Common use of OPTION TO EXTEND LEASE Clause in Contracts

OPTION TO EXTEND LEASE. Tenant, (i) so long as there then exists no Event of Default either at the time of exercise or at the first day of the applicable Extension Term (as hereinafter defined), and (ii) this Lease is in full force and effect and (iii) the Tenant named herein has not assigned this Lease and is in occupancy of the entire Leased Premises, shall have the right and option to extend the initial Term hereof for one (1) additional five (5) year period (the “Extension Terms”: each an “Extension Term”) upon written notice to Landlord given not less than nine (9) months and not more than twelve (12) months prior to the expiration of the initial Term, as such Term may be extended, time being of the essence. The parties agree that if Tenant fails to exercise its option to extend the initial term strictly within the tune periods set forth in this Section, then Tenant’s right to extend the initial Term shall automatically lapse and Tenant shall have no right to extend the Term. In the event that Tenant shall exercise the options granted hereunder, the applicable Extension Term shall be upon the same terms and conditions as are in effect under this Lease immediately preceding the commencement of such option period except that the Annual Base Rent due from the Tenant shall be increased as provided hereinbelow and Tenant shall have no further rights or options whatsoever to extend the term beyond the expiration of such Extension Term. The initial and any Extension Term are hereinafter sometimes collectively referred to as the “term” or “Term.” If Tenant exercises the right to extend the Term as herein provided, then no later than thirty (30) days following receipt of Tenant’s notice, Landlord shall notify Tenant in writing of Landlord’s determination of the fair market rent (which shall in no event be less than the Base Rent for the last year of the current Term of the Lease) for the Leased Premises for the Extension Term (“Landlord’s Rental Notice”). If Tenant does not object to Xxxxxxxx’s determination of such fair market rent by written notice to Landlord within ten (10) days after the date of Landlord’s Rental Notice, then Tenant shall be deemed to have accepted the market rent set forth in Landlord’s Rental Notice. If Tenant does timely object to Landlord’s Rental Notice, the parties shall use commercially reasonable efforts to agree upon the fair market rent for the Extension Term, however, if the parties cannot agree upon the fair market rent within thirty (30) days after Landlord receives Tenant’s notice of objection, then the Lease shall not be extended and Tenant’s rights under this Section 37 shall terminate and be of no further force or effect.

OPTION TO EXTEND LEASE. TenantIn the event that Lessee shall not be in default in the performance of any term or condition of this Lease, (i) so long as there then exists no Event of Default either at upon the time of exercise or at the first day expiration of the applicable Extension Term (as hereinafter defined)Lease term, and (ii) this Lease is in full force and effect and (iii) the Tenant named herein has not assigned this Lease and is in occupancy of the entire Leased Premises, Lessee shall have the right and option to extend the initial Term hereof Lease for one (1) an additional term of five (5) year years. Lessee's rights to exercise the option are contingent upon Lessee not being in default in the performance of any term or condition of this Lease or if in default, Lessee shall have cured the same prior to the deadline for exercising the extension option. During the extension period, all the terms and conditions of this Lease shall remain in effect except that the base rental for the extension period will be determined as set forth in paragraph 43, entitled "Rent Determination for Extended Period," and the rental commencing on the thirty-first (31st) month of the “Extension Terms”: each an “Extension Term”) upon written notice extended period will be adjusted as provided in paragraph 44, entitled "Rental Escalations." The option must be exercised by Lessee, if at all, prior to Landlord given not less than nine a date which shall be six (9) months and not more than twelve (126) months prior to the expiration of the initial TermLease term, as such Term may be extended, time being of the essence. The parties agree by notice to Lessor stating that if Tenant fails to exercise Lessee is exercising its option to extend. Such exercise of the option shall automatically extend the initial term strictly within of the tune periods Lease upon the terms and conditions herein set forth in forth, and no further writing need be executed by Lessee or Lessor, except that no term extension shall occur or take effect if, prior to its commencement, Lessee shall have assigned or sublet (by operation of law or otherwise and with or without Lessor's consent) this SectionLease or the Premises. Once exercised, then Tenant’s Lessee shall not have the right to extend revoke its election to exercise the initial Term shall automatically lapse and Tenant shall have no right to extend the Termoption. In the event that Tenant shall exercise the options granted hereunderoption is not exercised as provided for herein within the time provided for, the applicable Extension Term option shall be upon the same terms expire, and conditions as are in effect under this Lease immediately preceding the commencement of such option period except that the Annual Base Rent due from the Tenant shall be increased as provided hereinbelow and Tenant Lessee shall have no further rights right to renew or options whatsoever to extend the term beyond the expiration of such Extension Term. The initial and any Extension Term are hereinafter sometimes collectively referred to as the “term” or “TermLease.” If Tenant exercises the right to extend the Term as herein provided, then no later than thirty (30) days following receipt of Tenant’s notice, Landlord shall notify Tenant in writing of Landlord’s determination of the fair market rent (which shall in no event be less than the Base Rent for the last year of the current Term of the Lease) for the Leased Premises for the Extension Term (“Landlord’s Rental Notice”). If Tenant does not object to Xxxxxxxx’s determination of such fair market rent by written notice to Landlord within ten (10) days after the date of Landlord’s Rental Notice, then Tenant shall be deemed to have accepted the market rent set forth in Landlord’s Rental Notice. If Tenant does timely object to Landlord’s Rental Notice, the parties shall use commercially reasonable efforts to agree upon the fair market rent for the Extension Term, however, if the parties cannot agree upon the fair market rent within thirty (30) days after Landlord receives Tenant’s notice of objection, then the Lease shall not be extended and Tenant’s rights under this Section 37 shall terminate and be of no further force or effect.

OPTION TO EXTEND LEASE. Tenant, (i) so long as there then exists no Event of Default either at the time of exercise or at the first day of the applicable Extension Term (as hereinafter defined), and (ii) this Lease is in full force and effect and (iii) the Tenant named herein has not assigned this Lease and is in occupancy of the entire Leased Premises, Lessee shall have the right and option (“Option”) to extend the initial Term hereof term of this Lease on all provisions contained in this Lease, except the Base Rent, for one a period of three (13) additional five (5) year period years (the “Extension Terms”: each an “Extension Extended Term”) upon following the expiration of the initial term of this Lease, by giving written notice of the exercise of the Option (“Option Notice”) to Landlord given not less than nine Lessor at least six (96) months and months, but not more than twelve (12) months prior to the expiration of the initial Term, as such Term may be extended, time being term of the essence. The parties agree that if Tenant fails to exercise its option to extend the initial term strictly within the tune periods set forth in this Section, then Tenant’s right to extend the initial Term shall automatically lapse and Tenant shall have no right to extend the Term. In the event that Tenant shall exercise the options granted hereunder, the applicable Extension Term shall be upon the same terms and conditions as are in effect under this Lease immediately preceding the commencement of such option period except that the Annual Base Rent due from the Tenant shall be increased as provided hereinbelow and Tenant shall have no further rights or options whatsoever to extend the term beyond the expiration of such Extension Term. The initial and any Extension Term are hereinafter sometimes collectively referred to as the “term” or “Term.” If Tenant exercises the right to extend the Term as herein provided, then no later than thirty (30) days following receipt of Tenant’s notice, Landlord shall notify Tenant in writing of Landlord’s determination of the fair market rent (which shall in no event be less than the Base Rent for the last year of the current Term of the Lease) for the Leased Premises for the Extension Term (“Landlord’s Rental NoticeOption Notice Period”). If Tenant does Once Lessee delivers the Option Notice, Lessee cannot object revoke it and any attempt to Xxxxxxxx’s determination revoke the exercise shall be void. Any Option Notice given at any time other than the Option Notice Period shall be void and of such fair market rent by written notice to Landlord within ten no effect. Notwithstanding the above, (10i) days after if lessee is in Default of the Lease on the date of Landlord’s Rental giving the Option Notice, has been late in making payments of any amounts owed pursuant to this Lease more than two (2) times, then Tenant Lessor may deem the Option Notice void and of no effect, and (ii) if Lessee is in Default of the Lease on the date the Extended Term is to begin, then Lessor may deem the Option void and terminate the Lease as of the end of the Original Term. Lessee may only exercise the Option on all but not less than all of the Premises. Any Option Notice that purports to exercise the Option for less than all of the Premises, shall be deemed to have accepted exercise the market rent set forth in Landlord’s Rental NoticeOption for all of the Premises. If Tenant does timely object to LandlordLessee has not been in possession of all of the Premises (no part of the Premises has been vacated or sublet) for all of 2013, then notwithstanding any other provision of this Lease, Lessor may, in Lessor’s Rental Noticesole and absolute discretion, terminate the parties Lease as of the end of the Original Term. The Parties shall use commercially reasonable efforts to agree upon the fair market rent for the Extension Term, however, if the parties cannot agree upon the fair market rent within have thirty (30) days after Landlord Lessor receives Tenant’s notice of objectionthe Option Notice during which to attempt to agree on the monthly rent during the extended term. If the parties agree on the monthly rent for the Extended Term, then they shall immediately execute an amendment to this Lease which shall state the Lease monthly rent for the Extended Term and the fact that the Extended Term shall not be extended and Tenant’s rights under this Section 37 shall terminate and be of no further force or effectend on April 30, 2017.

OPTION TO EXTEND LEASE. TenantTenant shall have the option, (i) for so long as there then exists no Event of Default either at the time of exercise or at the first day of the applicable Extension Term (as hereinafter defined)[employee] shall be employed by E*TRADE, and (ii) this Lease is in full force and effect and (iii) the Tenant named herein has not assigned this Lease and is in occupancy of the entire Leased Premises, shall have the right and option to extend the initial Term hereof for one (1) additional five (5) year period term of this Lease (the “"Extension Option") for successive terms of one year each (the "Option Terms”: each an “Extension Term”") upon written and subject to the terms and conditions of this paragraph 21. Each Extension Option shall be exercised, if at all, by notice (the "Option Exercise Notice") given to Landlord given Owner not less earlier than nine (9) four months and not more nor later than twelve (12) two months prior to the expiration date of the initial Term, as such Term may be extended, time being of the essence. The parties agree that if Tenant fails to exercise its option to extend the initial term strictly within the tune periods set forth in this Section, then Tenant’s right to extend the initial Term shall automatically lapse and Tenant shall have no right to extend the Term. In If Tenant exercises an Extension Option, each of the event terms, covenants and conditions of the Lease shall apply during such Option Term as though the expiration date of the Option Term was the date originally set forth herein as the expiration date, except that Tenant shall exercise the options granted hereunder, the applicable Extension Rent for such Option Term shall be upon the same terms fair market rental for the Property as reasonably determined by Owner ("Fair Market Rental"). Notwithstanding the foregoing, if Tenant (i) fails to timely exercise any Extension Option, or (ii) cancels an Option Exercise Notice as provided below, the remaining Extension Options shall automatically be null and void. If Tenant is in default under any of the terms, covenants or conditions as are in effect under of this Lease immediately preceding either at the time Tenant exercises an Extension Option or at any time thereafter prior to the commencement date of the Option Term, Owner shall have, in addition to all of Owners' other rights and remedies provided in this Lease, the right to terminate the Extension Option upon notice to Tenant. Within ten business days after Owner's receipt of an Option Exercise Notice, Owner shall give notice to Tenant of its determination of Fair Market Rental for such option period except that ("Rental Notice"). Tenant may, by notice delivered to Owner within ten business days following receipt of a Rental Notice, cancel his or her Option Exercise Notice, in which case this Lease shall terminate at the Annual Base Rent due from end of the Tenant then current term. In no event shall any provision of this paragraph be increased as provided hereinbelow and Tenant shall have no further rights or options whatsoever construed to extend the term beyond the expiration of such Extension Term. The initial and any Extension Term are hereinafter sometimes collectively referred to as the “term” or “Term.” If Tenant exercises the right to extend the Term as herein provided, then no later than thirty (30) days following receipt of Tenant’s notice, Landlord shall notify Tenant in writing of Landlord’s determination of the fair market rent (which shall in no event be less than the Base Rent for the last year of the current Term of the Lease) for the Leased Premises for the Extension Term (“Landlord’s Rental Notice”). If Tenant does not object to Xxxxxxxx’s determination of such fair market rent by written notice to Landlord within ten (10) days after Lease beyond the date of Landlord’s Rental Notice, then Tenant shall be deemed to have accepted the market rent set forth in Landlord’s Rental Notice. If Tenant does timely object to Landlord’s Rental Notice, the parties shall use commercially reasonable efforts to agree upon the fair market rent for the Extension Term, however, if the parties cannot agree upon the fair market rent within thirty (30) days after Landlord receives Tenant’s notice termination of objection, then the Lease shall not be extended and Tenant’s rights under this Section 37 shall terminate and be of no further force or effect[employee]' employment by E*TRADE.

OPTION TO EXTEND LEASE. Tenant, (i) so long as there then exists no Event of Default either at the time of exercise or at the first day of the applicable Extension Term (as hereinafter defined), and (ii) this Lease is in full force and effect and (iii) the Tenant named herein has not assigned this Lease and is in occupancy of the entire Leased Premises, shall have the right and option (the "Option") to extend this Lease for all (but not part) of the initial Term hereof Premises, as hereinafter provided, for one two (12) additional periods of five (5) year period years each (hereinafter referred to as "Renewal Term One" and "Renewal Term Two") provided that (i) there is not then an Event of Default at the “Extension time of exercise of the Option nor at the commencement of either of the Renewal Terms”: each an “Extension Term”; or (ii) upon that Tenant has not received written notice from Landlord of a default in rent payments more than five (5) times during the last two (2) years of the lease term or renewal period. Tenant's right to extend for any Renewal Term shall lapse without further act or deed if Tenant has not exercised its option to extend for all available preceding Renewal Terms. The Option shall be exercised by Tenant giving written notice to Landlord given not less than nine (9) months and of Tenant's intention to exercise said Option on or before that date which is not more than twelve (12) months nor less than nine (9) months prior to the then applicable expiration date for the Term. Unless Landlord has received such written notice of Tenant's intention to exercise said Option within the time period specified herein, then Landlord shall have no further obligation to offer the Premises to the Tenant. If Tenant has not exercised its Option to extend the Terms as outlined herein, Landlord shall be entitled to show the Premises at least nine (9) months prior to the expiration of each Term and offer the initial Term, as Premises for lease to any other prospective tenants. Landlord will give Tenant at least 24 hours notice prior to such Term may be extended, time being of the essenceshowings to prospective tenants. The parties agree Option contained herein is personal to Tenant and shall not be assigned or sublet to another party, except as to such party that if purchases Tenant fails to exercise its option to extend the initial term strictly within the tune periods set forth in this Sectionor Tenant's assets. Rental rates will be at then Fair Market Rate, then Tenant’s right to extend the initial Term shall automatically lapse and Tenant shall have no right to extend the Term. In the event that Tenant shall exercise the options granted hereunderbut, the applicable Extension Term shall be upon the same terms and conditions as are in effect under this Lease immediately preceding the commencement of such option period except that the Annual Base Rent due from the Tenant shall be increased as provided hereinbelow and Tenant shall have no further rights or options whatsoever to extend the term beyond the expiration of such Extension Term. The initial and any Extension Term are hereinafter sometimes collectively referred to as the “term” or “Term.” If Tenant exercises the right to extend the Term as herein provided, then no later than thirty (30) days following receipt of Tenant’s notice, Landlord shall notify Tenant in writing of Landlord’s determination of the fair market rent (which shall in no event be case, less than the current Base Rent then in effect for the last year of the current Term of the Lease) for the Leased Premises for the Extension Term (“Landlord’s Rental Notice”)Premises. If Tenant does not object to Xxxxxxxx’s determination of such fair market rent by written notice to Landlord within ten (10) days after the date of Landlord’s Rental Notice, then Tenant The Fair Market Rent shall be deemed to have accepted established by agreement between Landlord and Tenant in accordance with the market rent set forth FAIR MARKET RENT DEFINITION section or, failing agreement, in Landlord’s Rental Notice. If Tenant does timely object to Landlord’s Rental Notice, accordance with the parties shall use commercially reasonable efforts to agree upon the fair market rent for the Extension Term, however, if the parties cannot agree upon the fair market rent within thirty (30) days after Landlord receives Tenant’s notice of objection, then the Lease shall not be extended and Tenant’s rights under this Section 37 shall terminate and be of no further force or effectARBITRATION PROCEDURES section.

OPTION TO EXTEND LEASE. Tenant, (i) so long as there then exists no Event of Default either at the time of exercise or at the first day of the applicable Extension Term (as hereinafter defined), and (ii) this Lease is in full force and effect and (iii) the Tenant named herein has not assigned this Lease and is in occupancy of the entire Leased Premises, shall have the right and option option, provided it is not then in default hereunder, to extend the initial Term hereof term of the Lease for one two (12) additional five consecutive periods of sixty (560) year period months each (the “Extension "Extended Terms”"), upon the same terms and conditions as provided herein, except that: (a) Minimum Rent shall be adjusted as provided in Paragraph 2 below; and (b) no further Extended Terms shall be available to Tenant following the expiration of the second Extended Term. Tenant shall exercise each an “Extension Term”such option by serving written notification ("Option Notice") upon written notice to Landlord given not less more than nine (9) months and not more or less than twelve four (124) months prior to the expiration of the initial Lease (or of the first Extended Term, as such Term may in the case of extension option for the second Extended Term), of its election to extend this Lease. The options to extend this Lease shall be extendedexercisable by Tenant on the express conditions that at each time of exercise, time being and at all times prior to the commencement of any Extended Term, Tenant shall not be in default under any of the essence. The parties agree that if Tenant fails to exercise its option to extend the initial term strictly within the tune periods set forth in provisions of this SectionLease, then Tenant’s right to extend the initial Term shall automatically lapse and Tenant shall not have no right suffered any adverse change in its financial position which, in Landlord's sole judgment, impairs Tenant's ability to extend fulfill its obligations pursuant to this Lease. Wherever the Term. In the event that Tenant shall exercise the options granted hereundercontext of this Lease so requires, the applicable Extension Term shall be upon the same terms and conditions as are in effect under this term "Lease immediately preceding the commencement of such option period except that the Annual Base Rent due from the Tenant shall be increased as provided hereinbelow and Tenant shall have no further rights or options whatsoever to extend the term beyond the expiration of such Extension Term. The initial and any Extension Term are hereinafter sometimes collectively referred to as the “term” or “Term.” If Tenant exercises the right to extend the Term as herein provided, then no later than thirty (30) days following receipt of Tenant’s notice, Landlord shall notify Tenant in writing of Landlord’s determination of the fair market rent (which shall in no event be less than the Base Rent for the last year of the current Term of the Lease) for the Leased Premises for the Extension Term (“Landlord’s Rental Notice”). If Tenant does not object to Xxxxxxxx’s determination of such fair market rent by written notice to Landlord within ten (10) days after the date of Landlord’s Rental Notice, then Tenant " shall be deemed to have accepted the market rent set forth in Landlord’s Rental Noticeinclude any Extended Term for which Tenant has exercised its option. The options to extend this Lease are personal to Tenant. If Tenant does timely object to Landlord’s Rental Notice, subleases any portion of the parties shall use commercially reasonable efforts to agree upon the fair market rent for the Extension Term, however, if the parties cannot agree upon the fair market rent within thirty (30) days after Landlord receives Tenant’s notice of objection, then the Lease shall not be extended and Tenant’s rights Premises or assigns or otherwise transfers any interest under this Section 37 Lease prior to the exercise of any option, such option and any succeeding option shall terminate and be of no further force or effect.

OPTION TO EXTEND LEASE. Tenant, (i) so long as there then exists no Event of Default either at Provided the time of exercise or at the first day of the applicable Extension Term (as hereinafter defined), and (ii) this Lease is in full force and effect and (iii) the Tenant named herein has is not assigned this Lease and is then in occupancy of the entire Leased Premisesmaterial default beyond any applicable notice, grace or cure period, Tenant shall have the right and option to elect to extend the initial Initial Term hereof for one up to four (14) consecutive, additional five (5) year period terms (the “Extension Terms”: each each, an “Extension Extended Term”) upon written by giving Landlord notice of its election to Landlord given do so not less than nine (9) months and not more than twelve (12) months prior to the expiration beginning of the initial each such Extended Term, as such Term may be extended, time being of the essence. The parties agree that if Tenant fails to exercise its option to extend the initial term strictly within the tune periods set forth in this Section, then Tenant’s right to extend the initial Term shall automatically lapse and Tenant shall have no right to extend the Term. In the event that Tenant shall exercise the options granted hereunder, the applicable Extension Term Extended Terms shall be upon exercised separately and shall be on the same terms and conditions as are in effect under this Lease immediately preceding except: (i) for Base Rent, which shall be adjusted as set forth below; and (ii) after the commencement last exercised Extended Term there shall be no further renewals of such option period this Lease except that the Annual as agreed to in writing by Landlord and Tenant. Base Rent due from the Tenant for each Extended Term shall be increased as provided hereinbelow agreed by Landlord and Tenant, but if not agreed to in writing by Landlord and Tenant shall have no further rights or options whatsoever to extend the term beyond the expiration of such Extension Term. The initial and any Extension Term are hereinafter sometimes collectively referred to as the “term” or “Term.” If Tenant exercises the right to extend the Term as herein provided, then no later than thirty within ninety (3090) days following receipt of the date of Tenant’s noticenotice of election to extend, Landlord then Base Rent shall notify Tenant in writing of Landlord’s determination be at 90% of the then-current fair market rent base rental rate for similar office space on the Portland peninsula (which rate shall in no event be less than the Base Rent for the last year not include consideration of the current Term of the Lease) for any Tenant-installed improvements or modifications to the Leased Premises for the Extension Term (“Landlord’s Rental Notice”Premises). If Tenant does not object to Xxxxxxxx’s determination of , as such fair market rent rate established by written notice to Landlord within ten market appraisals by three (103) days after the date of Landlord’s Rental NoticePortland-based MAI appraisers. Each party shall, then Tenant shall be deemed to have accepted the market rent set forth in Landlord’s Rental Notice. If Tenant does timely object to Landlord’s Rental Notice, the parties shall use commercially reasonable efforts to agree upon the fair market rent for the Extension Term, however, if the parties cannot agree upon the fair market rent within thirty (30) days after Landlord receives Tenant’s notice of objectionits election to exercise, select an appraiser, who shall have at least five (5) years of experience in appraising commercial properties in the Greater Portland area. If either Landlord or Tenant fails to timely appoint an appraiser, the appraiser so appointed shall select a second (2nd) appraiser. The two (2) appraisers shall together select a third appraiser similarly qualified. The three (3) appraisers together shall attempt to agree on the then fair market base rental rate for the Lease Leased Premises discounted in accordance with this Lease; in the absence of a unanimous decision, the fair market base rental rate shall not be extended determined by majority vote. Landlord and Tenant’s rights under this Section 37 Tenant shall terminate each pay the cost and be expenses of no further force or effecttheir designated appraiser, and share equally the cost and expenses of the third (3rd) appraiser.

OPTION TO EXTEND LEASE. Tenant, (i) so long as there then exists no Event Provided that Lessee has not been in default under any of Default either the provisions of this Lease beyond any cure period specified herein and is not in default hereunder at the time of exercise or at the first day of the applicable Extension Term (as hereinafter defined)it exercises this option, and (ii) this Lease is in full force and effect and (iii) the Tenant named herein has not assigned this Lease and is in occupancy of the entire Leased Premises, Lessee shall have the right and one (1) option to extend the initial Term hereof term of this Lease for one (1) an additional term of five (5) year period years (the “Extension Terms”: each an “Extension Term”"extended term") following the expiration of this Lease, upon all of the same terms and conditions as this Lease, provided that such option shall be exercised by written notice to Landlord given not less than nine (9) months and Lessor not more than twelve (12) months nor less than nine (9) months prior to the expiration of the initial Term, as such Term may original term of this Lease. The rent for the extended term shall be extended, time being 100% of the essencefair market rental for the Premises, taking into account any concessions to tenants of comparable size and credit in buildings of similar age and quality in the immediate submarket. The parties agree that if Tenant fails to exercise its option to extend the initial term strictly within the tune periods set forth in this Section, then Tenant’s right to extend the initial Term shall automatically lapse and Tenant shall have no right to extend the Term. In the event that Tenant shall exercise the options granted hereunder, the applicable Extension Term shall be upon the same terms and conditions as are in effect under this Lease immediately preceding the commencement of such option period except that the Annual Base Rent due from the Tenant shall be increased as provided hereinbelow and Tenant shall have no further rights or options whatsoever to extend the term beyond the expiration of such Extension Term. The initial and any Extension Term are hereinafter sometimes collectively referred to as the “term” or “Term.” If Tenant exercises the right to extend the Term as herein provided, then no later than Within thirty (30) days following receipt of Tenant’s noticethe date Lessee exercises its option, Landlord Lessor and Lessee shall notify Tenant in writing of Landlord’s determination of use their reasonable best efforts to agree on the fair market rent (which shall in no event be less than the Base Rent for the last year of extended term. If Lessor and Lessee are unable to agree on the current Term of the Lease) rent for the Leased Premises for the Extension Term extended term within said thirty (“Landlord’s Rental Notice”). If Tenant does not object to Xxxxxxxx’s determination of such fair market rent by written notice to Landlord 30) day period, then within ten (10) days after said period, Lessor and Lessee shall each submit to the date other in writing their good faith estimate of Landlord’s Rental Noticethe rent for the extended term. If the higher of said estimates is not more than one hundred ten percent (110%) of the lower of such estimates, the rent for the extended term shall be the average thereof. If otherwise, then Tenant shall be deemed within five (5) days after submission of said estimates, either party may submit the question to have accepted appraisal in accordance with the market rent set forth in Landlord’s Rental Noticefollowing procedure. If Tenant does timely object to Landlord’s Rental NoticeWithin twenty (20) days after either party requests appraisal, the parties shall use commercially reasonable efforts to agree upon select a mutually acceptable commercial real estate broker with experience in the fair market leasing of comparable space in the vicinity of the premises, who shall determine the rent for the Extension Term, however, if extended term. If the parties cannot agree on such a commercial real estate broker within said twenty (20) day period, then within five (5) days thereafter, each party shall select an independent commercial real estate broker meeting the criteria set forth above. If one party shall fail to make such appointment within said five (5) day period, then the broker chosen by the other party shall determine the rent for the extended term. Within twenty (20) days thereafter, each such broker shall independently determine his or her opinion of the rent for the extended term, and shall provide a report to Lessor and Lessee stating the basis for such opinion. If Lessor and Lessee cannot agree upon the fair market rent for the extended term within thirty twenty (3020) days thereafter, the two brokers shall within such twenty (20) day period select a third commercial real estate broker meeting the above criteria and the third broker shall select the rent for the extended term determined by one of the two brokers. If the two brokers selected by Lessor and Lessee cannot agree on the third broker, the third broker shall be selected by Lessor and Lessee within five (5) days after Landlord receives Tenant’s notice the expiration of objectionsaid twenty (20) day period. If Lessor and Lessee cannot agree on the third broker, the third broker shall be selected by the then presiding judge of the Lease Xxxxxxxx Xxxxx of California in and for the City and County of San Francisco. If the foregoing process does not result in the selection of a third broker, the parties shall not equally share the costs associated with the selection process. The amount selected in accordance with this paragraph shall be deemed to be the rent for the extended term and Tenant’s rights under such determination shall be final and binding on both Lessor and Lessee. The cost of the appraisal shall be borne by the nonprevailing party, as determined by the third broker. In no event shall the rent for the extended term be less than the rent in effect during the last month of the original term of this Section 37 shall terminate and be of no further force or effectLease.

OPTION TO EXTEND LEASE. Tenant, (i) so long as there then exists no Event of Default either at the time of exercise or at the first day of the applicable Extension Term (as hereinafter defined), and (ii) this Lease is in full force and effect and (iii) the Tenant named herein has not assigned this Lease and is in occupancy of the entire Leased Premises, shall have the right and option to extend the initial Term hereof for one (1) additional five (5) year period (the “Extension Terms”: each an “Extension TermOption”) upon to extend this Lease for all (but not part) of the Premises, as hereinafter provided, for two (2) periods of three (3) years each (hereinafter referred to as “Renewal Term One” and “Renewal Term Two”) provided that (i) there is not then an Event of Default at the time of exercise of the Option nor at the commencement of either of the Renewal Terms; and (ii) that there has not been a material adverse change to Tenant’s financial status. Tenant’s right to extend for any Renewal Term shall lapse without further act or deed if Tenant has not exercised its option to extend for all available preceding Renewal Terms. The Option shall be exercised by Tenant giving written notice to Landlord given not less than nine (9) months and of Tenant’s intention to exercise said Option on or before that date which is not more than twelve (12) months nor less than nine (9) months prior to the then applicable expiration date for the Term. Unless Landlord has received such written notice of Tenant’s intention to exercise said Option within the time period specified herein, then Landlord shall have no further obligation to offer the Premises to the Tenant. If Tenant has not exercised its Option to extend the Terms as outlined herein, Landlord shall be entitled to show the Premises at least nine (9) months prior to the expiration of each Term and offer the initial Term, as such Term may be extended, time being of the essencePremises for lease to any other prospective tenants. The parties agree Option contained herein is personal to Tenant and shall not be assigned or sublet to another party, except as to such party that if Tenant fails to exercise its option to extend the initial term strictly within the tune periods set forth in this Sectionpurchases Tenant. Rental rates will be at then Fair Market Rate, then Tenant’s right to extend the initial Term shall automatically lapse and Tenant shall have no right to extend the Term. In the event that Tenant shall exercise the options granted hereunderbut, the applicable Extension Term shall be upon the same terms and conditions as are in effect under this Lease immediately preceding the commencement of such option period except that the Annual Base Rent due from the Tenant shall be increased as provided hereinbelow and Tenant shall have no further rights or options whatsoever to extend the term beyond the expiration of such Extension Term. The initial and any Extension Term are hereinafter sometimes collectively referred to as the “term” or “Term.” If Tenant exercises the right to extend the Term as herein provided, then no later than thirty (30) days following receipt of Tenant’s notice, Landlord shall notify Tenant in writing of Landlord’s determination of the fair market rent (which shall in no event be case, less than the current Base Rent then in effect for the last year of the current Term of the Lease) for the Leased Premises for the Extension Term (“Landlord’s Rental Notice”)Premises. If Tenant does not object to Xxxxxxxx’s determination of such fair market rent by written notice to Landlord within ten (10) days after the date of Landlord’s Rental Notice, then Tenant The Fair Market Rent shall be deemed to have accepted established by agreement between Landlord and Tenant in accordance with the market rent set forth FAIR MARKET RENT DEFINITION section or, failing agreement, in Landlord’s Rental Notice. If Tenant does timely object to Landlord’s Rental Notice, accordance with the parties shall use commercially reasonable efforts to agree upon the fair market rent for the Extension Term, however, if the parties cannot agree upon the fair market rent within thirty (30) days after Landlord receives Tenant’s notice of objection, then the Lease shall not be extended and Tenant’s rights under this Section 37 shall terminate and be of no further force or effectARBITRATION PROCEDURES section.

OPTION TO EXTEND LEASE. Tenant50.1 Subject to the provisions of paragraph 3.9 of this Lease, Lessor hereby grants to Lessee one (i1) so long as there then exists no Event of Default either at the time of exercise or at the first day of the applicable Extension Term (as hereinafter defined), and (ii) this Lease is in full force and effect and (iii) the Tenant named herein has not assigned this Lease and is in occupancy of the entire Leased Premises, shall have the right and option to extend the initial Term hereof term of this Lease for one (1) additional a period of five (5) year period (the “Extension Terms”: each an “Extension Term”) years. Said option shall be conditional upon Lessor's receipt of written notice to Landlord given not less than nine of Lessee's exercise of said option no later that six (9) months and not more than twelve (126) months prior to the expiration termination of the said initial Term, as such Term may be extended, time being term of the essencethis Lease. The parties agree that if Tenant fails to exercise its Such option to extend is further conditioned upon Lessee's not being in default under the initial term strictly within terms of this Lease at the tune periods set forth in this Section, then Tenant’s right to extend time for giving such notice and at the initial Term shall automatically lapse and Tenant shall have no right to extend time for the Termcommencement of the extension term. In the event that Tenant shall of the exercise the options granted hereunderof such option, the applicable Extension Term term of this lease shall be upon extended on the same terms and conditions set forth herein except for the rental rate, which shall be determined as are set forth in effect under this Lease immediately preceding paragraph 50. In the commencement event of such the exercise by Lessee of an option period except that to extend, Lessor shall, on or before three (3) months prior to the Annual end of the then current term notify Lessee of the proposed Base Rent due from during the Tenant next succeeding extension term. Lessor shall be increased establish the initial Base Rent during extension term as provided hereinbelow and Tenant shall have no further rights or options whatsoever to extend the term beyond the expiration of such Extension Term. The initial and any Extension Term are hereinafter sometimes collectively referred to as the “term” or “Term.” If Tenant exercises the right to extend the Term as herein provided, then no later than thirty (30) days following receipt of Tenant’s notice, Landlord shall notify Tenant in writing of Landlord’s determination of the fair market rent rate for comparable properties in the vicinity of the Premises, all determined in Lessor's sole judgment. If Lessee disagrees with Lessor's determination, Lessee shall so notify Lessor within five (5) days in writing and Lessor and Lessee shall each within five (5) days thereafter appoint an MAI appraiser and the two appraiser so selected shall appoint a third MAI appraiser, which third appraiser shall determine the prevailing fair market rate for comparable space in the vicinity of the Premises. Such fair market rate as determined shall be the initial Base Rent during the extension term. Each party shall bear the cost of its independently appointed appraiser. In no event shall the initial base rent for each extension term be less than that the Base Rent for base rent at the last year end of the current Term of the Lease) for the Leased Premises for the Extension Term (“Landlord’s Rental Notice”). If Tenant does not object to Xxxxxxxx’s determination of such fair market rent by written notice to Landlord within ten (10) days after the date of Landlord’s Rental Notice, then Tenant shall be deemed to have accepted the market rent set forth in Landlord’s Rental Notice. If Tenant does timely object to Landlord’s Rental Notice, the parties shall use commercially reasonable efforts to agree upon the fair market rent for the Extension Term, however, if the parties cannot agree upon the fair market rent within thirty (30) days after Landlord receives Tenant’s notice of objection, then the Lease shall not be extended and Tenant’s rights under this Section 37 shall terminate and be of no further force or effectpreceding term.

OPTION TO EXTEND LEASE. Tenant, (i) so long as there then exists no Event of Default either at the time of exercise or at the first day of the applicable Extension Term (as hereinafter defined), and (ii) this Lease is in full force and effect and (iii) the Tenant named herein has not assigned this Lease and is in occupancy of the entire Leased Premises, shall have the right and option to extend the initial Term hereof for one (1) additional five (5) year period (the “Extension Terms”: each an “Extension TermOption”) upon to extend this Lease for all (but not part) of the Premises, as hereinafter provided, for two (2) periods of three (3) years each (hereinafter referred to as “Renewal Term One” and “Renewal Term Two”) provided that (i) there is not an Event of Default at the time of exercise of the Option nor at the commencement of either of the Renewal Terms; and (ii) that there has not been a material adverse change to Tenant’s financial status. Tenant’s right to extend for any Renewal Term shall lapse without further act or deed if Tenant has not exercised its option to extend for all available preceding Renewal Terms. The Option for Renewal Term One shall be exercised by Tenant giving written notice to Landlord given of Tenant’s intention to exercise said Option on or before February 1, 2002. The Option for Renewal Term Two shall be exercised by Tenant giving written notice to Landlord of Tenant’s intention to exercise said Option no earlier than June 14, 2004 nor later than September 14, 2004. Unless Landlord has received such written notices of Tenant’s intention to exercise said Options within the time period specified herein, then Landlord shall have no further obligation to offer the Premises to the Tenant. If Tenant has not less than nine exercised its Option to extend the Terms as outlined herein, Landlord shall be entitled to show the Premises at least four (9) months and not more than twelve (124) months prior to the expiration of the initial Term, as such Term may be extended, time being of the essence. The parties agree that if Tenant fails and at least nine (9) months prior to exercise its option to extend the initial term strictly within the tune periods set forth in this Section, then Tenant’s right to extend the initial Term shall automatically lapse and Tenant shall have no right to extend the Term. In the event that Tenant shall exercise the options granted hereunder, the applicable Extension Term shall be upon the same terms and conditions as are in effect under this Lease immediately preceding the commencement of such option period except that the Annual Base Rent due from the Tenant shall be increased as provided hereinbelow and Tenant shall have no further rights or options whatsoever to extend the term beyond the expiration of such Extension TermRenewal Term One and offer the Premises for lease to any prospective tenants. The initial Option contained herein is personal to Tenant and any Extension Term are hereinafter sometimes collectively referred shall not assigned or sublet to another party, except as to such party that purchases Tenant. Rental rates will be at then Fair Market Rate, but, in no case, less that the “term” or “Term.” If Tenant exercises current Base Rent then in effect for the right to extend the Term as herein provided, then no later than thirty (30) days following receipt of Tenant’s notice, Premises. The Fair Market Rent shall be established by agreement between Landlord shall notify and Tenant in writing accordance with the FAIR MARKET RENT DEFINITION section, or failing agreement, in accordance with the ARBITRATION PROCEDURES section. Except as is herein above set forth, all terms, provisions and covenants of Landlord’s determination of the fair market rent (which shall in no event be less than the Base Rent for the last year of the current Term of the Lease) for the Leased Premises for the Extension Term (“Landlord’s Rental Notice”). If Tenant does not object to Xxxxxxxx’s determination of such fair market rent by written notice to Landlord within ten (10) days after the date of Landlord’s Rental Notice, then Tenant shall be deemed to have accepted the market rent set forth in Landlord’s Rental Notice. If Tenant does timely object to Landlord’s Rental Notice, the parties shall use commercially reasonable efforts to agree upon the fair market rent for the Extension Term, however, if the parties cannot agree upon the fair market rent within thirty (30) days after Landlord receives Tenant’s notice of objection, then the Lease shall not be extended remain unchanged and Tenant’s rights under this Section 37 shall terminate in full force and be of no further force or effect.

OPTION TO EXTEND LEASE. Tenant, (i) so long as there then exists no Event of Default either at the time of exercise or at the first day Reference is made to paragraph 39 of the applicable Extension Term (as hereinafter defined), and (ii) Lease setting forth provisions governing Options under this Lease is in full force and effect and (iii) the Tenant named herein has not assigned this Lease and is in occupancy of the entire Leased Premises, shall have the right and option Lease. Lessor hereby grants to extend the initial Term hereof for one (1) additional five (5) year period (the “Extension Terms”: each Lessee an “Extension Term”) upon written notice to Landlord given not less than nine (9) months and not more than twelve (12) months prior to the expiration of the initial Term, as such Term may be extended, time being of the essence. The parties agree that if Tenant fails to exercise its option Option to extend the initial term strictly within of this Lease, subject to the tune periods set forth in this Section, then Tenant’s right to extend provisions of said paragraph 39. Said Option shall be for an additional term of five (5) years following the last day of the initial Term shall automatically lapse and Tenant shall have no right to extend the Termterm hereof. In the event that Tenant shall Written notice of Lessee's exercise the options granted hereunder, the applicable Extension Term of said Option shall be upon given to Lessor not more than 180 days, nor less than 90 days before the same terms last day of the initial term of the Lease. Failure to give Lessor such notice as aforesaid shall cause said option to lapse forthwith and conditions as are in effect under this Lease immediately preceding the commencement of such option period except that the Annual Base Rent due from the Tenant shall be increased as provided hereinbelow and Tenant thereafter shall have no further rights force or options whatsoever to extend the term beyond the expiration of such Extension Termeffect, and may not be exercisable by Lessee. The initial and any Extension Term are hereinafter sometimes collectively referred basic monthly rent during the first year of the Option term shall be ninety-five percent (95%) of the then fair market rental value of the leased premises in its then existing condition subject to the annual three percent (3%) adjustment increases as the “term” or “Term.” If Tenant exercises the right to extend the Term as herein provided, then no later than provided in paragraph 50 hereof. Within thirty (30) days following receipt of Tenant’s notice, Landlord shall notify Tenant in writing of Landlord’s determination prior to the commencement of the fair market rent (which Option term, Lessor and Lessee shall in no event be less than negotiate and attempt to agree on the Base Rent rental for the last year of Option term. In the current Term of event the Lease) for the Leased Premises for the Extension Term (“Landlord’s Rental Notice”). If Tenant does not object Lessor and Lessee are unable to Xxxxxxxx’s determination of such fair market rent by written notice to Landlord agree, then within ten (10) days after the date of Landlord’s Rental NoticeOption term begins, then Tenant the same shall be deemed submitted to have accepted binding arbitration to determine said rental rate. Each party shall select an appraiser familiar with commercial industrial office rental property rates for buildings and property similarly situated to the market leased property. The two appraisers so selected shall establish the rent set forth in Landlord’s Rental Notice. If Tenant does timely object to Landlord’s Rental Notice, the parties shall use commercially reasonable efforts to agree upon the fair market rent for the Extension Term, however, if the parties cannot agree upon the fair market rent by agreement within thirty twenty (3020) days after Landlord receives Tenant’s notice their appointment. Upon failure of objectionthe two (2) appraisers to agree, then they shall select a third appraiser similarly qualified to them who shall determine said rental rate within twenty (20) days after his appointment. The rate so fixed shall be effective retroactively to the Lease commencement date of the Option term, but in no event shall not it be extended less than the rental rate in effect during the last year of the initial term of the Lease. The fees and Tenant’s rights under this Section 37 costs of the appraiser selected by each party shall terminate be born by that party. The fees and costs of any third appraiser selected by the two (2) appraisers shall be of no further force born equally by the Lessor and the Lessee. The appraisers selected may be licensed appraisers, or effectreal estate brokers or licensed sales agents who are active in leasing and offering property for lease which is comparable in type and location to the leased premises.

OPTION TO EXTEND LEASE. Tenant, (i) so long as there then exists no Event of Default either at Provided the time of exercise or at the first day of the applicable Extension Term (as hereinafter defined), and (ii) this Lease is in full force and effect and (iii) the Tenant named herein has is not assigned this Lease and is then in occupancy of the entire Leased Premisesmaterial default beyond any applicable notice, grace or cure period, Tenant shall have the right and option to elect to extend the initial Initial Term hereof for one up to four (14) consecutive, additional five (5) year period terms (the “Extension Terms”: each each, an “Extension Extended Term”) upon written by giving Landlord notice of its election to Landlord given do so not less than nine (9) months and not more than twelve (12) months prior to the expiration beginning of the initial each such Extended Term, as such Term may be extended, time being of the essence. The parties agree that if Tenant fails to exercise its option to extend the initial term strictly within the tune periods set forth in this Section, then Tenant’s right to extend the initial Term shall automatically lapse and Tenant shall have no right to extend the Term. In the event that Tenant shall exercise the options granted hereunder, the applicable Extension Term Extended Terms shall be upon exercised separately and shall be on the same terms and conditions as are in effect under this Lease immediately preceding except: (i) for Base Rent, which shall be adjusted as set forth below; and (ii) after the commencement last exercised Extended Term there shall be no further renewals of such option period this Lease except that the Annual as agreed to in writing by Landlord and Tenant. Base Rent due from the Tenant for each Extended Term shall be increased as provided hereinbelow agreed by Landlord and Tenant, but if not agreed to in writing by Landlord and Tenant shall have no further rights or options whatsoever to extend the term beyond the expiration of such Extension Term. The initial and any Extension Term are hereinafter sometimes collectively referred to as the “term” or “Term.” If Tenant exercises the right to extend the Term as herein provided, then no later than thirty within ninety (3090) days following receipt of the date of Tenant’s noticenotice of election to extend, Landlord then Base Rent shall notify Tenant in writing of Landlord’s determination be at 90% of the then-current fair market rent base rental rate for similar office space on the Portland peninsula (which rate shall in no event be less than the Base Rent for the last year not include consideration of the current Term of the Lease) for any Tenant-installed improvements or modifications to the Leased Premises for the Extension Term (“Landlord’s Rental Notice”Premises). If Tenant does not object to Xxxxxxxx’s determination of , as such fair market rent rate established by written notice to Landlord within ten market appraisals by three (103) days after the date of Landlord’s Rental NoticePortland-based MAI appraisers. Each party shall, then Tenant shall be deemed to have accepted the market rent set forth in Landlord’s Rental Notice. If Tenant does timely object to Landlord’s Rental Notice, the parties shall use commercially reasonable efforts to agree upon the fair market rent for the Extension Term, however, if the parties cannot agree upon the fair market rent within thirty (30) days after Landlord receives Tenant’s notice of objectionits election to exercise, select an appraiser, who shall have at least five (5) years of experience in appraising commercial properties in the Greater Portland area. If either Landlord or Tenant fails to timely appoint an appraiser the appraiser so appointed shall select a second (2nd) appraiser. The two (2) appraisers shall together select a third appraiser similarly qualified. The three (3) appraisers together shall attempt to agree on the then fair market base rental rate for the Lease Leased Premises discounted in accordance with this Lease; in the absence of a unanimous decision, the fair market base rental rate shall not be extended determined by majority vote. Landlord and Tenant’s rights under this Section 37 Tenant shall terminate each pay the cost and be expenses of no further force or effecttheir designated appraiser, and share equally the cost and expenses of the third (3rd) appraiser.