Common use of Option Right Clause in Contracts

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below (an "Approved Assignee") one ( I ) option to extend the Lease Term for a period of five (5) years (the "Option Term"). The option to extend shall be exercisable only by notice delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease), the Lease Term shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant"), and any Affiliate Assignee, Permitted Transferee or Approved Assignee (and not any sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, of Tenant's interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 4 contracts

Samples: Office Lease (Pulmonx Corp), Office Lease (Pulmonx Corp), Office Lease (Pulmonx Corp)

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Option Right. Landlord hereby grants to the originally named Original Tenant herein (the "Original Tenant") and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below Transferee Assignee two (an "Approved Assignee"2) one ( I ) option successive options to extend the Lease Term for a period of five (5) years each (the "each, an “Option Term"). The Each option to extend shall be exercisable only by notice delivered by Original Tenant or a Permitted Transferee Assignee to Landlord as provided in Section 2.2.3, 2.2.3 below, ; provided that, as of the date of delivery of such notice, Tenant has not received notice that Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease)) and such default remains uncured. Upon the proper exercise of the option to extend, and provided that, at Landlord's ’s option, as of the end of the initial Lease Term or the initial Option Term, as applicable, Tenant has not received notice that Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease)) and such default remains uncured, the Lease Term shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant"), Tenant and any Affiliate Assignee, Permitted Transferee Assignee and may only be exercised by the Original Tenant or Approved a Permitted Transferee Assignee (and not any other assignee or sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, Transferee of Tenant's ’s interest in this Lease)) that has not subleased more than thirty-three percent (33%) of the rentable square footage of the Premises as of the day before the Option Term is to commence. In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect. Further, notwithstanding any contrary provision of this Section 2.2, in no event may Tenant exercise its right to extend the Lease Term for the second Option Term under this Section 2.2 if Tenant fails to timely exercise its right to extend the initial Lease Term for the first Option Term under this Section 2.2.

Appears in 4 contracts

Samples: Sublease (Reddit, Inc.), Office Lease (Square, Inc.), Office Lease (Square, Inc.)

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") ”), and any "Affiliate Assignee" or "its “Permitted Transferee," Assignees”, as such terms are that term is defined in Sections 14.8 and 14.9Section 14.8, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below one (an "Approved Assignee") one ( I 1) option to extend the Lease Term for a period of five (5) years (the "Option Term"). The , which option to extend shall be exercisable irrevocably exercised only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, belownot more than twelve (12) months nor less than nine (9) months prior to the expiration of the initial Lease Term, provided that, that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, period; (ii) Tenant is has not previously been in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period, more than twice in the twelve (12) month period expressly set forth prior to the date of Tenant’s attempted exercise; and (iii) the Lease then remains in this Leasefull force and effect. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant")Tenant and any Permitted Assignees, and any Affiliate Assignee, may be exercised by Original Tenant or such Permitted Transferee or Approved Assignee Assignees (and not by any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below14.1 of this Lease, of Tenant's ’s interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 4 contracts

Samples: Sublease (Twist Bioscience Corp), Sublease (Twist Bioscience Corp), Lease (Sutro Biopharma Inc)

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") ”), and any "Affiliate Assignee" or "its “Permitted Transferee," Assignees”, as such terms are that term is defined in Sections 14.8 and 14.9Section 14.8, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below one (an "Approved Assignee") one ( I 1) option to extend the Lease Term for a period of five (5) years (the "Option Term"). The , which option to extend shall be exercisable irrevocably exercised only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, belownot more than eighteen (18) months nor less than nine (9) months prior to the expiration of the initial Lease Term, provided that, that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, period; (ii) as of the end of the initial Lease Term, Tenant is not in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period expressly set forth period; (iii) Tenant has not previously been in default under this Lease, after the expiration of any applicable notice and cure period, more than twice; and (iv) the Lease then remains in full force and effect and Original Tenant or a Permitted Assignee occupies the majority of the Premises at the time the option to extend is exercised and as of the commencement of the Option Term. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant")Tenant and any Permitted Assignees, and any Affiliate Assignee, may be exercised by Original Tenant or such Permitted Transferee or Approved Assignee Assignees (and not by any assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below14.1 of this Lease, of Tenant's ’s interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 4 contracts

Samples: Lease (Precision Biosciences Inc), Lease (Precision Biosciences Inc), Lease (Precision Biosciences Inc)

Option Right. Landlord hereby grants to the originally named original Tenant herein executing this Lease (the "Original Tenant") and any "Affiliate Assignee" or "Permitted Transferee," Non-Transferee Assignee (as such terms are defined in Sections 14.8 and 14.9, Section 14.7 below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below (an "Approved Assignee") one ( I (1) option to extend the Lease Term for a period of five (5) years (the "Option Term"). The , which option to extend shall be exercisable only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such noticethe Option Exercise Notice, this Lease remains in full force and effect, Tenant is not in default Default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided thatOriginal Tenant (and/or any Permitted Non- Transferee, at Landlord's option, as defined in Section 14.7 below) occupies the entire Premises; (ii) as of the end of the initial Lease Term, this Lease remains in full force and effect, Tenant is not in default Default under this Lease Lease; and (beyond iii) Original Tenant (and/or any Permitted Non-Transferee) occupies the expiration entire Premises at the time the option to extend is exercised and as of the commencement of the Option Term. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any applicable notice of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and cure period expressly set forth in this Leaseeffect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 2.3 shall be personal to the originally named tenant herein (the "Original Tenant")Tenant and any Non-Transferee Assignee, and may be exercised only by the Original Tenant or any Affiliate Assignee, Permitted Non-Transferee or Approved Assignee (and not by any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 114.1, below, of Tenant's ’s interest in this Lease), unless otherwise agreed to by Landlord. In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.2.3.2

Appears in 3 contracts

Samples: Office Lease (Recursion Pharmaceuticals, Inc.), Office Lease (Recursion Pharmaceuticals, Inc.), Office Lease (Recursion Pharmaceuticals, Inc.)

Option Right. Landlord hereby grants the Original Tenant, its Permitted Transferees and any approved assignee of all of Original Tenant's interest in this Lease and the "13500 Lease" (defined in Section 1.4) pursuant to the originally named Tenant herein TCCs of Article 14 (the "Original Tenant") and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below (an a "Approved Assignee") one ( I (collectively, the "Right Holders"), two (2) option options to extend the Lease Term for the entire Premises, each by a period of five (5) years (the each, an "Option Term"). The Such option to extend shall be exercisable only by notice Notice delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, as of the date of delivery of such noticeNotice, (i) Tenant is not then in monetary or material non-monetary default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth periods), (ii) Tenant has not been in monetary or material non-monetary default under this LeaseLease (beyond any applicable notice and cure periods) more than once during the prior [***] month period, (iii) Landlord reasonably determines that Tenant is a party of reasonable financial worth and/or financial stability in light of the responsibilities to be undertaken in connection with Tenant's lease of the Premises during the Option Term, and (iv) this Lease then remains in full force and effect and Original Tenant, its Permitted Transferees and/or its Approved Assignees are then in occupancy of no less than [***] of the rentable square footage of the Premises (the foregoing items (i) through (iv) collectively constituting the "Exercise Conditions"). Upon the proper exercise of the each such option to extend, and provided that, at Landlord's option, as of the end of the initial then-applicable Lease Term, Tenant there is not in default under this Lease (beyond no then-existing violation of the expiration of any applicable notice and cure period expressly set forth in this Lease)Exercise Conditions, the Lease Term Term, as it applies to the entire Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall only be personal to exercised by the originally named tenant herein Right Holders (the "Original Tenant"), and any Affiliate Assignee, Permitted Transferee or Approved Assignee (and but not any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, transferee of Tenant's interest in this Lease). In the event that If Tenant fails to timely and appropriately exercise its first option to extend, the second option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.longer apply

Appears in 3 contracts

Samples: Office Lease (Bridgepoint Education Inc), Office Lease (Bridgepoint Education Inc), Office Lease (Bridgepoint Education Inc)

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") , and any "Affiliate Assignee" or "its “Permitted Transferee," Assignees”, as such terms are that term is defined in Sections 14.8 and 14.9Section 14.8, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below one (an "Approved Assignee") one ( I 1) option to extend the Lease Term for a period of five (5) years (the "Option Term"). The , which option to extend shall be exercisable irrevocably exercised only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, belownot more than twelve (12) months nor less than nine (9) months prior to the expiration of the initial Lease Term, provided that, that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, period; (ii) Tenant is has not previously been in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period, more than twice in the twelve (12) month period expressly set forth prior to the date of Tenant’s attempted exercise; and (iii) the Lease then remains in this Leasefull force and effect. Landlord may, at Xxxxxxxx’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant")Tenant and any Permitted Assignees, and any Affiliate Assignee, may be exercised by Original Tenant or such Permitted Transferee or Approved Assignee Assignees (and not by any assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below14.1 of this Lease, of Tenant's ’s interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 3 contracts

Samples: Lease (Denali Therapeutics Inc.), Lease (Denali Therapeutics Inc.), www.sec.gov

Option Right. Landlord hereby grants to the Tenant originally named Tenant herein in this Lease (the "Original Tenant") ”), and any "Affiliate “Permitted Transferee Assignee" or "Permitted Transferee," as such terms are that term is defined in Sections 14.8 and 14.9Section 14.8, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below one (an "Approved Assignee") one ( I 1) option to extend the Lease Term for a period of five one (51) years year (the "Option Term"). The Such option to extend shall be exercisable only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3not less than six (6) months prior to the expiration of the initial Lease Term, belowstating that Tenant is thereby irrevocably exercising its option to lease the Premises during the Option Term. Upon the proper exercise of the option to extend, and provided that, at Landlord’s option, as of the date of delivery of such notice, Tenant is not in default under this Lease and has not previously been in default (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon ) under this Lease more than once during the proper exercise of the option to extendimmediately preceding twelve (12) month period, and provided that, at Landlord's option, as of the end of the initial Lease Term, Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease), the Lease Term shall be extended for a period of five one (51) yearsyear. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant"), Tenant and any Affiliate Assignee, Permitted Transferee or Approved Assignee (and not any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 114.1, below, of Tenant's ’s interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend the Lease Term in accordance with the terms of this Section 2.2, then the such option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 3 contracts

Samples: Lease, Lease (Synthorx, Inc.), Lease (Synthorx, Inc.)

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") ”), and any "Affiliate Assignee" or "its “Permitted Transferee," Assignees”, as such terms are that term is defined in Sections 14.8 and 14.9Section 14.8, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below one (an "Approved Assignee") one ( I 1) option to extend the Lease Term for a period of five (5) years (the "Option Term"). The , which option to extend shall be exercisable irrevocably exercised only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, belownot more than twelve (12) months nor less than nine (9) months prior to the expiration of the initial Lease Term, provided that, that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, period; (ii) Tenant is has not previously been in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period, more than twice in the twelve (12) month period expressly set forth prior to the date of Tenant’s attempted exercise; and (iii) the Lease then remains in this Leasefull force and effect. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant")Tenant and any Permitted Assignees, and any Affiliate Assignee, may be exercised by Original Tenant or such Permitted Transferee or Approved Assignee Assignees (and not by any assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below14.1 of this Lease, of Tenant's ’s interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 3 contracts

Samples: Lease (RAPT Therapeutics, Inc.), Lease (RAPT Therapeutics, Inc.), Lease (Relypsa Inc)

Option Right. Landlord hereby grants the Original Tenant, its Permitted Transferees and any approved assignee of all of Original Tenant's interest in this Lease and the "13480 Lease" (defined in Section 1.4) pursuant to the originally named Tenant herein TCCs of Article 14 (the "Original Tenant") and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below (an a "Approved Assignee") one ( I (collectively, the "Right Holders"), two (2) option options to extend the Lease Term for the entire Premises, each by a period of five (5) years (the each, an "Option Term"). The Such option to extend shall be exercisable only by notice Notice delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, as of the date of delivery of such noticeNotice, (i) Tenant is not then in monetary or material non-monetary default under this Lease or the 13480 Lease (beyond the expiration of any applicable notice and cure period expressly set forth periods), (ii) Tenant has not been in monetary or material non-monetary default under this LeaseLease or the 13480 Lease (beyond any applicable notice and cure periods) more than once during the prior [***] month period, (iii) Landlord reasonably determines that Tenant is not a party of reasonable financial worth and/or financial stability in light of the responsibilities to be undertaken in connection with Tenant's lease of the Premises during the Option Term, (iv) this Lease and the 13480 Lease then remain in full force and effect and Original Tenant, its Permitted Transferees and/or its Approved Assignees are then in occupancy of no less than [***] of the rentable square footage of the Premises, and (v) concurrently with Tenant's exercise of its option to extend the Term of this Lease for the Option Term, Tenant also exercises its corresponding option to extend the term of the 13480 Lease pursuant to the TCCs thereof (the foregoing items (i) through (v) collectively constituting the "Exercise Conditions"). Upon the proper exercise of the each such option to extend, and provided that, at Landlord's option, as of the end of the initial then-applicable Lease Term, Tenant there is not in default under this Lease (beyond no then-existing violation of the expiration of any applicable notice and cure period expressly set forth in this Lease)Exercise Conditions, the Lease Term Term, as it applies to the entire Premises, shall be [***] Confidential portions of this document have been redacted and filed separately with the Commission. extended for a period of five (5) years. The rights contained in this Section 2.2 shall only be personal to exercised by the originally named tenant herein Right Holders (the "Original Tenant"), and any Affiliate Assignee, Permitted Transferee or Approved Assignee (and but not any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, transferee of Tenant's interest in this Lease). In the event that If Tenant fails to timely and appropriately exercise its first option to extend, the second option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.longer apply

Appears in 3 contracts

Samples: Office Lease (Bridgepoint Education Inc), Office Lease (Bridgepoint Education Inc), Office Lease (Bridgepoint Education Inc)

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") ”), and any "Affiliate Assignee" or "its “Permitted Transferee," Assignees”, as such terms are that term is defined in Sections 14.8 and 14.9Section 14.8, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below one (an "Approved Assignee") one ( I 1) option to extend the Lease Term for a period of five (5) years (the "Option Term"). The , which option to extend shall be exercisable irrevocably exercised only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, belownot more than eighteen (18) months nor less than nine (9) months prior to the expiration of the initial Lease Term, provided that, that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, period; (ii) as of the end of the initial Lease Term, Tenant is not in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period expressly set forth period; (iii) Tenant has not previously been in default under this Lease, after the expiration of any applicable notice and cure period, more than twice; and (iv) the Lease then remains in full force and effect and Original Tenant or a Permitted Assignee occupies at least seventy-five percent (75%) of the Premises at the time the option to extend is exercised and as of the commencement of the Option Term. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant")Tenant and any Permitted Assignees, and any Affiliate Assignee, may be exercised by Original Tenant or such Permitted Transferee or Approved Assignee Assignees (and not by any assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below14.1 of this Lease, of Tenant's ’s interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 2 contracts

Samples: Keystone Technology Park Lease (Heat Biologics, Inc.), Heat Biologics, Inc.

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below (an "Approved Assignee") one ( I (1) option to extend the Lease Term for a period of five (5) years (the "Option Term"). The , which option to extend shall be exercisable irrevocably exercised only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, belownot more than fifteen (15) months nor less than twelve (12) months prior to the expiration of the Second Extension Period, provided that, that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond the Lease, after the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, period; (ii) as of the end of the initial Lease TermSecond Extension Period, Tenant is not in default under this Lease (beyond the Lease, after the expiration of any applicable notice and cure period expressly set forth period; (iii) Tenant has not previously been in this default under the Lease, after the expiration of any applicable notice and cure period, more than twice; and (iv) the Lease then remains in full force and effect and Original Tenant or an Affiliated Entity (as such term is defined in the Lease) with a net worth equal to or greater than that of Original Tenant occupies the entire Premises at the time the option to extend is exercised and as of the commencement of the Option Term. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 5 shall be personal to the originally named tenant herein (the "Original Tenant"), and any Affiliate Assignee, Permitted Transferee or Approved Assignee may be exercised by Original Tenant (and not by any assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, transferee of Tenant's ’s interest in this the Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 2 contracts

Samples: Lease Agreement (Liquidia Technologies Inc), Lease Agreement (Liquidia Technologies Inc)

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") , and any "Affiliate Permitted Transferee Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below two (an "Approved Assignee"2) one ( I ) option successive options to extend the Lease Term for a period of five (5) years each (the "each, an “Option Term"” and each option, an “Option to Extend”). The option Each Option to extend Extend shall be exercisable only by notice delivered by Original Tenant or a “Permitted Transferee Assignee” to Landlord as provided in Section 2.2.3, 2.2.3 below, ; provided that, as of the date of delivery of such notice, Tenant is has not in default under this Lease (beyond the expiration of any applicable received notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, that Tenant is not in default under this Lease “Default” (beyond the expiration of any applicable notice and cure period expressly set forth as that term is defined in this LeaseSection 19.1 below), the Lease Term shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant"), Tenant and any Affiliate Assignee, Permitted Transferee Assignee and may only be exercised by the Original Tenant or Approved a Permitted Transferee Assignee (and not any other assignee or sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, Transferee of Tenant's ’s interest in this Lease)) provided that the Original Tenant or such Permitted Transferee Assignee has not subleased more than thirty-three percent (33%) of the rentable square footage of the Premises pursuant to a sublease or subleases then in effect. In the event that Tenant fails to timely and appropriately exercise its option an Option to extend Extend in accordance with the terms of this Section 2.2, then the option such Option to extend granted to Tenant pursuant to the terms of this Section 2.2 Extend shall automatically terminate and shall be of no further force or effect. Further, notwithstanding any contrary provision of this Section 2.2, in no event may Tenant exercise its right to extend the Lease Term for the second Option Term under this Section 2.2 if Tenant fails to timely exercise its right to extend the initial Lease Term for the first Option Term under this Section 2.2.

Appears in 2 contracts

Samples: Office Lease (Dropbox, Inc.), Office Lease (Dropbox, Inc.)

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") ”), and any "Affiliate Assignee" or "its “Permitted Transferee," Assignees”, as such terms are that term is defined in Sections 14.8 and 14.9Section 14.8, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below one (an "Approved Assignee") one ( I 1) option to extend the Lease Term for a period of five (5) years (the "Option Term"). The , which option to extend shall be exercisable HCP, INC [Britannia Pointe Grand] [ORIC Pharmaceuticals, Inc.] irrevocably exercised only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, belownot more than twelve (12) months nor less than nine (9) months prior to the expiration of the initial Lease Term, provided that, that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, period; (ii) Tenant is has not previously been in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period, more than twice in the twelve (12) month period expressly set forth prior to the date of Tenant’s attempted exercise; and (iii) the Lease then remains in this Leasefull force and effect. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant")Tenant and any Permitted Assignees, and any Affiliate Assignee, may be exercised by Original Tenant or such Permitted Transferee or Approved Assignee Assignees (and not by any assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below14.1 of this Lease, of Tenant's ’s interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 2 contracts

Samples: Lease (Oric Pharmaceuticals, Inc.), Lease (Oric Pharmaceuticals, Inc.)

Option Right. Landlord hereby grants to the originally named Original Tenant herein and its Permitted Transferees one (the "Original Tenant") and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below (an "Approved Assignee") one ( I 1) option to extend the Lease Term for the entire Premises by a period of five (5) years (the "Option Term"). The Such option to extend shall be exercisable only by notice Notice delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, as of the date of delivery of such noticeNotice, (i) Tenant is not then in default “Economic Default” or “Material Non-Economic Default” under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth periods), and (ii) Tenant has not been in Economic Default or Material Non-Economic Default under this Lease)Lease (beyond the applicable notice and cure periods) more than twice during the prior twenty-four (24) month period. Upon the proper exercise of the such option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, (A) Tenant is not in default Economic Default or Material Non-Economic Default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Leaseperiods), and (B) Tenant has not been in Economic Default or Material Non-Economic Default under this Lease (beyond the applicable notice and cure periods) more than twice during the prior twenty-four (24) month period, then the Lease Term Term, as it applies to the entire Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 2.3 shall only be personal to exercised by the originally named tenant herein (the "Original Tenant"), and any Affiliate Assignee, Tenant or its Permitted Transferee or Approved Assignee (and not any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, transferee of the Original Tenant's ’s interest in this Lease)) if Original Tenant and/or its Permitted Transferee is in occupancy of not less than fifty percent (50%) of the Premises. In For purposes hereof, an “Economic Default” shall mean any default contemplated by the terms of Section 19.1.1 of this Lease, and a “Material Non-Economic Default” shall mean any of the defaults identified in Sections 19.1.3 through 19.1.6 of this Lease; provided, however, that in no event that Tenant fails shall (1) any one circumstance (e.g. an instance of failed rent payment, a failure to timely and appropriately exercise its option complete an estoppel certificate, a failure to extend comply with CC&Rs, etc.) result in, or constitute, more than one Economic Default or Material Non-Economic Default, and/or (2) any circumstance be deemed an Economic Default or Material Non-Economic Default under this Section 2.3.1 to the extent such matter has been reasonably disputed in accordance with the terms TCCs of this Section 2.2, then the option to extend granted to Lease by Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effectremains unresolved.

Appears in 2 contracts

Samples: Office Lease (Anaptysbio Inc), Office Lease (Anaptysbio Inc)

Option Right. Landlord hereby grants to the originally named Original Tenant herein and its Permitted Transferee Assignee, one (the "Original Tenant") and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below (an "Approved Assignee") one ( I 1) option to extend the Lease Term for the entire Premises by a period of five seven (57) years (the "Option Term"). The Such option to extend shall be exercisable only by notice “Notice” (as that term is defined in Section 29.18 of this Lease) delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, as of the date of delivery of such noticeNotice, (i) Tenant is not then in default under this Lease, and (ii) Tenant has not been in monetary default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease)periods) during the prior two (2) years of the Lease Term. Upon the proper exercise of the such option to extend, and provided that, at Landlord's option’s election, as of the end of the initial Lease Term, (A) Tenant is not in default under this Lease, and (B) Tenant has not been in monetary default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease), periods) during the prior two (2) years of the Lease Term Term, then the Lease Term, as it applies to the entire Premises, shall be extended for a period of five seven (57) years. The rights contained in this Section 2.2 shall only be personal to exercised by the originally named tenant herein (the "Original Tenant"), and any Affiliate Assignee, Tenant or its Permitted Transferee or Approved Assignee (and not any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, transferee of the Original Tenant's ’s interest in this Lease). In ) if Original Tenant and/or its Permitted Transferee Assignee is in occupancy of at least seventy-five percent (75%) of the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effectthen-existing Premises.

Appears in 2 contracts

Samples: Office Lease (DoorDash Inc), Office Lease (DoorDash Inc)

Option Right. Landlord hereby grants to the originally named Original Tenant herein and its Permitted Transferee Assignees two (the "Original Tenant"2) and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below (an "Approved Assignee") one ( I ) option options to extend the Lease Term for the entire Premises each by a period of five (5) years (the "each, an “Option Term"). The option to extend Such options shall be exercisable only by notice Notice delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, as of the date of delivery of such noticeNotice, (i) Tenant is not then in material economic default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth periods), (ii) Tenant has not been in material economic default under this Lease)Lease (beyond the applicable notice and cure periods) more than once during the prior twelve (12) month period, and (iii) Tenant has not been in material economic default under this Lease (beyond the applicable notice and cure periods) more than twice during the prior twenty-four (24) month period. Upon the proper exercise of the such option to extend, and provided that, at Landlord's option, as of the end of the initial then-applicable Lease Term, (A) Tenant is not in material economic default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Leaseperiods), (B) Tenant has not been in material economic default under this Lease (beyond the applicable notice and cure periods) more than once during the prior twelve (12) month period, and (C) Tenant has not been in material economic default under this Lease (beyond the applicable notice and cure periods) more than twice during the prior twenty-four (24) month period, then the Lease Term Term, as it applies to the entire Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall only be personal to exercised by the originally named tenant herein (the "Original Tenant"), and any Affiliate Assignee, Tenant or its Permitted Transferee or Approved Assignee (and not by any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, transferee of the Original Tenant's ’s interest in this Lease). In the event that ) if Original Tenant fails to timely and appropriately exercise and/or its option to extend Permitted Transferee Assignee is in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be occupancy of no further force or effectless than seventy-five percent (75%) of the Premises.

Appears in 2 contracts

Samples: Sublease Agreement (Mast Therapeutics, Inc.), Office Lease (Santarus Inc)

Option Right. Landlord hereby grants to the Tenant originally named Tenant herein in this Lease (the "Original Tenant") ”), and any "Affiliate Assignee" or "its “Permitted Transferee," Assignees”, as such terms are that term is defined in Sections Section 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below one (an "Approved Assignee") one ( I 1) option to extend the Lease Term for a period of five (5) years each (the "Option Term"). The Such option to extend shall be exercisable only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3not more than twelve (12) months nor less than nine (9) months prior to the expiration of the initial Lease Term, belowstating that Tenant is thereby irrevocably exercising its option to lease the Premises during the applicable Option Term, provided that, that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, period; (ii) Tenant is has not previously been in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period, more than twice in the twelve (12) month period expressly set forth prior to the date of Tenant’s attempted exercise; and (iii) the Lease then remains in this Leasefull force and effect. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant"), Tenant and any Affiliate Assignee, Permitted Transferee or Approved Assignee (and not any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 114.1, below, of Tenant's ’s interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend the Lease Term in accordance with the terms of this Section 2.2, then the such option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.. Bayside Acquisition, LLC [Britannia Life Science Center]

Appears in 2 contracts

Samples: Lease (Annexon, Inc.), Lease (Annexon, Inc.)

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below one (an "Approved Assignee") one ( I 1) option to extend the Lease Term for a period of five (5) years (the "Option Term"). The option to extend shall be exercisable only by notice delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, as of the date of delivery of such notice, Tenant is an Option Nullification Default has not in default occurred under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease)then remains uncured. Upon the proper exercise of the option to extend, and provided that, at Landlord's ’s option, as of the end of the initial Lease Term, Tenant is an Option Nullification Default has not in default occurred under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease)then remains uncured, the Lease Term shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant"), Tenant and any Affiliate Assignee, Permitted Transferee and may only be exercised by the Original Tenant or Approved Assignee a Permitted Transferee (and not any other assignee or sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, Transferee of Tenant's ’s interest in this Lease)) if the Original Tenant or a Permitted Transferee, as the case may be, occupies at least seventy-five percent (75%) of the Premises. In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 2 contracts

Samples: Office Lease (Yelp Inc), Office Lease (Yelp Inc)

Option Right. Landlord hereby grants to the Tenant originally named Tenant herein (the "Original Tenant") and any "Affiliate Assignee" or "its Permitted Transferee," Transferees (as such terms are that term is defined in Sections 14.8 and 14.9Section 14.8, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below ) two (an "Approved Assignee"2) one ( I ) option options to extend the Lease Term for the entire Premises by a period of five (5) years each (the "each, an “Option Term"). The Such option to extend shall be exercisable only by notice Notice delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, as of the date of delivery of such noticeNotice, (i) Tenant is not then in monetary default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease), (ii) Tenant has not been in monetary default under this Lease (beyond the applicable notice and cure period set forth in this Lease) more than twice during the prior twelve (12) month period, and (iii) Tenant has not been in monetary default under this Lease (beyond the applicable notice and cure period set forth in this Lease) more than five (5) times during the Lease Term. Upon the proper exercise of the such option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, or the first Option Term, as applicable, (A) Tenant is not in monetary default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease), (B) Tenant has not been in monetary default under this Lease (beyond the applicable notice and cure period set forth in this Lease) more than twice during the prior twelve (12) month period, and (C) Tenant has not been in monetary default under this Lease (beyond the applicable notice and cure period set forth in this Lease) more than five (5) times during the Lease Term Term, then the Lease Term, as it applies to the entire Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall only be personal to exercised by the originally named tenant herein (the "Original Tenant"), and any Affiliate Assignee, Tenant or its Permitted Transferee or Approved Assignee (and not any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, transferee of the Original Tenant's ’s interest in this Lease). In ) if Original Tenant and/or its Permitted Transferee is in occupancy of not less than fifty percent (50%) of the event that Tenant fails to timely and appropriately then-existing Premises at the time of Tenant’s exercise its option to extend in accordance with of the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effectapplicable Option Term.

Appears in 2 contracts

Samples: Office Lease (Roka BioScience, Inc.), Office Lease (Roka BioScience, Inc.)

Option Right. Landlord hereby grants to the tenant originally named Tenant herein (the "Original Tenant") and any "Affiliate its “Permitted Transferee Assignee" or "Permitted Transferee," as such terms are defined that term is set forth in Sections Section 14.8 and 14.9of this Lease, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below two (an "Approved Assignee"2) one ( I ) option options to extend the Lease Term for the entire Premises each by a period of five three (53) years (the "each an “Option Term"). The option to extend Such options shall be exercisable only by notice “Notice” (as that term is defined in Section 29.18 of this Lease) delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, as of the date of delivery of such noticeNotice, (i) Tenant is not then in default under this Lease (beyond the applicable notice and cure periods), (ii) Tenant has not been in default under this Lease (beyond the applicable notice and cure periods) more than once during the prior twelve (12) month period, and (iii) Tenant has not been in default under this Lease (beyond the applicable notice and cure periods) more than three (3) times during the Lease Term. Upon the proper exercise of such option to extend, and provided that, at Landlord’s election, as of the end of the then applicable Lease Term, (A) Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Leaseperiods). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, (B) Tenant is has not been in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth periods) more than once during the prior twelve (12) month period, and (C) Tenant has not been in default under this Lease), Lease (beyond the applicable notice and cure periods) more than three (3) times during the Lease Term Term, then the Lease Term, as it applies to the entire Premises, shall be extended for a period of five three (53) years. The rights contained in this Section 2.2 shall only be personal to exercised by the originally named tenant herein (the "Original Tenant"), and any Affiliate Assignee, Tenant or its Permitted Transferee or Approved Assignee (and not any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, transferee of the Original Tenant's ’s interest in this Lease). In ) if Original Tenant and/or its Permitted Transferee Assignee is in occupancy of the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effectentire then-existing Premises.

Appears in 2 contracts

Samples: Office Lease (Airgain Inc), Office Lease (Airgain Inc)

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") and any "Affiliate Assignee" or "assignees that are Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9Parties, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below one (an "Approved Assignee") one ( I 1) option to extend the Lease Term for a period of five three (53) years (the "Option Term"). The option to extend , which shall be exercisable irrevocably exercised only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, belownot more than twelve (12) months nor less than nine (9) months prior to the expiration of the initial Lease Term, provided that, that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, period; (ii) as of the end of the initial Lease Term, Tenant is not in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period expressly set forth period; (iii) Tenant has not previously been in default under this Lease, after the expiration of any applicable notice and cure period, more than twice; (iv) the L/C Security remains in effect for the duration of the Option Term, and (v) the Lease then remains in full force and effect and Original Tenant occupies at least 75% of the entire Premises at the time the option to extend is exercised and as of the commencement of the Option Term. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five three (53) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant"), Tenant and any Affiliate Assignee, Permitted Transferee or Approved Assignee may be exercised by Original Tenant (and not by any assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below14.1 of this Lease, of Tenant's ’s interest in this LeaseLease other than assignees that are Permitted Parties). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 2 contracts

Samples: Sublease (Jounce Therapeutics, Inc.), Sublease (Jounce Therapeutics, Inc.)

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") , and any "Affiliate Permitted Transferee Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below one (an "Approved Assignee") one ( I 1) option to extend the Lease Term for a period of five three (53) years (the "Option Term"). The , which option to extend shall be exercisable irrevocably exercised only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3not sooner than fifteen (15) month, belowlater than nine (9) months, prior to the expiration of the initial Lease Term, provided that, that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, no Event of Default has occurred and is continuing; and (ii) the Lease then remains in full force and effect and Original Tenant or a Permitted Transferee Assignee occupies the entire Premises at the time the option to extend is not exercised and as of the commencement of the Option Term. Landlord may, at Landlord’s option, exercised in default under this Lease Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (beyond the expiration of any applicable notice and cure period expressly set forth in this Leaseexcept those, if any, which are waived by Landlord), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five three (53) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant"), Tenant and any Affiliate Assignee, Permitted Transferee Assignee and may be exercised by Original Tenant or Approved a Permitted Transferee Assignee only (and not by any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, Transferee of Tenant's ’s interest in this Lease). In Notwithstanding the event that Tenant fails to timely and appropriately exercise its personal nature of Tenant’s option to extend the Lease Term set forth in accordance with the terms of this Section 2.2, then the if, in connection with any assignment of this Lease by Original Tenant or a Permitted Transferee Assignee to an identified third party, Tenant requests that this option to extend granted the Lease Term be transferred to such assignee, then Landlord shall inform Tenant pursuant if this option to extend the Lease Term may be transferred to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effectassignee.

Appears in 2 contracts

Samples: Sorrento Highlands (Decipher Biosciences, Inc.), Sorrento Highlands (Decipher Biosciences, Inc.)

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") ”), and any "Affiliate Assignee" or "its “Permitted Transferee," Assignees”, as such terms are that term is defined in Sections 14.8 and 14.9Section 14.8, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below two (an "Approved Assignee"2) one ( I ) option options to extend the Lease Term for a period of five three (53) years (the "each, an “Option Term"). The , which option to extend shall be exercisable irrevocably exercised only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3not more than twelve (12) months nor less than nine (9) months prior to the expiration of the initial Lease Term or first Option Term, belowif applicable, provided that, that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, period; (ii) Tenant is has not previously been in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period, more than twice in the twelve (12) month period expressly set forth prior to the date of Tenant’s attempted exercise; and (iii) the Lease then remains in this Leasefull force and effect. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five three (53) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant")Tenant and any Permitted Assignees, and any Affiliate Assignee, may be exercised by Original Tenant or such Permitted Transferee or Approved Assignee Assignees (and not by any assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below14.1 of this Lease, of Tenant's ’s interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 2 contracts

Samples: Lease (Relypsa Inc), Lease (Relypsa Inc)

Option Right. Landlord hereby grants Subject to the originally named terms and conditions set forth in this Section 27.1, Tenant herein shall have two (the "Original Tenant"2) and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below (an "Approved Assignee") one ( I ) option options to extend the Lease Term (the "Options to Extend") for a period of five sixty (560) years months each (the "Option TermTerms"), which options shall, if at all, be exercisable by Tenant's delivery of notice to Landlord in accordance with Section 27.3 below. The option Notwithstanding anything to extend the contrary contained herein, an Option to Extend shall be exercisable only by notice delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, as only if (x) Tenant has not subleased twenty percent (20%) or more of the date Premises prior to the commencement of delivery of such noticethe subject Option Term, (y) Tenant is not in default under this Lease (beyond which default remains uncured after the expiration of any applicable grace or cure periods) at any time during the period beginning on the date of delivery of such notice through the commencement of the subject Option Term, and cure period expressly set forth (z) this Lease is not terminated prior to the commencement of the subject Option Term. The Options to Extend shall be personal to the original named Tenant under this Lease, shall be nontransferable and shall be exercisable by Tenant only with respect to the entire Premises; provided, however, an assignee of Tenant's interest in this Lease which is approved by Landlord pursuant to Article 7 and which operates "white tablecloth" restaurants nationally may exercise an Option to Extend provided it is then the Tenant under this Lease). Upon the proper exercise of the option an Option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease)Extend, the then-current Lease Term shall be extended for a period of five (5) yearsthe subject Option Term. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant"), and any Affiliate Assignee, Permitted Transferee or Approved Assignee (and not any sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, of Tenant's interest in this Lease). In the event that If Tenant fails to timely and appropriately properly exercise its option an Option to extend Extend in accordance with the terms of this Section 2.227.1, then the option such Option to extend granted Extend and all future Options to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and Extend, if any, shall be of no further force or effect. During each Option Term, all the terms, conditions, covenants and agreements set forth in this Lease shall continue to apply and be binding upon Landlord and Tenant, except that: (1) the Base Rent payable during the subject Option Term shall be equal to the Option Rent (as defined below) for the same; (2) in no event shall Tenant have the right to extend the Lease Term beyond the expiration of second Option Term; and (3) no concessions provided to Tenant by Landlord with respect to any portion of the Premises previously leased by Tenant shall apply to Tenant's lease of the Premises during an Option Term.

Appears in 2 contracts

Samples: Lease Agreement (New York Restaurant Group Inc), Lease Agreement (Smith & Wollensky Restaurant Group Inc)

Option Right. Landlord hereby grants to the originally named original Tenant herein executing this Lease (the "Original Tenant") and any "Affiliate Assignee" or "Permitted Transferee," Non-Transferee Assignee (as such terms are defined in Sections 14.8 and 14.9, Section 14.7 below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below (an "Approved Assignee") one ( I (1) option to extend the Lease Term for a period of five (5) years (the "Option Term"). The , which option to extend shall be exercisable only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such noticethe Option Exercise Notice, this Lease remains in full force and effect, Tenant is not in default Default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided thatOriginal Tenant (and/or any Permitted Non-Transferee, at Landlord's option, as defined in Section 14.7 below) occupies the entire Premises; (ii) as of the end of the initial Lease Term, this Lease remains in full force and effect, Tenant is not in default Default under this Lease Lease; and (beyond iii) Original Tenant (and/or any Permitted Non-Transferee) occupies the expiration entire Premises at the time the option to extend is exercised and as of the commencement of the Option Term. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any applicable notice of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and cure period expressly set forth in this Leaseeffect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 2.3 shall be personal to the originally named tenant herein (the "Original Tenant")Tenant and any Non-Transferee Assignee, and may be exercised only by the Original Tenant or any Affiliate Assignee, Permitted Non-Transferee or Approved Assignee (and not by any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 114.1, below, of Tenant's ’s interest in this Lease). In the event that Tenant fails , unless otherwise agreed to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effectby Landlord.

Appears in 2 contracts

Samples: Office Lease (Recursion Pharmaceuticals, Inc.), Office Lease (Recursion Pharmaceuticals, Inc.)

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other an assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14a Permitted Transfer per the terms of Section 19.2 of the Lease, below two (an "Approved Assignee"2) one ( I ) option options to extend the Term of the Lease Term for a period of five (5) years each (the "each, an “Option Term"). The option to extend , which options shall be exercisable irrevocably exercised only by written notice delivered by Tenant to Landlord not earlier than twelve (12) and not later than nine (9) months prior to the end of the Second Extended Term, or first Option Term, as provided in Section 2.2.3, belowapplicable, provided that, that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond the after expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, therin; (ii) as of the end of the initial Lease Second Extended Term, or first Option Term, as applicable, Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth provided therein; and (iii) the Lease then remains in this Leasefull force and effect. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term of the Lease, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall 4.1 may be personal exercised by Tenant or an assignee pursuant to a Permitted Transfer per the originally named tenant herein (terms of Section 19.2 of the "Original Tenant"), and any Affiliate Assignee, Permitted Transferee or Approved Assignee Lease only (and not by any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, transferee of Tenant's ’s interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 2 contracts

Samples: Office Lease, Office Lease (Textainer Group Holdings LTD)

Option Right. Landlord hereby grants to the originally named Original Tenant herein and its “Permitted Transferees,” as that term is set forth in Section 14.8 of this Lease, one (the "Original Tenant") and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below (an "Approved Assignee") one ( I 1) option to extend the Lease Term for the entire Premises by a period of five (5) years (the "Option Term"). The Such option to extend shall be exercisable only by notice Exercise Notice delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, as of the date of delivery of such noticeExercise Notice and as of the end of the Lease Term, (i) Tenant is not then in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in periods provided under this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, (ii) Tenant is has not been in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in periods provided under this Lease)) more than once during the prior twelve (12) month period, and (iii) Tenant has not been in default under this Lease (beyond any applicable notice and cure periods provided under this Lease) more than three (3) times during the Lease Term. Upon the proper exercise of such option to extend, subject to the terms of this Section 2.2.1, above, the Lease Term Term, as it applies to the entire Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall only be personal to exercised by the originally named tenant herein (the "Original Tenant"), and any Affiliate Assignee, Tenant or its Permitted Transferee or Approved Assignee (and not any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, transferee of the Original Tenant's ’s interest in this Lease). In ) if Original Tenant and/or its Permitted Transferee is in occupancy of the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effectentire then-existing Premises.

Appears in 2 contracts

Samples: Office Lease (Appdynamics Inc), Office Lease (Appdynamics Inc)

Option Right. Landlord hereby grants to the tenant originally named Tenant herein (the "Original Tenant") and any "Affiliate its “Permitted Transferee Assignee" or "Permitted Transferee," as such terms are defined that term is set forth in Sections Section 14.8 and 14.9of this Lease, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below one (an "Approved Assignee") one ( I 1) option to extend the Lease Term for the entire Premises by a period of five three (53) years (the "Option Term"). The Such option to extend shall be exercisable only by notice “Notice” (as that term is defined in Section 29.16 of this Lease) delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, as of the date of delivery of such noticeNotice, (i) Tenant is not then in default under this Lease, and (ii) Tenant has not been in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease)periods) during the prior Lease Term. Upon the proper exercise of the such option to extend, extend (and provided that, at Landlord's option’s election, as of the end of the initial Lease Term, (A) Tenant is not in default under this Lease, and (B) Tenant has not been in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease)periods) during the prior Lease Term, then the Lease Term Term, as it applies to the entire Premises, shall be extended for a period of five three (53) years. The rights contained in this Section 2.2 shall only be personal to exercised by the originally named tenant herein (the "Original Tenant"), and any Affiliate Assignee, Tenant or its Permitted Transferee or Approved Assignee (and not any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, transferee of the Original Tenant's ’s interest in this Lease). In ) if Original Tenant and/or its Permitted Transferee Assignee is in occupancy of the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effectentire then-existing Premises.

Appears in 2 contracts

Samples: Office Lease (Dermavant Sciences LTD), Office Lease (Dermavant Sciences LTD)

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") and any "Affiliate Permitted Transferee Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below one (an "Approved Assignee") one ( I 1) option to extend the Lease Term for a period of five (5) years (the "Option Term"). The option to extend shall be exercisable only by notice delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, as of the date of delivery of such notice, Tenant is not in default Default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's ’s option, as of the end of the initial Lease Term, Tenant is not in default Default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease), the Lease Term shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant"), Tenant and any Affiliate Assignee, Permitted Transferee Assignee and may only be exercised by the Original Tenant or Approved a Permitted Transferee Assignee (and not any other assignee or sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, transferee of Tenant's ’s interest in this Lease)) if the Original Tenant or a Permitted Transferee Assignee, as applicable, occupies at least sixty-six and 67/100ths percent (66.67%) of the rentable square footage of the Premises. In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 2 contracts

Samples: Office Lease (Lyft, Inc.), Office Lease (Lyft, Inc.)

Option Right. Landlord hereby grants to the originally original Tenant named Tenant herein in the Summary (the "Original Tenant") and any "Affiliate Assignee" or "Permitted Transferee," an “Affiliate” of Tenant, as such terms are that term is defined in Sections 14.8 and 14.9Section 14.8, below, or other which is an assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below Original Tenant (an "Approved “Affiliate Assignee") ”), one ( I (1) option to extend the Lease Term for a period of five (5) years (the "Option Term"). The , which option to extend shall be exercisable only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease), and has not previously been in default under this Lease beyond any applicable cure period set forth in this Lease. Upon the proper exercise of the such option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, Tenant is not in default under this Lease (Lease, beyond the expiration of any applicable notice and cure period expressly set forth in this Lease), and has not previously been in default under this Lease beyond any applicable cure period set forth in this Lease, the Lease Term Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant"), Tenant and any Affiliate Assignee, Permitted Transferee Assignee and may only be exercised by the Original Tenant or Approved an Affiliate Assignee (and not any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, transferee of the Original Tenant's ’s interest in this Lease)) if the Original Tenant or an Affiliate Assignee occupies the entire Premises. In the event that Tenant fails to timely and appropriately exercise its option to extend the right set forth in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate be null and shall be void and of no further force or effect.

Appears in 2 contracts

Samples: Office Lease (Jaguar Animal Health, Inc.), Office Lease (Jaguar Animal Health, Inc.)

Option Right. Landlord hereby grants to the Tenant originally named Tenant herein (the "Original Tenant") and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Original Tenant's ’s entire interest in the Lease that is approved by Landlord pursuant to Article 1413 of the Original Lease, below or with Landlord’s prior written consent not to be unreasonably withheld, an assignee of Tenant’s entire interest in the Lease pursuant to a Permitted Transfer (each, an "Approved Assignee") ”), one ( I (1) option to extend the Lease Term for a period of five three (53) years (the "Option Term"). The option to extend shall be exercisable only by notice delivered by Tenant to Landlord as provided in Section 2.2.34.2.3, below, provided that, as of the date of delivery of such notice, Tenant is not in default under this Lease (and has not been in default under this Lease, beyond the expiration of any applicable notice and cure period expressly set forth in this the Lease), at any time during the immediately preceding twelve (12) month period. Upon the proper exercise of the option to extend, and provided that, at Landlord's ’s option, as of the end of the initial Lease Term, Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this the Lease), the Lease Term shall be extended for a period of five three (53) years. The rights contained in this Section 2.2 3.2 shall be personal to the originally named tenant herein (the "Original Tenant"), Tenant and any Affiliate Assignee, Permitted Transferee Approved Assignee and may only be exercised by the Original Tenant or an Approved Assignee (and not any other assignee or sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, transferee of Tenant's ’s interest in this Lease)) if the Original Tenant or an Approved Assignee, as applicable, occupies the entire Premises. In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.23.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 3.2 shall automatically terminate and shall be of no further force or effect.

Appears in 2 contracts

Samples: Lease (Portola Pharmaceuticals Inc), Lease (Portola Pharmaceuticals Inc)

Option Right. Landlord hereby grants to the originally named Tenant herein Quality Systems, Inc. (the "Original Tenant") and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below (an "Approved Assignee") one ( I (1) option to extend the Lease Term for a period of five (5) years (the "Option Term"). The , which option to extend shall be exercisable only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond Lease, after the expiration of any applicable notice cure periods, and cure period expressly set forth Tenant has not previously been in default under this Lease), after the expiration of applicable cure periods, more than once. Upon the proper exercise of the such option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, Tenant is not in default under this Lease (beyond Lease, after the expiration of any applicable notice cure periods, and cure period expressly set forth Tenant has not previously been in default under this Lease), after the expiration of applicable cure periods, more than once, the Lease Term Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 2.3 shall be personal to the originally named tenant herein (the "Original Tenant"), Tenant and any Affiliate Assignee, Permitted Transferee or Approved Assignee may only be exercised by Tenant (and not any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, transferee of Tenant's ’s interest in this Lease)) if Original Tenant occupies the entire Premises. In the event that Tenant fails (References to timely and appropriately exercise its option to extend “Tenant” in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant 2.3 and elsewhere in this Lease with respect to the terms of this Section 2.2 Option Term shall automatically terminate and shall be of no further force or effectmean Original Tenant.)

Appears in 2 contracts

Samples: Office Lease (Quality Systems Inc), Office Lease (Quality Systems Inc)

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") , and any "Affiliate Permitted Transferee Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below two (an "Approved Assignee"2) one ( I ) option successive options to extend the Lease Term with respect to the entire Premises then being leased by Tenant (but subject to Section 2.2.1.1 below) (the “Renewal Premises”) for a period of five (5) years each (the "each, an “Option Term"” and each option, an “Option to Extend”). The option Each Option to extend Extend shall be exercisable only by notice delivered by Original Tenant or a Permitted Transferee Assignee to Landlord as provided in Section 2.2.3, 2.2.3 below, ; provided that, as of the date of delivery of such notice, Tenant is has not in default under this Lease (beyond the expiration of any applicable received notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, that Tenant is not in default under this Lease “Default” (beyond the expiration of any applicable notice and cure period expressly set forth as that term is defined in this LeaseSection 19.1 below), the Lease Term shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant"), Tenant and any Affiliate Assignee, Permitted Transferee Assignee and may only be exercised by the Original Tenant or Approved a Permitted Transferee Assignee (and not any other assignee or sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, Transferee of Tenant's ’s interest in this Lease)) provided that the Original Tenant or such Permitted Transferee Assignee has not subleased more than thirty percent (30%) of the rentable square footage of the then-existing Premises pursuant to a sublease or subleases then in effect. In the event that Tenant fails to timely and appropriately exercise its option an Option to extend Extend in accordance with the terms of this Section 2.2, then the option such Option to extend granted to Tenant pursuant to the terms of this Section 2.2 Extend shall automatically terminate and shall be of no further force or effect. Further, notwithstanding any contrary provision of this Section 2.2, in no event may Tenant exercise its right to extend the Lease Term for the second Option Term under this Section 2.2 if Tenant fails to timely exercise its right to extend the initial Lease Term for the first Option Term under this Section 2.2.

Appears in 2 contracts

Samples: Project Agreement (Dropbox, Inc.), Project Agreement (Dropbox, Inc.)

Option Right. Subject to the terms hereof, Landlord hereby grants to the originally named Original Tenant herein two (the "Original Tenant"2) and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below consecutive options (each an "Approved Assignee"“Option”) one ( I ) option to extend the Lease Term for a period of five three (53) years each (the "each an “Option Term"). The , which option to extend shall each be exercisable only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, set forth below, ; provided that, as of the date of delivery of such notice, (i) Tenant is not then in default under this Lease (beyond the applicable notice and cure periods), (ii) Tenant has not been in default under this Lease (beyond the applicable notice and cure periods) more than once during the prior twelve (12) month period and (iii) Tenant has not been in default under this Lease (beyond the applicable notice and cure periods) more than three (3) times during the Lease Term or, if applicable, the first option term (“First Option Term”). Upon the proper exercise of such option to extend, and provided that, as of the end of the Lease Term, or if applicable, the First Option Term, (A) Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Leaseperiods). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, (B) Tenant is has not been in default under this Lease (beyond the expiration of any applicable notice and cure periods) more than once during the prior twelve (12) month period expressly set forth and (C) Tenant has not been in default under this Lease), Lease (beyond the applicable notice and cure periods) more than three (3) times during the Lease Term or if applicable, the First Option Term, then the Lease Term, or if applicable, the First Option Term, as it applies to the Premises, shall be extended for a period of five three (53) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant")Tenant and any “NonTransferee Assignee.” as defined in Section 14.7 of this Lease, and any Affiliate Assignee, Permitted may only be exercised by the Original Tenant or a Non-Transferee or Approved Assignee (and not any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, transferee of the Original Tenant's ’s interest in this Lease). In ) if the event that Original Tenant fails to timely and appropriately exercise its option to extend and/or a Non-Transferee Assignee is in accordance with occupancy of the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effectentire Premises.

Appears in 2 contracts

Samples: Office Lease (Spinal Elements Holdings, Inc.), Office Lease (Spinal Elements Holdings, Inc.)

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below (an "Approved Assignee") one ( I (1) option to extend the Lease Term for a period of five (5) years (the "Option Term"). The , which option to extend shall be exercisable irrevocably exercised only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, belownot more than fifteen (15) months nor less than twelve (12) months prior to the expiration of the Second Extension Period, provided that, that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such notice, . Tenant is not in default under this Lease (beyond the Lease, after the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, period; (ii) as of the end of the initial Lease TermSecond Extension Period, Tenant is not in default under this Lease (beyond the Lease, after the expiration of any applicable notice and cure period expressly set forth period; (iii) Tenant has not previously been in this default under the Lease, after the expiration of any applicable notice and cure period, more than twice; and (iv) the Lease then remains in full force and effect and Original Tenant or an Affiliated Entity (as such term is defined in the Lease) with a net worth equal to or greater than that of Original Tenant occupies the entire Premises at the time the option to extend is exercised and as of the commencement of the Option Term. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 5 shall be personal to the originally named tenant herein (the "Original Tenant"), and any Affiliate Assignee, Permitted Transferee or Approved Assignee may be exercised by Original Tenant (and not by any assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, transferee of Tenant's ’s interest in this the Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 2 contracts

Samples: Lease Agreement (Liquidia Technologies Inc), Lease Agreement (Liquidia Technologies Inc)

Option Right. Landlord hereby grants to the originally named Tenant herein two (the "Original Tenant"2) and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below (an "Approved Assignee") one ( I ) option ------------ consecutive options to extend the Lease Term for a period of five (5) years each (the each, an "Option Term"). The option to extend , each of which options shall be exercisable only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, as of the date of delivery of any such notice, Tenant is not in default under this Lease (and Tenant has not previously been in default under this Lease beyond the expiration of any applicable notice and cure period expressly set forth in this Lease)periods more than three (3) times. Upon the proper exercise of the any such option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term or initial Option Term, Tenant is not in default under this Lease (beyond the expiration of any applicable notice cure periods and Tenant has not previously been in default under this Lease beyond any applicable cure period expressly set forth in this Lease)periods more than three (3) times, the Lease Term Term, as it applies to the Premises, shall be extended for a period of five (5) yearsthe applicable Option Term. The rights contained in this Section 2.2 shall be ----------- personal to the originally named tenant herein Original Tenant (and any Permitted Affiliates) and may only be exercised by the "Original Tenant and any assignee (including any Permitted Affiliate) to which Tenant")'s entire interest in this Lease has been assigned pursuant to Article 14 below, and any Affiliate Assigneemay only be exercised by the Original Tenant ---------- or such assignee, Permitted Transferee or Approved Assignee as the case may be (and but not by any sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, transferee of Tenant's interest in this Lease). In Lease or the event that Premises) if the Original Tenant fails or such assignee, as the case may be, occupies at least seventy percent (70%) of the Premises as of the date Tenant purports to timely and appropriately exercise its option the right to extend in accordance with lease the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effectExpansion Space.

Appears in 2 contracts

Samples: Office Lease (Equinix Inc), Equinix Inc

Option Right. Landlord hereby grants to the Tenant originally named Tenant herein in this Lease (the "Original Tenant") ”), and any "Affiliate Assignee" or "its “Permitted Transferee," Assignees”, as such terms are that term is defined in Sections 14.8 and 14.9Section 14.8, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below one (an "Approved Assignee") one ( I 1) option to extend the Lease Term for a period of five seven (57) years (the "Option Term"). The , which option to extend shall be exercisable irrevocably exercised only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, belownot more than twelve (12) months nor less than nine (9) months prior to the expiration of the initial Lease Term, provided that, that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, period; (ii) Tenant is has not previously been in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period, more than twice in the twelve (12) month period expressly set forth prior to the date of Tenant’s attempted exercise; and (iii) the Lease then remains in this Leasefull force and effect. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five seven (57) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant")Tenant and any Permitted Assignees, and any Affiliate Assignee, may be exercised by Original Tenant or such Permitted Transferee or Approved Assignee Assignees (and not by any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below14.1 of this Lease, of Tenant's ’s interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 2 contracts

Samples: Lease (Pliant Therapeutics, Inc.), Lease (Pliant Therapeutics, Inc.)

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") ”), and any "Affiliate Assignee" or "its “Permitted Transferee," Assignees”, as such terms are that term is defined in Sections 14.8 and 14.9Section 14.8, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below two (an "Approved Assignee"2) one ( I ) option options to extend the Lease Term for a period of five three (53) years (the "each, an “Option Term"). The option to extend , which options shall be exercisable irrevocably exercised only by written notice delivered by Tenant to Landlord not less than nine (9) months prior to the expiration of the initial Lease Term or first Option Term, as provided in Section 2.2.3, belowapplicable, provided that, that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, period; (ii) as of the end of the initial Lease Term or first Option Term, as applicable, Tenant is not in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period expressly set forth period; (iii) Tenant has not previously been in default under this Lease, after the expiration of any applicable notice and cure period, more than twice; and (iv) the Lease then remains in full force and effect and Original Tenant and/or a Permitted Transferee(s) collectively occupy at least 75% of the Premises at the time the applicable option to extend is exercised and as of the commencement of the applicable Option Term. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five three (53) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant")Tenant and any Permitted Assignees, and any Affiliate Assignee, may be exercised by Original Tenant or such Permitted Transferee or Approved Assignee Assignees (and not by any assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below14.1 of this Lease, of Tenant's ’s interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 2 contracts

Samples: Lease (Jounce Therapeutics, Inc.), Lease (Jounce Therapeutics, Inc.)

Option Right. Landlord hereby grants to the originally Tenant named Tenant herein in the Summary (the "Original Tenant") and any "Affiliate Assignee" or "its Permitted Transferee," Transferee Assignee (as such terms are defined in Sections 14.8 and 14.9below) two (2) options to extend (each, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below (an "Approved AssigneeExtension Option") one ( I ) option to extend the Lease Term each for a period of five three (53) years (the each, an "Option Term"). The option to extend , which options shall be exercisable only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, as of the date of delivery of such notice, Tenant is not then in monetary or material non-monetary default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease)periods. Upon the proper exercise of an Extension Option, provided that as of the option to extendend of the Lease Term (or the end of the first Option Term, as the case may be), Tenant is not in economic or material, non-economic default under this Lease beyond the applicable notice and provided thatcure periods (unless Landlord, at Landlord's option, agrees in writing to waive any non-compliance by Tenant with this proviso solely for purposes of the validity of the exercise of such Extension Option), as of the end of the initial Lease Term (or the end of the first Option Term, Tenant is not in default under this Lease (beyond as the expiration of any applicable notice and cure period expressly set forth in this Leasecase may be), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five three (53) years. The rights contained in this Section 2.2 2.3 shall be personal to the originally named tenant herein (the "Original Tenant"), and any Affiliate Assignee, Tenant or its Permitted Transferee Assignee and may only be exercised by the Original Tenant or Approved its Permitted Transferee Assignee (and not any assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, transferee of Tenant's interest in this Lease). In Lease other than a Permitted Transferee Assignee) if the event that Original Tenant fails to timely or its Permitted Transferee Assignee is leasing the entire Premises and appropriately exercise its option to extend in accordance with has not sublet more than twenty-five percent (25%) of the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effectPremises.

Appears in 1 contract

Samples: Lease (Veeco Instruments Inc)

Option Right. Landlord hereby grants the Tenant originally named in this Lease (the “Original Tenant”), any “Permitted Transferees,” as that term is set forth in Section 14.8 of this Lease, and to the originally named Tenant herein (the "Original Tenant") and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is extent approved by Landlord pursuant to the TCCs of Article 1414 of the Lease, below (x) any assignee, or (y) any subtenant of 100% of the Premises for all or substantial all of the Lease Term, in either such event approved by Landlord pursuant to the TCCs of Article 14 of this Lease (such approved assignee or subtenant, a “Permitted Assignee”) (the Original Tenant, Permitted Transferees and any Permitted Assignee are, collectively, the “Right Holders”), two (2) options (each an "Approved Assignee"“Option”) one ( I ) option to extend the Lease Term for the entire Premises, each for a period of five (5) years (the "each, an “Option Term"). The Each option to extend shall be exercisable only by notice Notice delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, as of the date of delivery of such noticeNotice, (i) Tenant is not then in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth periods), (ii) Tenant has not been in economic or material non-economic default under this LeaseLease (beyond any applicable notice and cure periods) more than once during the prior twelve (12) month period, and (iii) Tenant has not been in economic or material non-economic default under this Lease (beyond any applicable notice and cure periods) more than two (2) times during the Lease Term (the foregoing items (i) through (iii) collectively constituting the “Exercise Conditions”). Upon the proper exercise of the each such option to extend, and provided that, at Landlord's option, as of the end of the initial then-applicable Lease Term, Tenant there is not in default under this Lease (beyond no then-existing violation of the expiration of any applicable notice and cure period expressly set forth in this Lease)Exercise Conditions, the Lease Term Term, as it applies to the entire Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall only be personal to exercised by the originally named tenant herein Right Holders (the "Original Tenant"), and any Affiliate Assignee, Permitted Transferee or Approved Assignee (and but not any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, transferee of Tenant's ’s interest in this Lease)) if such entities are in occupancy of no less than seventy-five percent (75%) of the Premises. In the event that If Tenant fails to timely and appropriately exercise its option to extend in accordance with first Option, the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 second Option shall automatically terminate and shall be of no further force or effectlonger apply.

Appears in 1 contract

Samples: Office Lease (Entropic Communications Inc)

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") , any Affiliate of Tenant, and any "Affiliate Permitted Transferee Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below two (an "Approved Assignee"2) one ( I ) option options to extend the Lease Term for a period of five (5) years each (the "each an “Option Term"” and each such option, an “Option to Extend”). The option Options to extend Extend shall be exercisable only by notice delivered by Tenant Original Tenant, an Affiliate, or a Permitted Transferee Assignee, as applicable, to Landlord as provided in Section 2.2.3, 2.2.3 below, ; provided that, as of the date of delivery of such notice, Tenant is has not in default under this Lease (beyond the expiration of any applicable received notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, that Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease), the Lease Term shall be extended for a period of five (5) yearsDefault. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant"), any Affiliate, and any Affiliate Assignee, Permitted Transferee Assignee and may only be exercised by the Original Tenant, an Affiliate, or Approved a Permitted Transferee Assignee (and not any other assignee or sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, Transferee of Tenant's ’s interest in this Lease)) provided that the Original Tenant, the Affiliate, or such Permitted Transferee Assignee has not subleased more than fifty percent (50%) of the rentable square footage of the Premises pursuant to a sublease or subleases then in effect. In the event that Tenant (or any Affiliate or Permitted Transferee Assignee) fails to timely and appropriately exercise its option Option to extend Extend in accordance with the terms of this Section 2.2, then the option such Option to extend granted to Tenant pursuant to the terms of this Section 2.2 Extend shall automatically terminate and shall be of no further force or effect.

Appears in 1 contract

Samples: Office Lease (FIGS, Inc.)

Option Right. Landlord Lessor hereby grants to the originally named Tenant herein (the "Original Tenant") Lessee, and any "Tenant Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below one (an "Approved Assignee") one ( I 1) option to extend the term of the Lease Term for the entire Premises for a period of five three (53) years (the "Option Term"). The , which option to extend shall be exercisable irrevocably exercised only by written notice delivered by Tenant Lessee to Landlord as provided in Section 2.2.3Lessor not earlier than fifteen (15) months, belowand not later than nine (9) months, prior to the end of the Expansion Term, provided that, that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such notice, Tenant Lessee is not in default under this Lease (the Lease, as amended, beyond the expiration of any applicable notice and cure period expressly set forth in this the Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, Tenant amended; (ii) Lessee is not in default under this Lease (the Lease, as amended, beyond the expiration of any applicable notice and cure period expressly set forth in the Lease, as amended, at the time Lessor and Xxxxxx execute an amendment to the Lease extending the term of the Lease for the entire Premises for the Option Term, and as of the end of the Expansion Term, Lessee is not in default under the Lease, as amended; (iii) Lessee has not previously been in default under the Lease, as amended, beyond the expiration of any applicable notice and cure period expressly set forth in the Lease, as amended, more than once; and (iv) the Lease then remains in full force and effect and Original Lessee or a Tenant Affiliate Assignee is the Lessee under this LeaseLease and not more than twenty-five percent of the Premises has been sublet at the time the option to extend is exercised and as of the commencement of the Option Term. Lessor may, at Lessor’s option, exercised in Lessor’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Lessee, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Lessee satisfies all of the Option Conditions (except those, if any, which are waived by Lessor), the Lease Term term of the Lease, as it applies to the Premises, shall be extended for a period of five three (53) years. The rights contained in this Section 2.2 11 shall be personal to the originally named tenant herein (the "Original Tenant"), Lessee and any Tenant Affiliate Assignee, Permitted Transferee Assignee and may be exercised by Original Lessee or Approved a Tenant Affiliate Assignee only (and not by any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, transferee of Tenant's Xxxxxx’s interest in this the Lease, as amended). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 1 contract

Samples: Lease and Signage Lease (DermTech, Inc.)

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below Transferee Assignee two (an "Approved Assignee"2) one ( I option(s) option to extend the Lease Term each for a period of five (5) years (each an "Option Term" and, together, the "Option TermTerms"). The Such option to extend shall be exercisable irrevocably exercised only by written notice delivered by Tenant to Landlord no earlier than fifteen (15) months and no later than twelve (12) months prior to the expiration of the Lease Term (or initial Option Term, as provided in Section 2.2.3, belowapplicable), provided that, that the following conditions (the "Option Conditions") are satisfied: (i) as of the date of delivery of such notice, Tenant is not then in default under this Lease; (ii) as of the end of the Lease Term (or initial Option Term, as applicable), Tenant is not then in default under this Lease; (iii) Tenant has not previously been in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth period; and (iv) the Lease then remains in this Lease)full force and effect and Original Tenant occupies the entire Premises at the time the option to extend is exercised and as of the commencement of the Option Term. Landlord may, at Landlord's option, exercised in Landlord's sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of the such option to extend, and provided that, at Landlord's option, as that Tenant satisfies all of the end of the initial Lease TermOption Conditions (except those, Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Leaseif any, which are waived by Landlord), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 1 shall be personal to the originally named tenant herein (the "Original Tenant"), Tenant and any Affiliate Assignee, Permitted Transferee or Approved Assignee may be exercised by Original Tenant only (and not by any assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, of Tenant's interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 1 contract

Samples: Lease (PROCEPT BioRobotics Corp)

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") and any "Affiliate Assignee" or "its Permitted Transferee," Assignees (as such terms are defined in Sections 14.8 and 14.9Section 14.8, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below (an "Approved Assignee") one ( I (1) option to extend the Lease Term for the entire Premises for a period of five (5) years (the "Option Term"). The , which option to extend shall be exercisable irrevocably exercised only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3not earlier than fifteen (15) months, belowand not later than twelve (12) months, prior to the Lease Expiration Date, provided that, that the following conditions (the "Option Conditions") are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond the expiration of any all applicable notice and cure period expressly set forth in periods under this Lease). Upon ; (ii) Tenant is not in default beyond all applicable notice and cure periods under this Lease at the proper exercise of time Landlord and Tenant execute an amendment to this Lease extending the option to extendLease Term for the Option Term, and provided that, at Landlord's option, as of the end of the initial Lease Term, Tenant is not in default under this Lease (beyond the expiration of any all applicable notice and cure period expressly set forth in periods under this Lease; (iii) Tenant has not previously been in default beyond all applicable notice and cure periods under this Lease more than two (2) times in any twelve (12) month period; and (iv) the Lease then remains in full force and effect and Tenant (and/or any Permitted Transferee) occupies at least seventy (70%) of the Premises at the time the option to extend is exercised and as of the commencement of the Option Term. Landlord may, at Landlord's option, exercised in Landlord's sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper 795344.01/WLA 377082-00004//ejs/ejs -4- 000 X. Xxxxxxxx Xxxxxxxxx [Arrowhead Pharmaceuticals, Inc.] exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant"), Tenant any Permitted Assignee and only and may be exercised by Original Tenant or any Affiliate Assignee, such Permitted Transferee or Approved Assignee (and not by any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below14.1 of this Lease, of Tenant's interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 1 contract

Samples: Office Lease (Arrowhead Pharmaceuticals, Inc.)

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below (an "Approved Assignee") one ( I ) option to extend the Lease Term for a period of five (5) years (the "Option Term"). The , which option to extend shall be exercisable irrevocably exercised only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, belownot more than fifteen (15) months nor less than twelve (12) months prior to the expiration of the initial Lease Term, provided that, that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, period; (ii) as of the end of the initial Lease Term, Tenant is not in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period expressly set forth period; (iii) Tenant has not previously been in default under this Lease, after the expiration of any applicable notice and cure period, more than twice; and (iv) the Lease then remains in full force and effect and Original Tenant or a Permitted Assignee occupies the entire Premises at the time the option to extend is exercised and as of the commencement of the Option Term. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant")Tenant and any Permitted Assignees, and any Affiliate Assignee, may be exercised by Original Tenant or such Permitted Transferee or Approved Assignee Assignees (and not by any assignee, sublessee or other "Transferee," ”, as that term is defined in Section 14 . 1, below14.1 of this Lease, of Tenant's ’s interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 1 contract

Samples: Lease (Organovo Holdings, Inc.)

Option Right. Landlord hereby grants to the tenant originally named Tenant herein (the "Original Tenant") and any "Affiliate its “Permitted Transferee Assignee" or "Permitted Transferee," as such terms are defined that term is set forth in Sections Section 14.8 and 14.9of this Lease, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below one (an "Approved Assignee") one ( I 1) option to extend the Lease Term for the entire Premises by a period of five three (53) years (the "Option Term"). The Such option to extend shall be exercisable only by notice “Notice” (as that term is defined in Section 29.18 of this Lease) delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, as of the date of delivery of such noticeNotice, (i) Tenant is not then in default under this Lease (beyond the applicable notice and cure periods), (ii) Tenant has not been in default under this Lease (beyond the applicable notice and cure periods) more than once during the prior twelve (12) month period, and (iii) there has been no change in Tenant’s financial condition during the prior twenty-four (24)-month period) that would have a material adverse effect on Tenant’s ability to perform its obligations under this Lease. Upon the proper exercise of such option to extend, and provided that, at Landlord’s election, as of the end of the Lease Term, (A) Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Leaseperiods). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, (B) Tenant is has not been in default under this Lease (beyond the expiration of any applicable notice and cure periods) more than once during the prior twelve (12) month period, and (D) there has been no change in Tenant’s financial condition during the prior twenty-four (24)-month period expressly set forth in that would have a material adverse effect on Tenant’s ability to perform its obligations under this Lease), then the Lease Term Term, as it applies to the entire Premises, shall be extended for a period of five three (53) years. The rights contained in this Section 2.2 shall only be personal to exercised by the originally named tenant herein (the "Original Tenant"), and any Affiliate Assignee, Tenant or its Permitted Transferee or Approved Assignee (and not any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, transferee of the Original Tenant's ’s interest in this Lease). In ) if Original Tenant and/or its Permitted Transferee Assignee is in occupancy of the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effectentire then-existing Premises.

Appears in 1 contract

Samples: Office Lease (Versartis, Inc.)

Option Right. Landlord hereby grants to the Tenant originally named Tenant herein in this Lease (the "Original Tenant") and any "Affiliate Assignee" or its "Permitted Transferee," as such terms are defined that term is set forth in Sections Section 14.8 and 14.9of this Lease, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below two (an "Approved Assignee"2) one ( I ) option options to extend the Lease Term for the entire Premises, each by a period of five (5) years (the each, an "Option Term"). The Such option to extend shall be exercisable only by notice Notice delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, as of the date of delivery of such noticeNotice, Tenant is not in default Default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Leaseperiods). Upon the proper exercise of the such option to extend, and provided that, at Landlord's option, as of the end of the initial then applicable Lease Termterm, Tenant is not in default Default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Leaseperiods), the Lease Term Term, as it applies to the entire Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall only be personal to exercised by the originally named tenant herein (the "Original Tenant"), and any Affiliate Assignee, Tenant or its Permitted Transferee or Approved Assignee (and not any sublessee other assignee, sublesee or other "Transferee," as that term is defined in Section 14 . 1, below, transferee of the Original Tenant's interest in this Lease). In the event that ) if Original Tenant fails to timely and appropriately exercise and/or its option to extend Permitted Transferee is in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be occupancy of no further force or effectless than forty-five thousand (45,000) Rentable Square Feet of the Building.

Appears in 1 contract

Samples: Office Lease (Anacomp Inc)

Option Right. Landlord Lessor hereby grants to the originally named Tenant herein Original Lessee and/or its ------------ Affiliates one (the "Original Tenant") and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below (an "Approved Assignee") one ( I 1) option to extend the Lease Original Term for a period of five (5) years this Lease through October 30, 2003 (the "Option Term"). The , which option to extend shall be exercisable only by written notice delivered by Tenant Lessee to Landlord Lessor as provided in Section 2.2.3, below, provided that, as of the date of delivery of such notice, Tenant Lessee is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in the Lease, and Lessee has not previously been in default under this Lease)Lease beyond any applicable cure period set forth in the Lease more than once. Notwithstanding the foregoing, this option right shall be subordinate to the Expansion Rights of the Superior Right Holder, regardless of whether such rights are executed strictly in accordance with their terms, or pursuant to a lease amendment or a new lease. Upon the proper exercise of the such option to extend, and provided that, at LandlordLessor's option, as of the end of the initial Lease Original Term, Tenant Lessee is not in default under this the Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this the Lease), and Lessee has not previously been in default under the Lease beyond any applicable cure period set forth in the Lease more than once, the Lease Term Original Term, as it applies to the Premises, shall be extended for a period of five (5) yearsthrough October 30, 2003. The rights contained in this Section 2.2 Paragraph 63 shall be personal to the originally named tenant herein (Original Lessee and its Affiliates and may only be exercised by the "Original Tenant"), and any Affiliate Assignee, Permitted Transferee or Approved Assignee Lessee and/or its Affiliates (and not any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, transferee of Tenantthe Original Lessee's interest in this the Lease). In ) if the event that Tenant fails to timely and appropriately exercise Original Lessee and/or its option to extend in accordance with Affiliates occupies the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effectentire Premises.

Appears in 1 contract

Samples: Keith Companies Inc

Option Right. Landlord hereby grants to the originally named Original Tenant herein (the "Original Tenant") and any "its Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below two (an "Approved Assignee"2) one ( I ) option options to extend the Lease Term for the entire Premises each by a period of five (5) years (the each an "Option Term"). The option to extend Such options shall be exercisable only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, as of the date of delivery of such noticeNotice, (i) Tenant is not then in default under this Lease the Lease, as amended, and (ii) Tenant has not been in default under the Lease, as amended (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease)periods) more than two (2) times during the prior Lease Term. Upon the proper exercise of the such option to extend, and provided that, at Landlord's optionelection, as of the end of the initial then applicable Lease Term, (A) Tenant is not in default under this Lease the Lease, as amended, and (B) Tenant has not been in default under the Lease, as amended (beyond the expiration of any applicable notice and cure period expressly set forth in this Leaseperiods) more than two (2) times during the Lease Term, then the Lease Term, as it applies to the entire Premises (excluding any First Offer Space then being leased by Tenant with an expiration date for such First Offer Space that is not coterminous with the then current expiration of the Lease Term), the Lease Term shall be extended for a period of five (5) years. The rights contained in this Section 2.2 11 shall only be personal to exercised by the originally named tenant herein (the "Original Tenant"), and any Tenant or its Affiliate Assignee, Permitted Transferee or Approved Assignee (and not any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, transferee of the Original Tenant's interest in this the Lease), as amended) if Original Tenant and/or its Affiliate Assignee is in occupancy of the entire then-existing Premises. In no event may Tenant exercise its right to extend the event that Lease Term for the second (2nd) Option Term if Tenant fails to timely and appropriately exercise its option right to extend in accordance with the terms of this Section 2.2, then initial Lease Term for the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effectfirst (1st) Option Term.

Appears in 1 contract

Samples: Office Lease Agreement (Tableau Software Inc)

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") , and any "Affiliate Permitted Transferee Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below one (an "Approved Assignee") one ( I 1) option to extend the Lease Term for a period of five (5) years (the "Option Term"). The , which option to extend shall be exercisable irrevocably exercised only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, belownot earlier than twelve (12) months before the commencement of the Option Term and not later than ten (10) months before the commencement of the Option Term, provided that, that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, ; (ii) as of the end of the initial Lease Term, Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease); and (iii) Tenant has not previously been in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease) more than twice during the immediately preceding twelve (12) month period. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant")Tenant and any Permitted Transferee Assignee, and any Affiliate Assignee, may only be exercised by Original Tenant or a Permitted Transferee or Approved Assignee (and not by any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, Transferee of Tenant's ’s interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 1 contract

Samples: Lease (Inhibrx, Inc.)

Option Right. Landlord hereby grants to the Tenant originally named Tenant herein in this Lease (the "Original Tenant") ”), and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Original Tenant's ’s entire interest in the Lease that is has been approved by Landlord pursuant to in accordance with the terms of Article 14, below (an "a “Approved Assignee") ”), and any assignee that is a “Permitted Assignee”, as that term is defined in Section 14.8, below, one ( I (1) option to extend the Lease Term for a period of five seven (57) years (the "Option Term"). The , which option to extend shall be exercisable irrevocably exercised only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, belownot more than twelve (12) months nor less than nine (9) months prior to the expiration of the initial Lease Term, provided that, that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, period; (ii) Tenant is has not previously been in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period, more than twice in the twelve (12) month period expressly set forth prior to the date of Tenant’s attempted exercise; and (iii) the Lease then remains in this Leasefull force and effect. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five seven (57) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant")Tenant and any Permitted Assignees or Approved Assignees, and any Affiliate Assignee, may be exercised by Original Tenant or such Permitted Transferee or Approved Assignee Assignees (and not any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, 14.1 below, of Tenant's ’s interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend [*] = Certain confidential information contained in accordance this document, marked by brackets, is filed with the terms of this Section 2.2, then the option to extend granted to Tenant Securities and Exchange Commission pursuant to Rule 406 of the terms Securities Act of this Section 2.2 shall automatically terminate and shall be of no further force or effect1933, as amended.

Appears in 1 contract

Samples: Lease (Principia Biopharma Inc.)

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") , any assignee of Tenant permitted under Article 14 of this Lease, and any "Affiliate Assignee" or "Permitted Transferee," “Affiliate” (as such terms are that term is defined in Sections Section 14.8 and 14.9below) (collectively, belowthe “Right Holders”), or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below two (an "Approved Assignee"2) one ( I ) option options to extend the Lease Term for a period of five (5) years each (the "each an “Option Term"” and collectively, the “Option Terms”). The option to extend , which options shall be exercisable only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, as of the date of delivery of such notice, Tenant is not in default Default under this Lease (beyond the expiration of any applicable notice and cure period expressly periods set forth in this Lease)herein. Upon the proper exercise of the each such option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term or the first Option Term, as the case may be, Tenant is not in default Default under this Lease (beyond the expiration of any applicable notice and cure period expressly periods set forth in this Lease)herein, the Lease Term Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant")Right Holders, and any Affiliate Assignee, Permitted Transferee or Approved Assignee may only be exercised by such Right Holders (and not any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, transferee of Tenant's ’s interest in this Lease). In ) if such entities occupy at least one (1) full floor of the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effectPremises.

Appears in 1 contract

Samples: Office Lease (Internet Brands, Inc.)

Option Right. Landlord hereby grants to the originally named Tenant herein one (the "Original Tenant") and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below (an "Approved Assignee") one ( I 1) option to extend the Lease Term for a period of five (5) years (the "Option Term"). The , which option to extend shall be exercisable irrevocably exercised only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, belownot more than twelve (12) months nor less than nine (9) months prior to the expiration of the initial Lease Term, provided that, that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period expressly set forth period; and (ii) the Lease then remains in this Lease)full force and effect and Tenant occupies more than fifty percent (50%) of the Premises at the time the option to extend is exercised and as of the commencement of the Option Term. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of the such option to extend, and provided that, at Landlord's option, as that Tenant satisfies all of the end of the initial Lease TermOption Conditions (except those, Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Leaseif any, which are waived by Landlord), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall may be personal to exercised by Tenant or an assignee of Tenant’s entire interest in this Lease as approved in accordance with the originally named tenant herein (the "Original Tenant")terms of Article 14, and any Affiliate Assigneebelow, Permitted Transferee or Approved Assignee (and not by any sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, 14.1 of Tenant's interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 1 contract

Samples: Lease (Kalobios Pharmaceuticals Inc)

Option Right. Landlord hereby grants to the originally named Original Tenant herein two (the "Original Tenant"2) and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below (an "Approved Assignee") one ( I ) option options to extend the Lease Term for a period of five (5) years each (each, an "Option Term" and collectively, the "Option TermTerms"). The option to extend , which shall be exercisable only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, that as of of: (a) the date of delivery of such noticethe "Option Exercise Notice" (as defined in Section 2.2.4 below); and (b) the date of delivery of the "Option Rent Notice" (as defined in Section 2.2.4 below), as applicable, this Lease remains in full force and effect, and Tenant is not in default Default under this Lease (beyond collectively, the expiration "Option Conditions"); provided, Landlord shall give Tenant notice of the failure of the applicable Option Condition no later than ten (10) business days after delivery of the Option Exercise Notice or the Option Rent Notice, as applicable. Landlord may, at Landlord's option, exercised in Landlord's sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect and Landlord's failure to give Tenant notice of failure of the applicable notice and cure period expressly set forth in this Lease)Option Condition as provided above shall be deemed Landlord's waiver of the applicable Option Condition. Upon the proper exercise of the such option to extend, and provided that, at Landlord's option, as that Tenant satisfies all of the end of Option Conditions (except those, if any, which are waived by Landlord in writing or deemed waived by Landlord), the initial Lease Term or the first Option Term, Tenant is not in default under this Lease (beyond as applicable, as it applies to the expiration of any applicable notice and cure period expressly set forth in this Lease)entire Premises, the Lease Term shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant"), Tenant and any Affiliate Assignee, Permitted may be exercised only by Original Tenant or a Non-Transferee or Approved Assignee (and not any sublessee or other "Transferee," as that term is defined in Section 14 . 1, 14.7 below, of Tenant's interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend The rights contained in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate are not assignable separate and shall apart from this Lease, nor may such rights be of no further force separated from this Lease in any manner, either by reservation or effectotherwise.

Appears in 1 contract

Samples: Office Lease (Allied Esports Entertainment, Inc.)

Option Right. Landlord hereby grants to the Tenant originally named Tenant herein in this Lease (the "Original Tenant") ”), and any "Affiliate Assignee" or "its “Permitted Transferee," Assignees”, as such terms are that term is defined in Sections 14.8 and 14.9Section 14.8, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below one (an "Approved Assignee") one ( I 1) option to extend the Lease Term for a period of five eight (5) 8) years (the "Option Term"). The , which option to extend shall be exercisable irrevocably exercised only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, belownot more than twelve (12) months nor less than nine (9) months prior to the expiration of the initial Lease Term (“Option Exercise Notice”), provided that, that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such noticeOption Exercise Notice, Tenant is not in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, period; (ii) Tenant is has not previously been in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period, more than twice in the twelve (12) month period expressly set forth prior to the date of Tenant’s attempted exercise; and (iii) the Lease then remains in this Leasefull force and effect. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five eight (5) 8) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant")Tenant and any Permitted Assignees, and any Affiliate Assignee, may be exercised by Original Tenant or such Permitted Transferee or Approved Assignee Assignees (and not by any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below14.1 of this Lease, of Tenant's ’s interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 1 contract

Samples: Lease (Dynamics Special Purpose Corp.)

Option Right. Landlord hereby grants to the Tenant originally named Tenant herein in this Lease (the "Original Tenant") ”), and any "Affiliate Assignee" or "its “Permitted Transferee," Assignees”, as such terms are that term is defined in Sections Section 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below one (an "Approved Assignee") one ( I 1) option to extend the Lease Term for a period of five ten (510) years (the "Option Term"). The Such option to extend shall be exercisable only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3not more than twelve (12) months nor less than nine (9) months prior to the expiration of the initial Lease Term, belowstating that Tenant is thereby irrevocably exercising its option to lease the Premises during the applicable Option Term, provided that, that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, period; (ii) Tenant is has not previously been in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period, more than twice in the twelve (12) month period expressly set forth prior to the date of Tenant’s attempted exercise; and (iii) the Lease then remains in this Leasefull force and effect. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five ten (510) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant"), Tenant and any Affiliate Assignee, Permitted Transferee or Approved Assignee (and not any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 114.1, below, of Tenant's ’s interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend the Lease Term in accordance with the terms of this Section 2.2, then the such option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 1 contract

Samples: Lease (Annexon, Inc.)

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") , and any "Affiliate Assignee" or its "Permitted Transferee," Assignees", as such terms are that term is defined in Sections 14.8 and 14.9Section 14.8, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below one (an "Approved Assignee") one ( I 1) option to extend the Lease Term for a period of five (5) years (the "Option Term"). The , which option to extend shall be exercisable irrevocably exercised only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, belownot more than twelve (12) months nor less than nine (9) months prior to the expiration of the initial Lease Term, provided that, that the following conditions (the "Option Conditions") are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, period; (ii) Tenant is has not previously been in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period, more than twice in the twelve (12) month period expressly set forth prior to the date of Tenant's attempted exercise; and (iii) the Lease then remains in this Leasefull force and effect. Landlord may, at Lxxxxxxx's option, exercised in Landlord's sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant")Tenant and any Permitted Assignees, and any Affiliate Assignee, may be exercised by Original Tenant or such Permitted Transferee or Approved Assignee Assignees (and not by any assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, 14.1 of Tenant's interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 1 contract

Samples: Five Prime Therapeutics Inc

Option Right. Landlord hereby grants to the Tenant originally named Tenant herein (the "Original Tenant") and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below two (an "Approved Assignee"2) one ( I ) option successive options to extend the Lease Extended Term for a period of five (5) years each (collectively, the "“Option Terms”, with the first Option Term being referred to as the “First Option Term"” and with the second Option Term being referred to as the “Second Option Term”). The option to extend , which options shall be exercisable only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, as of the date of delivery of such notice, Tenant is not in material default under this Lease (the Lease, as amended, beyond the expiration of any applicable notice and cure period expressly set forth provided in this the Lease), as amended. Upon the proper exercise of the either such option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Extended Term, or the First Option Term, as applicable, Tenant is not in material default under this Lease (the Lease, as amended, beyond the expiration of any applicable notice and cure period expressly set forth provided in this the Lease), as amended, the Lease Extended Term or the First Option Term, as applicable, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (Original Tenant or an assignee of the "Original Tenant")’s interest in the Lease, as amended, which qualifies as a Related Entity of the Original Tenant, and any Affiliate Assignee, Permitted Transferee may only be exercised by the Original Tenant or Approved Assignee such Related Entity (and not any other assignee, sublessee or other "Transferee," transferee of the Original Tenant’s interest in the Lease, as that term is defined in Section 14 . 1, below, amended) if the Original Tenant or its Related Entity occupies the entire Premises as of the date of Tenant's interest in this Lease)’s notice electing to exercise its renewal rights hereunder and, at Landlord’s option, as of the commencement of the applicable Option Term. In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of first renewal right under this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 second renewal right shall automatically terminate lapse and shall be of no further force or effect.

Appears in 1 contract

Samples: Office Lease (Wells Real Estate Investment Trust Ii Inc)

Option Right. Landlord hereby grants to the originally Tenant named Tenant herein in this Lease (the "Original Tenant") and any "Affiliate Assignee" assignee permitted or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to the terms of Article 1414 of this Lease (including an assignee under Section 14.8 of this Lease) (a “Permitted Assignee”), below one two (an "Approved Assignee"2) one ( I ) year option to extend the Lease Term for a period of (the “First Option Term”) and, provided Tenant has exercised its right to extend the Lease Term to include the First Option Term in accordance with the terms hereof, one five (5) years (the "Option Term"). The year option to extend the Lease Term following the expiration of the First Option Term (the “Second Option Term”) (each, an “Option Term”), which options shall be exercisable only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease)period. Upon the proper exercise of the each such option to extend, and provided that, at Landlord's ’s option, as of the end of the initial then Lease Term, Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease)period, the Lease Term Term, as it applies to the Premises, shall be extended for a period of five (5) yearsperiod of the subject Option Term. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (Original Tenant or a Permitted Assignee, as the "Original Tenant")case may be, and any Affiliate may only be exercised by the Original Tenant or a Permitted Assignee, Permitted Transferee or Approved Assignee as the case may be (and not any other assignee or any sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, transferee of Tenant's ’s interest in this Lease). In ) if the event that Original Tenant fails to timely and appropriately exercise its option to extend in accordance with or a Permitted Assignee, as the terms case may be, occupies at least fifty percent (50%) of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effectPremises.

Appears in 1 contract

Samples: Office Lease (Childrens Place Retail Stores Inc)

Option Right. Landlord hereby grants to the originally named Tenant herein herein, as well as any “Permitted Transferee”, as such term is defined in Section 14.8 (the "collectively, “Original Tenant"”), two (2) and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below (an "Approved Assignee") one ( I ) option options to extend the Lease Term (each, an “Extension Option”), each Extension Option for a period of five two (52) years (the "Option Term"). The option first Option Term is herein referred to extend as the “First Option Term.” The second Option Term is herein referred to as the “Second Option Term.” Each Option Term shall be exercisable only by written notice delivered by Original Tenant to Landlord as provided in Section 2.2.3, 2.3.2 below, provided that, as of the date of delivery of such notice, this Lease is in full force and effect, and there is no default by Original Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth periods provided in this Lease. The rights contained in this Section 2.3 shall be personal to Original Tenant and may be exercised only by Original Tenant (and not by any other assignee, sublessee or other Transferee, as that term is defined in Section 14.1, of Tenant’s interest in this Lease). Upon the proper exercise of the option to extendeach Extension Option, and provided that, at Landlord's option’s election, as of the end of the initial then current Lease TermTerm or the First Extension Option, as applicable, there is no default by Original Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth periods provided in this Lease)Lease and the other conditions to exercise of such Extension Option are still true, the Lease Term Term, or the First Extension Option, as applicable, as it applies to the Premises, shall be extended for a period of five two (52) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant"), and any Affiliate Assignee, Permitted Transferee or Approved Assignee (and not any sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, of Tenant's interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 1 contract

Samples: Office Lease (COUPONS.com Inc)

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Option Right. Landlord hereby grants to the originally named Original Tenant herein one ------------ (the "Original Tenant") and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below (an "Approved Assignee") one ( I 1) option to extend the Lease Term ("Extension Option") for a period of five (5) years (the "Option Term"). The , which option to extend shall be exercisable only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond after the expiration of any applicable notice cure periods) and cure period expressly set forth in Landlord has not delivered three (3) or more factually correct notices of Tenant's default under this Lease)Lease during the last twelve (12) months immediately preceding the expiration of the initial Lease Term. Upon the proper exercise of the such option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, Tenant is not in default under this Lease (beyond after the expiration of any applicable notice cure periods) and cure period expressly set forth in Landlord has not delivered three (3) or more factually correct notices of Tenant's default under this Lease)Lease during the last twelve (12) months immediately preceding the expiration of the initial Lease Term, the Lease Term Term, as it applies to the Initial Premises and the Existing Building First Offer Space (if any), shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant"), Tenant and any Affiliate Assignee, Permitted Transferee or Approved Assignee (as defined in Section 14.6 below) and may only be ------------ exercised by the Original Tenant (and any Permitted Transferee, but not any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, transferee of the Original Tenant's interest in this Lease). In ) if the event that Original Tenant fails to timely and appropriately exercise its option to extend in accordance with occupies not less than ninety percent (90%) of the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effectPremises.

Appears in 1 contract

Samples: Buy Com Inc

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9”), below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below one (an "Approved Assignee") one ( I 1) option to extend the Lease Term for a period of five two (52) years (the "Option Term"). The , which option to extend shall be exercisable irrevocably exercised only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, belownot more than twelve (12) months nor less than nine (9) months prior to the expiration of the Extended Term, provided that, that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, period; (ii) as of the end of the initial Lease Term, Tenant is not in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period expressly set forth period; and (iii) the Lease then remains in this Leasefull force and effect and Original Tenant or a Permitted Assignee occupies the entire Premises at the time the option to extend is exercised and as of the commencement of the Option Term. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five two (52) years. The rights contained in this Section 2.2 6 shall be personal to the originally named tenant herein (the "Original Tenant"), and may not be exercised by any Affiliate Assigneeassignee, Permitted Transferee or Approved Assignee (and not any sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, of Tenant's interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effecttransferee.

Appears in 1 contract

Samples: Lease (Cardica Inc)

Option Right. Landlord hereby grants to the originally named Original Tenant herein and its Permitted Assignees, one (the "Original Tenant") and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below (an "Approved Assignee") one ( I 1) option to extend the Lease Term for a period of five eight (5) 8) years (the "Option Term"). The , which option to extend shall be exercisable irrevocably exercised only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, belownot more than fifteen (15) months nor less than twelve (12) months prior to the expiration of the initial Lease Term, provided that, that the following conditions (the "Option Conditions") are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, period; (ii) Tenant is has not previously been in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period, more than twice in the twelve (12) month period expressly set forth prior to the date of Tenant's attempted exercise; and (iii) the Lease then remains in this Leasefull force and effect. Landlord may, at Xxxxxxxx's option, exercised in Landlord's sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five eight (5) 8) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant")Tenant and any Permitted Assignees, and any Affiliate Assignee, may be exercised by Original Tenant or such Permitted Transferee or Approved Assignee Assignees (and not by any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below14.1 of this Lease, of Tenant's interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 1 contract

Samples: Lease (Pliant Therapeutics, Inc.)

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below (an "Approved Assignee") one ( I (1) option to extend the Lease Term for a period of five (5) years (the "Option Term"). The , which option to extend shall be exercisable irrevocably exercised only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3by March 1, below2019, provided that, that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease Lease; (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, ii) as of the end of the initial Lease Term, Tenant is not in default under this Lease; (iii) Tenant has not previously been in monetary or material non-monetary default under this Lease more than once; and (beyond iv) the expiration Lease then remains in full force and effect and Original Tenant occupies the entire Premises at the time the option to extend is exercised and as of the commencement of the Option Term. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any applicable notice of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and cure period expressly set forth in this Leaseeffect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 50.1 shall be personal to the originally named tenant herein (the "Original Tenant"), Tenant and any Affiliate Assignee, Permitted Transferee or Approved Assignee (and not any sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, of Tenant's interest in this Lease). In the event that Article 34) and may be exercised by Original Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effectan Approved Assignee only.

Appears in 1 contract

Samples: Office Lease (Hansen Medical Inc)

Option Right. Landlord hereby grants to (i) the Tenant originally named Tenant herein (the "Original Tenant"”), (ii) and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Original Tenant's ’s entire interest in the Lease that is approved by Landlord pursuant to Article 1413 of the Original Lease, below or (iii) an "assignee of Tenant’s entire interest in the Lease pursuant to a Permitted Transfer (each, an “Approved Assignee") ”), one ( I (1) option to extend the Lease Term for a period of five three (53) years (the "Option Term"). The option to extend shall be exercisable only by notice delivered by Tenant to Landlord as provided in Section 2.2.33.2.3, below, provided that, as of the date of delivery of such notice, Tenant is not in default under this the Lease, beyond the expiration of any applicable notice BRITANNIA POINTE GRAND BUSINESS PARK [Cytokinetics, Inc.] and cure period expressly set forth in the Lease, and has not been in default under the Lease, beyond the expiration of any applicable notice and cure period expressly set forth in the Lease, at any time during the immediately preceding twelve (12) month period. Upon the proper exercise of the option to extend, and provided that as of the end of the Term, Tenant is not in default under the Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease), the Lease Term shall be extended for a period of five three (53) yearsyears with respect to the entire Premises (i.e., the Existing Premises and the Expansion Premises). The rights contained in this Section 2.2 3.2 shall be personal to the originally named tenant herein (the "Original Tenant"), Tenant and any Affiliate Assignee, Permitted Transferee Approved Assignee and may only be exercised by the Original Tenant or an Approved Assignee (and not any other assignee or sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, transferee of Tenant's ’s interest in this the Lease)) if the Original Tenant or an Approved Assignee, as applicable, occupies the entire Premises. In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.23.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 3.2 shall automatically terminate and shall be of no further force or effect. Any such exercise of the option to extend shall be with respect to all of the Existing Premises and Expansion Premises, and not just to either or any portion thereof.

Appears in 1 contract

Samples: Lease (Cytokinetics Inc)

Option Right. Landlord hereby grants to the originally named Original Tenant herein (the "Original Tenant") and any "Affiliate Permitted Non-Transferee Assignee" or "Permitted Transferee," (as such terms are term is defined in Sections 14.8 and 14.9Section 14.8, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below (an "Approved Assignee") one ( I (1) option to extend the Lease Term for a period of five three (53) years (the "Option Term"). The , which option to extend shall be exercisable only by written notice delivered by DOCPROPERTY "Document number" 4879-3072-0534. DOCPROPERTY "Document version" 3 DOCPROPERTY "Client" 391132. DOCPROPERTY "Matter" 00001/ SAVEDATE \@ M-d-yy U48er IniP/ DOCPROPERTY "User Init" jll/ DOCPROPERTY "Typist Init" jll -4- DOCPROPERTY "Footer Notes" THE BEACON[Palisade Bio, Inc.] Tenant to Landlord as provided in Section 2.2.3, below, provided that, that the following conditions (the "Option Conditions") are satisfied: (i) as of the date of delivery of such noticethe "Option Exercise Notice," as that term is defined in Section 2.2.4, below, this Lease remains in full force and effect, Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth and has not previously been in default under this Lease). Upon the proper exercise of the option to extendLease beyond any applicable notice and cure period more than twice, and provided that, at Landlord's option, Tenant occupies the entire Premises; (ii) as of the end of the initial Lease Term, this Lease remains in full force and effect, Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth and has not previously been in default under this LeaseLease beyond any applicable notice and cure period more than twice; and (iii) Tenant occupies the entire Premises at the time the option to extend is exercised and as of the commencement of the Option Term. Landlord may, at Landlord's option, exercised in Landlord's sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five three (53) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant")Tenant and any Permitted Non-Transferee Assignee, and any Affiliate Assignee, may be exercised only by the Original Tenant or its Permitted Non-Transferee or Approved Assignee (and not by any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 114.1, below, of Tenant's interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 1 contract

Samples: Office Lease (Palisade Bio, Inc.)

Option Right. Landlord hereby grants to (i) the originally named Tenant herein (the "Original Tenant", and (ii) and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee Transferee to whom all of Tenant's entire ’s interest in the this Lease that is approved by Landlord pursuant to Article 14assigned, below one (an "Approved Assignee") one ( I 1) option to extend the Lease Term for a period of five (5) years (the "Option Term"). The , which option to extend shall be exercisable only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth provided in this Lease)) under this Lease and Tenant has not previously been in default (beyond the applicable notice and cure period provided in this Lease) under this Lease more than twice during the twelve (12) month period immediately preceding the date of Tenant’s exercise of its option. Upon the proper exercise of the such option to extend, and provided that, at Landlord's ’s option, as of the end of the initial Lease Term, Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth provided in this Lease)) under this Lease and Tenant has not previously been in default (beyond the applicable notice and cure period provided in this Lease) under this Lease more than twice during the last twelve (12) months of the initial Lease Term, the Lease Term shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant"), and any Affiliate Assignee, Tenant and/or a Permitted Transferee or Approved Assignee (as the case may be) and may only be exercised by the Original Tenant and/or such Permitted Transferee (as the case may be) (and not any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, transferee of Tenant's ’s interest in this Lease). In ) if the event that Original Tenant fails to timely and appropriately exercise its option to extend in accordance with or Permitted Transferee, as the terms case may be, occupies at least eighty-five percent (85%) of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effectPremises.

Appears in 1 contract

Samples: Office Lease (Obagi Medical Products, Inc.)

Option Right. Landlord hereby grants to the Tenant originally named Tenant herein in this First Amendment (the "Original Tenant") ”), and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Original Tenant's entire interest in the Lease that is has been approved by Landlord pursuant to in accordance with the terms of Article 1414 of the Lease, below (an "Approved a “Permitted Assignee") ”), one ( I (1) option to extend the Lease Term for a period of five eight (5) 8) years (the "Option Term"). The Such option to extend shall be exercisable only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3not more than twelve (12) months nor less than nine (9) months prior to the expiration of the Extended Term, belowstating that Tenant is thereby irrevocably exercising its option to lease the entire then existing Premises during the Option Term. Upon the proper exercise of the option to extend, and provided that, at Landlord’s option, as of the date of delivery of such notice, Tenant is not in default under this the Lease (beyond the expiration of any applicable notice and cure period expressly set forth periods) and has not previously been in this Lease). Upon default under the proper exercise of the option to extendLease more than twice, and provided that, at Landlord's option, as of the end of the initial Lease Term, Tenant is not in default under this the Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Leaseperiods), the Lease Term shall be extended for a period of five eight (5) 8) years. The rights contained in this Section 2.2 6 shall be personal to the originally named tenant herein (the "Original Tenant"), Tenant and any Affiliate Assignee, Permitted Transferee or Approved Assignee (and not any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, Transferee of Tenant's ’s interest in this the Lease). In the event that Tenant fails to timely and appropriately exercise its initial option to extend the Lease Term in accordance with the terms of this Section 2.26, then the such option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 1 contract

Samples: Lease (TerraVia Holdings, Inc.)

Option Right. Landlord hereby grants to the Tenant originally named Tenant herein in this Lease (the "Original Tenant") ”), and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Original Tenant's entire interest in the Lease that is has been approved by Landlord pursuant to in accordance with the terms of Article 14, below, including any assignee pursuant to an assignment referred to in Section 14.8 below (an "Approved a “Permitted Assignee") ”), one ( I (1) option to extend the Lease Term for a period of five eight (5) 8) years (the "Option Term"). The Such option to extend shall be exercisable only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3not more than twelve (12) months nor less than nine (9) months prior to the expiration of the initial Lease Term, belowstating that Tenant is thereby irrevocably exercising its option to lease the Premises during the Option Term. Upon the proper exercise of the option to extend, and provided that, at Landlord’s option, as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth period) and has not previously been in economic or material non-economic default under this Lease). Upon Lease (beyond the proper exercise of the option to extendapplicable notice and cure period) more than twice, and provided that, at Landlord's option, as of the end of the initial Lease Term, Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in period) under this Lease), the Lease Term shall be extended extended, subject to the provisions of Section 2.2.3 below, for a period of five eight (5) 8) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant"), Tenant and any Affiliate Assignee, Permitted Transferee or Approved Assignee (and not any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 114.1, below, of Tenant's ’s interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its initial option to extend the Lease Term in accordance with the terms of this Section 2.2, then the such option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 1 contract

Samples: Lease (Pulmonx Corp)

Option Right. Landlord hereby grants to the originally named Tenant herein Dropbox, Inc., a Delaware corporation (the "Original Tenant") ), and any "Affiliate Permitted Transferee Assignee" or "Permitted Transferee," (as such terms are that term is defined in Sections Section 14.8 and 14.9of this Lease), below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below two (an "Approved Assignee"2) one ( I ) option successive options to extend the Lease Term for a period of five (5) years each (the each, an "Option Term", and each option, an "Option to Extend"). The option Each Option to extend Extend shall be exercisable only by notice delivered by Original Tenant or a Permitted Transferee Assignee to Landlord as provided in Section 2.2.3, 2.2.3 below, ; provided that, as of the date of delivery of such notice, Tenant has not received notice that Tenant is not in default under this Lease "Default" (beyond the expiration of any applicable notice and cure period expressly set forth as that term is defined in this LeaseSection 19.1 below). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease), the Lease Term shall be extended for a period of five (5) years. The rights right contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant"), Tenant and any Affiliate Assignee, Permitted Transferee Assignee and may only be exercised by the Original Tenant or Approved a Permitted Transferee Assignee (and not any other assignee or sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, Transferee of Tenant's interest in this Lease)) provided that the Original Tenant or such Permitted Transferee Assignee has not subleased more than thirty-three percent (33%) of the rentable square footage of the Premises pursuant to a sublease or subleases then in effect. In the event that Tenant fails to timely and appropriately exercise its option an Option to extend Extend in accordance with the terms of this Section 2.2, then the option such Option to extend granted to Tenant pursuant to the terms of this Section 2.2 Extend shall automatically terminate and shall be of no further force or effect. Further, notwithstanding any contrary provision of this Section 2.2, in no event may Tenant exercise its right to extend the Lease Term for the second Option Term under this Section 2.2 if Tenant fails to timely exercise its right to extend the initial Lease Term for the first Option Term under this Section 2.2.

Appears in 1 contract

Samples: Office Lease (Okta, Inc.)

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") , and any "Affiliate Assignee" Permitted Transferee Assignee or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below (an collectively, "Approved AssigneeAssignees") ), one ( I (1) option to extend the Lease Term for a period of five (5) years (the "Option Term"). "Original Tenant" shall mean the Tenant named on Page 1 hereof as Tenant and not any subsequent Transferees. The option to extend shall be exercisable only by notice delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease). Tenant shall have the right to exercise the extension option as to all, but not less than all, of the Premises then leased by Tenant under this Lease. Upon the proper exercise of the option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease), the Lease Term shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant"), Tenant and any Affiliate Assignee, Permitted Transferee Approved Assignees and may only be exercised by the Original Tenant or an Approved Assignee (and not any other assignee or sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, Transferee of Tenant's ’s interest in this Lease)) if the Original Tenant or an Approved Assignee, as applicable, will occupy at least fifty percent (50%) of the Premises. In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 1 contract

Samples: Office Lease (Atlassian Corp PLC)

Option Right. Landlord hereby grants to the Tenant originally named Tenant herein in this Lease (the "Original Tenant") ), and any "Affiliate Assignee" or its "Permitted Transferee," Assignees", as such terms are that term is defined in Sections 14.8 and 14.9Section 14.8, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below one (an "Approved Assignee") one ( I 1) option to extend the Lease Term for a period of five twelve (512) years (the "Option Term"). The , which option to extend shall be exercisable irrevocably exercised only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, belownot more than twelve (12) months nor less than nine (9) months prior to the expiration of the initial Lease Term, provided that, that the following conditions (the "Option Conditions") are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, period; (ii) Tenant is has not previously been in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period, more than twice in the twelve (12) month period expressly set forth prior to the date of Tenant's attempted exercise; and (iii) the Lease then remains in this Leasefull force and effect. Landlord may, at Landlord's option, exercised in Landlord's sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five twelve (512) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant")Tenant and any Permitted Assignees, and any Affiliate Assignee, may be exercised by Original Tenant or such Permitted Transferee or Approved Assignee Assignees (and not by any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below14.1 of this Lease, of Tenant's interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 1 contract

Samples: Lease (Nkarta, Inc.)

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below (an "Approved Assignee") one ( I (1) option to extend the Lease Term for a period of five (5) years (the "Option Term"). The Such option to extend shall be exercisable irrevocably exercised only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, belowno earlier than fifteen (15) months and no later than six (6) months prior to the expiration of the Extension Term, provided that, that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease the Lease; (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, ii) as of the end of the initial Lease Extension Term, Tenant is not in default under this the Lease; (iii) Tenant has not previously been in default under the Lease (beyond the expiration of any applicable notice and cure period expressly set forth periods; and (iv) the Lease then remains in this Leasefull force and effect and Original Tenant occupies the entire Premises at the time the option to extend is exercised and as of the commencement of the Option Term. Landlord may, at Xxxxxxxx’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term Term, as it applies to the entire 3560 Xxxxxxx Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 8 shall be personal to the originally named tenant herein (the "Original Tenant"), Tenant and any Affiliate Assignee, Permitted Transferee or Approved Assignee may be exercised by Original Tenant only (and not by any assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, of Tenant's ’s interest in this the Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 1 contract

Samples: Lease (Intevac Inc)

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") and any "Affiliate “Permitted Assignee" or "Permitted Transferee," ”, as such terms are that term is defined in Sections Section 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below one (an "Approved Assignee") one ( I 1) option to extend the Lease Term for a period of five (5) years (the "Option Term"). The option to extend shall be exercisable only by notice delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, as of the date of delivery of such notice, (i) Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease), and (ii) Tenant has not sublet (excluding any subleases pursuant to Section 14.8 of this Lease, below) more than fifty percent (50%) of the Premises. Upon the proper exercise of the option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease), the Lease Term shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant"), Tenant and any Affiliate Assignee, Permitted Transferee Assignee and may only be exercised by the Original Tenant or Approved a Permitted Assignee (and not any other assignee or sublessee or other "Transferee," as that term is defined in Section 14 . 114.1, below, of Tenant's ’s interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 1 contract

Samples: Office Lease (Audience Inc)

Option Right. Landlord hereby grants to the Tenant originally named Tenant herein in this Lease (the "Original Tenant") ”), and any "Affiliate Assignee" or "its “Permitted Transferee," Assignees”, as such terms are that term is defined in Sections 14.8 and 14.9Section 14.8, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below one (an "Approved Assignee") one ( I 1) option to extend the Lease Term for a period of five (5) years (the "Option Term"). The , which option to extend shall be exercisable irrevocably exercised only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, belownot more than twelve (12) months nor less than nine (9) months prior to the expiration of the initial Lease Term, provided that, that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, period; (ii) Tenant is has not previously been in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period, more than twice in the twelve (12) month period expressly set forth prior to the date of Tenant’s attempted exercise; and (iii) the Lease then remains in this Leasefull force and effect. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant")Tenant and any Permitted Assignees, and any Affiliate Assignee, may be exercised by Original Tenant or such Permitted Transferee or Approved Assignee Assignees (and not by any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below14.1 of this Lease, of Tenant's ’s interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 1 contract

Samples: Lease (Nkarta, Inc.)

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") ), and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.914.8, below, or and any other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below (an "Approved Assignee") ), one ( I (1) option to extend the Lease Term for a period of five (5) years (the "Option Term"). The option to extend shall be exercisable only by notice delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease), the Lease Term shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant"), any Permitted Transferee, and any Affiliate Assignee, Permitted Transferee or Approved Assignee (and but not any sublessee or other "Transferee," as that term is defined in Section 14 . 114.1, below, of Tenant's ’s interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 1 contract

Samples: Torrey Pines Corporate Center (Cytori Therapeutics, Inc.)

Option Right. Subject to the remaining terms of this Section 2.2, Landlord hereby grants to the originally named Original Tenant herein (the "Original Tenant") and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below Transferee Assignee one (an "Approved Assignee") one ( I 1) option to extend the Lease Term for a period of five (5) years (the "Option Term"). The , which option to extend shall be exercisable irrevocably exercised only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, belownot earlier than twelve (12) months before the commencement of the Option Term and not later than nine (9) months before the commencement of the Option Term, provided that, that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such notice, Tenant is not in monetary or other material default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, ; and provided that, at Landlord's option, (ii) as of the end of the initial Lease Term, Tenant is not in monetary or other material default under this Lease; (iii) Tenant has not previously been in monetary or other material default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease) more than twice; and (iv) the Lease then remains in full force and effect and the Original Tenant or any Permitted Transferee Assignee occupies at least fifty percent (50%) of the entire Premises at the time the option to extend is exercised and as of the commencement of the Option Term. beyond any applicable notice and cure period expressly set forth in this Lease. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant"), and any Affiliate Assignee, Tenant or its Permitted Transferee Assignee and may be exercised by Original Tenant or Approved its Permitted Transferee Assignee only (and not by any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below14.1 of this Lease, of Tenant's ’s interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 1 contract

Samples: Lease (BioAtla, Inc.)

Option Right. Landlord hereby grants the Tenant named in this Lease (the “Original Tenant”) or any assignee permitted pursuant to the originally named Tenant herein terms of Section 14.8 of this Lease (the "Original Tenant") and any "Affiliate a “Permitted Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below (an "Approved Assignee") one ( I (1) option to extend the Lease Term for a period of five (5) years (the "Option Term"). The , which option to extend shall be exercisable only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond after the expiration of any applicable notice and cure period expressly set forth in this Lease)period. Upon the proper exercise of the such option to extend, and provided that, at Landlord's ’s option, as of the end of the initial Lease Term, Tenant is not in default under this Lease (beyond after the expiration of any applicable notice and cure period expressly set forth in this Lease)period, the Lease Term Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (Original Tenant or a Permitted Assignee, as the "Original Tenant")case may be, and any Affiliate may only be exercised by the Original Tenant or a Permitted Assignee, Permitted Transferee or Approved Assignee as the case may be (and not any other assignee, or any sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, transferee of Tenant's ’s interest in this Lease). In ) if the event that Original Tenant fails to timely and appropriately exercise its option to extend in accordance with or a Permitted Assignee, as the terms of this Section 2.2case may be, then occupies the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effectentire Premises.

Appears in 1 contract

Samples: Office Lease (Blucora, Inc.)

Option Right. Landlord hereby grants to the Tenant originally named Tenant herein in this Lease (the "Original Tenant") ”), and any "Affiliate Assignee" or "its “Permitted Transferee," Assignees”, as such terms are that term is defined in Sections 14.8 and 14.9Section 14.8, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below two (an "Approved Assignee"2) one ( I ) option options to extend the Lease Term for a period of five (5) years (the "each, an “Option Term"). The , which option to extend shall be exercisable irrevocably exercised only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, belownot more than twelve (12) months nor less than nine (9) months prior to the expiration of the then Lease Term, provided that, that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, period; (ii) Tenant is has not previously been in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period, more than twice in the twelve (12) month period expressly set forth prior to the date of Tenant’s attempted exercise; and (iii) the Lease then remains in this Leasefull force and effect. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant")Tenant and any Permitted Assignees, and any Affiliate Assignee, may be exercised by Original Tenant or such Permitted Transferee or Approved Assignee Assignees (and not by any assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below14.1 of this Lease, of Tenant's ’s interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms Notwithstanding any contrary provision of this Section 2.2, then the option in no event may Tenant exercise its right to extend granted to Tenant pursuant to the terms of Lease Term for the second (2nd) Option Term under this Section 2.2 shall automatically terminate and shall be of no further force or effectif Tenant fails to timely exercise its right to extend the initial Lease Term for the first (1st) Option Term under this Section 2.2.

Appears in 1 contract

Samples: Lease (Tenaya Therapeutics, Inc.)

Option Right. Landlord hereby grants to the Tenant originally named Tenant herein in this Lease (the "Original Tenant") and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined that term is set forth in Sections Section 14.8 and 14.9of this Lease, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below one (an "Approved Assignee") one ( I 1) option to extend the Lease Term for the entire Premises by a period of five (5) years (the "Option Term"). The Such option to extend shall be exercisable only by notice Notice XXXXXX REALTY 571981.06/WLA 0000 Xxxxxxxxx Xxxxx K4064-066/6-8-04/pjr/pjr -5-[STMicroelectronics, Inc.] delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, as of the date of delivery of such noticeNotice, (i) Tenant is not then in economic or material non-economic default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth periods), (ii) Tenant has not been in economic or material non-economic default under this Lease)Lease (beyond any applicable notice and cure periods) more than once during the prior twelve(12) month period, and (iii) Tenant has not been in economic or material non-economic default under this Lease (beyond any applicable notice and cure periods) more than three (3) times during the Lease Term. Upon the proper exercise of the such option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, (A) Tenant is not in economic or material non-economic default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Leaseperiods), (B) Tenant has not been in economic or material non-economic default under this Lease (beyond any applicable notice and cure periods) more than once during the prior twelve(12) month period, and (C) Tenant has not been in economic or material non-economic default under this Lease (beyond any applicable notice and cure periods) more than three (3) times during the Lease Term Term, then the Lease Term, as it applies to the entire Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall only be personal to exercised by the originally named tenant herein (the "Original Tenant"), and any Affiliate Assignee, Tenant or its Permitted Transferee or Approved Assignee (and not any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, transferee of the Original Tenant's interest in this Lease). In the event that ) if Original Tenant fails to timely and appropriately exercise and/or its option to extend Permitted Transferee is in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be occupancy of no further force or effectless than fifty percent (50%) of the Premises.

Appears in 1 contract

Samples: Office Lease (Affymetrix Inc)

Option Right. Landlord hereby grants to the originally named Original Tenant herein and its Permitted Assignees one (the "Original Tenant") and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below (an "Approved Assignee") one ( I 1) option to extend the Lease Term for a period of five (5) years (the "Option Term"). The , which option to extend shall be exercisable irrevocably exercised only by written notice delivered by Tenant to Landlord not earlier than twelve (12) months and not later than nine (9) months prior to the Lease Expiration Date (as provided in the same may be extended pursuant to Section 2.2.3, below1.5.3 above), provided that, that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease Lease; (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, ii) as of the end of the initial Lease Term, Tenant is not in default under this Lease; (iii) Tenant has not previously been in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth period) more than once; and (iv) the Lease then remains in this Leasefull force and effect and Original Tenant occupies the entire Premises at the time the option to extend is exercised and as of the commencement of the Option Term. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 2.4 shall be personal to the originally named tenant herein (the "Original Tenant"), Tenant and any Affiliate Assignee, may be exercised by Original Tenant and its Permitted Transferee or Approved Assignee Assignees only (and not by any assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, Transferee of Tenant's ’s interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 1 contract

Samples: Acceptance Agreement (Rodgers Silicon Valley Acquisition Corp)

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") ”), and any "Affiliate Assignee" or "its “Permitted Transferee," Assignees”, as such terms are that term is defined in Sections 14.8 and 14.9Section 14.8, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below one (an "Approved Assignee") one ( I 1) option to extend the Lease Term for a period of five (5) years (the "Option Term"). The , which option to extend shall be exercisable irrevocably exercised only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, belownot more than twelve (12) months nor less than nine (9) months prior to the expiration of the initial Lease Term, provided that, that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, period; (ii) Tenant is has not previously been in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period, more than twice in the twelve (12) month period expressly set forth prior to the date of Tenant’s attempted exercise; and (iii) the Lease then remains in this Leasefull force and effect. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant")Tenant and any Permitted Assignees, and any Affiliate Assignee, may be exercised by Original Tenant or such Permitted Transferee or Approved Assignee Assignees (and not by any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below14.1 of this Lease, of Tenant's ’s interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.[Britannia Life Science Center]

Appears in 1 contract

Samples: Lease (Biotech Acquisition Co)

Option Right. Landlord hereby grants to the Tenant originally named Tenant herein (the "Original Tenant") ”), its “Permitted Transferees,” as that term is set forth in Section 14.8 of this Lease, and any "Affiliate Assignee" or "Permitted Transferee," as such terms are approved assignee of all of Original Tenant’s interest in this Lease, the 13480 Lease and the 13500 Lease (defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord Section 1.4) pursuant to the TCCs of Article 14, below 14 (an "Approved Assignee") (collectively, the “Right Holders”), one ( I (1) option to extend the Lease Term for the entire Premises, by a period of five (5) years (the "Option Term"). The Such option to extend shall be exercisable only by notice Notice delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, as of the date of delivery of such noticeNotice, (i) Tenant is not then in monetary or material non-monetary default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth periods), (ii) Tenant has not been in monetary or material non-monetary default under this LeaseLease (beyond any applicable notice and cure periods) more than once during the prior [***]month period, (iii) Landlord reasonably determines that Tenant is a party of reasonable financial worth and/or financial stability in light of the responsibilities to be undertaken in connection with Tenant’s lease of the Premises during the Option Term, and (iv) this Lease then remains in full force and effect and Original Tenant, its Permitted Transferees and/or its Approved Assignees are then in occupancy of no less than [***] of the rentable square footage of the Premises (the foregoing items (i) through (iv) collectively constituting the “Exercise Conditions”). Upon the proper exercise of the such option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, Tenant there is not in default under this Lease (beyond no then existing violation of the expiration of any applicable notice and cure period expressly set forth in this Lease)Exercise Conditions, the Lease Term Term, as it applies to the entire Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall only be personal to exercised by the originally named tenant herein Right Holders (the "Original Tenant"), and any Affiliate Assignee, Permitted Transferee or Approved Assignee (and but not any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, transferee of Tenant's ’s interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 1 contract

Samples: Office Lease (Bridgepoint Education Inc)

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") and any "Affiliate Assignee" or "Permitted Transferee," Transferee (as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in Section 14.8) the Lease that is approved by Landlord pursuant to Article 14, below (an "Approved Assignee") one ( I ) option to extend the Lease Term for a period of five (5) years (the "Option Term"). The , which option to extend shall be exercisable irrevocably exercised only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, belownot more than twelve (12) months nor less than nine (9) months prior to the expiration of the initial Lease Term, provided that, that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond after the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, period; (ii) as of the end of the initial Lease Term, Tenant is not in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period expressly set forth period; (iii) Tenant has not previously been in default under this Lease, after the expiration of any applicable notice and cure period, more than twice; and (iv) the Lease then remains in full force and effect and the Original Tenant or any Permitted Transferee occupies at least seventy-five (75%) of the Premises at the time the option to extend is exercised and as of the commencement of the Option Term. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant"), and may be exercised by Original Tenant or any Affiliate Assignee, Permitted Transferee or Approved Assignee occupying the entire Premises (and not by any other assignee, sublessee or other "Transferee," ” (as that term is defined in Section 14 . 1, below, 14.1 of this Lease) of Tenant's ’s interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 1 contract

Samples: Lease (Aethlon Medical Inc)

Option Right. Landlord hereby grants to the Tenant originally named Tenant herein in this Fifth Amendment (the "Original Tenant") ”), and any "Affiliate Assignee" or "Permitted Transferee," as such terms are that term is defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below one (an "Approved Assignee") one ( I 1) option to extend the Lease Extended Term for a period of five (5) years (the "Option Term"). The , which option to extend shall be exercisable irrevocably exercised only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, below(the “Exercise Notice”) not earlier than twelve (12) months and not later than nine (9) months prior to the expiration of the Extended Term, provided that, that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease the terms of the Lease, as amended hereby; (ii) as of the end of the Extended Term, Tenant is not in default beyond the expiration of any applicable notice and cure period expressly set forth in this the Lease, as amended (a “Default”); (iii) Tenant has not previously been in Default more than once during the immediately preceding twelve (12) month period, and (iv) the Lease then remains in full force and effect and Original Tenant occupies one hundred percent (100%) of the Premises at the time the option to extend is exercised and as of the commencement of the Option Term. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of the such option to extend, and provided that, at Landlord's option, as that Tenant satisfies all of the end of the initial Lease TermOption Conditions (except those, Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Leaseif any, which are waived by Landlord), the Lease Term Extended Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 3.2 shall be personal to the originally named tenant herein (the "Original Tenant"), Tenant and any Affiliate Assignee, Permitted Transferee and may be exercised by Original Tenant or Approved an Affiliate Assignee only (and not by any other assignee, sublessee or other "Transfereetransferee of Tenant’s interest in the Lease, as hereby amended). As used in this Fifth Amendment, the terms “Affiliate Assignee” shall mean any “Affiliate," as that such term is defined in Section 14 . 1, below, to whom Original Tenant’s entire interest in the Lease, as hereby amended, has been assigned and shall only apply to the extent that the Original Tenant or its Affiliate Assignee (if applicable) remains the tenant under the Lease, as amended hereby. For purposes of this Fifth Amendment, an “Affiliate” of Tenant is an entity which is controlled by, controls, or is under common control with, Tenant, and shall also include a corporation or other entity which is a successor-in-interest to Tenant, by way of merger, consolidation or corporate reorganization, or by the purchase of all or substantially all of the assets or the ownership interests of Tenant's interest . “Control,” as used in this Lease). In Fifth Amendment, shall mean the event that Tenant fails ownership, directly or indirectly, of at least fifty-one percent (51%) of the voting securities of, or possession of the right to timely and appropriately exercise vote, in the ordinary direction of its option to extend in accordance with affairs, of at least fifty-one percent (51%) of the terms of this Section 2.2voting interest in, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force any person or effectentity.

Appears in 1 contract

Samples: Pacira Pharmaceuticals, Inc.

Option Right. Landlord hereby grants to the Tenant originally named Tenant herein (the "Original Tenant") and any "Affiliate Assignee" or "its “Permitted Transferee," as such terms are defined that term is set forth in Sections 14.8 and 14.9Section 14.7 of this Lease, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below two (an "Approved Assignee"2) one ( I ) option options to extend the Lease Term for the entire Premises, the first of which shall extend the Term for a period of five one (51) year, and the second (2nd) of which shall further extend the Term for two (2) years (the "each, an “Option Term"). The ; provided, however, such second such option to extend the Lease shall be subject and subordinate to the right of first refusal with regard to the Premises which has previously been granted to Peregrine Systems, Inc., a Delaware corporation (the “Superior Right Holder”) pursuant to its existing lease for all of floors 1 though 4 of the Building and a portion of the remainder of floor 5 of the Building. Such option shall be exercisable only by notice Notice delivered by Tenant to Landlord as provided in Section 2.2.3(the “Exercise Notice”) not less than six (6) months prior to the expiration of the then-applicable Lease Term, belowstating that Tenant is exercising such option, provided that, as of the date of delivery of such noticeExercise Notice, (i) Tenant is not then in default under this Lease (beyond any applicable notice and cure periods), (ii) Tenant has not been in default under this Lease (beyond any applicable notice and cure periods) more than once during the preceding twelve (12)-month period, and (iii) Tenant has not been in default under this Lease (beyond any applicable notice and cure periods) more than twice during the Lease Term. Upon the proper exercise of such option to extend (subject to the Superior Right Holder’s right of first refusal), and provided that, as of the end of the then applicable Lease Term, (A) Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Leaseperiods). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, (B) Tenant is has not been in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth periods) more than once during the preceding twelve (12)-month period, and (C) Tenant has not been in default under this Lease), Lease (beyond any applicable notice and cure periods) more than twice during the Lease Term Term, then the Lease Term, as it applies to the entire Premises, shall be extended for a the applicable period of five (5i.e., by one (1) yearsyear with regard to the first such option to extend, and by two (2) years with regard to the second such option to extend). The rights contained in this Section 2.2 shall only be personal to exercised by the originally named tenant herein (the "Original Tenant"), and any Affiliate Assignee, Tenant or its Permitted Transferee or Approved Assignee (and not any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, transferee of the Original Tenant's ’s interest in this Lease). In ) if Original Tenant and/or its Permitted Transferee is in occupancy of the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effectentire then-existing Premises.

Appears in 1 contract

Samples: Office Lease (Aries Ventures Inc)

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") and any "Affiliate Assignee" or "Permitted Transferee," Transferee (as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in Section 14.8) the Lease that is approved by Landlord pursuant to Article 14, below (an "Approved Assignee") one ( I ) option to extend the Lease Term for a period of five (5) years (the "Option Term"). The , which option to extend shall be exercisable irrevocably exercised only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, belownot more than twelve (12) months nor less than nine (9) months prior to the expiration of the initial Lease Term, provided that, that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond after the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, period; (ii) as of the end of the initial Lease Term, Tenant is not in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period expressly set forth period; (iii) Tenant has not previously been in default under this Lease, after the expiration of any applicable notice and cure period, more than twice; (iv) the Lease then remains in full force and effect and the Original Tenant or any Permitted Transferee occupies at least seventy-five (75%) of the Premises at the time the option to extend is exercised and as of the commencement of the Option Term, and (v) Tenant concurrently exercises its option to extend the term of the Existing Lease when Tenant exercises this option. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant"), Tenant and may be exercised by Original Tenant or any Affiliate Assignee, Permitted Transferee or Approved Assignee occupying the entire Premises (and not by any other assignee, sublessee or other "Transferee," ” (as that term is defined in Section 14 . 1, below, 14.1 of this Lease) of Tenant's ’s interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 1 contract

Samples: Aethlon Medical Inc

Option Right. Landlord hereby grants to the Tenant originally named Tenant herein (the "Original Tenant"”), its “Affiliates” (as that term is defined in Section 14.8, below) and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other permitted assignee of the Original Tenant's entire ’s interest in the this Lease that is approved by Landlord pursuant to Article 1414 of this Lease (a “Permitted Assignee”), below two (an "Approved Assignee"2) one ( I ) option options to extend the Lease Term for the entire 10421 Premises each by a period of five (5) years (the "each, an “Option Term"). The option to extend Such options shall be exercisable only by notice Notice delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, as of the date of delivery of such noticeNotice, Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Leaseperiods). Upon the proper exercise of the an option to extend, and provided that, at Landlord's option, as of the end of the initial then applicable Lease Termterm, Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Leaseperiods), the Lease Term Term, as it applies to the entire 10421 Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall only be personal to exercised by the originally named tenant herein (the "Original Tenant"), and any its Affiliate Assignee, or a Permitted Transferee or Approved Assignee (and not any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, transferee of the Original Tenant's ’s interest in this Lease)) if Original Tenant, its Affiliate and/or a Permitted Assignee is in possession of the entire then-existing 10421 Premises. In the event that Tenant fails to timely and appropriately exercise its option the 10445 Premises is leased by Tenant, Tenant’s right to extend the Lease Term with respect to such 10445 Premises shall be as expressly set forth in accordance the First Amendment to Amended and Restated Office Lease, and which right shall be independent of the right to extend the Lease Term with respect to the terms of 10421 Premises as set forth in this Section 2.2. Accordingly, then Tenant shall have the right to exercise the applicable option to extend granted to Tenant pursuant rights with respect to the terms of this Section 2.2 shall automatically terminate and shall be of no further force 10421 Premises, the 10445 Premises, or effectboth, in Tenant’s sole discretion.

Appears in 1 contract

Samples: Office Lease (Favrille Inc)

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") , and any "Affiliate Assignee" or "its “Permitted Transferee," Assignees”, as such terms are that term is defined in Sections 14.8 and 14.9Section 14.8, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below one (an "Approved Assignee") one ( I 1) option to extend the Lease Term for a period of five (5) years (the "Option Term"). The , which option to extend shall be exercisable irrevocably exercised only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, belownot more than fifteen (15) months nor less than nine (9) months prior to the expiration of the initial Lease Term, provided that, that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, period; (ii) Tenant is has not previously been in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period, more than twice in the twelve (12) month period expressly set forth prior to the date of Tenant’s attempted exercise; and (iii) the Lease then remains in this Leasefull force and effect. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant")Tenant and any Permitted Assignees, and any Affiliate Assignee, may be exercised by Original Tenant or such Permitted Transferee or Approved Assignee Assignees (and not by any assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below14.1 of this Lease, of Tenant's ’s interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 1 contract

Samples: Sublease (Alector, Inc.)

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") , and any "Affiliate Assignee" or "its “Permitted Transferee," Assignees”, as such terms are that term is defined in Sections 14.8 and 14.9Section 14.8, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below one (an "Approved Assignee") one ( I 1) option to extend the Lease Term (the “Option Right”) for a period of five eight (5) 8) years (the "Option Term"). The , which option to extend shall be exercisable irrevocably exercised only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, belownot more than twelve (12) months nor less than nine (9) months prior to the expiration of the initial Lease Term, provided that, that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, period; (ii) Tenant is has not previously been in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period, more than twice in the twelve (12) month period expressly set forth prior to the date of Tenant’s attempted exercise; and (iii) the Lease then remains in this Leasefull force and effect. Landlord may, at Landlord’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Tenant shall have the right to exercise the foregoing Option Right with respect to (i) the entirety of the then-existing Premises, (ii) the Initial Premises only (in which case the Lease Term for any portion of the Premises located in the 900 Building shall not be extended and shall terminate on the Lease Expiration Date), or (iii) if any only if Tenant leases the entirety of the rentable space in the 900 Building, with respect to the entirety of the 900 Building only (in which case the Lease term for the Initial Premises shall not be extended and shall terminate on the Lease Expiration Date). Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five eight (5) 8) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant")Tenant and any Permitted Assignees, and any Affiliate Assignee, may be exercised by Original Tenant or such Permitted Transferee or Approved Assignee Assignees (and not by any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below14.1 of this Lease, of Tenant's ’s interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 1 contract

Samples: Lease (Bolt Biotherapeutics, Inc.)

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") , and any "Affiliate Assignee" or "its Permitted Transferee," Assignees, as such terms are defined in Sections 14.8 and 14.9the Lease, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below two (an "Approved Assignee"2) one ( I ) option options to extend the Lease Term with respect to the entire Premises (i.e., the Original Premises, Expansion Premises, Second Expansion Premises, Third Expansion Premises, 4010 Expansion Premises and 26103 Expansion Premises) for a period of five eight (5) 8) years (the each, an "Option Term"). The option to extend , which options shall be exercisable irrevocably exercised only by written notice delivered by Tenant to Landlord not more than twelve (12) months nor less than nine (9) months prior to the New Expiration Date (or expiration date of the first Option Term, as provided in Section 2.2.3, belowapplicable), provided that, that the following conditions (the "Option Conditions") are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond the Lease, after the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, period; (ii) Tenant is has not previously been in default under this Lease (beyond the Lease, after the expiration of any applicable notice and cure period, more than twice in the twelve (12) month period expressly set forth prior to the date of Tenant's attempted exercise; and (iii) the Lease then remains in this Leasefull force and effect. Landlord may, at Landlord's option, exercised in Landlord's sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term Term, as it applies to the entire Premises, shall be extended for a period of five eight (5) 8) years. The rights contained in this Section 2.2 3.2 shall be personal to the originally named tenant herein (the "Original Tenant")Tenant and any Permitted Assignees, and any Affiliate Assignee, may be exercised by Original Tenant or such Permitted Transferee or Approved Assignee Assignees (and not by any assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, of Tenant's interest in this the Lease). In no event shall Tenant have the event that right to extend the Lease Term by the second (2nd) Option Term unless Tenant fails to has timely and appropriately exercise its option properly exercised the right to extend in accordance with the terms of this Section 2.2, then Lease Term by the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effectfirst (1st) Option Term.

Appears in 1 contract

Samples: Lease (Arcus Biosciences, Inc.)

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") and any "Affiliate Assignee" or "Permitted Transferee," ”, or their respective “Affiliates” as such those terms are defined in Sections Section 14.8 and 14.9of the Lease, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below two (an "Approved Assignee"2) one ( I ) option options to extend the Lease Term for a period of five (5) years each (the "each, an “Option Term"). The option to extend shall be exercisable only by notice delivered by Tenant to Landlord as provided in Section 2.2.31.3, below, provided that, as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's ’s option, as of the end of the initial Lease Term or Option Term, as applicable, Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease), the Lease Term shall be extended for a period of five (5) years. The rights contained in this Section 2.2 1 shall be personal to the originally named tenant herein (the "Original Tenant"), Tenant and any Affiliate Assignee, Permitted Transferee or Approved Assignee Affiliate and may only be exercised by such entity (and not any other assignee or sublessee or other "Transferee," as that term is defined in Section 14 . 114.1, below, of Tenant's ’s interest in this Lease)) if such entity occupies the entire Premises. In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.21, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 1 shall automatically terminate and shall be of no further force or effect.

Appears in 1 contract

Samples: Office Lease (Netlogic Microsystems Inc)

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below one (an "Approved Assignee") one ( I 1) option to extend the Lease Term for a period of five three (53) years (the "Option Term"). The , which option to extend shall be exercisable only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, 2.2.3 below, provided that, that the following conditions (the "Option Conditions") are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease; (ii) Tenant is not in default under this Lease (beyond at the expiration of any applicable notice time Landlord and cure period expressly set forth in Tenant execute an amendment to this Lease). Upon Lease extending the proper exercise of Lease Term for the option to extendOption Term, and provided that, at Landlord's option, as of the end of the initial Lease Term, Tenant is not in default under this Lease; (iii) Tenant has not previously been in default under this Lease more than once; and (beyond iv) the expiration Lease then remains in full force and effect and Original Tenant occupies the entire Premises at the time the option to extend is exercised and as of the commencement of the Option Term. Landlord may, at Landlord's option, exercised in Landlord's sole and absolute discretion, waive any applicable notice of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and cure period expressly set forth in this Leaseeffect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five three (53) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant"), Tenant and any Affiliate Assignee, Permitted Transferee or Approved Assignee may be exercised by Original Tenant only (and not by any assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below14.1 of this Lease, of Tenant's interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.2.2.2

Appears in 1 contract

Samples: Office Lease (Healthequity, Inc.)

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") and any "Affiliate “Permitted Transferee Assignee" or "Permitted Transferee," ”, as such terms are that term is defined in Sections Section 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below one (an "Approved Assignee") one ( I 1) option to extend the Lease Term for a period of five (5) [* * *] years (the "Option Term"). The option to extend shall be exercisable only by notice delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in under this Lease); (ii) Tenant is not in default beyond any applicable notice and cure period under this Lease at the time Landlord and Tenant execute an amendment to this Lease extending the Lease Term for the Option Term; and (iii) Tenant has not previously been in default with respect to any monetary obligation or material non-monetary obligation beyond any applicable notice and cure period under this Lease more than twice in the preceding twelve (12) month period. Landlord may, at Landlord's option, exercised in Landlord's sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of the an option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease), the Lease Term shall be extended for a period of five (5) [* * *] years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant"), Tenant and any Affiliate Assignee, Permitted Transferee Assignee and may only be exercised by the Original Tenant or Approved a Permitted Transferee Assignee (and not any other assignee or sublessee or other "Transferee," as that term is defined in Section 14 . 114.1, below, of Tenant's ’s interest in this Lease)) if the Original Tenant or a Permitted Transferee Assignee, as applicable, occupies the entire Premises. In the event that Tenant fails to timely and appropriately exercise its option to extend the Lease Term in accordance with the terms of this Section 2.2, then the such option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 1 contract

Samples: Boardwalk Lease (Arcturus Therapeutics Holdings Inc.)

Option Right. Landlord hereby grants to the tenant originally named Tenant herein (the "Original Tenant") and any "Affiliate Assignee" or its "Permitted TransfereeTransferee Assignee," as such terms are defined that term is set forth in Sections Section 14.8 and 14.9of this Lease, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below one (an "Approved Assignee") one ( I 1) option to extend the Lease Term for the entire Premises by a period of five (5) years (the "Option Term"). The Such option to extend shall be exercisable only by notice "Notice" (as that term is defined in Section 29.18 of this Lease) delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, as of the date of delivery of such noticeNotice, (i) Tenant is not then in monetary default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease), and (ii) Tenant has not been in monetary default under this Lease (beyond the applicable notice and cure period set forth in this Lease) more than twice during the immediately preceding twelve (12) month period. Upon the proper exercise of the such option to extend, extend (and provided that, at Landlord's optionelection, as of the end of the initial Lease Term, (A) Tenant is not in monetary default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Lease), (B) Tenant has not been in monetary default under this Lease (beyond the applicable notice and cure period set forth in this Lease) more than twice during the immediately preceding twelve (12) month period, then the Lease Term Term, as it applies to the entire Premises, shall be extended for a period of five (5) years. The rights contained 692500.09/WLA371593-00023/6-13-12/ao/ao -00- XXX XXXXXX[Xxxxxx Realty, L.P.][Concur Technologies, Inc.] in this Section 2.2 shall only be personal to exercised by the originally named tenant herein (the "Original Tenant"), and any Affiliate Assignee, Tenant or its Permitted Transferee or Approved Assignee (and not any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, transferee of the Original Tenant's interest in this Lease). In ) if Original Tenant and/or its Permitted Transferee Assignee is in occupancy of the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effectentire then-existing Premises.

Appears in 1 contract

Samples: Office Lease (Concur Technologies Inc)

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") , and any "Affiliate Assignee" or "its “Permitted Transferee," Assignees”, as such terms are that term is defined in Sections 14.8 and 14.9Section 14.8, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below one (an "Approved Assignee") one ( I 1) option to extend the Lease Term for a period of five eight (5) 8) years (the "Option Term"). The , which option to extend shall be exercisable irrevocably exercised only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, belownot more than twelve (12) months nor less than nine (9) months prior to the expiration of the initial Lease Term, provided that, that the following conditions (the “Option Conditions”) are satisfied: (i) as of the date of delivery of such notice, Tenant is not in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period expressly set forth in this Lease). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, as of the end of the initial Lease Term, period; (ii) Tenant is has not previously been in default under this Lease (beyond Lease, after the expiration of any applicable notice and cure period, more than twice in the twelve (12) month period expressly set forth prior to the date of Tenant’s attempted exercise; and (iii) the Lease then remains in this Leasefull force and effect. Landlord may, at Xxxxxxxx’s option, exercised in Landlord’s sole and absolute discretion, waive any of the Option Conditions in which case the option, if otherwise properly exercised by Tenant, shall remain in full force and effect. Upon the proper exercise of such option to extend, and provided that Tenant satisfies all of the Option Conditions (except those, if any, which are waived by Landlord), the Lease Term Term, as it applies to the Premises, shall be extended for a period of five eight (5) 8) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant")Tenant and any Permitted Assignees, and any Affiliate Assignee, may be exercised by Original Tenant or such Permitted Transferee or Approved Assignee Assignees (and not by any assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below14.1 of this Lease, of Tenant's ’s interest in this Lease). In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect.

Appears in 1 contract

Samples: Lease (Harpoon Therapeutics, Inc.)

Option Right. Landlord hereby grants to the originally Tenant named Tenant herein in this Twelfth Amendment (the "Original Tenant") and any "Affiliate Assignee" or "Permitted Transferee," as such terms are Assignee (defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below (an "Approved Assignee") one ( I (1) option to extend the Lease New Premises Term for a period of five (5) years (the "Option Term"). The , which option to extend shall be exercisable only by written notice delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, as of the date of delivery of such notice, Tenant is not in default under this Lease (the Lease, as amended, and has not previously been in default under the Lease, as amended, beyond the expiration of any applicable notice and cure period expressly set forth in this Lease)periods, more than once. Upon the proper exercise of the such option to extend, and provided that, at Landlord's ’s option, as of the end of the initial Lease New Premises Term, Tenant is not in default under this Lease (the Lease, as amended, and Tenant has not previously been in default under the Lease, as amended, beyond the expiration of any applicable notice and cure period expressly set forth in this Lease)periods, more than once, the Lease Term New Premises Term, as it applies to the entire New Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 5 shall be personal to the originally named tenant herein (Original Tenant or a Permitted Assignee, as the "Original Tenant")case may be, and any Affiliate may only be exercised by the Original Tenant or a Permitted Assignee, Permitted Transferee or Approved Assignee as the case may be (and not any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, transferee of the Original Tenant's ’s interest in the Lease, as amended) if the Original Tenant or a Permitted Assignee, as the case may be, occupies the entire New Premises. For the purposes of this Lease). In the event that Tenant fails Twelfth Amendment, a “Permitted Assignee” shall mean a person or entity to timely and appropriately exercise its option to extend whom this Lease is assigned in accordance compliance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effectLease.

Appears in 1 contract

Samples: Lease Agreement (Sonim Technologies Inc)

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant") and any "Affiliate Permitted Transferee Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below two (an "Approved Assignee"2) one ( I ) option options to extend the Lease Term for the entire Premises for a period of five (5) years each (the each an "Option Term"). The option options to extend shall be exercisable only by notice delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, as of the date of delivery of such notice, Tenant is has not in received notice of default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Leasewhich then remains uncured). Upon the proper exercise of the option to extend, and provided that, at Landlord's option, as of the end of the initial then-current Lease Term, Tenant is not in default under this Lease (beyond the expiration of any applicable notice and cure period expressly set forth in this Leaseperiod), the Lease Term shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall be personal to the originally named tenant herein (the "Original Tenant"), Tenant and any Affiliate Assignee, its Permitted Transferee Assignee and may only be exercised by the Original Tenant or Approved its Permitted Transferee Assignee (and not any other assignee or any sublessee or other Transferee of Tenant's interest in this Lease) if the Original Tenant and any "Permitted Transferee," (as that term is defined in Section 14 . 1, 14.8 below, ) has not Transferred any portion of Tenant's interest in this Lease)the Premises within the 130 Building and has not Transferred more than fifty percent (50%) of the Premises within the 110 Building. In the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effect. Tenant shall have no right to exercise its second option to extend the Lease Term if Tenant fails to timely and appropriately exercise its first option to extend in accordance with the terms of this Section 2.2.

Appears in 1 contract

Samples: Office Lease (INPHI Corp)

Option Right. Landlord hereby grants to the originally named Original Tenant herein and its Permitted Transferee Assignee, one (the "Original Tenant") and any "Affiliate Assignee" or "Permitted Transferee," as such terms are defined in Sections 14.8 and 14.9, below, or other assignee of Tenant's entire interest in the Lease that is approved by Landlord pursuant to Article 14, below (an "Approved Assignee") one ( I 1) option to extend the Lease Term for the entire Premises by a period of five (5) years (the "Option Term"). The Such option to extend shall be exercisable only by notice "Notice" (as that term is defined in Section 29.18 of this Lease) delivered by Tenant to Landlord as provided in Section 2.2.3, below, provided that, as of the date of delivery of such noticeNotice, (i) Tenant is not then in economic or material non-economic default under this Lease (beyond any applicable notice and cure period), and (ii) Tenant has not been in economic or material non-economic default under this Lease (beyond the expiration of any applicable notice and cure periods) more than once (1) during the preceding twelve (12) month period expressly set forth (and in this Leaseno event more than twice (2) during the prior Lease Term). Upon the proper exercise of the such option to extend, and provided that, at Landlord's optionelection, as of the end of the initial Lease Term, (A) Tenant is not in economic or material non-economic default under this Lease (beyond any applicable notice and cure period), and (B) Tenant has not been in economic or material non-economic default under this Lease (beyond the expiration of any applicable notice and cure periods) more than one (1) during the preceding twelve (12) month period expressly set forth (and in this Leaseno event more than twice (2) during the prior Lease Term), then the Lease Term Term, as it applies to the entire Premises, shall be extended for a period of five (5) years. The rights contained in this Section 2.2 shall only be personal to exercised by the originally named tenant herein (the "Original Tenant"), and any Affiliate Assignee, Tenant or its Permitted Transferee or Approved Assignee (and not any other assignee, sublessee or other "Transferee," as that term is defined in Section 14 . 1, below, transferee of the Original Tenant's interest in this Lease). In ) if Original Tenant and/or its Permitted Transferee Assignee is in occupancy of seventy-five percent (75%) of the event that Tenant fails to timely and appropriately exercise its option to extend in accordance with rentable square feet of the terms of this Section 2.2, then the option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and shall be of no further force or effectthen-existing Premises.

Appears in 1 contract

Samples: Office Lease (Evofem Biosciences, Inc.)

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