Common use of Lease Renewal Options Clause in Contracts

Lease Renewal Options. (a) Tenant shall have the right to renew this Lease Agreement for two (2) additional terms of five (5) years (each hereinafter referred to as a “Renewal Term”), provided that (i) Tenant gives Landlord written notice of its renewal of this Lease Agreement no later than one (1) year prior to the expiration of the Initial Term or Renewal Term, as the case may be, and (ii) Tenant is not then in default under the terms of this Lease Agreement, beyond any applicable notice and cure periods, and this Lease Agreement is in full force and effect. References to the “Term” shall mean the term of this Lease Agreement, and shall include the Initial Term and, if applicable, the Renewal Term(s). The Base Rent to be paid during the first year of each Renewal Term shall be equal to ninety-five percent (95%) of the Market Rent then being paid by other tenants occupying a similar amount of space at a comparable building in Pinellas County, Florida and each year thereafter the Base Rent shall be escalated by the Market Rent escalations (the “Renewal Base Rent”). In the event Tenant provides Landlord with notice of its exercise of its option to renew, Tenant and Landlord shall negotiate in good faith to determine the Market Rent to be paid during the applicable Renewal Term, based upon the foregoing criteria. If the parties are unable to agree upon the market rent as described above within thirty (30) days after the giving of Tenant’s notice of intent to renew, then the parties shall submit the dispute to binding arbitration as provided in Section 22.25 below. For purposes of this provision, the term “Market Rent” shall include consideration of rent together with additional terms, including, but not limited to, concessions, allowances and annual rent escalations, if applicable.

Lease Renewal Options. (a) Tenant shall have the right to renew this Lease Agreement for two (2) additional terms of five (5) years (each hereinafter referred to as a “"Renewal Term”"), provided that (i) Tenant gives Landlord written notice of its renewal of this Lease Agreement no later than one (1) year prior to the expiration of the Initial Term or Renewal Term, as the case may be, and (ii) Tenant is not then in default under the terms of this Lease Agreement, beyond any applicable notice and cure periods, and this Lease Agreement is in full force and effect. References to the “"Term” " shall mean the term of this Lease Agreement, and shall include the Initial Term and, if applicable, the Renewal Term(s). The Base Rent to be paid during the first year of each Renewal Term shall be equal to ninety-five percent (95%) of the Market Rent then being paid by other tenants occupying a similar amount of space at a comparable building in Pinellas County, Florida and each year thereafter the Base Rent shall be escalated by the Market Rent escalations (the “"Renewal Base Rent”"). In the event Tenant provides Landlord with notice of its exercise of its option to renew, Tenant and Landlord shall negotiate in good faith to determine the Market Rent to be paid during the applicable Renewal Term, based upon the foregoing criteria. If the parties are unable to agree upon the market rent as described above within thirty (30) days after the giving of Tenant’s 's notice of intent to renew, then the parties shall submit the dispute to binding arbitration as provided in Section 22.25 below. For purposes of this provision, the term “Market Rent” shall include consideration of rent together with additional terms, including, but not limited to, concessions, allowances and annual rent escalations, if applicable.22.25

Lease Renewal Options. (a) Tenant shall have the right to renew this Lease Agreement for two (2) additional terms of five (5) years (each hereinafter referred to as a “"Renewal Term”"), provided that (i) Tenant gives Landlord written notice of its renewal of this Lease Agreement no later than one (1) year prior to the expiration of the Initial Term or Renewal Term, as the case may be, and (ii) Tenant is not then in material default under the terms of this Lease Agreement, beyond any applicable notice and cure periods, and this Lease Agreement is in full force and effect. References to the “"Term” " shall mean the term of this Lease Agreement, and shall include the Initial Term and, if applicable, the Renewal Term(s). The Base Rent to be paid during the first year of each Renewal Term shall be equal to the lesser of (x) the then existing Base Rent, as escalated by two and one-half percent (2.5%), or (y) ninety-five percent (95%) of the Market Rent market rent then being paid by other tenants occupying a similar amount of space at a comparable building and project in Pinellas Xxx County, Florida and each year thereafter the Base Rent shall be escalated by the Market Rent escalations (the “"Renewal Base Rent”"). In the event Tenant provides Landlord with notice of its exercise of its option to renew, Tenant and Landlord shall negotiate in good faith to determine the Market Rent market rent to be paid during the applicable Renewal Termrenewal term, based upon the foregoing criteria. If the parties are unable to agree upon the market rent as described above in the preceding clause (y) within thirty (30) days after the giving of Tenant’s 's notice of intent to renew, then the parties shall submit the dispute to binding arbitration as provided in Section 22.25 22.27 below. For purposes of this provisionThe Base Rent shall escalate by two and one-half percent (2.5%) per annum, cumulative and compounded, during any renewal or extension period to the term “Market Rent” same extent as during the Initial Term and the Tenant shall include consideration of rent together with additional terms, including, but not limited to, concessions, allowances remain obligated to also pay Additional Rent and annual rent escalations, if applicableOperating Expenses during any renewal or extension period to the same extent as obligated during the Initial Term.

Lease Renewal Options. (a) Tenant shall have Subject to the right to renew terms, covenants and conditions of this Section ------- 1.2, the Term of this Lease Agreement may be extended, at the option of Tenant, for --- two (2) additional terms successive periods of five (5) years (each hereinafter referred to as each. Each such period is sometimes called a “"Renewal Term”". Each Renewal Term shall be upon the same terms, covenants and conditions contained in this Lease, except for the payment of Base Rent (which shall be determined in accordance with Subsection 1.2 (b)). Any reference in this Lease to the "Term" shall be ------------------- deemed to include any Renewal Term and apply thereto, unless otherwise expressly provided that herein. Tenant shall have no renewal options beyond the aforesaid two consecutive five-year renewal options. Any termination of this Lease during the initial Term of this Lease, or during a Renewal Term, shall terminate all of Tenant's rights under this Section 1.2. ----------- (c) For purposes of this Lease, Market Rent Rate shall be determined as follows: (i) Within five (5) days after Tenant gives delivers its Non-Binding Notice (defined below), Landlord and Tenant shall commence negotiations to agree upon the Market Rent Rate. If Landlord and Tenant are unable to reach agreement on the Market Rent Rate within thirty (30) days after the date on which Tenant delivered its Non- Binding Notice, then the Market Rent Rate shall be determined in accordance with clause (ii) of this Subsection 1.2(c). ----------- ----------------- (ii) If Landlord and Tenant are unable to reach agreement on the Market Rent Rate within said 30-day period, then within seven (7) days, Landlord and Tenant shall each simultaneously submit to the other in a sealed envelope its good faith estimate of the Market Rent Rate. If the higher of such estimates is not more than one hundred five percent (105%) of the lower of such estimates then the Market Rent Rate shall be the average of the two estimates. Otherwise, within five (5) days either Landlord or Tenant may submit the question to arbitration in accordance with clause (iii) of this Subsection 1.2(c). ------------ ----------------- (iii) If the Market Rent Rate cannot be established by exchange of estimates as provided in clause (ii) of this Subsection 1.2(c), then ----------- ----------------- either party may, by written notice to the other within five (5) days after the exchange of its renewal good faith estimates pursuant to said clause ------ (ii), request to resolve the dispute by arbitration. Within seven (7) ---- days after the receipt of such request, the parties shall select as an arbitrator a mutually acceptable independent appraiser who is a Member of the Appraisal Institute ("MAI"), with experience in real estate appraisal, including at least five (5) years experience in appraising properties similar to the Demised Premises in Hillsborough County, Florida (a "Qualified Appraiser"). If the parties (iv) Once the arbitrator has been selected as provided in clause (iii) of this Lease Agreement Subsection 1.2(c), then, as soon thereafter as ----------------- practicable but in any case within twenty-one (21) days, the arbitrator shall select one of the two estimates of the Market Rent Rate submitted by Landlord and Tenant pursuant to clause (ii) of this Subsection 1.2(c), which shall be the one that is closer to the fair ----------------- market net rental value as determined by the arbitrator. The value so selected shall be the Market Rent Rate. The decision of the arbitrator as to the Market Rent Rate shall be submitted in writing to, and be final and binding on, Landlord and Tenant. If the arbitrator believes that expert advice would materially assist him, he may retain one or more qualified persons, including but not limited to, legal counsel, brokers, architects or engineers, to provide such expert advice. Except as expressly provided to the contrary in Subsection 1.2(e), the ----------------- parties shall split evenly the costs of the arbitrator and of any experts retained by the arbitrator. Except as expressly provided to the contrary in Subsection 1.2(e), any fees of any counsel or expert ----------------- engaged directly by Landlord or Tenant shall be borne by the party obtaining such counsel or expert. (d) Each option to renew shall be exercised by Tenant delivering an initial non-binding written notice to Landlord no earlier than eighteen (18) months and no later than one fifteen (115) year months prior to the expiration of the Initial Term or the then current Renewal Term, as the case may bebe (the "Non-Binding Notice"). Thereafter, the Market Rent Rate for the Renewal Term shall be determined pursuant to Subsections 1.2(b) and 1.2(c). ----------------------------- Tenant shall give Landlord final binding written notice of intent to exercise an option to renew no later than twelve (ii12) months prior to the expiration of the Initial Term or the then current Renewal Term, as the case may be (the "Binding Notice"). If Tenant is not then fails to give its Non-Binding Notice or its Binding Notice when due as provided in default under the terms of this Section 1.2(d) ------------- Tenant will be deemed to have waived such option to renew. (e) Tenant's right to exercise a particular option to renew this Lease Agreementpursuant to this Section 1.2 is subject to the conditions that on the ----------- date Tenant delivers its Non-Binding Notice or its Binding Notice, beyond any applicable no Event of Default has occurred and is continuing past pertinent notice and cure periods, and this Lease Agreement is in full force and effect. References Notwithstanding anything contained herein to the “Term” shall mean the term of this Lease Agreement, and shall include the Initial Term andcontrary, if applicable, the Renewal Term(s). The Base Rent Tenant delivers its Non-Binding Notice with respect to be paid during the first year of each Renewal Term shall be equal to ninety-five percent (95%) of the Market Rent then being paid by other tenants occupying a similar amount of space at a comparable building in Pinellas County, Florida and each year thereafter the Base Rent shall be escalated by the Market Rent escalations (the “Renewal Base Rent”). In the event Tenant provides Landlord with notice of its exercise of its any option to renew, but does not deliver its Binding Notice with respect to such option, Tenant shall pay: (i) the fees and Landlord shall negotiate in good faith costs of all arbitrators, if any, used to determine the Market Rent to be paid during the applicable Renewal Term, based upon the foregoing criteria. If the parties are unable to agree upon the market rent as described above within thirty (30) days after the giving of Tenant’s notice of intent to renew, then the parties shall submit the dispute to binding arbitration as provided in Section 22.25 below. For purposes of this provision, the term “Market Rent” shall include consideration of rent together with additional terms, including, but not limited to, concessions, allowances and annual rent escalations, if applicable.Rate in