Common use of Option Notice Clause in Contracts

Option Notice. Each Option must be exercised, if at all, by written notice irrevocably exercising the Option (“Option Notice”) delivered by Tenant to Landlord not earlier than fifteen (15) months nor later than twelve (12) months prior to the Expiration Date. Each Option must be exercised as to a minimum of either or both of (a) floors two (2) through five (5) of the Building and/or (b) floors six (6) through ten (10) of the Building (each, a “Tranche”); provided, however, that Tenant may exercise each Option as to one Tranche and any number of contiguous whole floors of the Building in the other Tranche. If Tenant validly exercises the first Option for less than the entire Premises, the Lease Term (and all related rights, including the right to exercise the second Option) shall end and expire as of the initial Expiration Date as to that portion of the Premises not subject to the first Option, subject to the terms of this Lease. Further, the Option shall not be deemed to be properly exercised if, as of the date of the Option Notice or at the Expiration Date (a) an Event of Default has occurred and is continuing, (b) Tenant has assigned this Lease or its interest therein, other than to a Permitted Transferee, (c) Tenant and/or any Permitted Transferee is occupying less than eighty percent (80%) of the square footage of the Premises subject to the Option Term, or (d) the Letter of Credit has been terminated. Provided Tenant has properly and timely exercised an Option, the Lease Term shall be extended for the period of the Option Term and all terms, covenants and conditions of this Lease shall remain unmodified and in full force and effect, except that the Base Rent shall be modified as set forth below and that the Base Year for each Phase of the Premises shall be reset to the calendar year in which the applicable Option Term will commence, and the amount of the Letter of Credit for each applicable Option Term shall at all times during such Option Term be equal to the amount of the Letter of Credit required immediately prior to the commencement of the applicable Option Term, as adjusted to reflect the relative change in the total RSF constituting the Premises after the Commencement of the Option Term if Tenant only elects to exercise its option to lease one (1)

Option Notice. Each If Tenant desires to lease additional ------------- space in Building C during the Initial Term of this Lease pursuant to this paragraph 1(c), Tenant shall provide Landlord with written notice thereof ("Option must be exercisedNotice") no less than (30) days before Tenant desires to have such additional space delivered to Tenant, which notice shall identify the Increment (as defined below) that Tenant desires to lease and the Additional Space Delivery Date (as defined below). An "Increment" of space is a separately demised and discrete unit of space consisting of at least 1,000 contiguous rentable square feet within Building C, accessible to a corridor or adjacent to the Premises and capable of being leased as a unit in compliance with all applicable laws, rectangular in shape, which does not include a disproportionate amount of space on either the east or south walls of the space subject to Tenant's option, and which, if at allTenant's option as to any remaining space in Building C terminates, by written notice irrevocably exercising the Option (“Option Notice”) delivered by Tenant would result in such remaining space being reasonably suitable to Landlord not earlier than fifteen (15) months nor later than twelve (12) months prior lease to other tenants, including reasonable access to the Expiration Dateexisting bathrooms in Building C; provided that the exact size and location of which, within the aforementioned parameters, shall be in Tenant's reasonable discretion. Each In addition, no Increment shall include the existing bathrooms in Building C, unless Tenant will then be leasing all of Building C. The Option must be exercised as to a minimum of either or both of Notice shall include (a) floors two the date on which Tenant desires that Landlord deliver to Tenant the Increment for Tenant's exclusive use and occupancy for the purpose of commencement by Tenant of tenant improvements (2the "Additional Space Delivery Date"), which date shall be no less than thirty (30) through five (5) days after the date of the Building and/or delivery of Tenant's notice; and (b) floors six a computation of rentable square feet within such space (6) through ten (10) of the Building (each, a “Tranche”); provided, however, that Tenant may exercise each Option as to one Tranche and any number of contiguous whole floors of the Building in the other Tranche. If Tenant validly exercises the first Option for less than the entire Premises, the Lease Term (and all related rights, including the right to exercise the second Option) which shall end and expire as of the initial Expiration Date as to that portion of the Premises not subject to the first Option, subject to the terms of this Lease. Further, the Option shall not be deemed to be properly exercised if, as of the date of the Option Notice or at the Expiration Date (a) an Event of Default has occurred and is continuing, (b) Tenant has assigned this Lease or its interest therein, other than to a Permitted Transferee, (c) Tenant and/or any Permitted Transferee is occupying less than eighty percent (80%) of the square footage of the Premises subject to the Option Term, or (d) the Letter of Credit has been terminated. Provided Tenant has properly and timely exercised an Option, the Lease Term shall be extended for the period of the Option Term and all terms, covenants and conditions of this Lease shall remain unmodified and in full force and effect, except that the Base Rent shall be modified as set forth below and that the Base Year for each Phase of the Premises shall be reset to the calendar year in which the applicable Option Term will commence, and the amount of the Letter of Credit for each applicable Option Term shall at all times during such Option Term be equal to the amount of actual usable floor area thereof multiplied by the Letter of Credit required immediately prior load factor to be used by Landlord pursuant to the commencement provisions of the applicable Option Term, as adjusted to reflect the relative change in the total RSF constituting the Premises after the Commencement of the Option Term if Tenant only elects to exercise its option to lease one paragraph 5(e) (1"Adjusted Load Factor").

Option Notice. Each Option must be exercisedThe parties hereto agree that, if at allsubject to Section 2 ------------- hereof, before the Effective Time B&G Salick shall elect, by written notice irrevocably exercising to the Option Company (“the "Option Notice”) delivered by Tenant to Landlord not earlier than fifteen (15) months nor later than twelve (12) months prior to the Expiration Date. Each Option must be exercised as to a minimum of "), either or both of (a) floors two (2) through five (5) of the Building and/or (b) floors six (6) through ten (10) of following two options, which election shall be at B&G Salick's sole discretion: A. Option 1. B&G Salick will continue to own the Building (eachXxxxxxx Boulevard Property, a “Tranche”); provided, however, that Tenant may exercise each Option as to one Tranche and any number of contiguous whole floors of the Building -------- in the other Tranche. If Tenant validly exercises the first Option for less than the entire Premises, which event the Lease Term dated May 15, 1991 by and between B&G Salick as Lessor and the Company as Lessee, as modified (and all related rights, including the right to exercise the second Option"Lease") shall end and expire as of the initial Expiration Date as to that portion of the Premises not subject to the first Option, subject to the terms of this Lease. Further, the Option shall not be deemed to be properly exercised if, as of the date of the Option Notice or at the Expiration Date (a) an Event of Default has occurred and is continuing, (b) Tenant has assigned this Lease or its interest therein, other than to a Permitted Transferee, (c) Tenant and/or any Permitted Transferee is occupying less than eighty percent (80%) of the square footage of the Premises subject to the Option Term, or (d) the Letter of Credit has been terminated. Provided Tenant has properly and timely exercised an Option, the Lease Term shall be extended for the period of the Option Term and all terms, covenants and conditions of this Lease shall remain unmodified and continue in full force and effecteffect without amendment to any of the terms thereof, except provided that -------- B&G Salick would waive any rights (including, without limitation, under paragraph 4 of the Base Rent Modification to Lease Agreement dated June 20, 1991 (the "Modification") to require the Surviving Corporation to purchase the Xxxxxxx Boulevard Property as a result of the transactions contemplated by the Merger (including, without limitation, acquisition by Buyer of all capital stock of the Surviving Corporation outstanding after the Effective Time) but without waiving their right under paragraph 4 of the Modification as to any future events of change of control. This transaction shall be modified referred to as set forth below and that "Option 1." B. Option 2. B&G Salick shall convey the Base Year for each Phase of the Premises shall be reset Xxxxxxx Boulevard Property to the calendar year in which the applicable Option Term will commence-------- Surviving Corporation, and the amount Surviving Corporation shall purchase the Xxxxxxx Boulevard Property on the terms and conditions set forth in paragraph 4 of the Letter Modification except that (w) the purchase price of Credit for each applicable Option Term the Xxxxxxx Boulevard Property, which is the result of an arm's-length negotiation, shall at all times during such Option Term be equal $14,650,000 in cash; (x) the closing of the conveyance and purchase of the Xxxxxxx Boulevard Property from B&G Salick to the amount Surviving Corporation shall occur on the earlier of (A) 120 days after the Effective Time or (B) the date set forth in a notice from B&G Salick to the Surviving Corporation of a date for such closing, which date shall be not less than 10 business days after such notice from B&G Salick to the Surviving Corporation; (y) B&G Salick intend to effect the conveyance of the Letter of Credit required immediately prior Xxxxxxx Boulevard Property to the commencement Surviving Corporation by means of a tax-deferred EXHIBIT 10(j-1) exchange meeting all of the applicable Option Term, as adjusted to reflect the relative change in the total RSF constituting the Premises after the Commencement requirements of Section 1031 of the Code and reserve the right to convey the Xxxxxxx Boulevard Property to a third party who would be required to sell the Xxxxxxx Boulevard Property to the Surviving Corporation on the terms set forth in this Option Term if Tenant only elects 2; and (z) the conveyance of the Xxxxxxx Boulevard Property to exercise the Surviving Corporation shall be effected through an escrow at City National Bank and each party shall share the escrow and title charges in accordance with customary practices for real estate transactions in Los Angeles County, California. Until the Closing, the Surviving Corporation will continue to pay rent and perform its option obligations under the Lease and rent shall be prorated through the date of close of escrow. This transaction shall be referred to lease one (1)as "Option 2."

Option Notice. Each Option must be exercised, if at all, Landlord shall institute the procedure described in this Article 18 by written giving notice irrevocably exercising thereof (the Option (“Option Notice”) delivered to Tenant, which Option Notice shall (i) describe the Option Space (or the applicable portion thereof) (the Option Space (or such portion thereof) that is described in a particular Option Notice being referred to herein as the “Applicable Option Space”), (ii) have attached thereto a floor plan depicting the Applicable Option Space, (iii) set forth the date that Landlord reasonably expects that the Applicable Option Space will be vacant and available for Tenant’s occupancy (such date designated by Tenant Landlord being referred to Landlord not earlier than fifteen herein as the “Scheduled Option Space Commencement Date”), and (15iv) months nor later than twelve (12) months prior to the Expiration Date. Each Option must be exercised as to a minimum of either or both of (a) floors two (2) through five (5) set forth Landlord’s calculation of the Building and/or number of square feet of Rentable Area in the Applicable Option Space. The Scheduled Option Space Commencement Date shall not be (bI) floors six more than four hundred fifty (6450) through ten days, or (10II) of less than ninety (90) days, after the Building (each, a “Tranche”)date that Landlord gives the Option Notice to Tenant; provided, however, that Tenant may exercise each if the Applicable Option Space shall be available for Tenant’s occupancy as to one Tranche and any number a result of contiguous whole floors a default by the existing occupant of the Building in Applicable Option Space and the other Tranche. If Tenant validly exercises involuntary termination of such occupant’s occupancy rights therefor, then the first Scheduled Option for Space Commencement Date shall be not less than the entire Premises, the Lease Term thirty (and all related rights, including the right to exercise the second Option30) shall end and expire as of the initial Expiration Date as to that portion of the Premises not subject to the first Option, subject to the terms of this Lease. Further, the Option shall not be deemed to be properly exercised if, as of days after the date of that Landlord gives the Option Notice or at the Expiration Date (a) an Event of Default has occurred and is continuing, (b) Tenant has assigned this Lease or its interest therein, other than to a Permitted Transferee, (c) Tenant and/or any Permitted Transferee is occupying less than eighty percent (80%) of the square footage of the Premises subject to the Option Term, or (d) the Letter of Credit has been terminated. Provided Tenant has properly and timely exercised an Option, the Lease Term shall be extended for the period of the Option Term and all terms, covenants and conditions of this Lease shall remain unmodified and in full force and effect, except that the Base Rent shall be modified as set forth below and that the Base Year for each Phase of the Premises shall be reset to the calendar year in which the applicable Option Term will commence, and the amount of the Letter of Credit for each applicable Option Term shall at all times during such Option Term be equal to the amount of the Letter of Credit required immediately prior to the commencement of the applicable Option Term, as adjusted to reflect the relative change in the total RSF constituting the Premises after the Commencement of the Option Term if Tenant only elects to exercise its option to lease one (1)Tenant.