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. 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 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. Tenant shall have the option (hereinafter referred to as the "First Renewal Option") to renew the Initial Term for all of the Premises as of the expiration date of the Initial Term, for one (1) additional period of five (5) years (hereinafter referred to as the "First Renewal Term") upon the following terms and conditions:
A. Tenant gives Landlord written notice of its exercise of the Renewal Option at least twelve (12) months prior to the expiration of the First Renewal Term.
B. An Event of Default has not occurred and is continuing either on the date Tenant delivers the notice required under subparagraph 32.1A. above or at any time thereafter prior to the commencement of the First Renewal Term.
C. All of the terms and provisions of this Lease (except this Section 32.1) shall be applicable to the First Renewal Term, except that Base Rent for the First Renewal Term shall be determined as follows: Base Rent for the First Renewal Term shall be equal to the greater of: (i) one hundred percent (100%) of the Base Rent and Addition Rent, if any, for the last year of the Initial Term, or (ii) Landlord's determination of the Fair Value (as hereinafter defined). For purposes of this Lease, "Fair Value" shall mean Landlord's determination, utilizing its reasonable judgment, of an annual amount per rentable square foot for each year of the First Renewal Term for which Fair Value is being determined beginning with the first (1st) day of the subject period that a willing, creditworthy, new non-equity tenant leasing comparable space to Tenant's would pay and a willing, comparable landlord of an industrial building comparable to the Building in the Chicago metropolitan area (hereinafter referred to as the "Market") would accept at arm's length, giving appropriate consideration to annual rental rate per rentable square foot, rental escalations, length of lease term, size and location of the premises being leased, and other generally applicable terms and conditions prevailing for comparable space in comparable buildings located in the Market. In determining Fair Value, the parties shall not consider improvements installed by Tenant at Tenant's sole cost and expense. Tenant shall notify Landlord within ten (10) days after receipt of notice of Landlord's determination of Fair Value whether or not Tenant disagrees with Landlord's determination. If Tenant agrees with Landlord's determination, Base Rent for the First Renewal Term shall be the amount determined by Landlord. If T...
First Renewal Option. A. Tenant shall have the right to extend the Term (the "First Renewal Option") for one additional period of 5 years commencing on the day following the Termination Date of the initial Term and ending on the 5th anniversary of the Termination Date (the "First Renewal Term"), if:
1. Landlord receives notice of exercise of the First Renewal Option ("Initial First Renewal Notice") on or before to the last day of the 105th full calendar month following the Commencement Date; and
2. Tenant is not in default under the Lease beyond any applicable notice and cure periods at the time that Tenant delivers its Initial First Renewal Notice or at the time Tenant delivers its First Binding Notice (hereinafter defined); and
3. No more than thirty percent (30%) of the Premises is sublet (except in connection with a Permitted Transfer) at the time that Tenant delivers its Initial First Renewal Notice or at the time Tenant delivers its First Binding Notice; and
4. The Lease has not been assigned (except in connection with a Permitted Transfer) prior to the date that Tenant delivers its Initial First Renewal Notice or prior to the date Tenant delivers its First Binding Notice.
B. The initial Base Rent rate per rentable square foot for the Premises during the First Renewal Term shall equal the Prevailing Market (hereinafter defined) rate per rentable square foot for the Premises.
C. Tenant shall pay Additional Rent (i.
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.
First Renewal Option. The Base Rent for the first renewal option (the “First Renewal Option”) shall be at $17.00 per rentable square foot (i.e. $ 83,796.67 per month). Tenant shall deliver written notice to Landlord of Tenant’s intent to exercise the First Renewal Option granted herein (the “First Renewal Notice”) no less than nine (9) months prior to the expiration of the Original Term of this Lease. Upon Landlord’s receipt of the First Renewal Notice, Landlord shall lease to Tenant the Premises for an extended renewal term (the “First Renewal Term”) of sixty (60) months in the then-current “AS IS WHERE IS” with all faults condition, and Landlord shall not provide to Tenant any allowances or other tenant inducements in association with the First Renewal Term. All Expense Stops during the First Renewal Term shall remain those amounts as defined in Section 2.3 of the Lease.
First Renewal Option. Tenant shall have the option to renew ("First Renewal") this Lease for one additional term of five (5) years ("First Renewal Term"), commencing upon the expiration of the Original Term of this Lease, on the condition that Tenant is not in default (after expiration of any applicable cure period) under this Lease at the time Tenant gives notice of exercise of its First Renewal option or at the time of commencement of the First Renewal Term. The First Renewal shall be on all of the terms, covenants and conditions of this Lease, except (i) there shall be no Construction Allowance, Partial Termination Option (hereinafter defined) Termination Option (hereinafter defined), (ii) the annual Base Rent for the Premises during the First Renewal Term shall be ninety-five percent (95%) of the Fair Market Rental Rate ("FMRR") as defined in subparagraph 30(c) below, at the time the First Renewal Term begins, and (iii) the Operating Expense Base Amount and the Tax Base Amount shall each be the Calendar Year in which the First Renewal Term commences. Tenant's First Renewal option may be exercised only by Tenant giving Landlord written notice of Tenant's election to exercise such option, at least nine (9) months prior to the end of the Original Term, time being of the essence with respect to such notice.
First Renewal Option. (a) If TENANT is not then in default, TENANT shall have the option to extend the Lease for an additional term of five (5) years by giving written notice to OWNER as required by Paragraph 18. The rental rate for the renewal period will be increased annually on the anniversary of the Commencement Date by the greater of the percentage increase in the Consumer Price Index during the previous twelve-month period or 2.5% per year, but not to exceed 5% per year, plus applicable sales tax.
(b) In order to exercise this option, TENANT must give OWNER written notice One hundred eighty days (180) days prior to the expiration date of Lease Term.
(c) All other terms and conditions of this Lease Agreement shall be and remain in full force and effect during any extension of the Lease Agreement.
First Renewal Option. Prior to December 31, 2017, Customer shall have the option (the “First Renewal Option”) in its sole discretion to extend each of the Print and Mail Term and the Processing Term for two (2) years through December 31, 2019 (the “First Renewal Period”) with written notice to CSG ** **** **, **** **** “***** ******* ********”*.
