Common use of Option to Extend Term Clause in Contracts

Option to Extend Term. Tenant shall have three (3) options (each, an “Option”) to extend the Term of this Lease (and, in each case, the Term Expiration Date) by five (5) years, in each case on the same terms and conditions as this Lease, except as provided below. If Tenant desires to exercise any Option, Tenant must do so by giving Landlord written notice of such exercise at least one (1) year before the Term would otherwise expire. Tenant may exercise its Option to extend the Term only as to any one or more of the following: (a) the entire Retained Premises plus the Corridor Space, (b) the entire New Whole Building Premises, (c) the entire New Multiple Tenant Building Premises, (d) the Modified Additional Premises, (e) the Swap Premises, (f) each full floor of the 755 Premises, (h) the 765 Expansion Premises, (i) the 765 Expansion Premises II, (j) C-Level Storage Spaces. If Tenant fails to exercise an Option with respect to less than all of the Premises and the time to do so has lapsed (or if a Retained Premises Early Termination or a termination pursuant to a Swap Premises Termination Option has occurred), then Tenant shall no longer have an Option with respect to those portions of the Premises for which it failed to exercise an Option. Tenant’s Options for the remaining Premises shall remain in full force and effect.

Appears in 1 contract

Samples: Lease (Regeneron Pharmaceuticals Inc)

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Option to Extend Term. Tenant shall have three (3) options (each, an “Option”) to extend the Term of this Lease (and, in each case, the Term Expiration Date) by five (5) years, in each case on the same terms and conditions as this Lease, except as provided below. If Tenant desires to exercise any Option, Tenant must do so by giving Landlord written notice of such exercise at least one (1) year before the Term would otherwise expire. Tenant may exercise its Option to extend the Term only as to any one or more of the following: (a) the entire Retained Premises plus the Corridor SpaceSpace and the 765 Expansion Premises III, (b) the entire New Whole Building Premises, (c) the entire New Multiple Tenant Building Premises, (d) the Modified Additional Premises, (e) the Swap Premises, 765 Elevator Lobby Premises, the 765 2nd Floor Elevator Lobby Premises and the 765 2nd Floor Corridor Premises, (f) each full floor of the 755 Premises, (hg) the 765 Expansion Premises, (ih) the 765 Expansion Premises II, (ji) C-Level Storage Spaces, (j) the 777 License Area Premises and the 777 S-Level Corridor Premises, (k) the 01 Premises and the Additional 01 Premises, (l) the 777-02 Premises and (m) the 765 Mezz Premises. If Tenant fails to exercise an Option with respect to less than all of the Premises and the time to do so has lapsed (or if a Retained Premises Early Termination or Termination, a termination pursuant to a Swap Premises Termination Option Option, or any other termination of a portion of the Premises pursuant to the Amended Lease has occurred), then Tenant shall no longer have an Option with respect to those portions of the Premises (y) for which it failed to exercise an Option. , although Tenant’s Options for the remaining Premises shall remain in full force and effecteffect or (z) that have terminated.

Appears in 1 contract

Samples: Lease (Regeneron Pharmaceuticals Inc)

Option to Extend Term. Tenant shall have three (3) options (each, an “Option”) to extend the Term of this Lease (and, in each case, the Term Expiration Date) by five (5) years, in each case on the same terms and conditions as this Lease, except as provided below. If Tenant desires to exercise any Option, Tenant must do so by giving Landlord written notice of such exercise at least one (1) year before the Term would otherwise expire. Tenant may exercise its Option to extend the Term only as to any one or more of the following: (a) the entire Retained Premises plus the Corridor Space, (b) the entire New Whole Building Premises, (c) the entire New Multiple Tenant Building Premises, (d) the Modified Additional Premises, (e) the Swap Premises and 765 Elevator Lobby Premises, (f) each full floor of the 755 Premises, (hg) the 765 Expansion Premises, (ih) the 765 Expansion Premises II, (ji) C-Level Storage SpacesSpaces and (j) the 777 License Area Premises. If Tenant fails to exercise an Option with respect to less than all of the Premises and the time to do so has lapsed (or if a Retained Premises Early Termination or a termination pursuant to a Swap Premises Termination Option has occurred), then Tenant shall no longer have an Option with respect to those portions of the Premises for which it failed to exercise an Option. Tenant’s Options for the remaining Premises shall remain in full force and effect.

Appears in 1 contract

Samples: Lease (Regeneron Pharmaceuticals Inc)

Option to Extend Term. The Landlord hereby grants to the Tenant shall have three the right to renew this Lease for ONE (1) additional period of THREE (3) options (eachyears, an “Option”which right shall be conditional upon the Tenant's satisfying all the following conditions: a) The option(s) for renewal must be exercised with written notice of that intention delivered to Landlord prior to January 15, 1998. If written notice is not received by Landlord within the foregoing time period, the option to extend shall be considered null and void. b) The option to renew granted herein is only exercisable in the Term event that the Tenant is not in default of the Lease or in the performance of any of the terms and conditions of this Lease (and, in each case, at the Term Expiration Date) by five (5) years, in each case on time of exercise or the same terms option and conditions as this Lease, except as provided below. If Tenant desires to exercise any Option, Tenant must do so by giving Landlord written notice of such exercise at least one (1) year before the Term would otherwise expire. Tenant may exercise its Option to extend the Term only as to any one or more commencement date of the following: (a) the entire Retained Premises plus the Corridor Space, (b) the entire New Whole Building Premises, (option term. c) If the entire New Multiple Tenant Building Premisesoption to renew is exercised, (d) the Modified Additional Premises, (e) the Swap Premises, (f) each full floor all of the 755 Premisesconditions in the Lease shall remain the same, (h) with the 765 Expansion Premises, following exception: (i) The Gross Rent shall be $17.00 per square foot for the 765 Expansion Premises II, (j) C-Level Storage Spaces. If Tenant fails to exercise an Option with respect to less than all first year of the Premises Option Period and then increased by five percent (5%) for each year thereafter over the time to do so has lapsed (or if a Retained Premises Early Termination or a termination pursuant to a Swap Premises Termination Option has occurred), then Tenant shall no longer have an Option with respect to those portions of the Premises for which it failed to exercise an Option. Tenant’s Options monthly Base Rental payable for the remaining Premises shall remain in full force and effectpreceding one year period. (ii) IN THE EVENT TENANT EXERCISES ITS RIGHT TO EXTEND ITS LEASE UNDER THIS PARAGRAPH 10, TENANT SHALL NOT BE ENTITLED TO ANY CREDIT IN THE RENTAL OBLIGATION FOR ANY PORTION OF THE PREMISES WHICH CREDIT WOULD HAVE REPRESENTED A RETURN OF ABOUT $2.00 PER SQUARE FOOT PER YEAR IN RENT WHICH TENANT WOULD HAVE PAID BETWEEN MAY 1, 1996 AND JANUARY 31, 1998 AS A REIMBURSEMENT TO LANDLORD FOR UPGRADED TENANT FINISH COSTS PAID FOR BY LANDXXXX XXX XXXXX 000. (iii) TENANT SHALL AGAIN BE LIABLE FOR LIMITED EXPENSE REIMBURSEMENTS OF THE OPERATING EXPENSES AS SET FORTH IN PARAGRAPH 5(A) OF THE FIRST LEASE AMENDMENT, EXCEPT THAT TENANT WILL BE PAYING FOR ANY INCREASED COSTS OF INSURANCE OVER AND ABOVE THE AMOUNT OF SUCH COSTS FOR THE CALENDAR YEAR 1997. d) THE OPTION WITH RESPECT TO SUITE 260, IS SUBJECT TO A RIGHT OF FIRST REFUSAL OR LEASE OF A PORTION OF SUITE 260 WHICH LEASE RIGHTS ARE HELD BY MCKIX & XREED AND WHICH RIGHTS GENERALLY GRANX XXXXX & XREED THE RIGHT TO OCCUPY ABOUT 1,037 SQUARE FEET AS PART OF SUITE 260 WHICH OCCUPANCY IS TO BE EFFECTIVE AS OF DECEMBER 1, 1998. SINCE TENANT MAY WANT TO RENEGOTIATE THE TERMS OF MCKIX & XREED'S FUTURE USE OF PXXXXXXX XX XXXXX 000, XXXXXXXX XXXEBY GRANTS TENANT THE RIGHT TO HAVE DIRECT DISCUSSIONS WITH MCKIX & XREED TO DISCUSS PLANS FOR SUITE 260 OR PORTIONS THEREOF. IN EXERCISING THIS OPTION TO EXTEND THE LEASE TERMS, TENANT MAY ELECT TO DELETE SUITE 260 FROM THE PREMISES TO BE EXTENDED, AND MAY, THEREFORE, EXTEND THE LEASE TERMS FOR THE 5TH AND 6TH FLOORS ALONE WITHOUT SUITE 260.

Appears in 1 contract

Samples: Lease Amendment (Digital Lightwave Inc)

Option to Extend Term. Tenant shall have three (3) options (each, an “Option”) to extend the Term of this Lease (and, in each case, the Term Expiration Date) by five (5) years, in each case on the same terms and conditions as this Lease, except as provided below. If Tenant desires to exercise any Option, Tenant must do so by giving Landlord written notice of such exercise at least one (1) year before the Term would otherwise expire. Tenant may exercise its Option to extend the Term only as to any one or more of the following: (a) the entire Retained Premises plus the Corridor Space, (b) the entire New Whole Building Premises, (c) the entire New Multiple Tenant Building Premises, (d) the Modified Additional Premises, (e) the Swap Premises and 765 Elevator Lobby Premises, (f) each full floor of the 755 Premises, (hg) the 765 Expansion Premises, (ih) the 765 Expansion Premises II, (ji) C-Level Storage Spaces, (j) the 777 License Area Premises and (k) the 01 Premises. If Tenant fails to exercise an Option with respect to less than all of the Premises and the time to do so has lapsed (or if a Retained Premises Early Termination or a termination pursuant to a Swap Premises Termination Option has occurred), then Tenant shall no longer have an Option with respect to those portions of the Premises for which it failed to exercise an Option. , although Tenant’s Options for the remaining Premises shall remain in full force and effect.

Appears in 1 contract

Samples: Lease (Regeneron Pharmaceuticals Inc)

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Option to Extend Term. Tenant shall have three (3) options (each, an “Option”) to extend the Term of this Lease (and, in each case, the Expiration Premises Term Expiration Date and/or the Extension Premises Term Expiration Date) , as applicable), with respect to the applicable portion of the Premises extended by an Option, by five (5) years, in each case on the same terms and conditions as this Lease, except as provided below. If Tenant desires to exercise any Option, Tenant must do so by giving Landlord written notice of such exercise at least one (1) year before the Term would otherwise expire. Tenant may exercise its Option to extend the Term only as to any one or more of the following: (a) the entire Retained Premises plus the Corridor SpaceSpace and the 765 Expansion Premises III, (b) the entire New Whole Building Premises, (c) the entire New Multiple Tenant Building Premises, (d) the Modified Additional Premises, (e) the Swap Premises, 765 Elevator Lobby Premises, the 765 2nd Floor Elevator Lobby Premises and the 765 2nd Floor Corridor Premises, (f) each full floor of the 755 Premises, (hg) the 765 Expansion Premises, (ih) the 765 Expansion Premises II, (ji) C-Level Storage Spaces, (j) the 777 License Area Premises and the 777 S-Level Corridor Premises, (k) the 01 Premises and the Additional 01 Premises, (l) the 777-02 Premises, (m) the 765 Mezz Premises, (n) from and after the High Bay Premises Commencement Date, the High Bay Premises, (o) from and after the 777 North Spine Level Premises Commencement Date, the 777 North Spine Level Premises, (p) from and after the 777 Northwest Lobby Level Premises Commencement Date, the 777 Northwest Lobby Level Premises and (q) the 777 G-Level Expansion Premises. If Tenant fails to exercise an Option with respect to less than all of the Premises and the time to do so has lapsed (or if a Retained Premises Early Termination or Termination, a termination pursuant to a Swap Premises Termination Option Option, or any other termination of a portion of the Premises pursuant to the Lease has occurred), then Tenant shall no longer have an Option with respect to those portions of the Premises (y) for which it failed to exercise an Option. , although Tenant’s Options for the remaining Premises shall remain in full force and effecteffect or (z) that have terminated.

Appears in 1 contract

Samples: Lease (Regeneron Pharmaceuticals Inc)

Option to Extend Term. Tenant shall have three (3) options (each, an “Option”) to extend the Term of this Lease (and, in each case, the Expiration Premises Term Expiration Date and/or the Extension Premises Term Expiration Date) , as applicable), with respect to the applicable portion of the Premises extended by an Option, by five (5) years, in each case on the same terms and conditions as this Lease, except as provided below. If Tenant desires to exercise any Option, Tenant must do so by giving Landlord written notice of such exercise at least one (1) year before the Term would otherwise expire. Tenant may exercise its Option to extend the Term only as to any one or more of the following: (a) the entire Retained Premises plus the Corridor SpaceSpace and the 765 Expansion Premises III, (b) the entire New Whole Building Premises, (c) the entire New Multiple Tenant Building Premises, (d) the Modified Additional Premises, (e) the Swap Premises, 765 Elevator Lobby Premises, the 765 2nd Floor Elevator Lobby Premises and the 765 2nd Floor Corridor Premises, (f) each full floor of the 755 Premises, (hg) the 765 Expansion Premises, (ih) the 765 Expansion Premises II, (ji) C-Level Storage Spaces, (j) the 777 License Area Premises and the 777 S-Level Corridor Premises, (k) the 01 Premises and the Additional 01 Premises, (l) the 777-02 Premises, (m) the 765 Mezz Premises and (n) from and after the High Bay Premises Commencement Date, the High Bay Premises. If Tenant fails to exercise an Option with respect to less than all of the Premises and the time to do so has lapsed (or if a Retained Premises Early Termination or Termination, a termination pursuant to a Swap Premises Termination Option Option, or any other termination of a portion of the Premises pursuant to the Amended Lease has occurred), then Tenant shall no longer have an Option with respect to those portions of the Premises (y) for which it failed to exercise an Option. , although Tenant’s Options for the remaining Premises shall remain in full force and effecteffect or (z) that have terminated.

Appears in 1 contract

Samples: Lease (Regeneron Pharmaceuticals Inc)

Option to Extend Term. Tenant shall have three (3) options (each, an “Option”) to extend the Term of this Lease (and, in each case, the Expiration Premises Term Expiration Date and/or the Extension Premises Term Expiration Date) , as applicable), with respect to the applicable portion of the Premises extended by an Option, by five (5) years, in each case on the same terms and conditions as this Lease, except as provided below. If Tenant desires to exercise any Option, Tenant must do so by giving Landlord written notice of such exercise at least one (1) year before the Term would otherwise expire. Tenant may exercise its Option to extend the Term only as to any one or more of the following: (a) the entire Retained Premises plus the Corridor SpaceSpace and the 765 Expansion Premises III, (b) the entire New Whole Building Premises, (c) the entire New Multiple Tenant Building Premises, (d) the Modified Additional Premises, (e) the Swap Premises, 765 Elevator Lobby Premises, the 765 2nd Floor Elevator Lobby Premises and the 765 2nd Floor Corridor Premises, (f) each full floor of the 755 Premises, (hg) the 765 Expansion Premises, (ih) the 765 Expansion Premises II, (ji) C-Level Storage Spaces, (j) the 777 License Area Premises and the 777 S-Level Corridor Premises, (k) the 01 Premises and the Additional 01 Premises, (l) the 777-02 Premises, (m) the 765 Mezz Premises, (n) from and after the High Bay Premises Commencement Date, the High Bay Premises, (o) from and after the 777 North Spine Level Premises Commencement Date, the 777 North Spine Level Premises and (p) from and after the 777 Northwest Lobby Level Premises Commencement Date, the 777 Northwest Lobby Level Premises. If Tenant fails to exercise an Option with respect to less than all of the Premises and the time to do so has lapsed (or if a Retained Premises Early Termination or Termination, a termination pursuant to a Swap Premises Termination Option Option, or any other termination of a portion of the Premises pursuant to the Amended Lease has occurred), then Tenant shall no longer have an Option with respect to those portions of the Premises (y) for which it failed to exercise an Option. , although Tenant’s Options for the remaining Premises shall remain in full force and effecteffect or (z) that have terminated.

Appears in 1 contract

Samples: Lease (Regeneron Pharmaceuticals Inc)

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