Common use of Option of renewal Clause in Contracts

Option of renewal. (a) If: (i) there is a Further Term that commences immediately following the Termination Date; (ii) the Tenant notifies the Landlord not more than the maximum number of months and not less than the minimum number of months referred to in Item 8(b) before the Terminating Date that it requires a further lease for that particular Further Term; and (iii) at the date of that notice and at the Terminating Date there is no subsisting Event of Default by the Tenant, the Landlord must grant to the Tenant a lease of the Premises for that particular Further Term commencing on the day after the Terminating Date. (b) The lease for that particular Further Term will be on the same terms and conditions as this Lease except that: (i) the term will be the applicable term specified in Item 8(a). Item 8(a) will be amended in the Lease of the first Further Term to refer to one Further Term of 5 years; (ii) the commencing date will be the day after the Terminating Date; (iii) the terminating date will be the last day of the applicable term specified in Item 8(a) calculated from the date of commencement of the lease for that particular Further Term; (iv) the Rent will be determined in accordance with clauses 4.4, 4.5 and 4.6 (as applicable) (except that the time period stipulated in clause 4.4(a) will not apply) as if the commencing date of the lease for that particular Further Term were for the purposes of those clauses a Review Date for which a Market Review was specified; (v) the amount of public risk insurance will be the amount reasonably required by the Landlord; (vi) Item 9A and the definition of “Amortisation Rent” and all references to “Amortisation Rent” will be omitted; (vii) the definition of “Amortised Items” Attachment 2, clause 14.7 and clause 17.10 will be omitted; (viii) the Rent Review Dates in Item 10 will be the relevant dates specified in Item 8(c); and (ix) Item 8 and this clause 3.3 will be deleted from the Lease of the second Further Term.

Option of renewal. (a) If: (i) there is a Further Term that commences immediately following the Termination Date; (ii) the Tenant notifies the Landlord If not more than the maximum number of six months and or not less than three months prior to the minimum number expiration of months referred the term of this lease (in which respect time shall be of the essence) the Lessee notifies the Lessor in writing that the Lessee wishes to take a renewal of this lease for further period set out in Item 8(b) before 5 of this Lease from that expiration, and if at that expiration the Terminating Date that it requires Lessee is not in default under this lease (or is in default but the default has been waived by the Lessor), the Lessor will at the cost of the Lessee grant to the Lessee and the Lessee will take a further lease of the premises for that particular Further Term; and further period upon the same terms and conditions (iiiexcept as stated in this clause) at the date of that notice and at the Terminating Date there is no subsisting Event of Default by the Tenant, the Landlord must grant to the Tenant a as are contained in this lease of the Premises for that particular Further Term commencing on the day after the Terminating Dateexcept this renewal clause. (b) The initial base rent (inclusive of any GST) payable under such further lease for that particular Further Term will be on the same terms and conditions as this Lease except thatshall be: (i) the term will be the applicable term specified fixed amount or percentage set out in Item 8(a). Item 8(a) will be amended in the Lease 5 of the first Further Term to refer to one Further Term of 5 years;this Lease. (ii) the commencing date will be base rent payable immediately prior to the day after expiration of the Terminating Date;term of this lease multiplied by the Consumer Price Index (Sydney - all groups) number for the last quarter before that expiration divided by that index number for the same quarter in the previous calendar year. (iii) the terminating date current market rent at that expiration (c) The base rent for the second year at the term of such further lease shall be the base rent for the first year of that term multiplied by the Consumer Price Index (Sydney - all groups) number for the last quarter before the expiration of that first year divided by that index number for the same quarter in the previous calendar year. (d) If none of clause 31 (b) (i), 31 (b) (ii) or 31 (b) (iii) are deleted or a method of renewal selected in Item 5, then clause 31 (b) (ii) has effect and clauses 31 (b) (i) and 31 (b) (iii) do not form part of this lease. (e) In the event clause 31 b (iii) applies in the exercise of an option of renewal, the determination of current market rent will be the last day made as provided for in Sections 31 and 32 of the applicable term specified in Item 8(a) calculated from the date of commencement of the lease for that particular Further Term; (iv) the Rent will be determined in accordance with clauses 4.4, 4.5 Act and 4.6 (as applicable) (except that the time period stipulated in clause 4.4(a) will not apply) apply as if the commencing date of the lease same was set out herein in full for that particular Further Term were for the purposes of those clauses a Review Date for which a Market Review was specified; (v) the amount of public risk insurance will be the amount reasonably required by the Landlord; (vi) Item 9A its full terms and the definition of “Amortisation Rent” and all references to “Amortisation Rent” will be omitted; (vii) the definition of “Amortised Items” Attachment 2, clause 14.7 and clause 17.10 will be omitted; (viii) the Rent Review Dates in Item 10 will be the relevant dates specified in Item 8(c); and (ix) Item 8 and this clause 3.3 will be deleted from the Lease of the second Further Termeffect.

Option of renewal. (a) If: (i) there is a Further Term that commences immediately following the Termination Date; (ii) the Tenant notifies the Landlord If not more than the maximum number of six months and or not less than three months prior to the minimum number expiration of months referred the term of this lease (in which respect time shall be of the essence) the Lessee notifies the Lessor in writing that the Lessee wishes to take a renewal of this lease for further period set out in Item 8(b) before 5 of this Lease from that expiration, and if at that expiration the Terminating Date that it requires Lessee is not in default under this lease (or is in default but the default has been waived by the Lessor), the Lessor will at the cost of the Lessee grant to the Lessee and the Lessee will take a further lease of the premises for that particular Further Term; and further period upon the same terms and conditions (iiiexcept as stated in this clause) at the date of that notice and at the Terminating Date there is no subsisting Event of Default by the Tenant, the Landlord must grant to the Tenant a as are contained in this lease of the Premises for that particular Further Term commencing on the day after the Terminating Dateexcept this renewal clause. (b) The initial base rent (inclusive of any GST) payable under such further lease for that particular Further Term will be on the same terms and conditions as this Lease except thatshall be: (i) the term will be the applicable term specified fixed amount or percentage set out in Item 8(a). Item 8(a) will be amended in the Lease 5 of the first Further Term to refer to one Further Term of 5 years;this Lease. (ii) the commencing date will be base rent payable immediately prior to the day after expiration of the Terminating Date;term of this lease multiplied by the Consumer Price Index (Sydney - all groups) number for the last quarter before that expiration divided by that index number for the same quarter in the previous calendar year. (iii) the terminating date will current market rent at that expiration, and if the Lessor and the Lessee do not agree as to that current market rent it is to be determined by a person appointed by agreement between the Lessor and the Lessee or, failing agreement, appointed by the President of the NSW Division of the Australian Property Institute. Such person shall be acting as an expert and not as an arbitrator, and the costs of the determination shall be paid as to one half by the Lessor and as to one half by the Lessee. (c) The base rent for the second year at the term of such further lease shall be the base rent for the first year of that term multiplied by the Consumer Price Index (Sydney - all groups) number for the last day quarter before the expiration of that first year divided by that index number for the applicable term specified same quarter in the previous calendar year. (d) If none of clause 32 (b)(i), clause 32 (b) (ii) or clause 32 (b) (iii) are deleted or a method of renewal selected in Item 8(a) calculated from the date of commencement of the lease for that particular Further Term; 5, then clause 32 (iv) the Rent will be determined in accordance with clauses 4.4, 4.5 and 4.6 (as applicableb) (except that the time period stipulated in clause 4.4(aii) will has effect and clauses 32 (b) (i) and 32 (b) (iii) do not apply) as if the commencing date form part of the lease for that particular Further Term were for the purposes of those clauses a Review Date for which a Market Review was specified; (v) the amount of public risk insurance will be the amount reasonably required by the Landlord; (vi) Item 9A and the definition of “Amortisation Rent” and all references to “Amortisation Rent” will be omitted; (vii) the definition of “Amortised Items” Attachment 2, clause 14.7 and clause 17.10 will be omitted; (viii) the Rent Review Dates in Item 10 will be the relevant dates specified in Item 8(c); and (ix) Item 8 and this clause 3.3 will be deleted from the Lease of the second Further Termlease.

Option of renewal. (a) If: (i) there is a Further Term that commences immediately following the Termination Dateis specified in Item 8; (ii) the Tenant notifies the Landlord not more than the maximum number of months and not less than the minimum number of months referred to in Item 8(b) 8 before the Terminating Date that it requires a further lease Further Lease for that particular Further Term; and (iii) at the date of that notice and at the Terminating Date there is no subsisting Event of Default by the Tenant, the Landlord must grant to the Tenant and the Tenant must take a lease of the Premises for that particular Further Term commencing on the day after the Terminating Date. (b) The lease for that particular Further Term will be on the same terms and conditions as this Lease except that: (i) the term will be the applicable term specified in Item 8(a). Item 8(a) will be amended in the Lease of the first Further Term to refer to one Further Term of 5 years8; (ii) the commencing date will be the day after the Terminating Date; (iii) the terminating date will be the last day of the applicable term specified in Item 8(a) 8 calculated from the date of commencement of the lease for that particular Further Term; (iv) the Rent rent will be determined in accordance with clauses 4.4clause 4.4 and, if applicable, clause 4.5 and 4.6 (as applicable) (except that the time period stipulated in clause 4.4(a) will not apply) as if the commencing date of the lease for that particular Further Term were for the purposes of those clauses a Review Date for which a Market Review was specifiedspecified provided that in no event will the rent payable at the commencement of the lease for that particular Further Term be less than the Rent payable immediately prior to the commencement of the lease for that particular Further Term; (v) the amount of public risk insurance will be the amount reasonably required by the Landlord; (vi) the amount in Item 9A and 15 will be amended to be the definition amount estimated by the Landlord as the amount equal to the annual average of the sum of “Amortisation Rent6” months’ Rent and all references Tenant’s Outgoings Contribution (plus GST on those amounts) taken over the Further Term, where “6” equals the number of months of Rent and Tenant’s Outgoings Contribution (plus GST on those amounts) used to “Amortisation Rent” will be omittedcalculate the required Bank Guarantee amount at the Terminating Date; (vii) the definition details of “Amortised Items” Attachment 2, clause 14.7 and clause 17.10 any guarantor will be omittedincluded in Item 21; (viii) the Rent Review Dates in Item 10 rent review dates will be the relevant dates specified in Item 8(c)8; and (ix) this clause 3.3,the definitions of “Further Lease” and “Further Term” and Item 8 and this clause 3.3 will be deleted from unless there is more than one Further Term specified in Item 8 in which case the Lease references in Item 8 to the term that is to be the subject of the second Further Termnew lease will be deleted.