LESSEE’S OPTION TO EXTEND. Lessee, provided it is not then in default after notice and the expiration of any applicable grace or cure periods, and further provided it shall not have defaulted beyond any applicable notice, grace and cure periods more than twice within any twelve (12) months period, shall have the option to further extend the Term of this Lease as to the Leased Premises (i.e. inclusive of the Expansion Space and any additional space taken on by Lessee under Section 36 and under Section 8 of this First Amendment, but only as to the entirety of said Leased Premises and additional space taken, which shall be deemed included in the definition of Leased Premises as and when taken) on the terms and conditions herein, for one additional period of twenty four (24) months (herein, the “Second Extension Period”), at the then current “Market Rent” (including annual escalations thereon for each year of the extended term based on increases in the Consumer Price Index or fixed increases, as the case may be, as determined by then prevailing market forces), but no less than an amount equal to the Annual Base Rent per rentable square foot of highest rent for Leased Premises space during the final Lease Year hereunder (the “Extension Rent Floor”). Said Second Extension Period shall commence, subject to proper exercise of Lessee’s option hereunder, at the end of the First Extension Termination Date and shall terminate on that date which is twenty four (24) consecutive months thereafter. Lessee shall exercise its option by delivering to Lessor its written notice not later than nine (9) full months (but not sooner than fifteen (15) full months, unless exercised earlier than said fifteen (15) months (in order to exercise its ROFO rights under the Lease) prior to the end of the First Extended Term. Once delivered, written notice to extend is irrevocable.
LESSEE’S OPTION TO EXTEND. Section 35 of the Lease is hereby deleted in its entirety and replaced with the following language:
LESSEE’S OPTION TO EXTEND. Lessee may extend the principal term of this Lease for one (1) additional period of 99 years, subject to all the provisions of this Lease; provided that Lessor may make changes to the terms of the Lease for the renewal period prior to the beginning of such renewal period but only if these changes do not materially and adversely impair Xxxxxx’s rights under the Lease. Not more than 365 nor less than 180 days before the last day of the current term, Lessor shall give Lessee written notice, stating the date of expiration of the Lease, describing any changes that Lessor intends to make to the terms of the Lease as permitted above, and reiterating the conditions for renewal as set forth immediately below (“the Expiration Notice”). Lessee’s right to exercise the option to extend is subject to the following conditions: (a) within sixty (60) days of receipt of the Expiration Notice, Lessee shall give Lessor written notice, irrevocably exercising the option to extend (“the Extension Notice”); (b) this Lease shall be in effect at the time the Extension Notice is given and on the last day of the term; and (c) there shall not be an Event of Default by Lessee under this Lease or under any loan documents between Lessee and any Permitted Mortgagee at the time the Extension Notice is given and on the last day of the term. When Xxxxxx has rightfully exercised the option to extend, each party shall execute a memorandum, in mutually agreeable recordable form, acknowledging the fact that this option has been exercised and otherwise complying with the requirements of law for an effective memorandum or notice of lease, and such memorandum or notice of lease shall be recorded in accordance with the requirements of law on or promptly after the commencement of such renewal period of the Lease.
LESSEE’S OPTION TO EXTEND. The Lessee shall have the option (the "Extension Option") to extend the Term of this Lease specified in Section 3 hereof (herein referred to as the "Original Term") for two (2) successive additional periods of five (5) years each (hereafter referred to as the "First Extended Term" and the "Second Extended Term", respectively, and collectively referred to as "Extended Term"). Such option to extend may be exercised as hereinafter provided. The Lessee may exercise the aforesaid Extension Option by giving written notice to the Lessor of Lessee's election to extend the Original Term of this Lease, provided that such written notice shall be given not less than six (6) months prior to the expiration of the Original Term or the First Extended Term, as applicable. Upon exercise of said Extension Option as aforesaid, the Term of this Lease shall be automatically extended by the applicable aforesaid five (5) year period without the requirement of any further instrument, upon the same terms and conditions set forth in this Lease, except that Lessee shall not be entitled to exercise its option for the Second Extended Term if fails to exercise the Extension Option for the First Extended Term, and Base Rent for the Extended term shall be determined as provided in Section 34(a) below. In the event that the Extension Option is duly exercised, all references contained in this Lease to the Term hereof, whether by number of years or number of months, shall be construed to refer to the Original Term hereof extended as aforesaid, whether or not specific reference thereto is made in this Lease.
LESSEE’S OPTION TO EXTEND. The Lessee may extend the principal term of this Lease for one (1) additional period of 98 years, subject to all of the provisions of this Lease. The Lessee's right to exercise the option to extend is subject to the following conditions: this Lease shall be in effect at the time notice of exercise is given and on the last day of the term; and there shall not then be an Event of Default by the Lessee (as defined in Article XII, below) under this Lease or under any loan documents between the Lessee and any Permitted Mortgagee (as defined in Article VIII, below). In order to extend the term of this Lease, the Lessee shall give the CLT written notice, not more than 365 nor less than 180 days before the last day of the current term, irrevocably exercising the option to extend. Each party shall then execute a memorandum, in mutually agreeable recordable form, acknowledging the fact that the option has been exercised and otherwise complying with the requirements of law for an effective memorandum or notice of lease.
LESSEE’S OPTION TO EXTEND. Lessee's option to extend the Original Term of the Lease set forth in Paragraph 62 of the Lease shall be applicable to, and must be exercised with respect to, the entire Premises (including the First Expansion Premises, Second Expansion Premises and Third Expansion Premises).
LESSEE’S OPTION TO EXTEND. Unless said term is sooner terminated, the Lessee shall have the option to renew this lease agreement upon twelve (12) months notice to Lessor upon these terms or upon such modification of these terms as may be mutually agreed upon by both parties.
LESSEE’S OPTION TO EXTEND. Lessee may extend the principal term of this Lease for one (1) additional period of 99 years, subject to all of the provisions of this Lease; provided that Lessor may make changes to the terms of the Lease for the renewal period prior to the beginning of such renewal period but only if these changes do not materially harm Lessee’s rights under the Lease. Not more than 365 nor less than 180 days before the last day of the current term, Lessor shall give Lessee written notice, stating the date of expiration, describing any changes that Lessor intends to make to the terms of the Lease as permitted above, and reiterating the conditions for renewal as set forth immediately below.
LESSEE’S OPTION TO EXTEND. 19.1 Lessee's Ten Year Option. Lessee shall have an option to extend the term of this Lease from the date upon which it would otherwise expire upon the same terms and conditions as those herein specified for a period of ten (10) additional years. If Lessee elects to exercise such option, it shall do so by giving Lessor written notice of such election at least six (6) months before the beginning of the additional period for which the term hereof is to be extended by the exercise of such option. If Lessee gives such notice, the term of this Lease shall be automatically extended for the additional ten (10) year period without execution of an extension or renewal lease.
LESSEE’S OPTION TO EXTEND. If Lessee is not in default hereunder, Lessee will have the right to extend the Lease for one five (5) year term commencing on August 1, 2006, and terminating on July 31, 2011, by giving written notice, not later than April 30, 2006, of Lessee's intention to extend the term. Lessee will have no further option to extend the term of this Lease. Said extension term will be on all of the terms and conditions of this Lease, except for minimum monthly rent, which shall, for each month of each year of said extended term, equal the minimum monthly rent in effect during the period front April, 2005 to July 31, 2006 increased by a factor that is the increase in CPI from April of 2005 to July of 2006. For the purposes of this Paragraph 21, the term "CPI" shall mean the Consumer Price Index for All Urban Consumers (CPI-U), U.S. City Average, All Items (1982 - 1984 = 100), as compiled and published by the Bureau of Labor Statistics, United States Department of Labor. If this index shall cease to be published, then a successor index or the most nearly comparable index shall be used."
