Option to Extend the Lease Term. (a) Tenant is granted the right and option to extend the Lease Term for up to three (3) successive Option Periods pursuant to the terms and conditions set forth herein. Provided that this Lease is in full force and effect and Tenant is not, at the time of the exercise of the option, in default beyond applicable notice and cure periods, Tenant may exercise an option by notifying Landlord in writing no later than one hundred eighty (180) days prior to the Expiration Date. Any Option Period shall be upon all of the terms and conditions as contained in this Lease. Upon exercise by Tenant of a renewal option under this Section 3.2, Landlord shall pay to Tenant on or before the commencement of the applicable Option Period, a refurbishment allowance of One Hundred Fifty Thousand Dollars ($150,000).
(b) The Base Rent for an Option Period shall be adjusted to equal the amount which is ninety percent (90%) of “Fair Market Rent”, as defined below, at the beginning of such Option Period; provided, however, that such adjusted Base Rent shall not exceed the Base Rent in effect during the period which immediately precedes such Option Period multiplied by the amount which is the sum of one hundred percent (100%), plus two percent (2%) for each year of the prior Lease Period. “Fair Market Rent” shall mean the monthly amount that a willing, comparable, non-renewal and non-equity tenant would pay, and a willing, comparable landlord would accept in an arms’ length transaction for bulk distribution/warehouse space, giving appropriate consideration to typical lease terms, including, but not limited to, rental rates per rentable square foot, escalation clauses, operating expenses, real estate taxes, rent abatement, length of lease term, building size and location, tenant improvement allowances, relocation allowance, and any other generally applicable terms, conditions and concessions being offered at the time of the exercise of the lease extension option. Landlord and Tenant shall attempt in good faith to agree to the Fair Market Rent within two hundred seventy (270) days prior to the commencement date of each Option Period (the “Option Rent Determination Period”). In the event that Landlord and Tenant cannot reach agreement as to Fair Market Rent during the first thirty (30) days of the Option Rent Determination Period (the “Initial Option Rent Determination Period”), the Fair Market Rent shall be determined in the following manner:
Option to Extend the Lease Term. Tenant shall have the option with one hundred and twenty (120) days prior written notice to Landlord to extend the Term of the Lease for a period of time not less then twelve (12) months nor longer than twenty-four (24) months ("Option Term"). The Base Rent for the Option Term shall be as follows: PERIOD PERIOD ANNUAL MONTHLY COMMENCING ENDING BASE RENT BASE RENT ---------- ------ --------- --------- 12/1/98 11/30/99 $54,027.27 $4,502.27 12/1/99 11/30/00 $56,188.36 $4,682.36
Option to Extend the Lease Term. RIGHT OF FIRST OFFER FOR 4551 GAP SPACE:
Option to Extend the Lease Term. X. Xxxxx and Exercise of Option: Provided Tenant simultaneously exercises its option to extend the lease term for Building 4, Landlord grants to Tenant, subject to the terms and conditions set forth in this Section 18.A, two (2) options (the "Options") to extend the Lease Term for an additional term (the "Option Term"). Each Option Term shall be for a period of sixty (60) months and shall be exercised, if at all, by written notice to Landlord no later than nine
Option to Extend the Lease Term. X. Xxxxx and Exercise of Option: Landlord grants to Tenant, subject to the terms and conditions set forth in this Section 18.A, two (2) options (the “Options”) to extend the Lease Term for an additional term (the “Option Term”). Each Option Term shall be for a period of sixty (60) months and shall be exercised, if at all, by written notice to Landlord no earlier than eighteen (18) months prior to the date the Lease Term would expire but for such exercise but no later than twelve (12) months prior to the date the Lease Term would expire but for such exercise, time being of the essence for the giving of such notice. If Tenant exercises the Option, all of the terms, covenants and conditions of this Lease except for the grant of additional Options pursuant to this Section, provided that Base Monthly Rent for the Premises payable by Tenant during the Option Term shall be the greater of (i) the Base Monthly Rent applicable to the period immediately prior to the commencement of the Option
Option to Extend the Lease Term. This Addendum 1 (the “Addendum”) is incorporated as part of that certain Lease Agreement dated for reference purposes as of June 11, 2004 (the “Lease”), by and between Nuance Communications, Inc., California corporation (“Tenant”), and WILLOW PARK HOLDING COMPANY I, LLC, a Delaware limited liability company (“Landlord”), for the leasing of those certain premises located at 0000 Xxxxxx Xxxx, Xxxxx Xxxx, Xxxxxxxxxx as more particularly described in Exhibit A to the Lease (the “Premises”). Any capitalized terms used herein and not otherwise defined herein shall have the meaning ascribed to such terms as set forth in the Lease.
Option to Extend the Lease Term. Landlord hereby grants to Tenant (and not their assignee or sublessee, unless such option is at Fair Market Value), upon and subject to the terms and conditions set forth in this Paragraph 35, One (1) option to extend the term of the Lease for an additional term (the "Option Term") of Five (5) years each provided Tenant has not been in default within twelve months of (a) the date of exercise of the Option, or (b) at the commencement of the Option Term. The Option shall be exercised, if at all, by written notice to Landlord on or before the date that is Twelve (12) months prior to the expiration of the Lease Term. If Tenant exercise the Option, each of the terms, covenants and conditions of this Lease shall apply during the Option Term, except that the Base Monthly Rent payable by Tenant during the Option Term shall be at a rate which is Five (5%) higher than the immediately preceding Base Monthly Rate and shall be increased Five (5%) for each succeeding twelve month period thereafter as consistent during the original Lease Term.
Option to Extend the Lease Term. Tenant shall have the right to extend the Lease Term (“Extension Option”) for one (1) period of twelve (12) months (“Extension Term”) at the same Monthly Rental Installments as the Lease Term upon all of the following conditions:
(a) Tenant shall exercise the Extension Option by written notice (“Extension Notice”) to Landlord which must be received by Landlord not later than 5:00 p.m. on the date six (6) months prior to the Expiration Date;
(b) Tenant is not in default under the Lease beyond any applicable cure periods at the time that Tenant delivers its Extension Notice; and
(c) All terms and provisions of this Lease applicable to the Term shall be applicable to the Extension Term.
Option to Extend the Lease Term. X. Xxxxx and Exercise of Option: Landlord hereby grants to Tenant, upon and subject to the terms and conditions set forth in this Article 37 four (4) options (the "Options") to extend the Lease Term for an additional term (the "Option Term"), each Option Term shall be for a period of sixty (60) months. Each such Option shall be exercised, if at all, by written notice to Landlord no earlier than the date that is twenty four (24) months prior to the Expiration Date but no later than the date that is twelve (12) months prior to the Expiration Date. Thirteen (13) months prior to the Expiration Date Landlord shall provide Tenant with a written notice of the fact that the Option will expire in thirty (30) days. If Tenant exercises the Option, each of the terms, covenants and conditions of this Lease except this Article shall apply during the Option Term as though the expiration date of the Option Term was the date originally set forth herein as the Expiration Date, provided that the Base Monthly Rent to be paid by Tenant during the Option Term shall be the greater of (i) the Base
Option to Extend the Lease Term. X. Xxxxx and Exercise of Option: Landlord grants to Tenant, subject to the terms and conditions set forth in this Section 19 two (2) options (each an “Option” and collectively the “Options”) to extend the Lease Term for an additional term (each an “Option Term”). Each Option Term shall be for a period of sixty (60) months and shall be exercised, if at all, by written notice to Landlord no earlier than fifteen (15) months prior to the date the Lease Term would expire but for such exercise but no later than twelve (12) months prior to the date the Lease Term would expire but for such exercise, time being of the essence for the giving of such notice. If Tenant exercises an Option, all of the terms,
