Grant of Option; Conditions. Tenant shall have a continuing right of first offer (the “Right of First Offer”) with respect to the following space in the Office Section:
(i) Commencing on the date hereof, all space in Tower IV other than on the first floor;
(ii) Commencing on the date hereof, any space in Tower Ill that is contiguous to the then Premises, whether on a floor above or below the Premises (including SSB Expansion Space and Early Expansion Space not added under Section 41.01 and any expansion space under Section 41.02) or on the same floor as a portion of the Premises, but in Tower Ill;
(iii) Commencing July 1, 2019, any space in Tower I, but subject to the rights, existing as of the date of this Lease, of other tenants of the Building. Any such space that becomes available as hereinafter described is referred to herein as the “Offering Space”. If during the Term Landlord determines (in Landlord’s sole judgment) that Offering Space is available to lease to a third party other than the existing tenant or licensee of the Offering Space, then Landlord shall so advise Tenant (the “Advice”). Tenant may lease such Offering Space in its entirety only, under the applicable terms described below, by delivering written notice of exercise to Landlord (the “Notice of Exercise”) within ten business (10) days after the date of the Advice. In any event, Tenant’s delivery of a Notice of Exercise shall be deemed to be the irrevocable exercise by Tenant of its Right of First Offer subject to and in accordance with the provisions of this ARTICLE 43. Any reference to the Advice below shall be a reference to the Advice with respect to which a Notice of Exercise was given. Notwithstanding the foregoing, Tenant shall have no such Right of First Offer and Landlord need not provide Tenant with an Advice, if:
(a) A material default is then continuing at the time that Landlord would otherwise deliver the Advice; or
(b) Tenant herein named (or a transferee pursuant to a Related Party Transfer, as defined in ARTICLE 17 of this Lease) is not in occupancy of at least 70% of the Premises initially leased at the time Landlord would otherwise deliver the Advice; or
(c) This Lease has been assigned (other than pursuant to a Related Party Transfer) prior to the date Landlord would otherwise deliver the Advice.
Grant of Option; Conditions. Tenant shall have the right (the “Extension Option”) to extend the term of the Lease for one (1) additional period of three (3) years beginning on the Modified Expiration Date and ending on the 3rd anniversary of the Modified Expiration Date (the “Extension Term”), if:
(a) not less than 12 and not more than 15 full calendar months before the Modified Expiration Date. Tenant delivers written notice to Landlord (the “Extension Notice”) electing to exercise the Extension Option and stating Tenant’s estimate of the Prevailing Market (defined in Section 7.5 below) rate for the Extension Term;
(b) no Default exists when Tenant delivers the Extension Notice;
(c) no part of the Premises is sublet (other than to an Affiliate of Tenant) when Tenant delivers the Extension Notice; and
(d) the Lease has not been assigned (other than pursuant to a Permitted Transfer) before Tenant delivers the Extension Notice.
Grant of Option; Conditions. Tenant shall have the right to extend the First Extension Term (the "SECOND EXTENSION OPTION") with respect to the entire Premises only for one additional period of 5 years commencing on the day following the Termination Date of the First Extension Term and ending on the 5th anniversary of the Termination Date of the First Extension Term (the "SECOND EXTENSION TERM"), if:
A. Landlord receives notice of exercise ("SECOND INITIAL EXTENSION NOTICE") not less than 12 full calendar months prior to the expiration of the First Extension Term and not more than 15 full calendar months prior to the expiration of the First Extension Term; and
B. Tenant is not in Default under the Lease beyond any applicable cure periods at the time that Tenant delivers its Second Initial Extension Notice or at the time Tenant delivers its Second Binding Notice (as defined below); and
C. No more than 25% of the Office Space (in the aggregate) and no more than 25% of the Lab Space (in the aggregate) is sublet (other than pursuant to a Permitted Transfer, as defined in Section 11 of the Lease) at the time that Tenant delivers its Second Initial Extension Notice or at the time Tenant delivers its Second Binding Notice, provided, however, and notwithstanding anything to the contrary in the foregoing contained, if 7 more than 25% of either the Office Space or the Lab Space, but not both, is sublet (other than pursuant to a Permitted Transfer), Tenant's Second Extension Option shall still be available with respect to whichever of the Office Space or the Lab Space is subject to subleases of 25% or less of its space. Thus, for example, if 35% of the Lab Space is sublet (other than pursuant to a Permitted Transfer), but only 20% of the Office Space is sublet, Tenant's Second Extension Option shall not apply to the Lab Space, but Tenant's Second Extension Option shall apply to the Office Space. In the event more than 25% of the Office Space and more than 25% of the Lab Space is sublet (other than pursuant to a Permitted Transfer), then Tenant's Second Extension Option shall not be available with respect to either the Office Space or the Lab Space; and; and
D. The Lease has not been assigned (other than pursuant to a Permitted Transfer, as defined in Section 11 of the Lease) prior to the date that Tenant delivers its Second Initial Extension Notice or prior to the date Tenant delivers its Second Binding Notice;
E. Tenant has exercised its First Extension Option in accordance with Section 3 of th...
Grant of Option; Conditions. Tenant shall have the right to extend the Term (the “Renewal Option”) for one additional period of 5 years commencing on the day following the Second Extended Termination Date and ending on the 5th anniversary of the Second Extended Termination Date (the “Renewal Term”), if:
A. Landlord receives notice of exercise (“Initial Renewal Notice”) not earlier than May 31, 2021 and not later than August 31, 2021; and
B. Tenant is not in Default under the Lease, as amended, beyond any applicable cure periods at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Notice (as defined below); and
C. No more than 50% of the Premises is sublet (other than pursuant to a Permitted Transfer, as defined in the Lease) at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Notice;
D. The Lease has not been assigned (other than pursuant to a Permitted Transfer) prior to the date that Tenant delivers its Initial Renewal Notice or prior to the date Tenant delivers its Binding Notice.
Grant of Option; Conditions. Tenant shall have the right (the “Extension Option”) to extend the Term for one (1) additional period of five (5) years beginning on the day immediately following the expiration date of the Lease and ending on the fifth anniversary of such expiration date (the “Extension Term”), if:
(a) not less than 9 and not more than 12 full calendar months before the expiration date of the Lease, Tenant delivers written notice to Landlord (the “Extension Notice”) electing to exercise the Extension Option;
(b) no Default exists when Tenant delivers the Extension Notice;
(c) no part of the Premises is sublet when Tenant delivers the Extension Notice; and
(d) the Lease has not been assigned before Tenant delivers the Extension Notice.
Grant of Option; Conditions. Tenant shall have the right (the “Extension Option”) to extend the Term for one additional period of two (2) years commencing on the day following the Expiration Date and ending on the second anniversary of the Expiration Date (the “Extension Term”), if:
A. Not less than 9 and not more than 12 full calendar months before the Expiration Date, Tenant delivers written notice to Landlord (the “Extension Notice’) electing to exercise the Extension Option and stating Tenant’s estimate of the Prevailing Market (defined in Section 2.5 below) rate for the Extension Term;
B. Tenant is not in default under the Lease beyond any applicable one period when Tenant delivers the Extension Notice;
C. No part of the Premises is sublet (other than to an Affiliate of Tenant) when Tenant delivers the Extension Notice and
D. The Lease has not been assigned before Tenant delivers the Extension Notice.
Grant of Option; Conditions. Tenant shall have the right to extend the Term (the “Renewal Option”) for one additional period of 3 years commencing on July 1, 2008 and ending on June 30, 2011 (the “Renewal Term”), if:
(a) Landlord receives notice of exercise (“Initial Renewal Notice”) not later than June 30, 2007, and not earlier than April 1, 2007; and
(b) Tenant is not in default under the Lease beyond any applicable cure periods at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Notice (as defined below); and
(c) No part of the Premises is sublet (other than pursuant to a Permitted Transfer, as defined in Article 11 of the Lease) at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Notice; and
(d) The Lease has not been assigned (other than pursuant to a Permitted Transfer, as defined in Article 11 of the Lease) prior to the date that Tenant delivers its Initial Renewal Notice or prior to the date Tenant delivers its Binding Notice.
Grant of Option; Conditions. Tenant shall have the right (the “Second Extension Option”) to extend the Term for one (1) additional period of five (5) years beginning on the day immediately following the last day of the First Extension Term and ending on the fifth anniversary of such date (the “Second Extension Term”), if:
(a) not less than 9 and not more than 12 full calendar months before the expiration of the First Extension Term, Tenant delivers written notice to Landlord (the “Second Extension Notice”) electing to exercise the Second Extension Option;
(b) no Default exists when Tenant delivers the Second Extension Notice;
(c) no more than 25% of the Premises is sublet (other than to an Affiliate) when Tenant delivers the Second Extension Notice; and
(d) the Lease has not been assigned (other than pursuant to a Permitted Transfer) before Tenant delivers the Second Extension Notice; and
(e) Tenant exercised the First Extension Option.
Grant of Option; Conditions. Tenant shall have the right (the “Extension Option”) to extend the Term for one additional period of three (3) years commencing on the day following the Expiration Date and ending on the third anniversary of the Expiration Date (the “Extension Term”), if:
A. Not less than 9 and not more than 12 full calendar months before the Expiration Date, Tenant delivers written notice to Landlord (the “Extension Notice”) electing to exercise the Extension Option and stating Tenant’s estimate of the Prevailing Market (defined in Section 3.5 below) rate for the Extension Term;
B. Tenant is not in default under the Lease beyond any applicable cure period when Tenant delivers the Extension Notice;
C. No part of the Premises is sublet when Tenant delivers the Extension Notice; and
D. The Lease has not been assigned (other than pursuant to a Permitted Transfer) before Tenant delivers the Extension Notice.
Grant of Option; Conditions. Tenant shall have the right to extend the Term (the “Extension Option”) for one (1) additional period of five (5) years, commencing on October 1, 2019, and ending on September 30, 2024 (the “Fourth Extended Term”), if:”
