Common use of Option Right Clause in Contracts

Option Right. Landlord hereby grants to the Original Tenant, one (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, an Option Nullification Default has not occurred under this Lease and 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 Lease Term, an Option Nullification Default has not occurred under this Lease and 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 Original Tenant and any Permitted Transferee and may only be exercised by the Original Tenant or a Permitted Transferee (and not any other assignee or sublessee or Transferee of Tenant’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.

Option Right. Landlord hereby grants to the originally named Tenant herein (the “Original Tenant”) and any Permitted Transferee Assignee, one (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, an Option Nullification Tenant is not in Default has not occurred under this Lease and then remains uncuredLease. 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, an Option Nullification Tenant is not in Default has not occurred under this Lease and then remains uncuredLease, 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 Original Tenant and any Permitted Transferee Assignee and may only be exercised by the Original Tenant or a Permitted Transferee Assignee (and not any other assignee or sublessee or Transferee transferee of Tenant’s interest in this Lease) if the Original Tenant or a Permitted TransfereeTransferee Assignee, as the case may beapplicable, occupies at least seventysixty-five six and 67/100ths percent (7566.67%) 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.

Option Right. Landlord hereby grants to the Original Tenant, one its Affiliates and any Permitted Assignee, two (12) 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, an Option Nullification Tenant is not in Default has not occurred under this Lease (beyond any applicable notice and then remains uncuredcure periods). 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, Tenant is not in Default under this Lease (beyond any applicable notice and cure periods), the Lease Term, an Option Nullification Default has not occurred under this Lease and then remains uncuredas it applies to the 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 Original Tenant and any Permitted Transferee and may only be exercised by the Original Tenant or Tenant, its Affiliate and/or a Permitted Transferee Assignee (and not any other assignee assignee, sublesee or sublessee or Transferee other transferee of the Original Tenant’s interest in this Lease) if the Original Tenant or Tenant, its Affiliate and/or a Permitted Transferee, as the case may be, occupies at least seventy-five percent Transferee either (75%i) is in occupancy of the entire then-existing Premises. In , or (ii) retains the event that Tenant fails absolute right, and confirms in writing concurrently with Exercise Notice its intent, to timely and appropriately exercise its option to extend in accordance with occupy the terms of this Section 2.2, then entire then-existing Premises throughout 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.

Option Right. Landlord hereby grants to the Original Tenant, Tenant shall have one (1) option to extend the Lease Term (the “Option to Extend”) for a period of five (5) years (the “Option Term”). The , which option to extend shall shall, if at all, be exercisable only by Tenant’s delivery of notice delivered by Tenant to Landlord as provided in accordance with Section 2.2.3, 2.2.1.2 below, provided that, that Tenant is not in default under this Lease as of the date of delivery of such notice, an notice or on the date for the proposed commencement of the Option Nullification Default has not occurred Term. The Option to Extend shall be personal to the original named Tenant under this Lease Lease, shall be nontransferable and then remains uncuredshall be exercisable by Tenant only if Tenant is in possession of the entire Premises. Upon the proper exercise of the option Option to extend, and provided that, at Landlord’s option, as of the end of the initial Lease Term, an Option Nullification Default has not occurred under this Lease and then remains uncuredExtend, the Lease then current Term shall be extended for a period the Option Term and all of five the terms, covenants and conditions of this Lease shall continue in full force and effect during the Option Term, except that (5i) years. The rights contained the annual rate of rent payable by Tenant for the Premises during the Option Term shall be as set forth below in this Section 2.2 2.2, and (ii) Tenant shall be personal have no further right to extend the Original Tenant and any Permitted Transferee and may only be exercised by the Original Tenant or a Permitted Transferee (and not any other assignee or sublessee or Transferee of Tenant’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 PremisesTerm. In the event that If Tenant fails to timely and appropriately properly exercise its option the Option to extend Extend in accordance with the terms of this Section 2.2, then the option Option to extend granted to Tenant pursuant to the terms of this Section 2.2 shall automatically terminate and Extend shall be of no further force or effect.

Option Right. Landlord hereby grants to the Original Tenant, one any Affiliate of Tenant, and any Permitted Transferee Assignee, two (12) 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, an Option Nullification Default Tenant has not occurred under this Lease and 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 Lease Term, an Option Nullification Default has not occurred under this Lease and then remains uncured, the Lease Term shall be extended for a period of five (5) yearsreceived notice that Tenant is in Default. The rights contained in this Section 2.2 shall be personal to the Original Tenant Tenant, any Affiliate, and any Permitted Transferee Assignee and may only be exercised by the Original Tenant Tenant, an Affiliate, or a Permitted Transferee Assignee (and not any other assignee or sublessee or Transferee of Tenant’s interest in this Lease) if provided that the Original Tenant Tenant, the Affiliate, or a such Permitted Transferee, as the case may be, occupies at least seventy-five Transferee Assignee has not subleased more than fifty percent (7550%) of the Premisesrentable 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.

Option Right. Landlord hereby grants to the Original Tenant, one Tenant two (12) option to extend the Lease Term for all, but not less than all, of the Premises then leased by Tenant (the "Renewal Premises") 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, below, provided that, as of the date of delivery of such notice, an Option Nullification Default has Tenant is not occurred in default under this Lease (after written notice and then remains uncuredexpiration of any applicable cure 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, an Option Nullification Default has Tenant is not occurred in default under this Lease (after written notice and then remains uncuredexpiration of any applicable cure period), the Lease Term shall be extended for a period of five three (53) years. The rights contained in this Section 2.2 shall be personal to the Original Tenant and (any reference to Original Tenant shall include any Permitted Transferee as defined in Section 14.8) and may only be exercised by the Original Tenant or a Permitted Transferee (and not any other assignee or assignee, sublessee or Transferee other transferee of the Original Tenant’s 's interest in this Lease) if the Original Tenant or a occupies the entire Renewal Premises and is then operating within the Renewal Premises for the Permitted Transferee, as the case may be, occupies at least seventy-five percent (75%) of the PremisesUse. In the event that If Tenant fails to does not timely and appropriately exercise its option to extend extend, as 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 extend, as set forth in this Section 2.2 2.2, shall automatically terminate terminate, and Tenant shall be of have no further force or effectoptions to extend the Lease Term.

Option Right. Landlord hereby grants to the originally named Tenant herein (“Original Tenant, ”) one (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, an Option Nullification Default Tenant is not in default under this Lease; (ii) as of the end of the Lease Term, Tenant is not in default under this Lease; (iii) Tenant has not occurred previously been in monetary or material non-monetary default under this Lease more than once; and (iv) the Lease then remains uncuredin 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 Option Conditions (except those, if any, which are waived by Landlord), the initial Lease Term, an Option Nullification Default has not occurred under this Lease and then remains uncuredas it applies to the Premises, the Lease Term 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 Original Tenant and any Permitted Transferee Approved Assignee (as defined in Article 34) and may only be exercised by the Original Tenant or a Permitted Transferee (and not any other assignee or sublessee or Transferee of Tenant’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 effectan Approved Assignee only.

Option Right. Landlord hereby grants to the originally named Tenant herein (the "Original Tenant"), and any "Permitted Transferee," as such terms are defined in Sections 14.8, below, 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 (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, an Option Nullification Default has Tenant is not occurred in default under this Lease and then remains uncuredLease. 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, an Option Nullification Default has Tenant is not occurred in default under this Lease (beyond the expiration of any applicable notice and then remains uncuredcure 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"), any Permitted Transferee, and any Permitted Transferee and may only be exercised by the Original Tenant or a Permitted Transferee Approved Assignee (and but not any other assignee or sublessee or Transferee other “Transferee,” as that term is defined in Section 14.1, below, of Tenant’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.