Option Rights. Except as provided below, the Option shall be valid for a term commencing on the Grant Date and ending 10 years after the Grant Date (the "EXPIRATION DATE").
Option Rights. University grants Sponsor a first right to negotiate a worldwide, royalty-bearing, exclusive license to University Intellectual Property or to University’s rights in Joint Intellectual Property (the “Option Right”). Sponsor’s right commences when University notifies Sponsor pursuant to Section 5.3 and expires ninety (90) days later (“Option Period”). Sponsor may exercise the Option Right by written notice to Tech Licensing during the Option Period. If Sponsor does not exercise the Option Right during the Option Period, University may license its commercial rights under the relevant Intellectual Property to any third parties. If Sponsor exercises the Option Right, Tech Licensing and Sponsor shall negotiate in good faith a license agreement with commercially reasonable terms. If the Parties fail to execute a license to University Intellectual Property or to University’s rights in Joint Intellectual Property within six (6) months after Sponsor’s exercise of the Option Right, University has no further obligation to Sponsor for that Intellectual Property.
Option Rights. Landlord hereby grants Tenant three (3) options to extend the Lease Term for the entire Premises for a period of five (5) years each (each, an “Option Term”), subject to the provisions set forth below in this Article 2.2; provided, however, Tenant shall have no such right to extend the Lease Term for a particular Option Term unless Tenant has either exercised its option to extend the lease term for the CRG Direct Lease (as defined below) for a term which is coterminous with such Option Term, or concurrently with Tenant’s delivery of the Option Exercise Notice for such Option Term, Tenant under the CRG Direct Lease exercises its option to extend the lease term for the CRG Direct Lease for a term which is coterminous with such Option Term (either of such events is referred to herein as the “CRG Direct Lease Condition”). If Tenant properly exercises its option to extend the Lease Term for an Option Term (and provided the CRG Direct Lease Condition has been satisfied), Landlord shall be obligated to and shall immediately exercise its option to extend its then-current lease term for the concurrent or longer option term under the Master Lease, failing which Tenant shall have the right, in Landlord’s name and on Landlord’s behalf to exercise same under the Master Lease, and Master Landlord will be obligated to accept the same as being proper exercise of the applicable renewal option delivered by Landlord, as tenant under the Master Lease. Tenant’s options shall be exercisable only by written notice delivered by Tenant to Landlord as provided below and shall be subject to and in accordance with the terms and conditions set forth below in this Article 2.2. Upon the exercise by Tenant pursuant hereto of an option to extend, the Lease Term for the entire Premises shall be extended for the applicable period of five (5) years.
Option Rights. Landlord hereby grants Tenant three (3) options to extend the Lease Term for the entire Premises, or any Identified Portion (as defined below), for a period of five (5) years each (each, an “Option Term”), subject to the provisions set forth below in this Article 2.2. Unless otherwise agreed to in writing by Landlord and Tenant, an “Identified Portion” is defined as the Premises, less any or all of the following space, if any, designated by Tenant in the applicable Option Exercise Notice (as defined below) as space to be eliminated from the Premises (the “Eliminated Space”): (1) Suite 1014; (2) Suite 1717; (3) all space leased by Tenant on any particular floor(s) in the Building (for example, all space leased by Tenant on the 8th floor and/or all space leased by Tenant on the 10th floor could be eliminated by Tenant hereunder); and/or (4) any First Offer Space added pursuant to Article 21 below. Notwithstanding the foregoing, (a) Tenant shall not be permitted to extend the Lease Term hereunder for less than 90,000 rentable square feet of the Premises, (b) the Eliminated Space shall not be less than the entire rentable area of Suite 1014 if Tenant designates such Suite as Eliminated Space, (c) the Eliminated Space shall not be less than the entire rentable area of Suite 1717 if Tenant designates such Suite as Eliminated Space, (d) the Eliminated Space shall not be less than the entire rentable area of any particular space added as First Offer Space if Tenant designates First Offer Space as Eliminated Space (for example, if a particular First Offer Space originally added to the Premises pursuant to Article 21 below consists of one-half (1/2) of a floor in the Building, Tenant may elect to eliminate such entire half-floor space, but not any lesser portion thereof). Tenant’s options shall be exercisable only by written notice delivered by Tenant to Landlord as provided below and shall be subject to and in accordance with the terms and conditions set forth below in this Article 2.2. Upon the exercise by Tenant pursuant hereto of an option to extend, the Lease Term for the entire Premises, or Identified Portion, as applicable, shall be extended for the applicable period of five (5) years. The Lease Term for any Eliminated Space that is excluded from an Identified Portion that is the subject of a renewal hereunder by Tenant shall expire on the date immediately preceding the commencement of the applicable Option Term, and on or prior to such date, Tenant shall sur...
Option Rights. Pursuant to the terms of the Ground Lease, Lessor has an option to purchase the Relevant Assets under certain terms and conditions.
Option Rights. Tenant warrants and represents that it has no right or option of any nature whatsoever, whether pursuant to the Lease or otherwise, to purchase the Premises or the Property, or any portion thereof, or any interest therein, but to the extent that Tenant has had or hereafter acquires any such right or option, Tenant hereby acknowledges that such right or option is made subject and subordinate to the Loan Documents pursuant to this Agreement and is hereby waived and released against Lender.
Option Rights. All options granted to Tenant and contained in the Lease, if any, including, without limitation, the right of first offer contained in Section 1.3 of the original Lease, any right to extend the term or expand the Premises are hereby deleted and are of no force or effect.
Option Rights. Each Party shall have the independent, unrestricted right to license to third parties any such Joint Invention without accounting to the other Party, except that with respect to each such Joint Invention, MIT hereby grants PARTNER an option to negotiate in good faith with MIT for an exclusive, royalty- bearing, worldwide license under MIT’s interest in the Joint Invention to develop, make, have made, offer for sale, sell, have sold, export and import products and services in a mutually defined field of use on terms that are commercially reasonable to the industry and shall include, among other terms, the reservation of rights for MIT and other not-for-profit institutions to practice the Joint Invention for educational and research purposes, and grant the U.S. Government a non-exclusive, nontransferable, irrevocable, paid-up license to practice such Joint Invention or have the Joint Invention practiced throughout the world by or on behalf of the Government for research or other Government purposes.
Option Rights. Except for options expressly set forth in this Amendment, all options granted to Tenant and contained in the Lease, if any, including, without limitation, any right to extend the term or expand the Premises, are hereby deleted and are of no force or effect.
Option Rights. If a Member becomes a Bankrupt Member, then the other Member(s) shall thereupon have the right and option to purchase the entire Interest of the Bankrupt Member pursuant to the terms of Sections 10.1, 10.2, 10.3, and 10.4 of this Agreement. The Bankrupt Member shall send notice of the applicable Event of Bankruptcy to the other Member(s) within ten (10) days after the occurrence thereof. To exercise its option, a Member must provide written notice thereof to the other Member(s) within ninety (90) days after the first to occur of the following: (i) the effective date of the Bankrupt Member’s notice, and (ii) the date upon which such Member otherwise becomes aware of the applicable Event of Bankruptcy. Such notice must indicate the portion of the Bankrupt Member’s Interest that such Member desires to purchase; provided, however, that if there is more than one Member with such purchase right, then such Members will have the right to purchase the Bankrupt Member’s Interest pro rata in accordance with their respective Percentage Interests. Back to Table of Contents
