Common use of Grant of Extension Option Clause in Contracts

Grant of Extension Option. Subject to the terms and conditions set forth in this Paragraph 57, Landlord hereby grants Tenant two (2) successive options (each, an “Extension Option”) to extend the Term of this Lease for an additional period of five (5) years (the “Extension Term”). (i) An Extension Option may be exercised only by Tenant giving Landlord irrevocable and unconditional written notice (the “Option Notice”) thereof not less than two hundred seventy (270) days or more than three hundred sixty-five (365) days prior to the date on which the Extension Term will commence, the time of such exercise being of the essence. The Option Notice must be given as provided in Paragraph 33 above. (ii) An Extension Option shall be exercised, if at all, only with respect to the entire Premises. (iii) Tenant’s possession of the Premises during an Extension Term shall be upon all of the terms and conditions contained in this Lease, except as follows: (A) The Base Rent payable during the Extension Term shall be the Prevailing Market Rate (as defined below) of the Premises as of the commencement of the Extension Term. (B) If the second Extension Option is exercised, then there shall be no further extension options. (C) Tenant shall accept the Premises during an Extension Term in their then existing condition, without any obligation of Landlord to re-paint, re-carpet, remodel, or otherwise alter the Premises, or to provide a tenant improvement allowance. (D) During an Extension Term, the Base Year respecting the Premises shall be adjusted to the calendar year in which the Extension Term commences.

Grant of Extension Option. Subject So long as this Lease is in full force and effect; no Default has occurred during the twelve (12) month period prior to Landlord’s receipt of a Preliminary Notice, defined below; and no Default exists, either at the terms and conditions time of the exercise of the option set forth in this Paragraph 57herein or at the commencement of the applicable extension term set forth herein, Landlord Tenant is hereby grants Tenant two granted one (21) successive options option (each, an the “Extension Option”) to extend the Term of this Lease for an additional successive period of five thirty six (536) years additional months (the “Extension Term”). (i) An Extension Option may be exercised only by Tenant giving Landlord irrevocable and unconditional written notice (the “Option Notice”) thereof not less than two hundred seventy (270) days or more than three hundred sixty-five (365) days prior to the date on which , with the Extension Term will commence, to commence at the time of such exercise being expiration of the essenceinitial Term of the Lease. The Option Notice must be given as provided in Paragraph 33 above. (ii) An Extension Option shall be exercisedsubject and subordinate to any right of expansion, if at all, only with respect to the entire Premises. (iii) Tenant’s possession offer or refusal in existence as of the date this Lease is entered into by Landlord in favor of any other tenant in the Building which would permit such other tenant to acquire an interest in the Premises during an Extension after the expiration of the then current Term of the Lease. The extension of this Lease shall be upon all of the same terms and conditions contained in of this Lease, except as follows: except: (Ai) The the Base Rent payable and Base Rent Adjustment applicable during the Extension Term shall be determined as set forth below; (ii) Tenant shall have no option to extend this Lease beyond the Prevailing Market Rate (as defined below) of the Premises as of the commencement expiration of the Extension Term. ; (B) If the second Extension Option is exercised, then there shall be no further extension options. (Ciii) Tenant shall accept not have the right to assign its extension rights to any subtenant of the Premises during an or assignee of the Lease, nor may any such subtenant or assignee exercise or enjoy the benefit of the Extension Term Option; and (iv) the leasehold improvements will be provided in their then existing condition, without any obligation of Landlord to re-paint, re-carpet, remodel, or otherwise alter condition at the Premises, or to provide a tenant improvement allowance. (D) During an Extension Term, the Base Year respecting the Premises shall be adjusted to the calendar year in which time the Extension Term commences.

Grant of Extension Option. Subject to the terms and conditions set forth in this Paragraph 57Xxxxxxxxx 00, Landlord Xxxxxxxx hereby grants Tenant two an option (2) successive options (each, an the “Extension Option”) to extend the Term of this Lease for an additional period of five (5) years commencing on the date immediately following the Expiration Date (the “Extension Term”). (i) An The Extension Option may be exercised only by Tenant giving Landlord irrevocable and unconditional written notice (the “Option Notice”) thereof not less than two hundred seventy (270) days or more than three hundred sixty-five (365) days prior to the date on which the Extension Term will commence, the time of such exercise being of the essence. The Option Notice must be given as provided in Paragraph 33 above. (ii) An The Extension Option shall be exercised, if at all, only with respect to the entire Premises. (iii) Tenant’s 's possession of the Premises during an the Extension Term shall be upon all of the terms and conditions contained in this Lease, except as follows: (A) The Base Rent payable during the Extension Term shall be the Prevailing Market Rate (as defined below) of the Premises as of the commencement of the Extension Term. (B) If the second Extension Option is exercised, then there There shall be no further extension options. (C) Tenant shall accept the Premises during an the Extension Term in their its then existing condition, without any obligation of Landlord to re-paint, re-carpet, remodel, or otherwise alter the interior of the Premises, or to provide a tenant improvement allowance. (D) During an the Extension Term, the Tenant shall pay as Additional Rent increases in Operating Expenses and Taxes over a Base Year respecting the Premises shall be adjusted to the calendar year in which the Extension Term commencesof 2027.