Common use of Option to Extend Lease Term Clause in Contracts

Option to Extend Lease Term. Provided Tenant is not then in default under any term or provision contained in the Lease beyond any applicable notice and cure period, Tenant shall have three (3) options to extend the Lease Term (each, an “Extension Option”) for a period of five (5) years each (each, an “Option Term”) for all of the space then under the Lease under the same terms and conditions except for the Base Rent. If Tenant wishes to exercise the Extension Option, Tenant shall deliver written notice to Landlord no less than six (6) months and no more than nine (9) months before the expiration of the then existing term (“Exercise Notice”). If Tenant fails to timely deliver the Exercise Notice, Tenant shall be considered to have elected not to exercise the Extension Option. The monthly Base Rent payable during each Option Term shall be determined for each option based on the following annual escalation schedule: · First Option Term— $0.03 per rentable square foot initial increase and annual escalations. · Second Option Term - $0.04 per rentable square foot initial increase and annual escalations. · Third Option Term - $0.05 per rentable square foot initial increase and annual escalations. Except for Base Rent at the new rates, all of the terms and conditions of the Lease shall remain the same and shall remain in full force and effect throughout the Option Term; provided, however, that any free rent, improvement allowances, moving allowances, lease assumption payments, plan design allowances (or payments), expansion options, opportunity rights or other similar concessions provided for in the Lease shall not apply during any Option Term. The rights contained in this Section shall be personal to the originally named Tenant and may be exercised only by the originally named Tenant (and not any assignee, sublessee, or other transferee of Tenant’s interest in this Lease).

Option to Extend Lease Term. Provided Tenant is not then in default under any term or provision contained in the Lease beyond any applicable notice and cure period, Tenant shall have the option to extend the initial term of this Lease with respect to any of the Premises that Tenant may elect to continue to lease from Landlord for three (3) options to extend the Lease Term (eachadditional, an “Extension Option”) for a period successive periods of five (5) years each (each, an “Option TermExtension Period”) for on the same terms, covenants and conditions of this Lease. In the event Tenant elects to exercise the option(s), Tenant shall provide Landlord written notice of Tenant’s exercise of the option(s) not less than ninety (90) days prior to the end of the then-current term, such notice shall identify each of the Premises which Tenant has elected to remain subject to this Lease during the applicable Extension Period and is to be given in the manner provided in Section 25.04 of this Lease. Provided that Tenant has duly execised its option to extend the term of this Lease as set forth herein and further provided that Tenant is not in default under this Lease at the end of the then current term of this Lease, this Lease shall be amended to reflect the exclusion of any of the Premises from the Lease and the corresponding reduction in the Annual Rent in connection with Tenant’s exercise of the applicable extension option. Tenant’s right to exercise the foregoing option(s) is conditioned upon Tenant’s performance of all of the space then duties and obligations on its part to be performed under this Lease so that, at the Lease under time of the same terms and conditions except for the Base Rent. If Tenant wishes to exercise the Extension Optionof such options, Tenant shall deliver written notice not be in default hereunder. In the event that Tenant elects to Landlord no less than six (6) months and no more than nine (9) months before extend the expiration initial term of the then existing term (“Exercise Notice”). If Tenant fails to timely deliver the Exercise Notice, Tenant shall be considered to have elected not to exercise the Extension Option. The monthly Base Rent payable during each Option Term shall be determined for each option based on the following annual escalation schedule: · First Option Term— $0.03 per rentable square foot initial increase and annual escalations. · Second Option Term - $0.04 per rentable square foot initial increase and annual escalations. · Third Option Term - $0.05 per rentable square foot initial increase and annual escalations. Except for Base Rent at the new rates, all of the terms and conditions of the Lease shall remain the same and shall remain in full force and effect throughout the Option Term; provided, however, that any free rent, improvement allowances, moving allowances, lease assumption payments, plan design allowances (or payments), expansion options, opportunity rights or other similar concessions provided for in the Lease shall not apply during any Option Term. The rights contained in this Section shall be personal to the originally named Tenant and may be exercised only by the originally named Tenant (and not any assignee, sublessee, or other transferee of Tenant’s interest in this Lease), the Annual Rent shall continue to be adjusted as provided in Section 6.02 of this Lease.

Option to Extend Lease Term. Provided Tenant is not then in default under any term or provision contained in the Lease beyond any applicable notice and cure period, Tenant shall have three (3) options the right and option to extend the Lease Term (each, an “Extension the "Renewal Option”") for a one (1) additional period of five sixty (560) years each months (eachthe "Renewal Lease Term"); provided, an “however, such renewal Option Term”is contingent upon the following: (i) for all Tenant is not in default at the time Tenant gives Landlord written notice of the space then under the Lease under the same terms and conditions except for the Base Rent. If Tenant wishes Tenant's intention to exercise the Extension Option, Tenant shall deliver written notice to Landlord no less than six renewal option; (6ii) months and no more than nine (9) months before upon the Expiration Date or the expiration of any Renewal Lease Term, Tenant has no outstanding default; (iii) no event has occurred that upon notice or the then existing term passage of time would constitute a default; (“Exercise Notice”)iv) Tenant is not disqualified by multiple defaults as provided in the Lease; and (v) Tenant is occupying the Premises. Tenant shall exercise each Renewal Option by giving Landlord written notice at least one hundred eighty (180) days prior to the Expiration Date or the last day of any Renewal Lease Term. If Tenant fails to timely deliver the Exercise Noticegive such notice to landlord prior to one hundred eighty (180) day period, then Tenant shall be considered to have elected not to exercise forfeit the Extension Renewal Option. The monthly Base Rent payable If Tenant exercises the Renewal Option, then during each Option Term any such Renewal Lease Term, Landlord and Tenant's respective rights, duties and obligations shall be determined for each option based on the following annual escalation schedule: · First Option Term— $0.03 per rentable square foot initial increase and annual escalations. · Second Option Term - $0.04 per rentable square foot initial increase and annual escalations. · Third Option Term - $0.05 per rentable square foot initial increase and annual escalations. Except for Base Rent at the new rates, all of governed by the terms and conditions of the Lease shall remain Lease. If Tenant exercises the same and shall remain in full force and effect throughout the Option Term; providedRenewal Option, however, that any free rent, improvement allowances, moving allowances, lease assumption payments, plan design allowances (or payments), expansion options, opportunity rights or other similar concessions provided for in the Lease shall not apply then during any Option such Renewal Lease Term. The rights contained in this Section shall be personal , all references to the originally named Tenant and may be exercised only by the originally named Tenant (and not any assigneeterm "Term", sublessee, or other transferee of Tenant’s interest as used in this Lease), shall mean the "Renewal Lease Term". The Base Rent for the first year of the Renewal Lease Term shall be at one hundred three percent (103%) of the then current Rent being paid by Tenant in the final year of the Term, increasing three percent (3%) per annum, provided Tenant gives notice of its exercise of the Renewal Option.

Option to Extend Lease Term. Provided Tenant is not then in default under any term or provision contained in the Lease beyond any applicable notice and cure period, Tenant shall have three (3) options the right and option to extend the Lease Term (each, an “Extension the "Renewal Option”") for a one (1) additional period of five sixty (560) years each months (eachthe "Renewal Lease Term"); provided, an “however, such renewal Option Term”is contingent upon the following: (1) for all Tenant is not in default at the time Tenant gives Landlord written notice of the space then under the Lease under the same terms and conditions except for the Base Rent. If Tenant wishes Tenant's intention to exercise the Extension Renewal Option, Tenant shall deliver written notice to Landlord no less than six ; (6ii) months and no more than nine (9) months before upon the Expiration Date or the expiration of any Renewal Lease Term, Tenant has no outstanding default; (iii) no event has occurred that upon notice or the then existing term passage of time would constitute a default; (“Exercise Notice”)iv) Tenant is not disqualified by multiple defaults as provided in the Lease; and (v) Tenant is occupying the Premises. Tenant shall exercise each Renewal Option by giving Landlord written notice at least one hundred eighty (180) days prior to the Expiration Date or the last day of any Renewal Lease Term. If Tenant fails to timely deliver the Exercise Noticegive such notice to landlord prior to one hundred eighty (180) day period, then Tenant shall be considered to have elected not to exercise forfeit the Extension Renewal Option. The monthly Base Rent payable If Tenant exercises the Renewal Option, then during each Option Term any such Renewal Lease Term, Landlord and Tenant's respective rights, duties and obligations shall be determined for each option based on the following annual escalation schedule: · First Option Term— $0.03 per rentable square foot initial increase and annual escalations. · Second Option Term - $0.04 per rentable square foot initial increase and annual escalations. · Third Option Term - $0.05 per rentable square foot initial increase and annual escalations. Except for Base Rent at the new rates, all of governed by the terms and conditions of the Lease. If Tenant exercises the Renewal Option, then during any such Renewal Lease shall remain Term, all references to the same and shall remain in full force and effect throughout the Option term "Term; provided", however, that any free rent, improvement allowances, moving allowances, lease assumption payments, plan design allowances (or payments), expansion options, opportunity rights or other similar concessions provided for as used in the Lease, shall mean the "Renewal Lease shall not apply during any Option Term". The rights contained in this Section Base Rent for the first year of the Renewal Lease Term shall be personal to at one hundred three percent (103%) of the originally named then current Rent being paid by Tenant and may be exercised only by in the originally named final year of the Term, increasing three percent (3%) per annum, provided Tenant (and not any assignee, sublessee, or other transferee gives notice of Tenant’s interest in this Lease)its exercise of the Renewal Option.

Option to Extend Lease Term. Provided Tenant is not then in default under any term or provision contained in the Lease beyond any applicable notice and cure period, Tenant shall have three (3) options the option to extend the Lease Term (eachAgreement, including Addendum I and II and this Addendum III, for an “Extension Option”) for a period additional term of five (5) years each (eachyears, an “Option Term”) from March 31, 1997 to March 31, 2002. Tenant may exercise such option to extend the lease term as follows: If Tenant notifies Landlord prior to June 1, 1993, Tenant shall have the right to extend the lease on the existing terms and conditions, subject to determination of the rental rate as follows. The rate will be the sum of the effective rates in effect May 31, 1997, for the Original Lease and Addendum II and III with a reduction of $5,816.88 MONTHLY. The rate for all of subsequent years will be the space then under current effective base rate plus the Lease under annual adjustment in the same terms and conditions except CPI for Houston SMSA, not to exceed five percent (5%) per year, based on the Base Rentprevious 12 months. If Tenant wishes to exercise exercises its option hereunder, the Extension Optiontwenty-thousand ($20,000.00) dollar security deposit secured by the Irrevocable Letter of Credit from Texas Commerce Bank (G-111 419) dated February 8, Tenant 1988, shall deliver written notice to Landlord no less than six (6) months and no more than nine (9) months before be extended from the expiration of the then existing term (“Exercise Notice”)June 30, 1997, to June 30, 2002. If Tenant fails to timely deliver does not exercise the Exercise Noticeabove option by June 1, 1993, Tenant must notify the Landlord ninety (90) days prior to the original termination date of the lease to have the right to extend the lease on the existing terms and conditions, subject to determination of the rental rate as agreed by the fair market value as follows: The fair market value shall be considered as mutually agreed by Landlord and Tenant within fifteen (15) days after Tenant exercises its option to have elected not renew. If the parties are unable to exercise agree upon the Extension Optionfair market value of the Premises, Landlord and Tenant shall each appoint an appraiser who is knowledgeable in commercial property values in the area in which the Premises are located and the two appraisers shall, then within ten (10) days after their selection, agree upon the fair market value of the Premises. If they are unable to agree, they shall appoint a third appraiser with the same qualifications and the three appraisers shall then, within fifteen (15) days thereafter, prepare appraisals of the Premises. The monthly Base Rent payable during each Option Term average of the three appraisals shall be determined used as the fair market value of the Premises for each option based on the following annual escalation schedule: · First Option Term— $0.03 per rentable square foot initial increase and annual escalations. · Second Option Term - $0.04 per rentable square foot initial increase and annual escalations. · Third Option Term - $0.05 per rentable square foot initial increase and annual escalations. Except for Base Rent at the new rates, all of the terms and conditions of the Lease shall remain the same and shall remain in full force and effect throughout the Option TermPeriod; provided, however, that if any free rentappraiser's estimate is either (a) less than ninety percent (90%) of the average figure, improvement allowances, moving allowances, lease assumption payments, plan design allowances or (or paymentsb) more than one hundred ten percent (110%) of such average then the fair market value of the Premises will be the average of the remaining figures which are between ninety percent (90%) and one hundred and ten percent (110%) inclusive of the average figure even if only one estimate remains. If all figures fall outside of the range between ninety percent (90%) and one hundred ten percent (110%), expansion optionsthen the middle figure of the three appraisals shall be the fair market value even if the middle figure is the same as the higher or lower figure. Landlord and Tenant shall each bear the cost of its appraiser and shall share equally the cost of the third. After the Renewal Term rent for any Renewal Term has been determined in accordance with the provisions set forth herein, opportunity rights Landlord shall promptly give Tenant written notice of the annual renewal rent for the Renewal Term and Tenant shall thereafter have fifteen (15) days to decide whether the reaffirm or other similar concessions provided for in cancel its exercise of the option to renew by written notice of the Landlord. If Tenant exercises its option hereunder, the twenty-thousand ($20,000.00) dollar security deposit secured by the Irrevocable Letter of Credit from Texas Commerce Bank (G-111 419) dated February 8, 1988, shall be extended from the expiration of June 30, 1997, to June 30, 2002. This Addendum III, and the Lease shall not apply during any Option Term. The rights contained in this Section shall be personal Agreement dated December 4, 1986, and Addendum I and II to the originally named Tenant Lease Agreement constitute the entire understanding between the parties with regard to leasing space at 10301 Stella Link, Suite 110, Houston, Harris County, Texas. Default xxxxx xxx xx xxx xxxxxxxxx xxxxxxxxxx xxxx xxxxxxxxxx xxxxxlt under all of the agreements. Except for the foregoing changes, all of the covenants, terms and may be exercised only by conditions of the originally named Tenant prior Lease Agreement, and Addendum I and II remain the same. Landlord: MAIN LINK BUSINESS PARK ASSOCIATES By: /s/ JAMES E. STUBBS ATTEST: /s/ RHONDA SHAW Xxxxx X. Stubbs Assistant Vice President Xxx: XXXXA INVESTMXXXX, XXX. (XXXAGING PARTNER) (SUCCESSOR TO ALTA MAIN LINK INVESTMENTS, INC.) Tenant: TANOX BIOSYSTEMS, INC. By: /s/ NANCY T. CHANG ATTEST: ?????????? Xxxxx X. Xxxxg -- President DESCRIPTION OF LEASE PXXXXXXX -- XXXIBIT "A" Description Lease Premises are located in Building # 10301 Stella Link which is part of Main Link Business Park situated on a tract containing 4.1684 acres out of that certain 22.2444 acre (984,966 square feet), more or less, tract, land located in Harris County Texas, conveyed from Marvin H. McMurry, Jr. et al, to Mxxx Xxnk Business Center Associates xx xxxx xxxxx Xxxx 0, 1982, and not any assigneerecorded under Clerk's File No. H471470 of the Harris County Deed Records, sublesseeto which deed and the record thereof refexxxxx is here made for all purposes. TANOX - PHASE I (Approx. 4032 SF) LEASE ADDENDUM PREMISES (Approx. 8013 SF) LEASE ADDENDUM III APPROX. 6569 SF Fischer & Porter XxXXXXXX STELLA LINK XXXXXXX "X" PHASE III EXPANSION Build-out of improvements to the Phase III expansion is intended to provide for additional production capabilities, general administrative areas, storage space, or other transferee research and development-related activities. Because Tenant intends to produce certain pharmaceutical products for human use, a part of Tenant’s interest the planned build-out must be undertaken with due consideration of applicable Food and Drug Administration requirements, including current Good Manufacturing Practices. Build out is planned to occur in this Lease).the following stages:

Option to Extend Lease Term. Provided Tenant is not then in default under any term or provision contained in the Lease beyond any applicable notice and cure period, Tenant shall have the option to extend the initial term of this Lease with respect to any of the Premises that Tenant may elect to continue to lease from Landlord for three (3) options to extend the Lease Term (eachadditional, an “Extension Option”) for a period successive periods of five (5) years each (each, an “Option TermExtension Period”) for on the same terms, covenants and conditions of this Lease. In the event Tenant elects to exercise the option(s), Tenant shall provide Landlord written notice of Tenant’s exercise of the option(s) not less than ninety (90) days prior to the end of the then-current term, such notice shall identify each of the Premises which Tenant has elected to remain subject to this Lease during the applicable Extension Period and is to be given in the manner provided in Section 25.04 of this Lease. Provided that Tenant has duly exercised its option to extend the term of this Lease as set forth herein and further provided that Tenant is not in default under this Lease at the end of the then current term of this Lease, this Lease shall be amended to reflect the exclusion of any of the Premises from the Lease and the corresponding reduction in the Annual Rent in connection with Tenant’s exercise of the applicable extension option. Tenant’s right to exercise the foregoing option(s) is conditioned upon Tenant’s performance of all of the space then duties and obligations on its part to be performed under this Lease so that, at the Lease under time of the same terms and conditions except for the Base Rent. If Tenant wishes to exercise the Extension Optionof such options, Tenant shall deliver written notice not be in default hereunder. In the event that Tenant elects to Landlord no less than six (6) months and no more than nine (9) months before extend the expiration initial term of the then existing term (“Exercise Notice”). If Tenant fails to timely deliver the Exercise Notice, Tenant shall be considered to have elected not to exercise the Extension Option. The monthly Base Rent payable during each Option Term shall be determined for each option based on the following annual escalation schedule: · First Option Term— $0.03 per rentable square foot initial increase and annual escalations. · Second Option Term - $0.04 per rentable square foot initial increase and annual escalations. · Third Option Term - $0.05 per rentable square foot initial increase and annual escalations. Except for Base Rent at the new rates, all of the terms and conditions of the Lease shall remain the same and shall remain in full force and effect throughout the Option Term; provided, however, that any free rent, improvement allowances, moving allowances, lease assumption payments, plan design allowances (or payments), expansion options, opportunity rights or other similar concessions provided for in the Lease shall not apply during any Option Term. The rights contained in this Section shall be personal to the originally named Tenant and may be exercised only by the originally named Tenant (and not any assignee, sublessee, or other transferee of Tenant’s interest in this Lease), the Annual Rent shall continue to be adjusted as provided in Section 6.02 of this Lease.

Option to Extend Lease Term. Provided that Tenant (a) is not then in default under of the Lease, as amended herein, beyond applicable notice and/or cure periods; and (b) has neither sublet nor assigned any term or provision contained interest in the Lease beyond or in the Leased Premises or any applicable notice and cure periodpart thereof, Tenant shall have three (3) options the option to extend the Lease Term for one (each, an 1) 5-year period (the “Extension Option”) for a period of five (5) years each (each, an “Option Renewal Term”) for all of the space then under the Lease under ), upon the same terms and conditions as are applicable during the Lease Term except that the Base Rent for the Renewal Term shall reflect an increase of 5.00% per square foot or Fair Market Value. In any event, the Base RentRent for the Renewal Term may not be less than the Base Rent during the last year of the expiring term. If Tenant wishes Notice of Tenant’s exercise of this option to exercise extend the Extension Option, Tenant shall deliver written notice to Lease Term for the Renewal Term must be received by Landlord no less than six (6) months and no more later than nine (9) months before prior to the expiration of the then existing term (“Exercise Notice”)Amended Lease Term. If Tenant fails to give Landlord timely deliver notice as provided in this Section or in the Exercise Noticeevent that Landlord and Tenant are unable to agree upon the amount of the Base Rent for the Renewal Term, Tenant such option shall be considered to have elected automatically become null and void. Any Termination, expiration, cancellation or surrender of this Lease shall terminate any right or option for the Extended Period not to exercise the Extension Optionyet exercised. The monthly Base Rent payable during each Option Term shall be determined for each option based on provided herein to extend the following annual escalation schedule: · First Option Term— $0.03 per rentable square foot initial increase and annual escalations. · Second Option Term - $0.04 per rentable square foot initial increase and annual escalations. · Third Option Term - $0.05 per rentable square foot initial increase and annual escalations. Except for Base Rent at the new rates, all of the terms and conditions term of the Lease shall remain may not be severed from the same and shall remain in full force and effect throughout the Option Term; providedlease or separately sold, however, that any free rent, improvement allowances, moving allowances, lease assumption payments, plan design allowances (assigned or payments), expansion options, opportunity rights or other similar concessions provided for in the Lease shall not apply during any Option Term. The rights contained in this Section shall be personal to the originally named Tenant and may be exercised only by the originally named Tenant (and not any assignee, sublessee, or other transferee of Tenant’s interest in this Lease)otherwise transferred.

Option to Extend Lease Term. Provided that Tenant (a) is not then in default under of the Lease, as amended herein, beyond applicable notice and/or cure periods; and (b) has neither sublet nor assigned any term or provision contained interest in the Lease beyond or in the Leased Premises or any applicable notice and cure periodpart thereof to any party regardless of whether permitted as of right or consented to by Landlord, Tenant shall have three (3) options the option to extend the Lease Term for one (each, an 1) 3-year period (the “Extension Option”) for a period of five (5) years each (each, an “Option Renewal Term”) for all of the space then under the Lease under ), upon the same terms and conditions as are applicable during the Lease Term except that the Base Rent for the Base Rent. If Renewal Term shall be in an amount to be mutually agreed upon by Landlord and Tenant wishes to at the time Tenant gives notice of its exercise the Extension Option, of such option and except that Tenant shall deliver written notice have no further renewal rights unless otherwise agreed in writing by the parties. Notice of Tenant’s exercise of this option to extend the Lease Term for the Renewal Term must be sent to and received by Landlord no less than six at least twelve (612) months and no more than nine (9) months before prior to the expiration of the then existing term Amended Lease Term but not more than eighteen (“Exercise Notice”)18) months prior to the expiration of the Amended Lease Term. If Tenant fails to timely deliver give Landlord said notice within the Exercise Notice, Tenant shall be considered to have elected not to exercise the Extension Option. The monthly Base Rent payable during each Option Term shall be determined for each option based on the following annual escalation schedule: · First Option Term— $0.03 per rentable square foot initial increase and annual escalations. · Second Option Term - $0.04 per rentable square foot initial increase and annual escalations. · Third Option Term - $0.05 per rentable square foot initial increase and annual escalations. Except for Base Rent at the new rates, all of the terms and conditions of the Lease shall remain the same and shall remain in full force and effect throughout the Option Term; provided, however, that any free rent, improvement allowances, moving allowances, lease assumption payments, plan design allowances (or payments), expansion options, opportunity rights or other similar concessions time provided for in the Lease shall not apply during any Option Term. The rights contained in this Section or in the event that Landlord and Tenant are unable to agree upon the amount of the Base Rent for the Renewal Term, such option shall be personal to the originally named Tenant automatically become null and may be exercised only by the originally named Tenant (and not any assignee, sublessee, or other transferee of Tenant’s interest in this Lease)void.