Common use of Option Right Clause in Contracts

Option Right. Landlord hereby grants the Original Tenant, and any Permitted Assignee, one (1) option to extend the Lease Term for a period of five (5) years (the “Option Term”). Such option to extend shall be exercisable only by written notice delivered by Tenant to Landlord not more than fifteen (15) months nor less than twelve (12) months prior to the expiration of the initial Lease Term, stating 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 under this Lease more than twice during the preceding twelve (12) month period, and as of the end of the initial Lease Term, Tenant is not in default under 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 Original Tenant and any Permitted Assignee (and not any other assignee, sublessee or “Transferee,” as that term is defined in Section 14.1, below, of Tenant’s interest in this Lease).

Appears in 2 contracts

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

AutoNDA by SimpleDocs

Option Right. Landlord hereby grants the Tenant named in this Lease (the “Original Tenant, and any Permitted Assignee”), one (1) option to extend the Lease Term for a period of five ten (510) years (the “Option Term”). Such , which option to extend shall may be exercisable irrevocably exercised only by Tenant by written notice (the “Option Exercise Notice”) delivered by Tenant to Landlord not more earlier than fifteen (15) months nor less and not later than twelve (12) months prior to the expiration of the initial Lease Term, stating that provided that, as of the date of delivery of such notice, Tenant is thereby irrevocably exercising its option to lease the Premises during the Option Termnot in Default under this Lease and Tenant has not previously been in default under this Lease more than once. Upon the proper exercise of the such 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 under this Lease more than twice during the preceding twelve (12) month period, and as of the end of the initial Lease Term, Tenant is not in default Default under this Lease, 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 Original Tenant and any or a Permitted Transferee 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)) if Original Tenant or a Permitted Transferee Assignee occupies the entire Premises.

Appears in 2 contracts

Samples: Sublease Agreement (Oportun Financial Corp), Sublease Agreement (Oportun Financial Corp)

Option Right. Landlord hereby grants the Tenant named in this Lease (the "Original Tenant, and any Permitted Assignee"), one (1) option to extend the Lease Term for a period of five (5) years (the "Option Term"). Such , which option to extend shall be exercisable only by written notice delivered by Tenant to Landlord not more than fifteen (15) months nor less than twelve (12) months prior to the expiration of the initial Lease Termas provided below, stating 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 Tenant has not previously been in default under this Lease more than twice during once. Upon the preceding twelve (12) month periodproper exercise of such option to extend the initial Lease Term, and provided that, at Landlord's option, as of the end of the initial Lease Term, Tenant is not in default under this LeaseLease and Tenant has not previously been in default under this Lease 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 shall be personal to the Original Tenant and any Permitted Assignee may only be exercised by the Original Tenant (and not any other assignee, sublessee or “Transferee,” as that term is defined in Section 14.1, below, other transferee of Tenant’s 's interest in this Lease)) if the Original Tenant occupies the entire Premises.

Appears in 1 contract

Samples: Office Lease (Team Communication Group Inc)

Option Right. Landlord hereby grants the Original Tenant, and any Permitted Assignee, one Tenant two (12) option options to extend the Lease Term for a period of five (5) years each (the “Option Term”each, an "OPTION TERM"). Such option to extend , which options shall be exercisable only by written notice delivered by Tenant to Landlord not more than fifteen (15) months nor less than twelve (12) months prior to the expiration of the initial Lease Termas provided below, stating 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 Tenant has not previously been properly declared in default under this Lease more than twice during once. Upon the preceding twelve (12) month periodproper exercise of any such option to extend, and provided that, as of the end of the initial Lease Term or initial Option Term, as the case may be, Tenant is not in default under this LeaseLease and Tenant has not previously been properly declared in default under this Lease 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 shall be personal to the Original Tenant and any Permitted Assignee may only be exercised by the Original Tenant (and not any other assignee, sublessee or “Transferee,” as that term is defined in Section 14.1, below, other transferee of Tenant’s 's interest in this Lease)) if the Original Tenant occupies the entire Premises.

Appears in 1 contract

Samples: Office Lease (Orcad Inc)

Option Right. Landlord hereby grants the Tenant named in this Lease (the “Original Tenant, and any Permitted Assignee, ”) one (1) option to extend the Lease Term for a period of five (5) years (the “Option Term”). Such , which option to extend shall be exercisable only by written notice delivered by Tenant to Landlord not more than fifteen (15) months nor less than twelve (12) months prior to the expiration of the initial Lease Termas provided below, stating 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 Tenant has not previously been in default under this Lease more than twice during the preceding once in any twelve (12) month period. Upon the proper exercise of each 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 LeaseLease and Tenant has not previously been in default under this Lease 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 shall be personal to the Original Tenant and any Permitted Assignee may only be exercised by the Original Tenant (and not any other assignee, sublessee or “Transferee,” as that term is defined in Section 14.1, below, other transferee of Tenant’s interest in this Lease)) if the Original Tenant physically occupies the entire Premises.

Appears in 1 contract

Samples: Office Lease (Docusign Inc)

AutoNDA by SimpleDocs

Option Right. Landlord hereby grants the Tenant originally named in this Lease (the “Original Tenant”), and any assignee of Original Tenant's entire interest in the Lease that has been approved in accordance with the terms of Article 14, below (a “Permitted Assignee”), one (1) option to extend the Lease Term for a period of five ten (510) years (the “Option Term”). Such option to extend shall be exercisable only by written notice delivered by Tenant to Landlord not more than fifteen twelve (1512) months nor less than twelve nine (129) months prior to the expiration of the initial Lease Term (or initial Option Term, as the case may be), stating that Tenant is thereby irrevocably exercising its option to lease the Premises during the applicable 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 Lease, after the expiration of any applicable notice and has not previously been in default under this Lease more than twice during the preceding twelve (12) month cure period, and as of the end of the initial Lease Term, Tenant is not in default under this Lease, after the expiration of any applicable notice and cure period, the Lease Term shall be extended for a period of five ten (510) years. The rights contained in this Section 2.2 shall be personal to Original Tenant and any Permitted Assignee (and not any other assignee, sublessee or “Transferee,” as that term is defined in Section 14.1, below, of Tenant’s interest in this Lease).. 4864-7268-1728.5183307.00004/2-27-24/ejs/ejs -6- [Nexus on Grand][Myriad Genetics, Inc.]

Appears in 1 contract

Samples: Lease (Myriad Genetics Inc)

Option Right. Landlord hereby grants the Tenant named in this Lease (the "Original Tenant, and any Permitted Assignee"), one (1) option to extend the Lease Term for a period of five ten (510) years (the "Option Term"). Such , which option to extend shall may be exercisable irrevocably exercised only by Tenant by written notice (the "Option Exercise Notice") delivered by Tenant to Landlord not more earlier than fifteen (15) months nor less and not later than twelve (12) months prior to the expiration of the initial Lease Term, stating 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 Default under this Lease and Tenant has not previously been in default under this Lease more than twice during once. Upon the preceding twelve (12) month periodproper exercise of 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 Default under this Lease, 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 Original Tenant and any or a Permitted Transferee 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 's interest in this Lease)) if Original Tenant or a Permitted Transferee Assignee occupies the entire Premises.

Appears in 1 contract

Samples: Lease Agreement (Rovi Corp)

Option Right. Landlord hereby grants the Original Tenant, and any Permitted Assignee, one Tenant two (12) option options to extend the Lease Term for a period of five three (53) years each (the “Option each, an "OPTION Term"). Such option to extend , which options shall be exercisable only by written notice delivered by Tenant to Landlord not more than fifteen (15) months nor less than twelve (12) months prior to the expiration of the initial Lease Termas provided below, stating 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 applicable cure period provided in this Lease and Tenant has not previously been in default under this Lease beyond the applicable cure period provided in this Lease more than twice. Upon the proper exercise of any such option to extend, and provided that, as of the end of the initial Lease Term as initial Option Term, as the case may be, Tenant is not in default under this Lease and Tenant has not previously been in default under this Lease more than twice during once, the preceding twelve (12) month period, and as of the end of the initial Lease Term, Tenant is not in default under this Leaseas it applies to the Premises, the Lease Term 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 Original Tenant and any Permitted Assignee may only be exercised by the Original Tenant (and not any other assignee, sublessee or “Transferee,” as that term is defined in Section 14.1, below, other transferee of Tenant’s 's interest in this Lease)) if the Original Tenant occupies the entire Premises.

Appears in 1 contract

Samples: Office Lease (Kofax Image Products Inc)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!