Grant of Option to Lease Sample Clauses

Grant of Option to Lease. Landlord hereby grants to Tenant an option ------------------------ to lease all (but not less than all) that certain real property owned by Landlord and commonly known as 0000 Xxx Xxxxxxxxx Xxxxx, 0000 Xxx Xxxxxxxxx Xxxxx and 0000 Xxxxxxxxx Xxx, Xxxxx Xxxxx, Xxxxxxxxxx (collectively the "Option Parcels") on the terms and conditions set forth below. (a) The Option Parcels currently are subject to option granted by Landlord to IBM pursuant to existing leases (the "Existing Leases") to extend the term of the Existing Leases on the Option Parcels. Tenant's rights under this section are condition upon IBM not exercising its rights to extend the Existing Leases pursuant to IBM's option rights in the Existing Leases. If IBM properly exercises its rights to extend the term of the Existing Leases, this grant of option to lease the Option Parcels shall automatically terminate and be of no further force and effect. (b) If IBM fails to exercise its option to extend the term of the Existing Leases, Tenant's option rights shall commence on March 1, 1996 and shall terminate on May 15, 1996 at 5 o'clock p.m. (the "Option Term"). If Tenant fails to exercise its option during the Option Term, Tenant's option rights with regard to the Option Parcels shall automatically terminate and be of no further force and effect. (c) If the condition to Tenant's option rights hereunder is met, Tenant may exercise its option to lease the Option Parcels by, and only by, delivering to Landlord during the Option Term written notice of exercise of Tenant's option. Tenant shall bear the risk of delivery and the Tenant's option rights hereunder shall automatically terminate if Landlord does not receive Tenant's notice of exercise during the Option Term, notwithstanding that Tenant may have mailed, or otherwise attempted, to deliver a notice of exercise within the Option Term. (d) If Tenant properly exercises its option to lease Option Parcels, Tenant's occupancy of the option Parcels shall on substantially all the terms and conditions of the L Agreement (Single Tenant Industrial) for 0000 Xxx Xxxxxxxxx Xx Xxxxx Xxxxx, Xxxxxxxxxx (the "4600 Lease") , except as changed reflect the three building campus and other differences in properties and except for the following: (i) The term for each parcel shall commence on following (with the occupancy date for each occurring sequentially): For the first parcel, on the first to occur (a) the fifteenth (15th) day following vacation of such par by the curre...
Sample 1
Grant of Option to Lease. Provided that Optionee is not in material default of its obligations (i) under the Building 6 Lease or if in material default has received written notice of default from Optionor and such default has not been cured within the period provided for in the Building 6 Lease (provided, however, if a non-monetary default by Optionee under the Building 6 Lease cannot be cured, and if Optionor does not elect to terminate the Building 6 Lease as a result of such nonmonetary and non-curable default, Optionee may exercise the option provided for herein), or (ii) under any provision of this Agreement or if in material default has received written notice from Optionor of its intent to terminate this Agreement because of such default and Optionee has failed to cure a default in the payment of money within three (3) days after such notice or any other default within ten (10) days after such notice, and subject to the provisions of Article II, Optionor hereby grants to Optionee the exclusive right to lease that certain real property consisting of approximately 12.297 acres of land, more or less, located in the City of Milpitas, County of Santa Xxxxx, State of California, and contained within the area outlined in Green on "Exhibit A" attached hereto, and by reference made a part hereof (hereinafter referred to as "Option Property"), on which Optionee shall have the option to lease additional facilities from Optionor on the following terms and conditions: A. OPTION PROPERTY: Said Option Property, consisting of approximately 12.297 acres, more or less, shall consist of one (1) separate (but not legally subdivided) parcel of property, (APN 086-02-038) as shown on Exhibit "A", on which a building (Building 7) of approximately 208,096+/- square feet shall be constructed.
Sample 1
Grant of Option to Lease. Lessor hereby grants to Lessee the right and ------------------------ option (herein called the "Option") to lease from Lessor a maximum aggregate amount of approximately 114,000 rentable square feet (herein called the "Maximum Expansion Amount") of space in a building (herein called the "Building") to be constructed by Lessor on the Land of a quality and type consistent with the Other Building in accordance with the terms and conditions set forth herein. Lessor hereby represents and warrants to Lessee that Lessor owns fee simple title to the Land and that there exists no mortgage, deed to secure debt or ground lease encumbering the Land other than that certain deed to secure debt held by Lloyds Bank Plc. Lessor shall provide Lessee with a non-disturbance agreement from Lloyds Bank Plc meeting the requirements set forth in the other Lease, on or before the date that is thirty (30) days after such non-disturbance agreement has been delivered to Lloyds Bank Plc. 2.1 On or before the date (herein called the "Option Exercise Deadline") that is four and one-half (4 1/2) years after the Commencement Date (as defined in the other Lease), and provided that (i) Lessee is not in default under the terms of the Other Lease at the time of Lessee's exercise of the Option, (ii) Lessee is in possession of the "Premises" (as defined in the Other Lease), (iii) the Other Lease is then in full force and effect and (iv) Lessee has exercised the Option to Extend (as defined in the Other Lease) if so required under the terms of Section 2.5 hereof, Lessee shall have right to exercise the Option, on one or more occasions, by delivering written notice to Lessor of such exercise together with a specification of the amount of space Lessee desires to lease, which shall be in increments of at least 30,000 rentable square feet and shall be of such a configuration and design so that the remainder of the Land is, in Lessor's reasonable judgment, marketable for sale to third parties. 2.2 Lessor shall as quickly as reasonably possible after receipt of Lessee's notice of its exercise of the Option in accordance with Section 2.1 hereof, prepare preliminary drawings, plans, and specifications of the Building and the Premises, including, without limitation, landscaping. Lessor and Lessee shall cooperate in good faith to resolve any reasonable objections Lessee may have to such preliminary plans and specifications and to cause final Plans acceptable to Lessor and Lessee to be created within a re...
Sample 1

Related to Grant of Option to Lease

  • Option to Lease The Receiver hereby grants to the Assuming Institution an exclusive option for the period of ninety (90) days commencing the day after Bank Closing to cause the Receiver to assign to the Assuming Institution any or all leases for leased Bank Premises, if any, which have been continuously occupied by the Assuming Institution from Bank Closing to the date it elects to accept an assignment of the leases with respect thereto to the extent such leases can be assigned; provided, that the exercise of this option with respect to any lease must be as to all premises or other property subject to the lease. If an assignment cannot be made of any such leases, the Receiver may, in its discretion, enter into subleases with the Assuming Institution containing the same terms and conditions provided under such existing leases for such leased Bank Premises or other property. The Assuming Institution shall give notice to the Receiver within the option period of its election to accept or not to accept an assignment of any or all leases (or enter into subleases or new leases in lieu thereof). The Assuming Institution agrees to assume all leases assigned (or enter into subleases or new leases in lieu thereof) pursuant to this Section 4.6. If the Assuming Institution gives notice of its election not to accept an assignment of a lease for one or more of the leased Bank Premises within seven (7) days of Bank Closing, then, not withstanding any other provision of this Agreement to the contrary, the Assuming Institution shall not be liable for any of the costs or fees associated with appraisals for the Fixtures, Furniture and Equipment located on such leased Bank Premises.

  • Grant of Option The Corporation hereby grants to Optionee, as of the Grant Date, an option to purchase up to the number of Option Shares specified in the Grant Notice. The Option Shares shall be purchasable from time to time during the option term specified in Paragraph 2 at the Exercise Price.

  • 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 Options Pursuant to, and subject to, the terms and conditions set forth herein and in the Plan, the Company hereby grants to the Participant a NON-QUALIFIED STOCK OPTION (the “Option”) with respect to ___________ shares of Common Stock of the Company.

  • Option to Extend Lease Term Landlord hereby grants to Tenant one (1) option ("Option") to extend the Lease Term with respect to the Premises on the following terms and conditions: (a) The Option shall give Tenant the right to extend the Lease Term for an additional ten (10) years (the "Extended Term"); (b) Tenant shall give Landlord written notice of its exercise of the Option no later than one hundred eighty (180)days, nor earlier than three hundred sixty (360), prior to the Termination Date; (c) Tenant may not extend the Lease Term pursuant to this Section 3.4 if Tenant is in default in the performance of any of the terms and conditions of this Lease and/or the Other Lease, which default continues after the expiration of any grace period and the giving of any notice, as provided in Article 16 below or in the Other Lease. Any notice of exercise of the Option given by Tenant while Tenant is in default shall be of no force and effect. The period of exercise of the Option shall not be extended for any period in which Tenant is unable to exercise an Option by reason of Tenant's default. If Tenant is in default on the date that the Extended Term is to commence, then Landlord may elect to terminate this Lease pursuant to Section 16.2.1, notwithstanding any notice given by Tenant of the exercise of the Option. (d) All terms and conditions of this Lease shall apply during the Extended Term, except that Base Rent for the Extended Term shall be determined in accordance with Section 5.1.2 below; (e) Once Tenant delivers notice of its exercise of the Option, Tenant may not withdraw such exercise and, subject to the provisions of this Section 3.4, such notice shall operate to extend the Lease Term. Upon the extension of the Lease Term pursuant to this Section 3.4, the term "Lease Term" as used in this Lease shall thereafter include the Extended Term and the Termination Date shall be the expiration date of the Extended Term.

  • Assignment of Option Except as otherwise permitted by the Committee, the rights of the Optionee under the Plan and this Agreement are personal; no assignment or transfer of the Optionee’s rights under and interest in this Option may be made by the Optionee otherwise than by will, by beneficiary designation, by the laws of descent and distribution or by a qualified domestic relations order; and this Option is exercisable during his lifetime only by the Optionee, except as otherwise expressly provided in this Agreement. After the death of the Optionee, exercise of the Option shall be permitted only by the Optionee’s designated beneficiary or, in the absence of a designated beneficiary, the Optionee’s executor or the personal representative of the Optionee’s estate (or by his assignee, in the event of a permitted assignment) to the extent that the Option is exercisable on or after the date of the Optionee’s death, as set forth in Sections 2(a) and 3(d) hereof.

  • OPTION TO RENEW Provided Tenant is not, and has not been (more than two (2) times), in default under any of the terms and conditions contained herein, Tenant shall have two (2) additional consecutive five (5) year options to renew and extend the Rental Term as provided herein (“Option”). The Option shall only be exercised by Tenant delivering written notice thereof to Landlord no earlier than the date which is twelve (12) months prior to the expiration of the Rental Term and no later than the date which is nine (9) months prior to the expiration of the Rental Term (the “Option Notice”). The Base Monthly Rent during the first year of each extension periods shall be the lesser of: (i) the then current Fair Market Rate (as defined) for comparable space within the Project, and (ii) the Base Monthly Rent then in effect for the Leased Premises during the last month of the initial Rental Term (increasing each year thereafter by 3%, compounded). “Fair Market Rate” means the market rate for rent chargeable for the Leased Premises based upon the following factors applicable to the Leased Premises or any comparable premises: rent, escalation, term, size, expense stop, tenant allowance, existing tenant finishes, parking availability, and location and proximity to services. Within thirty (30) days of Option Notice, Tenant shall notify Landlord of Tenant’s option of Fair Market Rate for the applicable renewal period. If Landlord disagrees with Tenant’s opinion of the Fair Market Rate, Landlord shall notify Tenant of Landlord’s opinion of Fair Market Rate within fifteen (15) days after receipt of Tenant’s opinion of Fair Market Rate (“Landlord’s Value Notice”). If the parties are unable to resolve their differences within thirty (30) days thereafter, Landlord or Tenant, at its sole option, may terminate this Lease, effective as of the last day of the then-current Rental Term. Alternatively, Tenant and Landlord may mutually agree to submit the determination of Fair Market Rate to a “Market Assessment Process,” as provided in Exhibit “F” – Market Assessment Process.

  • Option to Purchase Subject to Section 3.5, the Receiver hereby grants to the Assuming Institution an exclusive option for the period of ninety (90) days commencing the day after Bank Closing to purchase any or all owned Bank Premises, including all Furniture, Fixtures and Equipment located on the Bank Premises. The Assuming Institution shall give written notice to the Receiver within the option period of its election to purchase or not to purchase any of the owned Bank Premises. Any purchase of such premises shall be effective as of the date of Bank Closing and such purchase shall be consummated as soon as practicable thereafter, and in no event later than the Settlement Date. If the Assuming Institution gives notice of its election not to purchase one or more of the owned Bank Premises within seven (7) days of Bank Closing, then, not withstanding any other provision of this Agreement to the contrary, the Assuming Institution shall not be liable for any of the costs or fees associated with appraisals for such Bank Premises and associated Fixtures, Furniture and Equipment.

  • Option to Build If the dates designated by Developer are not acceptable to Connecting Transmission Owner, the Connecting Transmission Owner shall so notify the Developer and NYISO within thirty (30) Calendar Days, and unless the Developer and Connecting Transmission Owner agree otherwise, Developer shall have the option to assume responsibility for the design, procurement and construction of Connecting Transmission Owner’s Attachment Facilities and Stand Alone System Upgrade Facilities on the dates specified in Article 5.1.2; provided that if an Attachment Facility or Stand Alone System Upgrade Facility is needed for more than one Developer’s project, Developer’s option to build such Facility shall be contingent on the agreement of all other affected Developers. NYISO, Connecting Transmission Owner and Developer must agree as to what constitutes Stand Alone System Upgrade Facilities and identify such Stand Alone System Upgrade Facilities in Appendix A hereto. Except for Stand Alone System Upgrade Facilities, Developer shall have no right to construct System Upgrade Facilities under this option.

  • Expiration of Option Except as otherwise provided in Section 5 or 6 of the Management Stockholder’s Agreement, the Optionee may not exercise the Option to any extent after the first to occur of the following events: (a) The tenth anniversary of the Grant Date so long as the Optionee remains employed with the Company or any Service Recipient through such date; (b) The first anniversary of the date of the Optionee’s termination of employment with the Company and all Service Recipients, if the Optionee’s employment is terminated by reason of death or Disability; (c) Immediately upon the date of an Optionee’s termination of employment by the Company and all Service Recipients for Cause; (d) Thirty (30) days after the date of an Optionee’s resignation from employment with the Company and all Service Recipients without Good Reason (except due to death or Disability); (e) One hundred and eighty (180) days after the date of: (i) an Optionee’s resignation from employment with the Company and all Service Recipients for Good Reason; (ii) an Optionee’s Retirement; or (iii) an Optionee’s termination of employment by the Company and all Service Recipients without Cause (for any reason other than as set forth in Sections 3.2(b) or 3.2(g)), including upon nonrenewal of Optionee’s existing employment agreement by the Company or other applicable Service Recipient, in the event such termination listed in (i), (ii), or (iii) occurs prior to the fifth anniversary of the Closing Date; (f) The Extended Exercise Date in the event of (i) an Optionee’s resignation from employment with the Company and all Service Recipients for Good Reason; (ii) an Optionee’s Retirement; or (iii) an Optionee’s termination of employment by the Company and all Service Recipients without Cause (for any reason other than as set forth in Sections 3.2(b) or 3.2(g)), including upon nonrenewal of Optionee’s existing employment agreement by the Company or other applicable Service Recipient, and any such termination listed in (i), (ii), or (iii) occurs on or after the fifth anniversary of the Closing Date; (g) The Extended Exercise Date in the event of an Optionee’s Job Elimination; (h) Immediately upon the date of an Optionee’s breach of the provisions Section 22(a)(ii) of the Management Stockholder’s Agreement; or (i) At the discretion of the Company, if the Committee so determines pursuant to Section 9 of the Plan. Notwithstanding the foregoing, the time periods set forth in this Section 3.2 shall not begin to run with respect to Performance Options that vest in accordance with Section 3.1(a)(ii) above until the time at which the Board certifies the financial statements for the Company for the Fiscal Year immediately preceding the Fiscal Year in which, or for the Fiscal Year in which, termination of employment occurs.

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