Common use of OPTION TO EXTEND TERM OF LEASE Clause in Contracts

OPTION TO EXTEND TERM OF LEASE. Tenant shall have the right to renew this Lease for one (1) fifteen (15)-year renewal term and then two (2) ten (10)-year renewal terms (each an "EXTENDED TERM"), upon (i) giving Notice to Landlord of such renewal (x) with respect to the first (1st) Extended Term, prior to August 1, 2003, but not before June 1, 2003, and (y) with respect to the second (2nd) and third (3rd) Extended Terms, not less than one hundred eighty (180) and not more than three hundred sixty (360) days prior to the expiration of the then current Term and (ii) delivering to Landlord concurrent with such Notice a reaffirmation of the Guaranty executed by Guarantor stating, in substance, that Guarantor's obligations under the Guaranty shall extend to this Lease, as extended by the Extended Term. Notwithstanding the foregoing, if Tenant does not exercise its option to extend the Term for the first (1st) Extended Term as provided above, then Landlord shall have the right and option to extend the Term for the first (1st) Extended Term by giving Notice of such renewal to Tenant on or before November 1, 2003, and Tenant shall promptly thereafter deliver to Landlord a reaffirmation of the Guaranty executed by Guarantor stating, in substance, that Guarantor's obligations under the Guaranty shall extend to this Lease, as extended by such Extended Term. During each Extended Term, all of the terms and conditions of this Lease shall continue in full force and effect except that the annual Base Rent for and during such Extended Term shall be as set forth in Section 4.3(b). Each such option may only be exercised by Tenant if, at the time such option is exercised, (a) this Lease has not expired or been sooner terminated and (b) an Event of Default is not continuing. Tenant's exercise of any option to extend the term of this Lease for an Extended Term pursuant to this Section 3.2 shall constitute Tenant's irrevocable and binding commitment to lease the Property on the terms stated in this Lease for the whole of such Extended Term. If Tenant is unable to exercise any option due to the provisions of this Lease, the time during which such option may be exercised shall not be extended or enlarged. Time is strictly of the essence with respect to the requirement that Tenant give timely Notice of its exercise of any options hereunder, and Tenant's failure timely to exercise any option strictly in accordance with its terms shall constitute a material, irredeemable and incurable failure to satisfy a condition precedent to the vesting of any rights in Tenant pursuant to the option, and Tenant hereby expressly waives any right to claim relief from forfeiture or any other form of equitable relief from the consequences of any untimely exercise of any such option strictly in accordance with its terms. The implied covenant of good faith and fair dealing, if any, under this Lease shall not be construed to impose upon Landlord any obligation to notify Tenant in advance of the impending deadline for the exercise of any option hereunder, nor shall it obligate Landlord to excuse the tardy exercise of any option, however slight. The failure of Tenant to exercise any of the options for the Extended Terms within the respective times specified in this Section shall thereby terminate any remaining such options, unless Landlord exercises its option to extend the Term for the first (1st) Extended Term as provided above, in which case Tenant shall nevertheless retain the option to renew the Term for the second (2nd) and third (3rd) Extended Terms in accordance with the foregoing provisions.

OPTION TO EXTEND TERM OF LEASE. So long as there is no existing, material, uncured default on the part of the Tenant hereunder, Tenant shall have the right option to renew the Term of this Lease for one (1) fifteen (15)-year renewal term and then two (2) ten additional terms of three (10)-year renewal terms 3) years each (each an "EXTENDED TERMOption Period" or "Option Periods"), . Such renewal(s) shall be upon (ithe same terms and conditions contained in the Lease for the original Term except for this provision giving the renewal option and subject to an adjustment of the rent as provided in Article III hereof. Such option(s) shall be exercised by the Tenant's giving Notice written notice to Landlord of such renewal its intention to renew the Term of this Lease no later than nine (x9) with respect to the first (1st) Extended Term, prior to August 1, 2003, but not before June 1, 2003, and (y) with respect to the second (2nd) and third (3rd) Extended Terms, not less than one hundred eighty (180) and not more than three hundred sixty (360) days months prior to the expiration of the original Term or the Option Period then current Term and (ii) delivering in effect, whichever is applicable. Tenant's failure to Landlord concurrent with such Notice a reaffirmation of the Guaranty executed by Guarantor stating, in substance, that Guarantor's obligations under the Guaranty shall extend to this Lease, as extended by the Extended Term. Notwithstanding the foregoing, if Tenant does not exercise its any option to extend the Term for the first (1st) Extended Term as provided above, then Landlord renew shall have the extinguish its right and option for any subsequent renewal option. To the extent that the Tenant has elected to extend exercise any right of first refusal under Section 16.12, below, the Term for the first (1st) Extended Term by giving Notice of such renewal to Tenant on or before November 1, 2003, and Tenant shall promptly thereafter deliver have no right to Landlord a reaffirmation of renew the Guaranty executed by Guarantor stating, in substance, that Guarantor's obligations under the Guaranty shall extend to this Lease, as extended by such Extended Term. During each Extended Term, all of the terms and conditions term of this Lease shall continue in full force and effect except that as to the annual Base Rent for and during such Extended original Leased Premises without also renewing the Term shall be as set forth in Section 4.3(b). Each such option may only be exercised by Tenant if, at the time such option is exercised, (a) of this Lease has not expired or been sooner terminated and (bas to any Refusal Space leased by the Tenant pursuant to Section 16.12, below. In the event Tenant elects to exercise its option(s) an Event of Default is not continuing. Tenant's exercise of any option to extend the term of this Lease for an Extended Term pursuant to this Section 3.2 shall constitute Tenant's irrevocable and binding commitment to lease the Property on the terms stated in this Lease for the whole of such Extended Term. If Tenant is unable to exercise any option due to the provisions of this Lease, the time during which such option may be exercised shall not be extended or enlarged. Time is strictly of the essence with respect to the requirement that Tenant give timely Notice of its exercise of any options hereunder, and Tenant's failure timely to exercise any option strictly in accordance with its terms shall constitute a material, irredeemable and incurable failure to satisfy a condition precedent to the vesting of any rights in Tenant pursuant to the option, and Tenant hereby expressly waives any right to claim relief from forfeiture or any other form of equitable relief from the consequences of any untimely exercise of any such option strictly in accordance with its terms. The implied covenant of good faith and fair dealing, if any, under this Lease shall not be construed to impose upon Landlord any obligation to notify Tenant in advance of the impending deadline for the exercise of any option hereunder, nor shall it obligate Landlord to excuse the tardy exercise of any option, however slight. The failure of Tenant to exercise any of the options for the Extended Terms within the respective times specified in this Section shall thereby terminate any remaining such options, unless Landlord exercises its option to extend the Term Minimum Annual Rent for the first such Option Period shall be an amount equal to Eight Hundred Ninety Four Thousand Three Hundred Forty Eight Dollars (1st$894,348.00), payable in Monthly Rental Installments of Seventy Four Thousand Five Hundred Twenty Nine Dollars ($74,529.00) Extended Term as provided above, in which case Tenant shall nevertheless retain and the option to renew the Term Minimum Annual Rent for the second such Option Period shall be an amount equal to Nine Hundred Seventy Four Thousand Eight Hundred Forty Four Dollars (2nd) $974,844.00), payable in Monthly Rental Installments of Eighty One Thousand Two Hundred Thirty Seven Dollars ($81,237.00). Additional Rent shall continue to be due and third (3rd) Extended Terms payable during any such Option Period in accordance with the foregoing provisionsmanner provided under Section 3.02 and 3.03, above.

OPTION TO EXTEND TERM OF LEASE. Provided that the original Tenant executing this Lease (and not any assignee, sublessee or other transferee of such original Tenant or of such original Tenant's interest in the Lease) has occupied not less than fifty percent (50%) of the floor area of the Building at all times during the term of this Lease, and, provided further that original Tenant is not in default of the terms and obligations in this Lease and that this Lease has not been terminated, Tenant shall have the right to renew this Lease for one (1) fifteen (15)-year renewal term and then two (2) ten (10)-year renewal terms (each an "EXTENDED TERM"), upon (i) giving Notice to Landlord of such renewal (x) with respect to the first (1st) Extended Term, prior to August 1, 2003, but not before June 1, 2003, and (y) with respect to the second (2nd) and third (3rd) Extended Terms, not less than one hundred eighty (180) and not more than three hundred sixty (360) days prior to the expiration of the then current Term and (ii) delivering to Landlord concurrent with such Notice a reaffirmation of the Guaranty executed by Guarantor stating, in substance, that Guarantor's obligations under the Guaranty shall extend to this Lease, as extended by the Extended Term. Notwithstanding the foregoing, if Tenant does not exercise its option to extend the Term for the first (1st) Extended Term as provided above, then Landlord shall have the right and option to extend the Term for the first (1st) Extended Term by giving Notice of such renewal to Tenant on or before November 1, 2003, and Tenant shall promptly thereafter deliver to Landlord a reaffirmation of the Guaranty executed by Guarantor stating, in substance, that Guarantor's obligations under the Guaranty shall extend to this Lease, as extended by such Extended Term. During each Extended Term, all of the terms and conditions of this Lease shall continue in full force and effect except that the annual Base Rent for and during such Extended Term shall be as set forth in Section 4.3(b). Each such option may only be exercised by Tenant if, at the time such option is exercised, (a) this Lease has not expired or been sooner terminated and (b) an Event of Default is not continuing. Tenant's exercise of any option consecutive options to extend the term of this Lease for an Extended Term pursuant to this Section 3.2 shall constitute additional periods of sixty (60) months each by giving Landlord written notice of Tenant's irrevocable and binding commitment to lease the Property on the terms stated in this Lease for the whole exercise of such Extended Term. If Tenant is unable to exercise any option due options (the "Extension Option Notice(s)") at a time no earlier than twelve (12) months prior to the provisions of this Lease, the time during which such option may be exercised shall not be extended or enlarged. Time is strictly initial Expiration Date of the essence with respect Lease and no later than nine (9) months prior to the requirement that Tenant give timely Notice initial Expiration Date hereof or no earlier than twelve (12) months prior to the expiration date of its exercise the First Option Period (as defined below) and no later than nine (9) months prior to the expiration date of any options hereunder, and Tenant's failure timely to exercise any option strictly in accordance with its terms the First Option Period. It shall constitute a material, irredeemable and incurable failure to satisfy a be an absolute condition precedent to the vesting exercise of any rights in Tenant pursuant to the second option that the first option be timely and properly exercised. Upon exercise of the first option, and Tenant hereby expressly waives any right to claim relief from forfeiture or any other form the term of equitable relief from the consequences of any untimely exercise of any such option strictly in accordance with its terms. The implied covenant of good faith and fair dealing, if any, under this Lease shall not be construed to impose extended for an additional period of sixty (60) months from the initial Expiration Date (the "First Option Period"), and upon Landlord any obligation to notify Tenant in advance of the impending deadline for the exercise of any the second option hereunderthe term of this Lease shall be extended for an additional period of sixty (60) months from the expiration of the First Option Period (the "Second Option Period") upon the same terms and conditions as set forth in this Lease, nor except for the Minimum Monthly Rent, which shall it obligate Landlord to excuse be determined, upon the tardy exercise of any each option, however slight. The failure pursuant to terns of Tenant to exercise any of the options for the Extended Terms within the respective times specified in this Section shall thereby terminate any remaining such options, unless Landlord exercises its option to extend the Term for the first (1st) Extended Term as provided above, in which case Tenant shall nevertheless retain the option to renew the Term for the second (2nd) and third (3rd) Extended Terms in accordance with the foregoing provisions.2.7

OPTION TO EXTEND TERM OF LEASE. (a) Landlord hereby grants to Tenant shall have an option to extend the right to renew term of this Lease for one (1) fifteen (15)-year renewal term and then two (2) ten (10)-year six additional consecutive five-year renewal terms (each each, an "EXTENDED TERM, " and collectively, the "EXTENDED TERMS"), . Each of the Extended Terms shall be upon the same terms and conditions as those set forth for the Fixed Term except that (i) giving Notice to Landlord of such renewal (x) with respect to the first (1st) Extended Term, prior to August 1, 2003, but not before June 1, 2003, and (y) with respect to the second (2nd) and third (3rd) Extended Terms, not less than one hundred eighty (180) and not more than three hundred sixty (360) days prior to the expiration of Base Rent shall be the then current Term Fair Market Rental which, unless otherwise mutually agreed to by Landlord and (ii) delivering Tenant, shall be determined by appraisal pursuant to Landlord concurrent with such Notice a reaffirmation the provisions of the Guaranty executed by Guarantor stating, in substance, that Guarantor's obligations under the Guaranty shall extend to this Lease, as extended by the Extended Term. Notwithstanding the foregoing, if Tenant does not exercise its option to extend the Term for the first (1st) Extended Term as Article XXV; provided above, then Landlord shall have the right and option to extend the Term for the first (1st) Extended Term by giving Notice of such renewal to Tenant on or before November 1, 2003, and Tenant shall promptly thereafter deliver to Landlord a reaffirmation of the Guaranty executed by Guarantor stating, in substance, that Guarantor's obligations under the Guaranty shall extend to this Lease, as extended by such Extended Term. During each Extended Term, all of the terms and conditions of this Lease shall continue in full force and effect except that the annual Base Rent for and during such each Extended Term shall not be less than 102.50% of the sum of Base Rent plus Additional Rent payable during the last year of the Initial Term or preceding Extended Term, as set forth the case may be, and (ii) the Base Year utilized for calculation of Additional Rent shall change as provided in Section 4.3(b). Article I. Each such option may only be exercised by Tenant if, at the time such option is exercised, (a) this Lease has not expired or been sooner terminated and (biii) an Event of Default shall not exist and be continuing, and (iv) the Tenant under each Additional Lease in effect at such time which contains an option permitting such Tenant to extend the term thereof, is concurrently electing to extend the term of such Additional Lease. Each such option to extend the term hereof shall be exercised by Tenant by delivery of Notice to that effect to Landlord not continuingless than 180 days but not more than 360 days prior to the date upon which this Lease otherwise would terminate. Tenant's exercise of any option to extend the term of this Lease for an Extended Term extended term pursuant to this Section 3.2 shall constitute Tenant's irrevocable and binding commitment to lease the Property on the terms stated in this Lease for the whole of such Extended Term. If Tenant is unable to exercise any option due to the provisions of this Lease, the time during which such option may be exercised shall not be extended or enlarged. The failure of Tenant to exercise any of the options for the Extended Terms within the respective times specified in this Section shall thereby terminate any remaining such options. (b) Time is strictly of the essence with respect to the requirement that Tenant give timely Notice of its exercise of any options hereunder, including, but not limited to, the options for the Extended Terms, and Tenant's failure timely to exercise any option strictly in accordance with its terms shall constitute a material, irredeemable and incurable failure to satisfy a condition precedent to the vesting of any rights in Tenant pursuant to the such option, and Tenant hereby expressly waives any right to claim relief from forfeiture forfeiture, or any other form of equitable relief relief, from the consequences of any an untimely exercise of any such option strictly in accordance with its terms. The implied covenant of good faith and fair dealing, if any, dealing under this Lease shall not be construed to impose upon Landlord any obligation to notify Tenant in advance of the impending deadline for the exercise of any option hereunder, nor shall it obligate Landlord to excuse the tardy exercise of any option, option however slight. The failure of Tenant to exercise any of the options for the Extended Terms within the respective times specified in this Section shall thereby terminate any remaining such options, unless Landlord exercises its option to extend the Term for the first (1st) Extended Term as provided above, in which case Tenant shall nevertheless retain the option to renew the Term for the second (2nd) and third (3rd) Extended Terms in accordance with the foregoing provisions.