Common use of Option to Extend Clause in Contracts

Option to Extend. On the conditions (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE shall have the right to extend the term hereof (the “Option to Extend”) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (the “Extension Notice”) on or before the date which no less than twelve (12) months prior to the expiration of the then current Term. Such Extension Period shall be upon the same terms and conditions of this Lease, except that the Base Rent payable shall be set at the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEE.

Appears in 3 contracts

Samples: Tecogen Inc., Tecogen Inc., Tecogen Inc

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Option to Extend. On Provided (i) Tenant (as used in this Section 16.16, the conditions (which conditions LESSOR may waiveterm "Tenant" shall also include any Permitted Transferee that succeeds to Tenant's interest under Article 11, at its election, by written notice to LESSEE at any timeabove) that LESSEE is not in default Default hereunder at the time it exercises this option, (ii) the creditworthiness of its covenants and obligations under Tenant is no less than on the Lease beyond applicable notice and cure periodsdate hereof, both as (iii) Tenant originally named herein remains in possession of all or substantially all of the time of exercise of the Option to ExtendLeased Premises, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE Tenant shall have the right option to extend the term hereof Original Term for three (3) successive periods of five (5) years each (the “Option to Extend”) for one additional term of five years, ending on March 31, 2019 "Extension Term(s)"). The Extension Term shall be upon the same terms and conditions contained in the Lease during the initial Lease Term (the “Extension Period’"Original Term") except (i) this provision giving five (5) extension options shall be amended to reflect the remaining options to extend, if any and (ii) the Minimum Annual Rent shall be adjusted as set forth below (the "Rent Adjustment"), to commence immediately upon the expiration of the then current term. LESSEE may Tenant shall exercise such Option option by (i) delivering to Extend by giving written notice to LESSOR Landlord, no later than sixteen (the “Extension Notice”) on or before the date which no less than twelve (1216) months prior to the expiration of the then current Term. Such Extension Period shall be upon the same terms and conditions of this LeaseOriginal Term or, except that the Base Rent payable shall be set at the then fair market effective rent for the Leased Premises. In no eventif applicable, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension PeriodTerm, continue written notice of Tenant's desire to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for extend the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, howeverOriginal Term or, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of the date of applicable, the Extension NoticeTerm, said fair market effective rent shall be conclusively determined by three and (3ii) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail delivering to agree on a third Landlord within fifteen (15) business days of receipt of the date on Rent Adjustment, written notice of its rejection thereof (which such appraisers have been appointedrejection shall terminate Tenant's option to extend), or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost that Tenant disputes Landlord's determination of the appraiser selected by such partyRental Adjustment and shall include Tenant's good faith determination of what the Rental Adjustment should be. In the case of a notice disputing the Rental Adjustment, Landlord and Tenant shall mutually work together for a period of ten (10) days to resolve the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are dispute and, if unable to agree upon the Rental Adjustment within said period, Landlord and Tenant shall in good faith participate in non-binding arbitration of the Rental Adjustment for a period of thirty (30) days. Unless Landlord otherwise agrees in writing, Tenant's failure to timely exercise such fair market effective rent within fifteen option shall waive it and any succeeding option. Landlord shall notify Tenant of the amount of the Rent Adjustment no later than sixty (1560) days after receipt of Tenant's exercise of its option. If Tenant properly exercises its option to extend, Landlord and Tenant shall execute an amendment to the Lease reflecting the terms and conditions of the appointment Extension Term. The Minimum Annual Rent for the applicable Extension Term shall be an amount equal to the Minimum Annual Rent then being quoted by Landlord to prospective tenants of the third appraiserBuilding for space of comparable size and quality and with similar or equivalent improvements as are found in the Building, and if none, then in similar buildings in the fair market effective vicinity, excluding free rent and other concessions. The Minimum Monthly Rent shall be that determined by an amount equal to one-twelfth (1/12) of the appraiser not selected by either LESSOR or LESSEEMinimum Annual Rent for the Extension Term and shall be paid at the same time and in the same manner as provided in the Lease.

Appears in 3 contracts

Samples: Office Lease (Interactive Intelligence Group, Inc.), Office Lease (Interactive Intelligence Group, Inc.), Office Lease (Interactive Intelligence Group, Inc.)

Option to Extend. On the conditions (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any time) that LESSEE Provided Tenant is not in default of in its covenants and obligations under the Lease hereunder beyond any applicable notice and cure periodsperiod, both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE Tenant shall have the right option to extend the term hereof (the “Option to Extend”) this Lease for one additional successive term of five years(hereinafter referred to, ending on March 31as applicable, 2019 (as the “Extension Period’), to commence Extended Term”) commencing immediately upon the expiration of the then current terminitial Term hereof and continuing for a period of five (5) years, provided that Tenant proceeds strictly in accordance with the provisions of this Article 35. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (the “Extension Notice”) on On or before the date which no less than twelve that is one hundred twenty (12120) months prior to the expiration Expiration Date for the Term (the “Notice Date”), Tenant shall advise Landlord in writing that Tenant wishes to extend the term of this Lease (hereinafter referred to as “Tenant’s Extension Notice”). If at the time Landlord receives Tenant’s Extension Notice this Lease is in full force and effect without default on the part of the then current Term. Such Extension Period shall be upon the same terms and conditions of this LeaseTenant beyond any applicable cure period, except that the Base Rent payable shall be set at the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within next thirty (30) days days, Landlord shall notify Tenant in writing of the date Base Rent pursuant to Article 3 of the Extension Lease which shall be due for the Extended Term. The Base Rent specified by Landlord shall be equal to the greater of: (a) the Base Rent scheduled to be paid for the last year of the Term without giving effect to any partial or complete abatements of Base Rent (the “Rent Notice, said ”); or (b) ninety five percent (95%) Landlord’s projected fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days Base Rent as of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days commencement of the date on which such appraisers have been appointedExtended Term, or if either LESSOR or LESSEE shall fail to appoint an appraiser within for comparable space in comparable buildings in New Haven (the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEE“FMV Rent Notice”).

Appears in 3 contracts

Samples: Lease (Arvinas Holding Company, LLC), Lease (Arvinas Holding Company, LLC), Lease (Arvinas Holding Company, LLC)

Option to Extend. On the conditions (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as Upon expiration of the time primary term of exercise of the Option to Extendthis Lease, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE shall have the right Tenant is granted an option to extend the term hereof of this Lease for one (1) additional sixty (60) month period, with the same terms and conditions as are included in this Lease, subject, however, to renegotiation of the rent provided in paragraph 4 of this Lease. The primary term and the extension terms will be collectively referred to in this Lease as the “Option to Extend”) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (the “Extension Notice”) on or before the date which no .” Tenant shall notify Landlord within not less than twelve one hundred twenty (12120) months days prior to the expiration of the then current Term. Such Extension Period shall be upon primary term of this Lease or prior to the same terms and conditions expiration of each extension term of Tenant’s exercise of its option to extend this Lease, except provided that in the Base Rent circumstances described in paragraph 13, the options to extend the term may be exercised earlier as provided in paragraph 13, and if the option to extend is exercised earlier as provided in paragraph 13, nevertheless, the rental payable as provided in paragraph 4 shall be set determined at the then time and in the manner provided in paragraph 4 and this paragraph 3. During the following sixty (60) day period, Tenant and Landlord shall negotiate and arrive at an agreement or disagreement of the amount of rent to be paid during the applicable extension term. If Landlord and Tenant agree upon the rent to be paid during the applicable extension term, Landlord and Tenant shall at the end of the sixty (60) day period enter into a new written lease or an amendment agreement setting forth the amount of rental Tenant shall be required to pay pursuant paragraph 4 for the applicable extension term and any other additional terms to which Landlord and Tenant have agreed. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, a fair market effective rent for appraisal comparison of comparable properties will be completed by an independent party upon which the Leased Premises. In no event, however, shall Landlord and Tenant may use to negotiate the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature amount of rent to be paid during the applicable extension term. If Tenant and Landlord fail to agree upon the rent adjustments customarily then being included in leases for similar space to be paid during the applicable extension term during the sixty (60) day period of negotiations, either Landlord or Tenant may, by written notice to the other party given within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such ensuing thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should elect to invoke the two appraisers fail arbitration provisions of this Lease to agree on a third within fifteen (15) days of determine the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser rent Tenant shall be appointed by required to pay pursuant to paragraph 4 for the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEEapplicable extension term.

Appears in 3 contracts

Samples: Lease Agreement (Rightnow Technologies Inc), Lease Agreement (Rightnow Technologies Inc), Lease Agreement (Rightnow Technologies Inc)

Option to Extend. On the conditions (which conditions LESSOR may waivea) Provided that, at its electionthe time of each such exercise, by written notice to LESSEE (i) this Lease is in full force and effect, and (ii) no Event of Default shall have occurred and be continuing (either at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and or at the commencement of the Extension Periodan Extended Term), as hereinafter defined, then LESSEE Tenant shall have the right and option to extend the term hereof Term of this Lease for two (2) extended terms (collectively, the “Option to ExtendExtended Terms”) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend 5) years each by giving written notice to LESSOR (the “Extension Notice”) on or before the date which no less than Landlord not later that twelve (12) months (nor earlier than eighteen (18) months) prior to the expiration date of the Term then current in effect. The effective giving of such notice of extension by Tenant shall automatically extend the Term of this Lease for the applicable Extended Term, and no instrument of renewal or extension need be executed. In the event that Tenant fails timely to give such notice to Landlord, this Lease shall automatically terminate at the end of the Term then in effect, and Tenant shall have no further option to extend the Term of this Lease. Each Extended Term shall commence on the date immediately succeeding the expiration date of the original Term of the preceding Extended Term, as the case may be, and shall end on the day immediately preceding the fifth anniversary of the first day of such Extended Term. Such Extension Period The Extended Term shall be upon on all the same terms and conditions of this Lease, except that except: (i) during the Base Rent payable second Extended Term, Tenant shall be set at have no further option to extend the then fair market effective Term, and (ii) the Basic rent for the Leased Premises. In Extended Terms shall be the Fair Market Rental Value of the Premises as of the commencement of the Extended Term in question, taking into account all relevant factors, determined pursuant to paragraph (b), but in no event, however, event shall the Base Basic Rent for the Extended Term be less than the then-current Base Basic Rent at the expiration of the current Term. For original or Extended Term immediately preceding the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days commencement of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEEExtended Term in question.

Appears in 2 contracts

Samples: Lease (Repligen Corp), Lease (Repligen Corp)

Option to Extend. On Subject to the terms and conditions (which conditions LESSOR set forth below, Tenant may waive, at its electionoption extend the Terms of this Lease for One (1) period of three (3) years. Such period is called the “Renewal Term.” The Renewal Term shall be upon the same terms contained in this Lease, by except that (i) Landlord shall have no obligation to provide Tenant with any Tenant Improvement Allowance or demolition in connection with the Renewal Term, (ii) the Base Rental during the Renewal Term shall be calculated as set forth below, and (iii) any reference in the Lease to the “Term” of the Lease shall be deemed to include the Renewal Term and apply thereto, unless it is expressly provided otherwise. Tenant shall have no additional extension options. The Base Rent during the Renewal Term shall be at the then fair market rate (defined hereinafter) for such space for a term commencing of the first day of the Renewal Term. “Market Rate” shall mean the then prevailing market rate for a comparable term commencing on the first day of the Renewal Term for tenants of comparable size and creditworthiness for comparable space in the Building and other R&D/Office buildings in the East Embarcadero area of Palo Alto Area. In no event shall the rent be less than the 60th month’s rent. To exercise any option, Tenant must deliver a binding written notice to LESSEE at any timeLandlord not sooner than ten (10) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE shall have the right to extend the term hereof months nor later than three (the “Option to Extend”) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (the “Extension Notice”) on or before the date which no less than twelve (123) months prior to the expiration of the then current Term. Such Extension Period shall be upon the same terms and conditions initial Term of this Lease. Thereafter, except that the Base Rent payable Market Rate for the Renewal Term shall be set first determined by Landlord and Landlord shall inform Tenant of the Landlord’s opinion of Market Rate. If the parties cannot agree on the Market Rate, the parties shall each appoint a real estate broker or appraiser (with at least 10 years experience in R&D leasing in Silicon Valley) to determine the Market Rate. If the lower of the two is within 95% of the higher of the two valuations, then fair market effective rent for the Leased PremisesMarket Rent shall be the average of the two. In no event, however, shall If the Base Rent be lower of the two valuations is less than the then-current Base Rent at the expiration 95% of the current Termhigher valuation, then the two brokers/appraisers originally selected by the parties shall select a third broker/appraiser who shall present their final determination of Market Rate to the third broker/appraiser, and the third broker/appraiser shall pick one of those two as being the Market Rate. For The determination of the purpose of this Section, fair third broker/appraiser shall be binding on the parties. The market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space be determined within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) 60 days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days Tenant’s exercise of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEEits option. If the three appraisers are unable Tenant fails to agree upon such fair market effective rent within fifteen (15) days timely give its notice of the appointment of the third appraiserexercise, the fair market effective rent shall Tenant will be that determined by the appraiser not selected by either LESSOR or LESSEEdeemed to have waived its option to extend.

Appears in 2 contracts

Samples: Ooma Inc, Ooma Inc

Option to Extend. On Tenant shall have the conditions (which conditions LESSOR may waiveright, at its election, by upon written notice to LESSEE at any timeLandlord no more than three hundred (300) days nor less than one hundred eighty (180) days prior to the end of the Extended Term (“Notice”), to extend the term of the Lease for up to two additional terms of five (5) years each (the “Additional Terms”); provided that LESSEE Tenant is not in default of its covenants any of the terms, covenants, and obligations under conditions of the Lease beyond applicable Lease, and that no fact or circumstance exists that with the giving of notice and cure periodsor the passage of time, both as of or both, would constitute such a default, either at the time of exercise of the Option to Extend, said extension right or as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE effective date of extension. The Additional Term shall have the right to extend the term hereof (the “Option to Extend”) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon the expiration be under all of the then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (the “Extension Notice”) on or before the date which no less than twelve (12) months prior to the expiration of the then current Term. Such Extension Period shall be upon the same terms terms, covenants and conditions of this the Lease, except that the Base Rent payable during the Additional Term shall be set at the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent “Prevailing Rental Rate” which shall mean the Base Rent plus such additional financial terms rental rate determined for the most comparable office space located in the nature Cottonwood Corporate Center Project as of rent the date of the Notice. Landlord and rent adjustments customarily then being included Tenant shall endeavor in leases for similar space within good faith to determine the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent Prevailing Rental Rate within thirty (30) calendar days after Landlord’s receipt of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such If they cannot agree within thirty (30) day periodcalendar days, LESSOR and LESSEE each shall appoint an appraiser who shall arrive at an estimate of the Prevailing Rental Rate within thirty (30) calendar days. If such estimates are within five percent (5%) of each select an appraiserother, who the average of the two shall be the new Base Rent for the Additional Term. If the estimates are more than five percent (5%) apart, each appraiser shall select a thirdthird appraiser within five (5) calendar days or, if they fail to do so, Landlord shall select a third appraiser. Should The third appraiser shall prepare an estimate of the Prevailing Rental Rate as provided above within thirty (30) calendar days and the two appraisers fail closest of the three estimates shall be averaged to agree determine the new Base Rent for the Additional Term. No later than one hundred twenty (120) calendar days prior to the expiration of the Extended Term, Landlord and Tenant shall execute an amendment to the Lease stating the new Base Rent and expiration date of the Lease Term. If such an amendment is not fully executed for any reason as provided above, the Lease Term shall not be extended and the option granted hereunder shall terminate. The extension rights of Tenant hereunder shall be personal to the originally named Tenant and may be exercised only by the originally named Tenant (and not any assignee, sublessee or other Transferee of Tenant’s interest in this Lease) and only if the originally named Tenant occupies the majority of the reduced Premises (as shown on a third within fifteen (15Exhibit “A” to this Addendum) days as of the date on which it exercises the option to extend in accordance with the terms hereof. If Tenant fails to deliver a timely Notice, Tenant shall be considered to have elected not to exercise its option to extend. Any termination of the Lease during the initial Lease Term or Extended Term shall terminate all extension rights granted hereunder. The extension rights of Tenant hereunder shall not be severable from the Lease, nor may such appraisers have been appointedrights be assigned or otherwise conveyed in connection with any permitted assignment of the Lease. During the Additional Term: (a) no abatement or other concession, if any, applicable to the initial Term or if either LESSOR or LESSEE the Extended Term shall fail apply to appoint an appraiser the Additional Term; and (b) all leasehold improvements within the time provided, such appraiser Premises shall be appointed by provided in their then-existing condition (on an “as-is” basis) at the American Institute of Appraisers. Each party shall bear time the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEEAdditional Term commences.

Appears in 2 contracts

Samples: www.sec.gov, Lease (Sonic Innovations Inc)

Option to Extend. On Lessor hereby grants to Lessee two successive options to extend this Lease for additional terms of five (5) years each commencing on the conditions (which conditions LESSOR may waivefirst day after the Expiration Date of the previous term. Lessee must exercise the option to extend, if at its electionall, by giving Lessor written notice to LESSEE at any time) that LESSEE is of such exercise not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE shall have the right to extend the term hereof (the “Option to Extend”) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (the “Extension Notice”) on or before the date which no less than twelve (12) months prior to the expiration date of the then current Termterm. Such Extension Period Upon the exercise of the option to extend, the term of this Lease shall be upon extended through the expiration date of the Renewal Term on the same terms and conditions of this Leaseas contained herein, except that there shall be no option to extend the term of this Lease beyond the Second Renewal Term, and the Base Monthly Rent payable during the Renewal Terms shall be set at determined pursuant to this Section. Base Monthly Rent for each Renewal Term shall be the then greater of (a) the Base Monthly Rent scheduled for the final month of the preceding term (the initial term or the First Renewal Term, as the case may be), or (b) the fair market effective base rental value of the Premises. Lessor and Lessee agree to be reasonable in their negotiation of rent for the Leased Premisesoption periods. In no event, however, Lessor and Lessee shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within have thirty (30) days after Lessee provides Lessor of its notice to exercise its Option to Renew to set the date of rent for the Extension Notice, said fair market effective option period(s). If Lessor and Lessee are unable to establish the rent shall be conclusively determined by three (3for the option period(s) appraisers. Within fifteen (15) days of within the expiration of such thirty (30) day period, LESSOR period then Lessor and LESSEE Lessee shall each select appoint an appraiserappraiser with not less than ten (10) years experience in real estate appraisal in the Bellevue real estate market, who to set the rent for the option period(s). If the rents proposed by each appraiser are within ten (10%) percent of each other, then the rent for the option period(s) shall select a thirdbe the average of the two rents. Should If the rents proposed by each appraiser are greater than ten (10%) percent from each other then the two appraisers fail to agree on will select a third within fifteen appraiser who shall also have at least (1510) days of years real estate appraisal experience in the date on which such appraisers have been appointedBellevue real estate market, or if either LESSOR or LESSEE shall fail to appoint an appraiser within set the time provided, such appraiser shall be appointed rent for the option period(s). The rent established by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall will be shared equally binding on Lessor and Lessee and will be no less than the rent proposed by LESSOR Lessee and LESSEEno higher than the rent proposed by Lessor. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days The total cost of all of the appointment appraiser's fees will be the responsibility of the third appraiser, party whose proposed rental rate is farthest from that of the fair market effective rent shall be that determined final rental rate established by the appraiser not selected by either LESSOR or LESSEEappraisers.

Appears in 2 contracts

Samples: Industrial Lease (Icos Corp / De), Lease Agreement (Icos Corp / De)

Option to Extend. On the conditions (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any time) that LESSEE Provided Tenant is not in default of in its covenants and obligations under the Lease hereunder beyond any applicable notice and cure periodsperiod, both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE Tenant shall have the right an option to extend the this Lease for an additional term hereof (the hereinafter referred to as Option to ExtendExtended Term”) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence commencing immediately upon the expiration of the then current terminitial term hereof and continuing for a period of five (5) years, provided that Tenant proceeds strictly in accordance with the provisions of this Section III(c). LESSEE may exercise such Option Not later than two hundred seventy (270) days prior to Extend by giving written notice to LESSOR the last day of the initial term hereof (the “Notice Date”), Tenant shall advise Landlord in writing that Tenant wishes to extend the term of this Lease (hereinafter referred to as “Tenant’s Extension Notice”). If at the time Landlord receives Tenant’s Extension Notice this Lease is in full force and effect without default on the part of the Tenant beyond any applicable cure period, then, during the next thirty (30) days, Landlord shall notify Tenant in writing of the Rent pursuant to Section IV of the Lease which shall be due for the Extended Term. The Rent specified by Landlord shall be that which the Landlord projects will be the fair market rent as of the commencement of the Extended Term, but in no event less than the rent for the last year during the initial term of this Lease. Within three (3) weeks after Landlord has given Tenant notice of the Rent pursuant to Section IV of this Lease for the Extended Term, Tenant shall notify Landlord whether or not it agrees to pay such Rent. If Tenant shall agree in writing to pay such Rent, then this Lease shall be extended for the Extended Term without the execution of any additional documents, and each and every term and condition of this Lease shall apply during the Extended Term except only that the Rent specified in Section IV of this Lease during the Extended Term shall be that agreed upon by Landlord and Tenant, and the phrase “term of this Lease” shall be construed to mean the Extended Term of this Lease. If Tenant shall not agree in writing to pay such Rent, this Lease shall terminate as provided in Section III(a) of this Lease and Tenant shall vacate the Premises on or before such date in accordance with the provisions of this Lease. If Tenant shall fail to give Landlord written notice on or before the Notice Date, as hereinbefore specified, Tenant shall have no right to extend this Lease for the Extended Term, and this Lease shall terminate as provided in Section III(a) of this Lease and Tenant shall vacate the Premises on or before such date which no less than twelve (12) months prior to in accordance with the expiration of the then current Term. Such Extension Period shall be upon the same terms and conditions provisions of this Lease, except that unless Tenant shall have elected by written notice to Landlord during said three (3) week period to have the Base Rent payable shall be set at the then fair market effective rent for the Leased PremisesExtended Term determined by the arbitration system described herein. In no eventEach of Landlord and Tenant shall at its own cost and expense retain a real estate broker, howeverwho must have ten (10) years experience in commercial leasing in the greater Boston metropolitan market, shall to determine the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall as of the commencement date of the Extended Term, which appraisals must be agreed upon by LESSOR completed and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent submitted within thirty (30) days of the date commencement of the Extension Noticeappraisal process by Tenant’s notice. If the two appraisals are within ten percent (10%) of each other, said fair market effective the average of the two amounts shall constitute the rent which shall be conclusively determined by three due during the Extended Term. If the two appraisals are not within ten percent (310%) appraisers. Within fifteen of each other, the two brokers shall select a third real estate broker (15) days of who must also possess the expiration of such minimum qualifications described above), who within the next thirty (30) day period, LESSOR days shall select which of the two initial amounts shall constitute the rent which shall be due during the Extended Term. Landlord and LESSEE Tenant shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days bear one-half of the date on which such appraisers have been appointedcost of said third broker. The appraisal process shall be binding upon both Landlord and Tenant, or if either LESSOR or LESSEE and once the process is initiated, Tenant may not withdraw the exercise of the Option to Extend. If Tenant shall fail to appoint an appraiser within give Landlord written notice not less than two hundred seventy (270) days prior to the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost expiration of the appraiser selected by such partyinitial term of this Lease, Tenant shall have no right to extend this Lease for the Extended Term, and this Lease shall terminate as provided in Section III, and Tenant shall vacate the cost Premises on or before such date in accordance with the provisions of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEEthis Lease.

Appears in 2 contracts

Samples: Lease Agreement, Lease Agreement (Faro Technologies Inc)

Option to Extend. On the conditions (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE Tenant shall have the right option to extend the term hereof this Lease for two (2) additional five (5) year term(s) (the "Option Terms") upon the same conditions applicable to Extend”the Primary Term. However, during each Option Term the rent for the first three (3) years shall be four percent (4%) over the rent payable in the year immediately preceding such Option Term, and the rent for one additional the fourth and fifth years shall be three percent (3%) over the rent payable in the third year of such Option Term. Whenever the terms "Lease term" or "term of five yearsthis Lease" are used in this Lease, ending on March 31, 2019 they shall refer to the Primary Term and any Option Term for which Tenant has exercised its option to extend. Tenant may exercise any option to extend this Lease by giving notice in writing to Landlord not less than one hundred eighty (the “Extension Period’), to commence immediately upon 180) days before the expiration of the then current termPrimary Term or any prior Option Term, as the case may be. LESSEE may exercise such Option Landlord covenants and agrees to Extend by giving give Tenant written notice to LESSOR (the “Extension Notice”) on or before of the date by which no less such option must be exercised at least twenty (20) but not more than twelve (12) months prior to the expiration of the then current Term. Such Extension Period shall be upon the same terms and conditions of this Lease, except that the Base Rent payable shall be set at the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days prior to when such option needs to be exercised. Tenant shall not be entitled to exercise any option to extend this Lease if Landlord's notice was given as required but Tenant's notice is not given as required herein or if the Tenant is in default of the date this Lease pursuant to Section 21 hereof beyond any applicable notice and grace period, or if Tenant has been ten (10) or more days late in payment of the Extension Notice, said fair market effective its rent shall be conclusively determined by and has not cured such late payments within ten (10) days after written notice on more than three (3) appraisers. Within fifteen (15) days occasions during any year of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEEthis Lease.

Appears in 2 contracts

Samples: Lease (Spacelabs Medical Inc), Lease (Quinton Cardiology Systems Inc)

Option to Extend. On Lessee shall have the conditions option to extend the Term for a period of sixty (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any time60) that LESSEE is not in default of its covenants and obligations under months immediately following the Lease beyond applicable notice and cure periods, both as expiration of the time initial Term (the "Extended Term"), on all provisions contained in this Lease (subject to adjustment of exercise of the Option to Extend, as hereinafter defined, and at Base Rent upon the commencement of the Extension PeriodExtended Term as described below, and except for such terms and conditions of this Lease as hereinafter definedare specifically or by their operation limited to the initial Term only (including, then LESSEE without limitation, Exhibit "C" attached hereto and provisions respecting construction of Lessee Improvements and payment of a Lessee Improvement Allowance) and except that Lessee shall have the no further right or option to extend the term hereof (the “Option to Extend”) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend Extended Term), by giving written notice to LESSOR of exercise of the option (the “Extension "Option Notice") on or before the date which no less than to Lessor at least twelve (12) months prior to but not more than eighteen (18) months before the expiration of the then current applicable Term. Such Extension Period 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 hereby acknowledges that 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 the option. Therefore, Lessee's failure to adhere strictly and completely to the provisions and time frame contained in this provision shall be upon render the same terms option automatically null, void and conditions of no further force or effect, without notice, acknowledgement, or any action of any nature or 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 Term 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, except that if Lessee is in default (after the Base Rent payable expiration of any applicable period for cure pursuant to Article 22 below) on the date of giving the Option Notice, the Option Notice shall be set totally ineffective, or if Lessee is in default (after the expiration of any applicable period for cure pursuant to Article 22 below) on the date the Extended Term is to commence, in addition to any and all other remedies available to Lessor under this Lease, at Lessor's election, the exercise of the option shall be deemed null and void, the Extended Term shall not commence, and this Lease shall expire at the then fair market effective rent end of the Term. The option to extend granted pursuant hereto is personal to original Lessee signatory to this Lease and cannot be assigned, transferred or conveyed to, or exercised for the Leased Premisesbenefit of, any other person or entity (voluntarily, involuntarily, by operation of law or otherwise) including, without limitation, to any assignee or subtenant permitted under Article 13, other than a "Permitted Transferee" (as defined in Article 13). In no event, however, All of Lessee's rights under this Article 3.b. shall the Base Rent be less than the then-current Base Rent at terminate upon the expiration of the current Term. For the purpose initial Term or sooner termination of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEELease.

Appears in 2 contracts

Samples: Office Lease (Doubleclick Inc), Office Lease (Netgravity Inc)

Option to Extend. On Provided (i) Tenant (as used in this Section 16.19, the conditions (which conditions LESSOR may waiveterm "Tenant" shall also include any Permitted Transferee that succeeds to Tenant's interest under Article 11, at its election, by written notice to LESSEE at any timeabove) that LESSEE is not in default Default hereunder at the time it exercises this option, (ii) the creditworthiness of its covenants and obligations under Tenant is no less than on the Lease beyond applicable notice and cure periodsdate hereof, both as (iii) Tenant originally named herein remains in possession of all or substantially all of the time of exercise of the Option to ExtendLeased Premises, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE Tenant shall have the right option to extend the term hereof Original Term for five (5) successive periods of five (5) years each (the “Option to Extend”) for one additional term of five years, ending on March 31, 2019 "Extension Term(s)"). The Extension Term shall be upon the same terms and conditions contained in the Lease during the initial Lease Term (the “Extension Period’"Original Term") except (i) this provision giving five (5) extension options shall be amended to reflect the remaining options to extend, if any and (ii) the Minimum Annual Rent shall be adjusted as set forth below (the "Rent Adjustment"), to commence immediately upon the expiration of the then current term. LESSEE may Tenant shall exercise such Option option by (i) delivering to Extend by giving written notice to LESSOR Landlord, no later than nine (the “Extension Notice”) on or before the date which no less than twelve (129) months prior to the expiration of the then current Original Term or, if applicable, the Extension Term, written notice of Tenant's desire to extend the Original Term or, if applicable, the Extension Term, and (ii) delivering to Landlord within fifteen (15) business days of receipt of the Rent Adjustment, written notice of its rejection thereof (which rejection shall terminate Tenant's option to extend), or that Tenant disputes Landlord's determination of the Rental Adjustment and shall include Tenant's good faith determination of what the Rental Adjustment should be. Such Extension Period In the case of a notice disputing the Rental Adjustment, Landlord and Tenant shall be mutually work together for a period of ten (10) days to resolve the dispute and, if unable to agree upon the same Rental Adjustment within said period, Landlord and Tenant shall in good faith participate in non-binding arbitration of the Rental Adjustment for a period of thirty (30) days. Unless Landlord otherwise agrees in writing, Tenant's failure to timely exercise such option shall waive it and any succeeding option. Landlord shall notify Tenant of the amount of the Rent Adjustment no later than sixty (60) days after receipt of Tenant's exercise of its option. If Tenant properly exercises its option to extend, Landlord and Tenant shall execute an amendment to the Lease reflecting the terms and conditions of this Lease, except that the Base Extension Term. The Minimum Annual Rent payable for the applicable Extension Term shall be set at an amount equal to the Minimum Annual Rent then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration being quoted by Landlord to prospective tenants of the current Term. For the purpose Building for space of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms comparable size and quality and with similar or equivalent improvements as are found in the nature of Building, and if none, then in similar buildings in the vicinity, excluding free rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEEother concessions; provided, however, if LESSOR and LESSEE are unable that in no event shall the Minimum Annual Rent per square foot during any Extension Term be less than the highest Minimum Annual Rent per square foot payable during the immediately preceding term. The Minimum Monthly Rent shall be an amount equal to agree on said fair market effective rent within thirty one-twelfth (301/12) days of the date of Minimum Annual Rent for the Extension Notice, said fair market effective rent Term and shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of paid at the expiration of such thirty (30) day period, LESSOR same time and LESSEE shall each select an appraiser, who shall select a third. Should in the two appraisers fail to agree on a third within fifteen (15) days of same manner as provided in the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEELease.

Appears in 2 contracts

Samples: Office Lease Agreement (Interactive Intelligence Inc), Office Lease Agreement (Interactive Intelligence Inc)

Option to Extend. On the conditions (which conditions LESSOR may waivea) Provided that, at its election, by written notice to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise such exercise, (i) there exists no Default of Tenant under Section 23(a)(i) of this Lease; (ii) this Lease is still in full force and effect and Tenant actually occupies at least fifty percent (50%) of the Option Premises; and (iii) Tenant shall not have assigned this Lease or currently sublet more than fifty percent (50%) of the Premises, other than to Extend, an affiliated entity or successor as hereinafter defineddescribed in Section 20(b) above (all of which conditions are for the benefit of, and at the commencement of the Extension Periodmay be waived by, as hereinafter definedLandlord), then LESSEE Tenant shall have the right to extend the Term of this Lease as to the Premises originally leased hereunder for one extended term hereof (the “Option to ExtendExtended Term”) for one additional term of five (5) years, ending . The Extended Term shall commence on March 31, 2019 (the “Extension Period’), to commence day immediately upon following the expiration date of the then current termInitial Term, and shall end on the day immediately preceding the fifth (5th) anniversary of the first day of the Extended Term. LESSEE may Tenant shall exercise such Option to Extend option by giving Landlord written notice of its desire to LESSOR do so, not later than nine (the “Extension Notice”) on or before the date which no less than twelve (129) months prior to the expiration of the then current Initial Term. Such Extension Period , it being agreed that time shall be upon of the same essence with respect to the giving of such notice. The giving of such notice shall automatically extend the Term of this Lease for the Extended Term, and no instrument of renewal need be executed. In the event that Tenant fails to give such notice to Landlord within such time, the Term of this Lease shall automatically terminate at the end of the Initial Term, and Tenant shall have no further right or option to extend the Term of this Lease, time being of the essence. The Extended Term shall be on all the terms and conditions of this Lease, except that that: (i) Landlord shall have no obligation to perform or pay for any construction or improvements to the Base Premises, with respect to the Extended Term; and (ii) the Basic Rent payable for the Extended Term shall be set at the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms determined in the nature of rent accordance with Paragraphs 36(b) and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEEc).

Appears in 2 contracts

Samples: Lease (ConforMIS Inc), Lease (ConforMIS Inc)

Option to Extend. On (a) Subject to the conditions terms hereof, if (i) during the Term of the Lease there exists no Default of Tenant hereunder (or any event or circumstance which, with the giving of notice or the passage of time, and the expiration of all cure rights permitted, would constitute a Default of Tenant), and (ii) Tenant shall not have assigned the Lease or sublet all or any portion of the Premises, and then actually occupies the entire Premises, and (iii) the Lease is still in full force and effect (any and all of which conditions LESSOR may waive, at its election, by written notice to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under are for the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter definedbenefit of, and at the commencement of the Extension Periodmay be waived by, as hereinafter definedLandlord), then LESSEE Tenant shall have the right to extend the Term of this Lease for one extended term hereof (the “Option to Extend”"Extended Term") for one additional term of five (5) years. The Extended Term shall commence on July 1, ending 2025, and shall end at 11:59 p.m., Boston time, on March 31June 30, 2019 (the “Extension Period’), to commence immediately upon the expiration of the then current term2030. LESSEE may Tenant shall exercise such Option option to Extend extend by giving written notice to LESSOR (Landlord not later than June 30, 2024. The giving of such notice by Tenant shall automatically and irrevocably extend the “Extension Notice”) on or before the date which no less than twelve (12) months prior to the expiration Term of the then current Lease for the Extended Term, and no instrument of renewal need be executed. Such Extension Period In the event that Tenant fails to give such notice to Landlord, the Lease shall automatically terminate on June 30, 2025, and Tenant shall have no further option to extend the Term of this Lease, it being agreed that time shall be upon of the same essence in the giving of such notice. The Extended Term shall be on all the terms and conditions of this Lease, except that the Base Annual Basic Rent payable for the Extended Term shall be determined pursuant to paragraph (b) hereof. (b)The Annual Basic Rent for the first year of the Extended Term shall be the Fair Market Rental Value of the Premises (exclusive of the cost of supplying Tenant electricity), to be established as of the commencement of the Extended Term (the "Determination Date"). The term "Fair Market Rental Value" shall mean the annual fixed rent that a willing tenant would pay and a willing landlord would accept, each acting in its own best interest and without duress, in an arms-length lease of the Premises as of the Determination Date. For purposes of determining the Fair Market Rental Value, during the Extended Term, the Tenant’s Share of Operating Expenses and Taxes shall be computed using updated base years, consistent with then-prevailing market practices. If Landlord and Tenant shall fail to agree upon the Fair Market Rental Value within six (6) months before the Determination Date, then Landlord and Tenant each shall give notice (the "Determination Notice") to the other setting forth their respective determinations of the Fair Market Rental Value, and, subject to the provisions of paragraph (c) below, either party may apply to the then president of the Real Estate Finance Association of the Greater Boston Real Estate Board, or any successor thereto, for the designation of an arbitrator satisfactory to both parties to render a final determination of the Fair Market Rental Value. That there shall be only one arbitrator, who shall have had at least ten (10) years’ experience as a real estate broker or appraiser in the Natick/Speen Street/Route 30 office rental market. The arbitrator shall conduct such hearings and investigations as the arbitrator shall deem appropriate and shall, within thirty (30) days after having been appointed, choose one of the determinations set forth in either Landlord’s or Tenant’s Determination Notice, and that choice by the arbitrator shall be binding upon Landlord and Tenant. Each party shall pay its own counsel fees and expenses, if any, in connection with any arbitration under this paragraph (b), and the parties shall share equally all other expenses and fees of any such arbitration. The determination rendered in accordance with the provisions of this paragraph (b) shall be final and binding in fixing the Fair Market Rental Value. The arbitrator shall not have the power to add to, modify, or change any of the provisions of this Lease. (c)In the event that the lower of the two determination of the Fair Market Rental Value is greater than ninety-five percent (95%) of the higher determination, then the Fair Market Rental Value shall not be determined by arbitration, but shall instead be set by taking the average of the determinations set forth in Landlord’s and Tenant’s Determination Notices. Only if the lower determination is ninety-five percent (95%) or less of the higher determination shall the actual determination of Fair Market Rental Value be made by an arbitrator as set forth in paragraph (b) above. (d)If for any reason the Fair Market Rental Value shall not have been determined prior to the Determination Date, then, until the Fair Market Rental Value and, accordingly, the Annual Basic Rent, shall have been finally determined, Tenant shall pay Annual Basic Rent at the then fair market effective rent for rate quoted by Landlord in Landlord’s Determination Notice. Upon final determination of the Leased PremisesFair Market Rental Value, an appropriate adjustment to the Annual Basic Rent theretofore paid by Tenant from and after the Determination Date shall be made reflecting such final determination, and Landlord or Tenant, as the case may be, shall promptly credit or pay, respectively, to the other any overpayment of deficiency, as the case may be, in the payment of Annual Basic Rent from the Determination Date to the date of such final determination. In no event, however, shall will the Base Annual Basic Rent for any year of the Extended Term be less than the then-current Base Annual Basic Rent at in effect on June 30, 2025. Following the expiration determination of the current Term. For Annual Basic Rent, if either party so desires, Landlord will prepare a reasonable confirmatory agreement to reflect the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent conditions for the Leased Premises shall be agreed upon by LESSOR Extended Term, but the lack of any such confirmatory agreement will have no effect on the Tenant’s timely exercise of its rights hereunder or on the terms and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisersconditions provided herein. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEE7.

Appears in 2 contracts

Samples: Lease, Lease

Option to Extend. On the conditions (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as Upon expiration of the time primary term of exercise of the Option to Extendthis Lease, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE shall have the right Tenant is granted an option to extend the term hereof of this Lease for three (3) additional sixty (60) month periods, each (each an "extension term") upon the “Option to Extend”) for one additional term of five yearssame terms and conditions as are included in this Lease, ending on March 31subject, 2019 (the “Extension Period’)however, to commence immediately upon the expiration renegotiation of the then current rent provided in paragraph 4 of this Lease. The primary term and the extension terms will be collectively referred to in this Lease as the "term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (the “Extension Notice”) on or before the date which no ." Tenant shall notify Landlord within not less than twelve one hundred twenty (12120) months days prior to the expiration of the then current Term. Such Extension Period shall be upon primary term of this Lease or prior to the same terms and conditions expiration of each extension term of Tenant's exercise of its option to extend this Lease, except provided that in the Base Rent circumstances described in paragraph 13, the options to extend the term may be exercised earlier as provided in paragraph 13, and if the option to extend is exercised earlier as provided in paragraph 13, nevertheless, the rental payable as provided in paragraph 4 shall be set determined at the then time and in the manner provided in paragraph 4 and this paragraph 3. During the following sixty (60) day period, Tenant and Landlord shall negotiate and arrive at an agreement or disagreement of the amount of rent to be paid during the applicable extension term. If Landlord and Tenant agree upon the rent to be paid during the applicable extension term, Landlord and Tenant shall at the end of the sixty (60) day period enter into a new written lease or an amendment agreement setting forth the amount of rental Tenant shall be required to pay pursuant paragraph 4 for the applicable extension term and any other additional terms to which Landlord and Tenant have agreed. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, a fair market effective rent for appraisal comparison of comparable properties will be completed by an independent party upon which the Leased Premises. In no event, however, shall Landlord and Tenant may use to negotiate the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature amount of rent to be paid during the applicable extension term. If Tenant and Landlord fail to agree upon the rent adjustments customarily then being included in leases for similar space to be paid during the applicable extension term during the sixty (60) day period of negotiations, either Landlord or Tenant may, by written notice to the other party given within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such ensuing thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should elect to invoke the two appraisers fail arbitration provisions of this Lease to agree on a third within fifteen (15) days of determine the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser rent Tenant shall be appointed by required to pay pursuant to paragraph 4 for the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEEapplicable extension term.

Appears in 2 contracts

Samples: 6 Lease Agreement (Rightnow Technologies Inc), Rightnow Technologies Inc

Option to Extend. On the conditions Provided (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any timei) that LESSEE Tenant is not in default of its covenants and obligations under the terms of this Lease beyond applicable notice and cure periods, both as of at the time of exercise of the Option to Extend, as hereinafter defined, and this renewal option is exercised or at the commencement of the Extension Period, Term (as hereinafter defined, then LESSEE shall have the right to extend the term hereof (the “Option to Extend”) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon the expiration (ii) Tenant is occupying at least ninety percent (90%) of the then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR Premises, including any expansion space, and (the “Extension Notice”iii) on or before the date which no less Landlord has not given more than two (2) notices of default in any twelve (12) month period for nonpayment of monetary obligations, Tenant shall have the option to renew this Lease for an additional period of sixty (60) months prior to the expiration of the then current ("Extension Term"). Such The Extension Period Term shall be upon on all the same terms and conditions of this Lease, except that Landlord shall have no additional obligation for free rent, leasehold improvements or for any other tenant inducements for the Extension Term. Base Rent during the Extension Term shall be equal to the Base Rent set forth in the Basic Lease Information for one hundred twenty-first (121st) month through the one hundred eightieth (180th) month of the Lease Term and the Security Deposit will be increased to reflect any increase in Base Rent payable under the Lease. There shall be no additional extension terms beyond the Extension Term set at forth herein. Tenant must exercise its option to extend this Lease by giving Landlord written notice of its election to do so no later than one hundred eighty (180) nor earlier than three hundred sixty (360) days prior to the then fair market effective rent for end of the Leased Premisesinitial Term (i.e. the last day of the one hundred twentieth (120th) month). In no event, howeverAny notice not given in a timely manner, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Termvoid, and Tenant shall be deemed to have waived its extension rights. For the purpose The extension option set forth herein is personal to Tenant and shall not be included in any assignment of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEELease.

Appears in 2 contracts

Samples: Brooks Automation Inc, Brooks Automation Inc

Option to Extend. On the conditions (which conditions LESSOR may waive, at its election, by written notice Tenant shall have an option to LESSEE at any time) that LESSEE is not in default of its covenants extend and obligations under renew the Lease beyond applicable notice and cure periods, both as to all of the time of exercise of the Option Premises (but not as to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE shall have the right to extend the term hereof (the “Option to Extend”any portion or portions thereof) for one (1) additional term of five (5) years, ending on March 31, 2019 (the “Extension Period’), . In order to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR option, Tenant shall notify Landlord in writing at least two hundred seventy (the “Extension Notice”270) on or before the date which no less than twelve (12) months days prior to the expiration of the then current TermLease Term (i.e., by September 4, 2007) of its election to exercise the option. Such Extension Period If Tenant elects not to extend or fails to timely exercise its option, time being of the essence, the option shall automatically terminate and be of no further force and effect and this Lease shall terminate upon the same terms and conditions of this Lease, except that the Base Rent payable shall be set at the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current initial Term. For Upon receipt of such notice from Tenant exercising the purpose of this Sectionrenewal option herein granted, fair market effective rent Landlord shall mean the Base Rent plus such additional financial terms submit in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent writing within thirty (30) days of a proposal for the date of then current Market Base Rental Rate (per rentable square foot per annum, “NNN”) for the Extension Notice, said fair market effective rent renewal term. Tenant shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such have thirty (30) day perioddays from the receipt of said notice from Landlord to notify Landlord in writing of (i) Tenant’s acceptance of the proposed Market Base Rental Rate, LESSOR or (ii) Tenant’s rejection of the Market Base Rental Rate and LESSEE election to initiate the appraisal process set forth below. If Tenant fails to timely accept or reject the Market Base Rental Rate specified in Landlord’s notice or to elect not to extend the term of the Lease as provided in the immediately preceding sentence, Tenant shall each select an appraiserbe deemed to have elected to extend the Lease Term for the period specified in Tenant’s original notice of exercise of the renewal option at the Market Base Rental Rate specified by Landlord in response to said exercise notice. Any such extension shall be upon all of the terms, who conditions and covenants of this Lease except as to (i) the amount of Base Rent, which shall select be determined as set forth herein, (ii) options to extend or to expand, which shall not be applicable, and (iii) Tenant shall pay Tenant’s Prorata Share of Operating Expenses throughout the renewal term. As used herein, and subject to the limitations set forth in this paragraph, “Market Base Rental Rate” shall mean as of any date the then annual net rental rate (exclusive of real estate taxes, utilities and operating expenses) per square foot of net rentable area which a third. Should the two appraisers fail willing landlord under no compulsion would agree to accept as of such date, and which a willing tenant under no compulsion would agree to accept as of such date, under renewal leases (based on a third five (5) year term) of space in comparable first class multi-tenant office buildings of comparable size, location and age in the County of Boulder, Colorado, at such time, taking into account all relevant factors, including, without limitation, use, location and/or floor level within fifteen the applicable building, definition of rentable area, leasehold improvements provided, credits or allowances granted, if any, quality, age and location of the applicable building, rental concessions, the time the particular rate under consideration became effective, size of tenant, credit of tenant, relative operating expenses, taxes and utilities, relative services provided, and so forth. If Tenant, by written notice delivered no later than thirty (1530) days after the date Landlord notifies Tenant of the Market Base Rental Rate, objects to the Market Base Rental Rate determined by Landlord and elects to submit the rate determination to appraisal, then, within seven (7) days of the date of Tenant’s objection, each party shall appoint a non-affiliated certified M.A.I. Appraiser that has at least five (5) years’ full-time commercial appraisal experience in Boulder County to determine the Market Base Rental Rate, such process to be completed within twenty (20) days after the date of the appointment of the last appraiser. If a party does not appoint a qualified appraiser within five (5) days after the other party has given notice of the name of the appraiser, then the single appraiser shall be the sole appraiser and shall set the Market Base Rental Rate. The appraisers appointed by the parties shall meet promptly and attempt to set the Market Base Rental Rate. If they are unable to agree on which such appraisers have the Market Base Rental Rate within twenty (20) days after the date the second appraiser has been appointed, or if either LESSOR or LESSEE they shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the elect a third appraiser shall be shared equally by LESSOR and LESSEEmeeting the qualifications stated in this paragraph within seven (7) days after the last day the two (2) appraisers are to set the Market Base Rental Rate. If the three appraisers are unable to agree upon such fair market effective rent on the third appraiser, either of the parties to this Lease, after giving five (5) days’ prior written notice to the other party, may apply to the then president of the real estate board of Denver, Colorado for the selection of a third appraiser who meets the qualifications stated in this Section, which selection shall be made within fifteen three (153) days. All determinations of Market Base Rental Rate shall be subject to the limitations on Market Base Rental Rate set forth in the first paragraph of this Section. Each of the parties shall pay for the appraiser appointed by it and shall bear one-half of the cost of appointing the third appraiser and of paying the third appraiser’s fee. The third appraiser, however selected, shall be a person who has not previously acted in any capacity for either party. The appraisers shall be instructed to consider the criteria above stated in determining the Market Base Rental Rate. Within twenty (20) days of after the appointment selection of the third appraiser, the fair market effective rent third appraiser shall determine the Market Base Rental Rate and all three of the appraiser’s Market Base Rental Rates shall be that averaged excluding any single Market Base Rental Rate which is either ten percent (10%) higher or lower than the middle appraisal of Market Base Rental Rate and the remaining appraisals shall then be averaged. If the Market Base Rental Rate is not established for the extended term prior to its commencement, Tenant shall continue to pay the applicable Base Rent required for the last full month of the Lease term until the appraisers have made their determination. The Market Base Rental Rate in question, when finally determined by the appraiser appraisers, shall be retroactive to the commencement of the extension term, and the first Base Rent payment becoming due after the determination of the applicable Market Base Rental Rate shall include the retroactive amounts of monthly Base Rent installments accrued and unpaid. In no event may either Landlord or Tenant elect not selected to extend the Lease based upon the Market Base Rental Rate established in accordance herewith. This option to extend may not be exercised and the Lease shall not be extended if Landlord has given Tenant notice of default which default is not cured within any applicable cure periods or waived by either LESSOR or LESSEELandlord.

Appears in 2 contracts

Samples: Office Lease (Wells Real Estate Fund Ix Lp), Office Lease (Gaiam Inc)

Option to Extend. On the conditions (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE Lessee shall have the right option to extend the term hereof of ---------------- this lease for three (the “Option to Extend”3) for one successive additional term periods of five years(5) years each. Said options shall be exercised automatically unless Lessee, ending on March 31, 2019 (gives Lessor notice of Lessee's desire not to exercise the “Extension Period’), option. Such extension rights are further subject to commence immediately upon the expiration Lessee's not being in default under any of the then current termterms and provisions of this lease. LESSEE may The notice not to exercise such Option to Extend by giving written notice to LESSOR the option for any five (the “Extension Notice”5) on or before the date which no less than twelve year extension shall be given at least one-hundred eighty (12180) months days prior to the expiration end of the then current Termimmediately preceding term of this lease. Such Extension Period The first automatic extension of this lease shall be upon the same rental, terms and conditions as are set forth in this Lease Agreement. Rental for the second and third renewal terms of this lease, shall be an amount equal to the original rental, as defined in section 3 hereof, multiplied by a fraction. Said fraction shall be defined as consisting of a numerator, which shall be the index number (the "Index Number") indicated under the United States index column of the Consumer Price Index for Urban Wage Earners and Clerical Workers (the "CPI") (1982-1984=100) as promulgated by the United States Department of Labor, for the month immediately preceding the month and year in which the said renewal term shall commence and a denominator, which shall be the Index Number for the CPI for the month and year in which the original commencement date of this Lease occurs. If there shall at the time be no such CPI, the parties shall use the most comparable substitute index in determining rent escalation for said renewal periods. Notwithstanding the above, all other terms and conditions of this Lease, except that the Base Rent payable Lease Agreement shall be set at the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms remain in the nature of rent full force and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, effect during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes second and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEErenewal periods.

Appears in 2 contracts

Samples: Lease Agreement (Matewan Bancshares Inc), Lease Agreement (Matewan Bancshares Inc)

Option to Extend. On the conditions (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as Upon expiration of the time primary term of exercise of the Option to Extendthis Lease, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE shall have the right ---------------- Tenant is granted an option to extend the term hereof of this Lease for three (3) additional sixty (60) month periods, each (each an "extension term") upon the “Option to Extend”) for one additional term of five yearssame terms and conditions as are included in this Lease, ending on March 31subject, 2019 (the “Extension Period’)however, to commence immediately upon the expiration renegotiation of the then current rent provided in paragraph 4 of this Lease. The primary term and the extension terms will be collectively referred to in this Lease as the "term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (the “Extension Notice”) on or before the date which no ." Tenant shall notify Landlord within not less than twelve one hundred twenty (12120) months days prior to the expiration of the then current Term. Such Extension Period shall be upon primary term of this Lease or prior to the same terms and conditions expiration of each extension term of Tenant's exercise of its option to extend this Lease, except provided that in the Base Rent circumstances described in paragraph 13, the options to extend the term may be exercised earlier as provided in paragraph 13, and if the option to extend is exercised earlier as provided in paragraph 13, nevertheless, the rental payable as provided in paragraph 4 shall be set determined at the then time and in the manner provided in paragraph 4 and this paragraph 3. During the following sixty (60) day period, Tenant and Landlord shall negotiate and arrive at an agreement or disagreement of the amount of rent to be paid during the applicable extension term. If Landlord and Tenant agree upon the rent to be paid during the applicable extension term, Landlord and Tenant shall at the end of the sixty (60) day period enter into a new written lease or an amendment agreement setting forth the amount of rental Tenant shall be required to pay pursuant paragraph 4 for the applicable extension term and any other additional terms to which Landlord and Tenant have agreed. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, a fair market effective rent for appraisal comparison of comparable properties will be completed by an independent party upon which the Leased Premises. In no event, however, shall Landlord and Tenant may use to negotiate the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature amount of rent to be paid during the applicable extension term. If Tenant and Landlord fail to agree upon the rent adjustments customarily then being included in leases for similar space to be paid during the applicable extension term during the sixty (60) day period of negotiations, either Landlord or Tenant may, by written notice to the other party given within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such ensuing thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should elect to invoke the two appraisers fail arbitration provisions of this Lease to agree on a third within fifteen (15) days of determine the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser rent Tenant shall be appointed by required to pay pursuant to paragraph 4 for the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEEapplicable extension term.

Appears in 2 contracts

Samples: Lease Agreement (Rightnow Technologies Inc), Lease Agreement (Rightnow Technologies Inc)

Option to Extend. On the conditions (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE Tenant shall have the right option to extend the term hereof Term of this Lease for two (the “Option to Extend”2) for one additional term successive terms of five years, ending on March 31, 2019 (the “Extension Period’5) years each (each being referred to as an "extended term"), to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend The option shall be exercised only by giving written notice to LESSOR no more than twelve (the “Extension Notice”l2) on or before the date which months and no less than twelve nine (129) months prior to the expiration of the then current Termoriginal Term or the first extended term, as the case may be. Such Extension Period Said notice shall be upon effective only if given in the timely manner described; however, Tenant's exercise of its option may be deemed void in Landlord's sole discretion if Tenant is not occupying the Premises for the Permitted Use, is in default under the terms of this Lease either on the date of the notice or on the date of the expiration of the original Term or of the first extended term, as the case may be, or has assigned this Lease or sublet more than fifty percent (50%) of the Premises (other than to an Affiliated Entity). The demise of the Premises for each extended term shall be on the same terms and conditions as the original Term or the first extended term, as the case may be, except that Landlord shall have no obligation to construct or renovate the Premises or to provide any allowance or contribution with respect thereto and the charge for all parking passes to be used during the extended term shall be at the then current prevailing rate in the Garage, as such rate may vary from time to time (but not less than the highest rate being charged to Tenant for its parking passes as of the expiration of the then current Term of this Lease), and except that the Base Rent, the Operating Costs for the Base Calendar Year and the Real Estate Taxes for the Base Calendar Year during such extended term shall be as set forth hereinafter. All other items of additional rent shall be the same. Once the Term is duly extended, any reference in this Lease to the "term" or "Term" of this Lease shall mean the Term as so extended. If Tenant fails to give timely notice, as aforesaid, Tenant shall have no further right to extend the Term of this Lease, except that time being of the essence in respect of this Section 10.24. Tenant shall have no option to extend the Term of this Lease other than the two (2) additional five (5) year terms herein provided for. Notwithstanding the fact that, upon Tenant's exercise of the herein option to extend the Term of this Lease, such extension(s) shall be self-executing, as aforesaid, the parties shall promptly execute a lease amendment reflecting such extended term after Tenant exercises the option in question and the Base Rent, Operating Costs for the Base Calendar Year and Real Estate Taxes for the Base Calendar Year during such extended term are determined. The Base Rent for each extended term shall be 95% of the fair market rental value (as hereinafter defined) of the Premises as of the commencement date of such extended term. However, in no event shall the sum of the Base Rent payable shall and amounts required to be set at the then fair market effective rent paid by Tenant on account of Operating Costs and Landlord's Tax Expense for the Leased Premises. In no event, however, shall the Base Rent any twelve (12) month period during such extended term be less than the then-current Base Rent at the expiration sum of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent and amounts required to be paid by Tenant on account of Operating Costs and Landlord's Tax Expense for the twelve (12) month period immediately preceding the commencement of such extended term. "Fair market rental value" shall be computed as of the date in question at the then current annual rental charge (i.e., the sum of Base Rent plus such additional financial terms escalation and other charges), including provisions for subsequent increases and other adjustments, for leases or agreements to lease then currently being negotiated or executed for comparable space located in first-class buildings (including the nature Building) in downtown Hartford. In determining fair market rental value, the following factors, among others, shall be taken into account and given effect: size, location of rent premises, lease term, building amenities, finishes and rent adjustments customarily then being included in leases condition of building, tenant improvement allowances, creditworthiness of the landlord and the tenant, availability of exterior signage, and services provided by the landlord. Notwithstanding anything to the contrary herein contained, the parties hereby agree that, upon the determination of any fair market rental value, Operating Costs for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Base Calendar Year and Real Estate Taxes for the Base Calendar Year shall be changed from that stated in Section 1.1 above to an amount equal to the actual amount of Operating Costs and Operating CostsLandlord's Tax Expense, respectively, for the calendar year immediately preceding the calendar year in which the commencement date of the extended term occurs. Said In such event, the amount of Base Rent payable hereunder shall be commensurately adjusted to reflect such change in such base years. Landlord shall initially designate fair market effective rent for the Leased Premises rental value and Landlord shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said furnish data in support of such designation. If Tenant disagrees with Landlord's designation of a fair market effective rent rental value, Tenant shall have the right, by written notice given within thirty (30) days after Tenant has been notified of Landlord's designation, to submit such fair market rental value to appraisal. Fair market rental value shall be submitted to appraisal as follows: fair market rental value shall be determined by impartial MAI appraisers, one to be chosen by Landlord, one to be chosen by Tenant, and a third to be selected, if necessary, as below provided. The unanimous written decision of the date two first chosen, without selection and participation of a third appraiser, or otherwise, the Extension Noticewritten decision of a majority of three appraisers chosen and selected as aforesaid, said fair market effective rent shall be conclusively determined by three conclusive and binding upon Landlord and Tenant. Landlord and Tenant shall each notify the other of its chosen appraiser within ten (3) appraisers. Within fifteen (1510) days of following the expiration of call for appraisal and, unless such two appraisers shall have reached a unanimous decision within thirty (30) day perioddays after their designation, LESSOR they shall so notify the President of the Hartford Bar Association (or such organization as may succeed to said Hartford Bar Association) and LESSEE shall each request him or her to select an appraiser, who impartial third MAI appraiser to determine fair market rental value as herein defined. Such third appraiser and the first two chosen shall select a third. Should hear the two appraisers fail to agree on a third parties and their evidence and render their decision within fifteen thirty (1530) days following the conclusion of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisershearing and notify Landlord and Tenant thereof. Each party Landlord and Tenant shall bear the cost of the appraiser selected by such party, and the cost expense of the third appraiser (if any) equally. The decision of the appraisers shall be shared equally binding and conclusive, and judgment upon the award or decision of the arbitrators may be entered in the appropriate court of law; and the parties consent to the jurisdiction of such court and further agree that any process or notice of motion or other application to such court or a Judge thereof may be served outside the State of Connecticut by LESSOR and LESSEEregistered mail or by personal service, provided a reasonable time for appearance is allowed. If the three appraisers are unable dispute between the parties as to agree a fair market rental value has not been resolved before the commencement of Tenant's obligation to pay rent based upon such fair market effective rent within fifteen (15) days rental value, then Tenant shall pay Base Rent and other charges under this Lease in respect of the appointment of the third appraiser, premises in question based upon the fair market effective rental value designated by Landlord until either the agreement of the parties as to the fair market rental value, or the decision of the appraisers, as the case may be, at which time Tenant shall pay any underpayment of rent and other charges to Landlord, or Landlord shall be that determined by the appraiser not selected by either LESSOR or LESSEErefund any overpayment of rent and other charges to Tenant.

Appears in 2 contracts

Samples: Disturbance and Attornment Agreement (Lincoln National Corp), Disturbance and Attornment Agreement (Lincoln National Corp)

Option to Extend. On the conditions (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as Upon expiration of the time primary term of exercise of the Option to Extendthis Lease, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE shall have the right Tenant is granted an option to extend the term hereof of this Lease for two (2) additional sixty (60) month periods, each (each an “extension term”) upon the same terms and conditions as are included in this Lease, subject, however, to renegotiation of the rent provided in paragraph 4 of this Lease. The primary term and the extension terms will be collectively referred to in this Lease as the “Option to Extend”) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (the “Extension Notice”) on or before the date which no .” Tenant shall notify Landlord within not less than twelve one hundred twenty (12120) months days prior to the expiration of the then current Term. Such Extension Period shall be upon primary term of this Lease or prior to the same terms and conditions expiration of each extension term of Tenant’s exercise of its option to extend this Lease, except provided that in the Base Rent circumstances described in paragraph 13, the options to extend the term may be exercised earlier as provided in paragraph 13, and if the option to extend is exercised earlier as provided in paragraph 13, nevertheless, the rental payable as provided in paragraph 4 shall be set determined at the then time and in the manner provided in paragraph 4 and this paragraph 3. During the following sixty (60) day period, Tenant and Landlord shall negotiate and arrive at an agreement or disagreement of the amount of rent to be paid during the applicable extension term. If Landlord and Tenant agree upon the rent to be paid during the applicable extension term, Landlord and Tenant shall at the end of the sixty (60) day period enter into a new written lease or an amendment agreement setting forth the amount of rental Tenant shall be required to pay pursuant paragraph 4 for the applicable extension term and any other additional terms to which Landlord and Tenant have agreed. If Tenant and Landlord fail to agree upon the rent to be paid during the applicable extension term during the sixty (60) day period of negotiations, a fair market effective rent for appraisal comparison of comparable properties will be completed by an independent party upon which the Leased Premises. In no event, however, shall Landlord and Tenant may use to negotiate the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature amount of rent to be paid during the applicable extension term. If Tenant and Landlord fail to agree upon the rent adjustments customarily then being included in leases for similar space to be paid during the applicable extension term during the sixty (60) day period of negotiations, either Landlord or Tenant may, by written notice to the other party given within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such ensuing thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should elect to invoke the two appraisers fail arbitration provisions of this Lease to agree on a third within fifteen (15) days of determine the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser rent Tenant shall be appointed by required to pay pursuant to paragraph 4 for the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEEapplicable extension term.

Appears in 2 contracts

Samples: Lease Agreement (Rightnow Technologies Inc), Lease Agreement (Rightnow Technologies Inc)

Option to Extend. On the conditions (which conditions LESSOR may waive, at its election, by written notice Landlord hereby grants to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE shall have the right Tenant an option to extend the term hereof (of this Lease for the Option to Extend”) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately Term upon the expiration of the then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR given not less than six (the “Extension Notice”6) on or before the date which no less months and not more than twelve (12) months prior to in advance of the expiration of the Initial Term; provided however, that Tenant's exercise of such option shall not be effective if (a) Tenant shall be in default beyond the applicable cure period after notice from Landlord under any of the monetary or other materials terms of this Lease either at the time of such exercise or at the expiration of the then current Initial Term; or (b) if Tenant has not met the Gross Sales Threshold (as defined in Section 1.9 and adjusted per Section 5.8 each year of the Lease Term) required for the preceding twelve (12) month period; provided, further, Landlord may condition Tenant's extension of the Term of this lease on Tenant's refurbishment of the Premises if such refurbishment is reasonably necessary to maintain the Premises as a first class establishment in accordance with Section 16.1 and Article 14. Such Extension Period shall be upon the same All terms and conditions of this Lease, except that applicable to the Base Rent payable Initial Term shall be set at applicable to the then fair market effective rent Option Term, including but not limited to provisions regarding Minimum Annual Rental and Percentage Rental annual increases; however, the provisions of Exhibit C regarding the initial construction of the Premises shall not be applicable. In the event Tenant has not met the Gross Sales Breakpoint (as defined in Section 1.8 and adjusted per Section 5.3 each year of the Lease Term) required for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty preceding (3012) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day month period, LESSOR then the option to extend is personal to Tenant and LESSEE shall each select an appraisermay not be exercised or be assigned, who shall select a third. Should the two appraisers fail voluntarily or involuntarily, by or to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, any person or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEEentity other than Tenant.

Appears in 2 contracts

Samples: Silicon Entertainment Inc /Ca/, Silicon Entertainment Inc /Ca/

Option to Extend. On the conditions (which conditions LESSOR may waive, Tenant at its election, option may extend the term of this Lease for one (1) extension term of five (5) years by serving written notice to LESSEE thereof upon Landlord at any timeleast twelve (12) months before the expiration of the initial lease term, provided that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of at the time of exercise of the Option to Extend, as hereinafter defined, such notice and at the commencement of the Extension Periodsuch extended term, no event of default, as hereinafter defineddefined in Paragraph 13 of this Lease, then LESSEE shall have occurred. Upon the service of such notice and subject to the conditions set forth in the preceding sentence, this Lease shall be extended without the necessity of the execution of any further instrument or document. Such extended term shall commence upon the expiration date of the initial lease term, expire upon the annual anniversary of such date five (5) years thereafter, and be upon the same terms, covenants, and conditions as provided in this Lease for the initial term, except that the Basic Rental payable during the extended term shall be at the prevailing rate for comparable space in the Building, at the commencement of such extended term, which new Basic Rental shall be adjusted as provided in and under this Lease. Payment of all additional rent and other charges required to be made by Tenant as provided in this Lease for the initial term shall continue to be made during the extended term. Any termination of this Lease during the initial term shall terminate all rights of extension hereunder. Any assignment or subletting by Tenant pursuant to Paragraph 9 of this Lease, other than to a Fortune 500 company or an Affiliate, if any, shall terminate the option of Tenant contained herein. Notwithstanding the foregoing, in no event shall the Basic Rental for the extension term be less than the Basic Rental during the last year of the initial term. 74 RIDER NO. 501 TERMINATION OPTION Tenant shall have the right option to extend terminate this Lease on the term hereof last day of any month after the date which is five (5) years and eight (8) months after the “Option to Extend”Commencement Date of this Lease (as applicable, the "Termination Date"); provided that (i) for one additional term of five years, ending on March 31, 2019 Tenant gives Landlord at least nine (the “Extension Period’), to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend by giving 9) months prior written notice to LESSOR terminate, and (ii) Tenant is not in default under the “Extension Notice”) Lease at the time of the giving of such notice nor on the Termination Date. Additionally, Tenant's right to terminate hereunder is conditioned upon the payment in full by Tenant, on or before the date which no less than twelve Termination Date, of (12a) months prior all Basic Rental, Additional Rental and other sums owed by Tenant under the Lease through and including the Termination Date; and (b) an amount equal to the expiration sum of (i) the amount obtained by multiplying $5,685,000.00 by a fraction having as its numerator, the number of months remaining in the initial Lease Term, and having as its denominator, the number sixty (60), plus (ii) the unamortized cost of all tenant improvement allowances, leasing commissions and other transaction costs actually paid by Landlord in connection with this Lease with interest thereon at the rate of twelve and one-half percent (12.5%) per annum (collectively, the "Termination Payment"). After Landlord's receipt of the then current Term. Such Extension Period Termination Payment, and so long as Tenant has surrendered the Premises in the condition required under this Lease, neither party shall be upon have any rights, liabilities or obligations under this Lease for the same terms and conditions period accruing after the Termination Date, except those which, by the provisions of this Lease, except that expressly survive the Base Rent payable shall be set at the then fair market effective rent for the Leased Premisestermination of this Lease. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration 75 EXHIBIT F ROOFTOP LICENSE AGREEMENT THIS ROOFTOP LICENSE AGREEMENT (this "Agreement") is entered into as of the current Term____ day of _________, 1996, by and between CRESCENT REAL ESTATE EQUITIES LIMITED PARTNERSHIP ("Licensor") and PAGEMART WIRELESS, INC. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEE"Licensee").

Appears in 2 contracts

Samples: Office Lease (Pagemart Inc), Office Lease (Pagemart Wireless Inc)

Option to Extend. On the conditions (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE Lessee shall have the option to extend the Term for ---------------- a period of five (5) years immediately following the expiration of the initial Term (the "Extended Term"), on all provisions contained in this Lease (except for Base Rent and such other terms and conditions as are specifically or by their operation limited to the initial Term only and except that Lessee shall have no further right or option to extend the term hereof (the “Option to Extend”) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend Extended Term), by giving written notice to LESSOR of exercise of the option (the “Extension "Option Notice") on or before the date which no less than to Lessor at least twelve (12) months prior to but not more than fifteen (15) months before the expiration of the then current applicable Term. Such Extension Period 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 hereby acknowledges that 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 the option. Therefore, Lessee's failure to adhere strictly and completely to the provisions and time frame contained in this provision shall be upon render the same terms option automatically null, void and conditions of no further force or effect, without notice, acknowledgement, or any action of any nature or 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 Term 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, except that if Lessee is in default (after the expiration of any applicable period for cure pursuant to Article 22 below) on the date of giving the Option Notice, the Option Notice shall be totally ineffective, or if Lessee is in default (after the expiration of any applicable period for cure pursuant to Article 22 below) on the date the Extended Term is to commence, in addition to any and all other remedies available to Lessor under this Lease. at Lessor's election, the exercise of the option shall be deemed null and void, the Extended Term shall not commence, and this Lease shall expire at the end of the Term. Further, the option to extend granted pursuant hereto and this entire Article 3.b. shall be null and void and of no further force or effect if during the twelve (12) month period prior to the delivery of the Option Notice, Lessee has incurred two or more late charges pursuant to Article 40.a. below, due to late payment of Base Rent payable shall (regardless of whether such late payment was subsequently cured). The option to extend granted pursuant hereto is personal to original Lessee signatory to this Lease and cannot be set at the then fair market effective rent assigned, transferred or conveyed to, or exercised for the Leased Premisesbenefit of, any other person or entity (voluntarily, involuntarily. In no eventby operation of law or otherwise) including, howeverwithout limitation, to any assignee or subtenant permitted under Article 13, other than a "Permitted Transferee" (as defined in Article 13). All of Lessee's rights under this Article 3.b. shall the Base Rent be less than the then-current Base Rent at terminate upon the expiration of the current Term. For the purpose initial Term or sooner termination of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEELease.

Appears in 2 contracts

Samples: Chordiant Software Inc, Chordiant Software Inc

Option to Extend. On While this Lease is in full force and effect, provided that no Event of Default then exists and no Event of Default has occurred within the conditions immediately preceding twelve (which conditions LESSOR may waive12) month period, at its electionand further provided that the Original Tenant has not assigned this Lease nor sublet more than twenty-five percent (25%) of the Premises then demised to Tenant under this Lease (excluding transfers to Permitted Transferees), by written notice to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, each case both as of the time of option exercise and as of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Periodherein additional term, as hereinafter defined, then LESSEE Tenant shall have the right or option (the “Extension Option”) to extend the original term hereof of this Lease for one (1) period of five (5) years (the “Option Period”). The Extension Option shall not apply to Extend”) for one additional any ROFR Space that is added to the Premises in connection with paragraph 6.20 of this Lease, as any extension of the term of five yearsTenant’s leasing of the ROFR Space shall be governed by the Offer. Such extension of the original term shall be on the same terms and covenants as provided for in the original term except that (a) Tenant shall have no further option to extend the Lease Term, ending on March 31(b) the Base Rent for the Option Period shall be one hundred percent (100%) of the then Fair Market Rent for the Premises in AS IS condition for lease renewals as determined in accordance with subparagraph 2.2.3, 2019 and (c) Landlord shall have no obligation to prepare, refurbish or construct the Premises or any part thereof prior to the commencement of the Option Period, nor shall Landlord have any obligation to provide Tenant with any tenant improvement allowance or other allowance of any kind. Any exercise of such Extension Option by Tenant as provided herein shall be irrevocable. If the Fair Market Rent has not been determined as of the commencement date of the Option Period, Tenant initially shall pay Base Rent plus escalations for the extended term at the Fair Market Rate designated by Landlord, with a retroactive adjustment to be made within ten (10) Business Days after the determination of Fair Market Rent. Notice (the “Extension Period’), to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (the “Extension Notice”) on or before of Tenant’s intention to exercise the date which no less than Extension Option must be given to Landlord, in writing, at least twelve (12) months prior to the then current expiration of the then current TermLease Term (time being of the essence) or the Extension Option shall lapse and be of no further force or effect. Such If Tenant exercises the Extension Period shall be upon Option, after the same terms and conditions determination of this Lease, except that the Base Fair Market Rent payable shall be set at the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; as herein provided, however, if LESSOR the Landlord and LESSEE are unable Tenant shall execute an amendment to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEEthis Lease confirming same.

Appears in 2 contracts

Samples: Lease (Endurance International Group Holdings, Inc.), Lease (Endurance International Group Holdings, Inc.)

Option to Extend. On (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 conditions date of Tenant’s Extension Notice (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined) or, and at unless waived in writing by Landlord for the commencement purpose of the this Extension Period, Option (as hereinafter defined), then LESSEE on the Extension Effective Date, and provided further that this Lease shall not have theretofore been assigned (other than pursuant to an assignment not requiring Landlord’s consent thereto), Tenant shall have the right right, at Tenant’s option, to extend the term hereof Term of this Lease for one (1) additional period of five (5) years (the “Option to ExtendOptional Extended Term”) for one additional term of five years, ending commencing on March 31, 2019 the day following the Expiration Date (the “Extension Period’), to commence immediately upon Effective Date”) and ending on the expiration fifth (5th) anniversary of the then current termExpiration Date. LESSEE may exercise such Option Such option to Extend by giving written notice to LESSOR extend (the “Extension Option”) shall be exercised by Tenant giving written notice (“Tenant’s Extension Notice”) on or of the exercise thereof to Landlord at least eighteen (18) but not more than twenty-one (21) months before the date which no less than twelve (12) months prior Expiration Date. If Tenant shall fail to timely give Tenant’s Extension Notice as provided herein, the Extension Option shall be deemed automatically and irrevocably waived by Tenant. The Term as extended pursuant to the expiration of the then current Term. Such Extension Period Option shall be upon the same terms terms, covenants, and conditions of as set forth in this Lease, Lease except that the Base Rent payable during the Optional Extended Term, if exercised, shall be set at equal the then fair market effective rent for the Leased PremisesMarket Rate (as defined below). In no eventthe event Tenant exercises the Extension Option as provided herein, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE Tenant shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of after Landlord’s request, execute and deliver an amendment to the date on which Lease memorializing such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, exercise and the cost of Rent payable by Tenant during the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEEOptional Extended Term.

Appears in 2 contracts

Samples: Office Lease (Archipelago Holdings L L C), Office Lease (Archipelago Holdings L L C)

Option to Extend. On Tenant shall have the right, to be exercised as hereinafter provided, to extend the term of this Lease for 1 period of 3 years (“Extension Term”), on the following terms and conditions (which and subject to the limitations hereinafter set forth. The Extension Term shall be upon the same terms, covenants and conditions LESSOR may waiveas in this Lease, at its election, by written notice to LESSEE at any time) except that LESSEE is not in default Basic Rent shall be the Fair Market Basic Rent for such space on the date such Extension Term shall commence. Tenant shall notify Landlord of its covenants desire to extend the term for the Extension Term by notifying Landlord in writing (the “Extension Notification”) at least 9 months prior to the commencement date of the Extension Term; if Tenant fails to timely deliver the Extension Notification to Landlord, then Tenant’s option to extend shall automatically terminate. Upon Landlord’s receipt of the Extension Notification, Landlord and obligations under Tenant shall make a good faith effort to agree upon the Lease beyond applicable notice and cure periods, both Fair Market Basic Rent of the Premises for the Extension Term. “Fair Market Basic Rent” shall mean that net annual basic rent per rentable square foot of the Premises as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension PeriodTerm that a willing credit-worthy tenant would pay and that a willing landlord would accept in an arms length bona fide negotiation for space comparable to the Premises in condition, as hereinafter definedquality, size and location, with neither party under a compulsion for the appropriate term. In determining “Fair Market Basic Rent,” the parties shall consider rental rates, rent concessions, and other economic terms that a comparable landlord, acting reasonably and in good faith, is then LESSEE shall have the right to extend the term hereof (the “Option to Extend”) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’)offering or would then offer, to commence immediately a lessee similar to Tenant for a similar term. In the event that Landlord and Tenant fail to agree upon the expiration of the then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (the “Extension Notice”) on or before the date which no less than twelve (12) months prior to the expiration of the then current Term. Such Extension Period shall be upon the same terms and conditions of this Lease, except that the Base Fair Market Basic Rent payable shall be set at the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) 90 days of the date Landlord’s receipt of the Extension NoticeNotification, said fair market effective rent then Tenant’s extension right shall automatically terminate. Tenant’s option to extend as set forth in this Section shall be conclusively determined by three (3) appraisers. Within fifteen (15) days contingent upon this Lease being in full force and effect and Tenant not being in default in the performance of any of the expiration terms, covenants and conditions herein contained in respect to a matter as to which notice of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on default has been given hereunder which such appraisers have has not been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser remedied within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEElimited in this Lease.

Appears in 2 contracts

Samples: Lease Agreement (G Iii Apparel Group LTD /De/), Lease Agreement (G Iii Apparel Group LTD /De/)

Option to Extend. On Tenant shall have the conditions right and option to extend the Term for one additional period of five (5) years (the "Extension Term") commencing upon the Term Expiration Date set forth in Section 1.1 of the Lease, provided that Tenant shall give Landlord notice of Tenant's exercise of such option at least six (6) months prior to the Term Expiration Date and provided further that no event of default by Tenant exists hereunder, and no condition exists which conditions LESSOR may waivewith the giving of notice or the passage of time, or both, would constitute an event of default hereunder, at its election, by written notice to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise giving such notice. If an event of default by Xxxxxx exists hereunder, or a condition exists which with the Option to Extendgiving of notice or the passage of time, as hereinafter definedor both, and would constitute an event of default hereunder, at the time of the commencement of the Extension PeriodTerm, at Landlord's option, exercisable by notice to Tenant, the exercise of Tenant's option to extend the Term shall be null and void and of no further force and effect. Prior to the exercise by Tenant of such option, the expression "Term" shall mean the Term until the Term Expiration Date set forth in Section 1.1 of the Lease, and after the exercise by Tenant of such option, the expression "Term" shall mean the Term as hereinafter definedit has been extended by the Extension Term. Except as expressly otherwise provided in the following paragraph and except for this Section 2.3, then LESSEE all the terms, covenants, conditions, provisions and agreements in the Lease contained shall be applicable to the Extension Term. If Tenant shall give notice of its exercise of said option to extend in the manner and within the time period provided aforesaid, the Term shall be extended upon the giving of such notice without the requirement of any further action on the part of either Landlord or Tenant. If Tenant shall fail to give timely notice of the exercise of any such option as aforesaid, Tenant shall have the no right to extend the term hereof (Term of this Lease, time being of the “Option essence of the foregoing provisions. The Annual Rent payable during the Extension Term shall be equal to Extend”) the Fair Market Rent for one additional term the Premises, as determined below, as of five yearsthe commencement of the Extension Term. If for any reason the Annual Rent payable during the Extension Term has not been determined as of the commencement of the Extension Term, ending on March 31Tenant shall pay the Annual Rent payable during the Original Term, 2019 (together with any applicable adjustment in the Annual Estimated Electrical Cost to Tenant's Space, until the Annual Rent for the Extension Period’)Term is determined, at which time, an appropriate adjustment, if any, shall be made. For purposes here, the Fair Market Rent shall mean the fair rent for the Premises as of the commencement of the Extension Term under market conditions then existing. Fair Market Rent shall be determined by agreement between Landlord and Tenant, but if Landlord and Tenant are unable to commence immediately agree upon the expiration of the then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR Fair Market Rent at least six (the “Extension Notice”) on or before the date which no less than twelve (126) months prior to the expiration of date upon which the Fair Market Rent is to take effect, then current Term. Such Extension Period the Fair Market Rent shall be upon the same terms and conditions determined by appraisal. made as hereinafter provided by a board of this Leasethree reputable independent commercial real estate consultants, except that the Base Rent payable appraisers, or brokers, each of whom shall be set have at the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration least ten years of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms experience in the nature suburban Rte. 128 Boston office rental market and each of rent whom is hereinafter referred to as "appraiser". Tenant and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE Landlord shall each select an appraiser, who shall select a third. Should appoint one such appraiser and the two appraisers fail to agree on a so appointed shall appoint the third within fifteen (15) days appraiser. The cost and expenses of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an each appraiser within the time provided, such appraiser appointed separately by Xxxxxx and Landlord shall be appointed borne by the American Institute of Appraisersparty who appointed the appraiser. Each party shall bear the The cost of the appraiser selected by such party, and the cost expenses of the third appraiser shall be shared equally by LESSOR Xxxxxx and LESSEELandlord. Landlord and Tenant shall appoint their respective appraisers at lease five (5) months prior to commencement of the period for which Fair Market Rent is to be determined and shall designate the appraisers so appointed by notice to the other party. The two appraisers so appointed and designated shall appoint the third appraiser at least four (4) months prior to the commencement of such period and shall designate such appraisers by notice to Landlord and Tenant. The board of three appraisers shall determine the Fair Market Rent of the space in question as of the commencement of the period to which the Fair Market Rent shall apply and shall notify Landlord and Tenant of their determinations at least sixty (60) days prior to the commencement of such period. If the determinations of the Fair Market Rent of any two or all three appraisers are unable shall be identical in amount, said amount shall be deemed to agree upon such fair market effective rent within fifteen (15) days be the Fair Market Rent of the appointment subject space. If the determinations of all three appraisers shall be different in the amount, the average of the third appraiser, the fair market effective rent two values nearest in amount shall be that deemed the Fair Market Rent. The Fair Market Rent of the subject space determined by in accordance with the appraiser not selected by either LESSOR or LESSEEforegoing shall be conclusive on Landlord and Tenant.

Appears in 2 contracts

Samples: Docent Inc, Docent Inc

Option to Extend. On the conditions (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as a. As of the time of exercise Effective Date, Section 3.2 of the Option Existing Lease is hereby amended to Extend, as hereinafter defined, and at the commencement grant Tenant two (2) options (in place of the Extension Period, as hereinafter defined, then LESSEE shall have one (1) option granted in the right Existing Lease) to extend the term hereof applicable Initial Term of the Lease as to the Third Floor Portion, Fourth Floor Portion and Original Storage Space and as to the Seventh Floor Portion, Eighth Floor Portion and Additional Storage Space for two (the “Option to Extend”2) for one additional term periods of five years(5) years each. Such options shall collectively be referred to as, ending on March 31, 2019 (the “Extension Period’)Options” and individually, to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (the as an “Extension Notice”) on or before the date which no less than twelve (12) months prior to the expiration Option.” The exercise of the then current Term. Such any Extension Period Option shall be upon governed by the same terms and conditions of this Section 3.2 of the Existing Lease, except ; provided however that since the Base Rent payable shall be set at the then fair market effective rent lease term for the Leased Premises. In no eventThird Floor Portion, howeverFourth Floor Portion and Original Storage Space, shall on the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such partyone hand, and the cost of lease term for the third appraiser Seventh Floor Portion, Eighth Floor Portion and Additional Storage Space (if such Additional Storage Space has been delivered to Tenant), on the other hand, are not coterminous (a) reference to the Premises in Section 3.2 shall be shared equally by LESSOR deemed to refer to either the Third Floor Portion, Fourth Floor Portion and LESSEE. If Original Storage Space or to the three appraisers are unable Seventh Floor Portion, Eighth Floor Portion and Additional Storage Space, as applicable; (b) the second Extension Option as to agree upon such fair market effective rent within fifteen the Third Floor Portion, Fourth Floor Portion and Original Storage Space shall automatically terminate if Tenant fails to timely and properly exercise the first Extension Option as to the Third Floor Portion, Fourth Floor Portion and Original Storage Space in accordance with the terms and conditions of Section 3.2; and (15c) days of the appointment of second Extension Option as to the third appraiserSeventh Floor Portion, Eighth Floor Portion and Additional Storage Space shall automatically terminate if Tenant fails to timely and properly exercise the fair market effective rent shall be that determined by first Extension Option as to the appraiser not selected by either LESSOR or LESSEESeventh Floor Portion, Eighth Floor Portion and Additional Storage Space.

Appears in 2 contracts

Samples: Office Lease (Salesforce Com Inc), Office Lease (Salesforce Com Inc)

Option to Extend. On Subject to the terms and conditions (which conditions LESSOR set forth below, Tenant may waive, at its electionoption extend the Term of this Lease for One (1) period of TEN (10) years. Such period is called the “Renewal Term.” The Renewal Term shall be upon the same terms contained in this Lease, by except that (i) Landlord shall have no obligation to provide Tenant with any Tenant Improvement Allowance or demolition in connection with the Renewal Term, (ii) the Base Rental during the Renewal Term shall be calculated as set forth below, and (iii) any reference in the Lease to the “Term” of the Lease shall be deemed to include the Renewal Term and apply thereto, unless it is expressly provided otherwise. Tenant shall have no additional extension options. The Base Rent during the Renewal Term shall be at the then Fair Xxxxxx Rate (defined hereinafter) for such space for a term commencing of the first day of the Renewal Term. “Market Rate” shall mean the then prevailing market rate for a comparable term commencing on the first day of the Renewal Term for tenants of comparable size and creditworthiness for comparable space in the Building and other Office buildings in the Alameda Area. In no event shall the Base Rent payable during the first (1st) year of the Renewal Term be less than the Base Monthly Rent of January 2025. Base Rent during the Renewal Term shall increase at four percent (4%) per year. To exercise any option, Tenant must deliver a binding written notice to LESSEE at any time) that LESSEE is Landlord not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE shall have the right to extend the term hereof (the “Option to Extend”) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (the “Extension Notice”) on or before the date which no less sooner than twelve (12) months nor later than six (6) months prior to the expiration of the then current Term. Such Extension Period shall be upon the same terms and conditions Initial Term of this Lease. Thereafter, except that the Base Rent payable Market Rate for the Renewal Term shall be set at the then fair market effective rent for the Leased Premises. In no event, however, calculated by Landlord and Landlord shall the Base Rent be less than the then-current Base Rent at the expiration inform Tenant of the current TermMarket Rate. For If the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to parties cannot agree on said fair market effective rent the Market Rate within thirty (30) days following Landlord’s delivery of a statement of Fair Market Rent, the date of the Extension Noticeparties shall each, said fair market effective rent shall be conclusively determined by three within ten (310) appraisers. Within fifteen (15) business days of following the expiration of such thirty (30) day period, LESSOR appoint a real estate broker (with at least 10 years experience in office leasing in Alameda) to determine the Market Rate, and LESSEE each such broker will deliver its determination within ten (10) additional business days. If the lower of the two is within 90% of the higher of the two valuations, then the Market Rent shall each be the average of the two. If a party fails to timely designate a broker, the broker designated by the other party will determine the Market Rate. If the lower of the two valuations Is less than 90% of the higher valuation, then the two brokers/appraisers originally selected by the parties shall, within five (5) business days, select an a third broker/appraiser and shall present their final determinations of Market Rate to the third broker/appraiser, who and the third broker/appraiser shall select a thirdpick one of those two as being the Market Rate. Should the two appraisers fail to agree on a third within fifteen (15) days The determination of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such third broker/appraiser shall be appointed by binding on the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEEparties. If the three appraisers are unable Tenant falls to agree upon such fair market effective rent within fifteen (15) days timely give its notice of the appointment of the third appraiserexercise, the fair market effective rent shall Tenant will be that determined by the appraiser not selected by either LESSOR or LESSEEdeemed to have waived its option to extend.

Appears in 2 contracts

Samples: Responding Party (Penumbra Inc), Responding Party (Penumbra Inc)

Option to Extend. On the conditions (which conditions LESSOR may waivea) Lessor hereby grants to Lessee one (1) option, at its Lessee’s election, either (1) to extend the term of this Lease with respect to the Building #16 Premises only, or (2) to extend the term of this Lease with respect to the Building #13 Premises only, or (3) to extend the term of this Lease of both the Building #16 Premises and the Building #13 Premises (whichever Lessee elects is referred to hereafter as the “Option Premises”), for one period of thirty-six (36) calendar months immediately following the expiration of the initial term of this Lease of the Building #16 Premises and the Building #13 Premises. Lessee may exercise the foregoing option to extend by giving written notice of exercise to LESSEE Lessor at any timeleast five (5) months, but not more than twelve (12) months, prior to the expiration of the initial term of this Lease of Building #16 Premises and the Building #13 Premises (“the option exercise period”), time being of the essence; provided that LESSEE if Lessee is not currently in a state of uncured default after the expiration of its covenants and obligations under the Lease beyond applicable notice and cure periods, both if applicable (referred to herein as of “in default”), under this Lease at the time of exercise of the Option to Extend, as hereinafter defined, and at option or on the commencement date of the Extension Periodoption extension period, as hereinafter defined, then LESSEE such notice shall have the right be void and of no force or effect. Subject to extend the term hereof (the “Option to Extend”) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (the “Extension Notice”) on or before the date which no less than twelve (12) months prior Lessee’s election with respect to the expiration of the then current Term. Such Extension Period Option Premises, said option extension period, if exercised, shall be upon the same terms and conditions with respect to the Option Premises as the initial term of this Lease, including the payment by Lessee of the Operating Expenses pursuant to Paragraph 5, except that (i) the Monthly Base Rent payable for the Option Premises during the option period shall be determined as set at forth in Paragraph 3(c) hereof, (ii) there shall be no additional option to extend, and (iii) Lessee shall accept the Option Premises in their then fair market effective rent for the Leased Premises. In no event“as is” condition and Paragraph 13, howeverTenant Improvement Allowance, shall not apply to the Base Rent be less than option period. If Lessee does not exercise the then-current Base Rent at option in a timely manner, the expiration option shall lapse, time being of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEEessence.

Appears in 2 contracts

Samples: Lease Agreement, Lease (Pacific Biosciences of California Inc)

Option to Extend. On The first three sentences of Section 2.2 of the conditions (which conditions LESSOR may waiveOriginal Lease, at its electionas amended, by written notice to LESSEE at any time) that LESSEE are deleted in their entirety and the following is substituted in lieu thereof: “Provided Tenant is not in default under this Lease (beyond applicable notice and cure periods) and has not been in default in the payment of its covenants and obligations under recurring monthly payments of Base Rent, AP Rent, Tenant’s Electricity Cost and/or Tenant’s Share of the Lease Estimated Excess (beyond applicable notice and cure periods, both as set forth in Section 19.1.1 of the time of exercise of Original Lease) under this Lease more than three (3) times in the Option to Extendprior twelve month period, as hereinafter defined, and at the time it exercises the option or at commencement of the Extension Periodapplicable Option Term, as hereinafter defined, then LESSEE Tenant shall have the right and option to extend the term hereof this lease (the “"Option to Extend") with respect to the Original Premises only for one additional term option period of five years, ending on March 31, 2019 three years (the “Extension Period’), to commence immediately upon the expiration of the then current term. LESSEE may exercise such "Option to Extend by giving written notice to LESSOR (the “Extension Notice”Term") on or before the date which no less than twelve (12) months prior to the expiration of the then current Term. Such Extension Period shall be upon the same terms and conditions of set forth in the Lease (as amended by this Lease, Third Amendment) except that the Base Rent payable shall be set adjusted in accordance with Section 4 of the Summary (as amended by this Third Amendment). To exercise its Option to Extend, Tenant must give Landlord notice in writing sent so as to be received at least twelve (12) months but not more than eighteen (18) months prior to November 30, 2009. At Landlord’s election, Tenant's exercise of its Option to Extend shall be void and of no effect if Tenant is in default under this Lease (beyond applicable notice and cure periods) or has been in default in the then fair market effective rent for payment of recurring monthly payments of Base Rent, AP Rent, Tenant’s Electricity Cost and/or Tenant’s Share of the Leased Premises. In no event, however, shall Estimated Excess (beyond applicable notice and cure periods) under this Lease more than three times in the Base Rent be less than prior twelve month period on the then-current Base Rent at date it exercises its Option(s) to Extend or on the expiration of the current Lease Term or Option Term immediately preceding such Option Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEEas applicable.

Appears in 2 contracts

Samples: To Lease (3com Corp), To Lease (3com Corp)

Option to Extend. On the conditions (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE Subtenant shall have the right and option to extend ---------------- the term hereof Term for an additional two (2) years and nine (9) months until September 30, 2005 (the “Option to Extend”"Extension Term") for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately commencing upon the expiration of the then current term. LESSEE may exercise such Option original Term referred to Extend by giving written notice to LESSOR in Section 2.2 (the “Extension Notice”"Original Term"), provided that Subtenant shall give Sublandlord notice of Subtenant's irrevocable exercise of such option at least ninety (90) on or before the date which no less than twelve (12) months days prior to the expiration of the then current Original Term and provided further that Subtenant shall not be in default at either the time of giving such notice or at the time of the commencement of the Extension Term in the performance or observance of any of the terms and provisions of this Sublease on the part of Subtenant to be performed or observed. Prior to the exercise by Subtenant of such option, the expression "Term" shall mean the Original Term, and after the exercise by Subtenant of such option, the expression "Term" shall mean the Original Term as it has been extended by the Extension Term. Such Extension Period Except as expressly otherwise provided in the following paragraph, all the terms, covenants, conditions, provisions and agreements in the Sublease contained shall be applicable to the Extension Term. If Subtenant shall give notice of its exercise of such option to extend in the manner and within the time period provided aforesaid, the Term shall be extended upon the same terms and conditions giving of such notice without the requirement of any further action on the part of either Subtenant or Sublandlord. If Subtenant shall fail to give timely notice of the exercise of such option as aforesaid, Subtenant shall have no right to extend the Term of this LeaseSublease, except that time being of the Base essence of the foregoing provisions. The Monthly Fixed Rent payable during the Extension Term shall be set the greater of (i) the Monthly Fixed Rent in effect for the year immediately preceding the commencement of the Extension Term or (ii) the Fair Market Rent for the Premises, as determined below, as of the commencement of the Extension Term. If for any reason the Monthly Fixed Rent payable during the Extension Term has not been determined as of the commencement of the Extension Term, Subtenant shall pay the Monthly Fixed Rent payable during the immediately preceding year until the Monthly Fixed Rent for the Extension Term is determined, at which time, an appropriate adjustment, if any, shall be made. For purposes hereof, the then Fair Market Rent shall mean the fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration Premises as of the current Term. For the purpose commencement of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating CostsTerm under market conditions then existing. Said fair market effective rent for the Leased Premises Fair Market Rent shall be agreed upon determined by LESSOR agreement between Sublandlord and LESSEE; providedSubtenant, however, but if LESSOR Sublandlord and LESSEE Subtenant are unable to agree on said fair upon the Fair Market Rent at least two (2) months prior to the date upon which the Fair Market Rent is to take effect, then the Fair Market Rent shall be determined by appraisal made as hereinafter provided by a board of three (3) reputable independent commercial real estate consultants, appraisers, or brokers, each of whom shall have at least ten (10) years of experience in the Westboro office rental market effective rent within and each of whom is hereinafter referred to as "Appraiser". Subtenant and Sublandlord shall each appoint one such Appraiser and the two (2) Appraisers so appointed shall appoint the third Appraiser. The cost and expenses of each Appraiser appointed separately by Subtenant and Sublandlord shall be borne by the party who appointed the Appraiser. The cost and expense of the Third Appraiser shall be shared equally by Subtenant and Sublandlord. Sublandlord and Subtenant shall appoint their respective Appraisers at least fifty-five (55) days prior to commencement of the Extension Term and shall designate the Appraisers so appointed by notice to the other party. The two Appraisers so appointed and designated shall appoint the third Appraiser at least forty-five (45) days prior to the commencement of the Extension Term and shall designate such Appraiser by notice to Sublandlord and Subtenant. The board of three (3) Appraisers shall determine the Fair Market Rent of the Premises as of the commencement of the Extension Term and shall notify Sublandlord and Subtenant of their determinations at least thirty (30) days of prior to the date commencement of the Extension Notice, said fair market effective rent shall be conclusively determined by Term. If the determination of the Fair Market Rent of any two (2) or all three (3) appraisers. Within fifteen (15) days Appraisers shall be identical in amount, said amount shall be deemed to be the Fair Market Rent of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEEPremises. If the determination of all three appraisers are unable to agree upon such fair market effective rent within fifteen (153) days Appraisers shall be different in amount, the average of the appointment two (2) values nearest in amount shall be deemed the Fair Market Rent of the third appraiser, Premises. The Fair Market Rent of the fair market effective rent Premises determined in accordance with the provisions of this Section shall be that determined by the appraiser not selected by either LESSOR or LESSEEbinding and conclusive on Subtenant and Sublandlord.

Appears in 2 contracts

Samples: Switchboard Inc, Switchboard Inc

Option to Extend. On the conditions (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE Tenant shall have the right and option to extend the term hereof (the “Option to Extend”) Term for one (1) additional term period of five years, ending on March 31, 2019 (the 5) years (“Extension Period’Term”), to commence immediately upon commencing the day after the expiration of the then current term. LESSEE may Initial Term, and ending on the fifth (5th) anniversary thereof, provided that (a) Tenant shall give Landlord notice of Tenant’s exercise of such Option to Extend by giving written notice to LESSOR option no more than fifteen (the “Extension Notice”15) on or before the date which months and no less than twelve (12) months prior to the expiration of the Initial Term, (b) Tenant has not assigned this Lease or sublet more than 25% of the Premises (in either case other than as part of a Permitted Transaction), and (c) Tenant shall not be in default beyond any applicable notice or cure periods at the time of giving such notice or at the commencement of the Extension Term in the performance or observance of any of the terms and provisions of this Lease on the part of the Tenant to be performed or observed. Prior to the exercise by Tenant of such option, the expression “Term” shall mean the Initial Term, and after the exercise by Tenant of such option, the expression “Term” shall mean the Term as it has been then current Termextended. Such Extension Period All of the terms, covenants, conditions, provisions and agreements in this Lease contained shall be applicable to the then extended Term, except as hereinafter set forth. If Tenant shall give notice of its exercise of this option to extend in the manner and within the time period provided aforesaid, the Term shall be extended upon the same terms and conditions giving of such notice without the requirement of any further action on the part of either Landlord or Tenant. If Tenant shall fail to give timely notice of the exercise of such option as aforesaid, Tenant shall have no right to extend the Term of this Lease, except that time being of the Base essence of the foregoing provisions. The Basic Rent payable during each Extension Term shall be set at the then fair market effective rent greater of (a) 100% of the Basic Rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration last year of the current Initial Term, or (b) the Fair Market Rent determined in accordance with Section 15.1 above. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises This option shall be agreed upon by LESSOR personal to Tenant and LESSEE; provided, however, if LESSOR and LESSEE are unable its Affiliates or to agree on said fair market effective rent within thirty (30) days any party that acquired the interest of the date Tenant under this Lease as part of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such partyPermitted Transaction, and the cost of the third appraiser shall not be shared equally exercisable by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEEany other party.

Appears in 1 contract

Samples: Lease Agreement (TechTarget Inc)

Option to Extend. On 53.1 Tenant shall have the conditions (which conditions LESSOR may waiveright, at its electionoption, by to extend the Lease Term for one (1) period of five (5) years (the "Extension Term"); provided and upon the condition that at all times within the twelve (12) month period immediately preceding the exercise of such option through the original Expiration Date, this Lease shall be in full force and effect and Tenant shall not be in default thereunder (and no condition exists which with notice and/or the passage of time would constitute a default), this Lease shall not have been assigned and Tenant shall personally be in use and occupancy of, and not subleasing, at least eighty percent (80%) of the Premises. The Extension Term shall commence on the day after the Expiration Date and shall expire on the fifth (5th) anniversary thereof unless the Extension Term shall sooner end pursuant to any of the terms, covenants or conditions of this Lease or pursuant to law. Tenant shall give Landlord written notice of Tenant's intention to LESSEE at any timeexercise such option on or before the end of the ninth (9th) that LESSEE is month prior to the Expiration Date, but not in default earlier than the end of its covenants and obligations under the Lease beyond applicable notice and cure periodsfourteenth (14th) month prior to the Expiration Date, both as of the time of exercise being of the Option to Extend, as hereinafter defined, and at the commencement essence. All of the Extension Periodterms, as hereinafter defined, then LESSEE shall have the right to extend the term hereof (the “Option to Extend”) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (the “Extension Notice”) on or before the date which no less than twelve (12) months prior to the expiration of the then current Term. Such Extension Period shall be upon the same terms covenants and conditions of this LeaseLease shall continue in full force and effect during the Extension Term (including, without limitation, the Operating Expense Base for the determining escalations), except that the Base Rent payable shall be set at as determined in accordance with Subsection 53.2 and Tenant shall have no further right to extend the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of Lease Term pursuant to this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEESection 53.

Appears in 1 contract

Samples: Office Lease (Continucare Corp)

Option to Extend. On the conditions (which conditions LESSOR may waiveProvided no Event of Default exists under this Lease after any applicable cure period has expired, at its election, by written notice to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE Tenant shall have the right option to extend the Lease Term for two (2) additional terms of sixty (60) months each (each such term hereof to be referred to herein as an "EXTENSION TERM"). Tenant shall exercise each option by giving Landlord notice (the “Option "OPTION EXERCISE NOTICE") of exercise no earlier than three hundred sixty-five (365) days and no later than one hundred eighty (180) days prior to Extend”) for one additional term the expiration date of five yearsthe Initial Lease Term or the then-expiring Extension Term, ending on March 31, 2019 as applicable (the "OPTION EXERCISE DATE"). If Tenant elects to extend the Initial Lease Term or any Extension Period’)Term of this Lease, such Extension Term shall be upon and subject to commence all of the terms, covenants and conditions of this Lease, except: The Base Rent per rentable square foot during each Extension Term shall be the greater of (a) the Base Rent per rentable square foot in effect immediately upon prior to the expiration of each Extension Term or (b) a rate equal to ninety-five percent (95%) of the average prevailing Base Rent per rentable square foot in the Building (on leases with a five (5) year term) for all new leases executed during the six (6) month period immediately preceding the Option Exercise Notice ("COMPARABLE LEASES"). If there were no leases executed in the Building during such six (6) month period, then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (Comparable Leases in the “Extension Notice”) on or before the date which no less than twelve (12) months prior to the expiration date of the then current TermOption Exercise Notice will be used to determine the average prevailing Base Rent per rentable square foot in the Building. Such Extension Period The average prevailing Base Rent shall be upon reduced by concessions then being offered or granted by Landlord to tenants in the same terms Building, including free or deferred rents and conditions of this Leasemoving allowances, except that the Base Rent payable shall be set at the then fair market effective rent and tenant improvement allowances for the Leased Premisesrenewing Tenants only. In no eventUpon request by Tenant, however, shall the Base Rent be not less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of prior to the date of the Extension NoticeOption Exercise Date, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of prior to the expiration of such thirty (30) day periodthe Lease Term, LESSOR and LESSEE Landlord shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days give Tenant notice of the date on which such appraisers have been appointedaverage prevailing Base Rent per rentable square foot. If Tenant fails to exercise its option to extend hereunder by the Option Exercise Date, or if either LESSOR or LESSEE then the option set forth in this Article 1(g) shall fail to appoint an appraiser within the time provided, such appraiser automatically terminate and Landlord shall be appointed by free to market the American Institute Premises to potential tenants. Refurbishment Allowance. Landlord will provide a refurbishment allowance of Appraisers$3.00 per usable square foot at the beginning of each Extension Term. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEE.[ILLEGIBLE] ----------- INITIALS

Appears in 1 contract

Samples: Office Lease (Mesa Air Group Inc)

Option to Extend. On the conditions (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any time) that LESSEE Provided Tenant is not in default of its any material terms, covenants and obligations under the or conditions contained in this Lease beyond any and all applicable notice and cure periods, both as of periods at the time of Tenant's exercise of its option to extend the Option to ExtendOriginal Term, as hereinafter definedset forth, and provided further that the Tenant is not in default of any material terms, covenants or conditions contained in this Lease beyond any and all applicable notice and cure periods at the time of the commencement of the Extension Periodeach extended term, as hereinafter defined, then LESSEE Tenant shall have the right at its election to extend the term hereof Original Term of this Lease for two (2) additional periods, the first option period shall commence September 16, 2011 and terminate September 15, 2016 (hereinafter referred to as "First Option" or "First Option Period", as case may be) and the second option period shall commence September 16, 2016 and terminate September 15, 2021 (hereinafter referred to Extend”) for one additional term of five yearsas "Second Option" or "Section Option Period", ending on March 31, 2019 (as the “Extension Period’case may be), said First Option Period and Second Option Period shall be collectively referred to commence immediately upon as the expiration "extended term", provided further that Tenant gives to Landlord written notice of the then current term. LESSEE may exercise such of the election of the First Option to Extend by giving written notice to LESSOR and the Second Option, respectively, at least nine (the “Extension Notice”) on or before the date which no less than twelve (129) months prior to the expiration of the then current TermOriginal Term in the case of the First Option and at least nine (9) months prior to the expiration of the First Option Period in the case of the Second Option. Such Extension Period shall be upon All the same terms terms, covenants and conditions of in this LeaseLease contained shall apply to the Extended Term, except that the Base Rent payable shall be set at the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisersadjusted as provided in Article 6, Section 6.1.2 and that the Tenant shall not have any further option to again extend the term of this Lease beyond the extended term. Within fifteen (15) days If the Tenant shall give notice of the expiration exercise of such thirty (30) day period, LESSOR an election in the manner and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time providedprovided herein, such appraiser the Term shall be appointed by extended upon the American Institute giving of Appraisers. Each party shall bear notice without the cost requirements of any action or the appraiser selected by such partyexecution of further instruments on the part of Landlord and Tenant, except only to the extent to confirm Annual Fixed Rent and percentage of Tenant's obligation for real estate taxes and operating expenses and the cost of the third appraiser like. The Original Term and Extended Term shall be shared equally by LESSOR and LESSEE. If collectively referred to as the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEE"Term".

Appears in 1 contract

Samples: Attornment and Subordination Agreement (Exodus Communications Inc)

Option to Extend. On the conditions (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any time) that LESSEE Provided Lessee has not been and is not in default of its covenants and obligations under the any term or condition of this Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Periodrenewal term, as hereinafter defined, then LESSEE lessee shall have the right one option to extend renew the term hereof (of the “Option to Extend”) lease for one additional term five year term, on the same terms and conditions of five yearsthe Lease, ending on March 31except that the Base Rent shall be adjusted to the then prevailing market rental rate for a comparable leases in the comparable areas of the West San Fernxxxx Xxxley Area. Such option shall be exercised (if at all) by Lessee giving Lessor at least 270 days prior irrevocable written notice. The prevailing market rental shall be determined in the following manner: Prevailing market rental rate shall be determined taking into account all relevant factors, 2019 including (to the “Extension Period’extent relevant) number of months of free rent, if any (which shall be part of the determination of the rental rate), Lessee improvement obligations, moving allowances, and leasing commissions and costs. The term "comparable leases" shall not include leases entered into under special circumstances affecting the economics of the tenancies, including following the exercise of options to commence immediately upon lease space at other than then current prevailing market rate, the lease of awkward or unusually shaped space or space without windows or other usual amenities, leases entered into under conditions where the Lessor was forced to lease the space by external legal, economic, or other pressures not generally applicable to the market, or the sublease or space by a sublessor not primarily in the business of leasing space. Prior to the date which is five (5) months before the expiration of the then current term, and assuming that Lessee has properly exercised its option to renew, Lessor shall give Lessee notice of Lessor's proposed prevailing market rental value for the Premises. LESSEE may exercise such Option to Extend by giving Lessee shall give Lessor written notice to LESSOR (the “Extension Notice”) on or before the date which no less than twelve (12) months prior to the expiration of the then current Term. Such Extension Period shall be upon the same terms and conditions of this Lease, except that the Base Rent payable shall be set at the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days thereafter as to whether or not Lessee agrees with Lessor's proposed prevailing market rental value. If Lessee disagrees with Lessor's proposed prevailing market rental value, the parties shall negotiate in good faith to resolve their differences for a period of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three thirty (330) appraisersdays. Within fifteen (15) days of Upon the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select if the parties are not in agreement as to such fair market rental value by giving written notice to the other party, such notice containing the name of an appraiser, who shall select a thirdappraiser appointed by such initiating party. Should the two appraisers fail to agree on a third within Within fifteen (15) days thereafter, the party receiving such notice shall appoint its own appraiser and give notice thereof to the initiating party. If the second appraiser is not appointed within such fifteen day period, then the appraiser selected by the initiating party shall determine the fair market rental value of the date on which Premises, and such appraisers have been appraisal shall be binding upon the parties. If the second appraiser is timely appointed, or if either LESSOR or LESSEE then the two appraisers shall fail confer and attempt to appoint an appraiser within agree on the time providedprevailing market value. If the two appraisers are unable to agree, such appraiser but the higher appraisal is no more than ten percent (10%) higher than the lower appraisal, then the prevailing market rental value shall be the average of the two appraisals. If the higher appraisal is more than ten percent (10%) greater than the lower appraisal, the two appraisers shall together select a third appraiser who shall also determine the prevailing market rental value. If three appraisers are ultimately appointed and any two appraisers agree on the prevailing market rental value, the value agreed upon by the American Institute two appraisers shall be the prevailing market rental value. If the three appraisers all determine different prevailing market rental values, then the prevailing market rental value shall be the average of Appraisersthe two closest appraisals. All appraisers shall be members of the MAI and shall have at least ten (10) years' experience appraising similar property in the West San Fernxxxx Xxxley Area. Each party shall bear the cost of the appraiser selected appointed by such party, and the parties shall share equally in the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, if appointed. If the fair market effective two appraisers initially appointed are unable to agree on a third appraiser, then either party shall have the right to apply to the presiding judge of the Superior Court having jurisdiction over the Premises for the appointment of a third appraiser. The rent determined in accordance to the foregoing shall be that determined by subject to adjustments pursuant to the appraiser not selected by either LESSOR or LESSEEattached Addendum to Standard Lease paragraph 59-Rent Adjustments - Extended Term.

Appears in 1 contract

Samples: Work Letter Agreement (Netcom Systems Inc)

Option to Extend. On the conditions X. Xxxxx and Exercise of Option. Provided that (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any timei) that LESSEE Tenant is not in ---------------------------- default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter definedhereunder, and at (ii) Tenant originally named herein remains in possession of and has been continuously operating in the commencement of entire Leased Premises for the term immediately preceding the Extension PeriodTerm (as defined below), as hereinafter defined, then LESSEE Tenant shall have the right option to extend the term hereof Lease Term ("Original Term") for two (2) additional periods of five (5) years each (the “Option to Extend”) for one additional term of five years, ending on March 31, 2019 (the “"Extension Period’Term(s), to commence immediately "). Each Extension Term shall be upon the expiration of same terms and conditions contained in the then current termLease for the Original Term except (i) this provision giving two (2) extension options shall be amended to reflect the remaining options to extend, if any, and (ii) the Minimum Annual Rent shall be adjusted as set forth below ("Rent Adjustment"). LESSEE may Tenant shall exercise such Option each option by delivering to Extend by giving written notice to LESSOR Landlord, no later than nine (the “Extension Notice”) on or before the date which no less than twelve (129) months prior to the expiration of the then current Termpreceding term written notice of Tenant's desire to extend the term of the Lease. Such Extension Period Tenant's failure to properly exercise such option shall waive it and any succeeding option. If Tenant properly exercises its option to extend, Landlord shall notify Tenant of the Rent Adjustment within ten (10) days after receipt of Tenant's notice to exercise such option, Tenant shall be upon deemed to have accepted the same Rent Adjustment if it fails to deliver to Landlord a written objection thereto within ten (10) days after receipt thereof. If Tenant properly exercises its option to extend, Landlord and Tenant shall execute an amendment to the Lease (or, at Landlord's option, a new lease on the form then in use for the Building) reflecting the terms and conditions of this Lease, except that the Base Rent payable shall be set at the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEETerm.

Appears in 1 contract

Samples: Lease Agreement (Gaiam Inc)

Option to Extend. On the conditions (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any timea) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE shall have the right Landlord hereby grants Tenant one (1) option to extend the term hereof Term for a period of five (5) years (the “Option Term”, and such option, the “Option to Extend”) for one additional term ). Tenant’s notice of five years, ending on March 31, 2019 (its election to exercise the “Extension Period’), to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (the an Extension Option Exercise Notice”) on or before the date which must be given to Landlord in writing no less sooner than fifteen (15) months and no later than twelve (12) months prior to the expiration date of the then current Initial Term. Such Extension Period If any such written notice is not delivered to Landlord within the required period, Tenant shall be upon deemed to have waived the same terms and conditions of this LeaseOption to Extend. Anything herein contained to the contrary, except that (i) Tenant shall have no right to exercise the Base Rent payable shall be set at the Option to Extend if any person or entity other than Tenant or its Permitted Transferees (as defined in Section 16.9 below) is then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration physically or legally occupying any portion of the current Term. For Premises; (ii) Tenant shall have no right to exercise the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms Option to Extend if (A) Tenant is in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree default on said fair market effective rent within thirty (30) days of the date of giving the Extension NoticeOption Exercise Notice (“Notice Date”) or (B) Landlord has delivered to Tenant two (2) or more notices of default at any time prior to the Notice Date (regardless of whether such defaults were cured within any applicable cure period provided herein); and (iii) if Tenant is in default on the date the Option Term is to commence, said fair market effective rent then, at Landlord’s election, the Option Term shall be conclusively determined by three (3) appraisers. Within fifteen (15) days not commence and this Lease shall expire at the end of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEEInitial Term.

Appears in 1 contract

Samples: Commencement of Lease (Freedom Acquisition I Corp.)

Option to Extend. On the conditions (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any time) that LESSEE So long as Tenant is not in material default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as terms of the time of exercise of the Option to ExtendLease, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE Tenant shall have the right to extend the term hereof of the Lease for two (the “Option to Extend”2) for one additional term terms of five years, ending on March 31, 2019 (5) years each (the “Extension Period’Terms”), . Tenant agrees to commence immediately upon the expiration notify Landlord in writing of the then current term. LESSEE may exercise such Option Tenant’s intent to Extend by giving written notice to LESSOR renew not more than twenty-four (the “Extension Notice”24) on or before the date which no and not less than twelve eighteen (1218) months prior to the expiration Lease Termination Date (or if during the first such Extension Term, the termination of the then current Termlease term). Such The rental rate during the Extension Period Terms shall be upon equal to the same then Fair Market Rental Rate (adjusted for lease concessions) for comparable space located in Lower Xxxxx Xxxx, Seattle, Washington. Within thirty (30) days following Tenant’s notice to Landlord of Tenant’s desire to extend the Lease, Landlord shall notify Tenant of the proposed Extended Term Base Rent, which shall be equal to the then Fair Market Rental Rate of the Premises. Fair Market Rental Rate shall be defined as the annual Base Rent (projected in reference to the date of the commencement of the payment of annual rental to which it applies) which Tenant would expect to pay and Landlord would expect to receive under leases of space of comparable size and quality to the Premises and as provided for in and on terms and conditions of comparable to, this Lease, except that Lease covering premises similar to the Base Rent payable shall be set at the then fair market effective rent for the Leased Premises. In no event, however, Tenant shall the Base Rent be less than the then-current Base Rent at the expiration have thirty (30) days following receipt of Landlord’s notice of the current Termproposed Extended Term Base Rent, in which to accept such determination; or to agree with Landlord on a stipulated Fair Market Rental Rate. For the purpose of this SectionIf Tenant notifies Landlord, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE aforesaid thirty (30) day period, that Tenant disputes the Prevailing Market Rate quoted by Landlord, the parties shall, during the Extension Periodfollowing thirty (30) days, continue negotiate in good faith to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costsdetermine the Extended Term Base Rent. Said fair market effective rent for If within said thirty-day period the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE parties are unable to agree on said fair market effective rent the Extended Term Base Rent, then within ten (10) days thereafter, each party shall select a qualified appraiser experienced in appraising commercial rental properties in the vicinity of The Premises, who shall submit appraisals for the Premises within thirty (30) days of their appointment. If the date difference between the appraisals is five percent (5%) or less, the Prevailing Market Rate shall be determined to be the average of the Extension Noticetwo appraisals. If the difference is greater than five percent (5%), said fair market effective rent then the two appraisers shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of select a third qualified appraiser who shall submit an appraisal within the expiration of such thirty (30) day period, LESSOR and LESSEE days following the submission of the first appraisals. The Prevailing Market Rate shall each select an appraiser, who shall select a third. Should then be the average of the two appraisers fail to agree on a third within fifteen (152) days closest appraisals. The fees of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such each appraiser shall be appointed paid by the American Institute of Appraisers. Each party shall bear the cost of appointing the appraiser selected by such party, and the cost fees of the third appraiser appraiser, if any, shall be shared equally by LESSOR and LESSEEthe parties. If The option shall be void if, at the three appraisers are unable to agree upon time of exercise of such fair market effective rent within fifteen (15) days option, Tenant is not in possession of the appointment of Premises or is in default under this Lease or if Tenant fails to deliver the third appraiserrequisite notice thereof within the time period specified above. The option granted herein shall not be severed from this Lease, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR separately sold, assigned, or LESSEEtransferred.

Appears in 1 contract

Samples: Office Lease Agreement (F5 Networks Inc)

Option to Extend. On the conditions (which conditions LESSOR may waivea) Provided that, at its electionthe time of such exercise, by written notice to LESSEE (i) this Lease is in full force and effect, (ii) no Default of Tenant shall have occurred and be continuing (either at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and or at the commencement of an Extended Term), (iii) Tenant shall not have paid any amount of Basic Rent or Additional Rent after the Extension Perioddue date therefor twice in the prior twelve (12) month period, as hereinafter definedand (iv) Tenant shall then be occupying the entire Premises and shall not have assigned or sublet the Premises, then LESSEE Tenant shall have the right and option to extend the Term of this Lease for one (1) extended term hereof (the “Option to Extend”"Extended Term") for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend 5) years by giving written notice to LESSOR Landlord not later than nine (the “Extension Notice”9) on or before the date which no less months nor earlier than twelve (12) months prior to the expiration date of the then current Initial Term. Such Extension Period The effective giving of such notice of extension by Tenant shall automatically extend the Term of this Lease for the Extended Term, and no instrument of renewal or extension need be executed. In the event that Tenant fails timely to give such notice to Landlord, this Lease shall automatically terminate at the end of the Initial Term, and Tenant shall have no further option to extend the Term of this Lease. The Extended Term shall commence on the day immediately succeeding the expiration date of the Initial Term, and shall end on the day immediately preceding the fifth anniversary of the first day of the Extended Term. The Extended Term shall be upon on all the same terms and conditions of this Lease, except that except: (i) during the Base Extended Term, Tenant shall have no further option to extend the Term, and (ii) the Basic Rent payable for the Extended Term shall be set at the then fair market effective rent greater of (x) the Fair Market Rental Value for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration Premises as of the current commencement of the Extended Term. For , determined pursuant to paragraph (b), or (y) the purpose of this Section, fair market effective rent shall mean the Base Basic Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent due for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days last year of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEEInitial Term.

Appears in 1 contract

Samples: Lease (PSW Technologies Inc)

Option to Extend. On Landlord hereby grants to Tenant two options (the conditions “Option” or “Options”) to extend the term of the Lease, for an additional period of five (which conditions LESSOR may waive5) years each (each, an “Option Term”). The Option must be exercised, if at its electionall, by written notice to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE shall have the right to extend the term hereof (the an “Option to Extend”) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (the “Extension Notice”) on or before the date which no less delivered by Tenant to Landlord not later than twelve nine (129) months prior to the expiration end of the term then current Termin effect. Such Extension Period Further, the Option shall not be deemed to be properly exercised if, as of the date of the Option Notice or at the end of the term then in effect, Tenant (i) is in default under the Lease, which default has not been cured as of the date in question, (ii) has assigned all or any portion of this Lease or its interest therein or (iii) has sublet sixty percent (60%) or more of the Premises. Provided Tenant has properly and timely exercised the Option, the term of the Lease shall be upon extended by the same terms Option Term, and all terms, covenants and conditions of this Leasethe Lease shall remain unmodified and in full force and effect, except that (y) Tenant shall pay initial base rent determined as set forth below in this paragraph, and (z) after the Base Rent payable exercise of the second Option, Tenant shall have no further options remaining. Landlord shall have no obligation whatsoever in connection with any extension of the term of this Lease to remodel, alter or improve the Premises for use by Tenant, to provide any improvement or construction allowance to Tenant, or to pay or reimburse Tenant for any remodeling, alterations or improvements to the Premises. The initial base rent during each Option Term shall be set at ninety-five percent (95%) of the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration rental value of the current Premises as of the commencement of such Option Term, determined as provided below. For the purpose of this SectionAs used herein, fair market effective rent rental value” shall mean the Base Rent plus such additional financial terms projected prevailing rental rate as of the first day of the Option Term for similar commercial space improved or presumed to be improved with tenant improvements of substantially similar age, quality and layout as then existing in the nature Premises and situated in similar office buildings in the Sunnyvale market area including without limitation annual increases in the base rent. Promptly after delivery of rent an Option Notice, Landlord and rent adjustments customarily then being included in leases for similar space within Tenant shall meet and confer and attempt to agree upon the greater Waltham areafair market rental value of the Premises. LESSEE If they are not able to agree, either party may give written notice to the other that the fair market rental value is to be determined by appraisal as provided herein. Within twenty (20) days following such notice, each party shall by written notice to the other appoint an independent and qualified appraiser. Each of such appraisers shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days following appointment, give written notice to both parties of the date appraiser’s determination of fair market rental value. If the determinations of such appraisers are in agreement, the initial base rent for the Option Term shall be ninety-five percent (95%) of the Extension Notice, said fair market effective rent rental value so determined. If the difference between such determinations is five percent (5%) of the higher appraisal or less, the average of the two determinations shall be conclusively determined by three the fair market rental value. If the difference is more than such percentage, then during the ten-day period following the appraisers’ determinations, Landlord and Tenant shall again meet and confer and attempt to agree upon the fair market rental value of the Premises. If they are unable to agree, the two appraisers shall appoint an independent M.A.I. appraiser with not less than five (35) appraisersyears experience with office leases in the area in which the building is located. Within fifteen (15) days of the expiration of such thirty (30) day perioddays following appointment, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall on written notice to the parties determine the fair market rental value, which determination shall be appointed by binding upon the American Institute of Appraisersparties. Each party shall bear pay the cost fees and expenses of the appraiser selected appointed by such party, it and the cost one-half of the third appraiser shall be shared equally by LESSOR fees and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment expenses of the third appraiser. If base rent has not been determined as of the commencement of the Option Term, Tenant shall pay the fair market effective Base Rent in the amount specified by Landlord until base rent shall be that determined by the appraiser not selected by either LESSOR or LESSEEis finally determined. Upon such determination.

Appears in 1 contract

Samples: Office Building Lease (Monolithic System Technology Inc)

Option to Extend. On the conditions a. So long as Tenant is not then in default under this Lease, and so long as Tenant has not been ten (which conditions LESSOR may waive, at its election, by 10) or more days late in payment of rent after written notice to LESSEE at any timethereof more than a total of three (3) that LESSEE is not in default times during the term of its covenants and obligations under the Lease beyond applicable notice and cure periodsthis Lease, both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE Tenant shall have the right to extend the Lease term hereof for two (2) additional five (5) year periods (each an "Additional Term") on the “Option terms and conditions stated in this paragraph. To exercise its right to Extend”extend this Lease for an Additional Term, Tenant must deliver to Landlord a written notice exercising its rights under this paragraph at least two hundred seventy (270) days, but not more than three hundred sixty (360) days, prior to the date the Lease term will expire. All the terms and conditions of this Lease shall apply during each Additional Term except (i) the minimum rent shall be an amount mutually agreed to by Landlord and Tenant or determined by arbitration as set forth below but in no event shall it be less than that due from Tenant immediately prior to the commencement of the Additional Term; (ii) unless otherwise agreed by Landlord in writing, there shall be no further extension options; and (iii) except as set forth in Section 2.5(e) below, Landlord shall have no tenant improvement or lease commission obligations with respect to the Premises. When the rental rate for one additional the Additional Term is determined, either by agreement of the parties or pursuant to arbitration as provided below, Landlord and Tenant shall enter into a lease extension agreement setting forth the new minimum rent for the Premises and such other terms as may be applicable. If at the time Tenant delivers to Landlord its written notice electing to extend this Lease term, or at any time between such date and the commencement date of the Additional Term, Tenant defaults under this Lease and fails to cure the default within the applicable cure period, if any, Landlord shall have the option to declare Tenant's notice of exercise null and void by written notice to Tenant, in which case the Lease term of five years, ending shall expire on March 31, 2019 (the “Extension Period’), to commence immediately upon the expiration of the then current Lease term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (the “Extension Notice”) on or before the date which no less than twelve (12) months prior to the expiration of the then current Term. Such Extension Period shall be upon the same terms and conditions of this Lease, except that the Base Rent payable shall be set at the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEE.

Appears in 1 contract

Samples: Lease (Homegrocer Com Inc)

Option to Extend. On the conditions (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE The Tenant shall have the right option to extend the term hereof of this Lease for up to two (2) additional five (5) year terms (the first of such five (5) year terms shall be referred to herein as the Option First Extended Term”, and the second of such terms shall be referred to Extendherein as the “Second Extended Term”) for one additional term on all of five yearsthe same terms and conditions set forth herein except Rent which shall be mutually agreed upon, ending on March 31so long as, 2019 (with respect to the “Extension Period’)First Extended Term, to commence immediately upon Tenant is not in substantial default of its obligations under this Lease beyond any applicable grace or cure period at the expiration of the then current termPrimary Term, and, with respect to the Second Extended Term, Tenant is not in substantial default of its obligations under this Lease beyond any applicable grace or cure period at the expiration of the First Extended Term. LESSEE may To exercise such the Option with respect to Extend by giving written notice to LESSOR (the “Extension Notice”) on or before the date which no First Extended Term, Tenant shall notify Landlord in writing not less than twelve one hundred twenty (12120) months days prior to the expiration of the then current Primary Term that Tenant intends to extend the term of the Lease through the First Extended Term. Such Extension Period To exercise the Option with respect to the Second Extended Term, Tenant shall be upon the same terms and conditions of this Lease, except that the Base Rent payable shall be set at the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be notify Landlord in writing not less than the then-current Base Rent at one hundred twenty (120) days prior to the expiration of the current First Extended Term that Tenant intends to extend the term of the Lease through the Second Extended Term. For If Tenant elects not to exercise the purpose of this SectionOption with respect to the First Extended Term, fair market effective rent Tenant shall mean the Base Rent plus such additional financial terms notify Landlord in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty writing not less than one hundred twenty (30120) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of prior to the expiration of such thirty the Primary Term, and this Lease shall terminate upon the expiration of the Primary Term. If Tenant elects not to exercise the Option with respect to the Second Extended Term, Tenant shall notify Landlord in writing not less than one hundred twenty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15120) days prior to the expiration of the date on which such appraisers have been appointedFirst Extended Term, or if either LESSOR or LESSEE and this Lease shall fail to appoint an appraiser within terminate upon the time provided, such appraiser expiration of the First Extended Term. Each of the First Extended Term and the Second Extended Term shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable referred to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEEherein as an “Extended Term”.

Appears in 1 contract

Samples: Lease Agreement (SCP Pool Corp)

Option to Extend. On Subject to the conditions (which conditions LESSOR may waivethen-existing renewal or expansion options of New Balance Athletic Shoe, at its election, by written notice Inc. pursuant to LESSEE at any time) that LESSEE is not in default the terms of its covenants and obligations under lease of certain premises in the Lease beyond applicable notice and cure periodsEast Building, both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE Tenant shall have the right and option to extend the term hereof Term for two (the “Option to Extend”2) for one additional term periods of five years, ending on March 31, 2019 three (3) years each (the “Extension Period’)Terms”) commencing with respect to the first Extension Term, to commence immediately upon the expiration of the then current term. LESSEE may Original Term, and, if applicable, with respect to the second Extension Term, commencing upon the expiration of the first Extension Term, provided that Tenant shall give Landlord notice of Tenant’s irrevocable exercise of such Option to Extend by giving written notice to LESSOR option at least nine (the “Extension Notice”) on or before the date which no less than twelve (129) months prior to the expiration of the then current Term (as it may be extended pursuant hereto) and provided further that Tenant shall not be in default of any monetary obligation and shall not be in default of any non-monetary obligation beyond the expiration of any applicable cure period, at either the time of giving such notice or at the time of the commencement of the Extension Term in the performance or observance of any of the terms and provisions of this Lease on the part of the Tenant to be performed or observed. Prior to the exercise by Tenant of such first or second options, the expression “Term” shall mean the Original Term, and after the exercise by Tenant of such option, the expression “Term” shall mean the Original Term as it has been extended by the Extension Term. Such Extension Period All of the terms, covenants, conditions, provisions and agreements in the Lease contained herein shall be applicable to the Extension Term except (i) Annual Base Rent for each such Extension Term shall be increased pursuant to provisions of Section 4.2 hereof, and (ii) the Operating Cost Base Year and the Property Tax Base Year for each such Extension Term shall be the Calendar Year and Property Tax Year, respectively, in which such Extension Term commences. If Tenant shall give notice of its exercise of said option to extend in the manner and within the time period provided aforesaid, the Term shall be extended upon the same terms and conditions giving of such notice without the requirement of any further action on the part of either Landlord or Tenant. If Tenant shall fail to give timely notice of the exercise of any such option as aforesaid, Tenant shall have no right to extend the Term of this Lease, except that the Base Rent payable shall be set at the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration time being of the current Termessence of the foregoing provisions. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty Within five (305) days of request to do so by either party, the date other party shall execute and deliver written confirmation to the requesting party of Tenant’s exercise of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEETerm.

Appears in 1 contract

Samples: Lease Agreement (AMICAS, Inc.)

Option to Extend. On Tenant may extend the conditions Term of this Lease for up to ---------------- two (which conditions LESSOR may waive, at its election, 2) additional five (5) year period(s) by written giving notice to LESSEE at any time) that LESSEE is not in default Landlord of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE shall have the right election to extend the term hereof at least fourteen (the “Option to Extend”) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (the “Extension Notice”) on or before the date which no less than twelve (1214) months prior to the expiration end of the then current Termoriginal Term or the end of the first five year extension period, as the case may be. Such Extension Period The Yearly Fixed Rent payable by Tenant with respect to each such extension period shall be upon equal to the same terms and conditions greater of this Lease, except that the Base Rent payable shall be set at (a) the then fair market effective rent -------------- rental value of the Demised Premises for use for the Leased Premises. In no eventPermitted Use, howeveror (b) (i) -- the Yearly Fixed Rent for calendar 2008, shall in the Base Rent be less than the then-current Base Rent at the expiration case of determination of the current TermYearly Fixed Rent payable with respect to the first five (5) year extension period and (ii) the Yearly Fixed Rent for calendar 2013, in the case of determination of the Yearly Fixed Rent payable with respect to the second five (5) year extension period. For the purpose of this SectionAs used herein, "fair market effective rent rental value" shall mean (1) as the Base Rent plus such additional financial terms in the nature of rent same may be mutually agreed by Landlord and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEETenant; provided, however, however that (2) if LESSOR and LESSEE are unable to agree on they have not so agreed in writing within two (2) months following the exercise of the option then said fair market effective rent value shall be determined by appraisers, one to be chosen by Landlord, one to be chosen by Tenant, and a third to be selected by the two first chosen. The unanimous written decision of the two first chosen, without selection and participation of a third appraiser, or otherwise the written decision of a majority of three appraisers chosen and selected as aforesaid, shall be conclusive and binding upon Landlord and Tenant. Landlord and Tenant shall each notify the other of its chosen appraiser within thirty (30) days following expiration of the date of the Extension Noticeaforesaid two (2) month period and, unless such two appraisers shall have reached a unanimous decision within seventy-five (75) days from said fair market effective rent expiration, they shall be conclusively determined by three (3) appraisers. Within within a further fifteen (15) days of the expiration of such thirty (30) day period, LESSOR elect a third appraiser and LESSEE notify Landlord and Tenant thereof. Landlord and Tenant shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost expense of the appraiser selected chosen by such party, it and shall equally bear the cost expense of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEEif any).

Appears in 1 contract

Samples: Entire Agreement (Focal Communications Corp)

Option to Extend. On Provided that (i) Tenant has not assigned the Lease (except as otherwise permitted herein), and (ii) the Premises are not then subject to a sublease (whether the term of the sublease has commenced or is to be commenced thereafter) and Tenant will not be exercising the rights hereinafter set forth with the intent of assigning the Lease (except as otherwise permitted herein) or subleasing any portion of the Premises, then Tenant has the right to extend the Lease Term for two (2) five (5) year periods ("Extension Period") at the then current market rent rate, and otherwise on the same terms and conditions (which conditions LESSOR may waiveas this Lease, at its election, except that there shall be no further rights to extend the Lease Term. Tenant shall exercise the option for an Extension Period by written notice to LESSEE at any timeLandlord not more than fifteen (15) that LESSEE is not in default months nor less than nine (9) months before the expiration of its covenants and obligations under the Lease beyond applicable notice and cure periodsTerm or, both as for purposes of the second Extension Period, not more than fifteen (15) months nor less than nine (9) months before the expiration of the first Extension Period. Tenant's exercise of this option shall be effective only if, at the time of notice and upon the effective date of the Extension Period, there is no Event of Default. Thereupon, this Lease shall be deemed extended for an additional period of five (5) years, upon all of the same terms and conditions of this Lease and any Amendments made hereto with the exception of the annual rent stipulated hereinabove. Except in the event that shares of Tenant have been listed on a nationally-recognized stock exchange, or quoted on NASDAQ for a period of two (2) years prior to Tenant's exercise of its option to renew the Option to Extendterm of this Lease, as hereinafter defined, Tenant's exercise of this renewal option shall be null and at void unless Landlord receives (i) simultaneously with the notice of exercise and (ii) thirty (30) days before the commencement of the Extension Period, as hereinafter defined, then LESSEE shall have the right to extend the term hereof (the “Option to Extend”) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (the “Extension Notice”) on or before the date which no less than twelve (12) months prior to the expiration of the then current Term. Such Extension Period shall be upon the same terms and conditions of this Lease, except that the Base Rent payable shall be set at the then fair market effective rent Tenant's certified financial statements for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by immediately preceding three (3) appraisersyear period. Within fifteen In the event Tenant's auditors provide a "going concern" qualification (15but not a "subject to" opinion) days as to Tenant's ability to continue as a going concern, Landlord may nullify Tenant's exercise of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEEthis renewal option.

Appears in 1 contract

Samples: Lease (Dynasil Corp of America)

Option to Extend. On Subsection G of Lease Exhibit E to the conditions (which conditions LESSOR may waive, at original Lease is deleted in its election, by written notice to LESSEE at any time) that LESSEE is not in default of its covenants entirety and obligations under replaced with the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE following. Tenant shall have the right right, to be exercised as hereinafter provided, to extend the term hereof of this Lease for two (the “Option to Extend”2) for one additional term periods of five years(5) years each (each such period, ending on March 31, 2019 (the a Next Extension Period’Term”), to commence immediately upon on the expiration of the then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (the “Extension Notice”) on or before the date which no less than twelve (12) months prior following terms and conditions and subject to the expiration of the then current Termlimitations hereinafter set forth. Such Each Next Extension Period Term shall be upon the same terms terms, covenants and conditions of as in this Lease, except that the Base Rent payable shall be set at the then fair market effective greater of (A) the annual Base Rent in effect immediately prior to the Next Extension Term; and (B) the Fair Market Base Rent for such space on the date such Next Extension Term shall commence. “Fair Market Base Rent” shall mean that net annual base rent per rentable square foot of the Premises as of the commencement of the Next Extension Term that a willing credit-worthy tenant would pay and a willing landlord would accept in an arms length bona fide negotiation for space comparable to the Premises in condition, quality, size and location in the Maple Grove, Minnesota area, with neither party under a compulsion for the Leased Premisesappropriate term. Tenant shall notify Landlord of its desire to extend the term for the Next Extension Term by notifying Landlord in writing (“Extension Notification”) at least nine (9) months prior to commencement of the Next Extension Term. Upon Landlord’s receipt of the Extension Notification, Landlord and Tenant shall make a good faith effort to agree upon the Fair Market Base Rent of the Premises for the Next Extension Term. In no event, however, shall the event that Landlord and Tenant fail to agree upon the Fair Market Base Rent be less than the thenwithin forty-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty five (3045) days of the date Landlord’s receipt of the Extension NoticeNotification, said fair market effective rent then Tenant’s extension right shall automatically terminate. Tenant’s option to extend as set forth in this Section shall be conclusively determined by three (3) appraisers. Within fifteen (15) days contingent upon this Lease being in full force and effect and Tenant not being in default in the performance of any of the expiration terms, covenants and conditions herein contained in respect to a matter as to which notice of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on default has been given hereunder which such appraisers have has not been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser remedied within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEElimited in this Lease.

Appears in 1 contract

Samples: Lease (Vascular Solutions Inc)

Option to Extend. On Tenant shall have the conditions right and option to extend the Lease (which conditions LESSOR may waivethe "Renewal Option") of the area shown on Exhibits A, at its electionconsisting of approximately 1028 rentable square feet for two (2) additional periods of three (3) years (the "Renewal Lease Terms") provided, by written notice to LESSEE at any timehowever, such Renewal Option is contingent upon the following (i) that LESSEE Tenant is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of at the time Tenant gives Landlord written notice of Tenant's intention to exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE shall have the right to extend the term hereof Renewal Option; (the “Option to Extend”ii) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon the expiration Date Tenant has no outstanding default; (iii) no event has occurred that upon notice or the passage of time would constitute a default; (iv) Tenant is not disqualified by multiple defaults as provided in the then current termlease; and (v) Tenant is occupying the Premises. LESSEE may Tenant shall e; (iv) Tenant is not disqualified by multiple defaults as provided in the lease; and (v) Tenant is occupying the Premises. Tenant shall exercise such each Renewal Option to Extend by giving Landlord written notice to LESSOR at lease ninety (the “Extension Notice”90) on or before the date which no less than twelve (12) months days prior to the expiration of Expiration Date. If tenant fails to give such notice to Landlord prior to said ninety (90) days period, tenant shall forfeit the Renewal Option. If Tenant exercises the Renewal Option, then current during and such Renewal Lease Term. Such Extension Period , Landlord and Tenant's respective rights, duties and obligations shall be upon governed by the same terms and conditions of this the Lease, except that the Base Rent payable shall be set at the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEE.

Appears in 1 contract

Samples: Lease Agreement (American Recreational Enterprises Inc)

Option to Extend. On the conditions (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE Lessee shall have the right option to extend the term hereof ---------------- of this lease for three (the “Option to Extend”3) for one successive additional term periods of five years(5) years each. Said options shall be exercised automatically unless Lessee, ending on March 31, 2019 (gives Lessor notice of Lessee's desire not to exercise the “Extension Period’), option. Such extension rights are further subject to commence immediately upon the expiration Lessee's not being in default under any of the then current termterms and provisions of this lease. LESSEE may The notice not to exercise such Option to Extend by giving written notice to LESSOR the option for any five (the “Extension Notice”5) on or before the date which no less than twelve year extension shall be given at least one-hundred eighty (12180) months days prior to the expiration end of the then current Termimmediately preceding term of this lease. Such Extension Period The first automatic extension of this lease shall be upon the same rental, terms and conditions as are set forth in this Lease Agreement. Rental for the second and third renewal terms of this lease, shall be the an amount equal to the original rental, as defined in section 3 hereof, multiplied by a fraction. Said fraction shall be defined as consisting of a numerator, which shall be the index number (the "Index Number") indicated under the United States index column of the Consumer Price Index for Urban Wage Earners and Clerical Workers (the "CPI") (1982-1984=100) as promulgated by the United States Department of Labor, for the month immediately preceding the month and year in which the said renewal term shall commence and a denominator, which shall be the Index Number for the CPI for the month and year in which the original commencement date of this Lease occurs,. If there shall at the time be no such CPI, the parties shall use the most comparable substitute index in determining rent escalation for said renewal periods. Notwithstanding the above, all other terms and conditions of this Lease, except that the Base Rent payable Lease Agreement shall be set at the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms remain in the nature of rent full force and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, effect during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes second and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEErenewal periods.

Appears in 1 contract

Samples: Lease Agreement (Matewan Bancshares Inc)

Option to Extend. On Provided that the conditions Tenant originally named herein (which conditions LESSOR may waivea) has not been in monetary default beyond applicable notice and cure periods during the Initial Term, at its election(b) has, by written notice to LESSEE at any timethroughout the Initial Term, materially complied with all of the provisions of Article Five hereof, and (c) that LESSEE is not in default of its covenants and obligations under the this Lease beyond applicable notice and cure periods (both at the time such extension option may be exercised and/or at the time such Extension Term (as hereafter defined) commences), provided that for such exercise to be effective, any and all such defaults shall be cured prior to the expiration of the applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE Tenant shall have the right and option to extend the term hereof Initial Term for two (the “Option to Extend”2) for one additional term consecutive periods of five years(5) years each (each, ending on March 31, 2019 (an "Extension Term") each commencing the “Extension Period’), to commence immediately upon day after the expiration of the then current term. LESSEE may Lease Term and ending on the fifth anniversary of such expiration, provided that Tenant shall give Landlord notice of Tenant's exercise of such Option to Extend by giving written notice to LESSOR option no more than fifteen (the “Extension Notice”15) on or before the date which months and no less than twelve (12) months prior to the expiration of the then current Lease Term. Such Extension Period Prior to the exercise by Tenant of such option, the expression "Lease Term" shall mean the Initial Term as the same may have been extended, and after the exercise by Tenant of such option, the expression "Lease Term" shall mean the Lease Term as it has been then extended. All of the terms, covenants, conditions, provisions and agreements contained in this Lease shall be applicable to the then extended Lease Term, except as hereinafter set forth. If Tenant shall give notice of its exercise of this option to extend in the manner and within the time period provided aforesaid, the Lease Term shall be extended upon the same terms and conditions giving of such notice without the requirement of any further action on the part of either Landlord or Tenant. If Tenant shall fail to give timely notice of the exercise of such option as aforesaid, Tenant shall have no right to extend the Term of this Lease, except that time being of the essence of the foregoing provisions, and shall be deemed to have waived any and all remaining options. The Base Rent payable during each Extension Term shall be set at the then fair market effective rent for the Leased PremisesFair Market Rent determined in accordance with Section 2.4 above. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue This option to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises extend shall be agreed upon by LESSOR and LESSEE; providedpersonal to Collegium Pharmaceutical, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such partyInc., and the cost of the third appraiser shall not be shared equally exercisable by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen any other party other than a Permitted Transferee (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEEas defined in Section 8.4 hereof).

Appears in 1 contract

Samples: Lease (Collegium Pharmaceutical, Inc)

Option to Extend. On Landlord hereby grants Tenant the conditions option to renew (which conditions LESSOR may waivethe “Renewal Option”) the base Term for two (2) additional terms of five (5) years each (each a “Renewal Term”), at its election, by written notice to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both commencing as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE shall have the right to extend the term hereof (the “Option to Extend”) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence date immediately upon following the expiration of the then current termTerm, such option to be subject to the covenants and conditions hereinafter set forth. LESSEE may exercise such Option to Extend by giving Notwithstanding the foregoing, in no event shall the Renewal Term extend beyond the term of the Prime Lease. Tenant shall give Landlord written notice of Tenant’s election to LESSOR exercise each Renewal Option not later than eighteen (the “Extension Notice”) on or before the date which no less than twelve (1218) months prior to the expiration of the then current Term (“Renewal Notice”). If Tenant fails to exercise any Renewal Option by the required deadline, but subsequently notifies Landlord of its desire to exercise such Renewal Option, then Landlord may, at its sole option, accept or reject Tenant’s request to extend the Term for the Renewal Term in question. Tenant shall not be permitted to exercise a Renewal Option if Tenant is in default under this Lease beyond the expiration of applicable cure periods at the time Tenant exercises the Renewal Option or at the commencement of the Renewal Term. Such Extension Period shall be upon the same terms The covenants and conditions of this LeaseLease in force during the base Term, as the same may be modified from time to time, shall continue to be in effect during the Renewal Term, except that for the following: (i) the Phase I Base Rent payable shall be set at the then fair market effective rent for the Leased Premises. In no eventand, howeverif applicable, shall the Phase II Base Rent be less than shall increase by the then-current Base Rent at the expiration rate of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3%) appraisers. Within fifteen (15) days of percent per annum during the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such partyRenewal Term, and (ii) the cost “Term” for purposes of this Lease shall include the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEErespective Renewal Term properly exercised.

Appears in 1 contract

Samples: Sublease Agreement (Sky Harbour Group Corp)

Option to Extend. On Subject to the terms and conditions (which conditions LESSOR set forth below, Tenant may waive, at its electionoption extend the Terms of this Lease for one (1) period of three (3) years. Such period is called the “Renewal Term.” The Renewal Term shall be upon the same terms contained in this Lease, by except that (i) Landlord shall have no obligation to provide Tenant with any Tenant Improvement Allowance or demolition in connection with the Renewal Term, (ii) the Base Rental during the Renewal Term shall be $13,060.00 and increase 3.5% annually during each year of the Renewal Term. Tenant shall have no additional extension options. To exercise any option, Tenant must deliver a binding written notice to LESSEE at any timeLandlord not sooner than ten (10) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE shall have the right to extend the term hereof months nor later than six (the “Option to Extend”) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (the “Extension Notice”) on or before the date which no less than twelve (126) months prior to the expiration of the then current Term. Such Extension Period shall be upon the same terms and conditions initial Term of this Lease. XXXXXXXX AND TENANT HAVE CAREFULLY READ AND REVIEWED THIS LEASE AND EACH TERM AND PROVISION CONTAINED HEREIN, except that the Base Rent payable shall be set AND BY THE EXECUTION OF THIS LEASE SHOW THEIR INFORMED AND VOLUNTARY CONSENT THERETO. THE PARTIES HEREBY AGREE THAT, AT THE TIME THIS LEASE IS EXECUTED, THE TERMS OF THIS LEASE ARE COMMERCIALLY REASONABLE AND ​ ​ ​​ ​ ​ ​ ​ ​ MULTI-TENANT - MODIFIED NETEight-L 1993 ---- Initials / ​ ​ ​ ​ ​ ​ ​ EFFECTUATE THE INTENT AND PURPOSE OF LANDLORD AND TENANT WITH RESPECT TO THE PREMISES. THIS LEASE PREPARED FOR YOUR ATTORNEY’S REVIEW AND APPROVAL. FURTHER, EXPERTS SHOULD BE CONSULTED TO THE PRESENCE OF ASBESTOS, UNDERGROUND STORAGE TANKS OR HAZARDOUS SUBSTANCES. NO REPRESENTATION OR RECOMMENDATION IS MADE BY THE AMERICAN INDUSTRIAL REAL ESTATE ASSOCIATION OR BY THE REAL ESTATE BROKERS OR THEIR CONTRACTORS, AGENTS OR EMPLOYEES AS TO THE LEGAL SUFFICIENCY, LEGAL EFFECT, OR TAX CONSEQUENCES OF THIS LEASE OR THE TRANSACTION TO WHICH IT RELATES; THE PARTIES SHALL RELY SOLELY UPON THE ADVICE OF THEIR OWN COUNSEL AS TO THE LEGAL AND TAX CONSEQUENCES OF THIS LEASE. IF THE SUBJECT PROPERTY IS IN A STATE OTHER THAN CALIFORNIA, AN ATTORNEY FROM THE STATE WHERE THE PROPERTY IS LOCATED SHOULD BE CONSULTED. The parties hereto have executed this Lease at the then fair market effective rent for place and on the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEE.dates specified above their respective signatures..

Appears in 1 contract

Samples: Responding Party (Interlink Electronics Inc)

Option to Extend. On Subject to the conditions (which conditions LESSOR may waiveterms of this Section 1.B, at its election, by written notice to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE Tenant shall have the right two (2) options to extend the term hereof Term for additional periods of five (5) years each (together, the “Option to ExtendTerms” and each an “Option Term) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), such Option Terms to commence immediately begin upon the expiration of the then current termTerm, or the first option term (“First Option Term”), as the case may be, on the same terms and conditions set forth herein, except that (i) an Option Term, once exercised cannot be exercised again, (ii) no Rent concessions, abatements, lease buyouts, tenant allowances or limitations on tax or expense pass-throughs granted with respect to the Term hereof shall be applicable to an Option Term, (iii) Annual Minimum Rent and Monthly Minimum Rent for an Option Term shall be as set forth in Items 4 and 5 of the Schedule. LESSEE may exercise such If Tenant desires to extend the Term for an Option to Extend by giving Term, Tenant shall deliver written notice to LESSOR (the “Extension Notice”) on or before the date which to Landlord to such effect no less later than twelve nine (129) months prior to the expiration of the then current initial Term, or the First Option Term, as the case may be, time being of the essence. Such If not so exercised, Tenant’s option to extend shall thereupon automatically expire. Once Tenant delivers the Extension Period Notice to the Landlord, as provided above, Tenant’s election to extend the Term shall be upon irrevocable by Tenant. In order to exercise its option to extend, on the same terms and conditions of this Lease, except date that Tenant exercises its option as well as on the date that the Base Rent payable Option Term is to commence, no event of default shall be set at exist and no event shall exist which, by the then fair market effective rent for giving of notice or the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration passage of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointedtime, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time providedboth, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEEwould mature into a default.

Appears in 1 contract

Samples: Retail Lease (Midwest Banc Holdings Inc)

Option to Extend. On the conditions (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any time) that LESSEE is not in default Provided Tenant shall timely and faithfully perform all of its covenants and obligations under this Lease during the Lease beyond applicable notice original Term and cure periods, both as provided further that Tenant (and not a sublessee or assignee) shall then be in occupancy of all of the time of exercise of the Option to ExtendPremises, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE Tenant shall have the right to extend the term hereof (the “Option to Extend”) for one additional term of five yearsright, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend exercisable by giving written notice thereof to LESSOR Landlord, not more than fifteen (the “Extension Notice”15) on or before the date which no less months nor fewer than twelve (12) months prior to the expiration of the then current Term. Such Extension Period shall be original Term (time being of the essence thereof) to extend the Term for an additional term of five (5) years upon all of the same terms terms, covenants and conditions of contained in this Lease, except that the Monthly Base Rent payable during the additional term (hereinafter "Extension Monthly Base Rent") shall be set at equal to the then fair market effective rent for the Leased Premises. In no event, however, shall the rate of Monthly Base Rent be less than the then-current Base Rent at the expiration prevailing as of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of the commencement date of the Extension NoticeAdditional Term, said fair market effective rent shall be conclusively determined by three (3) appraisersfor new leases for space in buildings in Westchester, Oak Brook and Oakbrook Terrace, Illinois which are first class, high rise, multi-use office building having amenities similar to those in Westxxxxx Xxxporate Center. Within fifteen seven (157) business days of Landlord's receipt of Tenant's notice exercising the expiration option to extend, Landlord shall advise Tenant in writing of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days Landlord's good faith estimate of the date on which such appraisers have been appointedrate of STATE OF ILLINOIS ) ) SS: COUNTY OF COOK ) I, or if either LESSOR or LESSEE shall fail _______________________, a Notary Public in and for said County, in the State aforesaid, DO HEREBY CERTIFY that _____________________, personally known to appoint an appraiser within me to be the time provided_____ President of _____________________, such appraiser shall a ____________ corporation, and __________________________, personally known to me to be appointed the ________________ Secretary of said corporation and personally known to me to be the same persons whose names are subscribed to the foregoing instrument, appeared before me this day in person and severally acknowledged that they signed and delivered the said instrument as ____________ President and ____________ Secretary of said corporation to be affixed thereto, pursuant to authority given by the American Institute Board of AppraisersDirectors of said corporation, as their free and voluntary act and as the free and voluntary act and deed of said corporation, for the uses and purposes therein set forth. Each party shall bear the cost GIVEN under my hand and Notarial Seal this __ day of the appraiser selected by such party______________, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE19__. If the three appraisers are unable to agree upon such fair market effective rent within fifteen ____________________________ Notary Public 40 (15LANDLORD) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEE.STATE OF ILLINOIS ) ) SS: COUNTY OF COOK )

Appears in 1 contract

Samples: Sublease (Quintus Corp)

Option to Extend. On the conditions (which conditions LESSOR may waive, at its election, by written notice Landlord grants to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE shall have the right Tenant an option to extend the term hereof (the “Option to Extend”) of this lease for one additional period of five years subject to all terms and conditions herein contained except this paragraph, the maximum on "outside area" expense set forth in paragraph 4(c)(2), paragraph 47 - Tenant Improvements, and monthly rental including escalation which shall be determined as set forth below. In order to exercise this option, Tenant must have performed all the covenants and obligations of Tenant herein and at least six months before the ending date of the initial term of five years, ending on March 31, 2019 (the “Extension Period’), this lease must have delivered to commence immediately upon the expiration Landlord written notice of the then current termexercise of this option. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (the “Extension Notice”) on or before As of the date which no less of exercise by Tenant of its option to extend, the monthly base rental a maximum for "outside area" expenses and escalation of base rent, all for the Extended Term shall be subject to negotiation between the Landlord and Tenant. Not later than twelve five (125) full calendar months prior to the expiration date of the then current Initial Term, Landlord and Tenant shall meet and endeavor to agree between themselves as to the fair market base monthly rental of the premises, escalation thereof, and maximum for "outside area" expenses, all as of the commencement of the Extended Term. Such Extension Period shall be upon If the same terms and conditions of this Lease, except that the Base Rent payable shall be set at the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE parties are unable able to agree on said such fair market effective rent within thirty (30) days of the date of the Extension Noticebase monthly rental, escalation and maximum, said fair market effective rent base monthly, escalation and maximum rental shall be conclusively determined by three (3) appraisersthe rental escalation and maximum for the premises during the Extended Term, the escalation agreed upon, and the maximum "outside area" expenses. Within fifteen (15) days of In the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should event the two appraisers parties fail to agree on a third within fifteen upon said amounts for the Extended Term, at least four (154) days full calendar months prior to commencement thereof, the base monthly rental for the Extended Term, including escalation thereof, but not including maximum "outside area" expense, shall be determined by appraisal in the manner hereafter set forth. Notwithstanding the foregoing, Landlord and Tenant agree that the Outside Area Expense Maximum shall in no event exceed, (a) for the first 12 months of the date on Extended Term, an amount per square foot equal to 72 cents multiplied by a fraction, the numerator of which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail is the CPI Index (hereinafter defined) for the month immediately prior to appoint an appraiser within the time provided, such appraiser shall be appointed by month in which the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, Extended Term commences and the cost denominator of which is the third appraiser shall be shared equally by LESSOR and LESSEE. If CPI Index for the three appraisers are unable month immediately prior to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEE.first full

Appears in 1 contract

Samples: Sublease Agreement (Oak Technology Inc)

Option to Extend. On Landlord hereby grants to Tenant an option ("the "Fifth Amendment Extension Option") to extend the Fifth Amendment Extended Term for an additional period of five (5) years (the "Fifth Amendment Option Term"), on the same terms, covenants, and conditions (as provided for in the Lease during the initial Term, except for the Monthly Base Rent, which conditions LESSOR may waiveshall initially be equal to the "fair market rental rate" for the Premises for the Fifth Amendment Option Term as defined and determined in accordance with the provisions of the Fair Market Rental Rate Rider attached to the Original Lease as Rider No. 2, subject to fair market annual rent adjustments, if any, during the Fifth Amendment Option Term. The Fifth Amendment Extension Option must be exercised, if at its electionall, by written notice to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under ("the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE shall have the right to extend the term hereof (the “Option to Extend”) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (the “Fifth Amendment Extension Notice") on or before the delivered by Tenant to Landlord no sooner than that date which no less than is twelve (12) months and no later than that date which is nine (9) months prior to the expiration of New Expiration Date. Provided Tenant has exercised the Fifth Amendment Extension Option within the times frames and pursuant to the terms set forth herein, the then current Term. Such Extension Period Term of the Lease shall be upon extended by the same terms Fifth Amendment Option Term, and all terms, covenants, and conditions of this Leasethe Lease shall remain unmodified and in full force and effect, except that the Monthly Base Rent payable shall be as set at the then fair market effective rent for the Leased Premisesforth above, and except that Tenant shall have no further Fifth Amendment Extension Option remaining. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the The Fifth Amendment Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises Option shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable applicable to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointedPremises in its entirety, or if at Tenant's sole option, for Xxxxx 000 xx Xxxxx 000 individually, with or without Suite 162 in either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEEcase.

Appears in 1 contract

Samples: Office Lease (INPHI Corp)

Option to Extend. On the conditions Provided that (which conditions LESSOR may waive, i) no Event of Default (as defined in Section 7.1) shall exist at its election, by written notice to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and such option is exercised or at the commencement of the applicable Extension PeriodTerm, as hereinafter definedand (ii) Tenant remains in occupancy of the Premises, then LESSEE shall have the right Tenant may elect to extend the term hereof Term of this Lease for two (the “Option to Extend”2) for one additional term periods of five years(5) years each (each, ending on March 31, 2019 (the an “Extension Period’Term”), to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend by giving written Landlord notice to LESSOR of such election no sooner than fifteen (the “Extension Notice”15) on or before the date which months earlier than and no less later than twelve (12) months prior to the expiration Expiration Date of the then current original term, or the first. Extension Term, as the case may be. Such Extension Period extension shall be upon the same terms terms, covenants, and conditions of contained in this LeaseLease except that, during the second Extension Term Tenant shall have no further right to extend the Lease Term and except that the Base Rent payable for each Extension Term shall be set at the then fair market effective rent for comparable space in comparable properties in the Leased Premises. In no event, however, shall the Base Rent be Greater Boston area and not less than the then-then current Base Rent at in effect during the expiration last year of the current original term, or the first Extension Term, as the case may be. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent If Landlord and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE Tenant are unable to agree on said the amount of such fair market effective rent within by the date that is thirty (30) days of after the date of Tenant’s election notice based on rental rates and terms for comparable space in the Greater Boston area, then Landlord shall promptly specify in writing the rent (the ‘Landlord’s Rental Rate”) at which Landlord is willing to lease the Premises for the Extension Notice, said Term and Tenant shall promptly specify in writing the rent (the “Tenant’s Rental Rate”) which Tenant is willing to pay for the Premises for the Extension Term and the amount of the fair market effective rent shall be conclusively determined established by three appraisal in the following manner. The Landlord and Tenant shall so appointed shall determine the fair market rent within thirty days of Tenant’s election notice. If such appraisers are unable to agree on the amount of such fair market rent within such 30-day period, they shall appoint a third appraiser within ten (3) appraisers. Within fifteen (1510) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should be instructed to select, as between the rents chosen by the two appraisers fail appraisers, the rent that is closest to agree on a the third within fifteen (15) days appraiser’s estimate of the date on which such appraisers have been appointedFair Market Rent, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser The fair market rent shall be appointed the amount so selected by the American Institute of Appraisersthird appraiser and shall be conclusive on the Landlord and Tenant. Each party shall bear the cost of the appraiser selected by such partyits appraiser, and the cost of the third appraiser shall be shared split equally between parties, The third appraiser’s estimate shall be based on the data supplied and used by LESSOR the original two appraisers and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of findings made by the third appraiser, the fair market effective rent appraiser shall be that determined by the appraiser not selected by either LESSOR or LESSEEset forth in writing.

Appears in 1 contract

Samples: Lease (Mimecast LTD)

Option to Extend. On (a) Subject to the conditions provisions of this Paragraph 3.4, the originally named Tenant herein (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any timethe "Original Tenant") that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE shall have the right one (1) option to extend the term hereof (the “Option to Extend”) Lease Term for one (1) additional term of five years, ending on March 31, 2019 (5) years (the “Extension Period’"Option Term"), to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend by giving delivering written notice to LESSOR Landlord (the “Extension "Tenant's Option Notice") on or before the date which no not more than two hundred seventy (270) days and not less than twelve one hundred eighty (12180) months days prior to the expiration of the then current initial Lease Term, stating that Tenant is exercising its option to extend the Lease Term. Such Extension Period If Tenant exercises such right in accordance with this Paragraph 3.4, the term of this Lease shall be upon extended for five (5) years commencing on the same terms eighth (8th) anniversary of the Commencement Date and, unless sooner terminated as provided in this Lease, ending five (5) years thereafter. The Lease shall be extended subject to the agreements, covenants, conditions, and conditions of provisions set forth in this Lease, except that Tenant shall have no further option to extend the term of this Lease and the Base Rent payable by Tenant for the first year of the Option Term shall be set at equal to the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration prevailing Fair Market Rental Rate of the current TermPremises as determined in Paragraph 3.4(b) below and as thereafter increased pursuant to Paragraph 4.3 below. For the purpose of If Tenant fails to exercise such right in accordance with this SectionParagraph 3.4, fair market effective rent such right shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham areaterminate. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises The option shall be agreed upon exercisable by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days Tenant provided that as of the date of the Extension Noticedelivery of such notice, said fair market effective rent Tenant is not in default under this Lease and Tenant has not previously been in default under this Lease more than once (unless any such default has been timely cured to Landlord's reasonable satisfaction). The rights contained in this Paragraph 3.4 shall be conclusively determined personal to the Original Tenant and may only be exercised by three the Original Tenant (3and not any assignee, subtenant or other transferee of Tenant's interest in this Lease) appraisers. Within fifteen (15) days if the Original Tenant occupies the entire Premises, provided that the option may be exercised by any corporation or other entity into which Tenant merges or consolidates, or which merges or consolidates with Tenant, or which acquires substantially all of the expiration capital stock or assets of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointedTenant, or if either LESSOR which otherwise controls, is under common control with, or LESSEE shall fail to appoint an appraiser within the time providedis controlled by, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEETenant.

Appears in 1 contract

Samples: Lease (Therma Wave Inc)

Option to Extend. On the conditions (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE Tenant shall have the right option to extend the term hereof Lease (the “Option to Extend”"Extension Option") term for one (1) additional term period of five years, ending on March 31, 2019 two (2) years (the "Extension Period’), to commence immediately ") upon the expiration of the then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (the “Extension Notice”) on or before the date which no less than twelve (12) months prior to the expiration of the then current Term. Such Extension Period shall be upon the same terms and conditions of set forth in this Lease, except that the Base Rent payable and other charges during such Extension Period shall be set at equal to the then fair market effective rent for Fair Market Rent. For the Leased Premisespurposes of this Lease, "Fair Market Rent" shall mean the rental and all other monetary payments that Landlord could obtain from a third party desiring to lease the Premises as of the first day of the Extension Period, taking into account all relevant factors. In Such Fair Market Rent may include annual adjustments and in no event, however, event shall the Base Fair Market Rent be less than the then-current Base Rent at and charges payable for the expiration final year of the current Lease Term. For Tenant shall exercise the purpose Extension Option, if at all, by giving written notice to Landlord no later than nine (9) months prior to the first day of this Sectionthe purported Extension Period (time being of the essence) and such exercise shall be irrevocable. Landlord shall initially designate Fair Market Rent by written notice to Tenant at least thirty (30) days prior to the commencement of the Extension Period (the "Designation"). If Tenant disagrees with the Designation, fair market effective rent Tenant shall mean proceed with the Base Rent plus such additional financial terms Extension Option but advise Landlord in writing of its disagreement with Landlord's Designation within ten (10) days. If Tenant does not unequivocally advise Landlord of its disagreement with Landlord's Designation within said ten (10) day period, Tenant shall conclusively be deemed to have agreed to the nature Designation. If the parties shall not have agreed in writing (or to be deemed to have agreed pursuant to the immediately preceding sentence) as to the Fair Market Rent, within twenty (20) days after Landlord's receipt of rent and rent adjustments customarily then being included in leases for similar space within Tenant's notice of disagreement with the greater Waltham area. LESSEE Designation, each party shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days thereafter appoint an appraiser who shall be instructed to determine independently the Fair Market Rent. If the difference between the amounts so determined by such appraisers shall not exceed ten percent (10%) of the date lesser of such amounts, then the Fair Market Rent shall be an amount equal to fifty percent (50%) of the Extension Noticetotal of the amounts so determined. If the difference between the amounts so determined shall exceed ten percent (10%) of the lesser of such amounts, said fair market effective rent then such two (2) appraisers shall be conclusively determined by three have ten (3) appraisers. Within fifteen (1510) days of the expiration of thereafter to appoint a third appraiser, but if such thirty appraisers fail to do so within such ten (3010) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should then either Landlord or Tenant may request the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, Greater Boston Real Estate Board or if either LESSOR or LESSEE shall fail any successor organization thereto to appoint an appraiser within the time providedten (10) days of such request, and both Landlord and Tenant shall be bound by any appointment so made within such ten (10) day period. If no such appraiser shall be have been appointed within such ten (10) days either Landlord or Tenant may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the American Institute original appraisers, by the Greater Boston Real Estate Board or by such court shall be instructed to determine the Fair Market Rent in accordance with the definition of Appraiserssuch term contained herein and within twenty (20) days after its appointment. If the third appraisal shall exceed the higher of the first two appraisals, the Fair Market Rent shall be the higher of the first two appraisals; if the third appraisal is less than the lower of the first two appraisals, the Fair Market Rent shall be the lower of the first two appraisals. In all other cases, the Fair Market Rent shall be equal to the third appraisal. All such determinations of the Fair Market Rent shall be final and binding upon Landlord and Tenant as the Fair Market Rent as of the first day of the Extension Option. Notwithstanding the foregoing, if either party shall fail to appoint its appraiser within the 30 day period specified above (such party being referred to herein as the "failing party"), the other party may serve notice on the failing party requiring the failing party to appoint its appraiser within ten (10) days of the giving of such notice. If the failing party shall not respond by appointment of its appraiser within said ten day period, then the appraiser appointed by the other party shall be the sole appraiser whose determination of the Fair Market Rent shall be binding and conclusive upon Tenant and Landlord. This provision for determination by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Each party shall bear pay for the cost fees and expenses of the appraiser selected appointed by such partyit, but the fees and the cost expenses of the third appraiser shall be shared equally by LESSOR and LESSEEthe parties. If All appraisers appointed hereunder shall be MAI appraisers, so- called. In the three appraisers are unable event that a determination of Fair Market Rent is not completed prior to agree upon such fair market effective rent within fifteen (15) days the beginning of the appointment Extension Period, then, if Landlord shall have made a Designation of Fair Market Rent, such Designation (notwithstanding Tenant's disagreement therewith) shall be deemed the Fair Market Rent until the Fair Market Rent is otherwise determined pursuant to applicable provisions hereof. On determination of the third appraiserFair Market Rent, if such determination would be the fair market effective rent basis on which Basic Annual Rent is to be paid, retroactive adjustment shall be that determined by made in order to give it effect to the appraiser not selected by either LESSOR or LESSEEdetermination of Fair Market Rent.

Appears in 1 contract

Samples: Noosh Inc

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Option to Extend. On the conditions (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE Tenant shall have the option to renew the Term of this Lease for one (1) additional ten (10) year term (the "Extended Term"). The Basic Rent for the Extended Term shall be Fair Market Rent including annual increases provided in Section 3B of this Lease as reflected in the determination of Fair Market Rent as provided herein. Fair Market Rent shall be defined to be rent for first class well maintained mid-rise office projects located proximate to the Palo Alto, Menlo Park, Redwood City, Redwood Shores, San Mateo, Fostxx Xxxy marketplace and that have on-building freeway visible signage, including the most recent comparable leases Landlord has consummated with other tenants at the Complex. Should Landlord and Tenant be unable to agree upon the Fair Market Rent within twenty-one (21) days of Landlord's timely receipt of Tenant's written notice as required herein, then Tenant may elect to either (i) revoke its written notice and have the lease expire at the end of the Term as provided in this Lease or (ii) notify Landlord within five (5) days that it elects to set the Fair Market Rent by appraisal. Tenant's failure to so timely notify Landlord as provided above shall be deemed to be Tenant's election to have the Lease expire at the end of the Term. Following such election to set the Fair Market Rent by appraisal, each party, within fifteen (15) days at its cost and by giving notice to the other party, shall appoint a licensed real estate appraiser (MAI) with at least five (5) years' full-time commercial appraisal experience in the area in which the Premises are located to determine the Fair Market Rental as specified above. If a party does not appoint an appraiser within fifteen (15) days, the single appraiser appointed shall be the sole appraiser and shall set the Fair Market Rent for the extended Term. If the two appraisers are appointed by the parties as stated in this paragraph, they shall meet promptly and attempt to set the Fair Market Rent for the extended term. If they are unable to agree within twenty (20) days after the second appraiser has been appointed, they shall select a third appraiser meeting the qualifications stated in this paragraph within ten (10) days after the last day the two appraisers are given to set the Fair Market Rent. The cost of said third appraiser shall be borne equally by Landlord and Tenant. Within ten (10) days after the selection of the third appraiser, a majority of the appraisers shall set the Fair Market Rent for the Extended Term. If a majority of the appraisers are unable to set the Fair Market Rent within the stipulated period of time, then the two (2) closest appraisals shall be added together and their total divided by two (2); and shall be the initial Basic Rent for the Premises for the first twelve (12) months of the Extended Term subject to CPI adjustments as set forth in the Lease. In no event shall Fair Market Rent be less than the Basic Rent paid in the last month of the primary Term of the Lease as increased by the CPI. Said Basic Rent as set by the appraisers shall be binding upon the parties hereto and the Lease shall remain in effect through the Extended Term. Tenant shall have no other right to extend the term hereof (Lease beyond the “Option Extended Term herein granted. Tenant shall thereafter notify Landlord of its desire to Extend”) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR option within a minimum of nine (the “Extension Notice”9) on or before the date which no less than months and a maximum of twelve (12) months prior to the expiration date of the then current primary lease Term. Such Extension Period This option shall be upon void, at Landlord's option, if Tenant has been chronically delinquent as defined in Section 13# of this Lease, or is in default at the time of exercise or at any time subsequent to Tenant giving timely notice up to commencement of the Extended Term. This option is personal to Tenant and may not be assigned or transferred without Landlord's expressed written consent which may be withheld in Landlord's sole and absolute discretion. TIME IS OF THE ESSENCE. Except for adjustments to the Basic Rent, the Extended Term shall be on the same terms and conditions of this Lease, except that as the Base Rent payable shall be set at the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration primary Term of the current TermLease. For the purpose of this Section, fair market effective rent OPT shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, continue to be chargeable to Tenant during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEEExtended Term.

Appears in 1 contract

Samples: Office Lease (Niku Corp)

Option to Extend. On the conditions (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE Tenant shall have the right to extend the term hereof of its occupancy of the Premises for one (1) period of three (3) years, commencing on October 1, 2008 and ending on September 30, 2011 (the “Option to Extend“ Extension Term) for one additional term of five years, ending on March 31, 2019 (the “). The Extension Period’), to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (the “Extension Notice”) on or before the date which no less than twelve (12) months prior to the expiration of the then current Term. Such Extension Period Term shall be upon the same terms terms, covenants and conditions of this as in the Lease, except that the Base Rent payable shall be set the Fair Market Base Rent for the Premises as of the date that the Extension Term commences. “Fair Market Base Rent” shall mean that net annual base rent per rentable square foot of the Premises as of the commencement of the Extension Term that a willing credit-worthy tenant would pay and a willing landlord would accept in an arms length bona fide negotiation for space comparable to the Premises in condition, quality, size and location in the Minneapolis, Minnesota area, with neither party under a compulsion for the appropriate term. Tenant shall notify Landlord of its desire to extend the term for the Extension Term by notifying Landlord in writing no later than April 1, 2008. Upon such notification, Landlord and Tenant shall make a good faith effort to agree upon the Fair Market Base Rent of the Premises for the Extension Term. In the event that Landlord and Tenant fail to agree upon the Fair Market Base Rent by June 1, 2008, then Tenant’s extension right shall automatically terminate and the Lease shall terminate effective as of September 30, 2008. This extension right is personal to Tenant and may not be assigned. Upon an assignment of the Lease by Tenant, this Section is null and void. Tenant currently leases 32,735 square feet from Landlord, pursuant to a lease dated September 3, 2002 (as amended, the “Northgate Lease”), of the office/warehouse property known as “Northgate I,” located at 0000 Xxxxxxxx Xxxxx, Xxxxx Xxxxx, XX (the “Northgate Property”). If Tenant extends the term of the Lease pursuant to this Section 1.9, Tenant may then elect to terminate this Lease (the “Early Termination Option”) as of January 15, 2010 (the “Early Termination Date”), by giving Landlord prior written notice on or before November 3, 2009 (“Tenant’s Early Termination Notice”). Tenant’s right to exercise this Early Termination Option is conditioned on: (a) Tenant having first irrevocably extended and expanded the Northgate Lease, such that Tenant is the sole tenant of the Northgate Property effective on or before the Early Termination Date; (b) Tenant having paid Landlord all amounts due and owing under the Lease; (c) there being no uncured Event of Default at the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration time of exercise of the current Term. For Early Termination Option or on the purpose of this SectionEarly Termination Date; and (d) Tenant not having vacated the Premises, fair market effective rent shall mean or having subleased or assigned its interest under the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shallLease, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days as of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days exercise of the expiration of such thirty (30) day periodEarly Termination Option or on the Early Termination Date. If this Early Termination Option is timely exercised, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days Tenant will deliver possession of the date Premises to Landlord on which the Early Termination Date in accordance with the terms of this Lease and all other terms will apply as if this Lease had expired according to its terms, including Tenant’s Share of Expenses attributable to periods prior to the Early Termination Date at such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, as such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEEobligation is determined. If Tenant fails to timely give notice, Tenant will be deemed to have waived its right to terminate pursuant to this Section. This limited termination right is personal to Tenant (and not to any assignee or subtenant) and may not be assigned, it being agreed such right is not appurtenant to the three appraisers are unable to agree Premises or this Lease; upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiseran assignment or sublease by Tenant, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEEthis Section is null and void.

Appears in 1 contract

Samples: Lease Agreement (Vascular Solutions Inc)

Option to Extend. On This paragraph from the conditions (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any time) that First Amendment is hereby deleted and replaced with the following: Provided the LESSEE is not in default hereunder, LESSEE shall have one (1) two (2) year option to extend the lease term at a rent equal to the greater of its covenants and obligations under the Lease beyond applicable notice and cure periods, both following: (a) market rate for equivalent office space in similarly located buildings within the Waltham market as determined by LESSOR; or (b) the total rent then in effect as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE shall have the right to extend the term hereof (the “Option to Extend”) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon the expiration date of the then current lease term. In no event shall the rent for the option term be less than the total rent then in effect as of the expiration date of the then current lease term. LESSEE may exercise such Option to Extend by giving must give LESSOR written notice to LESSOR it is exercising its extension option no later than nine (the “Extension Notice”) on or before the date which no less than twelve (129) months prior to the expiration of the then current Termlease term (“Extension Notice”). Such Extension Period LESSOR shall be upon provide LESSEE with the same terms and conditions of this Lease, except that the Base Rent payable shall be set at the then fair market effective rent rate for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent extended term within thirty (30) days of receiving the Extension Notice. In the event LESSEE notifies LESSOR as provided herein and, within thirty (30) days of receiving the LESSOR’S rent rate for the extended term has, in accordance with this paragraph, (i) delivered a fully executed mutually agreeable lease amendment, (ii) updated all deposits, and (iii) tendered the first month’s base rent for the extended term, then the Lease Agreement shall automatically be extended two (2) years from the date of the Lease Agreement would have expired had the option to extend not been exercised. All other terms and provisions under the Lease Agreement, other than LESSOR’S Work or other tenant improvements, shall continue through the extended lease term. In the event the LESSEE does not provide the Extension Notice, said fair market effective rent execute a lease amendment and provide payment as provided herein, the LESSEE shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of deemed to have waived its option to extend the lease term and this Lease Agreement shall terminate upon the expiration of such thirty (30) day periodthe then current term. Notwithstanding the above, LESSEE accepts the Leased Premises in its current “AS IS” condition and acknowledges that the Leased Premises are currently occupied by the LESSEE and that the Leased Premises, as delivered and currently constituted, is suitable for the LESSEE’S intended use. LESSEE acknowledges that all work, if any, contemplated in the Lease Agreement, including but not limited to the Exhibit B and Amendment Exhibit B-1 and this Second Amendment thereto, to be performed by the LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should has been completed to the two appraisers fail to agree on a third within fifteen (15) days full satisfaction of the date on which such appraisers have been appointedLESSEE. The Parties acknowledge that the Lease Agreement, the First Amendment, and this Second Amendment represent the entire agreement between the Parties and that no other modification, written or if either LESSOR or LESSEE shall fail to appoint an appraiser within otherwise, exists between the time provided, such appraiser shall Parties. The normal rule of construction that any ambiguities be appointed by resolved against the American Institute of Appraisers. Each drafting party shall bear not apply to the cost interpretation of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiserLease Agreement, the fair market effective rent First Amendment or any exhibits or amendments thereto. All other terms and provisions under the Lease Agreement shall be that determined by the appraiser not selected by either LESSOR or LESSEEremain unchanged and are hereby ratified and affirmed.

Appears in 1 contract

Samples: Second Amendment (Interleukin Genetics Inc)

Option to Extend. On Tenant shall have the option to extend the term of this Lease for one (1) period of five (5) years following the expiration of the Initial Term (the "Extended Term") on all of the terms and conditions (which conditions LESSOR may waivein this Lease, except that during that Extended Term, Tenant shall not have the further option to extend the term described in this Section and the Base Rent during the Extended Term shall be equal to the monthly rent, including all escalations, at its electionwhich, by written notice to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time commencement date of the Extended Term, landlords are offering for lease non-sublease, non-encumbered, non-equity space comparable in size and location to the Premises for terms of five (5) years, as reasonably determined by Landlord (the "Option Rent'); provided, however, that in no event shall the Option Rent be less than the Base Rent, as escalated pursuant to the terms of this Lease, due and payable during the last month of the Initial Term. To exercise this option, Tenant must give Landlord written notice of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE shall have the right to extend the term hereof option (the "Option to Extend”Notice") for one additional term of five years, ending on March 31, 2019 no earlier than nine (the “Extension Period’), to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR 9) months and no later than six (the “Extension Notice”) on or before the date which no less than twelve (126) months prior to the expiration of the then current Initial Term. Such Extension Period shall be upon However, if, as of Landlord's receipt of the same terms and conditions of Option Notice, Tenant is in default under this Lease, except or has committed or failed to perform acts that with the Base Rent payable shall giving of notice or the lapse of time would constitute a default under this Lease (a "Potential Default"), the Option Notice shall, at Landlord's election, be set at ineffective. If after giving the then fair market effective rent for the Leased Premises. In no eventOption Notice, howeverTenant is in default under this Lease, shall the Base Rent be less than the then-current Base Rent at or if a Potential Default has occurred, and that default or Potential Default remains uncured as of the expiration of the current Term. For the purpose of Initial term, this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE Lease shall, during at the Extension Periodelection of Landlord, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days terminate as of the expiration of such thirty (30) day period, LESSOR and LESSEE the Initial Term. Tenant shall each select an appraiser, who shall select a third. Should have no right to extend the two appraisers fail to agree on a third within fifteen (15) days term of this Lease beyond the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEEadditional term set forth above.

Appears in 1 contract

Samples: Assignment and Assumption Agreement (Western Multiplex Corp)

Option to Extend. On the conditions (Provided that no Event of Default shall have occurred which conditions LESSOR may waive, at its election, by written notice to LESSEE at remains uncured and provided that Tenant or any time) that LESSEE is not permitted assignee or sublease shall be in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as possession of the time of exercise of the Option to ExtendLeased Premises, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE Tenant shall have the right to extend the term hereof (the “Option to Extend”) for one additional term of five yearsright, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend exercisable by giving given written notice ("First Renewal Notice") thereof to LESSOR Landlord at least nine (the “Extension Notice”9) on or months but not before the date which no less than twelve (12) months prior to the expiration of the then current Term. Such Extension Period shall be original Term of this Lease, to extend the Term of this Lease for an additional term of sixty (60) calendar months ("First Renewal Period") upon all of the same terms terms, covenants and conditions of contained in this Lease, except that the Base Rent payable annual rent shall be set at the then fair market effective rent for the Leased PremisesMarket Rent. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises The First Renewal Notice shall be agreed upon by LESSOR deemed inoperative and LESSEE; provided, however, if LESSOR of no force and LESSEE are unable to agree on said fair market effective rent effect unless Landlord shall receive within thirty (30) days of the First Renewal Notice a written statement from Amoco Corporation, if it is the then guarantor of Tenant's obligations hereunder, consenting to the First Renewal Notice. Landlord shall give Tenant notice ("Landlord's Renewal Notice") of Landlord's determination of Market Rent, which shall not be less than Six Hundred Seventy-Eight Thousand Six Hundred Twelve and No/100 Dollars ($678,612.00) per year, for the First Renewal Period not later than ten (10) days after Landlord's receipt of the First Renewal Notice. In the event that Tenant disagrees with Landlord's determination of Market Rent, Tenant agrees to notify Landlord within ten (10) days after receipt of Landlord's Renewal Notice and thereafter Landlord and Tenant shall attempt for a period of thirty (30) days following the giving of Landlord's Renewal Notice to agree upon the Market Rent paid during the First Renewal Period. In the event that Landlord and Tenant fail to agree in writing upon the determination of Market Rent for the First Renewal Period by the date which is thirty (30) days after the date of the Extension Landlord's Renewal Notice, said fair market effective rent Tenant's exercise of such option to extend shall be conclusively determined null and void and neither Landlord nor Tenant shall have any further rights or liabilities with respect thereto. Provided that no event of default shall have occurred which remains uncured, and provided that Tenant or any permitted assignee or sublessee shall be in possession of the Leased Premises, and provided the Term of this Lease has been extended for the First Renewal Period, Tenant shall have the right, exercisable by three giving notice (3"Second Renewal Notice") appraisersthereof to Landlord at least nine (9) months but not before twelve (12) months prior to the expiration of the First Renewal Period, to extend the term of this Lease for an additional term of sixty (60) calendar months ("Second Renewal Period") upon all of the terms, covenants and conditions contained in this Lease except that the annual rental shall be Market Rent. Within fifteen The Second Renewal Notice shall be deemed inoperative and of no force and effect unless Landlord shall receive within thirty (1530) days of the expiration Second Renewal Notice a written statement from Amoco Corporation, if it is the then guarantor of such Tenant's obligations hereunder, consenting to the Second Renewal Notice. Landlord shall give Tenant notice ("Landlord's Renewal Notice") of Landlord's determination of Market Rent, which shall not be less than the annual rent payable during the First Renewal Period, for the Second Renewal Period not later than ten (10) days after Landlord's receipt of the Second Renewal Notice. In the event that Tenant disagrees with Landlord's determination of Market Rent, Tenant agrees to notify Landlord within ten (10) days after receipt of Landlord's Renewal Notice and thereafter Landlord and Tenant attempt for a period of thirty (30) day period, LESSOR days following the giving of Landlord's Renewal Notice to agree upon the Market Rent to be paid during the Second Renewal Period. In the event that Landlord and LESSEE Tenant shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen in writing upon the determination of Market Rent for the Second Renewal Period by the date which is thirty (1530) days of after the date on which of Landlord's Renewal Notice, Tenant's exercise of such appraisers have been appointed, or if either LESSOR or LESSEE shall fail option to appoint an appraiser within the time provided, such appraiser extend shall be appointed by the American Institute of Appraisers. Each party null and void and neither Landlord nor Tenant shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR have any further rights or LESSEEliabilities with respect thereto.

Appears in 1 contract

Samples: Indemnification Agreement (Vysis Inc)

Option to Extend. On the conditions (which conditions LESSOR may waivea) Provided that, at its electionthe time of each such exercise, by written notice to LESSEE (i) this Lease is in full force and effect, and (ii) no Event of Default shall have occurred and be continuing (either at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and or at the commencement of the Extension Periodan Extended Term), as hereinafter defined, then LESSEE Tenant shall have the right and option to extend the term hereof Term of this Lease for two (2) extended terms (collectively, the “Option to Extend”"Extended Terms") for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend 5) years each by giving written notice to LESSOR (the “Extension Notice”) on or before the date which no less than Landlord not later that twelve (12) months (nor earlier than eighteen (18) months) prior to the expiration date of the Term then current in effect. The effective giving of such notice of extension by Tenant shall automatically extend the Term of this Lease for the applicable Extended Term, and no instrument of renewal or extension need be executed. In the event that Tenant fails timely to give such notice to Landlord, this Lease shall automatically terminate at the end of the Term then in effect, and Tenant shall have no further option to extend the Term of this Lease. Each Extended Term shall commence on the date immediately succeeding the expiration date of the original Term of the preceding Extended Term, as the case may be, and shall end on the day immediately preceding the fifth anniversary of the first day of such Extended Term. Such Extension Period The Extended Term shall be upon on all the same terms and conditions of this Lease, except that except: (i) during the Base Rent payable second Extended Term, Tenant shall be set at have no further option to extend the then fair market effective Term, and (ii) the Basic rent for the Leased Premises. In Extended Terms shall be the Fair Market Rental Value of the Premises as of the commencement of the Extended Term in question, taking into account all relevant factors, determined pursuant to paragraph (b), but in no event, however, event shall the Base Basic Rent for the Extended Term be less than the then-current Base Basic Rent at the expiration of the current Term. For original or Extended Term immediately preceding the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days commencement of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEEExtended Term in question.

Appears in 1 contract

Samples: Lease (Repligen Corp)

Option to Extend. On Lessee shall have the conditions option to extend the term of this Lease (which conditions LESSOR "Option") on all of the terms, conditions, covenants and provisions, contained in this Lease, except for the Monthly Rent, for two (2) additional terms of five (5) years each following the Termination Date. The Option Term shall commence on the day immediately following the Termination Date. Lessee may waive, at its election, exercise the Option by giving written notice to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and Lessor at the commencement of the Extension Period, as hereinafter defined, then LESSEE shall have the right to extend the term hereof least one hundred twenty (the “Option to Extend”120) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (the “Extension Notice”) on or days before the date which no less than twelve (12) months prior to the expiration of the then current TermTermination Date. Such Extension Period shall be upon the same terms and conditions of this Lease, except that the Base Rent payable shall be set at the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms If Lessee is in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree default on said fair market effective rent within thirty (30) days of the date of giving the Extension Option Notice, said fair market effective rent the Option Notice shall be conclusively totally ineffective. If the Option Notice is not given, the Option shall automatically expire and be of no further force or effect. The Option granted to Lessee in this Lease is personal to the original Lessee and may be exercised only by the original Lessee while physically occupying the Premises. The Option may not be exercised or assigned, voluntarily or involuntarily, by or to any person or entity other than Lessee. Any consent by Lessor to an assignment of the Lease or a sublet of the Premises, or any portion thereof, shall not be construed as a waiver of this prohibition. Monthly Rent during each Option period shall be at Fair Market Value, as determined by Lessor, at the time Lessor receives the Option Notice. In the event the Lessor and Lessee cannot agree on the new base rent, the matter shall be submitted for decision to a panel of three arbitrators. Lessor and Lessee shall each appoint one arbitrator who shall by profession be a licensed commercial real estate broker or an MAI real estate appraiser, and who shall be familiar with the premises Building and have been active in the brokering or appraisal of properties in an area within a three (3) appraisersmile radius of the Premises. Within Each such arbitrator shall be appointed within fifteen (15) days after Lessee's notice to Lessor of the expiration of such thirty (30) day period, LESSOR and LESSEE its election to have New Base Rent determined by this arbitration procedure. The two arbitrators so appointed shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to of the appointment of the last appointed arbitrator agree upon and appoint an appraiser within the time provided, such appraiser a third arbitrator who shall be appointed by qualified under the American Institute of Appraisers. Each party shall bear the cost same criteria set forth hereinabove for qualification of the appraiser selected by initial two arbitrators. Failing such partyagreement, and either Lessor or Lessee shall have the cost right to petition for the appointment of the third appraiser arbitrator by the Presiding Judge of the Superior Court of the County of San Diego. The three arbitrators shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen thirty (1530) days of the appointment of the third appraiserarbitrator reach a decision as to whether the parties shall use Lessor's or Lessee's proposed New Base Rent, and shall notify Lessor and Lessee therefore. The decision of the fair market effective rent majority of the three arbitrators shall be that determined binding upon Lessor and Lessee. The cost of the arbitration shall be paid by Lessor and Lessee equally. In no event, shall the appraiser monthly rent for the Option term be less than a four percent (4%) increase over the previous year's monthly rent. Upon agreement to the terms of the Option, Lessor shall immediately execute an Extension of Lease Agreement. All rights of Lessee with respect to the Option shall terminate and be of no further force or effect if Lessor and Lessee do not selected by either LESSOR come to agreement on the Option. Neither Lessor nor Lessee shall have the right to have a court or LESSEEthird party set the Monthly Rent. ALL OTHER TERMS AND CONDITIONS OF THE ABOVE REFERENCED LEASE SHALL REMAIN IN FULL FORCE AND EFFECT.

Appears in 1 contract

Samples: Natural Alternatives International Inc

Option to Extend. On the conditions (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE Tenant shall have the right an option to extend the term hereof Lease ---------------- for three (the “Option to Extend”3) for one additional term consecutive terms, each consisting of five (5) years, ending on March 31, 2019 (the “Extension Period’), . In order to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (the “Extension Notice”) on or before the date which no less option, Tenant shall notify Landlord in writing at least 120, but not more than twelve (12) months 240, days prior to the expiration of the respective lease term of its election to exercise the option, upon which time Landlord shall submit in writing within 30 days thereafter a proposal for the then current Term. Such Extension Period shall be upon the same terms and conditions of this Lease, except that the Market Base Rent payable shall be set at the then fair market effective rent Rental Rate (per rentable square foot per annum) for the Leased Premisesextended term. In no event, however, Tenant shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within have thirty (30) days from the receipt of said notice to (i) accept the proposed Base Rental Rate in writing to Landlord (ii) to reject the Base Rental Rate and elect the appraisal process set forth below or (iii) elect not to extend. If Tenant elects not to extend or fails to timely exercise its option, time being of the date essence, the options shall automatically terminate and be of no further force and effect and this Lease shall terminate upon expiration of the Extension Notice, said fair market effective rent then Lease term. Any such extension shall be conclusively upon all of the terms, conditions and covenants of this Lease except as to (i) the amount of Base Rent, which shall be determined by three as set forth herein, (ii) other than as remain applicable under this Lease, options to extend, expand or rights of refusal, which shall not be applicable, and (iii) Tenant Allowances or other economic concessions which shall not be applicable to the extension term. As used herein, "Market Base Rental Rate" shall mean the then Base Rental Rate for comparable first class multi-tenant office buildings of comparable size, location and age, with comparable tenants leasing comparable amounts of space, in the County of El Paso, Colorado, at such time, taking into account the following factors (1) rent per rentable square foot; (2) operating expenses and real estate tax payments; (3) appraisers. Within fifteen current rental escalators; and (154) days rental concessions, including tenant improvement allowances, if any, as applicable to market renewals of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEEleases.

Appears in 1 contract

Samples: Office Lease (Sm&a Corp)

Option to Extend. On the conditions (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE Tenant shall have the right and option, which said option and right shall not be severed from this Lease or separately assigned, mortgaged or transferred, to extend the term hereof (the “Option to Extend”) Initial Term for one (1) additional term consecutive period of five years, ending on March 31, 2019 (5) years (hereinafter referred to as the "Extension Period"), to commence immediately upon the expiration provided that (a) Tenant shall give Landlord notice of the then current term. LESSEE may Tenant's exercise of such Option to Extend by giving written notice to LESSOR (the “Extension Notice”) on or before the date which no less than option at least twelve (12) full calendar months prior to the expiration of the then current Term. Such Initial Term (b) no Default of Tenant shall exist at the time of giving each applicable notice and the commencement of the applicable Extension Period and (c) the Original Tenant named herein is itself occupying the entire Premises both at the time of giving the applicable notice and at the time of commencement of such Extension Period. Except for the amount of Basic Rent (which is to be determined as hereinafter provided), all the terms, covenants, conditions, provisions and agreements in the Lease contained shall be applicable to the additional period through which the Term of this Lease shall be extended as aforesaid, except that there shall be no further options to extend the Term nor shall Landlord be obligated to make or pay for any improvements to the Premises nor pay any inducement payments of any kind or nature. If Tenant shall give notice of its exercise of such option to extend in the manner and within the time period provided aforesaid, the Term of this Lease shall be extended upon the same terms and conditions giving of each such notice without the requirement of any further attention on the part of either Landlord or Tenant except as may be required in order to determine Basic Rent as hereafter set forth. Landlord hereby reserves the right, exercisable by Landlord in its sole discretion, to waive (in writing) any condition precedent set forth in clauses (a), (b) or (c) above. If Tenant shall fail to give timely notice of the exercise of any such option as aforesaid, Tenant shall have no right to extend the Term of this Lease, except that the Base Rent payable shall be set at the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration time being of the current Termessence of the foregoing provisions. For the purpose Any termination of this Section, fair market effective rent Lease Agreement shall mean terminate the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEErights hereby granted Tenant.

Appears in 1 contract

Samples: Agreement (Genomic Solutions Inc)

Option to Extend. On Lessee shall have two (2) successive options to ---------------- extend the Lease from the end of the original Term, each option for five (5) additional years and each option on the same terms and conditions provided in the Lease. Each renewal option may only be exercised by any subtenant or assignee of the Lessee with the written approval of Lessor. The second renewal option for five (which conditions LESSOR 5) years shall only be operative and effective if Lessee has exercised the initial five (5) year renewal option; provided, each of the five (5) year renewal options is contingent upon and may waive, at its election, by written notice to LESSEE at any time) that LESSEE only be exercised if Lessee is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as terms of the time of Lease, and if such exercise is of the Option second renewal option, then Lessee has complied with all the terms of the first renewal. The first five (5) year renewal option shall be at an additional rental to Extendthat required during Term based on the increase in the Revised Consumer Price Index - Cities (1987=100) (the "Index") published by the Bureau of Labor Statistics, provided, in no event shall such increase exceed five (5%) percent. The "base Index number" shall be the Index number indicated for the City of Hialeah, entitled "all items" for the month of December, 1992. The "current Index number" shall be the corresponding Index number for the month of December, 1997. The current Index number shall be divided by the base Index number with the resulting number (quotient), if a positive number, shall be deemed to be the percentage of increase in the cost of living. The same measurement of rent increase shall be applicable for the second renewal option, provided as to the latter, the Index shall be (1997=100), the base Index number" shall be the Index number for the City of Hialeah, for the month of December, 1997, and the "current Index number" shall be. the corresponding Index number for the month of December, 2002. Lessor shall give Lessee notice of any such increase within a reasonable time after obtaining the necessary data for its computation. Lessor's computation shall be conclusive and binding, but shall not pre- clude any adjustment that may be required by a published amendment of the index figures upon which said computation was based unless Lessee notifies Lessor of any claimed error therein within forty-five (45) days after such notice is given. Any dispute between the parties as to any such computation shall be resolved by arbitration. If publication of the Index is discontinued, the parties shall accept comparable statistics on the cost of living for the City of Hialeah, as hereinafter defined, such statistics are computed and at published by a federal agency or by a recognized financial periodical selected by the commencement of parties. The two (2) options to renew each for an additional five (5) years as granted herein shall be exercisable by the Extension Period, as hereinafter defined, then LESSEE shall have the right to extend the term hereof (the “Option to Extend”) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (the “Extension Notice”) on or before the date which Lessee notifying Lessor in writing no less than twelve three (123) nor more than five (5) months prior to the expiration of the then current Term. Such Extension Period shall be upon Term (or the same terms and conditions of this Leasefirst renewal period, except as the case may be) that the Base Rent payable shall be set at Lessee wishes to exercise the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue option to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEEextend.

Appears in 1 contract

Samples: Lease (Medicore Inc)

Option to Extend. On Subject to the terms and conditions contained herein, Tenant shall have two (2) option(s) (the “Extension Option(s)”) to extend the Lease Term, as to not less than the entire Premises, for consecutive periods (each an “Option Period”) of five (5) years each, commencing upon the date the Term would otherwise expire, upon the same terms and conditions previously applicable under this Lease as of immediately prior to expiration of the Term but for the exercise of such Extension Option(s) (including without limitation payment by Tenant of Operating Expenses), except that (i) the Annual Base Rent will be adjusted as provided below, and (ii) Tenant shall have no further extension options, and (iii) Landlord shall provide to Tenant at the commencement of each Option Period for which conditions LESSOR the Annual Base Rent is equal to or greater than Annual Base Rent for the last year preceding such Option Period an allowance equal to $4.00 per rentable square foot in the Premises for Tenant’s use in refurbishing the Premises, as provided in paragraph 3.3, below. Each Extension Option may waive, at its election, be validly exercised only by written notice to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE shall have the right to extend the term hereof (the “Option to Extend”) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (the “Extension Notice”) on or before the date which Landlord from Tenant no less earlier than twelve (12) months and no later than six (6) months prior to the expiration commencement of the then current Term. Such Extension Option Period shall (“Option Notice”), which Option Notice (in order to be upon the same terms and conditions of this Lease, except that the effective) must set forth Tenant’s proposed Annual Base Rent to be payable shall be set at the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Option Period, continue to pay its proportionate share in accordance with the provisions of LESSORParagraph 3.3 below (“Tenant’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEEProposed Rent”); provided, however, (a) that each Extension Option is personal to Tenant and any assignee of Tenant where the assignment to such assignee was made in accordance with the provisions of Paragraph 20 and (b) may be validly exercised only if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty Tenant (30and/or such assignee) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by has not been in monetary default as defined in Paragraph 18.1(i) under this Lease three (3) appraisersor more times during any twelve (12) month period or five (5) or more times during the entire Lease Term (including the first Option Period if validly exercised by Tenant pursuant hereto). Within fifteen (15) days If Tenant does not exercise the Extension Option during the exercise period set forth above in accordance with the provisions hereof, the Extension Option and all subsequent Extension Options shall forever terminate and be of no further force and effect. If either or both Extension Options are exercised, the resulting Option Period is part of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEELease Term.

Appears in 1 contract

Samples: Office Lease (Zones Inc)

Option to Extend. On the conditions (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE Tenant shall have the right to extend the term hereof (the “Option to Extend”) Term of this Lease for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon the expiration each of the then current termfive (5) Lease Year Extension Terms set forth in Section 1.1. LESSEE may exercise such Option The Tenant’s option to Extend extend for each Extension Term shall be exercised by Tenant giving written notice thereof to LESSOR (the “Extension Notice”) on or before the date which no less than Landlord at least twelve (12) (but not more than eighteen (18)) months prior to the expiration end of the applicable expiring term, time being of the essence to such exercise, so long as at the time of such notice and at the beginning of the Extension Term Tenant is not in default beyond any applicable grace and cure periods and is leasing (including any and all space then current leased by Permitted Transferees and space Tenant has sublet to third parties in accordance with the terms hereof) at least fifty percent (50%) of the original Premises. All references to the Term shall mean the Initial Term as it may be extended by any Extension Term. Such Tenant shall have the right, in connection with the exercise of each Extension Period Term, to surrender a portion of the Premises provided that (a) in Tenant’s notice to Landlord exercising the extension option, Tenant identifies the portion of the Premises to be surrendered (the “Relinquished Space”) (provided that if Tenant makes a reasonable effort, in good faith, to identify the Relinquished Space in such notice, and Landlord does not agree that Tenant’s identification of the Relinquished Space complies with the requirements of this Section 2.5, then Tenant shall not lose its right to extend as provided in this paragraph, but the Relinquished Space shall be mutually agreed upon by Tenant and Landlord based upon Tenant’s initial notice and the same requirements of this Section 2.5); (b) the remaining rentable area of the Premises shall at least equal 81,683 RSF; and (c) the remaining Premises, not subject to the Extension Term, shall be contiguous and re-leasable in the Landlord’s reasonable judgment. Tenant shall surrender the Relinquished Space to Landlord on or prior to the start of the Extension Term in accordance with Section 5.1.9. Each Extension Term shall be on all the terms and conditions of this Lease, Lease except that the Base Annual Fixed Rent payable shall be set at the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue determined pursuant to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEESection 4.1.2.

Appears in 1 contract

Samples: Lease Agreement (Vistaprint LTD)

Option to Extend. On Subject to the conditions (which conditions LESSOR may waiverights of existing tenants in the Building as of the date of this Amendment and so long as the Lease, at its electionas amended herein, by written notice to LESSEE at any time) that LESSEE is in full force and effect and Tenant is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periodsperiods in the performance of any of the covenants or terms and conditions of the Lease, both as of amended, at the time of exercise notification to Landlord or at the time of commencement of the Option to ExtendSeventh Extension Term, as that term is hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE Tenant shall have the right option (the “7th Amendment Extension Option”) to extend the term hereof (Term, as extended herein by the “Option to Extend”) Sixth Extension Term, for the entire Premises, as expanded herein by the Expansion Space, for one (1) additional term period of five years, ending on March 31, 2019 (5) years (the “Extension Period’Term”), at the Prevailing Market Rate, as that term is hereinafter defined, subject to commence immediately upon the expiration terms and conditions set forth in this Paragraph 11. Tenant shall provide Landlord with written notice on or before the last day of the then current term. LESSEE may seventy-fifth (75th) full calendar month of the Sixth Extension Term, but in no event before the last day of the seventy-second (72nd) full calendar month of the Sixth Extension Term, of its exercise such of the 7th Amendment Extension Option to Extend by giving written notice to LESSOR (the “Extension Notice”) on or before the date which no less than twelve (12) months prior to the expiration ). Landlord shall provide Tenant with a written proposal setting forth its determination of the then current Term. Such Extension Period shall be upon Prevailing Market Rate to extend the same terms and conditions of this Lease, except that the Base Rent payable shall be set at the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent Term within thirty (30) days of the date receipt of the such Extension Notice, said fair market effective rent . Tenant shall be conclusively determined by three have ten (3) appraisers. Within fifteen (1510) days from its receipt of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEE.Landlord’s proposal

Appears in 1 contract

Samples: Lease Agreement (Alimera Sciences Inc)

Option to Extend. On the conditions (which conditions LESSOR a) The Parent Borrower may waive, at its election, by written notice to LESSEE at any time) time and from time to time request that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as all or a portion of the time Term Loans of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE shall have the right any Class (an “Existing Term Loan Class”) be converted to extend the term hereof scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of such Term Loans (the any such Term Loans which have been so converted, Option to ExtendExtended Term Loans”) and to provide for one other terms consistent with this Section 2.15. In order to establish any Extended Term Loans, the Parent Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders of the applicable Existing Term Loan Class) (a “Term Loan Extension Request”) setting forth the proposed terms of the Extended Term Loans to be established, which shall be identical to the Term Loans of the Existing Term Loan Class from which they are to be converted except (x) the scheduled final maturity date shall be extended and all or any of the scheduled amortization payments of principal of the Extended Term Loans may be delayed to later dates than the scheduled amortization of principal of the Term Loans of such Existing Term Loan Class (with any such delay resulting in a corresponding adjustment to the scheduled amortization payments reflected in Section 2.5 or in the Joinder Agreement, as the case may be, with respect to the Existing Term Loan Class from which such Extended Term Loans were converted, in each case as more particularly set forth in paragraph (d) of this Section 2.15 below) and (y) (A) the interest margins with respect to the Extended Term Loans may be higher or lower than the interest margins for the Term Loans of such Existing Term Loan Class and/or (B) additional term fees may be payable to the Lenders providing such Extended Term Loans in addition to or in lieu of five years, ending on March 31, 2019 any increased margins contemplated by the preceding clause (the “Extension Period’A), in each case, to commence immediately upon the expiration of extent provided in the then current term. LESSEE applicable Extension Amendment; provided that, notwithstanding anything to the contrary in this Section 2.15 or otherwise, no Extended Term Loans may exercise such Option to Extend by giving written notice to LESSOR (the “Extension Notice”) on or before the date which no less than twelve (12) months be optionally prepaid prior to the expiration of the then current Term. Such Extension Period shall be upon the same terms and conditions of this Lease, except that the Base Rent payable shall be set at the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers the Existing Term Loan Class from which they were converted is repaid in full except in accordance with the last sentence of Section 5.1(a). No Lender shall have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable any obligation to agree upon such fair market effective rent within fifteen (15) days to have any of its Term Loans of any Existing Term Loan Class converted into Extended Term Loans pursuant to any Extension Request. Any Extended Term Loans of any Extension Series shall constitute a separate Class of Term Loans from the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEEExisting Term Loan Class from which they were converted.

Appears in 1 contract

Samples: Credit Agreement (Laureate Education, Inc.)

Option to Extend. On the conditions Subject to there being no "Default Conditions" (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any timeas that term is defined below) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time date of exercise of the Option to Extend, as hereinafter definedoption, and at as of the commencement date of the Extension Periodapplicable Option Term, as hereinafter defined, then LESSEE Tenant shall have the right two (2) options to extend (each, an "OPTION TO EXTEND") the term hereof (of the “Option to Extend”) Lease for one additional term a period of five years(5) years (each, ending on March 31, 2019 (the “Extension Period’), to commence immediately an "Option Term") upon the expiration of same terms and conditions herein set forth except that the then current termBase Rent during each such Option Term shall be adjusted in accordance with SECTION 3.1.1, below. LESSEE Tenant may exercise each such Option to Extend option by giving Landlord written notice to LESSOR (the “Extension Notice”) on or before the date which no less at least twelve months and not more than twelve (12) eighteen months prior to the expiration of the then current Term. Such Extension Period shall be upon Term of the same terms and conditions of this Lease, except that time being of the Base Rent payable shall be set at the then fair market effective rent for the Leased Premises. In no eventessence, provided however, that Tenant's extension option shall not lapse unless Tenant fails to exercise its option prior to the Base Rent be less than the then-current Base Rent at later of: twelve months prior to the expiration of the then current Term. For Term of the purpose Lease or within ten (10) business days after Landlord gives Tenant a written notice stating that "Tenant has an extension option which must be exercised prior to the later of: ten (10) business days after the date of this Sectionletter, fair market effective rent or on or before ________" (stating the applicable date), which notice shall mean not be given more than two years prior to the Base Rent plus such additional financial terms in expiration of the nature then current Term of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham areaLease. LESSEE shallAt Landlord's option, during the Extension Period, continue to pay Tenant's exercise of its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises option shall be agreed upon by LESSOR void and LESSEE; provided, however, of no effect if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days a Default Condition exists as of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days exercise of the expiration option or as of such thirty the first day of the Option Term. As used in this Lease, "DEFAULT CONDITIONS" shall mean the following, collectively: Tenant being in default of its obligations under the Lease beyond any applicable notice and grace periods, Tenant having defaulted more than twice in the payment of any monetary obligation in excess of $50,000 under the Lease (30beyond applicable notice and grace periods) day during the prior twenty-four month period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should Tenant being the two appraisers fail to agree on a third within fifteen (15) days subject of the date on which such appraisers have been appointed, any bankruptcy or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such partyinsolvency proceedings, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEETenant being insolvent.

Appears in 1 contract

Samples: Office Lease (Cytyc Corp)

Option to Extend. On the conditions Provided that (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any timei) that LESSEE Tenant is not in default of the Lease beyond the applicable cure period of its covenants and obligations under the this Lease beyond applicable notice and cure periods(ii) Tenant (and/or its Related Entities, both as defined in Section 12.1 (c) herein) is then in possession of at least 68,646 square feet of the time Demised Premises, Tenant may extend the Term of exercise of this Lease for two additional five year periods (each such period being hereinafter referred to as the Option to Extend, as hereinafter defined, and at the commencement of the "Extension Period, as hereinafter defined, then LESSEE shall have the right to extend the term hereof (the “Option to Extend”") for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (the “Extension Notice”) on or before the date which Landlord of its election to extend no less earlier than fourteen and no later than twelve (12) months prior to the expiration end of the then current original term or the first extension period, as the case may be. Upon Tenant's written request, Landlord agrees to provide Landlord's estimate of the applicable Yearly Fixed Rent for an Extension Period, in order to enable Landlord and Tenant to come to written agreement on the Yearly Fixed Rent prior to Tenant's exercise of its extension option, provided however that Landlord shall not be required to provide such estimate earlier than fourteen (14) months prior to commencement of the applicable Extension Term. Such Extension Period Any such extension shall be upon the same terms terms, covenants and conditions contained herein, with the exception of this Lease, except that Section 2.2 and the Base Yearly Fixed Rent payable by Tenant with respect to any Extension Period shall be set at equal to ninety-five percent (95%) the then prevailing fair market effective rental value of the Demised Premises as with respect to the first extension option and with respect to the second extension option as the same may be mutually agreed by Landlord and Tenant. In determining the fair market rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Demised Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days as of the date of the commencement of an Extension NoticePeriod, said fair market effective rent the parties shall be conclusively determined by three (3) appraisers. Within fifteen (15) days take the then condition of the expiration of such thirty (30) day periodDemised Premises into account, LESSOR but shall not consider the Laboratory Space built out by Tenant at its expense, but rather shall treat the Laboratory Space as if Tenant has restored the Laboratory Space to an open-floor research and LESSEE shall each select an appraiser, who shall select a thirddevelopment/office space. Should The Original Term and any Extension Period validly exercised are herein referred to as the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEETerm.

Appears in 1 contract

Samples: Lease (Genzyme Corp)

Option to Extend. On the conditions (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any time) Provided that LESSEE is Tenant shall not then be in default of its covenants and obligations under the Lease beyond applicable notice and cure periodshereunder, both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE Tenant shall have the right option to extend the term hereof of this Lease for month to month (the “Option to Extend”month/year) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately periods upon the expiration same terms and conditions herein contained, except for fixed minimum monthly rental, upon delivery by Tenant to Landlord of the then current term. LESSEE may written notice of its election to exercise such Option to Extend by giving written notice to LESSOR option(s) at least sixty (the “Extension Notice”60) on or before the date which no less than twelve (12) months days prior to the expiration of the then current Termoriginal (or extended) term hereof. Such Extension Period The parties hereto shall be upon have thirty (30) days after the same terms and conditions Landlord receives the option notice in which to agree on the minimum monthly rental during the extended term(s). If the parties agree on the minimum monthly rent for the extended term(s) during that period, they shall immediately execute an amendment to this Lease stating the minimum monthly rent. In the event that there is more than one option to extend the term of this Lease, except that the Base Rent payable parties hereto shall be negotiate the minimum monthly rent as set at the then fair market effective rent forth herein for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose each extended term of this Section, fair market effective rent shall mean Lease. If the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE parties hereto are unable to agree on the minimum monthly rent for the extended term(s) within said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR the option notice shall be of no effect and LESSEE this Lease shall each select an appraiser, who shall select a third. Should expire at the two appraisers fail to agree on a third within fifteen (15) days end of the term. Neither party to this Lease shall have the right to have a court or other third party set the minimum monthly rent. Exhibit A Expense Schedule which is attached hereto, is made a part hereof. The parties hereto have executed this Lease on the date on which such appraisers have been appointedfirst above written. LANDLORD: Exstar Financial Corp. TENANT: By: /S/ Xxxxxx X. Xxxxx By: /S/ Xxxxx X. X'Xxxxxxxxxxx Xxxxxx X. Xxxxx, or if either LESSOR or LESSEE shall fail President Xxxxx X. X'Xxxxxxxxxxx EXHIBIT "A" CARACAS HOUSE EXPENSES TENANT vs. LANDLORD (EXSTAR FINANCIAL) ------------------------------------------------------------- Cable TV X Electrical work for office X Electrical work for security cameras and sattelite X Electricity X Furniture and shelving purchases X Gas X Home owner's association fees X Insurance X Landscaping X Pest control X Pool and spa maintenance X Property Tax X Rekeying of locks X Repairs to appoint an appraiser within the time providedhouse (except damage repairs caused by tenant) X Sattelite dish installation and service X Security camera Installation and maintenance X Trash X Vehicle repair, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, maintenance and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers fuel X Water X (The following phone lines are unable to agree upon such fair market effective rent within fifteen (15currently installed) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEE.* 360-1539 main personal voice line X * 772-2048 Personal roll-over voice from 000-0000 X * 000-0000 office fax line X * 360-8900 office voice X * 360-4460 roll over voice line from 000-0000 X * 000-0000 additional modem line X * 416-5431 ISDN data line for Office intemet connection X * 360-3217 voice line for Xxxx X * 360-4218 modem line for Xxxx X

Appears in 1 contract

Samples: Exstar Financial Corp

Option to Extend. On As long as Tenant has not been in an Event of Default, beyond any applicable cure period, during the conditions (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any time) that LESSEE initial Term of the Lease and is not in default an Event of its covenants and obligations Default, beyond any applicable cure period, under the Lease beyond applicable notice and cure periods, both as of at the time of its exercise of this option, Tenant shall have one (1) Option to Extend the Term of this Lease in accordance with the provisions of this paragraph for an additional term of five (5) years, on all the same terms and conditions with the exception of Base Rent payable under Section 2 hereof, which shall be the-then prevailing base rent being charged for reasonably comparable space in the Chantilly, Virginia market. In addition, Landlord shall not provide Tenant any improvement allowance in connection with the extension, unless otherwise agreed to by the parties. If Tenant elects to exercise the foregoing Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE it shall have the right to extend the term hereof (the “Option to Extend”) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend by giving give Landlord written notice of its election to LESSOR (the “Extension Notice”) do so on or before the date which no less than twelve (12) months is 180 days prior to the expiration of the then then-current Term. Such Extension Period term of the Lease, time being of the essence, which notice shall also request that Landlord furnish Tenant with the Base Rent for the extended term which shall be upon derived as aforesaid. Provided, however, in the same terms event Landlord and conditions of Tenant have not signed an amendment to this Lease, except that using good faith efforts, for any reason confirming the extended term of the Lease and setting forth the Base Rent payable for that term of the Lease, time being of the essence, then Tenant's extension of the Lease shall be set at the then fair market effective rent for the Leased Premises. In no event, however, deemed null and void and this Lease shall the Base Rent be less than the then-current Base Rent at expire on the expiration of date as if the current Termabove extension option had not been exercised. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue This Option to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable Extend is personal to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such partyTenant only, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEEis not assignable. If the three appraisers are unable Tenant has no Option(s) to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEEExtend this Lease except as set forth in this paragraph.

Appears in 1 contract

Samples: Deed of Lease Agreement (Exigent International Inc)

Option to Extend. On the conditions (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any time) Provided that LESSEE is Tenant has not been in default of its covenants and obligations under the this Lease beyond any applicable notice and notice, grace or cure periodsperiod(s), both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE Tenant shall have the right to extend the term hereof of this Lease for one (1) consecutive three (3) year period (the “Option to ExtendExtended Term) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), by executing and delivering to commence immediately upon Landlord the expiration of the then current term. LESSEE may exercise such Option to Extend Exercise Notice attached hereto as Exhibit B (with all blanks therein fully and accurately completed by giving written notice to LESSOR (the “Extension Notice”Tenant) on or before the date which no less earlier than twelve (12) months and no later than Nine (9) months prior to the expiration of the then current Terminitial Term (the “Extension Option”). Such Extension Period Tenant’s possession and use of the Premises during the Extended Term shall be upon pursuant to all of the same terms and conditions of this Lease, except that (i) Tenant shall not have any further option to extend this Lease and (ii) the initial Base Monthly Rent payable during the Extended Term shall be set equal to the “Fair Market Rent” (as hereafter defined), which initial Base Monthly Rent shall be increased annually on each anniversary of the commencement of the Extended Term (the “Rent Adjustment Date”) by the fair market rent increases, determined at the then fair market effective rent for time and in the Leased Premises. In no eventmanner that the initial Base Monthly Rent during the Extended Term is determined, however, shall the Base Rent be but by not less than the then-current Base increases incorporated into the initial term (the “Rent at the expiration of the current TermAdjustment”). For the purpose of this Section, fair market effective rent “Fair Market Rent” shall mean the Base Rent plus such additional financial terms amount of rent that landlords would charge a tenant for built-out space of equal quality and size in the nature immediate market area of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEEPremises; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days that in no event may the Fair Market Rent be less than 103% of the date of Base Monthly Rent payable in the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of month immediately preceding the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEEExtended Term. If the three appraisers are unable Extended Term commences before the Fair Market Rent is finally determined as provided in this Section, then the Extended Term shall nonetheless commence and Tenant shall fully and timely perform all obligations under this Lease and pay to agree upon such fair market effective rent within fifteen (15) days Landlord Base Monthly Rent during the Extended Term at 103% of the appointment Base Monthly Rent payable under this Lease in the month immediately preceding the Extended Term until the Fair Market Rent is finally determined as provided hereunder, in which case such determination shall be retroactive to the commencement of the third appraiser, Extended Term and Tenant shall immediately thereupon pay Landlord any unpaid Base Monthly Rent during the fair market effective rent Extended Term accruing at a rate equal to the Fair Market Rent. “Fair Market Rent” shall be that determined by the appraiser not selected by either LESSOR or LESSEE.as follows:

Appears in 1 contract

Samples: Work Letter Agreement (Signing Day Sports, Inc.)

Option to Extend. On Lessee shall have the conditions (which conditions LESSOR may waiveright, at its electionoption, to extend the Term for one (1) period of five (5) years (the “Option Term”) immediately following the Expiration Date. Lessee shall exercise its right to extend the Term by delivery of written notice to LESSEE Lessor at any timeleast six (6) that LESSEE is months and not in default more than nine (9) months prior to the then scheduled Expiration Date. All of its the terms, covenants and obligations under conditions (including without limitation defined terms) contained in this Lease shall be applicable to the Lease beyond applicable notice Option Term in the event of exercise by Lessee; provided, however, that the Term and cure periodsthe Base Rent shall be modified as provided herein and Lessee shall have no further options to extend the Term thereafter. Subject to adjustment as hereafter provided, both as the Base Rent for the Option Term shall be adjusted to the greater of (i) the Base Rent for the last month of the time Term or (ii) One hundred (100%) percent of exercise the Prevailing Market Rent, described below. The “Prevailing Market Rent” shall be equal to the rental rate per square foot for comparable buildings/space in the same area, where the Premises is located. In determining the Prevailing Market Rent, the particular configuration, frontage along a public thoroughfare, signage visible to the public, parking facilities, and general level of quality of improvements and location of each comparison building/space shall be taken into account. If Lessee has timely exercised the Option to Extend, as hereinafter defined, and at the commencement Lessor shall notify Lessee in writing of the Extension Period, as hereinafter defined, then LESSEE shall have proposed new Base Rent determined by Lessor for the right to extend the term hereof Option Term at least ninety (the “Option to Extend”90) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (the “Extension Notice”) on or before the date which no less than twelve (12) months days prior to the expiration of the then current Term. Such Extension Period shall be upon the same terms and conditions of this Lease, except that the Base Rent payable shall be set at the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of the commencement date of the Extension Notice, said fair market effective rent shall be conclusively Option Term. Unless Lessee objects to the amount determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third Lessor within fifteen (15) days after receipt of such notice, the date on which amount stated in such appraisers have been appointednotice shall be the new Base Rent. If Lessee objects to Lessor’s proposal, or if either LESSOR or LESSEE then the new Base Rent shall fail to appoint be determined by a MAI appraiser chosen by Lessor and approved by Lessee. If Lessee does not disapprove Lessor’s choice of an appraiser by delivery of written notice of disapproval within the time providedfive (5) days of written notice of such choice by Lessor, such then Lessor’s appraiser shall be appointed deemed to be approved by Lessee. If Lessee does not approve Lessor’s choice of an appraiser, then Lessee’s notice of disapproval shall name a MAI Appraiser, designated by Lessee and each of Lessor’s appraiser and Lessee’s appraiser shall appoint a third MAI Appraiser and each appraiser shall determine the American Institute Prevailing Market Rent. The two amounts which are closest shall be averaged, and such average shall be the Prevailing Market Rent for purposes of Appraisersthis Option to Extend. Each party The cost of any common appraiser shall bear be split equally by Lessor and Lessee, and if three appraisers are utilized, Lessor and Lessee shall each be responsible for the cost fees and costs of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEEwhich it appoints. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent Base Rent shall be that not have been determined by the appraiser not selected by commencement date of the Option Term, then until it is determined, Lessee shall pay Base Rent when due during the Option Term determined using Lessor’s proposed Base Rent, and when the actual adjusted Base Rent is determined, either LESSOR Lessee shall pay to Lessor any additional rent due for the months which have elapsed in the Option Term, or LESSEE.Lessor shall credit any excess payment for the elapsed months to the next Base Rent becoming due. 5 /s/ Illegible /s/ Illegible

Appears in 1 contract

Samples: Lease (Napster Inc)

Option to Extend. On the conditions (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE shall have Landlord hereby grants Tenant the right to extend the term hereof of the Lease for two (2) additional periods of three (3) years each (each such extended period is hereinafter referred to as an “Extended Term”) on the same terms and conditions contained in the Lease, 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 second Extended Term, and (iii) Landlord shall have no obligation to make any improvements to the Premises or contribute any amounts therefor. Written notice of Tenant’s exercise of its option to extend (“Option to Extend”) the Term of this Lease for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), an Extended Term must be given to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (the “Extension Notice”) on or before the date which Landlord no less than twelve nine (129) months prior to the expiration date the Term of the then current TermLease would otherwise expire. Such Extension Period If Tenant is in default under this Lease that has not been cured during the applicable cure period, if any, Tenant shall have no right to extend the Term of this Lease 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 exercises its Option to Extend the Term of this Lease as herein provided, Base Rent shall be upon adjusted as of the same terms and conditions commencement date of this Lease, except that the Base Rent payable such Extended Term as follows (but in no event shall be set at the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent it be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable month immediately prior to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration commencement of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEE.Extended Term):

Appears in 1 contract

Samples: Lease (I Flow Corp /De/)

Option to Extend. On Tenant shall have the conditions option to extend the Lease Term for one (which conditions LESSOR may waive, at its election, 1) additional period of five (5) years commencing on the expiration of the initial Lease Term. Such option shall be exercised only by Tenant giving written notice to LESSEE at any time) that LESSEE thereof which is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periodsreceived by Landlord on or before October 31, both as 2021, time being of the time essence; provided, however, Tenant shall be entitled to exercise the option to extend granted herein, and the Term shall, in fact, be extended by reason of exercise such exercise, only if this Lease is in full force and effect and no Event of Default exists hereunder. In the event that the Term is in fact extended pursuant to the foregoing, then any such extension shall be upon all of the Option same terms, covenants, provisions and conditions as contained in this Lease except the annual Base Rent during the extension period shall be adjusted to Extend, be the Market Rent (as hereinafter defined) for the Premises but in any event no less than the annual Base Rent payable prior to the adjustment. As used herein, “Market Rent” means the product obtained by multiplying (i) the annual rental rate per square foot then established and prevailing in the Building for new leases or lease renewals or, if no such new lease or lease renewals have been entered into within the twelve (12) month period preceding the date of the determination, then the established and prevailing rental rate per square foot being charged as of such date for comparable space to other tenants in other comparable buildings in the Chicago central business area, all as determined in good faith by Landlord taking into account the term of the lease, the credit of the tenant, the location and use of the premises and available concessions such as tenant improvement allowances and rent abatements; by (ii) the total rentable square feet of floor area contained within the Premises. The Market Rent may increase during the extension period depending on market escalations, conditions and terms determined at the same time as the initial Market Rent. Landlord shall notify Tenant of the Market Rent prior to the date which is nine (9) months before the commencement of the Extension Periodextension period, as hereinafter definedand Tenant may withdraw its exercise of such option by written notice which is received by Landlord on or before the tenth (10th) Business Day, then LESSEE time being of the essence, after Tenant’s receipt of notice of the Market Rent from Landlord, and in such event, this Lease shall have the right to extend the term hereof (the “Option to Extend”) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately terminate upon the expiration of the then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (the “Extension Notice”) on or before the date which no less than twelve (12) months prior to the expiration of the then current Term. Such Extension Period shall be upon the same terms Landlord and conditions of this LeaseTenant, except that the Base Rent payable shall be set at the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days after the request of either, shall execute and deliver a supplemental memorandum confirming the annual Base Rent during the extension period when determined. The rights hereby granted are personal to Tenant named herein and are not transferable to any assignee (other than a Permitted Transferee) or subtenant hereunder. In the event of any assignment of the date Lease (other than to a Permitted Transferee) or subletting of more than thirty percent (30%) of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiserPremises, the fair market effective rent rights set forth in this Paragraph shall automatically terminate and shall thereafter be that determined by the appraiser not selected by either LESSOR or LESSEEnull and void.

Appears in 1 contract

Samples: Lease (Mattersight Corp)

Option to Extend. On Provided that Landlord has not given notice of a material default which remains uncured on the conditions (which conditions LESSOR may waivepart of Tenant, either at its election, by written notice to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, Extend (as hereinafter defined, and ) or at the commencement of time the Extension Periodextended Term commences, as hereinafter defined, then LESSEE Tenant shall have the right option to extend the term hereof (the “Option to Extend”) the Initial Term of this Lease for one (1) additional term period of five years, ending on March 31, 2019 three (the 3) years (Extension First Option Period”) followed by one (1) additional period of two (2) years (“Second Option Period”), to commence immediately and except as may be expressly provided otherwise herein, on the same terms, covenants and conditions provided herein, except that upon the expiration exercise of the then current term. LESSEE may exercise such Option to Extend the Monthly Rent due shall be equal to ninety five percent (95%) of the Fair Market Rental Rate (as hereinafter defined); provided, however, the Monthly Rent payable during the First Option Period and Second Option Period shall not be less than the Monthly Rent payable during the immediately preceding month of the Initial Term or First Option Period, as applicable. In addition, there shall be no broker’s commission payable by Landlord other than as agreed to by Landlord in writing; i.e. no commission shall be payable as a result of Tenant’s election to exercise its Option to Extend. Tenant shall exercise its Option to Extend for the First Option Period and Second Option Period by giving Landlord written notice to LESSOR (the Extension Option Notice”) on or before of its election to extend the date which no less than twelve Lease at least nine (129) months prior to the expiration of the then current Initial Term. Such Extension Period shall be upon , or the same terms and conditions of this Lease, except that the Base Rent payable shall be set at the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension First Option Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such partyas applicable, and the cost of failure by Tenant to give Landlord such Option Notice shall render the third appraiser shall be shared equally by LESSOR applicable Option to Extend null and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEEvoid.

Appears in 1 contract

Samples: Office Lease (Annie's, Inc.)

Option to Extend. On the conditions (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any time) Provided that LESSEE Tenant is not then in default and is then in occupancy of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of entire Premises at the time of exercise of the Option to ExtendRenewal Option, as hereinafter defined, and at the time of the commencement of the Extension Renewal Period, as hereinafter defined, then LESSEE Tenant shall have four (4) option(s) (the right “Renewal Option”) to extend the term hereof Lease Term for four (4) additional five (5) year period(s) (the “Option to ExtendRenewal Period”) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon after the expiration of the then current terminitial Lease Term. LESSEE may exercise such Each Renewal Option to Extend shall be exercisable only by giving written notice given by Tenant to LESSOR Landlord not later than six (the “Extension Notice”) on or before the date which no less than twelve (126) months prior to the expiration of the then current initial Lease Term. Such Extension Period In the event that Tenant does not timely exercise a Renewal Option, said Renewal Option shall be upon null and void and of no further force or effect, time being of the same essence in the exercise of each Renewal Option and it being acknowledged and agreed by Tenant that Landlord shall be entitled to rely on any failure by Tenant to give written notice of its exercise of its Renewal Option by the date set forth herein for such exercise thereof. All terms and conditions of this Lease, Lease shall be applicable during a Renewal Period except that the Base Rent payable amount of fixed annual rent charged for the Renewal Period shall be set at ninety-five percent (95%) of the then fair market effective “Prevailing Market Rent”, which shall be the rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms office space in comparable buildings in the nature District of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham areaColumbia including all reasonable market concessions. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent If within thirty (30) days following delivery of Tenant’s notice, Landlord and Tenant have not mutually agreed on the date of Prevailing Market Rent for the Extension NoticeRenewal Period, said fair market effective rent shall be conclusively determined by three then within ten (3) appraisers. Within fifteen (1510) days of after the expiration of such thirty (30) thirty-day period, LESSOR each party shall give written notice to the other setting forth the name and LESSEE shall each select an appraiseraddress of a Disinterested Broker (as hereinafter defined) selected by such party who has agreed to act in such capacity, who shall select a thirdto determine the Prevailing Market Rent. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if If either LESSOR or LESSEE party shall fail to appoint an appraiser within select a Disinterested Broker as aforesaid, then the time provided, such appraiser shall be appointed Disinterested Broker selected by the American Institute of Appraisersother party shall determine the Prevailing Market Rent. Each party Disinterested Broker shall bear the cost thereupon independently make his determination of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent Prevailing Market Rent within fifteen twenty (1520) days of after the appointment of the third appraisersecond Disinterested Broker. If the two Disinterested Brokers determinations are not the same, but the fair market effective rent higher of such two values is not more than one hundred ten percent (110%) of the lower of them, then the Prevailing Market Rent shall be that determined by deemed to be the appraiser not selected by either LESSOR or LESSEE.average of the two values. If the higher of such two values is more than one hundred percent ten (110%) of the lower of them, then the two Disinterested Brokers shall jointly appoint a third Disinterested Broker within ten (10) days after the second of the two

Appears in 1 contract

Samples: Lease Agreement (Dupont Fabros Technology, Inc.)

Option to Extend. On Section 6 of the conditions (which conditions LESSOR may waive, at Ninth Amendment is hereby deleted in its election, by written notice to LESSEE at any time) that LESSEE entirety. Provided Tenant is not in default Default of its covenants and obligations under any term or condition of the Lease beyond applicable notice and cure periods, both as of the time date of exercise of the Option to Extend, as hereinafter defined, and at or the commencement of the Extension Periodapplicable Renewal Term, as hereinafter defined, then LESSEE Tenant shall have the right option to extend renew the term hereof of the Lease as to the entire Premises (the “Option to Extend”as herein expanded) for one two (2) additional term of five years(5) year periods (each, ending on March 31, 2019 (the a Extension Period’Renewal Term”), to commence immediately upon on the expiration same terms and conditions of the Lease, except that the Base Rent shall be adjusted to an amount equal to the then current termprevailing market rental rate for comparable leases for similar projects in Oakland’s Lake Xxxxxxx sub-market (but not less than the Base Rent in effect immediately prior to the commencement of the applicable Renewal Term). LESSEE may exercise such Option to Extend Such options shall be exercised (if at all) by Tenant giving irrevocable written notice to LESSOR Landlord at least nine (the “Extension Notice”) on or before the date which no less than twelve (129) months prior to the expiration of the Second Extended Term, or first Renewal Term, as the case may be. The option shall be personal to the currently named Tenant and any affiliate assignee. The prevailing market rental rate shall be determined in the following manner: Prevailing market rental rate shall be determined taking into account all relevant factors, including (to the extent relevant) number of months of free rent, if any (which shall be part of the determination of the rental rate), tenant improvement obligations, moving allowances, and leasing commissions and costs. The term “comparable leases” shall not include leases entered into under special circumstances affecting the economics of the tenancies, including following the exercise of options to lease space at other than then current Term. Such Extension Period shall be upon prevailing market rate, the same terms and lease of awkward or unusually shaped space or space without windows or other usual amenities, leases entered into under conditions where the landlord was forced to lease the space by external legal, economic, or other pressures not generally applicable to the market, or the sublease of this Lease, except that space by a sublandlord not primarily in the Base Rent payable shall be set at business of leasing space similar to the then fair market effective rent for the Leased Premises. In no event, however, shall Prior to the Base Rent be less than the then-current Base Rent at date which is six (6) months before the expiration of the current Second Extended Term or first Renewal Term. For , as the purpose case may be, and assuming that Tenant has properly exercised its option to renew, Landlord shall give Tenant notice of this Section, fair Landlord's proposed prevailing market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent rental value for the Leased Premises Premises. Tenant shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent give Landlord written notice within thirty (30) days thereafter as to whether or not Tenant agrees with Landlord's proposed prevailing market rental value. If Tenant disagrees with Landlord's proposed prevailing market rental value, the parties shall negotiate in good faith to resolve their differences for a period of thirty (30) days. Upon the date expiration of such thirty day period, if the Extension Notice, said parties are not in agreement as to such fair market effective rent shall be conclusively determined rental value, then either party may initiate appraisal to determine the fair market rental value by three giving written notice to the other party, such notice containing the name of an independent real estate broker or a person with an MAI designation with at least ten (310) appraisersyears of experience in leasing commercial office space in the Oakland Lake Xxxxxxx submarket area (a “Qualified Appraiser”) appointed by such initiating party. Within fifteen (15) days of thereafter, the expiration of party receiving such thirty (30) notice shall appoint its own Qualified Appraiser and give written notice thereof to the initiating party. If the second Qualified Appraiser is not appointed within such fifteen day period, LESSOR then the Qualified Appraiser selected by the initiating party shall determine the fair market rental value of the Premises, and LESSEE such appraisal shall each be binding upon the parties. If the second Qualified Appraiser is timely appointed, then the two Qualified Appraisers shall confer and attempt to agree on the prevailing market rental value. If the two Qualified Appraisers are unable to agree, but the higher appraisal is no more than five percent (5%) higher than the lower appraisal, then the prevailing market rental value shall be the average of the two appraisals. If the higher appraisal is more than five percent (5%) greater than the lower appraisal, the two Qualified Appraisers shall together, within ten (10) business days, select an appraiser, a third Qualified Appraiser who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days one of the date on which such appraisers have been appointedQualified Appraisers determined prevailing market rental value, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser and that determination shall be appointed by the American Institute prevailing market rental value. All appraisers shall be members of Appraisersthe MAI and shall have at least ten (10) years' experience appraising similar property in the Oakland Lake Xxxxxxx sub-market area. Each party shall bear the cost of the appraiser selected appointed by such party, and the parties shall share equally in the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, if appointed. If the fair market effective rent two appraisers initially appointed are unable to agree on a third appraiser, then either party shall be that determined by have the appraiser not selected by either LESSOR or LESSEEright to apply to the presiding judge of the Superior Court having jurisdiction over the Premises for the appointment of a third appraiser.

Appears in 1 contract

Samples: Lease (Pandora Media, Inc.)

Option to Extend. On Tenant shall have the option to extend this Lease for Two (2) additional Five (5) year term(s) (the “Option Terms”) upon the same conditions applicable to the Primary Term, except that (i) no additional options to extend shall be granted past November 30, 2028, unless and only to the extent that the Primary Term is extended as provided in Section 5.C. of this Lease, (ii) no additional rights to expand the Building shall be granted, and (iii) the rent during the first (1st) Lease Year of each Option Term shall be set at ninety-five percent (95%) of the Fair Market Rental Rate (as defined below), provided, however, that the rent during the first (1st) Lease Year of each Option Term as determined above shall be subject to the following limitations: (x) the rent shall be no less than the rent paid in the Lease Year that was four (4) Lease Years prior to the first (1st) Lease Year of the then applicable Option Term and be the sum of the rent paid for the total of the Original Premises and, if built, either or both the First Expansion Space and the Second Expansion Space, and (y) the rent shall be no more than one hundred three percent (103%) of the rent being paid during the immediately prior Lease Year. Whenever the terms “Lease term” or “term of this Lease” are used in this Lease, they shall refer to the Primary Term and any Option Term for which conditions LESSOR Tenant has exercised its option to extend. Tenant may waiveexercise any option to extend this Lease by giving notice in writing to Landlord not more than three hundred sixty (360) days and no less than two hundred seventy (270) days before the expiration of the Primary Term or any prior Option Term, at its election, by as the case may be. Landlord covenants and agrees to give Tenant written notice of the date by which such option must be exercised at least forty-five (45) days but not more than one hundred twenty (120) days prior to LESSEE at when such option needs to be exercised (“Landlord’s Option Notice”). Tenant shall not be entitled to exercise any time) that LESSEE option to extend this Lease if Landlord’s Option Notice was given as required but Tenant’s notice is not given as required herein or if the Tenant is in default of its covenants and obligations under the this Lease pursuant to Section 21 hereof beyond any applicable notice and cure periodsperiod or grace period, both as or if Tenant has been ten (10) or more days late in payment of the time of exercise of the Option to Extend, as hereinafter defined, its rent and at the commencement of the Extension Period, as hereinafter defined, then LESSEE shall have the right to extend the term hereof has not cured such late payments within ten (the “Option to Extend”10) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend by giving days after written notice to LESSOR (the “Extension Notice”) on or before the date which no less more than twelve (12) months prior to the expiration of the then current Term. Such Extension Period shall be upon the same terms and conditions of this Lease, except that the Base Rent payable shall be set at the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days occasions during any calendar year of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEEthis Lease.

Appears in 1 contract

Samples: Lease (Cardiac Science CORP)

Option to Extend. On Landlord reserves the conditions right to refuse to allow you the option of extending the term of this Lease if you or a permitted assignee or sublessee are not occupying and doing business from the Premises (which conditions LESSOR may waive, other than as a result of casualty) at its election, by written notice to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option an option to Extend, as hereinafter defined, and extend is exercised or at the commencement time an extended term commences or if there exists an uncured Event of Default, either at the Extension Periodtime the option to extend is exercised or at the time the extended term commences or if you fail to timely provide Landlord with the Renewal Notice. Subject to the foregoing, as hereinafter defined, then LESSEE shall have Landlord hereby grants to you the right option to extend the term hereof of this Lease for a three year extended term (the “Option to ExtendFirst Extended Term) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), the First Extended Term to commence immediately upon begin on the expiration day after the end of the then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (the “Extension Notice”) on or before the date which no less than twelve (12) months prior to the expiration of the then current Term. Such Extension Period shall be upon the same terms and conditions primary term of this Lease. To effectively exercise your First Extended Term option, except that you must timely provide the Base Rent payable shall be set at Landlord with the then fair market effective rent for Renewal Notice. If Landlord does not timely receive the Leased Premises. In no eventRenewal Notice, however, shall the Base Rent be less than the then-current Base Rent at the expiration time being of the current Termessence, you shall not be entitled to exercise your First Extended Term option. For If you exercised your First Extended Term option, and subject to the purpose first sentence of this Section, fair market effective rent shall mean Landlord grants to you the Base Rent plus such additional financial terms in option to extend the nature term of rent and rent adjustments customarily then being included in leases this Lease for similar space within a second three year extended term (the greater Waltham area. LESSEE shall“Second Extended Term”), during the Extension Period, continue Second Extended Term to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for begin on the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days day after the end of the date First Extended Term. To effectively exercise your Second Extended Term option, you must timely provide the Landlord with the Renewal Notice. If Landlord does not timely receive the Renewal Notice, time being of the Extension Noticeessence, said fair market effective rent you shall not be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail entitled to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEEexercise your Second Extended Term option.

Appears in 1 contract

Samples: Multi Tenant Lease (MAKO Surgical Corp.)

Option to Extend. On the conditions Tenant is hereby granted one (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any time1) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE shall have the right option to extend the term hereof of this Lease for one, three (3) year period (the "Option to Extend”) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’Term"), such extension to commence immediately upon be on the expiration same terms and conditions as the initial term except for the Monthly Installment of Rent, which shall be determined as provided below. It shall be a condition of Tenant's right to exercise the then current termoption to renew herein that Tenant is in compliance with all the terms and conditions of this Lease both at the time of Tenant's exercise of this option and at the time the renewal term is scheduled to commence; and this condition may be waived by Landlord at its sole discretion and may not be used by Tenant as a means to negate the effectiveness of Tenant's exercise of this option. LESSEE may If Tenant elects to exercise such Option the option, Tenant shall exercise said option only by written notice, delivered to Extend by giving written notice to LESSOR Landlord at least one hundred eighty (the “Extension Notice”180) on or before the date which no less than twelve (12) months days prior to the expiration of the then current Term. Such Extension Period shall be upon the same terms and conditions Term of this Lease, except that the Base Rent payable . There shall be set no further options to extend the term of this Lease at the then fair market effective end of the Option Term. The Monthly Installment of rent payable during the Option Term shall be 95% of the Fair Market Rental for the Leased Premises. In no eventPremises as of the first day of the Option Term, however, shall the Base Rent be but not less than the then-current Base Rent amount in place at the expiration end of the current initial Term. For Promptly following the purpose exercise of this Sectionthe Option, fair market effective rent the parties shall mean meet and endeavor to agree upon the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent Fair Market Rental for the Leased Premises. The Premises shall be agreed upon by LESSOR compared only to buildings in the Santa Clarx xxxa of a similar quality and LESSEE; providedsize. If, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days after the exercise of the date Option, the parties cannot agree upon the Fair Market Rental for the Premises as of the Extension Noticefirst day of the Option Term, said fair market effective rent the parties shall submit the matter to binding appraisal in accordance with the following procedures: Within sixty (60) days after exercise of the Option, the parties shall either (a) jointly appoint an appraiser for this purpose or (b) failing this joint action, separately designate a disinterested appraiser. No person shall be conclusively determined by three appointed or designated an appraiser unless they have at least five (35) years experience in appraising major commercial properties in Santa Clarx County and is a member of a recognized society of real estate appraisers. Within fifteen (15) days of the expiration of such If, within thirty (30) day perioddays after their appointment, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days reach agreement of the date on which such appraisers have been appointedFair Market Rental for the Premises as of the first day of the Option Term in question, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser that value shall be appointed by binding and conclusive upon the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEEparties. If the three two appraisers are unable to agree upon such fair market effective rent thus appointed cannot reach agreement on the question presented within fifteen thirty (1530) days of after their appointment then the appraisers thus appointed shall appoint a third disinterested appraiser having like qualifications. If within thirty (30) days after the appointment of the third appraiser, a majority of the fair market effective rent appraisers agree on the Fair Market Rental of the Premises as of the first 20 29 day of Option Term, that value shall be that determined binding and conclusive upon the parties. If within thirty (30) days after the appointment of the third appraiser, a majority of the appraisers cannot reach agreement on the question presented, then the three appraisers shall each submit their independent appraisal to the parties, and the appraisal farthest from the median of the three appraisals shall be disregarded and the mean average shall be deemed to be the Fair Market Rental for the Premises as of the first day of the Option Term and shall be binding and conclusive upon the parties. Each party shall pay the fees and expenses of the appraiser appointed by it and shall share equally the fees and expense of the third appraiser. If the two appraisers appointed by the parties cannot agree on the appointment of the third appraiser, they or either of them shall give notice of such failure to agree to the parties and if the parties fails to agree upon the selection of such third appraiser not selected within ten (10) days after the appraisers appointed by the parties give such notice, then either LESSOR of the parties, upon notice to the other party, may request such appointment by the American Arbitration Association, or LESSEEon its failure, refusal or inability to act, may apply such appointment to the presiding judge of the Superior Court of the Country of Santa Clarx Xxxnty, State of California.

Appears in 1 contract

Samples: Sublease Agreement (Netgear Inc)

Option to Extend. On Lessor grants to Lessee one (1) option to extend the conditions term of this Lease, such option being for a period of five (which conditions LESSOR may waive5) years (hereinafter referred to as the "EXTENSION PERIOD"), at its election, by written notice to LESSEE at any timeprovided Lessee (i) that LESSEE is not in default under this Lease (with respect to monetary obligations or material non-monetary obligations) beyond the expiration of its covenants and obligations under the Lease beyond applicable notice and cure periodsprovisions on the date Lessee notifies Lessor of its intent to exercise this option, both as and (ii) has not sublet more than forty-five percent (45%) of the time of exercise of the Option Demised Premises (other than to Extendsubsidiaries or affiliates, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE shall have the right ). Lessee may exercise this option to extend only by serving on Lessor written notice of its intent to exercise the term hereof aforesaid option no later than thirteen (13) months, nor earlier than fifteen (15) months, prior to the “Option to Extend”) for one additional term date of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon the expiration of the then current terminitial term of this Lease. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (The Monthly Rent for the “Extension Notice”) on or before the date which no less than twelve (12) months prior to the expiration of the then current Term. Such Extension Period shall be upon determined by the same terms mutual agreement of Lessor and conditions of this Lease, except that the Base Rent payable shall be set at the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent Lessee within thirty (30) days after the date Lessor receives Lessee's notice of its election to extend the term of this Lease for the Extension Period. The Monthly Rent for the CARR XXXL ESTATE SERVICES -------------------------------------------------------------------------------- applicable Extension Period shall be based upon one hundred percent (100%) of the date then current Market Base Rent (as hereinafter defined) for the Demised Premises. Lessee's obligation to pay as additional rent its proportionate share of the Operating Expenses, Operating Costs and Real Estate Taxes as provided for in the section of this Lease entitled, "OPERATING EXPENSES, OPERATING COSTS AND REAL ESTATE TAXES", shall continue uninterrupted from the initial term of this Lease for the Extension NoticePeriod. All other terms and provisions of this Lease shall remain in full force and effect during the Extension Period, said fair market effective rent provided, however, Lessee shall have no further option to extend the term of this Lease beyond that set forth herein. In the event Lessor and Lessee are unable to agree within the thirty (30) day period upon the then current Market Base Rent for the Demised Premises in order to determine the Monthly Rent for the Extension Period, then the current Market Base Rent upon which the Monthly Rent for the Extension Period will be based shall be conclusively determined by a board of three (3) appraiserslicensed real estate agents. Within fifteen Lessor and Lessee shall each appoint one (151) agent within ten (10) days after expiration of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who or sooner if mutually agreed upon. The two so appointed shall select a third. Should the two appraisers fail to agree on a third within fifteen ten (1510) days of the date on which such appraisers after they both have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser . Each agent on said board shall be appointed by licensed in the American Institute District of AppraisersColumbia as a real estate agent, specializing in the field of commercial leasing in the downtown and central business district areas of Washington, D.C., having no less than ten (10) years experience in such field, and recognized as ethical and reputable within his or her field. Each party agent, within ten (10) days after the third agent is selected, shall bear submit his or her determination of said market base rate. The current Market Base Rent shall be the cost mean of the appraiser selected by such partytwo closest rental rate determinations, unless there are no two (2) closest rental rate determinations, in which case the middle of the three (3) shall govern, and the cost initial Monthly Rent for the Extension Period shall be based upon said current Market Base Rent. In arriving at their individual rental rate determinations, each agent shall consider and analyze all the components of this Lease (as well as the number of months in the future that the Extension Period will commence), and apply to them the current market factors for Market Base Rent. Lessor and Lessee shall each pay the fee of the agent selected by it and they shall share the payment of the fee of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEEagent.

Appears in 1 contract

Samples: Real Estate Services (Charles River Associates Inc)

Option to Extend. On The following is hereby added as a new Article 31 to the conditions (which conditions LESSOR may waiveLease: Provided that Tenant has not assigned any of its rights under the Lease and/or no more than 5,000 square feet of the Premises are subject to any sublease with an entity that is not an affiliate of Tenant as of the date of such Renewal Notice and/or as of the first day of such Extended Term, at its election, by written notice to LESSEE at any time) that LESSEE and further provided Tenant is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of at the time of exercise of giving the Option Renewal Notice or at any time thereafter up to Extend, as hereinafter defined, and at the commencement of the Extension Periodapplicable Extended Term, as hereinafter defined, then LESSEE Tenant shall have the right to extend the term hereof (the “Option to Extend”) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon the expiration Term of the then current term. LESSEE may exercise such Option to Extend Lease for three separate but consecutive additional periods of three (3) years each (each an "Extended Term") by giving written notice of its intention to LESSOR extend the Term no later than nine (9) months prior to the commencement of the applicable Extended Term, time being of the essence (the “Extension "Renewal Notice”) on or before "). If Tenant does not timely give the date which no less than twelve (12) months Renewal Notice prior to the expiration of the then current Term or any applicable Extended Term, Tenant shall forfeit its rights to any and all remaining rights to extend the Term. Such Extension Period In the event a Renewal Notice is timely given, Tenant shall be upon lease the Premises from Landlord for the applicable Extended Term on the same terms and conditions of this Lease, except that the Base Rent payable shall be set at as are applicable to the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current expiring Term or Extended Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable (i) Tenant shall have no future rights to agree on said fair market effective rent within thirty (30) days of extend the date of Term after the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost exercise of the third appraiser extension right, (ii) there shall be shared equally by LESSOR no obligation on the part of Landlord to make any betterments or improvements or to reimburse Tenant for any such betterments or improvements in connection with any Extended Term, and LESSEE. If (iii) the three appraisers are unable Minimum Rent payable during the first Extended Term shall be equal to agree upon $10.82 per rentable square feet for the Premises for the first year of such fair market effective rent within fifteen (15) days Extended Term, $11.04 per rentable square feet for the second year of the appointment of such Extended Term and $11.26 per rentable square feet for the third appraiseryear of such Extended Term, and (iv) the fair market effective rent Minimum Rent payable during the second Extended Term shall be that determined by equal to $11.49 per rentable square feet for the appraiser not selected by either LESSOR or LESSEEPremises for the first year of such Extended Term, $11.72 per rentable square feet for the second year of such Extended Term and $11.95 per rentable square feet for the third year of such Extended Term, and (v) the Minimum Rent payable during the third Extended Term shall be equal to $12.19 per rentable square feet for the Premises for the first year of such Extended Term, $12.43 per rentable square feet for the second year of such Extended Term and $12.68 per rentable square feet for the third year of such Extended Term.

Appears in 1 contract

Samples: Standard Lease Agreement (Cray Inc)

Option to Extend. On the conditions Provided that Equinix, Inc., a Delaware corporation, or an Affiliate (which conditions LESSOR may waiveas hereinafter defined) (said Equinix, at its election, by written notice Inc. or an Affiliate being hereinafter collectively referred to LESSEE at any timeas "Equinix") that LESSEE (i) is not then in default in the payment of any Rent due under this Lease and is not then in _____________ *CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. default in the performance of any of its covenants and other obligations under the Lease this Lease, and (ii) has not been in default beyond any applicable notice and cure periodsperiods more than once during the immediately preceding two (2) years of the term, in each case both as of at the time of exercise of the Option to ExtendRenewal Option, as hereinafter defined, and at the commencement of the Extension Renewal Period, as hereinafter defined, and is then LESSEE in occupancy of the Leased Premises at the time of exercise of the Renewal Option, as hereinafter defined, and at the time of the commencement of the Renewal Period, as hereinafter defined, Equinix shall have an option (the right "Renewal Option") to extend the term hereof of this Lease for an additional five (5) year period (the “Option to Extend”"Renewal Period") for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon after the expiration of the then current initial term. LESSEE may exercise such The Renewal Option to Extend shall be exercisable only by giving written notice given by Equinix to LESSOR (the “Extension Notice”) on or before the date which no less Landlord not later than twelve (12) months months, nor earlier than fifteen (15) months, prior to the expiration of the then current Terminitial term. Such Extension Period In the event that Equinix does not timely exercise the Renewal Option, the Renewal Option shall be upon null and void and of no further force or effect, time being of the same essence in the exercise of the Renewal Option and it being acknowledged and agreed by Equinix that Landlord shall be entitled to rely on any failure by Equinix to give written notice of its exercise of the Renewal Option by the date set forth herein for such exercise thereof. All terms and conditions of this Lease, Lease shall be applicable during the Renewal Period except that the amount of Base Rent payable charged for the Renewal Period shall be set at the then fair market effective "Prevailing Market Rent", which shall be the rent for the Leased Premises. In no eventcomparable space in comparable buildings in Loudoun County, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEEVirginia; provided, however, if LESSOR and LESSEE are unable that in no event shall the Prevailing Market Rent determined as aforesaid be deemed to agree on said fair market effective rent be less than the Base Rent for the entire Leased Premises payable under this Lease immediately preceding commencement of the Renewal Period. If within thirty (30) days following delivery of Equinix's notice, Landlord and Equinix have not mutually agreed on the date of Prevailing Market Rent for the Extension NoticeRenewal Period, said fair market effective rent shall be conclusively determined by three then within ten (3) appraisers. Within fifteen (1510) days of after the expiration of such thirty-day period, each party shall give written notice to the other setting forth the name and address of a Broker (as hereinafter defined) selected by such party who has agreed to act in such capacity, to determine the Prevailing Market Rent. If either party shall fail to select a Broker as aforesaid, the Prevailing Market Rent shall be determined by the Broker selected by the other party. Each Broker shall thereupon independently make his determination of the Prevailing Market Rent within twenty (20) days after the appointment of the second Broker. If the two Brokers' determinations are not the same, but the higher of such two values is not more than one hundred five percent (105%) of the lower of them, then the Prevailing Market Rent shall be deemed to be the average of the two values. If the higher of such two values is more than one hundred five percent (105%) of the lower of them, then the two Brokers shall jointly appoint a third Broker within ten (10) days after the second of the two determinations described above has been rendered. The third Broker shall independently make his determination of the Prevailing Market Rent within twenty (20) days after his appointment. The highest and the lowest determinations of value among the three Brokers shall be disregarded and the remaining determination shall be deemed to be the Prevailing Market Rent. Within thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should days after the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiserPrevailing Market Rent is determined as aforesaid, the fair market effective rent parties shall execute an amendment to this Lease setting forth the new Rent to be that determined by paid for the appraiser not selected by either LESSOR or LESSEERenewal Period.

Appears in 1 contract

Samples: Equinix Inc

Option to Extend. On Unless the conditions (which conditions LESSOR may waiveLease has been terminated as a result of Tenant’s default or other causes specified in the Lease, at its electionor if not terminated, by written notice to LESSEE at any time) that LESSEE so long as Tenant is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE shall have the right default. Landlord hereby grants Tenant four (4) options to extend the term hereof of this Lease for an additional five (5) year term each for one or more contiguous, full floors of the Premises then under lease by Tenant at the “Option Fair Market Rental Rate”, as defined in Section 5, in existence at the beginning of each renewal period. Landlord shall notify Tenant of Tenant’s right to Extend”renew fourteen (14) for one additional term months prior to the scheduled commencement of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon the expiration of the each renewal period. The options must then current term. LESSEE may exercise such Option to Extend be exercised by giving written notice to LESSOR (the “Extension Notice”) on or before the date which no less than received by Landlord twelve (12) months prior to the expiration of the then current Term. Such Extension Period term, or any extensions provided herein, and the option shall be upon the same terms and conditions of this Lease, except that the Base Rent payable shall be set at the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at expire if not properly exercised within twelve (12) months prior to the expiration of the current Termterm, or any extensions provided herein. For Provided that Tenant has properly exercised the purpose option, the term of this SectionLease shall be extended by the option term of five (5) years and all terms, fair market effective rent covenants and conditions of the Lease shall mean remain unmodified and in full force and effect except that the Base Rent plus such additional financial terms Annual Basic Rent, as provided for elsewhere in this Lease, shall be modified as set forth in Section 5. The options to extend set forth herein are not personal to Tenant, but may be assigned to any assignee or subtenant of Tenant. In addition, the exercise of the options shall have no effect on any sign or identity rights provided to Tenant herein, so long as Tenant leases at least 50, 000 rentable square feet in the nature of rent Building. If Tenant fails to lease 50, 000 rentable square feet, the sign rights and rent adjustments customarily then being included controls provided to Tenant in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days Item H of the date of General Conditions regarding the Extension Notice, said fair market effective rent Project and Building shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEEterminate.

Appears in 1 contract

Samples: Lease Agreement (Wells Real Estate Investment Trust Inc)

Option to Extend. On In the conditions event that Sublandlord has no intention or plans to use the Subleased Premises for itself or its affiliated companies, or either of their successors or assigns, Subtenant has one (which conditions LESSOR may waive, 1) option to extend the Term of this Sublease for a period of one (1) year (“Extension Term”) beginning upon expiration of the Term provided that (a) no default beyond any applicable grace and cure periods in the obligations of the Subtenant to pay Annual fixed Rent or Additional Rent under this Sublease shall exist at its election, by written notice to LESSEE at any time) that LESSEE the time such option is not in exercised and no other payment default of its covenants and obligations under the Lease or material default beyond applicable notice and cure periods, both as of grace periods shall exist under this Sublease either at the time or notice of exercise of the Option option or upon the day of commencement of such Extension Term, (b) Subtenant shall give notice to Extend, as hereinafter definedSublandlord of its exercise of the applicable option not less than nine (9) full calendar months prior to expiration of the Term, and (c) at the commencement time such option is exercised and as of the first day of the Extension PeriodTerm, as hereinafter defined, then LESSEE the original Subtenant shall have the right to extend the term hereof (the “Option to Extend”) for one additional term be itself be in occupancy of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon the expiration 100% of the then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR Subleased Premises, and (the “Extension Notice”d) on or before the date which no less than twelve (12) months prior to the expiration of the then current Term. Such Extension Period shall be upon the same terms and conditions of this Lease, except that the Base Rent payable shall be set at the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent Sublandlord has not within thirty (30) days from Subtenant’s notice to exercise this option notified Subtenant that Sublandlord rejects the option because Sublandlord has an intention or plan to use the Subleased Premises for itself or its affiliated companies. All the provisions of this Sublease shall be applicable during the Extension Term except that (a) Subtenant shall have no additional option to extend the Term of this Sublease beyond the Extension Term, (b) the Annual Fixed Rent shall be 100% of Market Rent, and (c) none of the provisions of Early Entry or any improvements shall apply nor shall Sublandlord be required to pay any inducement payments nor make any alterations of any kind or nature EXECUTED as a Massachusetts instrument under seal as of the date first herein above set forth. SUBLANDLORD: NMS COMMUNICATIONS CORPORATION By: /s/ Xxxxx Xxxxx Name: Xxxxx Xxxxx Title: Vice President SUBTENANT GLASSHOUSE TECHNOLOGIES, INC.: By: /s/ Xxxx Xxxxxxx Name: Xxxx Xxxxxxx Title: President & CEO EXHIBITS: Exhibit A- Floor Plan of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisersSubleased Premises Exhibit B- Lease EXHIBIT A FLOOR PLAN OF THE SUBLEASED PREMISES See Attached. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEEEXHIBIT B LEASE See Attached.

Appears in 1 contract

Samples: Sublease Agreement (GlassHouse Technologies Inc)

Option to Extend. On 71- (a) The Borrower may at any time and from time to time request that all or a portion of the conditions Term Loans of any Class (an “Existing Term Loan Class”) be converted to extend the scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of such Term Loans (any such Term Loans which conditions LESSOR may waivehave been so converted, at its election“Extended Term Loans”) and to provide for other terms consistent with this Section 2.15. In order to establish any Extended Term Loans, by written the Borrower shall provide a notice to LESSEE the Administrative Agent (who shall provide a copy of such notice to each of the Lenders of the applicable Existing Term Loan Class) (a “Term Loan Extension Request”) setting forth the proposed terms of the Extended Term Loans to be established, which shall be identical to the Term Loans of the Existing Term Loan Class from which they are to be converted except (x) (A) the scheduled final maturity date shall be extended and (B) all or any of the scheduled amortization payments of principal of the Extended Term Loans may be delayed to later dates than the scheduled amortization of principal of the Term Loans of such Existing Term Loan Class (with any such delay resulting in a corresponding adjustment to the scheduled amortization payments reflected in the applicable Joinder Agreement with respect to the Existing Term Loan Class from which such Extended Term Loans were converted, in each case as more particularly set forth in paragraph (d) of this Section 2.15 below), (y) (A) the interest margins with respect to the Extended Term Loans may be higher or lower than the interest margins for the Term Loans of such Existing Term Loan Class and/or (B) additional fees may be payable to the Lenders providing such Extended Term Loans in addition to or in lieu of any increased margins contemplated by the preceding clause (A), in each case, to the extent provided in the applicable Extension Amendment and (z) notwithstanding anything to the contrary in this Section 2.15 or otherwise, Extended Term Loans may be optionally prepaid prior to the date on which the Existing Term Loan Class from which they were converted is repaid in full. No Lender shall have any obligation to agree to have any of its Term Loans of any Existing Term Loan Class converted into Extended Term Loans pursuant to any Extension Request. Any Extended Term Loans of any Extension Series shall constitute a separate Class of Term Loans from the Existing Term Loan Class from which they were converted. (b) The Borrower may at any time) time and from time to time request that LESSEE is not in default all or a portion of its covenants and obligations under the Lease beyond applicable notice and cure periodsRevolving Credit Commitments, both as of any Extended Revolving Credit Commitments and/or any New Revolving Credit Commitments, each existing at the time of exercise of the Option such request (each, an “Existing Revolving Credit Commitment” and any related revolving credit loans thereunder, “Existing Revolving Credit Loans”; each Existing Revolving Credit Commitment and related Existing Revolving Credit Loans together being referred to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE shall have the right an “Existing Revolving Credit Class”) be converted to extend the term hereof termination date thereof and the scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of Loans related to such Existing Revolving Credit Commitments (any such Existing Revolving Credit Commitments which have been so extended, “Extended Revolving Credit Commitments” and any related Loans, “Extended Revolving Credit Loans”) and to provide for other terms consistent with this Section 2.15. In order to establish any Extended Revolving Credit Commitments, the Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders of the applicable Class of Existing Revolving Credit Commitments) (a “Revolving Credit Extension Request”) setting forth the proposed terms of the Extended Revolving Credit Commitments to be established, which terms shall be identical to those applicable to the Existing Revolving Credit Commitments from which they are to be extended (the “Option to ExtendSpecified Existing Revolving Credit Commitment”) except (x) all or any of the final maturity dates of such Extended Revolving Credit Commitments may be delayed to later dates than the final maturity dates of the Specified Existing Revolving Credit Commitments, (y) (A) the interest margins with respect to the Extended Revolving Credit Commitments may be higher or lower than the interest -72- margins for one the Specified Existing Revolving Credit Commitments and/or (B) additional term fees may be payable to the Lenders providing such Extended Revolving Credit Commitments in addition to or in lieu of any increased margins contemplated by the preceding clause (A) and (z) the revolving credit commitment fee rate with respect to the Extended Revolving Credit Commitments may be higher or lower than the Revolving Credit Commitment Fee Rate for the Specified Existing Revolving Credit Commitment, in each case, to the extent provided in the applicable Extension Amendment; provided that, notwithstanding anything to the contrary in this Section 2.15 or otherwise, (1) the borrowing and repayment (other than in connection with a permanent repayment and termination of commitments) of Loans with respect to any Existing Revolving Credit Commitments shall be made on a pro rata basis with all other Extended Revolving Credit Commitments and (2) assignments and participations of Extended Revolving Credit Commitments and Extended Revolving Credit Loans shall be governed by the same assignment and participation provisions applicable to Revolving Credit Commitments and the Revolving Credit Loans related to such Commitments set forth in Section 13.6. Any Extended Revolving Credit Commitments of any Extension Series shall constitute a separate Class of revolving credit commitments from the Specified Existing Revolving Credit Commitments and from any other Existing Revolving Credit Commitments (together with any other Extended Revolving Credit Commitments so established on such date). (c) The Borrower shall provide the applicable Extension Request at least five years(5) Business Days prior to the date on which Lenders under the applicable Existing Class or Existing Classes are requested to respond. Any Lender (an “Extending Lender”) wishing to have all or a portion of its Term Loans, ending on March 31Revolving Credit Commitments, 2019 New Revolving Credit Commitment or Extended Revolving Credit Commitment, as applicable, of the Existing Class or Existing Classes subject to such Extension Request converted into Extended Term Loans or Extended Revolving Credit Commitments, as applicable, shall notify the Administrative Agent (the an “Extension Period’), to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (the “Extension NoticeElection”) on or before the date which no less than twelve (12) months prior to the expiration date specified in such Extension Request of the then current Termamount of its Term Loans, Revolving Credit Commitments, New Revolving Credit Commitment or Extended Revolving Credit Commitment of the Existing Class or Existing Classes subject to such Extension Request that it has elected to convert into Extended Term Loans or Extended Revolving Credit Commitments, as applicable. Such In the event that the aggregate amount of Term Loans, Revolving Credit Commitments, New Revolving Credit Commitment or Extended Revolving Credit Commitment of the Existing Class or Existing Classes subject to Extension Period Elections exceeds the amount of Extended Term Loans or Extended Revolving Credit Commitments, as applicable, requested pursuant to the Extension Request, Term Loans or Revolving Credit Commitments, New Revolving Credit Commitments or Extended Revolving Credit Commitments of the Existing Class or Existing Classes subject to Extension Elections shall be upon converted to Extended Term Loans or Extended Revolving Credit Commitments, as applicable, on a pro rata basis based on the same terms amount of Term Loans, Revolving Credit Commitments, New Revolving Credit Commitment or Extended Revolving Credit Commitment included in each such Extension Election. Notwithstanding the conversion of any Existing Revolving Credit Commitment into an Extended Revolving Credit Commitment, such Extended Revolving Credit Commitment shall be treated identically to all other Revolving Credit Commitments for purposes of the obligations of a Revolving Credit Lender in respect of Swingline Loans under Section 2.1(d) and conditions Letters of this LeaseCredit under Article 3, except that the Base Rent payable applicable Extension Amendment may provide that the Swingline Maturity Date may be extended and the related obligations to make Swingline Loans may be continued so long as the Swingline Lender has consented to such extensions in its sole discretion (it being understood that no consent of any other Lender shall be set at required in connection with any such extension). Notwithstanding the then fair market effective rent -73- foregoing, for the Leased Premisesavoidance of doubt, the Letter of Credit Commitments shall not be extended unless the prior written consent of the applicable Letter of Credit Issuer is obtained. (d) Extended Term Loans or Extended Revolving Credit Commitments, as applicable, shall be established pursuant to an amendment (an “Extension Amendment”) to this Agreement (which, except to the extent expressly contemplated by the penultimate sentence of this Section 2.15(c) and notwithstanding anything to the contrary set forth in Section 13.1, shall not require the consent of any Lender other than the Extending Lenders with respect to the Extended Term Loans or Extended Revolving Credit Commitments, as applicable, established thereby) executed by the Credit Parties, the Administrative Agent and the Extending Lenders. No Extension Amendment shall provide for any tranche of Extended Term Loans or Extended Revolving Credit Commitments in an aggregate principal amount that is less than $75,000,000. In no eventaddition to any terms and changes required or permitted by Section 2.15(a) or Section 2.15(b), however, each Extension Amendment (x) shall amend the Base Rent be less than scheduled amortization payments pursuant the then-current Base Rent at applicable Joinder Agreement with respect to the expiration Existing Term Loan Class from which the Extended Term Loans were converted to reduce each scheduled Repayment Amount for the Existing Term Loan Class in the same proportion as the amount of Term Loans of the current Term. For Existing Term Loan Class is to be converted pursuant to such Extension Amendment (it being understood that the purpose amount of any Repayment Amount payable with respect to any individual Term Loan of such Existing Term Loan Class that is not an Extended Term Loan shall not be reduced as a result thereof) and (y) may, but shall not be required to, impose additional requirements (not inconsistent with the provisions of this Section, fair market effective rent shall mean Agreement in effect at such time) with respect to the Base Rent plus such additional financial terms in the nature final maturity and weighted average life to maturity of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of New Term Loans incurred following the date of such Extension Amendment. Notwithstanding anything to the contrary in this Section 2.15 and without limiting the generality or applicability of Section 13.1 to any Section 2.15 Additional Amendments (as defined below), any Extension NoticeAmendment may provide for additional terms and/or additional amendments other than those referred to or contemplated above (any such additional amendment, said fair market a “Section 2.15 Additional Amendment”) to this Agreement and the other Credit Documents; provided that such Section 2.15 Additional Amendments comply with and do not conflict with the requirements of Section 2.15(a) or (b) and do not become effective rent shall be conclusively determined prior to the time that such Section 2.15 Additional Amendments have been consented to (including, without limitation, pursuant to (1) consents applicable to holders of New Term Loans or New Revolving Credit Commitments provided for in any Joinder Agreement and (2) consents applicable to holders of any Extended Term Loans or Extended Revolving Credit Commitments provided for in any Extension Amendment) by three (3) appraisers. Within fifteen (15) days such of the expiration of Lenders, Credit Parties and other parties (if any) as may be required in order for such thirty (30) day period, LESSOR Section 2.15 Additional Amendments to become effective in accordance with Section 13.1. It is understood and LESSEE shall agreed that each select Lender that has consented to an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such partyExtension Amendment will consent for all purposes requiring its consent, and shall at the cost effective time thereof be deemed to consent to each amendment to this Agreement and the other Credit Documents authorized by this Section 2.15 and the arrangements described above in connection therewith except that the foregoing shall not constitute a consent on behalf of any Lender to the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days terms of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEE.any Section 2.15

Appears in 1 contract

Samples: Second Lien Intercreditor Agreement

Option to Extend. On the conditions (which conditions LESSOR a) The Borrower may waive, at its election, by written notice to LESSEE at any time) time and from time to time request that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as all or a portion of the time Term Loans of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE shall have the right any Class (an “Existing Term Loan Class”) be converted to extend the term hereof scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of such Term Loans (the any such Term Loans which have been so converted, Option to ExtendExtended Term Loans”) and to provide for one additional term other terms consistent with this Section 2.15. In order to establish any Extended Term Loans, the Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of five years, ending on March 31, 2019 such notice to each of the Lenders of the applicable Existing Term Loan Class) (the an “Extension Period’Request”) setting forth the proposed terms of the Extended Term Loans to be established, which shall be identical to the Term Loans of the Existing Term Loan Class from which they are to be converted except (i) the scheduled final maturity date shall be extended and all or any of the scheduled amortization payments of principal of the Extended Term Loans may be delayed to later dates than the scheduled amortization of principal of the Term Loans of such Existing Term Loan Class (with any such delay resulting in a corresponding reduction to the scheduled amortization payments reflected in Section 2.5 or in the Joinder Agreement, as the case may be, with respect to the Existing Term Loan Class from which such Extended Term Loans were converted, in each case as more particularly set forth in Section 2.15(d)), (ii)(A) the interest margins with respect to commence immediately upon the expiration Extended Term Loans may be higher or lower than the interest margins for the Term Loans of such Existing Term Loan Class and/or (B) additional fees may be payable to the Lenders providing such Extended Term Loans in addition to or in lieu of any increased margins contemplated by the preceding clause (A), in each case, to the extent provided in the applicable Extension Amendment, (iii) the Extended Term Loans may (A) so long as Term Loans of the then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (Existing Term Loan Class are outstanding, have covenants, events of default, guarantees and other terms which are different from the “Extension Notice”) on or before the date which no less than twelve (12) months prior covenants, events of default, guarantees and other terms with respect to the expiration Existing Term Loan Class so long as such covenants, events of default, guarantees and other terms are not more restrictive to the Borrower and the Restricted Subsidiaries than those applicable to such Existing Term Loan Class and (B) beginning with the first full quarter after the quarter in which all Term Loans of the then current TermExisting Term Loan Class have been paid off in full, have such covenants, events of default, guarantees and other terms as agreed to by the Borrower and the Extending Lenders. Such Extension Period No Lender shall be upon the same terms and conditions of this Lease, except that the Base Rent payable shall be set at the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable have any obligation to agree on said fair market effective rent within thirty (30) days to have any of its Term Loans of any Existing Term Loan Class converted into Extended Term Loans pursuant to any Extension Request. Any Extended Term Loans of any Extension Series shall constitute a separate Class of Term Loans from the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on Existing Term Loan Class from which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEEthey were converted.

Appears in 1 contract

Samples: Credit Agreement (Dollar General Corp)

Option to Extend. On the conditions that (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any timei) that LESSEE Tenant is not then in default beyond any applicable grace periods of its covenants and obligations under this Lease and (ii) Tenant itself is then occupying the Lease beyond applicable notice and cure periods, both as entirety of the time Demised Premises, Tenant may extend the Term of exercise this Lease for one (1) additional period of the Option five (5) years by giving notice to Extend, as hereinafter defined, and at the commencement Landlord of the Extension Period, as hereinafter defined, then LESSEE shall have the right its election to extend the term hereof (the “Option to Extend”) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (the “Extension Notice”) on or before the date which no less than at least twelve (12) months prior to the expiration end of the then current original Term. Such Extension Period The Yearly Fixed Rent payable by Tenant with respect to such extension period shall be upon the same terms and conditions of this Lease, except that the Base Rent payable shall be set at equal to the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration rental value of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms Demised Premises (taking into account comparable first-class office space in the nature of rent East Cambridge area) (1) as the same may be mutually agreed by Landlord and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEETenant; provided, however, however that (2) if LESSOR and LESSEE are unable to agree on they have not so agreed in writing within two (2) months following the exercise of the option then said fair market effective rent value shall be determined by appraisers, one to be chosen by Landlord, one to be chosen by Tenant, and a third to be selected by the two first chosen. The unanimous written decision of the two first chosen, without selection and participation of a third appraiser, or otherwise the written decision of a majority of three appraisers chosen and selected as aforesaid, shall be conclusive and binding upon Landlord and Tenant. Landlord and Tenant shall each notify the other of its chosen appraiser within thirty (30) days following expiration of the date of the Extension Noticeaforesaid two (2) month period and, unless such two appraisers shall have reached a unanimous decision within seventy-five (75) days from said fair market effective rent expiration, they shall be conclusively determined by three (3) appraisers. Within within a further fifteen (15) days of the expiration of such thirty (30) day period, LESSOR elect a third appraiser and LESSEE notify Landlord and Tenant thereof. Landlord and Tenant shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost expense of the appraiser selected chosen by such party, it and shall equally bear the cost expense of the third appraiser (if any). For purposes of this Section 3.3 the Demised Premises shall be shared equally by LESSOR deemed to include the Mathsoft Sublet Premises, if and LESSEE. If only if on the three appraisers are unable date of Tenant's notice to agree upon such fair market effective rent within fifteen (15) days extend and on October 14, 1999, Tenant is then in possession of the appointment of the third appraiser, the fair market effective rent shall be that determined by the appraiser not selected by either LESSOR or LESSEEMathsoft Sublet Premises.

Appears in 1 contract

Samples: Entire Agreement (International Integration Inc)

Option to Extend. On the conditions (which conditions LESSOR may waive, at its election, by written notice to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and at the commencement of the Extension Period, as hereinafter defined, then LESSEE shall have the right to extend the term hereof (the “Option to Extend”) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon At the expiration of the then current term. LESSEE original term hereof, Tenant may exercise such Option to Extend extend this Lease for two (2) successive five (5) year terms ("EXTENDED TERMS") by giving Landlord written notice ("EXTENSION NOTICE") of its intention to LESSOR (the “Extension Notice”) on or before the date which no less than do so at least twelve (12) months prior to the expiration of the then current original term or first Extended Term, as applicable; provided, however, that Tenant is not in material default beyond any applicable cure period under the Lease on the date of giving such notice or on the date of commencement of the extended term. Such Extension Period Extended Terms shall be upon all of the same terms and conditions of this Lease, except that the following rights of Tenant during the original term of this Lease shall not apply during such extension period: (a) any right to rent-free possession, (b) any right to further extension of the term of the Lease beyond the Extended Terms set forth hereinabove, (c) any right to continue to pay the same Base Rent and (d) any limitation on increases in expenses payable shall be set at the then fair market effective rent for the Leased Premisesby Tenant. In no event, however, shall Landlord and Tenant hereby acknowledge and agree that the Base Rent during each Extended Term shall be less than the then-current Base Rent at "PREVAILING RATE" for the expiration of the current Term. For the purpose of Premises, as determined in accordance with this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisers. Within fifteen (15) days following Landlord's receipt of the Extension Notice, Landlord shall deliver a written notice ("EXTENSION NOTICE") to Tenant setting forth Landlord's estimation of the Prevailing Rate for the Premises. The parties shall have until the date that is ten (10) months prior to the date that the original term, or first Extended Term, as applicable, will expire in order to agree on Base Rent during such Extended Term. If the parties agree on the Base Rent for the Extended Term during that period, they shall immediately execute an amendment to this Lease stating the Base Rent. If the parties are unable to agree on Base Rent for such Extended Term during that period, for a period of ten (10) days thereafter, by providing Landlord with written notice, Tenant may elect to (i) withdraw its Extension Notice, in which case Tenant shall no longer have any extension rights pursuant to this Section 33, or (ii) cause the Prevailing Rate to be established by appraisal. The failure of Tenant to make such election within five (5) days following Tenant's receipt of written notice from Landlord indicating that Tenant has not made such election shall be deemed Tenant's election to proceed under subsection (i) above. In the event the appraisal procedure is utilized, Landlord and Tenant shall each appoint one appraiser at least eight (8) months prior to the expiration of such the original term; provided, however, that if either party fails to designate an appraiser within the time period specified, then the appraiser who is designated shall conclusively determine the Prevailing Rate. If two (2) appraisers are designated, then they shall submit within thirty (30) day perioddays after the second thereof has been designated their appraisals of the Prevailing Rate. Landlord and Tenant intend that the "Prevailing Rate" shall be deemed to be the rent per square foot of rentable area of office space that is then being charged for as renewal rates office space located in Class "A" office buildings in the vicinity of the Building (located within the Broomfield submarket) that are comparable in quality and offer similar amenities to the Building and involving leases with similar terms and conditions, LESSOR and LESSEE involving the use of the premises for general office purposes. The office spaces used for comparison shall each select an appraiserbe comparable in size, who quality and design to the Premises, and such office spaces used for comparison shall select a thirdbe comparable to the Premises with respect to their location within such buildings. Should the two appraisers fail be unable to agree on within said thirty (30) days, the two appraisers shall each submit an independent written appraisal and together they shall designate one (1) additional person as appraiser within five (5) days following the expiration of said thirty (30)-day period; provided, however, that if the difference between the two appraisals is five percent (5%) or less of the lowest appraisal, then an additional appraiser shall not be designated and the Prevailing Rate shall equal the average of the two (2) appraisals that are submitted. The third appraiser shall submit an independent written appraisal within thirty (30) days following his or her appointment. If the two appraisers cannot agree upon a third within fifteen (15) days appraiser, then either party hereunder may request that any District Court Judge of the date on County in which the Premises is located appoint such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser third appraiser. The Prevailing Rate shall be appointed by equal to the American Institute average of Appraisersthe two (2) written appraisals which are closest, and the third (3rd) appraisal shall be disregarded. Each party shall bear the cost of the appraiser selected appointed by such partyit. If three (3) appraisers are appointed, each party shall bear the cost of the appraiser appointed by it and the parties shall share equally in the cost of the third appraiser. No person shall be appointed or designated an appraiser unless he or she is (i) an independent appraiser who is a currently certified member of the American Institute of Real Estate Appraisers (with MAI designation) and unless he or she has at least five (5) years' experience as an appraiser in the County which the Premise is located, or (ii) a real estate broker with a minimum of at least ten (10) years' experience in leasing of commercial office space in the vicinity of the Project. The third appraiser shall not have ever been employed (full-time or part-time or on a consulting basis) by Landlord or Tenant. In the event that the Prevailing Rate is not established before the commencement of such Extended Term, Tenant shall continue to pay the Base Rent then in effect; when the Prevailing Rate has been established, the new Base Rent shall be shared equally by LESSOR retroactively effective as of the beginning of such Extended Term, and LESSEETenant shall pay Landlord any deficiency within thirty (30) days after the establishment of the new Base Rent. If the three appraisers are unable to agree upon Tenant has overpaid Base Rent during such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent period such overpayment shall be that determined by the appraiser not selected by either LESSOR or LESSEEoffset against Rent thereafter coming due.

Appears in 1 contract

Samples: Office Building Lease (Doubleclick Inc)

Option to Extend. On the conditions (which conditions LESSOR may waiveA. Lessee, provided no Event of Default has occurred and is continuing at its election, by written notice to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the Option to Extend, as hereinafter defined, and or at the commencement of the Extension Period, as hereinafter defined, then LESSEE shall have the right to extend the term hereof (the “Option to Extend”) for one additional term of five years, ending on March 31, 2019 (the “Extension Period’), to commence immediately upon the expiration of the then current term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (Lease Term or, if applicable, the “Extension Notice”) on or before the date which no less than twelve (12) months prior to the expiration preceding extension of the then current Lease Term. Such Extension Period , shall be upon have the same option to continue this Lease in effect for up to four (4) additional successive periods of five (5) years each, in accordance with the terms and conditions provisions of this LeaseLease then in effect, except that the Base Rent payable Annual Rental as of the commencement date of each extension term shall be set at equal to the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than greater of (i) the then-current Base Rent at Annual Rental multiplied by 102%, and (ii) the expiration annual fair market rental value of the current Term. For Premises as of the purpose commencement of this Sectionsuch extension term, and such Base Annual Rental shall be subject to increase during each extension term in accordance with the provisions of Section 5.B. Such fair market effective rent shall mean rental value of the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE are unable to agree on said fair market effective rent within thirty (30) days of the date of the Extension Notice, said fair market effective rent shall be conclusively determined by three (3) appraisersas follows. Within fifteen (15) 45 days after Lessee exercises the applicable extension term, Lessor shall, at Lessee’s expense, cause an appraisal of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail to appoint an appraiser within the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each party shall bear the cost of the appraiser selected by such party, and the cost of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third appraiser, the fair market effective rent value of the Premises to be made by an independent MAI appraiser. If within 20 days after being notified of the result of such appraisal Lessee elects to reject that appraisal, then Lessor shall nominate to Lessee a list of not less than three independent MAI appraisers who are experienced with appraising property similar to the Premises, and Lessee shall select one such appraiser. Within 30 days of such selection an appraisal of the fair market value of the Premises shall be made by that determined by the appraiser not selected by either LESSOR or LESSEEand such determination shall be conclusive for purposes hereof.

Appears in 1 contract

Samples: Lease (Jill Intermediate LLC)

Option to Extend. On Tenant is given the option to extend the term of ---------------- the Lease on all the terms and conditions contained herein, except the minimum monthly rent, for one (which conditions LESSOR may waive, at its election1) three (3) year period (the "Extended Term") following the expiration of the initial term, by written giving notice to LESSEE at any time) that LESSEE is not in default of its covenants and obligations under the Lease beyond applicable notice and cure periods, both as of the time of exercise of the option ("Option Notice") to Extend, as hereinafter defined, and Landlord at the commencement of the Extension Period, as hereinafter defined, then LESSEE shall have the right to extend the term hereof least five (the “Option to Extend”5) for one additional term of five years, ending on March 31, 2019 months but not more than nine (the “Extension Period’), to commence immediately upon 9) months before the expiration of the then current initial term. LESSEE may exercise such Option to Extend by giving written notice to LESSOR (the “Extension Notice”) Provided that, if Tenant is in default on or before the date of giving the Option Notice, at Landlord's election, the Option Notice shall be ineffective, or if Tenant is in default on the date the Extended Term is to commence, at Landlord's election, the Extended Term shall not commence, and this Lease shall expire at the end of initial term. The parties shall have sixty (60) days after Landlord receives the Option Notice in which no less than twelve (12) months prior to agree on the applicable rental for the Extended Term. If the parties agree to the expiration of applicable rental within said 60 days, they shall immediately execute an amendment to this Lease stating the then current applicable rental for the Extended Term. Such Extension Period shall be upon If the same terms and conditions of this Lease, except that the Base Rent payable shall be set at the then fair market effective rent for the Leased Premises. In no event, however, shall the Base Rent be less than the then-current Base Rent at the expiration of the current Term. For the purpose of this Section, fair market effective rent shall mean the Base Rent plus such additional financial terms in the nature of rent and rent adjustments customarily then being included in leases for similar space within the greater Waltham area. LESSEE shall, during the Extension Period, continue to pay its proportionate share of LESSOR’s Real Estate Taxes and Operating Costs. Said fair market effective rent for the Leased Premises shall be agreed upon by LESSOR and LESSEE; provided, however, if LESSOR and LESSEE parties are unable to agree on the applicable rental for the Extended Term within said fair market effective rent 60 days, then within thirty ten (3010) days thereafter, each party, at its cost, and by giving notice to the other party, shall appoint a real estate appraiser who is a member in good standing of the date American Institute of Real Estate Appraisers ("MAI") with at least five (5) years full time commercial appraisal experience in the Extension NoticeSacramento County area, said fair to render an opinion as to the market effective rent shall be conclusively determined by three (3) appraisersrental to apply during the Extended Term. Within fifteen (15) days of the expiration of such thirty (30) day period, LESSOR and LESSEE shall each select an appraiser, who shall select If a third. Should the two appraisers fail to agree on a third within fifteen (15) days of the date on which such appraisers have been appointed, or if either LESSOR or LESSEE shall fail party fails to appoint an appraiser within 10 days after the time provided, such appraiser shall be appointed by the American Institute of Appraisers. Each other party shall bear the cost has given notice of the appraiser selected by such party, and the cost name of the third appraiser shall be shared equally by LESSOR and LESSEE. If the three appraisers are unable to agree upon such fair market effective rent within fifteen (15) days of the appointment of the third its appraiser, the fair market effective rent single appraiser so appointed shall be that determined by the sole appraiser not selected by either LESSOR or LESSEEand shall set the applicable rental for the Extended Term. If two appraisers are appointed as provided above, they shall meet promptly and attempt to set the applicable rental for the Extended Term.

Appears in 1 contract

Samples: Money Store Inc /Nj

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