date of the initial Term and ending on the last day of the 6th month following the Termination Date (the "First Renewal Term"), if:
a. Landlord receives notice of exercise of the First Renewal Option ("First Renewal Notice") not less than 3 full calendar months prior to the expiration of the initial Term; and
b. Tenant is not in Default under the Lease beyond any applicable cure periods at the time that Tenant delivers its First Renewal Notice; and
c. No part of the Premises is sublet (other than pursuant to a Business Transfer, as defined in Article 11 of the Lease) at the time that Tenant delivers its First Renewal Notice; and
d. The Lease has not been assigned (other than pursuant to a Business Transfer, as defined in Article 11 of the Lease) prior to the date that Tenant delivers its First Renewal Notice; and
2.02 During the First Renewal Term and Second Renewal Term (defined below), the Premises, as defined in the Lease, is increased from 3,401 rentable square feet on the 5th floor to 4,401 rentable square feet on the 5th floor by the addition of 1,000 rentable square feet (the "Additional Space"), and from and after the commencement of the First Renewal Term, the Premises and the Additional Space, collectively, shall be deemed the Premises, as defined in the Lease. The Additional Space is subject to all the terms and conditions of the Lease except as expressly modified herein. During the First Renewal Term, Tenant's Pro Rata Share for the entire Premises shall be amended from 1.3051% to 1.6889%.
2.03 The Base Rent rate per rentable square foot for the Premises during the First Renewal Term shall be as follows: 01 - 06 $36.00 $158,436.00 $13,203.00 Base Rent during the First Renewal Term shall be payable in accordance with the terms and conditions of Section 4 of the Lease.
First Renewal Option. Tenant, at its option, may extend the Term of this Lease for a period (“First Extended Term”), commencing on February 1, 2008 for up to three months as indicated below. The option for such extension may be exercised by Tenant giving up to two written notices (the “Written Notices”) thereof to Landlord, the first of which shall be delivered not later than February 23, 2007, provided that at the time of either notice Tenant shall not be in Default in the performance of any of the terms and provisions of this Lease beyond any applicable grace periods. The first Written Notice shall extend the Lease by one month and 15 days (to March 15, 2008). The second Written Notice shall extend the Lease by an additional one month and 15 days (to April 30, 2008), provided that no second Written Notice may be delivered after March 30, 2007 or if the first Written Notice was not timely delivered. The length of the First Extended Term shall be three months if both Written Notices are timely delivered and shall be one month and 15 days if only the First Written Notice is timely delivered. The First Extended Term shall be on like terms, covenants, agreements, provisions, conditions and limitations as are contained herein, except that the rental payable by Tenant during the First Extended Term shall be equal to $212,866.50 per month ($42.00 x 60,819 / 12) for the Premises, other than the Storage Space (the Premises less the Storage Space is the “Office Space”), plus $3,230 per month ($21.00 x 1,846 /12) for the Storage Space.
First Renewal Option. Provided (i) Tenant is not in default beyond any applicable grace or cure period as of the date of exercise of the First Renewal Option (as hereinafter defined) nor at the date of the commencement of the First Renewal Option; and (ii) Tenant has not sublet any part of the Premises or assigned any part of the Lease (except for assignments or subleases permitted under the Lease without Landlord’s consent), Tenant shall have the right to renew the term of the Lease for one period of five (5) years (“First Renewal Option”), commencing September 1, 2023 (“First Renewal Commencement Date”) and expiring August 31, 2028. During the term of the First Renewal Option, Base Rent shall be at the following rates: [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] [***] Tenant shall exercise the First Renewal Option by furnishing Landlord written notice of Tenant’s exercise of the First Renewal Option (“First Renewal Notice”) by 5:00 p.m., Troy, Michigan time, on February 28, 2023. Landlord shall, within five (5) days of receipt of Tenant’s First Renewal Notice, deliver a Lease amendment solely documenting the new terms for the First Renewal Option as set forth above. Tenant shall promptly execute the amendment, thus confirming the exercise of the First Renewal Option. All of the other terms and conditions shall remain as provided in this Lease and Tenant shall occupy the Premises throughout the First Renewal Option in its then, as-is condition (subject to Landlord’s express obligations under the Lease). The First Renewal Option is personal to Tenant and shall not be assignable or transferable to any other party whatsoever.
First Renewal Option. Subject to the provisions of Section 2(d) hereof, upon notice given in the manner provided herein not less than one hundred twenty (120) days prior to the expiration of the Initial Term, the Executive may extend the Initial Term for an additional three (3) year period (the "First Renewal Term") upon the same terms and conditions (except the right to renew for three (3) years) as set forth herein except that the bonus provided for in Section 5(b) of this Agreement shall be 12.5% of the Company's annual pre-tax profits (as defined in Paragraph 5(b)(iii) hereof) during the First Renewal Term. The First Renewal Term shall terminate as of the close of business on the eighth (8th) anniversary of the Effective Date.
First Renewal Option. If TENANT is not then in default on this lease or any other commercial lease between the parties hereto, TENANT shall have the option to renew this lease for an additional term of ten (10) years, as follows:
First Renewal Option. 24 EXHIBITS: EXHIBIT A - LEGAL DESCRIPTION .........................................................26 EXHIBIT B - FLOOR PLAN ................................................................27 EXHIBIT C -INTENTIONALLY OMITTED EXHIBIT D - RULES AND REGULATIONS .....................................................29 EXHIBIT E-1 - TENANT ESTOPPEL CERTIFICATE .............................................33 EXHIBIT E-2 - LANDLORD ESTOPPEL CERTIFICATE ...........................................35 EXHIBIT F - TENANT CONSTRUCTION .......................................................37 EXHIBIT G - SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT .................................................................39 EXHIBIT H - LANDLORD'S LIEN WAIVER ....................................................46 INDUSTRIAL BUILDING LEASE THIS LEASE, is made and entered into on this 23rd day of July, 2001, between The Lincoln National Life Insurance Company, an Indiana corporation, ("Landlord") and iFulfillment, Inc., a Georgia corporation ("Tenant").
First Renewal Option. Seller and Buyer hereby agree to Seller’s exercise of the First Renewal Option on the date hereof and agree that, subject to payment of the Renewal Standby Fee, the Availability Period Renewal Conditions are deemed to have been satisfied. From and after the date hereof, the Availability Period Expiration Date shall be August 19, 2018, as such date may be further extended in accordance with Article 3(h)
First Renewal Option. Tenant may, by notifying Landlord of its election in writing at least nine (9) full calendar months prior to the end of the Lease Term, renew this Lease for the First Renewal Term. Such renewal shall be on all of the terms and conditions of this Lease which are not inconsistent with the terms of this Exhibit, except that the Base Rent payable beginning on the First Renewal Date and continuing through the end of the First Renewal Term shall be the Renewal Rate determined in accordance with Paragraph 4 and Paragraph 5 of this Exhibit.