Common use of Option to Extend the Term of the Lease Clause in Contracts

Option to Extend the Term of the Lease. The Extension Option contained in Section 37 of the Original Lease is hereby deleted and replaced with the following: “Subject to the provisions hereinafter set forth, Landlord hereby grants to Tenant one (1) option to extend the Term of this Lease (this “Extension Option”) for a period of five (5) years on the same terms, conditions and provisions as contained in this Lease, modified as provided herein, except that Tenant shall have no additional option to extend the Term of the Lease beyond the one (1) Extension Option herein contained. If Tenant effectively exercises this Extension Option in accordance with the provisions contained below, the extension period (the “Extension Option Term”) shall commence on January 1, 2006 and shall expire on December 31, 2010. (a) The Extension Option must be exercised, if at all, by written notice from Tenant to Landlord, given not more than 12 months and not less than 9 months prior to the New Expiration Date, time being of the essence. Notwithstanding the foregoing, at Landlord’s election, this Extension Option shall be null and void and Tenant shall have no right to renew this Lease if (i) as of the New Expiration Date Tenant is not in occupancy of the entire Premises then demised hereunder or Tenant does not intend to continue to occupy the Premises (but intends to assign this Lease or sublet the space in whole or in part), or (ii) on the date Tenant exercises the Extension Option or on the New Expiration Date, Tenant is either (x) in default under any of Tenant’s monetary obligations under the Lease beyond any applicable grace or notice period, or (y) in material default under any of Tenant’s non-monetary obligations under the Lease beyond any applicable grace or notice period. If Tenant fails to timely give notice of its exercise of the Extension Option, the Extension Option shall thereupon terminate and become void without any requirement of notice from Landlord to Tenant. (b) If Tenant effectively exercises this Extension Option, then during the Extension Option Term all of the terms and conditions set forth in this Lease as applicable to the Premises during the previously existing Term shall apply, except that (i) Tenant shall have no further right to extend the Term of this Lease, (ii) Tenant shall take the Premises in their then existing “as-is” state and condition, and (iii) the Base Rent payable by Tenant for the Premises shall be established as provided below. The Base Rent payable during the Extension Option Term shall be equal to ninety-five percent (95%) of the “Fair Market Rental Value” of the Premises (as hereinafter defined), but in no event shall the Base Rent be less than the Base Rent payable for the Premises immediately prior to the commencement of the Extension Option Term.

Option to Extend the Term of the Lease. The Extension Option contained in Section 37 of Tenant shall have the Original Lease is hereby deleted and replaced with the following: “Subject -------------------------------------- right, to the provisions be exercised as hereinafter set forthprovided, Landlord hereby grants to Tenant one (1) option to extend the Term term of this Lease (this “"Extension Option”Options") for a period the entire portion of the Premises then occupied by Tenant (excluding subleased and assigned space) for two (2) periods of five (5) years on each (the "First Extended Term" and "Second Extended Term," respectively, and each an "Extended Term") from the Expiration Date specified in Section 1(g) of this Lease. If Tenant exercises its renewal option, Landlord and Tenant shall execute and deliver an amendment to the Lease under the same terms, terms and conditions and provisions as contained in this Lease, modified as provided herein, except that Tenant shall have no additional option to extend the Term of the Lease beyond the one (1) Extension Option herein contained. If Tenant effectively exercises this Extension Option in accordance with the provisions contained below, the extension period (the “Extension Option Term”) shall commence on January 1, 2006 and shall expire on December 31, 2010.that: (a) The Extension Option must For the purposes of this Section 3, "same terms and conditions" shall not be exercisedconstrued to include free rent, if at allcosts of tenant improvements, by written notice from leasing commissions, options to expand, renew or extend (except that during the First Extended Term Tenant shall still be entitled to Landlord, given not more than 12 months and not less than 9 months prior exercise the Second Extended Term) or any other concessions related to the New Expiration Date, time being of the essence. Notwithstanding the foregoing, at Landlord’s election, this Extension Option shall be null and void and Tenant shall have no right to renew this Lease if (i) as of the New Expiration Date Tenant is not in initial occupancy of the entire Premises then demised hereunder or Tenant does not intend to continue to occupy the Premises (but intends to assign this Lease or sublet including without limitation the space in whole or in partRent credits for reduced Building construction costs and the Tax Credit), or (ii) on the date Tenant exercises the Extension Option or on the New Expiration Date, Tenant is either (x) in default under any of Tenant’s monetary obligations under the Lease beyond any applicable grace or notice period, or (y) in material default under any of Tenant’s non-monetary obligations under the Lease beyond any applicable grace or notice period. If Tenant fails to timely give notice of its exercise of the Extension Option, the Extension Option shall thereupon terminate and become void without any requirement of notice from Landlord to Tenant. (b) If Tenant effectively exercises this Extension Option, then during shall not at the Extension Option Term all time the option notice is delivered to Landlord or at the commencement of the terms applicable Extended Term be in default (beyond applicable notice and conditions set forth cure periods) in this Lease as applicable the performance of any term, covenant, or condition herein contained. (c) The Rent for the Extended Term(s) shall be the Fair Market Renewal Rate, defined hereafter. "Fair Market Renewal Rate" shall mean the projected net fair market rental rate at the commencement of the Extended Term for renewal lease space in the Building or in comparable first-class office buildings of similar size and stature, comparably located, for a comparable term, taking into consideration all relevant factors (including, without limitation, age, physical condition, total square footage, quality of construction, services included, but excluding consideration of Tenant improvements in the Initial Premises to the Premises during extent the previously existing Term shall apply, except that (i) Tenant shall have no further right to extend the Term of this Lease, (ii) Tenant shall take the Premises in their then existing “as-is” state and condition, and (iii) the Base Rent payable by Tenant for the Premises shall be established as provided below. The Base Rent payable during the Extension Option Term shall be equal to ninety-five percent (95%) of the “Fair Market Rental Value” of the Premises (as hereinafter definedcost thereof exceeded $35 per net rentable square foot), but in no event provided, however, that such rate shall the Base Rent not be less than the Base Rent payable net rental rate for the Premises immediately prior to the commencement last year of the Extension Option term immediately preceding the Extended Term. When considering comparable rents, appropriate adjustment shall be made for the fact that the Rent is net of all Operating Costs and Taxes.

Option to Extend the Term of the Lease. The Extension Option contained in Section 37 of Tenant shall have the Original Lease is hereby deleted and replaced with the following: “Subject -------------------------------------- right, to the provisions be exercised as hereinafter set forthprovided, Landlord hereby grants to Tenant one (1) option to extend the Term term of this Lease (this “"Extension Option”Options") for a period two (2) periods of five (5) years on each (the same terms"First Extended Term" and "Second Extended Term," respectively, conditions and provisions as contained each an "Extended Term") from the Expiration Date specified in Section 1(g) of this Lease, modified provided that for purposes of the Extension Options the Premises shall be separated into two parts, the area consisting of 73,500 rentable square feet located on Floors 1, 2 and 3 and depicted on Exhibit K attached hereto (the "Original Space"), and all other space then leased by Tenant hereunder (the "Additional Space"). The Original Space and the Additional Space are each referred to individually as provided herein, except that a "Space." The Extension Options shall apply separately to both the Original Space and the Additional Space and Tenant shall have no additional option may elect to extend the Term of the Lease beyond the for one (1) Extension Option herein contained. If Tenant effectively exercises this Extension Option in accordance with the provisions contained below, the extension period (the “Extension Option Term”) shall commence on January 1, 2006 and shall expire on December 31, 2010. (a) The Extension Option must be exercised, if at all, by written notice from Tenant to Landlord, given not more than 12 months Space and not less than 9 months prior to the New Expiration Dateother, time being of the essence. Notwithstanding the foregoing, at Landlord’s election, this Extension Option shall be null and void and Tenant shall have no right to renew this Lease provided that if (i) as of the New Expiration Date Tenant is not in occupancy of the entire Premises then demised hereunder or Tenant does not intend exercise its option for the First Extended Term with respect to continue a Space it shall not have the right to occupy extend for the Premises (but intends Second Extended Term with respect to assign this Lease or sublet the space in whole or in part), or (ii) on the date such Space. If Tenant exercises the Extension Option for either or on both of the New Expiration DateOriginal Space or the Additional Space, Landlord and Tenant is either (x) in default under any of Tenant’s monetary obligations shall execute and deliver an amendment to the Lease with respect to such Space under the Lease beyond same terms and conditions as this Lease, provided that: (a) For the purposes of this Section 3, "same terms and conditions" shall not be construed to include free rent, costs of tenant improvements, leasing commissions, options to expand, renew or extend (except that during the First Extended Term Tenant shall still be entitled to exercise the Second Extended Term) or any applicable grace or notice period, or (y) in material default under any of Tenant’s non-monetary obligations under other concessions related to the Lease beyond any applicable grace or notice period. If Tenant fails to timely give notice of its exercise initial occupancy of the Extension Option, Premises (including without limitation the Extension Option shall thereupon terminate Rent credits for reduced Building construction costs and become void without any requirement of notice from Landlord to Tenantthe Tax Credit). (b) If Tenant effectively exercises this Extension Option, then during shall not at the Extension Option Term all time the option notice is delivered to Landlord or at the commencement of the terms applicable Extended Term be in default (beyond applicable notice and conditions set forth cure periods) in this Lease as applicable the performance of any term, covenant, or condition herein contained. (c) The Rent for the Extended Term(s) shall be the Fair Market Renewal Rate, defined hereafter. "Fair Market Renewal Rate" shall mean the projected net fair market rental rate at Exhibit C-3 the commencement of the Extended Term for renewal lease space in the Building or in comparable first-class office buildings of similar size and stature, comparably located, for a comparable term, taking into consideration all relevant factors (including, without limitation, age, physical condition, total square footage, quality of construction, location within the building, services included, but excluding consideration of Tenant improvements in the Initial Premises to the Premises during extent the previously existing Term shall applycost thereof exceeded the applicable Allowance per net rentable square foot for such space, except that (i) Tenant shall have no further right to extend the Term as described in Section II of this Lease, (ii) Tenant shall take the Premises in their then existing “as-is” state and condition, and (iii) the Base Rent payable by Tenant for the Premises shall be established as provided below. The Base Rent payable during the Extension Option Term shall be equal to ninety-five percent (95%) of the “Fair Market Rental Value” of the Premises (as hereinafter definedExhibit B), but in no event provided, however, that such rate shall the Base Rent not be less than the Base Rent payable net rental rate for the Premises immediately prior to the commencement last year of the Extension Option term immediately preceding the Extended Term. When considering comparable rents, appropriate adjustment shall be made for the fact that the Rent is net of all Operating Costs and Taxes.

Option to Extend the Term of the Lease. The Extension Option contained in Section 37 of the Original Lease is hereby deleted and replaced with the following: “Subject to the provisions hereinafter set forth, Landlord hereby grants to Tenant one (1) an option to extend the Term (the "Option") with respect to all (but not less than all) of this Lease the Premises for one (this “Extension Option”1) for a period of five (5) years (the "Option Term") on all of the same terms, terms and conditions and provisions as contained in of this Lease, modified as provided herein, except that Tenant . The Option Term shall have no additional option to extend commence immediately following the Term expiration of the Lease beyond the one (1) Extension Option herein contained. If Tenant effectively exercises this Extension Option in accordance with the provisions contained below, the extension period Initial Term (the “Extension "Option Term”Term Commencement Date") shall commence on January 1, 2006 and shall expire on December 31, 2010. (a) The Extension the day before the fifth annual anniversary of the Option must be exercisedTerm Commencement Date. Tenant shall exercise the Option, if at all, by serving Landlord with a written notice from Tenant to Landlord, given not more than 12 months and not less than 9 months prior to the New Expiration Date, time being of the essence. Notwithstanding the foregoing, at Landlord’s election, this Extension Option shall be null and void and Tenant shall have no right to renew this Lease if (i) as of the New Expiration Date Tenant is not in occupancy of the entire Premises then demised hereunder or Tenant does not intend to continue to occupy the Premises (but intends to assign this Lease or sublet the space in whole or in part), or (ii) on the date Tenant exercises the Extension Option or on the New Expiration Date, Tenant is either (x) in default under any of Tenant’s monetary obligations under the Lease beyond any applicable grace or notice period, or (y) in material default under any of Tenant’s non-monetary obligations under the Lease beyond any applicable grace or notice period. If Tenant fails to timely give notice of its exercise of the Extension Option not less than twelve (12) months nor more than eighteen (18) months prior to the expiration of the Initial Term. Tenant's notice of exercise of its Option hereunder shall be irrevocable by Tenant except as provided to the contrary in Section 3.6(d)); provided, however, Tenant's notice of exercise shall not be effective if at the time Tenant exercises the Option, Landlord has declared a default under this Lease. In addition, if at any time after Tenant validly exercises the Extension Option shall thereupon terminate and become void without any requirement of notice from Landlord prior to Tenant. (b) If Tenant effectively exercises this Extension Option, then during the Extension Option Term Commencement Date Landlord declares a default because of Tenant's failure to pay Minimum Rent or any Additional Lease Charges, Landlord shall have the right, in addition to all of Landlord's other rights and remedies under this Lease, to terminate the terms Option and conditions set forth in this to cancel unilaterally Tenant's exercise of its Option to extend the Term. In that event, this. Lease as applicable to shall expire at the Premises during conclusion of the previously existing Term shall applyinitial Term, except that (i) and Tenant shall have no further right rights under this Lease to extend the Term of this Lease, (ii) Tenant shall take the Premises in their then existing “as-is” state and condition, and (iii) the Base Rent payable by Tenant for the Premises shall be established as provided below. The Base Rent payable during the Extension Option Term shall be equal to ninety-five percent (95%) of the “Fair Market Rental Value” of the Premises (as hereinafter defined), but in no event shall the Base Rent be less than the Base Rent payable for the Premises immediately prior to the commencement of the Extension Option Initial Term.

Option to Extend the Term of the Lease. The Extension Option contained in Section 37 of the Original Lease is hereby deleted and replaced with the following: “Subject to the provisions hereinafter set forth, Landlord hereby grants to Tenant one (1) an option to extend the Term (the Option") with respect to all (but not less than all) of this Lease the Premises for one (this “Extension Option”1) for a period of five (5) years (the "Option Term") on all of the same terms, terms and conditions and provisions as contained in of this Lease, modified as provided herein, except that Tenant . The Option Term shall have no additional option to extend commence immediately following the Term expiration of the Lease beyond the one (1) Extension Option herein contained. If Tenant effectively exercises this Extension Option in accordance with the provisions contained below, the extension period Initial Term (the “Extension "Option Term”Term Commencement Date") shall commence on January 1, 2006 and shall expire on December 31, 2010. (a) The Extension the day before the fifth annual anniversary of the Option must be exercisedTerm Commencement Date. Tenant shall exercise the Option, if at all, by serving Landlord with a written notice from Tenant to Landlord, given not more than 12 months and not less than 9 months prior to the New Expiration Date, time being of the essence. Notwithstanding the foregoing, at Landlord’s election, this Extension Option shall be null and void and Tenant shall have no right to renew this Lease if (i) as of the New Expiration Date Tenant is not in occupancy of the entire Premises then demised hereunder or Tenant does not intend to continue to occupy the Premises (but intends to assign this Lease or sublet the space in whole or in part), or (ii) on the date Tenant exercises the Extension Option or on the New Expiration Date, Tenant is either (x) in default under any of Tenant’s monetary obligations under the Lease beyond any applicable grace or notice period, or (y) in material default under any of Tenant’s non-monetary obligations under the Lease beyond any applicable grace or notice period. If Tenant fails to timely give notice of its exercise of the Extension Option not less than twelve (12) months nor more than eighteen (18) months prior to the expiration of the Initial Term. Tenant's notice of exercise of its Option hereunder shall be irrevocable by Xxxxxx except as provided to the contrary in Section 3.6(d)); provided, however, Tenant's notice of exercise shall not be effective if at the time Tenant exercises the Option, Landlord has declared a default under this Lease. In addition, if at any time after Tenant validly exercises the Extension Option shall thereupon terminate and become void without any requirement of notice from Landlord prior to Tenant. (b) If Tenant effectively exercises this Extension Option, then during the Extension Option Term Commencement Date Landlord declares a default because of Tenant's failure to pay Minimum Rent or any Additional Lease Charges, Landlord shall have the right, in addition to all of Landlord's other rights and remedies under this Lease, to terminate the terms Option and conditions set forth in to cancel nilaterally Tenant's exercise of its Option to extend the Term. In that event, this Lease as applicable to shall expire at the Premises during conclusion of the previously existing Term shall applyinitial Term, except that (i) and Tenant shall have no further right rights under this Lease to extend the Term of this Lease, (ii) Tenant shall take the Premises in their then existing “as-is” state and condition, and (iii) the Base Rent payable by Tenant for the Premises shall be established as provided below. The Base Rent payable during the Extension Option Term shall be equal to ninety-five percent (95%) of the “Fair Market Rental Value” of the Premises (as hereinafter defined), but in no event shall the Base Rent be less than the Base Rent payable for the Premises immediately prior to the commencement of the Extension Option Initial Term.