Common use of Option to Extend Term Clause in Contracts

Option to Extend Term. Tenant shall have the option to extend the term of this Lease, at the minimum rental set forth in Section 3.1(c) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, for one (1) additional term of three (3) years, commencing upon the expiration of the initial direct term hereof; provided, however, that such option shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such option. Exercise of such option shall be by written notice to Landlord not less than nine (9) months and not more than twelve (12) months prior to the expiration of the initial direct term hereof. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date the extended term is to commence, then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct term of this Lease (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its extension option under this Section, then all references in this Lease (other than in this Section 2.6 itself) to the “term” of this Lease shall be construed to include the extension term thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.

Appears in 2 contracts

Samples: Lease (Five Prime Therapeutics Inc), Lease (Five Prime Therapeutics Inc)

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Option to Extend Term. (A) Provided that: (i) Landlord has not given Tenant notice of default more than two (2) times, (ii) there then exists no event of default by Tenant under this lease nor any event that with the giving of notice and/or the passage of time would constitute a default, and (iii) that Tenant occupies not less than all of the Premises (except for any approved and permitted sublet to TELA Bio pursuant to Section 18 of this Lease), Tenant shall have the right and option (“Extension Option”) to extend the term of this Lease, at the minimum rental set forth in Section 3.1(c) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, Term for one (1) additional term period of three (3) yearsyears (the “Renewal Term”), commencing upon exercisable in the expiration of following manner. If Tenant intends to exercise the initial direct term hereof; providedExtension Option under this Section, however, that such option Tenant shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such option. Exercise of such option shall be by give Landlord written notice to Landlord not less than nine (9) months and not more than twelve (12) months prior to the expiration in advance of the initial direct term hereofscheduled Expiration Date of Tenant’s intention to extend the Term (“Tenant’s Extension Notice”), it being agreed that time is of the essence and that the Extension Option is personal to Tenant and is non-transferable to any other party, other than an Affiliate in accordance with a transfer pursuant to Section 18(b) of the Lease. Promptly after receipt of Tenant’s Extension Notice, Landlord shall advise Tenant in writing of Landlord’s reasonable determination of the then market rental rate for the Premises based upon the then market rate for comparable lab space in Malvern sub-market. If Tenant is accepts such determination in default hereunderwriting within fifteen days of delivery of Landlord’s market rent notice, beyond any applicable notice and cure periodsand, on if requested by Landlord, enters into a lease amendment extending the date of such notice or on the date the extended term is to commence, then the exercise of the option Lease within such fifteen days as provided in this Section, the Extension Option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct term of this Lease (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease)effective. If Tenant properly exercises its extension option does not accept Landlord’s determination of market rent within fifteen days, or does not enter into a lease amendment within such fifteen days if requested by Landlord, the Extension Option shall terminate, and the Expiration Date shall remain one hundred (100) months from the Commencement Date. The Extension Option shall be under this Section, then all references the same terms and conditions as provided in this Lease (other than in this Section 2.6 itself) to the “term” of this Lease shall be construed to include the extension term thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.follows:

Appears in 2 contracts

Samples: Lease Agreement (PhaseBio Pharmaceuticals Inc), Lease Agreement (PhaseBio Pharmaceuticals Inc)

Option to Extend Term. Tenant shall have the option to extend the term of this Lease, at the minimum rental set forth in Section 3.1(c3.1(b) and (c) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, for one up to two (12) additional term periods of three five (35) yearsyears each, the first commencing upon the expiration of the initial direct term hereof; providedhereof and the second commencing upon the expiration of the first extended term, however, that such option shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such optionif any. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord not less than at least nine (9) months and not more than twelve (12) months prior to the expiration of the initial direct term hereof; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the first extended term hereof. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date the any extended term is to commence, then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct then current term of this Lease hereof (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its one or more extension option options under this Section, then all references in this Lease (other than in this Section 2.6 itself2.6) to the "term" of this Lease shall be construed to include the extension term term(s) thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.

Appears in 2 contracts

Samples: Pharmacopeia Inc, Pharmacopeia Inc

Option to Extend Term. Tenant shall have the option to extend the term of this Lease, at the minimum rental set forth in Section 3.1(c3.1(b) and (c) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, for one up to two (12) additional term periods of three five (35) yearsyears each, the first commencing upon the expiration of the initial direct term hereof; providedhereof and the second commencing upon the expiration of the first extended term, however, that such option shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such optionif any. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord not less than at least nine (9) months and not more than twelve (12) months prior to the expiration of the initial direct term hereof; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months prior to the expiration of the first extended term hereof. If Tenant is in default hereunder, beyond any applicable notice and cure periods, hereunder on the date of such notice notice, or on the date the any extended term is to commence, then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct then current term of this Lease hereof (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its one or more extension option options under this Section, then all references in this Lease (other than in this Section 2.6 itself2.6) to the “term” of this Lease shall be construed to include the extension term term(s) thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Tenant Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this that Lease beyond its prescribed term.

Appears in 2 contracts

Samples: Sublease (Five Prime Therapeutics Inc), Sublease (Five Prime Therapeutics Inc)

Option to Extend Term. Tenant shall have 3 options (hereinafter referred to as the option “Extension Option”), provided that this Lease shall be in full force and effect, without default on the part of Tenant hereunder beyond applicable notice and grace periods herein, on the date Tenant exercises the Extension Option, to extend the Term for an extension term (hereinafter referred to as the “Extension Term”) of this Lease, at the minimum rental set forth in Section 3.1(c) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, for one five (1) additional term of three (35) years, commencing upon to commence on the expiration of day (hereinafter referred to as the initial direct term hereof; provided, however, that such option shall be exercisable solely with respect “Extension Term Commencement Date”) next succeeding the Expiration Date and to the entire Premises covered by this Lease expire on the date of exercise of such option. Exercise of such option (herein referred to as the “Extension Term Expiration Date”) which shall be the day preceding the fifth (5th) anniversary of the Extension Term Commencement Date. Tenant shall exercise the Extension Option by sending a written notice thereof (which notice is hereinafter referred to as the “Extension Notice”) to the Landlord not less than nine by certified mail, return receipt requested, on or before the day which shall be six (9) months and not more than twelve (126) months prior to the expiration of the initial direct term hereofExpiration Date. If Tenant is shall send the Extension Notice within the time and in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date the extended term is to commence, then the exercise of the option shall be of no force or effectmanner hereinbefore provided, the extended term shall not commence and this Lease shall expire at the end of the initial direct term of this Lease (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its extension option under this Section, then all references in this Lease (other than in this Section 2.6 itself) to the “term” Term of this Lease shall be construed deemed extended for the Extension Term upon the terms, covenants and (a) any terms, covenants, or conditions hereof that are expressly or by their nature inapplicable to include the extension term thus elected Extension Term shall not apply during such Extension Term; (b) the Base Annual Rent payable by Tenant. The extension option granted herein may Tenant during the Extension Term (hereinafter referred to as the “Extension Rent”) shall be assigned to and exercised by any permitted assignee at the rate of Tenant’s entire interest rent in this Lease, provided that such assignee is in possession place during the last year of the Premises at Term, plus an annual 3.0% increase which shall apply to each year of the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed termExtension Term.

Appears in 2 contracts

Samples: Office Lease Agreement (Franklin Financial Network Inc.), Office Lease Agreement (Franklin Financial Network Inc.)

Option to Extend Term. Tenant shall have the option to extend the term of this Lease, at the minimum rental set forth in Section 3.1(c3.1 (c) and (d) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, for one up to two (12) additional term periods of three five (35) yearsyears each, the first commencing upon the expiration of the initial direct term hereof; providedhereof and the second commencing upon the expiration of the first extended term, however, that such option shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such optionif any. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord not less than at least nine (9) months and not more than twelve (12) months prior to the expiration of the initial direct term hereof: exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the first extended term hereof. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date the any extended term is to commence, then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct then current term of this Lease hereof (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its one or more extension option options under this Section, then all references in this Lease (other than in this Section 2.6 itself2.6) to the "term" of this Lease shall be construed to include the extension term term(s) thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, . Tenant shall have no right to extend the term of this Lease beyond its prescribed term.

Appears in 2 contracts

Samples: Collaboration and Facilities Agreement (Cytokinetics Inc), Collaboration and Facilities Agreement (Cytokinetics Inc)

Option to Extend Term. (A) Provided that: (i) Landlord has not given Tenant notice of default more than two (2) times, (ii) there then exists no event of default by Tenant under this lease nor any event that with the giving of notice and/or the passage of time would constitute a default, and (iii) that Tenant occupies not less than all of the Premises, Tenant shall have the right and option (“Extension Option”) to extend the term of this Lease, at the minimum rental set forth in Section 3.1(c) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, Term for one (1) additional term period of three (3) yearsyears (the “Renewal Term”), commencing upon exercisable in the expiration of following manner. If Tenant intends to exercise the initial direct term hereof; providedExtension Option under this Section, however, that such option Tenant shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such option. Exercise of such option shall be by give Landlord written notice to Landlord not less than nine (9) months and not more than twelve (12) months prior to the expiration in advance of the initial direct term hereofscheduled Expiration Date of Tenant’s intention to extend the Term (“Tenant’s Extension Notice”), it being agreed that time is of the essence and that the Extension Option is personal to Tenant and is non-transferable to any Affiliate or other party. Promptly after receipt of Tenant’s Extension Notice, Landlord shall advise Tenant in writing of Landlord’s reasonable determination of the then market rental rate for the Premises based upon the then market rate for comparable office space in Class “A” buildings, located within the Malvern office market. If Tenant is accepts such determination in default hereunderwriting within fifteen days of delivery of Landlord’s market rent notice, beyond any applicable notice and cure periodsand, on if requested by Landlord, enters into a lease amendment extending the date of such notice or on the date the extended term is to commence, then the exercise of the option Lease within such fifteen days as provided in this Section, the Extension Option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct term of this Lease (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease)effective. If Tenant properly exercises its extension option does not accept Landlord’s determination of market rent within fifteen days, or does not enter into a lease amendment within such fifteen days if requested by Landlord, the Extension Option shall terminate, and the Expiration Date shall remain sixty-four (64) months from the Commencement Date. The Extension Option shall be under this Section, then all references the same terms and conditions as provided in this Lease (other than in this Section 2.6 itself) to the “term” of this Lease shall be construed to include the extension term thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.follows:

Appears in 2 contracts

Samples: Lease Agreement (PhaseBio Pharmaceuticals Inc), Lease Agreement (PhaseBio Pharmaceuticals Inc)

Option to Extend Term. Tenant shall have the option to extend the term of this Lease, at the minimum rental set forth in Section 3.1(c) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, for one (1) additional term of three five (35) years, commencing upon the expiration of the initial direct term hereof; provided, however, that such option shall be exercisable solely with respect to one of the following two configurations of space: either (a) with respect to the entire Premises covered by this Lease on the date of exercise of such option, or (b) with respect to the entire Premises located in the 2071 Building but not with respect to any portion of the Premises located in the 2025 Building (if applicable). Exercise of such option shall be by written notice to Landlord not less than nine (9) months and not more than twelve (12) months prior to the expiration of the initial direct term hereof. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date the extended term is to commence, then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct term of this Lease (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its extension option under this Section, then all references in this Lease (other than in this Section 2.6 itself) to the “term” of this Lease shall be construed to include the extension term thus elected by Tenant. The extension option granted herein is personal to Tenant, and may not be assigned to and exercised (except with Landlord’s prior written consent, in Landlord’s sole discretion) by any permitted assignee of Tenant’s entire interest in under this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to Lease or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.

Appears in 2 contracts

Samples: Lease Agreement, Lease (Complete Genomics Inc)

Option to Extend Term. Landlord hereby grants to Tenant shall have the option (the “Option”) to extend the term initial Term (the “Initial Term”) for two (2) periods of this Leasefive (5) years each (the “Option Term”), at upon and, subject to the minimum rental terms and conditions set forth in this Section 3.1(c) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, for one (1) additional term of three (3) years, commencing upon the expiration of the initial direct term hereof; provided, however, that such option 53. The Option shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such option. Exercise of such option shall be exercised, if at all, by written notice to Landlord not less than nine on or before the date that is six (9) months and not more than twelve (126) months prior to the expiration Expiration Date of the initial direct term hereofInitial Term or termination of the first option period, as the case may be. If In the event Tenant exercises the Option, each of the terms, covenants and conditions of this Lease shall apply during the applicable Option Term as though the Expiration Date of the Option Term was the date originally set forth herein as the Expiration Date of the Initial Term, except that the Rent to be paid during the Option Term shall be increased as set forth in Section 1.5. Anything contained herein to the contrary notwithstanding, if Tenant is in material default hereunder, beyond under any applicable notice and cure periods, on the date of such notice or on the date the extended term is to commence, then the exercise of the option shall be of no force terms, covenants or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct term conditions of this Lease (either at the time Tenant exercises the Option or at such earlier any time as Landlord may elect pursuant thereafter prior to the default provisions Commencement Date of the Option Term, Landlord shall have, in addition to all of Landlord’s other rights and remedies provided in this Lease). If Tenant properly exercises its extension option under this Section, then all references the right to terminate the Option upon notice to Tenant, in this Lease (other than in this Section 2.6 itself) to which event the “term” Expiration Date of this Lease shall be construed to include and remain the extension term thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession Expiration Date of the Premises at the timeInitial Term. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.<Initials> 17 <Initials>

Appears in 1 contract

Samples: Commercial Lease (Nara Bancorp Inc)

Option to Extend Term. Tenant shall have the option to extend the --------------------- term of this Lease, at the minimum rental set forth in Section 3.1(c3.1(d) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, for one (1) additional term period of three (3) five years, commencing upon the expiration of the initial direct term hereof; provided, however, that such option shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such option. Exercise of such option with respect to such extended term shall be by written notice to Landlord not less than nine at least six (96) months and not more than twelve eight (12) 8) months prior to the expiration of the initial direct term hereof. If Tenant is in default hereunder, beyond of any applicable notice and cure periods, material obligation hereunder on the date of such notice or on the date the any extended term is to commence, which default is continuing beyond notice and the expiration of any applicable cure period, then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct term of this Lease hereof (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its extension option under this Section, then all references in this Lease (other than in this Section 2.6 itself2.7) to the "term" of this Lease shall be construed to include the extension term thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.62.7, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.

Appears in 1 contract

Samples: Documentum Inc

Option to Extend Term. Tenant Subject to the provisions, limitations and conditions set forth in this Section 3(a), Subtenant shall have one (1) option (“Option”) to extend the Term through October 31, 2027 (the “Renewal Term”). Subtenant shall have the option right to extend deliver written notice to Sublandlord of its intent to exercise the term Option (the “Option Notice”). If Sublandlord does not receive an Option Notice from Subtenant on a date which is at least three hundred sixty-five (365) days prior to the initial Termination Date, all rights under this Option shall automatically terminate and shall be of no further force or effect. Upon the proper exercise of the Option, subject to the provisions, limitations and conditions set forth in this LeaseSection 3(a), the initial Termination Date shall be extended for the Renewal Term. The initial monthly Base Rent for the Renewal Term shall be at the minimum rental monthly Base Rent rate paid by Subtenant hereunder on the Termination Date and shall be subject to the annual adjustments set forth in Section 3.1(c4 below. Upon the exercise of the Option, Sublandlord and Subtenant shall immediately execute an amendment to this Sublease, and such amendment shall set forth among other things, the actual commencement date and expiration date of the Renewal Term. The Base Rent for the Renewal Term shall be those specified in Section 1(i) table. Subtenant shall have no other right to extend the Term under this Section 3(a), unless Sublandlord and Subtenant otherwise upon all agree in writing. If Subtenant timely and properly exercises the Option, in strict accordance with the terms and provisions set forth herein with respect contained herein, Subtenant shall accept the Subleased Premises in its then “as-is” condition and, accordingly, Sublandlord shall not be required to perform any additional improvements to the initial direct term Subleased Premises. The Option provided for herein is personal to Subtenant and may not be assigned, voluntarily or involuntarily, separate from or as part of the Sublease. At Sublandlord’s option, all rights of Subtenant under this Lease, for one Section 3(a) shall terminate and be of no force or effect if any of the following individual events occur or any combination thereof occur: (1A) additional term of three Subtenant is in default under the Sublease (3) years, commencing upon beyond the expiration of the initial direct term hereof; provided, however, that such option shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such option. Exercise of such option shall be by written notice to Landlord not less than nine (9) months and not more than twelve (12) months prior to the expiration of the initial direct term hereof. If Tenant is in default hereunder, beyond any applicable notice and cure periods) at the time Subtenant exercises the Option, or is in default (beyond the expiration of applicable notice and cure periods) of any provision of the Sublease on the date Sublandlord receives an Option Notice; (B) Subtenant has assigned its rights and obligations under all or part of such notice the Sublease or Subtenant has subleased all or part of the Subleased Premises; (C) Subtenant’s financial condition is materially worse at the time an Option Notice is delivered to Sublandlord than on the date Effective Date; (D) Subtenant has failed to properly exercise the extended term is to commence, then Option in a timely manner in strict accordance with the exercise provisions of this Section 3(a); or (E) Subtenant no longer has possession of all or any part of the option shall be of no force Subleased Premises under this Sublease, or effectif this Sublease has been terminated earlier, the extended term shall not commence and this Lease shall expire at the end of the initial direct term of this Lease (or at such earlier time as Landlord may elect pursuant to the default terms and provisions of this Lease). If Tenant properly exercises its extension option under this Section, then all references in this Lease (other than in this Section 2.6 itself) to the “term” of this Lease shall be construed to include the extension term thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed termSublease.

Appears in 1 contract

Samples: Sublease Agreement (PDS Biotechnology Corp)

Option to Extend Term. (a) Tenant acknowledges that Xxxxxx does not enjoy any further renewal rights under Section 3.02 of the Lease. However, provided that (i) Tenant is not in material default of this Lease, nor any event that with the giving of notice and/or the passage of time would constitute a material default, or that Landlord has not provided to Tenant a notice of default more than two (2) times, and (ii) Tenant is the sole occupant of all of the Premises, Tenant shall have the right and option to extend the term of this Lease, at the minimum rental set forth in Section 3.1(c) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, Lease Term Lease for one (1) additional term of three sixty (360) yearsmonth period (the "Renewal Term"), commencing upon the expiration as of the initial direct term hereof; provideddate immediately following the Expiration Date on the same terms and conditions as are in effect on the last day of the Extended Term, howeverexcept that Tenant shall have no further right to renew the Term, that such option Landlord shall be exercisable solely with respect not have any obligation to perform any work improvements to the entire Premises covered Premises, and the Base Rent shall the FMV (as defined below), as determined by this Landlord and Tenant using the standard and process set forth below (the "Renewal Option"). This Renewal Option is exercisable by Tenant giving Landlord prior written notice of Xxxxxx's election to extend the Lease Term ("Renewal Notice"), on or prior to the date of exercise of such option. Exercise of such option shall be by written notice to Landlord not less than nine which is ten (9) months and not more than twelve (1210) months prior to the expiration Expiration Date; it being agreed that time is of the initial direct term hereofessence with respect to the Renewal Notice. If and when the Renewal Term is in effect, all references to the Lease Term, shall be deemed to mean the Renewal Term. This Renewal Option is personal to Tenant and is non-transferable to any assignee, subtenant (regardless of whether any such assignment or sublease was made with or without Landlord's consent) or other party. If Tenant is in default hereunderdoes not timely provide a Renewal Notice to Landlord, beyond any applicable notice and cure periods, on the date of such notice or on the date the extended term is to commence, then the exercise of the option Xxxxxx's Renewal Option shall be deemed not to have been exercised, and thereafter shall be void and of no further force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct term of this Lease (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its extension option under this Section, then all references in this Lease (other than in this Section 2.6 itself) to the “term” of this Lease shall be construed to include the extension term thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.

Appears in 1 contract

Samples: Lease Agreement (Fulgent Genetics, Inc.)

Option to Extend Term. Landlord shall notify Tenant in writing at --------------------- least twelve (12) months prior to the Expiration Date of the initial Term of the Lease and/or twelve (12) months prior to the expiration of the first Extended Term (defined below), as applicable, as to whether Landlord will exercise its right to repossess one or both of the buildings comprising the Premises (with any such repossessed Premises being referred to herein as the "Repossessed Premises") from and after the Expiration Date or the expiration of the first Extended Term, as applicable (the "Recapture Right"). If Landlord, in Landlord's sole and absolute discretion, exercises this Recapture Right, then (i) the Lease shall terminate on the Expiration Date or the expiration of the first Extended Term, as applicable, as to the Repossessed Premises, (ii) Tenant shall have no right to extend this Lease for the Extended Term(s) (defined below) as to such Repossessed Premises, (iii) from and after the Expiration Date or the expiration of the first Extended Term, as applicable, Tenant shall have no further rights or interests in the Repossessed Premises of any nature whatsoever, and (iv) provided Landlord, a Landlord Affiliate and/or a Technology Party initially occupies more than fifty percent (50%) of the Repossessed Premises for their own use, Landlord shall be free to use the balance of the Repossessed Premises for any purposes whatsoever, including, without limitation, assigning or subleasing the balance of the Repossessed Premises to any person or entity for any purpose whatsoever. If Landlord does not timely exercise its Recapture Right as to all or any portion of the Premises upon the Expiration Date or the expiration of the first Extended Term, as applicable, then Tenant shall have the option to extend the term of this Lease, at Lease solely as to that portion of the minimum rental set forth in Section 3.1(cPremises (but not less than an entire building) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term which is not Repossessed Premises for two (2) extended term(s) of this Lease, for one (1) additional term of three (3) years, year each commencing upon the Expiration Date of the initial Term of the Lease and the expiration of the initial direct term hereof; providedfirst one-year Extended Term (each, however, that such an "Extended Term"). Tenant may exercise the foregoing option shall be exercisable solely with respect to extend if and only if (i) Tenant notifies Landlord in writing of its irrevocable election to extend the Term of the Lease for the Extended Term no later than eleven (11) months prior to the entire Premises covered by this Expiration Date of the initial Term of the Lease on the date of exercise of such option. Exercise of such option shall be by written notice to Landlord not less than nine or eleven (9) months and not more than twelve (1211) months prior to the expiration date of the initial direct first one-year Extended Term, as applicable, (ii) Tenant extends the term hereof. If with respect to an entire building (and not solely a portion of a building) and (iii) Tenant is not in material default hereunder, beyond of the Lease (following the expiration of any applicable cure periods without cure) either at the time of giving notice and cure periods, on the date of such notice its irrevocable election to extend or on the commencement date of each Extended Term. If each of the extended term is to commenceconditions set forth in the immediately preceding sentence are not satisfied in full, then Tenant's option(s) to extend the exercise term of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at lapse and be null and void and the end terms and provisions of the initial direct term second sentence of this Lease (or at such earlier time Section 2.3 shall apply as though Landlord may elect pursuant had exercised its Recapture Right as to all of the default Premises. All of the terms and provisions of this Lease). If Tenant properly exercises its extension option under this Section, then all references in this Lease (other than in this Section 2.6 itself) to the “term” of this Lease shall apply during the Extended Term(s) except that (a) if Tenant extends the Lease as to less than the entire Premises, Rent and the Face Amount of the Letter of Credit shall be construed equitably reduced to include reflect the extension term thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee reduction in square footage of Tenant’s entire interest in this Lease, provided that such assignee is in possession the portion of the Premises at to be leased by Tenant during the time. such option is exercisedExtended Term(s), but may not (b) there shall be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no further right to extend the term of this the Lease beyond its prescribed termthe second Extended Term, (c) except as expressly provided in this Lease, Landlord shall have no obligation to make improvements to the Premises of any nature whatsoever, (d) Tenant shall not be entitled to any abatement of Monthly Base Rent during either Extended Term and (e) Monthly Base Rent during each the Extended Term shall be determined and annually increased in accordance with the provisions of Exhibit B --------- attached hereto. The foregoing right to extend the term of the Lease is personal to Tenant and may not be assigned, sold, leased or otherwise transferred, voluntarily or involuntarily, by or to any other person or entity except to a Tenant Affiliate in accordance with Article 15 below.

Appears in 1 contract

Samples: Office Lease (Chemdex Corp)

Option to Extend Term. Tenant shall have the option two (2) separate options to extend the then term of this Lease, at the minimum rental set forth in Section 3.1(cLease for an additional five (5) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Leaseyear period (i.e., for one a total, if both such options are exercised as provided herein, of ten successive years beyond the Original Term) (1each five year period being referred to herein as an "Extended Term"), provided (i) additional term of three (3) years, commencing upon the expiration of the initial direct term hereof; provided, however, that such option shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of each such option. Exercise of such option , Tenant shall be by written give notice in writing to Landlord of its exercise not less than nine (9) months and not more than twelve (12) months prior to the expiration of the initial direct term hereof. If Original Term or the first Extended Term, as the case may be (the "Exercise Date"), (ii) no default continuing beyond any applicable notice, grace or cure period in the obligations of Tenant under this Lease shall exist at the time each such notice is given (and all such defaults shall be fully corrected or cured, as may be applicable, within the applicable period of grace and all interest and other costs due, if any, to Landlord in connection therewith shall be paid in full within such period of grace), and (iii) at the time such option is exercised Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date the extended term is to commence, then the exercise occupancy of the option shall be of no force entire Premises then demised hereunder (except to the extent that such occupancy is prevented by Casualty or effectTaking, the extended term shall not commence and except for any assignments, transfers, mortgages, pledges, encumbrances or sublettings permitted by this Lease shall expire at the end or otherwise consented to by Landlord). All of the initial direct term of this Lease (or at such earlier time as Landlord may elect pursuant to the default terms and provisions of this Lease). If Tenant properly exercises its extension option under this Section, then all references in this Lease (other than in this Section 2.6 itself) to the “term” of this Lease shall be construed to include the extension term thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided applicable during each such Extended Term except that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, (i) Tenant shall have no right option to extend the term Term of this Lease beyond the second Extended Term and (ii) the Annual Fixed Rental Rate for each Extended Term shall be adjusted in accordance with Section 2.5. The word "Term" or "term" as used herein shall mean the Original Term, plus any of the Extended Terms as to which Tenant shall have exercised its prescribed termoption under this Section 2.2.

Appears in 1 contract

Samples: Lease (Arqule Inc)

Option to Extend Term. Tenant shall have two (2) successive options to extend the Term of this Lease with respect to either (a) the entire Premises or (b) full floors of the Building and associated Improvements, by five (5) additional years (each such five-year term, an “Extended Term”). Upon exercise of the option by Tenant, the first Extended Term shall begin upon the expiration of the Initial Term, and the second Extended Term shall begin upon the expiration of the first Extended Term, and all references herein to the “Term” of the Lease shall refer collectively to both the Initial Term and each Extended Term for which Tenant has properly exercised the option hereunder. The same terms and conditions as herein set forth shall apply to each Extended Term, except that (x) Tenant shall pay to Landlord Base Rent (as defined in Section 3.1) in the amounts set forth on Exhibit B hereto indicated for each Extended Term, (y) Tenant shall have no further option to extend the Term of this Lease pursuant to this Section 2.2 beyond the second Extended Term, and, (z) in the event that the term of this Lease is extended with respect to less than the entire Premises, there shall be a corresponding reduction of the Base Rent and the Additional Rent and an equitable apportionment of the common expenses of the Premises hereunder. Tenant may exercise each option to extend the term of this Lease, at the minimum rental set forth in Section 3.1(c) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, for one (1) additional term of three (3) years, commencing upon the expiration of the initial direct term hereof; provided, however, that such option shall be exercisable solely with respect to the entire Premises covered Lease by this Lease on the date of exercise of such option. Exercise of such option shall be by giving written notice to Landlord not less more than nine thirty-six (936) months and not more less than twelve (12) months prior to the expiration of the initial direct term hereof. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date the extended term is to commence, then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct term of this Lease Initial Term (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its extension option under this Section, then all references in this Lease first Extended Term) or the first Extended Term (other than in this Section 2.6 itself) as to the “term” of this Lease shall be construed to include the extension term thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.second Extended Term).‌

Appears in 1 contract

Samples: Lease Agreement

Option to Extend Term. Landlord hereby grants to Tenant shall have two (2) options (each a "Extension Option" and collectively, the option "Extension Options") to extend the term Initial Lease Term for an additional period of five (5) years each (each an "Extension Term" and collectively, "Extension Terms") provided that the following conditions (each an "Extension Condition" and collectively, the "Extension Conditions") are satisfied: (a) a monetary or material non-monetary Event of Default shall not exist either at the time Tenant exercises an Extension Option or upon commencement of the applicable Extension Term; (b) Tenant may exercise each Extension Option with respect to all of the Premises or that portion of the Premises comprised of the Second Floor Premises, the Third Floor Premises and the Fourth Floor Premises; and (c) the original named tenant under this Lease ("Original Tenant") or its Permitted Assignee (as defined in Section 17.9.1 below) occupies the portion of the Premises for which an Extension Option is exercised at the time Tenant exercises an Extension Option or at any time thereafter prior to or upon commencement of the applicable Extension Term. Landlord may, at Landlord's option, exercised in Landlord's sole and absolute discretion, waive any of the Extension Conditions in which case the Extension Option, if otherwise properly exercised by Tenant, shall remain in full force and effect. If an Extension Condition is not satisfied, Landlord shall have, in addition to all of Landlord's other rights and remedies provided in this Lease, at the minimum rental set forth in Section 3.1(c) right to terminate the applicable Extension Option and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, for one (1) additional term of three (3) years, commencing upon the expiration of the initial direct term hereof; provided, however, that such option shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such option. Exercise of such option shall be by written notice to Landlord not less than nine (9) months and not more than twelve (12) months prior to the expiration of the initial direct term hereof. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date the extended term is to commence, then the unilaterally void Tenant's exercise of the option shall be of no force or effectapplicable Extension Option, the extended term shall not commence and in which event this Lease shall expire at on the end of the initial direct term of this Lease (or at such earlier time as Landlord may elect then current Expiration Date, unless sooner terminated pursuant to the default provisions of this Lease). If Tenant properly exercises its extension option under this Sectionterms hereof, then all references in this Lease (other than in this Section 2.6 itself) to the “term” of this Lease shall be construed to include the extension term thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right further rights under this Lease to renew or extend the term of this Lease beyond Term. Tenant may exercise either Extension Option whether or not Tenant has exercised its prescribed termContraction Option pursuant to Section 3.3 below. The second Extension Option may be exercised only if the first Extension Option has been duly exercised.

Appears in 1 contract

Samples: Lease (Riverbed Technology, Inc.)

Option to Extend Term. Tenant shall have the option to extend the term of this Lease, at the minimum rental set forth in Section 3.1(c3.1 (c) and (d) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, for one up to two (12) additional term periods of three five (35) yearsyears each, commencing upon the expiration of the initial direct term hereof; provided, however, that such option shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such option. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord not less than nine (9) months and not more than at least twelve (12) months prior to the expiration of the initial direct term hereof; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least twelve (12) months prior to the expiration of the first extended term hereof. If Tenant is in material default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date the any extended term is to commencecommence (without limitation, any "event of default," as that term is defined in Section 16.1 will be considered a material default), then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct then current term of this Lease hereof (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its one or more extension option options under this Section, then all references in this Lease (other than in this Section 2.6 itself2.6) to the "term" of this Lease shall be construed to include the extension term term(s) thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.

Appears in 1 contract

Samples: Cytokinetics Inc

Option to Extend Term. Tenant shall have the option to extend the term Term of this LeaseLease for the entire Premises for two (2) additional periods of five (5) years each (the "Premises Options"). The period of the First Premises Option is referred to herein as the "First Option Term", at and the minimum rental period of the second Premises Option is referred to as the "Second Option Term.". The First Option Term and the Second Option Term are sometimes hereinafter collectively referred to as the "Option Term". Tenant shall have no right or interest to exercise any Premises Option unless: (a) Tenant gives the Landlord written notice of its intent to exercise the Premises Option no earlier than three hundred thirty (330) days prior to the end of the Term, or any prior extension thereof, and no later than two hundred seventy (270) days prior to the end of the Term, or any prior extension thereof (the "Extension Notice"); (b) There shall be no uncured Event of Default on the date the Extension Notice is delivered to Landlord and on the date the Option Term commences; (c) Tenant or an Affiliate Transferee occupies more than fifty percent (50%) of the Rentable Area of the Premises; and (d) Tenant has not filed for or sought protection under any bankruptcy statute. Annual Base Rent during the First Option Term and during the Second Option Term shall be as set forth in Section 3.1(c4.01(b) and otherwise upon all of the terms and provisions set forth herein Lease. Time is of the essence with respect to Tenant's exercise of the initial direct term Premises Option. Tenant's failure to exactly comply with any of the time or other requirements herein, shall cause the Premises Option to automatically expire and, in such event, this Lease, for one (1) additional term of three (3) years, commencing Lease shall terminate upon the expiration of the initial direct term hereof; provided, however, that such option shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such option. Exercise of such option shall be by written notice to Landlord not less than nine (9) months and not more than twelve (12) months prior to the expiration of the initial direct term hereof. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date the extended term is to commence, then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct term of this Lease (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its extension option under this Section, then all references in this Lease (other than in this Section 2.6 itself) to the “term” of this Lease shall be construed to include the extension term thus elected by TenantTerm. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term Term pursuant hereto for the Option Term shall be personal to Iomega Corporation and shall not be exercisable by or for the benefit of this any assignee, subtenant or other transferee of Iomega Corporation, except that the Premises Option may be transferred by Iomega Corporation to an Affiliate Transferee in connection with a Transfer of the entire Lease beyond its prescribed termto an Affiliate Transferee and may be exercised by such Affiliate Transferee.

Appears in 1 contract

Samples: Agreement Regarding Lease (Iomega Corp)

Option to Extend Term. Tenant shall have the option to extend the term Term of this LeaseLease for the entire Premises for two (2) additional periods of five (5) years each (the “Premises Options”). The period of the First Premises Option is referred to herein as the “First Option Term”, at and the minimum rental period of the second Premises Option is referred to as the “Second Option Term.”. The First Option Term and the Second Option Term are sometimes hereinafter collectively referred to as the “Option Term”. Tenant shall have no right or interest to exercise any Premises Option unless: (a) Tenant gives the Landlord written notice of its intent to exercise the Premises Option no earlier than three hundred thirty (330) days prior to the end of the Term, or any prior extension thereof, and no later than two hundred seventy (270) days prior to the end of the Term, or any prior extension thereof (the “Extension Notice”); (b) There shall be no uncured Event of Default on the date the Extension Notice is delivered to Landlord and on the date the Option Term commences; (c) Tenant or an Affiliate Transferee occupies more than fifty percent (50%) of the Rentable Area of the Premises; and (d) Tenant has not filed for or sought protection under any bankruptcy statute. Annual Base Rent during the First Option Term and during the Second Option Term shall be as set forth in Section 3.1(c4.01(b) and otherwise upon all of the terms and provisions set forth herein Lease. Time is of the essence with respect to Tenant’s exercise of the initial direct term Premises Option. Tenant’s failure to exactly comply with any of the time or other requirements herein, shall cause the Premises Option to automatically expire and, in such event, this Lease, for one (1) additional term of three (3) years, commencing Lease shall terminate upon the expiration of the initial direct term hereof; provided, however, that such option shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such option. Exercise of such option shall be by written notice to Landlord not less than nine (9) months and not more than twelve (12) months prior to the expiration of the initial direct term hereof. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date the extended term is to commence, then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct term of this Lease (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its extension option under this Section, then all references in this Lease (other than in this Section 2.6 itself) to the “term” of this Lease shall be construed to include the extension term thus elected by TenantTerm. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term Term pursuant hereto for the Option Term shall be personal to Iomega Corporation and shall not be exercisable by or for the benefit of this any assignee, subtenant or other transferee of Iomega Corporation, except that the Premises Option may be transferred by Iomega Corporation to an Affiliate Transferee in connection with a Transfer of the entire Lease beyond its prescribed termto an Affiliate Transferee and may be exercised by such Affiliate Transferee.

Appears in 1 contract

Samples: Office Lease (Jni Corp)

Option to Extend Term. Tenant Subject to Sublessor's rights set forth below, Sublessee shall have the option to extend the term Term of this Lease, at Sublease for a period ("Extension Period") beginning on the minimum rental set forth in Section 3.1(c) and otherwise upon all day following the terms and provisions set forth herein with respect to end of the initial direct term Term of this LeaseSub-Sublease and ending July 30, for one 2000, provided that (1i) additional term of three (3) years, commencing upon the expiration of the initial direct term hereof; provided, however, that such option shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such option. Exercise of such option shall be by written notice to Landlord Sublessee is not less than nine (9) months and not more than twelve (12) months prior to the expiration of the initial direct term hereof. If Tenant is in default hereunder, beyond (after any applicable notice and cure periods) under any of the terms and conditions of this Sub-Sublease at the time it exercises such option to extend or at the commencement of the Extension Period and (ii) Sublessee has given Sublessor written notice of its election to extend the Lease Term ("Extension Notice") no later than eight (8) months prior to the expiration date of the original Lease Term. In such event, the terms and conditions of this Sub-Sublease, including those relating to Base Rent, Operating Expenses, Taxes, additional rent and utility charges shall continue to apply except that there shall be no further right to extend. If Sublessee fails to give an Extension Notice by such date, Sublessee's rights under this Section 12 shall be waived and of no further force and effect. Notwithstanding the foregoing Sublessor shall have the unilateral right to terminate Sublessee's extension rights under this Section 12 by written notice to Sublessee given on or before the later to occur of (1) thirty (30) days after receipt of Sublessee's Extension Notice and (2) eight (8) months prior to the commencement date of the Extension Period, in the event that Sublessor, or any affiliate (which shall include any entity controlling, controlled by, or under common control with Sublessor), or any successor by merger, consolidation or sale of all or substantially all of the assets of Sublessor (each an "Affiliate of Sublessor"), intends to occupy the Demised Premises for its own use. If Sublessor fails to give such notice terminating Sublessee's extension rights, Sublessor's right to so terminate Sublessee's extension rights under this Section 12 shall be waived and of no further force or effect. In the event that Sublessor shall exercise its right to terminate Sublessee's extension rights under this Section 12, Sublessor shall not thereafter enter into any sublease or assignment of the Demised Premises to any party not affiliated with Sublessor for the period beginning on the expiration date of the Lease Term and ending on the date of such which is six (6) months thereafter, unless Sublessor shall first give a notice or on to Sublessee offering Sublessee the date the extended term is right to commence, then the exercise of the reinstate its option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct term of this Lease (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its extension option under this Section, then all references in this Lease (other than in this Section 2.6 itself) to the “term” of this Lease shall be construed to include the extension term thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed termSublease for the Extension Period. Sublessee shall have ten (10) business days after receipt of such notice to notice Sublessor that it wishes to remain as a sub-Sublessee in the Demised Premises upon the terms and conditions set forth above for the Extension Period.

Appears in 1 contract

Samples: Silverstream Software Inc

Option to Extend Term. Tenant shall have the option to extend the term of this Lease, at then Term for all the minimum rental set forth in Section 3.1(c) and otherwise upon all then Premises only for the Extension Period on the terms and provisions set forth herein with respect to the initial direct term conditions of this Lease, for one Section 4.1. Tenant may exercise an option under this Section 4.1 only if: (1i) additional term Tenant has notified Landlord in writing of three (3) years, commencing upon the expiration of the initial direct term hereof; provided, however, that such option shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of its exercise of such option. Exercise of such option shall be by written notice no earlier than eighteen (18) months (except as provided in Section 4.4) prior to Landlord not less and no later than nine (9) months and not more than twelve (12) months prior to the expiration then current Expiration Date, time being of the initial direct term hereof. If Tenant is in default hereunderessence, beyond any applicable notice and cure periods, on (ii) at the date time of such notice or on the date the extended term is to commence, then the exercise of such option no uncured Event of Default then exists and (iii) the option Tenant named herein or its Permitted Transferees shall then be in occupancy of the entire Premises. Tenant’s Notice of its exercise of the Extension Option shall be deemed irrevocable once delivered to Landlord. At Landlord’s option, Xxxxxx’s exercise of no force or effect, a right to extend the extended term shall not commence be null and this Lease shall expire at void if an uncured Event of Default exists on the end commencement of the initial direct term Extension Period. Each Extension Period shall be on all the then applicable terms, covenants, and conditions of this Lease except that: (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its extension option under this Section, then all references in this Lease (other than in this Section 2.6 itselfi) to the “term” of this Lease Monthly Base Rent shall be construed as provided below, (ii) except for any Lease Concessions Landlord agrees to include provide, Landlord shall have no obligation to perform any work or make any contribution to work to prepare the extension term thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Premises for Tenant’s entire interest in this Leaseuse during the Extension Period, provided that such assignee is in possession (iii) the Expiration Date shall be the last day of the Premises at Extension Period and (iv) after the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6Extension Period, Tenant shall have no further right to extend the term Term. During the thirty (30) day period after Tenant exercises its right to extend the Term for an Extension Period (such period, the “Negotiation Period”) the parties shall attempt in good faith to agree upon the Market Rent and Lease Concessions for such Extension Period. If the parties are unable to agree upon the Market Rent and Lease Concessions during the Negotiation Period, then the Market Rent shall be determined pursuant to Section 4.3 and within five (5) Business Days after said Negotiation Period, Landlord shall give Notice to Tenant of the Lease Concessions, if any, to be provided by Landlord for the Extension Period. The Monthly Base Rent payable by Tenant for the Extension Period shall be one-twelfth (1/12) of the product of (i) the RSF of the Premises and (ii) the Market Rent determined by the parties or pursuant to Section 4.3. After determination of the Market Rent, Landlord and Tenant shall promptly execute and exchange an appropriate amendment to this Lease, reasonably satisfactory to the parties and confirming the terms, conditions and provisions applicable to the Premises during the Extension Period, but neither Landlord’s nor Tenant’s failure to execute such amendment shall relieve Tenant of its obligations under this Lease beyond its prescribed termduring the Extension Period.

Appears in 1 contract

Samples: Office Lease (Sezzle Inc.)

Option to Extend Term. Tenant shall have Lessee is given the option to extend the term of Term --------------------- on all provisions contained in this Lease, at the minimum rental set forth in Section 3.1(c) Lease (except for Base Rent and otherwise upon all the such other terms and provisions set forth herein with respect conditions as are specifically or by their operation limited to the initial direct term of this LeaseTerm only), for one (1) additional term a period of three (3) years, commencing upon years immediately following the expiration of the initial direct term hereof; providedTerm for the Additional Space (the "Extended Term"), howeverby giving notice of exercise of the option to Lessor no later than October 1, that such 2000 (the "Option Notice"). Such extension option shall be exercisable solely with respect apply concurrently to the Initial Premises and Additional Space. Lessee shall not have the right under this Option to Extend Term to independently extend the term for the Initial Premises or the Additional Space. If the Lease is extended pursuant to the terms herein contained, the expiration date of the Extended Term for the entire Premises covered by consisting of both the Initial Premises and the Additional Space will be October 31, 2004. Lessor's ability to plan for the orderly transaction of its rental business, to accommodate the needs of other existing and potential tenants, and to enjoy the benefits of increasing rentals at such times as Lessor is able to do so in its sole and absolute discretion, are fundamental elements of Lessor's willingness to provide Lessee with the option to extend contained herein. Accordingly, Lessee acknowledges that Lessee's strict compliance with the notification provisions contained herein, and Lessee's strict compliance with the time period for such notification contained herein, are material elements of the bargained-for exchange between Lessor and Lessee and are material elements of Lessee's consideration paid to Lessor in exchange for the grant of option. Therefore, Lessee's failure to adhere strictly and completely to the provisions and time frame contained in this option shall render the option automatically null, void, and of no further force or effect, without notice, acknowledgment, or any action of any nature of sort, required of Lessor. Lessee acknowledges that no other act or notice, other than the express written notice set forth hereinabove, shall act to put Lessor on notice of Lessee's intent to extend, and Lessee hereby waives any claims to the contrary, notwithstanding any other actions of Lessee during the terms of this Lease or any statements, written or oral, of Lessee to Lessor to the contrary during the term of this Lease. Notwithstanding the foregoing, if Lessee is in default on the date of exercise of such option. Exercise of such option giving the Option Notice, the Option Notice shall be by written notice to Landlord not less than nine (9) months and not more than twelve (12) months prior to the expiration of the initial direct term hereof. If Tenant totally ineffective, or if Lessee is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date the extended term Extended Term is to commence, then in addition to any and all other remedies available to Lessor under the Lease, at Lessor's election the exercise of the option shall be of no force or effectdeemed null and void, the extended term Extended Term shall not commence commence, and this Lease shall expire at the end of the initial direct term Term. This Option to Extend is personal to Lessee and cannot be assigned, transferred or conveyed to any other person or entity (voluntarily, involuntarily, by operation of law or otherwise) including any assignee or subtenant permitted under Article 13. All of Lessee's rights under this Lease (Addendum 8 shall terminate upon the expiration or at such earlier time as Landlord may elect pursuant to the default provisions sooner termination of this Lease). If Tenant properly exercises its extension option under this Section, then all references ADDENDUM 9: ---------- Delay in this Lease (other than in this Section 2.6 itself) Commencement; Right to Terminate: Notwithstanding any contrary ----------------------------------------- provisions of the “term” of this Lease shall be construed to include the extension term thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in the event Lessor cannot deliver possession of the Premises at to Lessee by December 31, 1997, then to the time. extent such option delay is exercisednot caused by Lessee, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6Lessee, Tenant within ten (10) days following such date, shall have no the right to extend give Lessor written notice terminating the term Lease. In the event Lessee exercises its right to terminate the Lease as provided herein, then upon such termination, all rights and obligations of this Lease beyond its prescribed term.Lessor and Lessee hereunder shall no longer be of any force and effect, except that Lessor shall promptly return to Lessee any monies previously paid by Lessee to Lessor. ADDENDUM 10: -----------

Appears in 1 contract

Samples: Office Lease (Inktomi Corp)

Option to Extend Term. Tenant shall have the is hereby granted an option ("EXTENSION OPTION") to extend the term of this Lease, at the minimum rental set forth in Section 3.1(c) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, Term for one (1) additional term period of three five (35) yearsLease Years ("EXTENSION PERIOD"), commencing upon the expiration of the initial direct term hereof; provided, however, that such option shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such option. Exercise of such option shall be by written notice to Landlord not less than nine (9) months same terms and not more than twelve (12) months conditions in effect under the Lease immediately prior to the expiration Extension Period, except that monthly Base Rent shall be increased to that amount which is equal to the Prevailing Rental Rate (defined below), and Tenant shall have no further options to extend. The Extension Option may be exercised only by giving Landlord irrevocable and unconditional written notice thereof no earlier than three hundred sixty five (365) calendar days and no later than one hundred eighty (180) calendar days prior to the commencement of the initial direct term hereofExtension Period. If Notwithstanding the foregoing, said exercise shall, at Landlord's election, be null and void if: (i) Tenant is in default hereunder, beyond any applicable under the Lease at the date of said notice and said default remained uncured following expiration of all applicable cure periods; or (ii) prior to commencement of the Extension Period, Tenant commits an Event of Default which remained uncured after expiration of all applicable cure periods. If Tenant shall fail to timely exercise the Extension Option herein provided, or if Tenant shall assign this Lease or sublet any part or all of the Premises (whether or not Landlord consents to said assignment or sublease), or if Tenant shall commit an Event of Default under this Lease which remains uncured following expiration of all applicable cure periods, on said Option shall terminate, and shall be null and void and of no further force and effect. Tenant's exercise of the date Extension Option shall not operate to cure any default by Tenant of any of the terms or provisions in the Lease, nor to extinguish or impair any rights or remedies of Landlord arising by virtue of such notice default. If the Lease or on Tenant's right to possession of the date Premises shall terminate in any manner whatsoever before Tenant shall exercise the extended Extension Option herein provided, or if Tenant shall have subleased or assigned all or any portion of the Premises to any person or entity other than an Affiliate (as that term is to commencedefined in Section 14.01 below), then immediately upon such termination, sublease or assignment, the Extension Option herein granted shall simultaneously terminate and become null and void. The Extension Option is personal to Tenant and its Affiliates. Except for an assignment or sublet to an Affiliate of Tenant, under no circumstances whatsoever shall the assignee under a complete or partial assignment of the Lease, or a subtenant under a sublease of the Premises, have any right to exercise the Extension Option. Time is of the essence of this provision. Landlord shall not be obligated to pay for or install any improvements in the Premises or grant Tenant any economic incentives as a consequence of or in consideration for Tenant's exercise of the Extension Option. Upon determination of the Prevailing Rental Rate for the Premises (as defined below), Tenant shall at Landlord's request execute and deliver to Landlord an amendment to this Lease confirming the exercise of the option shall be of no force or effectExtension Option, the extended term shall not commence Term Expiration Date, and this Lease shall expire at the end of Prevailing Rental Rate for the initial direct term of this Lease (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its extension option under this Section, then all references in this Lease (other than in this Section 2.6 itself) to the “term” of this Lease shall be construed to include the extension term thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed termPremises.

Appears in 1 contract

Samples: Office Lease (Chemconnect Inc)

Option to Extend Term. Tenant shall have the option to extend the term of this Lease, at the minimum rental set forth in Section 3.1(c3.1 (b) below and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, for one up to two (12) additional term periods of three five (35) yearsyears each, the first commencing upon the expiration of the initial direct term hereof and the second commencing upon the expiration of the first extended term hereof; provided, however, that such option shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such option. Exercise of such option with respect to the first extended term shall be by written notice to Landlord not less than at least nine (9) months and not more than twelve fifteen (1215) months prior to the expiration of the initial direct term hereof. Exercise of such option with respect to the second extended term shall be by written notice to Landlord at least nine (9) months and not more than fifteen (15) months prior to the expiration of the first extended term hereof. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date the applicable extended term is to commence, then the exercise of the applicable option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct then current term of this Lease hereof (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its one or both extension option options under this Section, then all references in this Lease (other than in this Section 2.6 itself2.6) to the “term” of this Lease shall be construed to include the extension term term(s) thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.

Appears in 1 contract

Samples: Lease (Alexza Pharmaceuticals Inc.)

Option to Extend Term. Landlord hereby grants Tenant shall have the option right to extend the term Term of this Lease, at the minimum rental set forth in Section 3.1(c) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, Lease for one (1) additional term period of three (3) yearsyears (such extended period is hereinafter referred to as the “Extended Term”) on the same terms and conditions contained in the Lease, commencing upon except that (i) Base Rent for an Extended Term shall be as set forth hereinbelow, (ii) no additional options to extend shall apply following the expiration of the initial direct term hereof; providedapplicable Extended Term (other than as expressly set forth above), however, that such option and (iii) Landlord shall be exercisable solely with respect have no obligation to make any improvements to the entire Premises covered by or contribute any amounts therefor. Written notice of Tenant’s exercise of its option to extend (“Option to Extend”) the Term of this Lease on for the date of exercise of such option. Exercise of such option shall Extended Term must be by written notice given to Landlord not no less than nine six (9) months and not more than twelve (126) months prior to the expiration date the Term of the initial direct term hereofLease would otherwise expire. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date the extended term is to commence, then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct term of this Lease (or at such earlier time as Landlord may elect pursuant to the default provisions of under this Lease). If Tenant properly exercises its extension option under this Section, then all references in this Lease (other than in this Section 2.6 itself) to the “term” of this Lease shall be construed to include the extension term thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right Option to extend Extend the term Term of this Lease beyond until such default is cured within the cure period set forth in this Lease for such default, if any; provided, that the period of time within which said Option to Extend may be exercised shall not be extended or enlarged by reason of Tenant’s inability to exercise said Option to Extend because of a default. In the event Tenant validly exercises its prescribed term.Option to Extend the Term of this Lease as herein provided, Base Rent shall be adjusted as of the commencement date of the Extended Term as follows (but in no event shall it be less than the Base Rent for the month immediately prior to the commencement of the Extended Term):

Appears in 1 contract

Samples: Office Lease (Eastside Distilling, Inc.)

Option to Extend Term. Landlord hereby grants to Tenant three (3) successive options (each a “Extension Option” and collectively, the “Extension Options” ) to extend the initial Term for two (2) additional periods of eight (8) years each and a third (3rd) additional period of six (6) years (each an “Extension Term” and collectively, the “Extension Terms”) commencing on the first day following the Expiration Date on the terms and subject to the conditions set forth in this Section 3.2; provided, however, that (a) Tenant may exercise each Extension Option with respect to all of the Premises or to any contiguous full floors of the Premises then leased by Tenant hereunder (provided that so long as Tenant continues to lease the First Floor, Tenant shall also be required to continue to lease the Concourse Premises), including any Expansion Premises, (b) subsequent Extension Options may be exercised only if the immediately prior Extension Option has been duly exercised, and (c) Tenant may elect in its sole and absolute discretion which signage rights, if any, Tenant elects to continue during any Extension Term. Notwithstanding anything to the contrary contained in this Lease, in the event Tenant elects to not extend the Term of this Lease with respect to the First Floor and the Concourse Premises, Tenant shall have the option to extend the term Term of this Lease, at the minimum rental set forth in Section 3.1(c) and otherwise upon all Lease with respect to that portion of the terms and provisions set forth herein Concourse Premises shown on Exhibit A-8 (the “Continuous Concourse Area”). Tenant shall be deemed to have elected to extend the Term of the Lease with respect to the initial direct term of this Lease, for one (1) additional term of three (3) years, commencing upon the expiration Continuous Concourse Area unless Tenant delivers written notice to Landlord simultaneously with Tenant’s exercise of the initial direct term hereof; provided, however, that such option shall be exercisable solely applicable Extension Option pursuant to which Tenant elects not to extend the Term with respect to the entire Premises covered by this Lease on Continuous Concourse Area. Tenant shall cause all work that is reasonably required in order to separate the date Continuous Concourse Area from the balance of exercise of such option. Exercise of such option shall be by written notice the Concourse Premises, if any, in a manner reasonably acceptable to Landlord not and Tenant, to be performed at Tenant’s sole cost and expense, in compliance with all Applicable Laws, and with such work to be done pursuant to plans and specifications prepared by Tenant and approved by Landlord in Landlord’s reasonable discretion. In the event Tenant exercises an Extension Option for less than nine (9) months and not more than twelve (12) months prior to the expiration entirety of the initial direct term hereof. If Tenant is then-current Premises as permitted in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date the extended term is to commence, then the exercise of the option shall be of no force or effectclause (a) above, the extended term shall not commence and this Lease shall expire at the end of the initial direct term of this Lease (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its extension option under this Section, then all references in this Lease (other than in this Section 2.6 itself) to the “term” of this Lease shall be construed to include the extension term thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee number of Tenant’s entire interest Parking Spaces (as defined in this Lease, provided that such assignee is Section 30.1 below) shall be automatically reduced on a proportional basis in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed termconnection therewith.

Appears in 1 contract

Samples: Office Lease (Zynga Inc)

Option to Extend Term. Tenant shall have the option to extend the term of this Lease, at the minimum rental set forth in Section 3.1(c3.1(d) and (e) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, for one up to two (12) additional term periods of three five (35) yearsyears each, commencing upon the expiration of the initial direct term hereof; provided, however, that such option shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such option. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord not less than nine at least six (96) months and not more than twelve eight (12) 8) months prior to the expiration of the initial direct term hereof; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least six (6) months and not more than eight (8) months prior to the expiration of the first extended term hereof. If Tenant is in default hereunder, beyond any applicable notice and cure periods, hereunder on the date of such notice or on the date the any extended term is to commence, then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct then current term of this Lease hereof (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its one or more extension option options under this Section, then all references in this Lease (other than in this Section 2.6 itself2.7) to the "term" of this Lease shall be construed to include the extension term term(s) thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.62.7, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.

Appears in 1 contract

Samples: Lease (Ribogene Inc / Ca/)

Option to Extend Term. Provided that Tenant is not in default under this Lease after notice thereof and beyond any applicable grace/cure period, then, in such event, the Tenant shall have the option to extend the term of this Lease, at for two (2) five (5) year periods ("Option 1 and Option 2") by notifying the minimum rental set forth in Section 3.1(c) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, for one (1) additional term of three (3) years, commencing upon the expiration of the initial direct term hereof; provided, however, that such option shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such option. Exercise of such option shall be by written notice to Landlord not less later than nine two hundred seventy (9270) months and not more than twelve (12) months days prior to the expiration of the initial direct Term, as defined in (S)4 above, or, if applicable, 270 days prior to the expiration of Option 1 of its intent to do so. During the term hereof. If of Option 1, the Tenant is in default hereundershall pay to the Landlord, beyond any applicable notice and cure periodsas Annual Basic Rent, on the date of such notice or on the date the extended term is to commence, then the exercise fair market rental value of the option Premises, but in no event shall the Basic Rent for Option 1 be less than Thirteen and 00/100 ($13.00) Dollars per square foot. During the term of no force or effectOption 2, the extended term Tenant shall not commence and this Lease shall expire at pay to the end Landlord, as Annual Basic Rent, the then fair market rental value of the initial direct term Premises, but in no event shall the Basic Rent for Option 2 be less than the Basic Rent paid for Option 1. Notwithstanding anything to the contrary, all obligations of the Tenant with respect to Additional Rental as defined in (S)6 above and in other applicable portions of this Lease (or at such earlier time instrument, as Landlord may elect pursuant to the default provisions well as all terms, conditions and covenants of this Lease), shall be applicable to the Option Period without necessity that any separate writing setting forth the same be executed by the parties. If within thirty (30) days after receipt of written notice by the Tenant properly exercises of its extension option under this Section, then all references in this Lease (other than in this Section 2.6 itself) to the “term” of this Lease shall be construed to include the extension term thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right intent to extend the term of the Lease or to exercise the right for Option 2 the Landlord and Tenant shall be unable to agree upon the amount of the ten fair market rental for the Premises to wit: the annual rate of Basic Rent which the Landlord proposes be charged for either Option 1 or Option 2, then, in such event, (i) the Tenant may notify the Landlord in writing within said thirty (30) day period that it is withdrawing its intent or extend the term of the Lease, in which event, the Lease shall end either at the time set forth in (S)4 above or at the end of Option 1, if applicable, (ii) the Landlord and Tenant may elect arbitration as follows: within ten (10) days the Landlord and Tenant shall each select an appraiser and those two shall within ten (10) days select a third. The third appraiser shall thereupon, within thirty (30) days of his selection, issue a written report to the Landlord and Tenant informing each of the annual rate of Basic Rent as determined by two of the three appraisers for the Option Period. The decision of the appraisers referred to in the preceding sentence shall be binding upon the parties (subject to the other terms of the Lease and payment of Additional Rent as described aforesaid). Each party shall pay fees and costs for its own appraiser and shall pay one half (1/2) of those fees and costs charged by the third appraiser. For purposes of this clause, an "appraiser" shall be an individual who has an "MAI" (Member of the Appraisal Institute) designation for a minimum of five years and who is independent of both the Landlord and Tenant and the brokers, advisors and mortgagees or either of them. Such appraiser shall also be an individual with at least five years experience in appraising commercial and industrial property in the Greater Boston Area. Within five days after decision of the Appraisers related to Basic Rent to be applicable for either Option Period, or, in the alternative, within five days of Agreement between the Landlord and Tenant of Basic Rent to be charged for the applicable Option Period, whichever first occur, the Landlord and Tenant shall execute an Addendum to the Lease beyond its prescribed termincorporating thereto the amount of Basic Rent to be paid for the applicable Option Period.

Appears in 1 contract

Samples: Avici Systems Inc

Option to Extend Term. Tenant shall have the option to extend the term Term of this Lease, at the minimum rental set forth in Section 3.1(c) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, Lease for one (1) additional term period of three (3) yearsyears (the "Premises Option"). The period of the Premises Option is referred to herein as the "Option Term". Tenant shall have no right or interest to exercise the Premises Option unless: (a) Tenant gives the Landlord written notice of its intent to exercise the Premises Option no later than two hundred seventy (270) days prior to the end of the Term (the "Extension Notice"); (b) Tenant is not in default of any of the terms or conditions under this Lease as of the date of the Extension Notice or the date of the commencement of the Option Term, commencing Tenant has not been in default of any of the terms or conditions under this Lease more than three (3) times prior to the commencement of the Option Term, nor are there any conditions which with the passage of time could result in a default by Tenant at any time; and (c) (i) Tenant has not filed for or sought protection under any bankruptcy statute, and (ii) Tenant has not failed to obtain a vacation from any involuntary bankruptcy proceeding within sixty (60) days of such filing. Annual Base Rent during the Option Term shall be as set forth in Section 4.01(b) below. Time is of the essence with respect to Tenant's exercise of the Premises Option. Tenant's failure to exactly comply with any of the time or other requirements herein, shall cause the Premises Option to automatically expire and, in such event, this Lease shall terminate upon the expiration of the initial direct term hereof; provided, however, that such Term. The option to extend the Term pursuant hereto for the Option Term shall be personal to Tenant and shall not be exercisable solely by or for the benefit of any assignee, subtenant or other transferee of Tenant. Landlord shall have the right during the Option Term to relocate the Premises to another part of the Project in accordance with respect to the entire following: (a) the new Premises covered by this Lease on the date of exercise of such option. Exercise of such option shall be by written notice to Landlord not less than nine (9) months substantially the same in size, decor and not more than twelve (12) months prior to nature as the expiration of the initial direct term hereof. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date the extended term is to commence, then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct term of this Lease (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its extension option under this Section, then all references Premises described in this Lease (other than in this Section 2.6 itself) to the “term” of this Lease and shall be construed to include placed in that condition by Landlord at its costs (b) the extension term thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession physical relocation of the Premises shall be accomplished by Landlord at its cost, (c) Landlord shall give Tenant at least thirty (30) days' notice of Landlord's intention to relocate the time. Premises, (d) Landlord shall diligently pursue the relocation of the Premises, and (e) all incidental costs incurred by Tenant as a result of the relocation including, without limitation, costs incurred by changing addresses on stationery, business cars, directories, advertising and other such option is exercised, but may items shall be paid by Landlord in a sum not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed termexceed Two Thousand Five Hundred Dollars ($2,500.00).

Appears in 1 contract

Samples: Work Letter Agreement (NovaCardia Inc)

Option to Extend Term. Provided that: (i) Landlord has not given Tenant notice of a default more than two (2) times in the twenty-four (24) months immediately preceding the Expiration Date, (ii) there then exists no uncured default by Tenant under the Lease following applicable notice and cure periods, (iii) Tenant has not previously assigned this Lease or sublet all of the Premises (except for a Permitted Transfer), and (iv) Tenant remains creditworthy, as determined by Landlord in Landlord's reasonable discretion, Tenant shall have the right and option (each an "Extension Option" and collectively the "Extension Options") to extend the term of this Lease, at the minimum rental set forth in Section 3.1(c) and otherwise upon all the terms and provisions set forth herein with respect Term for up to the initial direct term of this Lease, for one two (12) additional term periods of three five (35) yearsyears each, commencing upon exercisable in the expiration following manner. If Tenant is desirous of the initial direct term hereof; providedexercising an Extension Option under this Article 39, however, that such option Tenant shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such option. Exercise of such option shall be by give Landlord written notice to Landlord not less than nine (9) months and not more than twelve (12) months prior to the expiration in advance of the initial direct term hereof. If Tenant then scheduled Expiration Date of Tenant's intention to extend the Term ("Tenant's Extension Notice"), it being agreed that time is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date the extended term is to commence, then the exercise of the option shall be essence and that the Extension Option is personal to Tenant and is non-transferable to any transferee or other party other than through a Permitted Transfer. Tenant's notice must include a Letter of no force or effect, Credit meeting the extended term shall not commence and this Lease shall expire at the end of the initial direct term requirements of this Lease (or at such which has an expiration date not earlier time than 90 days following the extended Expiration Date and shall be irrevocable. Promptly after receipt of Tenant's Extension Notice, Landlord and Tenant shall negotiate the rent for the Extension Option in good faith. The Extension Option shall be under the same terms and conditions as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its extension option under this Section, then all references provided in this Lease (other than in this Section 2.6 itself) to the “term” of this Lease shall be construed to include the extension term thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.follows:

Appears in 1 contract

Samples: Sublease (Aclaris Therapeutics, Inc.)

Option to Extend Term. (a) Landlord hereby grants to original Tenant shall have the option (“Extension Option”) to extend the term Term of this LeaseLease for two (2) additional terms (each, at an “Option Term”) of five (5) years each upon and subject to the minimum rental terms and conditions set forth in Section 3.1(c) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, for one (1) additional term of three (3) years, commencing upon the expiration of the initial direct term hereof; provided, however, that such option Section. The Extension Option shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such option. Exercise of such option shall be exercised, if at all, by written notice given to Landlord not less no more than nine fifteen (915) months and not more no less than twelve (12) months prior to the expiration Expiration Date of the initial direct term hereofTerm (or the First Option Term, in the case of the exercise of the second Extension Option). If Tenant exercises an Extension Option, each of the terms, covenants and conditions of this Lease (including responsibility for repair and maintenance of the Premises and responsibility for payment of Impositions) shall apply during the Option Term as though the expiration date of such Option Term was the date originally set forth herein as the Expiration Date of the Term, provided that (i) the Base Rent to be paid during the applicable Option Term shall be the Prevailing Market Rental (as hereinafter defined) for the Premises for the applicable Option Term, (ii) the Expiration Date for this Lease shall become the expiration date for the applicable Option Term; and (iii) there shall be no additional option terms following the second Option Term. Anything contained herein to the contrary notwithstanding, if Tenant is in monetary or material non-monetary default hereunderunder any of the terms, covenants or conditions of this Lease either at the time Tenant exercises the Extension Option or at any time thereafter prior to the commencement date of the Option Term (in either event beyond any applicable notice and cure periods), on the date Landlord shall have, in addition to all of such notice or on the date the extended term is to commence, then the exercise of the option shall be of no force or effect, the extended term shall not commence Landlord’s other rights and this Lease shall expire at the end of the initial direct term of this Lease (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its extension option under this Section, then all references in this Lease (other than in this Section 2.6 itself) to the “term” of this Lease shall be construed to include the extension term thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest remedies provided in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend terminate the Extension Option upon notice to Tenant. As used herein, the term of this Lease beyond its prescribed term.

Appears in 1 contract

Samples: Lease Agreement (Dolby Laboratories, Inc.)

Option to Extend Term. Tenant shall have the option to extend the term of this Lease, at the minimum rental set forth in Section 3.1(c3.1(b) and (c) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, for one up to two (12) additional term periods of three five (35) yearsyears each, the first commencing upon the expiration of the initial direct term hereof; providedhereof and the second commencing upon the expiration of the first extended term, however, that such option shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such optionif any. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord not less than at least nine (9) months and not more than twelve (12) months prior to the expiration of the initial direct term hereof, exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months prior to the expiration of the first extended term hereof. If Tenant is in default hereunder, beyond any applicable notice and cure periods, hereunder on the date of such notice or on the date the any extended term is to commence, then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct then current term of this Lease hereof (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its one or more extension option options under this Section, then all references in this Lease (other than in this Section 2.6 itself2.6) to the “term” of this Lease shall be construed to include the extension term term(s) thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.

Appears in 1 contract

Samples: Sublease (Macrogenics Inc)

Option to Extend Term. Tenant shall have the option to extend the --------------------- term of this Lease, at the minimum rental set forth in Section 3.1(c) and (d) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, for one up to two (12) additional term periods of three five (35) yearsyears each, the first commencing upon the expiration of the initial direct term hereof; providedhereof and the second commencing upon the expiration of the first extended term, however, that such option shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such optionif any. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord not less than at least nine (9) months and not more than twelve (12) months prior to the expiration of the initial direct term hereof; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the first extended term hereof. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date the any extended term is to commence, then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct then current term of this Lease hereof (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its one or more extension option options under this Section, then all references in this Lease (other than in this Section 2.6 itself2.6) to the "term" of this Lease shall be construed to include the extension term term(s) thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.

Appears in 1 contract

Samples: Cor Therapeutics Inc / De

Option to Extend Term. Tenant shall have the option to extend the term of this Lease, at the minimum rental set forth in Section 3.1(c3.1(b) and (c) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, for one up to two (12) additional term periods of three five (35) yearsyears each, the first commencing upon the expiration of the initial direct term hereof; providedhereof and the second commencing upon the expiration of the first extended term, however, that such option shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such optionif any. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord not less than nine (9) months and not more than at least twelve (12) months prior to the expiration of the initial direct term hereof; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least twelve (12) months prior to the expiration of the first extended term hereof. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date the any extended term is to commence, then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct then current term of this Lease hereof (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its one or more extension option options under this Section, then all references in this Lease (other than in this Section 2.6 itself2.6) to the “term” of this Lease shall be construed to include the extension term term(s) thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.

Appears in 1 contract

Samples: Lease (Exelixis Inc)

Option to Extend Term. Tenant shall have the option to extend the term of this Lease, at the minimum rental set forth in Section 3.1(c3.1(d) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, for up to one (1) additional term period of three (3) years, commencing upon the expiration of the initial direct term hereof; provided, however, that such option shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such option. Exercise of such option shall be by written notice to Landlord not less than nine at least six (96) months and not more than twelve (12) months prior to the expiration of the initial direct term hereof. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date the any extended term is to commence, Tenant is either (a) in default of a payment obligation (a “payment default”) or (b) in default of any other obligation and the cure period for such nonpayment default has lapsed then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct then current term of this Lease hereof (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its the extension option under this Section, then all references in this Lease (other than in this Section 2.6 itself2.7) to the “term” of this Lease shall be construed to include the extension term thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.62.7, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.

Appears in 1 contract

Samples: Lease (Acologix, Inc.)

Option to Extend Term. Tenant shall have the option to extend the term of this Lease, at the minimum rental set forth in Section 3.1(c) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, for one (1) additional term of three (3) years, commencing upon the expiration of the initial direct term hereof; provided, however, that such option shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such option. Exercise of such option shall be by written notice to Landlord not less than nine (9) months and not more than twelve (12) months prior to the expiration of the initial direct term hereof. If Tenant So long as Sublessee is in default hereunder, beyond any applicable notice and cure periodsnot, on the date upon which the Sublessee exercises the applicable extension option and at the commencement of the applicable extension period, in default under the provisions of this Sublease beyond the applicable grace period set forth herein, if any, Sublessee may extend the Term of this Sublease for two periods, each period to be five years (referred to herein as the "first extension period" and the "second extension period"), by giving notice to Sublessor of its election to extend at least twelve months in advance of the commencement of the applicable extension period. Prior to the exercise by Sublessee of either such option, the expression "Term" shall mean the original ten-year term, and after the exercise by Sublessee of any such option, the expression "Term" shall mean the Original Term as it may have then been extended. Except as otherwise hereinafter set forth, all terms and conditions of this Sublease shall remain in full force and effect with respect to such extension period. If Sublessee shall give notice of its exercise of either such option to extend in the manner and within the time period provided aforesaid, the Term shall be extended upon the giving of such notice or without the requirement of any further action on the date part of either Sublessor or Sublessee. With respect to each such extension period, (i) the extended term is to commenceYearly Fixed Rent, then as defined in Section 5.1 hereof, payable during such extension period shall be the exercise fair market rent as of the option commencement of such extension period determined in accordance with the provisions of Section 2.4 hereof, (ii) the Additional Rent, as defined in Section 5.2 hereof, payable during such extension period shall be adjusted to reflect Sublessee's pro rata share of no force or effect, all such Additional Rent then incurred by Sublessor in the extended term shall not commence operation and this Lease shall expire at the end maintenance of the initial direct term Building and the Lot based on the rentable square footage of this Lease (or at such earlier time as Landlord may elect pursuant the Sublease Premises in relation to the default rentable square footage of the Building ("Sublessee's Proportionate Share") and (iii) Parking Rent, as defined in Section 2.5 hereof, payable during such extension period shall be the fair market rent as of the commencement of such extension period determined in accordance with the provisions of this Lease)Section 2.4 hereof. If Tenant properly exercises its extension option under this Section, then all references in this Lease (other than in this Section 2.6 itself) In addition to the “term” of this Lease foregoing, with respect to each such extension period, Sublessee shall be construed continue to include the extension term thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest pay Additional Rent for Taxes, as defined in this LeaseSection 5.2A hereof, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except all utility expenses as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed termherein and any other costs and expenses set forth herein.

Appears in 1 contract

Samples: Entire Agreement (Cn Biosciences Inc)

Option to Extend Term. Tenant shall have is given the option to extend the term Term of this LeaseLease for a five (5) year period ("extended term") following expiration of the initial Term, by giving written Notice of exercise of the option ("option notice") to the Landlord at least six (6) months but not more than one (1) year before the expiration of the Term. The same terms and conditions as applied during the initial Term of this Lease shall apply to the extended term except that (i) the Minimum Monthly Rent shall be adjusted at the minimum rental commencement of the extended term as specified below and annually thereafter pursuant to the Index set forth in Section 3.1(c1.11(a) and otherwise upon all hereof, however, in no event shall such annual increases be less than five percent (5%) nor more than seven percent (7%) over the terms and provisions set forth herein with respect Minimum Monthly Rent then in effect (as increased pursuant to the initial direct term of this Leaselast adjustment), for one and (1ii) additional term of three (3) years, commencing upon the expiration of the initial direct term hereof; providedthere shall be no further right or option to extend. Provided, however, that such option shall be exercisable solely with respect to the entire Premises covered by this Lease if Tenant is in default on the date of exercise of such option. Exercise of such giving the option notice, the option notice shall be by written notice to Landlord not less than nine (9) months and not more than twelve (12) months prior to the expiration of the initial direct term hereof. If totally ineffective, or if Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date the extended term is to commence, then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct term term. Tenant's Lease Option is personal to Tenant and shall automatically terminate upon any "Transfer" of this Lease (requiring Landlord's Consent, as defined in Section 15.1, or at such earlier time as Landlord may elect pursuant to if the default provisions of this Lease). If Tenant properly exercises its extension option under this Section, then all references in this Lease (other than in this Section 2.6 itself) to the “term” of this Lease shall be construed to include the extension term thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession use of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly changed from that set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed term1.8.

Appears in 1 contract

Samples: California Independent Bancorp

Option to Extend Term. Tenant shall have the option to extend the --------------------- term of this Lease, at the minimum rental set forth in Section 3.1(c3.1(b) and (c) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, for one up to two (12) additional term periods of three five (35) yearsyears each, the first commencing upon the expiration of the initial direct term hereof; providedhereof and the second commencing upon the expiration of the first extended term, however, that such option shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such optionif any. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord not less than nine (9) months and not more than at least twelve (12) months prior to the expiration of the initial direct term hereof; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least twelve (12) months prior to the expiration of the first extended term hereof. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date the any extended term is to commence, then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct then current term of this Lease hereof (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its one or more extension option options under this Section, then all references in this Lease (other than in this Section 2.6 itself2.6) to the "term" of this Lease shall be construed to include the extension term term(s) thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.this

Appears in 1 contract

Samples: Exelixis Inc

Option to Extend Term. Tenant shall have the option to extend the initial three (3) year term of this Lease, at the minimum rental set forth in Section 3.1(c) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, Lease for one (1) additional term period of three (3) yearsyears (the "Option Period"), with the Option Period commencing upon on the expiration third (3rd) anniversary of the initial direct term hereof; providedCommencement Date and terminating on the day immediately preceding the sixth (6th) anniversary of the Commencement Date. The option to extend, howeveras well as the commencement of the Option Period, that such option shall be exercisable solely with respect expressly conditioned upon Tenant, up to the entire Premises covered by time tile Option Period is to begin, having fully and timely complied with all its monthly rental obligations under this Lease on and Tenant not having committed an uncured breach or default of any other of its other obligations under this Lease. The option to extend is exercisable by Tenant, if at all, only in strict compliance of the date of exercise of such option. Exercise of such option shall be aforesaid conditions and by giving Landlord written notice of its election to Landlord extend the then term not less later than nine the one-hundred eightieth (9180th) months and not more than twelve (12) months day prior to tile Termination Date. Strict compliance with the expiration of the initial direct term hereof. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date the extended term is to commence, then the exercise conditions of the option and the exercise thereof is deemed material to tile parties and time for exercise is of the essence. Failure to so exercise shall be deemed a waiver of no force or effectthis option by Tenant, the extended term shall not commence and in which event this Lease shall expire at on the end of the initial direct term of this Lease (or at such earlier time then Termination Date as Landlord may elect pursuant to the default provisions of this Lease)set forth in Paragraph 3. If Tenant properly exercises its extension option under this SectionAll terms, then all references in this Lease (other than in this Section 2.6 itself) to the “term” provisions, covenants and conditions of this Lease shall apply during the Option Period, except that there shall be construed to include the extension term thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no Further right to extend the term beyond the Option Period and the Base Rent during the Option Period shall be as provided in this Paragraph below. The Base Rent to be charged during each Option Period shall he adjusted, with the adjustment occurring on the first day of this Lease beyond its prescribed term.the Option Period. The Base Rent during the Option Period shall be the prevailing market rental rate at the time of the exercise of the option, including prevailing market increases, if any, for option years two and three, but at no time lower than the Base Rent in force during the initial Term. If Landlord and Tenant cannot agree to the Base Rent for all three years of the option period (the "Option Base Rent") within fifteen (15) days of Tenant's notice, then each party shall immediately select a licensed commercial real estate broker familiar with similar properties in the area ("Arbitrator"), who shall be charged with agreeing upon the Option Base Rent within twenty (20) days of the failure of the parties to agree. If such Arbitrators cannot so agree, then they shall immediately select a third Arbitrator who shall render a decision within

Appears in 1 contract

Samples: Lease Agreement (Scantek Medical Inc)

Option to Extend Term. Tenant Lessee shall have the option ("Extension Option") to extend the term Lease Term, as to not less then the entire Premises, for a period (the "Option Period") of this Leasefive (5) years commencing upon the date the Lease Term would otherwise expire, at upon the minimum rental same terms and conditions previously applicable, except for the grant of the Extension Option, the Landlord's Work provisions set forth in Section 3.1(cExhibit B (which shall no longer be executory) and otherwise upon all the terms and provisions Rent (which shall be determined as set forth herein with respect below. The Extension Option may be validly exercised only by notice in writing ("Option Notice") received by Landlord not earlier than twelve (12) months, and not later than nine (9) months, prior to the initial direct term of this Lease, for one (1) additional term of three (3) years, commencing upon the expiration commencement of the initial direct term hereofOption Period; provided, however, that such option shall be exercisable solely with respect to in the entire Premises covered by this event Lessee is in default of the Lease on at any time from the date of exercise of such option. Exercise of such option shall be by the Option Notice through the date on which the Option Period commences, then at Lessor's election and upon written notice by Lessor to Landlord not less than nine (9) months and not more than twelve (12) months prior to the expiration of the initial direct term hereof. If Tenant is in default hereunderLessee, beyond any applicable notice and cure periods, on the date of such notice or on the date the extended term is to commence, then the Lessee's exercise of the option Extension Option may be voided by Lessor and Lessee shall thereafter have no rights hereunder to extent the Term through the Option Period. If Lessee does not exercise the Extension Option during the exercise period set forth above in strict accordance with the provisions hereof, the Extension Option shall forever terminate and be of no further force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct term of this Lease (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its extension option under this Section, then all references in this Lease (other than in this Section 2.6 itself) to the “term” of this Lease shall be construed to include the extension term thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.

Appears in 1 contract

Samples: Lease Agreement (Learningstar Inc)

Option to Extend Term. Provided that (i) Landlord has not given Tenant notice of a material non-monetary Event of Default or any monetary Event of Default more than two (2) times in the preceding 12-month period, (ii) there then exists no Event of Default by Tenant under the Lease nor any event that with the giving of notice and/or the passage of time would constitute an Event of Default, (iii) Tenant has not previously assigned this Lease or sublet all of the Premises (except as a Permitted Transfer), and (iv) Tenant’s creditworthiness is equal to or greater than it was as of the date of this Lease (as reasonably determined by Landlord), Tenant shall have the right and option (an “Extension Option”) to extend the term of this Lease, at the minimum rental set forth in Section 3.1(c) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, Term for one (1) additional term period of three five (35) years, commencing upon exercisable in the expiration following manner. If Tenant is desirous of exercising the initial direct term hereof; providedExtension Option under this section, however, that such option Tenant shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such option. Exercise of such option shall be by give Landlord written notice to Landlord not less than nine (9) months and not more than twelve (12) months prior to the expiration in advance of the initial direct term hereof. If Tenant scheduled Expiration Date of Tenant’s intention to extend the Term (“Tenant’s Extension Notice”), it being agreed that time is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date the extended term is to commence, then the exercise of the option essence and that the Extension Option is personal to Tenant and is non-transferable to any transferee or other party other than a Permitted Transferee. Promptly after receipt of Tenant’s Extension Notice, Landlord and Tenant shall negotiate the Fixed Rent for the Extension Option in good faith. The Extension Option shall be of no force or effect, under the extended term shall not commence same terms and this Lease shall expire at the end of the initial direct term of this Lease (or at such earlier time conditions as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its extension option under this Section, then all references provided in this Lease (other than in this Section 2.6 itself) to the “term” of this Lease shall be construed to include the extension term thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.follows:

Appears in 1 contract

Samples: Agreement of Lease (Trevena Inc)

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Option to Extend Term. (a) Provided this Lease is in full force and effect and that no Default by Tenant, as defined in this Lease, is in existence either on the date of Tenant’s Extension Notice (as hereinafter defined) or, unless waived in writing by Landlord for the purpose of this Extension Option (as hereinafter defined), on the Extension Effective Date, and provided further that this Lease shall not have theretofore been assigned and the Premises (nor any portion thereof) shall have theretofore been subleased (other than pursuant to an assignment or sublease not requiring Landlord’s consent thereto), Tenant shall have the option right, at Tenant’s option, to extend the term Term of this Lease, at the minimum rental set forth in Section 3.1(c) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, Lease for one (1) additional term period of three five (35) years, years (the “Optional Extended Term”) commencing upon on the expiration day following the Expiration Date (the “Extension Effective Date”) and ending on the fifth (5th) anniversary of the initial direct term hereof; provided, however, that such Expiration Date (the “Optional Extended Term Expiration Date”). Such option to extend (the “Extension Option”) shall be exercisable solely with respect to the entire Premises covered exercised by this Lease on the date of exercise of such option. Exercise of such option shall be by Tenant giving written notice (“Tenant’s Extension Notice”) of the exercise thereof to Landlord not less than at least nine (9) months before the Expiration Date. If Tenant shall fail to timely give Tenant’s Exercise Notice as provided herein, the Extension Option shall be deemed automatically and not more than irrevocably waived by Tenant. The Term as extended pursuant to the Extension Option shall be upon the same terms, covenants, and conditions as set forth in this Lease except that the Base Rent payable during the Optional Extended Term, if exercised, shall equal the Market Rate (defined below). In the event Tenant exercises the Extension Option as provided herein, then Tenant shall, within fifteen (15) days after Landlord’s request, execute and deliver an amendment to the Lease memorializing such exercise and the Rent payable by Tenant during the Optional Extended Term. At any time within twelve (12) months prior to the expiration Expiration Date, Tenant may request that Landlord furnish Tenant with Landlord’s determination of the initial direct term hereof. If Tenant is in default hereunderMarket Rent for the Optional Extended Term, beyond any applicable notice and cure periods, on the date of which Landlord shall furnish within thirty (30) days after such notice or on the date the extended term is to commence, then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct term of this Lease (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its extension option under this Section, then all references in this Lease (other than in this Section 2.6 itself) to the “term” of this Lease shall be construed to include the extension term thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed termrequest.

Appears in 1 contract

Samples: Lease (Novavax Inc)

Option to Extend Term. Tenant shall have the option to extend the term Term of this Lease, at the minimum rental set forth in Section 3.1(c) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, Lease for one two (12) additional term periods of three (3) yearsyears each (individually a “Premises Option” and collectively the “Premises Options”). The period of a Premises Option is referred to herein as the “Option Term.” Tenant shall have no right or interest to exercise a Premises Option unless: (a) Tenant gives the Landlord written notice of its intent to exercise the Premises Option no earlier than seven (7) months and no later than six (6) months prior to the end of the Term, commencing or any prior extension thereof (the “Extension Notice”); (b) at the time the Extension Notice is given, Tenant is not in default of any of the terms or conditions under this Lease beyond any applicable cure period, nor are there any conditions which with the passage of time could result in a default by Tenant at any time; (c) Tenant has not been in default beyond any applicable cure period in the performance of any of its obligations under this Lease more than two (2) times prior to the date the Extension Notice is given; and (d) (i) Tenant has not filed, nor sought protection, under any bankruptcy statute, (ii) Tenant has not failed to obtain a vacation from any involuntary bankruptcy proceeding within sixty (60) days of such filing, and (iii) Tenant has not defaulted or there are no events which may cause a default under any of Tenant’s debt or indenture obligations. Annual Base Rent during the Option Term shall be as set forth in Section 8 below. Time is of the essence with respect to Tenant’s exercise of the Premises Options. Tenants’ failure to exactly comply with any of the time or other requirements herein, shall cause the Premises Options to automatically expire and, in such event, this Lease shall terminate upon the expiration of the initial direct term hereof; provided, however, that such option shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such option. Exercise of such option shall be by written notice to Landlord not less than nine (9) months and not more than twelve (12) months prior to the expiration of the initial direct term hereof. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date the extended term is to commence, then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct term of this Lease (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its extension option under this Section, then all references in this Lease (other than in this Section 2.6 itself) to the “term” of this Lease shall be construed to include the extension term thus elected by TenantTerm. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term Term pursuant hereto for the Option Terms shall be personal to Tenant and shall not be exercisable by or for the benefit of this Lease beyond its prescribed termany assignee, subtenant or other transferee of Tenant.

Appears in 1 contract

Samples: Lease (Zogenix, Inc.)

Option to Extend Term. Tenant shall have the option to extend the term of this Lease with respect to any one or more of the Buildings, on a Building by Building basis (provided, however, that notwithstanding any other provisions of this Section 2.6, if the Connector Bridge is constructed as contemplated in Section 1.1(a) of this Lease and if Tenant elects to exercise this extension option with respect to one but not both of the Phase I Buildings, then Landlord’s election regarding removal of the Connector Bridge by Landlord at Tenant’s expense, as provided in Section 12.2(c) of this Lease, shall be exercisable in Landlord’s discretion either at the expiration of this Lease with respect to the Phase I Building for which the extension option was not exercised or at the expiration of this Lease with respect to the Phase I Building for which the extension option was exercised), at the minimum rental Minimum Rental set forth in Section 3.1(c3.1(b) and (c) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, for one up to two (12) additional term periods of three five (35) yearsyears each, the first commencing upon the expiration of the initial direct term hereof; provided, however, that such option shall be exercisable solely with respect hereof and the second (applicable only to the entire Premises covered by this Lease on Building or Buildings as to which a first extended term has been duly elected) commencing upon the date of exercise expiration of such optionfirst extended term, if any. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord not less than at least nine (9) months and not more than twelve (12) months prior to the expiration of the initial direct term hereof; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the first extended term hereof. If Tenant is in default hereunder, beyond any applicable notice and cure periods, hereunder on the date of such notice or on the date the any extended term is to commence, then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct then current term of this Lease hereof (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its one or more extension option options under this Section, then all references in this Lease (other than in this Section 2.6 itself2.6) to the “term” of this Lease shall be construed to include the extension term term(s) thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.

Appears in 1 contract

Samples: Sub Sublease (Assembly Biosciences, Inc.)

Option to Extend Term. Tenant shall have the option to extend the term of this Lease, at the minimum rental set forth in Section 3.1(c3.1(e) and (f) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, for one up to two (12) additional term periods of three five (35) yearsyears each, commencing upon the expiration of the initial direct term hereof; provided, however, that such option shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such option. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord not less than nine (9) months and not more than at least twelve (12) months prior to the expiration of the initial direct term hereof; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least twelve (12) months prior to the expiration of the first extended term hereof. If Tenant Xxxxxx is in default hereunder, beyond any --------------------------- *CONFIDENTIAL TREATMENT REQUESTED 5 applicable notice and cure periods, on the date of such notice or on the date the any extended term is to commence, then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct then current term of this Lease hereof (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its one or more extension option options under this Section, then all references in this Lease (other than in this Section 2.6 itself2.6) to the "term" of this Lease shall be construed to include the extension term term(s) thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenantXxxxxx. Except as expressly set forth in this Section 2.62.6 and in Section 2.7, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.

Appears in 1 contract

Samples: Sugen Inc

Option to Extend Term. Tenant shall have the option to extend the term --------------------- of this Lease, at the minimum rental set forth in Section 3.1(c3.1(b) and (c) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, for one up to two (12) additional term periods of three five (35) yearsyears each, the first commencing upon the expiration of the initial direct term hereof; providedhereof and the second commencing upon the expiration of the first extended term, however, that such option shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such optionif any. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord not less than at least nine (9) months and not more than twelve (12) months prior to the expiration of the initial direct term hereof; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months prior to the expiration of the first extended term hereof. If Tenant is in default hereunder, beyond any applicable notice and cure periods, hereunder on the date of such notice or on the date the any extended term is to commence, then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct then current term of this Lease hereof (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its one or more extension option options under this Section, then all references in this Lease (other than in this Section 2.6 itself2.6) to the "term" of this Lease shall be construed to include the extension term term(s) thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this that Lease beyond its prescribed term.

Appears in 1 contract

Samples: Suit Lease (Tularik Inc)

Option to Extend Term. Tenant shall have Paragraph 39.1 is deleted in its entirety. The Lessor covenants with the option Lessee that if the Lessee duly and regularly pays the Rent and any and all additional amounts required to extend be paid pursuant to this Lease and performs each and every covenant, provision and agreement on the term part of this Leasethe Lessee to be paid, rendered, observed and performed herein, the Lessor will at the minimum rental set forth in Section 3.1(c) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, for one (1) additional term of three (3) years, commencing upon the expiration of the initial direct then expiring term hereof; provided, however, that such option shall be exercisable solely with respect on written notice by the Lessee to the entire Premises covered Lessor given by this Lease on the date of exercise of such option. Exercise of such option shall be by written notice to Landlord not less than nine (9) months and Lessee not more than twelve (12) months prior to the expiration of the initial direct then expiring term hereofand received by the Lessor not less than nine (9) months prior to the expiration of the then expiring term grant to the Lessee a five (5) year renewal of lease of the leased Premises (the "Renewal Term") on the same terms and conditions herein save and except the Base Rent, Operating Expense Increase and other charges. The Base Rent, Operating Expense Increase and other charges for the Renewal Term shall be determined by negotiations between the Lessor and Lessee hereto. If Tenant is the parties hereto are unable to agree in default hereunderwriting as to the Base Rent, beyond any applicable notice Operating Expense Increase and cure periods, on other charges for the date of such notice or on the date the extended term is Renewal Term ninety (90) days prior to commence, then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct term of this Lease (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its extension option under this Section, then all references in this Lease (other than in this Section 2.6 itself) to the “term” of this Lease shall end at the conclusion of the five year Term, and this Option to Extend Term and any subsequent options to extend term shall be construed to include the extension term thus elected by Tenantnull and void. The extension option granted herein may be assigned Lessee agrees to execute all documents reasonably required by Lessor to exercise the Option to Extend Term. The Lessee shall execute such documents prior to the commencement date of the Renewal Term. The Lessee's Option to Extend Term hereunder is personal to the Lessee and exercised by automatically expires on any permitted assignee Transfer or parting with possession of Tenant’s entire interest in this Lease, provided that such assignee is in possession all or any part of the Premises at whether or not such transfer or parting with possession is with the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend consent of the term of this Lease beyond its prescribed termLessor.

Appears in 1 contract

Samples: Sonic Foundry Inc

Option to Extend Term. Tenant shall have the option to extend the term --------------------- of this Lease, at the minimum rental set forth in Section 3.1(c3.1(b) and (c) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, for one up to two (12) additional term periods of three five (35) yearsyears each, the first commencing upon the expiration of the initial direct term hereof; providedhereof and the second commencing upon the expiration of the first extended term, however, that such option shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such optionif any. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord not less than at least nine (9) months and not more than twelve (12) months prior to the expiration of the initial direct term hereof; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months prior to the expiration of the first extended term hereof. If Tenant is in default hereunder, beyond any applicable notice and cure periods, hereunder on the date of such notice or on the date the any extended term is to commence, then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct then current term of this Lease hereof (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its one or more extension option options under this Section, then all references in this Lease (other than in this Section 2.6 itself2.6) to the "term" of this Lease shall be construed to include the extension term term(s) thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.

Appears in 1 contract

Samples: Tularik Inc

Option to Extend Term. Tenant shall have the option to extend the term of this Lease, at the minimum rental set forth in Section 3.1(c3.1(b) and (c) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, for one up to two (12) additional term periods of three five (35) yearsyears each, the first commencing upon the expiration of the initial direct term hereof; providedhereof and the second commencing upon the expiration of the first extended term, however, that such option shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such optionif any. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord not less than at least nine (9) months and not more than twelve (12) months prior to the expiration of the initial direct term hereof; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the first extended term hereof. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date the any extended term is to commence, then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct then current term of this Lease hereof (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its one or more extension option options under this Section, then all references in this Lease (other than in this Section 2.6 itself2.6) to the "term" of this Lease shall be construed to include the extension term term(s) thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.. [***] CERTAIN INFORMATION IN THIS EXHIBIT HAS BEEN OMITTED AND FILED SEPARATELY WITH THE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED PORTIONS. 3 RENTAL

Appears in 1 contract

Samples: Pharmacopeia Inc

Option to Extend Term. So long as Tenant shall not be in default beyond applicable notice and grace periods hereunder, Tenant shall have the option right, at its election, to extend the term of this Lease, at the minimum rental set forth in Section 3.1(c) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, Term for one two (12) additional term of three five (35) years, commencing upon the expiration of the initial direct term hereof; provided, however, that such year periods (each respectively referred to herein as an "Extension Period"). The first five-year option shall be exercisable solely with respect to from January 1, 2005 through December 31, 2009, and the entire Premises covered by this Lease on the date of exercise of such option. Exercise of such second five-year option shall be from January 1, 2010 through December 31, 2014. The Base Rent to be paid during each Extension Period shall be the then fair market rental value for renewal rentals in the "market" (as defined below), taking into consideration, without limitation, the condition of the Premises, the amount of Rent being paid during the initial term of other leases used as comparables (i.e., to determine if extension rents paid in comparables reflect discounts attributable to an above market initial term rent), any free rent provided, work letter obligations, the base year for escalations and other tenant inducements, such amount to be mutually agreed to by written the parties. The market shall be defined as the commercial office leasing areas of New Canaan, Westport and Darien, Connecticut. In addition to the Base Rent in any Extension Period, Tenant shall pay the Additional Rent as required under this Lease; however, the base year shall be adjusted as provided for in Section 3.B (i.e., the base year for Taxes and Operating Expenses (as each such term is hereinafter defined) shall be the first year of each respective Extension Period). The Tenant shall notify the Landlord of its intention to exercise its options to extend (such notice to Landlord shall be in writing and provided in a manner required by this Lease), if at all, not less than nine (9) months and not more earlier than twelve (12) months prior (except in the case of an exercise of such option pursuant to Section 32 below, in which event the exercise of said option may occur prior to said twelve (12) month period) to the expiration termination of the initial direct term hereofInitial Term or first Extension Period, as the case may be, nor later than 8 months prior thereto. Prior to the exercise by Tenant of an election to extend the Term, the expression "Term" or "term" or any equivalent expression shall mean the Term or Extension Period then in effect; after the exercise by Tenant of any such election, the expression "Term" or any equivalent expression shall mean the Term as it may have been then extended. All agreements and conditions in this Lease contained shall apply to the Extension Period to which the Term shall be extended as aforesaid excepting such provisions of this Lease which by their terms are only applicable to the Initial Term, excluding any further right of extension. If Tenant is shall give notice of the exercise of an election in default hereunderthe manner and within the time provided aforesaid, beyond the Term shall be extended upon the giving of notice without the requirement of any applicable notice and cure periods, action on the date part of such notice or on the date the extended term is Landlord. If Tenant shall exercise its renewal option in conjunction with Section 32, at Tenant's option to commence, then be exercised simultaneously with the exercise of the option renewal option, the "market" Base Rent for the Premises for the Extension Period shall be of no force or effect, the extended term shall not commence and this Lease shall expire fixed either (i) at the end time of the initial direct term exercise of this Lease the renewal option, or (or ii) at such earlier a time as Landlord may elect pursuant which is six (6) months prior to the default provisions commencement of this Leasethe renewal term; if Tenant shall fail to elect either option (i) or (ii), then Tenant shall be deemed to have elected option (ii). If Tenant properly exercises shall have exercised its extension renewal option as aforesaid and Landlord and Tenant cannot agree upon the "market" Base Rent for the Premises under the terms of this SectionLease during the Extension Period, then all references the dispute as to the "market" Base Rent for the Premises shall be submitted to arbitration in accordance with the provisions of Section 36 of this Lease. The arbitrators shall select either Landlord's estimate or Tenant's estimate of the "market" Base Rent of the Premises. Notwithstanding anything in this Lease (other than in this Section 2.6 itself) to the “term” contrary, in no event shall the Base Rent for any Extension Period be reduced below the Base Rent payable during the Initial Term. If upon the commencement of this Lease the Extension Period the Base Rent to be paid by Tenant during such Extension Period shall be construed to include not have been determined, Tenant shall, effective as of the extension term thus elected commencement of such Extension Period, pay as Base Rent the sum of (i) the amount estimated by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee Landlord as the appropriate Base Rent for the Premises during such Extension Period in accordance with the terms of Tenant’s entire interest in this Lease, provided that plus (ii) all other amounts due and payable pursuant to this Lease. Upon the determination of such assignee is Base Rent, in possession the event of any overpayment of such Base Rent by Tenant since the Premises at beginning of such Extension Period, Landlord shall pay to Tenant the timeamount of such overpayment. If Landlord shall not pay same to Tenant within ten (10) days of such option is exerciseddetermination, but may not be assigned in addition to or exercised by any subtenant. Except as expressly set forth in this Section 2.6other rights and remedies of Tenant, upon fifteen (15) days prior written notice to Landlord, Tenant shall have no the right to extend offset any amounts due to Tenant plus interest thereon at the term of this Lease beyond its prescribed termInterest Rate from the date such overpayment was made.

Appears in 1 contract

Samples: Agreement of Lease (Century Communications Corp)

Option to Extend Term. Subject to the provisions of this Paragraph 7, Tenant shall have the option ("Option to Extend") to extend the term Term of this Lease, at the minimum rental set forth in Section 3.1(c) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, Lease for one (1) additional sixty (60) month term of three (3) yearsthe "Extended Term"), commencing upon the expiration on all of the initial direct term hereof; providedsame terms and conditions of the Lease except for the monthly Base Rent, howeverprovided that Tenant OR ITS PERMITTED ASSIGN A UNDER PARAGRAPH 23, has continuously operated its business in the Premises SUBJECT TO EVENTS OF FORCE MAJEURE AND THE PROVISIONS OF THE LEASE, and provided that no Event of Default or any even circumstance has occurred (WRITTEN NOTICE OF WHICH HAS BEERS PROVIDED TO TENANT) which with passage of time or the giving of notice or both would constitute an Event of Default ("Potential Default") shall exist under the Lease when Tenant exercises such option shall be exercisable solely with respect to the entire Premises covered by this Lease right or on the date commencement of the Extended Term. Tenant may exercise such right only by giving Landlord written notice of exercise, submitted by Tenant on Tenant's letterhead stationary, of such option. Exercise of such option shall be by written notice to Landlord right no later than the date which is six (6) months and not less sooner than nine (9) months and not more than twelve (12) months prior to the expiration of the initial direct term hereof. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date the extended term is to commence, then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct term of this Lease (or at such earlier time as Landlord may elect pursuant with respect to the default provisions of this Lease)Extended Term. If Tenant properly exercises its extension option under this Section, then all references in this Lease fails (other than in this Section 2.6 itselfor is unable due to an Event of Default or Potential Default) to timely exercise such rights in accordance herewith, such rights shall terminate automatically without further action or notice required on the “term” part of this Lease Tenant or Landlord. Base Rent for the Extended Term shall be construed that amount equal to include the extension term thus elected Fair Market Rental Value for similar space determined as hereinafter provided. In no event shall the Base Rent for the Extended Term be less than the monthly rent paid by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest tenant in this Lease, provided that such assignee is in possession the last month of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed termOriginal Term.

Appears in 1 contract

Samples: Lease Addendum (Ocular Sciences Inc /De/)

Option to Extend Term. Tenant shall have is granted the option to extend the term of this Lease, at the minimum rental set forth in Section 3.1(c) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, Lease for one (1) additional term of thirty-three (333) years, commencing upon provided (A) Tenant is not in default at the expiration of the initial direct term hereof; provided, however, that such option shall be exercisable solely with respect to the entire Premises covered by this Lease on the date time of exercise of such option. Exercise the option or prior to the commencement of such the Extension Term, and (B) Tenant gives notice of its exercise of the option shall be by written notice to Landlord not no earlier than (18) months and no less than nine (9) months and not more than twelve (12) months prior to the expiration of the initial direct original Term. The extension term hereofshall be upon the same terms, conditions and rentals, except (a) Tenant shall have no further right of extension after exercise of the Extension Term, and (b) the Annual Rent applicable during the extension term shall be two percent (2%) of Tenant’s “Gross Revenue,” as described in Tenant’s annual CPA audited financial statements for the previously reported fiscal year (“Financial Statements”) and which statements are consistent with Tenant’s annual Form 990 submitted by Tenant to the United States Internal Revenue Service (“Form 990”), net of any income taxes actually paid by Tenant for such year, as evidenced by a copy of Tenant’s tax return. If Tenant fails to timely exercise its option to extend the Term or is in default hereunder, beyond any applicable notice and cure periods, on hereunder at the date time of such notice exercise or on at any time thereafter prior to the date commencement of the extended term is to commenceExtension Term, then Tenant shall have no right to the Extension Term and its exercise of the option shall be null and void and of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct term of this Lease (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises elects to exercise the Extension Term, Tenant shall timely provide Landlord with the notice of exercise, audited Financial Statements for the then current fiscal year, a copy of its extension option under this Sectionmost recent Form 990 filing, then all references in this Lease (other than in this Section 2.6 itself) to the “term” of this Lease shall be construed to include the extension term thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee a copy of Tenant’s entire interest in this Lease, provided that such assignee is in possession of annual tax returns for the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed termrelevant year.

Appears in 1 contract

Samples: Ground Lease Agreement

Option to Extend Term. Tenant shall have the option to extend the term of this Lease, at the minimum rental set forth in Section 3.1(c) and (d) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, for one up to two (12) additional term periods of three five (35) yearsyears each, the first commencing upon the expiration of the initial direct term hereof; providedhereof and the second commencing upon the expiration of the first extended term, however, that such option shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such optionif any. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord not less than at least nine (9) months and not more than twelve (12) months prior to the expiration of the initial direct term hereof; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the first extended term hereof. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date the any extended term is to commence, then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct then current term of this Lease hereof (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its one or more extension option options under this Section, then all references in this Lease (other than in this Section 2.6 itself2.6) to the "term" of this Lease shall be construed to include the extension term term(s) thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.

Appears in 1 contract

Samples: Rigel Pharmaceuticals Inc

Option to Extend Term. a. Tenant shall have and is hereby granted the option to extend the term Term hereof for two (2) periods of this Leasefive (5) years each (each, at an “Extension Period”) commencing on the minimum rental set forth in Section 3.1(cdate immediately following the Lease Expiration Date, or on the date immediately following the last day of the first Extension Period, as applicable, provided that: (i) and otherwise upon all Tenant delivers written notice (the terms and provisions set forth herein with respect “Extension Notice”) to Landlord, not more than fifteen (15), or less than twelve (12), months prior to the initial direct term of this LeaseLease Expiration Date, for one (1) additional term of three (3) years, commencing upon the expiration or prior to last day of the initial direct term hereof; first Extension Period, as applicable, time being of the essence, of Tenant’s irrevocable election to exercise such extension option (provided, however, that if the Premises contains more than 63,492 rentable square feet, Tenant shall deliver the Extension Notice to Landlord not more than eighteen (18), or less than fifteen (15), months prior to the Lease Expiration Date, or prior to last day of the first Extension Period, as applicable); (ii) no event exists at the time of the exercise of such option shall be exercisable solely or arises subsequent thereto, which event by notice and/or the passage of time would constitute an Event of Default if not cured within the applicable cure period; and (iii) Tenant has not assigned its interest in the Lease or sublet more than thirty-five percent (35%) of the Premises (except to an Affiliate of Tenant. Notwithstanding the foregoing, Tenant may elect to extend the Term hereof pursuant to the terms of this Section 22 with respect to the entire Premises, or alternatively, with respect to any full floor(s) which comprise the Premises covered by this Lease on as of the date Tenant delivers the Extension Notice to Landlord, which notice shall set forth the portion of exercise of such option. Exercise of such option the Premises which shall be by written notice subject to Landlord not less than nine (9) months and the applicable Extension Period. Notwithstanding the foregoing, if Tenant delivers to Landlord, not more than twelve nineteen (12) 19), or less than sixteen (16), months prior to the expiration Lease Expiration Date, or prior to the last day of the initial direct term hereof. If first Extension Period, as applicable, written notice (the “Extension Period Proposed Rent Notice”) requesting that Landlord furnish Tenant is in default hereunderwith Landlord’s proposed Annual Base Rent, beyond any applicable notice Base Year and cure periodsother material economic terms and conditions for the first or second (2nd) Extension Period, on the date of as applicable, Landlord shall furnish Tenant with such notice or on the date the extended term is to commence, then the exercise proposed terms and conditions within thirty (30) days after Landlord’s receipt of the option shall be of no force or effectExtension Period Proposed Rent Notice (provided, the extended term shall not commence and this Lease shall expire at the end of the initial direct term of this Lease (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its extension option under this Sectionhowever, then all references in this Lease (other than in this Section 2.6 itself) to the “term” of this Lease shall be construed to include the extension term thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of if the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6contains more than 63,492 rentable square feet, Tenant shall have no right deliver the Extension Period Proposed Rent Notice to extend Landlord not more than twenty-one (21), or less than eighteen (18), months prior to the term Lease Expiration Date, or prior to last day of this Lease beyond its prescribed termthe first Extension Period, as applicable).

Appears in 1 contract

Samples: Work Agreement (K12 Inc)

Option to Extend Term. Tenant shall have the option to extend the term of this Lease, at the minimum rental set forth in Section 3.1(c3.1 (b) or (c) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, for one up to two (12) additional term periods of three five (35) yearsyears each, the first commencing upon the expiration of the initial direct term hereof and the second commencing upon the expiration of the first extended term hereof; provided, however, that such option shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such option. Exercise of such option with respect to the first extended term shall be by written notice to Landlord not less than at least nine (9) months and not more than twelve (12) months prior to the expiration of the initial direct term hereof. Exercise of such option with respect to the second extended term shall be by written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the first extended term hereof. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date the applicable extended term is to commence, then the exercise of the applicable option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct then current term of this Lease hereof (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its one or both extension option options under this Section, then all references in this Lease (other than in this Section 2.6 itself2.6) to the “term” of this Lease shall be construed to include the extension term term(s) thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.

Appears in 1 contract

Samples: Lease (Foxhollow Technologies, Inc.)

Option to Extend Term. Provided (i) this Lease shall then be in full force and effect and Tenant shall not then be in default hereunder beyond the expiration of any applicable grace or cure period either at the time of the exercise of such option or upon commencement of the Extension Term, and (ii) Tenant shall accept the Premises for the Extension Term "as is", Tenant shall have the option right, at its option, to extend the term Term for one consecutive five (5) year period (the "Extension Term"). The Extension Term shall commence on the day after the Term Expiration Date and shall expire on the day immediately preceding the fifth (5th) anniversary of the Term Expiration Date (the "Extension Term Expiration Date") unless such Extension Term shall sooner end pursuant to any of the terms, covenants or conditions of this Lease, at the minimum rental set forth in Section 3.1(c) and otherwise upon all the terms and provisions set forth herein with respect Lease or pursuant to the initial direct term law. Tenant shall give Landlord written notice of this Lease, for one (1) additional term of three (3) years, commencing upon the expiration of the initial direct term hereof; provided, however, that Tenant's intention to exercise any such option shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such option. Exercise of such option shall be by written notice to Landlord not less than nine at least one hundred eighty (9180) months and days but not more than twelve two hundred forty (12240) months days prior to the expiration scheduled Term Expiration Date, the time of exercise being of the initial direct term hereof. If Tenant is in default hereunder, beyond any applicable notice essence and cure periods, on upon the date giving of such notice notice, this Lease and the Term shall be extended without execution or on delivery of any other or further documents, with the date same force and effect as if the extended term is Extension Term had originally been included in the Term and the Scheduled Term Expiration Date and the Term Expiration Date shall thereupon be deemed to commence, then be the exercise last day of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end Extension Term. All of the initial direct term of this Lease (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its extension option under this Sectionterms, then all references in this Lease (other than in this Section 2.6 itself) to the “term” covenants and conditions of this Lease shall continue in full force and effect during any such Extension Term, including items of additional rent and escalation which shall remain payable on the terms herein set forth, except that the Basic Rent shall be construed determined in accordance with the terms of Section 13.02 below and after Tenant shall have exercised its right to include extend the extension term thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of Term for the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6Extension Term, Tenant shall have no further right to extend the term Term of this Lease beyond its prescribed termpursuant to this Article XIII.

Appears in 1 contract

Samples: E Tenant Improvement Agreement (Aames Financial Corp/De)

Option to Extend Term. Tenant shall have the option to extend the term of this Lease with respect to any one or more of the Buildings, on a Building by Building basis (provided, however, that notwithstanding any other provisions of this Section 2.6, if the Connector Bridge is constructed as contemplated in Section 1.1(a) of this Lease and if Tenant elects to exercise this extension option with respect to one but not both of the Phase I Buildings, then Landlord's election regarding removal of the Connector Bridge by Landlord at Tenant's expense, as provided in Section 12.2(c) of this Lease, shall be exercisable in Landlord's discretion either at the expiration of this Lease with respect to the Phase I Building for which the extension option was not exercised or at the expiration of this Lease with respect to the Phase I Building for which the extension option was exercised), at the minimum rental Minimum Rental set forth in Section 3.1(c3.1(b) and (c) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, for one up to two (12) additional term periods of three five (35) yearsyears each, the first commencing upon the expiration of the initial direct term hereof; provided, however, that such option shall be exercisable solely with respect hereof and the second (applicable only to the entire Premises covered by this Lease on Building or Buildings as to which a first extended term has been duly elected) commencing upon the date of exercise expiration of such optionfirst extended term, if any. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord not less than at least nine (9) months and not more than twelve (12) months prior to the expiration of the initial direct term hereof; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the first extended term hereof. If Tenant is in default hereunder, beyond any applicable notice and cure periods, hereunder on the date of such notice or on the date the any extended term is to commence, then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct then current term of this Lease hereof (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its one or more extension option options under this Section, then all references in this Lease (other than in this Section 2.6 itself2.6) to the "term" of this Lease shall be construed to include the extension term term(s) thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.

Appears in 1 contract

Samples: Sublease (Prothena Corp PLC)

Option to Extend Term. Landlord shall notify Tenant in writing at --------------------- least twelve (12) months prior to the Expiration Date of the initial Term of the Lease and/or twelve (12) months prior to the expiration of the first Extended Term (defined below), as applicable, as to whether Landlord will exercise its right to repossess the Premises from and after the Expiration Date or the expiration of the first Extended Term, as applicable (the "Recapture Right"). If Landlord, in Landlord's sole and absolute discretion, exercises this Recapture Right, then (i) the Lease shall terminate on the Expiration Date or the expiration of the first Extended Term, as applicable, (ii) Tenant shall have no right to extend this Lease for the Extended Term(s) (defined below), (iii) from and after the Expiration Date or the expiration of the first Extended Term, as applicable, Tenant shall have no further rights or interests in the Premises of any nature whatsoever, and (iv) provided Landlord, a Landlord Affiliate and/or a Technology Party initially occupies more than fifty percent (50%) of the Premises for their own use, Landlord shall be free to use the balance of the Premises for any purposes whatsoever, including, without limitation, assigning or subleasing the balance of the Premises to any person or entity for any purpose whatsoever. If Landlord does not timely exercise its Recapture Right as to the Premises upon the Expiration Date or the expiration of the first Extended Term, as applicable, then Tenant shall have the option to extend the term of this Lease, at the minimum rental set forth in Section 3.1(c) and otherwise upon all the terms and provisions set forth herein with respect Lease as to the initial direct term entire Premises (but not less than the entire Premises) for two (2) extended term(s) of this Lease, for one (1) additional term of three (3) years, year each commencing upon the Expiration Date of the initial Term of the Lease and the expiration of the first one-year Extended Term (each, an "Extended Term"). Tenant may exercise the foregoing option to extend if and only if (i) Tenant notifies Landlord in writing of its irrevocable election to extend the Term of the Lease for the Extended Term no later than eleven (11) months prior to the Expiration Date of the initial direct Term of the Lease or eleven (11) months prior to the expiration date of the first one-year Extended Term, as applicable, (ii) Tenant extends the term hereof; provided, however, that such option shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such option. Exercise of such option shall be by written notice to Landlord not less than nine (9) months and not more than twelve solely a portion of the Premises) and (12iii) months prior to Tenant is not in material default of the Lease (following the expiration of the initial direct term hereof. If Tenant is in default hereunder, beyond any applicable cure periods without cure) either at the time of giving notice and cure periods, on the date of such notice its irrevocable election to extend or on the commencement date of each Extended Term. If each of the extended term is to commenceconditions set forth in the immediately preceding sentence are not satisfied in full, then Tenant's option(s) to extend the exercise term of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at lapse and be null and void and the end terms and provisions of the initial direct term second sentence of this Lease (or at such earlier time Section 2.3 shall apply as though Landlord may elect pursuant had exercised its Recapture Right as to the default Premises. All of the terms and provisions of this Lease). If Tenant properly exercises its extension option under this Section, then all references in this Lease (other than in this Section 2.6 itself) to the “term” of this Lease shall apply during the Extended Term except that (a) there shall be construed to include the extension term thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no further right to extend the term of this the Lease beyond its prescribed termthe second Extended Term, (b) except as expressly provided in this Lease, Landlord shall have no obligation to make improvements to the Premises of any nature whatsoever, (c) Tenant shall not be entitled to any abatement of Monthly Base Rent during either Extended Term and (d) Monthly Base Rent during each the Extended Term shall be determined and annually increased in accordance with the provisions of Exhibit B --------- attached hereto. The foregoing right to extend the term of the Lease is personal to Tenant and may not be assigned, sold, leased or otherwise transferred, voluntarily or involuntarily, by or to any other person or entity except to a Tenant Affiliate in accordance with Article 15 below.

Appears in 1 contract

Samples: Office Lease (Chemdex Corp)

Option to Extend Term. Landlord hereby grants Tenant shall have the option right to extend the term Term of this Lease, at the minimum rental set forth in Section 3.1(c) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, Lease for one (1I) additional term period of three (3) yearsyears (such extended period is hereinafter referred to as the “Extended Term”) on the same terms and conditions contained in the Lease, commencing upon except that (i) Base Rent for an Extended Term shall be as set forth hereinbelow, (ii) no additional options to extend shall apply following the expiration of the initial direct term hereof; providedapplicable Extended Term (other than as expressly set forth above), however, that such option and (iii) Landlord shall be exercisable solely with respect have no obligation to make any improvements to the entire Premises covered by or contribute any amounts therefor. Written notice of Tenant’s exercise of its option to extend (“Option to Extend”) the Tem1 of this Lease on for the date of exercise of such option. Exercise of such option shall Extended Term must be by written notice given to Landlord not no less than nine six (9) months and not more than twelve (126) months prior to the expiration date the Term of the initial direct term hereofLease would otherwise expire. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date the extended term is to commence, then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct term of this Lease (or at such earlier time as Landlord may elect pursuant to the default provisions of under this Lease). If Tenant properly exercises its extension option under this Section, then all references in this Lease (other than in this Section 2.6 itself) to the “term” of this Lease shall be construed to include the extension term thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right Option to extend Extend the term Term of this Lease beyond until such default is cured within the cure period set forth in this Lease for such default, if any; provided, that the period of time within which said Option to Extend may be exercised shall not be extended or enlarged by reason of Tenant’s inability to exercise said Option to Extend because of a default. In the event Tenant validly exercises its prescribed term.Option to Extend the Term of this Lease as herein provided, Base Rent shall be adjusted as of the commencement date of the Extended Term as follows (but in no event shall it be less than the Base Rent for the month immediately prior to the commencement of the Extended Term):

Appears in 1 contract

Samples: Office Lease (Eastside Distilling, Inc.)

Option to Extend Term. Provided that: (i) Landlord has not given Tenant notice of a default more than two (2) times in the twenty-four (24) months immediately preceding the Expiration Date, (ii) there then exists no uncured default by Tenant under the Lease following applicable notice and cure periods, (iii) Tenant has not previously assigned this Lease or sublet all of the Premises (except for a Permitted Transfer), and (iv) Tenant remains creditworthy, as determined by Landlord in Landlord’s reasonable discretion, Tenant shall have the right and option (each an “Extension Option” and collectively the “Extension Options”) to extend the term of this Lease, at the minimum rental set forth in Section 3.1(c) and otherwise upon all the terms and provisions set forth herein with respect Term for up to the initial direct term of this Lease, for one two (12) additional term periods of three five (35) yearsyears each, commencing upon exercisable in the expiration following manner. If Tenant is desirous of the initial direct term hereof; providedexercising an Extension Option under this Article 39, however, that such option Tenant shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such option. Exercise of such option shall be by give Landlord written notice to Landlord not less than nine (9) months and not more than twelve (12) months prior to the expiration in advance of the initial direct term hereof. If Tenant then scheduled Expiration Date of Tenant’s intention to extend the Term (“Tenant’s Extension Notice”), it being agreed that time is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date the extended term is to commence, then the exercise of the option shall be essence and that the Extension Option is personal to Tenant and is non-transferable to any transferee or other party other than through a Permitted Transfer. Tenant’s notice must include a Letter of no force or effect, Credit meeting the extended term shall not commence and this Lease shall expire at the end of the initial direct term requirements of this Lease (or at such which has an expiration date not earlier time than 90 days following the extended Expiration Date and shall be irrevocable. Promptly after receipt of Tenant’s Extension Notice, Landlord and Tenant shall negotiate the rent for the Extension Option in good faith. The Extension Option shall be under the same terms and conditions as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its extension option under this Section, then all references provided in this Lease (other than in this Section 2.6 itself) to the “term” of this Lease shall be construed to include the extension term thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.follows:

Appears in 1 contract

Samples: Agreement of Lease (Auxilium Pharmaceuticals Inc)

Option to Extend Term. Tenant shall have the option to extend the term of this Lease, at the minimum rental set forth prescribed in Section 3.1(c3.1(b) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, for one up to two (12) additional term periods of three five (35) years, commencing years each. The first option period shall commence upon the expiration of the initial direct term hereof; provided, howeverand the second option period, that such option if applicable, shall be exercisable solely with respect to commence upon the entire Premises covered by this Lease on expiration of the date of exercise of such optionfirst extended term, if any. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord not less than at least nine (9) months and not more than twelve (12) months prior to the expiration of the initial direct term hereof. Exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months prior to the expiration of the first extended term hereof. If Tenant is in material default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date the any extended term is to commence, then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct then current term of this Lease hereof (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its one or both extension option options under this Section, then all references in this Lease (other than in this Section 2.6 itself2.6) to the “term” of this Lease shall be construed to include the extension term term(s) thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.

Appears in 1 contract

Samples: Master Lease Agreement (Genentech Inc)

Option to Extend Term. Tenant shall have the option to extend the term of this Lease, at the minimum rental set forth in Section 3.1(c) and (d) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, for one up to two (12) additional term periods of three five (35) yearsyears each, the first commencing upon the expiration of the initial direct term hereof; providedhereof and the second commencing upon the expiration of the first extended term, however, that such option shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such optionif any. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord not less than at least nine (9) months and not more than twelve (12) months prior to the expiration of the initial direct term hereof; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the first extended term hereof. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date the any extended term is to commence, then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct then current term of this Lease hereof (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its one or more extension option options under this Section, then all references in this Lease (other than in this Section 2.6 itself2.6) to the “term” of this Lease shall be construed to include the extension term term(s) thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.

Appears in 1 contract

Samples: Sub Sublease (Cytokinetics Inc)

Option to Extend Term. (if applicable) Provided that the Tenant shall not be in default of any of the covenants or conditions of the Lease and the Tenant is the original Tenant (i.e. the Lease has not been assigned and no portion of the Premises have been sublet), the Landlord shall grant to the Tenant an option to extend the term of this Lease, at the minimum rental set forth in Section 3.1(c) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, for one (1) additional term of three (3) years, commencing upon the expiration Term of the initial direct term hereof; providedLease for a period of [insert] years (the “Extended Term”), however, that such option shall be exercisable solely with respect to by the entire Premises covered by this Lease on the date of exercise of such option. Exercise of such option shall be by Tenant giving written notice to the Landlord not less than nine (9) months 180 days and not more than twelve (12) months 270 days prior to the expiration of the initial direct term hereof. If Tenant is in default hereunder, beyond any applicable notice and cure periodsTerm, on the date same terms and conditions as this Lease, save and except for Annual Basic Rent, rent free periods, rental concessions, any inducements, allowances or other similar items and that there will be no further right of such notice or on extension. The Annual Basic Rent payable during the date Extended Term shall be the extended term is to commence, then the exercise greater of the Annual Basic Rent payable during the final year of the Term or the fair market basic rent for the Premises as at the commencement of the Extended Term. The parties shall make bona fide efforts to agree as to the fair market basic rent and may refer to the basic rent payable for similar accommodation. If, however, the parties have not agreed to the amount of Annual Basic Rent by the 120th day prior to the commencement of the Extended Term, then, at the Landlord’s option, the option to extend shall be of no force or effect, null and void and the extended term Tenant shall not commence and this Lease shall expire surrender the Premises at the end of the initial direct term Term. As a condition of this Lease (or at such earlier time as the Tenant exercising its renewal right, the Landlord may elect pursuant require the Tenant to the default provisions of this Lease). If Tenant properly exercises its extension option under this Section, then all references in this Lease (other than in this Section 2.6 itself) to the “term” of this Lease shall be construed to include the extension term thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of renovate the Premises at in accordance with plans and specifications to be prepared by the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth Tenant in this Section 2.6, Tenant shall have no right to extend accordance with the term of this Lease beyond its prescribed termLandlord's then current design criteria and construction procedures.

Appears in 1 contract

Samples: Indemnity Agreement

Option to Extend Term. Tenant shall have the option to extend the term Term of this LeaseLease for the entire Premises for two (2) additional periods of five (5) years each (the "Premises Options"). The period of the First Premises Option is referred to herein as the "First Option Term", at and the minimum rental period of the second Premises Option is referred to as the "Second Option Term.". The First Option Term and the Second Option Term are sometimes hereinafter collectively referred to as the "Option Term". Tenant shall have no right or interest to exercise any Premises Option unless: (a) Tenant gives the Landlord written notice of its intent to exercise the Premises Option no earlier than three hundred sixty (360) days prior to the end of the Term, or any prior extension thereof, and no later than three hundred (300) days prior to the end of the Term, or any prior extension thereof (the "Extension Notice"); (b) There shall be no uncured Event of Default on the date the Extension Notice is delivered to Landlord and on the date the Option Term commences; (c) Tenant or an Affiliate Transferee occupies more than fifty percent (50%) of the Rentable Area of the Premises; and (d) Tenant has not filed for or sought protection under any bankruptcy statute. Annual Base Rent during the First Option Term shall be as set forth in the Basic Lease Provisions of this Lease and Base Rent during the Second Option Term shall be as set forth in Section 3.1(c4.01(b) and otherwise upon all of the terms and provisions set forth herein Lease. Time is of the essence with respect to Tenant's exercise of the initial direct term Premises Option. Tenant's failure to exactly comply with any of the time or other requirements herein, shall cause the Premises Option to automatically expire and, in such event, this Lease, for one (1) additional term of three (3) years, commencing Lease shall terminate upon the expiration of the initial direct term hereof; provided, however, that such option shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such option. Exercise of such option shall be by written notice to Landlord not less than nine (9) months and not more than twelve (12) months prior to the expiration of the initial direct term hereof. If Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date the extended term is to commence, then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct term of this Lease (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its extension option under this Section, then all references in this Lease (other than in this Section 2.6 itself) to the “term” of this Lease shall be construed to include the extension term thus elected by TenantTerm. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term Term pursuant hereto for the Option Term shall be personal to Tenant and shall not be exercisable by or for the benefit of this any assignee, subtenant or other transferee of Tenant, except that the Premises Option may be transferred by Tenant to an Affiliate Transferee in connection with a Transfer of the entire Lease beyond its prescribed termto an Affiliate Transferee and may be exercised by such Affiliate Transferee.

Appears in 1 contract

Samples: Office Lease (Jni Corp)

Option to Extend Term. Tenant shall have the option to extend the term of this Lease with respect to any one or more of the Buildings, on a Building by Building basis (provided, however, that notwithstanding any other provisions of this Section 2.6, if the Connector Bridge is constructed as contemplated in Section 1.1(a) of this Lease and if Tenant elects to exercise this extension option with respect to one but not both of the Phase I Buildings, then Landlord's election regarding removal of the Connector Bridge by Landlord at Tenant's expense, as provided in Section 12.2(c) of this Lease, shall be exercisable in Landlord's discretion either at the expiration of this Lease with respect to the Phase I Building for which the extension option was not exercised or at the expiration of this Lease with respect to the Phase I Building for which the extension option was exercised), at the minimum rental Minimum Rental set forth in Section 3.1(c3.1(b) and (c) (as applicable) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, for one up to two (12) additional term periods of three five (35) yearsyears each, the first commencing upon the expiration of the initial direct term hereof; provided, however, that such option shall be exercisable solely with respect hereof and the second (applicable only to the entire Premises covered by this Lease on Building or Buildings as to which a first extended term has been duly elected) commencing upon the date of exercise expiration of such optionfirst extended term, if any. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord not less than at least nine (9) months and not more than twelve (12) months prior to the expiration of the initial direct term hereof; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months and not more than twelve (12) months prior to the expiration of the first extended term hereof. If Tenant is in default hereunder, beyond any applicable notice and cure periods, hereunder on the date of such notice or on the date the any extended term is to commence, then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct then current term of this Lease hereof (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its one or more extension option options under this Section, then all references in this Lease (other than in this Section 2.6 itself2.6) to the "term" of this Lease shall be construed to include the extension term term(s) thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the term of this Lease beyond its prescribed term. 3.

Appears in 1 contract

Samples: Tularik Inc

Option to Extend Term. Tenant shall have the option to extend the --------------------- term of this Lease, at the minimum rental Basic Annual Rent set forth in Section 3.1(c) Paragraph 3.5 and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, for one up to two (12) additional term periods of three five (35) yearsyears each, the first extension commencing upon the expiration of the initial direct term hereof; providedhereof and the second extension commencing upon the expiration of the first extended term, however, that such option shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such optionif any. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord not less than at least nine (9) months and not more than twelve (12) months prior to the expiration of the initial direct term hereof; exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by like written notice to Landlord at least nine (9) months prior to the expiration of the first extended term hereof. If Tenant is in default hereunder, beyond the expiration of any applicable notice and cure periods, period hereunder on the date of such notice or on the date the any extended term is to commence, or if this Lease has earlier terminated for any reason, then the exercise of the option extension option, at Landlord's election, shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the initial direct then current term of this Lease hereof (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises its extension option under this Section, then all references in this Lease (other than in this Section 2.6 itself) to the “term” of this Lease shall be construed to include the extension term thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6Paragraph 2.7, Tenant shall have no right to extend the term of this Lease beyond its prescribed term.

Appears in 1 contract

Samples: Advanced Tissue Sciences Inc

Option to Extend Term. 27.1 Tenant shall have the option (the “Option”) to extend the term Term of this Lease, at the minimum rental set forth in Section 3.1(c) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, Lease for one (1) additional term period of three two (32) years, commencing an (“Option Term”) upon the expiration all of the initial direct term hereof; providedterms and conditions of this Lease, howeverother than the Minimum Monthly Rent, that such option which shall be exercisable solely with respect to the entire Premises covered determined as described below. The Option must be exercised, if at all, by this Lease on the date of exercise of such option. Exercise of such option shall be by Tenant giving Landlord written notice to Landlord not less than nine (9) months and not of the exercise thereof no more than twelve (12) months and no less than six (6) months prior to the expiration of the initial direct term hereofLease Term. If Any failure of Tenant is in default hereunder, beyond any applicable to give due notice and cure periods, on the date of such notice or on the date the extended term is to commence, then the its exercise of the option Option within the required time shall be constitute an irrevocable election on the part of no force or effectTenant not to exercise the Option, the extended term shall not commence and this Lease shall expire at the end of the initial direct term of this Lease (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease)Term. If Tenant properly exercises its extension option under this Section, then all references in this Lease (other than in this Section 2.6 itself) to the “term” of this Lease shall be construed to include the extension term thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.6, Tenant shall have no other right to extend the term of this Lease Term beyond its prescribed termthe Option Term described herein. Notwithstanding anything set forth herein to the contrary, if on the date of giving the notice or the date the Option Term is to commence, there exists any Event of Default on the part of Tenant under this Lease, Tenant’s notice shall be deemed ineffective, the Option Term shall not commence and this Lease shall expire as scheduled. In addition, any due exercise of Tenant’s option hereunder shall be voidable by Landlord if, at the time of such exercise, there existed any condition of default on the part of Tenant with respect to which Landlord had given a notice of default under Section 21 and Tenant thereafter fails to cure such default within any applicable cure period.

Appears in 1 contract

Samples: Lease (Locust Walk Acquisition Corp.)

Option to Extend Term. Tenant shall have the option to extend the term of this Lease, at the minimum rental set forth in Section 3.1(c3.1(e) and (f) and otherwise upon all the terms and provisions set forth herein with respect to the initial direct term of this Lease, for one up to two (12) additional term periods of three five (35) yearsyears each, commencing upon the expiration of the initial direct term hereof; provided, however, that such option shall be exercisable solely with respect to the entire Premises covered by this Lease on the date of exercise of such option. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord not less than nine at lease six (96) months and not more than twelve eight (12) 8) months prior to the expiration of the initial direct term hereof; exercise of such option with respect to the second such extended term, if the first extension options has been duly exercised, shall be by like written notice to Landlord at least six (6) months and not more than eight (8) months prior to the expiration of the first extended term hereof. If there exists a material event of default on the part of Tenant is in default hereunder, beyond any applicable notice and cure periods, on the date of any such notice or on the date the extended term is to commencenotice, then the exercise of the option shall be of no force or effect, the extended term notice shall not commence and this Lease shall expire at the end of the initial direct term of this Lease (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease)be effective. If Tenant properly exercises its one or more extension option options under this Section, then all references in this Lease (other than in this Section 2.6 itself2.7) to the "term" of this Lease shall be construed to include the extension term term(s) thus elected by Tenant. The extension option granted herein may be assigned to and exercised by any permitted assignee of Tenant’s entire interest in this Lease, provided that such assignee is in possession of the Premises at the time. such option is exercised, but may not be assigned to or exercised by any subtenant. Except as expressly set forth in this Section 2.62.7, Tenant shall have no right to extend the term of this Lease beyond its prescribed term. To the extent provided in Section 1.3(c)(ii) and 1.3(d), Tenant may elect an early and/or partial exercise of one or both extended terms in connection with an acceptance of Offered Space; in the event of any such partial exercise, the remaining unexercised portion of the extended term(s) shall be subject to a continuing option under this Section 2.7, as provided in Section 1.3(d), and upon a proper exercise by Tenant of such remaining extended term(s), the rent for such remainder of the extended term(s) shall be determined, as of the commencement of such remainder of the extended terms(s), in the manner provided in Section 3.1(e) or 3.1(f), as applicable.

Appears in 1 contract

Samples: Probusiness Services Inc

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