Common use of Option to Extend Clause in Contracts

Option to Extend. a. If Tenant is not and has not been in default of any term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the future, Tenant shall have one (1) option (the “Extension Option”) to extend the Term with respect to the entirety of the Premises for an additional period of five (5) years commencing when the initial Term expires (the “Extension Period”), solely in accordance with the terms of this section, and subject to the following conditions: (i) the Extension Option shall be exercised, if at all, by written notice of exercise delivered to Landlord by Tenant not less than three (3) months prior to the expiration of the initial Term; (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms and conditions as this Lease, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions of this Lease, except that the Base Rent for the Extension Period shall be the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Period.

Appears in 2 contracts

Samples: Lease (Protagonist Therapeutics, Inc), Lease (Protagonist Therapeutics, Inc)

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Option to Extend. a. If Tenant is not and has not been in default of any term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the future, (a) Tenant shall have one two (12) option (the “Extension Option”) consecutive options to extend the Term of this Lease with respect to the entirety all of the Premises for an additional a period of five (5) years each commencing when on the initial Term expires Expiration Date (the "Extension Period”), solely in accordance with the terms of this section, and ") subject to the following conditions: conditions contained in this Section. The options to extend are sometimes referred to collectively herein as an "Option to Extend." (i) the Extension The Option to Extend shall be exercised, if at all, by written notice of exercise delivered given to Landlord by Tenant not more than eighteen (18) months nor less than three twelve (312) months prior to the expiration date of the initial Term; Term Expiration Date. In the event that Tenant fails to deliver such exercise notice to Landlord on or before the date that is exactly twelve (12) months prior to the Term Expiration Date, the Option to Extend shall be null and void and of no further force or effect. (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms and conditions as this Lease, except as Anything herein to the amount contrary notwithstanding, if an Event of Base Rent Default has occurred with respect to Tenant which remains uncured following the expiration of any applicable notice and that there shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms, covenants or conditions of this Leasecure period, either at the time Tenant exercises the Extension Option to Extend or at any time thereafter prior to or upon on the commencement date of the Extension Period, then Landlord shall have, in addition to all of Landlord’s 's other rights and remediesremedies provided in this Lease, the right to terminate the Extension Option to Extend upon thirty (30) days written notice to TenantTenant (with Tenant having failed to cure the default during such thirty (30) day period). b. If (b) In the Extension event the Option to Extend is exercised in a valid and timely fashion, the Term this Lease shall be extended for the term of the Extension Period an additional five (5) years upon all of the terms and conditions of this Lease; provided, except that that, the Base Expense Year and Base Tax Year shall be adjusted to the calendar year in which each Option to Extend is effective (however, if the Option to Extend is effective during the last three (3) months of a calendar year, the Base Expense Year and Base Tax Year shall be the next calendar year); and provided further that, the Base Monthly Rent and additional rent for the such Extension Period shall be adjusted to equal ninety-seven percent (97%) of the "Fair Market Rent" for each floor of the Premises for and provided further that there shall be no tenant improvement allowance and, upon the Extension exercise of the second Option to Extend, no further option to extend the Lease Term, as determined as set forth below. For purposes hereof, "Fair Market Rent" shall mean the then prevailing fair market monthly gross rental rate for per annum per square foot as of the Premises, including applicable rent escalations, based on a lease date six (6) months prior to the commencement of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Period, including, without limitation, base rent, additional rent and all other monetary payments (including base rent increases and step-ups) agreed to be paid by new tenants generally for similar space in a condition (including the state of build out) and location (within the Building and any comparison buildings) comparable to each floor of the Premises in comparable buildings for five (5) year terms, pursuant to new leases entered into by such other tenants, and considering any rental abatement and any other similar concessions granted in connection with new leases for such comparable space (including tenant improvement allowances and other similar items but excluding the payment of any leasing commissions in comparable transactions).

Appears in 2 contracts

Samples: Office Lease (NBC Internet Inc), Office Lease (Xoom Inc)

Option to Extend. a. If Provided Tenant is not and has not been in default of any term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the future, Tenant shall have one (1) option (the “Extension Option”) to extend the Term with respect to the entirety of the Premises for an additional period of five (5) years commencing when the initial Term expires (the “Extension Period”), solely in accordance with the terms of this section, and subject to the following conditions: (i) the Extension Option shall be exercised, if at all, by written notice of exercise delivered to Landlord by Tenant not less than three (3) months prior to the expiration of the initial Term; (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms and conditions as this Lease, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms, covenants or conditions of this Lease, either at and subject to the time terms and conditions set forth hereafter, Tenant exercises is granted the Extension option to extend the term of Lease on the Premises for five (5) years (“Option or at any time thereafter to Extend”) on the following terms and conditions: (a) Tenant shall notify Landlord in writing of Tenant’s exercise of this Option to Extend not less than nine (9) months prior to the expiration date of this lease. The expiration date of this lease shall be 1) that date specified in the Commencement of Lease letter referred to in Paragraph 2(A) above; or upon 2) that date determined by Tenant’s exercise of the option to lease the Third Floor as described in Paragraph 2 (D) below. (b) The extended term of the Lease shall commence on the day immediately following the expiration date and shall terminate five (5) years thereafter. (c) The Basic Rent as of the commencement date of the Extension Period, Landlord shall have, in addition to all Extended Term of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term Lease shall be extended the then prevailing market rate for the term similar space in San Mateo and Xxxxxx City as that of the Extension Period upon all of the terms Premises and conditions of this Lease, except that the Base Rent for the Extension Period shall be Building (the “Fair Market Rent” Rental Value”) with annual adjustments at the rate of increase then being charged in the market for similar space. (d) The then current payment for Additional Rent described in Paragraph 4D of the Lease shall continue according to Paragraph 4D of this Lease. (e) This Option to Extend can be exercised only by the Coupa Software Incorporated or any Permitted Transferee for their then sole use of the Premises and may not be transferred or assigned to any sublessee or other party (other than a Permitted Transferee), nor may this Option to Extend be exercised by Coupa Software Incorporated for the use of the Premises by any sublessee or party other than Coupa Software Incorporated or any Permitted Transferee. (f) This Option shall be the option to extend the lease on up to the total Premises then leased as of the date of exercise of the Option to extend, and may not be exercised on less than the Original Premises. Within ten (10) days of the parties determining by giving written notice from either party to the other that they cannot agree on Fair Market Rental Value, each shall specify in writing to the other the name and address of a person to act as the appraiser on its behalf. Each such person shall be an MAI certified appraiser or commercial real estate broker in either case with at least ten (10) years of experience with the prevailing market rents for the Extension Termarea in which the Premises are located. If either party fails to timely appoint an appraiser, as determined as set forth belowthe determination of the timely appointed appraiser shall be final and binding. For purposes hereof, The two appraisers shall have twenty-one (21) days from the day of their respective appointments (the Determination Period”) to make their respective determinations and agree on the Fair Market Rent” Rental Value. If the two appraisers selected by the Landlord and Tenant cannot reach agreement on the Fair Market Rental Value, such appraisers shall mean within five (5) business days jointly appoint an impartial third appraiser with qualifications similar to those of the then prevailing fair market monthly rental rate first two appraisers, and the Fair Market Rental Value shall be established by the three appraisers in accordance with the following procedures: The appraiser selected by each party shall state in writing his/her determination of the Fair Rental Market Value, which determination will provide for periodic adjustments to the Basic Rent if such appraiser believes that such adjustments are appropriate. The first two appraisers shall arrange for the Premises, including applicable rent escalations, based on a lease simultaneous delivery of space their determinations to the third appraiser no later than ten (10) days after the expiration of similar age, construction, size, level the Determination Period. The role of improvement and location as the Premises, including third appraiser shall be to select which of the services and costs included in this Leasetwo proposed determinations most closely approximates the third appraiser’s determination of the Fair Market Rental Value, and adjusted shall have no more than seven (7) days in which to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during select the Extension Periodfinal determination. The determination chosen by the third appraiser shall constitute the decision of the appraisers and be final and binding on the parties. Each party shall pay the cost of its own appraiser and shall share equally the cost of the third appraiser.

Appears in 2 contracts

Samples: Lease Agreement (Coupa Software Inc), Lease Agreement (Coupa Software Inc)

Option to Extend. a. If (a) Paragraph 8 of the Second Amendment is hereby deleted in its entirety and is of no further force or effect. (b) Provided that (i) no Event of Default has occurred and is then continuing, (ii) the creditworthiness of Tenant is not and has not been in default of any term or provision of this Lease and has not Transferred this Lease or any materially declined relative to its creditworthiness as of the Premises date hereof, and (iii) Tenant originally named herein (or agreed to do so a Related Entity, as defined in Section 12(f) of the futureLease) remains in possession of the Premises, Tenant shall have one (1) option (the “Extension Option”) to extend the Term with respect to the entirety of the Premises Lease for an one (1) additional period of five (5) years commencing when the initial Term expires (the “Extension PeriodTerm”). The Extension Term shall be upon the same terms and conditions contained in the Lease, solely in accordance with except (x) Tenant shall not have any further option to extend, (y) any improvement allowances or other concessions applicable to the terms of Premises under this sectionLease shall not apply to the Extension Term, and subject to the following conditions: (iz) the Extension Option Base Rent shall be exercisedadjusted as sets forth herein (“Rent Adjustment”). Tenant shall exercise such option by delivering to Landlord, if at all, by written notice of exercise delivered to Landlord by Tenant not less no later than three two hundred seventy (3270) months days prior to the expiration of the initial Term; (ii) Tenant shall accept Term of the Premises on an “AS-IS” basis; (iii) Lease, written notice of Tenant’s desire to extend the extension Term of the Lease. Tenant’s failure to properly exercise such option shall be on deemed a waiver of such option. If Tenant properly exercised its option to extend, Landlord, shall notify Tenant of the same terms and conditions as this Lease, except as Rent Adjustment no later than two hundred ten (210) days prior to the amount commencement of Base Rent and that there shall be no further Extension Options; and Landlord a written objection thereto within ten (iv10) if business days after receipt thereof. If Tenant is in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior properly exercise its option to or upon the commencement date of the Extension Periodextend, Landlord shall have, in addition provide and Tenant shall execute an amendment to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of this Lease reflecting the terms and conditions of this Leasethe Extension Term within thirty (30) days after Tenant’s acceptance (or deemed acceptance) of the Rent Adjustment. (c) The Base Rent as adjusted for the Extension Term shall be an amount equal to the Base Rent (plus any improvement allowances or other concessions) then being paid by tenants under leases signed in the immediately preceding six (6) month period for space in the Building or other similar buildings within five (5) miles of the Building, except of comparable size and quality and with similar or equivalent improvements as are found in the Building (taking into consideration concessions such as rental waivers, abatement, improvement allowances and lease assumptions granted to such tenants if not included in Landlord’s calculation of the Rent Adjustment), provided, however, that if Tenant delivers to Landlord a written objection to Landlord’s proposed Rent Adjustment within thirty (30) days after Tenant’s receipt of Landlord’s proposed Rent Adjustment, and the parties cannot agree on a Base Rent for the Extension Term within thirty (30) days after Tenant’s written objection, then Tenant may retract its exercise of its option to extend, or Tenant may choose arbitration to determine the Rent Adjustment. If Tenant chooses arbitration, Tenant shall give Landlord written notice of its desire to seek arbitration within five (5) days after expiration of such thirty (30) day period (“Arbitration Notice”). Within Ten (10) days after Tenant provides Landlord with its Arbitration Notice, the parties shall each appoint an appraiser to determine the Base Rent as adjusted for the Extension Term for the Leased Premises. Each appraiser so selected shall be an MAI appraiser having at least ten (10) years prior experience in the appraisal of comparable space in the metropolitan area in which the Leased Premises are located, and with a working knowledge of current rental rates and practices. If the two appraisers cannot agree upon the Base Rent as adjusted for the Extension Term for the Leased Premises within twenty (20) days after their appointment, then, within ten (10) days after the expiration of such twenty (20) day period, the two appraisers shall select a third appraiser meeting the above criteria. Once the third appraiser has been selected as provided for above, then such third appraiser shall, within ten (10) days after appointment, make its determinations of the Base Rent as adjusted for the Extension Term. The average of the two closest determination of the Base Rent as adjusted for the Extension Term shall be used as the Base Rent for the applicable Extension Period Term and shall be binding on both Landlord and Tenant. Landlord and Tenant shall each bear the “Fair Market Rent” for cost of its appraiser and shall share the Premises cost of the third. If Tenant fails to provide the Arbitration Notice as provided above, then Tenant’s exercise of its option to extend shall be deemed retracted. The monthly rental installments shall be an amount equal to one-twelfth (1/12) of the Base Rent as adjusted for the Extension Term, Term and shall be paid at the same time and in the same manner as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean provided in the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Period.

Appears in 2 contracts

Samples: Deed of Lease (Maravai Lifesciences Holdings, Inc.), Deed of Lease (Maravai Lifesciences Holdings, Inc.)

Option to Extend. a. If Subject to the provisions hereinafter set forth, Landlord hereby grants to Tenant is not and has not been in default that number of any term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so options as set forth in the futureSummary, Tenant shall have one (1) option (the “Extension Option”) to extend the Term with respect to the entirety of the Premises for an additional period of five (5) years commencing when the initial Term expires (the “Extension Period”), solely in accordance with the terms of this section, and subject to the following conditions: (i) the Extension Option shall be exercised, if at all, by written notice of exercise delivered to Landlord by Tenant not less than three (3) months prior to the expiration of the initial Term; (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be Lease on the same terms terms, conditions and conditions provisions as contained in this Lease, except as otherwise provided herein. Each Option Period shall commence on the day following the end of the Term then in effect (the “Option Period Commencement Date”) and end on the last day of the period of such extension as set forth in the Summary. (a) The option to extend shall be exercisable by written notice from Tenant to Landlord of Tenant’s intent to exercise its election for said option and must be given not later than the date which is six (6) months prior to, the Option Period Commencement Date. If Tenant fails to timely give notice of its intent to exercise the applicable option, said option shall thereupon expire. (b) Monthly Base Rent payable as of the commencement of each Option Period (each an “Extension Commencement Date”) with respect to the amount Leased Premises shall be one hundred and three percent (103%) of the Monthly Base Rent and that there payable for the month immediately preceding such commencement. Thereafter, the Monthly Base Rent shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date adjusted annually on each anniversary of the Extension Period, Landlord shall have, in addition Commencement Date (the “Adjustment Date”) to all an amount equal to one hundred and three percent (103%) of Landlord’s other rights and remedies, the right to terminate Monthly Base Rent payable for the Extension Option upon notice to Tenantmonth immediately preceding such Adjustment Date. b. If the Extension Option is exercised in a valid and timely fashion, (c) Tenant shall not have any option to extend the Term shall be extended for of this Lease beyond the term expiration of the Extension Period upon all of the terms and conditions of this Lease, except that the Base Rent for the Extension Period shall be the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension PeriodOption Period(s).

Appears in 2 contracts

Samples: Industrial Lease, Industrial Lease (Sunpower Corp)

Option to Extend. a. If (a) Tenant is not and has not been in default of any shall have the one time option to extend the term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the future, Tenant shall have one (1) option (the “Extension Option”) to extend the Term with respect to the entirety of the Premises for an one additional period of five (5) years commencing when the initial Term expires year term (the “Extension PeriodOption Term”). To exercise the Option, solely in accordance with the terms of this section, and subject Tenant shall deliver to the following conditions: (i) the Extension Option shall be exercised, if at all, by written Landlord notice of Tenant’s exercise delivered to Landlord by Tenant of the Option not less than three six (36) months prior to the expiration of the initial Term; (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms and conditions as this Lease, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all original Termination Date. All of the terms and conditions of this Leasethe Lease shall apply during the Option Term, except and the Termination Date shall refer to the last day of the Option Term; provided, however, that the Base Rent for the Extension Period shall be the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth in this Paragraph 21.12, and Tenant shall have no further option to extend the Term. (b) If Tenant exercises its Option, the Base Rent during the Option Term shall be increased (but not decreased) by the increase, if any, from the “Base Month”, as defined below. For purposes hereof, in the Consumer Price Index of the Bureau of Labor Statistics of the U.S. Department of Labor for CPI-U (All Urban Consumers) for New York-Northern New Jersey-Long Island, All Items (1982-1984 = 100), herein referred to as Fair Market Rent” CPI”, calculated as set forth below. (c) The monthly Base Rent payable during the Option Term shall mean be calculated as follows: the then prevailing fair market monthly rental rate Base Rent set forth in Paragraph 2.1 of this Lease shall be multiplied by a fraction, the numerator of which shall be the CPI of the calendar month which is two (2) months prior to the first day of the Option Term, and the denominator of which shall be the CPI of the calendar month which is two (2) months prior to the month in which the Commencement Date occurred (the “Base Month”); provided, however, the increase shall not be less than the equivalent of two percent (2%) per annum or ten percent (10%) for the PremisesOption Term from the Base Rent payable on the Commencement Date nor greater than the equivalent of six percent (6%) per annum or thirty percent (30%) for the Option Term from the Base Rent payable on the Commencement Date. The amount so calculated shall constitute the new monthly Base Rent hereunder during the Option Term. (d) In the event the compilation or publication of the CPI shall be transferred to any other governmental department or bureau or agency or shall be discontinued, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location then the index most nearly the same as the Premises, including the services and costs included in this Lease, and adjusted CPI shall be used to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Periodmake such calculation.

Appears in 2 contracts

Samples: Single Tenant Commercial Lease (R F Industries LTD), Single Tenant Commercial Lease (R F Industries LTD)

Option to Extend. a. If Tenant is not and has not been in default of any term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the future, Tenant Lessee shall have one (1) the option (the “Extension Option”) to extend the Term with respect to the entirety of the Premises for an additional ---------------- a period of five (5) years commencing when the initial Term expires (the “Extension Period”), solely in accordance with the terms of this section, and subject to the immediately following conditions: (i) the Extension Option shall be exercised, if at all, by written notice of exercise delivered to Landlord by Tenant not less than three (3) months prior to the expiration of the initial Term (the "Extended Term; "), on all provisions contained in this Lease (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on the same 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 upon the expiration of the Extended Term), by giving notice of exercise of the option (the "Option Notice") to Lessor at least twelve (12) months but not more than fifteen (15) months before the expiration of the then applicable Term. 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 render the option automatically null, void and 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 as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant Lessee is in default under (after the expiration of any of applicable period for cure pursuant to Article 22 below) on the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of giving the Extension PeriodOption Notice, Landlord the Option Notice shall havebe 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 of Landlord’s other rights and remediesremedies available to Lessor under this Lease. at Lessor's election, the right to terminate exercise of the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid option shall be deemed null and timely fashionvoid, 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 extended 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 (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 assigned, transferred or conveyed to, or exercised for the term benefit 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). All of Lessee's rights under this Article 3.b. shall terminate upon the expiration of the Extension Period upon all of the terms and conditions initial Term or sooner termination of this Lease, except that the Base Rent for the Extension Period shall be the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Period.

Appears in 2 contracts

Samples: Net Office Lease (Chordiant Software Inc), Net Office Lease (Chordiant Software Inc)

Option to Extend. a. If Tenant is not and has not been in default of any term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the future, Tenant Lessee shall have one (1) the option (the “Extension Option”) to extend the Term with respect to the entirety term of the Premises ---------------- this lease for an three (3) successive additional period periods of five (5) years commencing when each. Said options shall be exercised automatically unless Lessee, gives Lessor notice of Lessee's desire not to exercise the initial Term expires (the “Extension Period”), solely in accordance with the terms of this section, and option. Such extension rights are further subject to the following conditions: (i) the Extension Option shall be exercised, if at all, by written notice of exercise delivered to Landlord by Tenant Lessee's not less than three (3) months prior to the expiration of the initial Term; (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms and conditions as this Lease, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is being in default under any of the terms, covenants or conditions terms and provisions of this Leaselease. The notice not to exercise the option for any five (5) year extension shall be given at least one-hundred eighty (180) days prior to the end of the immediately preceding term of this lease. The first automatic extension of this lease shall be upon the same rental, either 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 Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remediesbe no such CPI, the right to terminate parties shall use the Extension Option upon notice to Tenant. b. If most comparable substitute index in determining rent escalation for said renewal periods. Notwithstanding the Extension Option is exercised in a valid and timely fashionabove, the Term shall be extended for the term of the Extension Period upon all of the other terms and conditions of this Lease, except that the Base Rent for the Extension Period Lease Agreement shall be the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement remain in full force and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant effect during the Extension Periodsecond and third renewal periods.

Appears in 2 contracts

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

Option to Extend. a. If Tenant is not and has not been in default of any term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the future, Tenant Subtenant shall have one (1) the right and option (the “Extension Option”) to extend ---------------- the Term with respect to the entirety of the Premises for an additional period of five two (52) years commencing when the initial Term expires and nine (9) months until September 30, 2005 (the "Extension Period”Term") commencing upon the expiration of the original Term referred to in Section 2.2 (the "Original Term"), solely in accordance with the terms of this section, and subject to the following conditions: (i) the Extension Option provided that Subtenant shall be exercised, if at all, by written give Sublandlord notice of Subtenant's irrevocable exercise delivered to Landlord by Tenant not less than three of such option at least ninety (390) months days prior to the expiration of the initial Term; (ii) Tenant Original Term and provided further that Subtenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall not be on the same terms and conditions as this Lease, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under 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. Except as expressly otherwise provided in the following paragraph, all the terms, covenants or conditions covenants, conditions, provisions and agreements in the Sublease contained shall be applicable to the Extension Term. If Subtenant shall give notice of this Lease, either at its exercise of such option to extend in the manner and within the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashionperiod 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 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 Sublease, time being of the essence of the foregoing provisions. The Monthly Fixed Rent payable during the Extension Term shall be the greater of (i) the Monthly Fixed Rent in effect for the term year immediately preceding the commencement of the Extension Period upon all Term or (ii) the Fair Market Rent for the Premises, as determined below, as of the terms and conditions commencement of this Leasethe 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, except that Subtenant shall pay the Base Monthly Fixed Rent payable during the immediately preceding year until the Monthly Fixed Rent for the Extension Period Term is determined, at which time, an appropriate adjustment, if any, shall be the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth belowmade. For purposes hereof, the Fair Market Rent” Rent shall mean the then prevailing fair market monthly rental rate rent for the PremisesPremises as of the commencement of the Extension Term under market conditions then existing. Fair Market Rent shall be determined by agreement between Sublandlord and Subtenant, including applicable rent escalationsbut if Sublandlord and Subtenant are unable to agree upon the Fair Market Rent at least two (2) months prior to the date upon which the Fair Market Rent is to take effect, based on then the Fair Market Rent shall be determined by appraisal made as hereinafter provided by a lease board of space three (3) reputable independent commercial real estate consultants, appraisers, or brokers, each of similar agewhom shall have at least ten (10) years of experience in the Westboro office rental market 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 prior to the commencement of the Extension Term. If the determination of the Fair Market Rent of any two (2) or all three (3) Appraisers shall be identical in amount, construction, size, level said amount shall be deemed to be the Fair Market Rent of improvement and location as the Premises. If the determination of all three (3) Appraisers shall be different in amount, including the services average of the two (2) values nearest in amount shall be deemed the Fair Market Rent of the Premises. The Fair Market Rent of the Premises determined in accordance with the provisions of this Section shall be binding and costs included in this Lease, conclusive on Subtenant and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension PeriodSublandlord.

Appears in 2 contracts

Samples: Sublease (Switchboard Inc), Sublease (Switchboard Inc)

Option to Extend. a. If On the conditions which Landlord may waive, at its election, by written notice to Tenant at any time, that Tenant is not and has not been in default of any term its covenants and obligations under the Lease beyond notice and applicable cure periods and Tenant or provision of this Lease and has not Transferred this Lease or any its permitted assignee un Section 10.4 above, is occupying all of the Premises or agreed to do so in both as of the futuretime of option exercise and as of the commencement date of the extension term, and the financial condition of Tenant is as good as of the Term Commencement Date, Tenant shall have one (1) the option (the “Extension Option”) to extend the Term with respect to the entirety term of the Premises this Lease for an one additional period of five (5) years year term ("Extension Term") , such term commencing when as of the day after the expiration of the initial Term expires (term of the “Extension Period”), solely in accordance with the terms of this section, and subject Lease. Tenant may exercise such option to the following conditions: (i) the Extension Option shall be exercised, if at all, extend by giving Landlord written notice of exercise delivered to Landlord by Tenant not less than three on or before the date twelve (312) months prior to the expiration of the initial Term; (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms and conditions as this Lease, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the original term of the Extension Period Lease. Upon the timely giving of such notice, the terms of this Lease shall be automatically extended upon all of the terms and conditions of this Lease, Lease except that the Annual Fixed Rent, Operating Costs in the Base Rent for the Year and Tax Base during said Extension Period Term shall be the “Fair Market Rent” for the Premises for the Extension Termas hereinafter set forth. If Tenant fails to timely give notice, as determined as set forth below. For purposes hereofrequired, “Fair Market Rent” Tenant shall mean have nor further right to extend the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease term of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted time being of the essence to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Periodthis Article 11.

Appears in 2 contracts

Samples: Lease (Viryanet LTD), Lease (Viryanet LTD)

Option to Extend. a. If (a) Provided Tenant is not and has not been then in default of any term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the futurehereunder, Tenant shall have one (1) the option (the “Extension Option”) to extend the Term with respect to of this Lease for the entirety of the Premises for an following extended terms: (i) An additional period term of five (5) years (“First Extended Term”) commencing when on the day immediately following the Expiration Date of the initial Term expires of this Lease (the “Extension PeriodFirst Extended Term Commencement Date”); and (ii) Provided the Term has been extended for the First Extended Term, solely in accordance with an additional term of five (5) years (“Second Extended Term”) commencing on the terms day immediately following the end of this section, the First Extended Term (the “Second Extended Term Commencement Date”). Each of the First Extended Term Commencement Date and subject the Second Extended Term Commencement Date is herein called an “Extended Term Commencement Date.” (b) Each option to the following conditions: (i) the Extension Option extend shall be exercised, if at all, exercisable by written notice of exercise delivered from Tenant to Landlord by Tenant of Tenant’s intent to exercise its election for said option given not less later than three the date which is Nine (39) months prior to the expiration pertinent Extended Term Commencement Date and not earlier than the date which is fourteen (14) months prior to the pertinent Extended Term Commencement Date. If Tenant fails to timely give notice of its intent to exercise the applicable option, said option shall thereupon expire and, if the notice of intent to exercise an applicable option is not timely given or if given but subsequently rescinded in accordance with subsection (e) below, the option to extend for any subsequent extension terms as described above shall also thereupon expire. The option to extend is intended only for the benefit of Tenant and may only be exercised by it if the Premises are occupied by Tenant and it has not assigned this Lease or sublet any portion of the initial Term; Premises, unless assignee is a subsidiary of Invensys or if and as allowed hereunder. Without limitation of the foregoing, no sublessee or assignee shall be entitled to exercise any right hereunder. (iic) Tenant shall accept Rent per square foot of rentable area of the Premises on an “AS-IS” basis; (iii) payable during the extension First Extended Term and during the Second Extended Term shall be on the same terms and conditions equal to 95% Prevailing Market Rate (as this Lease, except as to the amount of Base Rent and that there shall be no further Extension Options; and (ivhereinafter defined) if Tenant no broker is involved in default under any transaction and 100% of Prevailing Market Rent if a broker is involved with respect to each the termsFirst Extended Term, covenants or conditions of this Lease, either at and the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Second Extended Term. Landlord shall haveshall, in addition response to all and within thirty (30) days of Landlord’s other rights and remedies, receipt of Tenant’s notice of intent to exercise the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended option for the term First Extended Term, and if applicable for the Second Extended Term, provide Tenant with its determination of the Extension Period upon all of the terms and conditions of this Lease, except that the Base Rent for the Extension Period shall be the Prevailing Market Rate. The term Fair Prevailing Market Rent” for the Premises for the Extension Term, as determined as set forth below. For purposes hereof, “Fair Market RentRate” shall mean the then prevailing fair market monthly annual rental rate per square foot of rentable area, as reasonably determined in good faith by Landlord, for space in comparable buildings in the Xxxxxxx Park area which has been built out for occupancy, comparable in area and location to the space of which such rental rate is being determined, being leased for a duration comparable to the First Extended Term and the Second Extended Term for terms commencing on or about the Extended Term Commencement Date for the First Extended Term and the Second Extended Term. The determination of the Prevailing Market Rate shall take into consideration rental concessions and abatements, the “as is” condition of the Premises, including applicable rent escalationsmoving expense reimbursements, based on a lease of space of similar agebase years for escalation purposes, construction, size, level of improvement and location as the Premises, including the services and costs included in this Leaseother adjustments to base rental, and adjusted other comparable factors. The components of the Prevailing Market Rate may include, among the other then prevailing components of rent: a fixed annual rent (such as Base Rent), real estate taxes and other expenses and increases to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Periodadjust for inflation.

Appears in 2 contracts

Samples: Lease Agreement, Industrial Building Lease Agreement (Entorian Technologies Inc)

Option to Extend. a. If Tenant (a) Provided Lessee is not and has not been in default of any term or provision of its obligations under this Lease beyond any applicable notice and has not Transferred this Lease cure period at the time of exercise or any on the commencement date of the Premises or agreed to do so in the futureExtended Term (as hereinafter defined), Tenant Lessee shall have one (1) option (the “Extension Option”) to extend the Term with respect of this Lease (the “Option to the entirety of the Premises Extend”) for an additional a period of five (5) years commencing when the initial Term expires (the “Extension PeriodExtended Term), solely ) on the same terms and conditions as set forth in accordance with the terms of this section, and subject to the following conditions: Lease except that (i) the Extension Option Monthly Base Rent for the Extended Term shall be exercisedadjusted to the Extended Term Rate, if at allas defined in Paragraph 3(c) below, and (iii) Lessee shall accept the Premises in their then “as is” condition and Paragraph 13, subject to and without limiting, Lessor’s maintenance, repair and other obligations under this Lease; it being understood that Tenant Improvements (as defined below), shall not apply to the Extended Term. This Option to Extend is granted for the personal benefit of Mousera and its Permitted Transferee(s) only, and shall be exercisable only by Mousera or a Permitted Transferee (as defined in Paragraph 17(f) below). This option to extend may not be assigned or transferred to any assignee or sublessee, other than a Permitted Transferee, without the prior written consent of Lessor. (b) Lessee shall give Lessor written notice of its intent to exercise delivered its Option to Landlord by Tenant not less Extend no earlier than three twelve (312) months and no later than nine (9) months prior to the expiration of the initial Term; Term (ii) Tenant the “Option Exercise Period’). If Lessee does not exercise the Option to Extend within the Option Exercise Period, the Option to Extend shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms and conditions as this Leaselapse, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any time being of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenantessence. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions of this Lease, except that the (c) The initial Monthly Base Rent for the Extension Period Premises during the Extended Term (the “Extended Term Rate”) shall be determined pursuant to the “Fair Market Rent” provisions of this Paragraph 3(c), and shall equal to the then current fair market rental for the Premises for as of the Extension commencement of the Extended Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” which shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, be based on what a lease of space willing new lessee would pay and a willing lessor would accept at arm’s length for comparable premises in the Milpitas, California market of similar age, construction, size, level quality of improvement construction and location as specifications for a lease similar to this Lease for the Premises, including the services same uses specified hereunder and costs included in this Lease, and adjusted to reflect taking into consideration that there will be no free rent, improvement allowance, or other rent concessions, and other items that professional real estate brokers or professional real estate appraisers customarily consider, including, but not limited to, space availability, tenant improvement allowance size, distinctions between “gross” and “net” leases, parking charges and any other lease considerations, if any, then being charged or granted by the lessors of such similar concessions are being provided commercial building projects. (i) Upon the written request by Lessee to Tenant Lessor received by Lessor at any time during the Extension Option Exercise Period and prior to the exercise by Lessee of the Option to Extend, Lessor shall, within fifteen (15) days of such request, give Lessee written notice of Lessor’s good faith opinion of the Extended Term Rate. Thereafter, but prior to the end of the Option Exercise Period, Lessee may give Lessor written notice of its intent to exercise its Option to Extend, and Lessor and Lessee shall enter into good faith negotiations in an effort to reach agreement on the Extended Term Rate. (ii) If Lessor and Lessee are unable to agree upon the Extended Term Rate within fifteen (15) days of Lessee’s delivery of the exercise notice to Lessor, said amount shall be determined by appraisal. The appraisal shall be performed by one broker if the parties are able to agree upon one broker. If the parties are unable to agree upon one broker, then each party shall appoint a broker and the two brokers shall select a third broker. Each broker selected shall have at least ten (10) years of full-time commercial real estate brokerage experience in the Milpitas office/manufacturing rental market. (iii) If only one broker is selected, that broker shall notify the parties in simple letter form of its determination of the Extended Term Rate within fifteen (15) days following its selection. Said appraisal shall be binding on the parties as the appraised current Extended Term Rate. If multiple brokers are selected, each broker shall within ten (10) days of being selected make its determination of the Extended Term Rate in simple letter form. If two (2) or more of the brokers agree on said amount, such agreement shall be binding upon the parties. If multiple brokers are selected and two (2) brokers are unable to agree on the Extended Term Rate, the Extended Term Rate shall be determined by taking the mean average of the appraisals; provided, that any high or low appraisal, differing from the middle appraisal by more than ten percent (10%) of the middle appraisal, shall be disregarded in calculating the average. (iv) If only one broker is selected, then each party shall pay one-half of the fees and expenses of that broker. If three brokers are selected, each party shall bear the fees and expenses of the broker it selects and one-half of the fees and expenses of the third broker. (d) Thereafter, provided that Lessee has previously given timely notice to Lessor of the exercise by Lessee of the Option to Extend, Lessor and Lessee shall execute an amendment to this Lease stating that the initial Monthly Base Rent for the Premises during the Extended Term shall be equal to the determination by appraisal.

Appears in 2 contracts

Samples: Lease (Recursion Pharmaceuticals, Inc.), Lease (Recursion Pharmaceuticals, Inc.)

Option to Extend. a. If Tenant is not and has not been in default of any at its option may extend the term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the future, Tenant shall have for one (1) option (the “Extension Option”) to extend the Term with respect to the entirety of the Premises for an additional period extension term of five (5) years commencing when the initial Term expires (the “Extension Period”), solely in accordance with the terms of this section, and subject to the following conditions: (i) the Extension Option shall be exercised, if at all, by serving written notice of exercise delivered to thereof upon Landlord by Tenant not less than three at least twelve (312) months prior to before the expiration of the initial Termlease term, provided that at the time of such notice and at the commencement of such extended term, no event of default, as defined in Paragraph 13 of this Lease, 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 option to terminate this Lease on the last day of any month after the date which is five (5) years and eight (8) months after the Commencement Date of this Lease (as applicable, the "Termination Date"); provided that (i) Tenant gives Landlord at least nine (9) months prior written notice to terminate, and (ii) Tenant shall accept is not in default under the 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 Termination Date, of (a) 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 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 Termination Payment, and so long as Tenant has surrendered the Premises on an “AS-IS” basis; (iii) in the extension shall be on the same terms and conditions as condition required under this Lease, neither party shall have any rights, liabilities or obligations under this Lease for the period accruing after the Termination Date, except as to those which, by the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms, covenants or conditions provisions of this Lease, either at expressly survive the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions termination of this Lease. 75 EXHIBIT F ROOFTOP LICENSE AGREEMENT THIS ROOFTOP LICENSE AGREEMENT (this "Agreement") is entered into as of the ____ day of _________, except that the Base Rent for the Extension Period shall be the “Fair Market Rent” for the Premises for the Extension Term1996, as determined as set forth belowby and between CRESCENT REAL ESTATE EQUITIES LIMITED PARTNERSHIP ("Licensor") and PAGEMART WIRELESS, INC. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Period("Licensee").

Appears in 2 contracts

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

Option to Extend. a. If Tenant is not and has not been in default of any term or provision of this Lease beyond applicable notice and has not Transferred this Lease or any of cure periods on the Premises or agreed to do so in the futuredate that Tenant exercises its Extension Option (as defined below), Tenant shall have one (1) option (the "Extension Option") to extend the initial Term with respect to the entirety of the Premises for an additional period of five one (51) years commencing when the initial Term expires year (the “Extension Period”"Extended Term"), solely in accordance . To exercise Tenant's option with the terms of this section, and subject respect to the following conditions: (i) the Extension Option Extended Term, Tenant shall be exercised, if at all, by written give notice of exercise delivered to Landlord by Tenant not more than eighteen (18) months and not less than three twelve (312) months prior to the expiration of the initial Term; Term (ii) "Election Notice"). A. If Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms properly and conditions as this Lease, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant timely exercises the Tenant's Extension Option or at any time thereafter prior pursuant to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remediesthis Section 2.8, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Extended Term shall be extended for the term of the Extension Period upon all of the terms same terms, covenants and conditions of this Lease, except ; provided that the Base Monthly Rent for the Extension Period shall be the “Fair Market Rent” for applicable to the Premises for the Extension Extended Term shall be the greater of: (i) the Base Monthly Rent as of the last month of the initial Term, as determined as set forth below. For purposes hereof, “or (ii) one hundred percent (100%) of the "Fair Market Rent" for space comparable to the Premises as of the commencement of the Extended Term. "Fair Market Rent" shall mean the then prevailing fair market monthly annual rental rate being charged for space comparable to the PremisesPremises in buildings comparable to the Building located in the City of Fremont, including applicable rent escalationsCounty of Alameda, based on a lease of space of similar ageCalifornia, constructiontaking into account location, sizecondition, level of improvement and location as existing improvements to the Premises, including the services and costs included in this Leasespace, and adjusted any improvements to reflect be made by Landlord to the Premises in connection with the Extended Term and that there will be no free rent, tenant improvement allowance or similar other concessions are being provided to Tenant under this Lease during the Extension PeriodTenn and no brokerage commissions paid by Landlord for the Extension Term.

Appears in 2 contracts

Samples: Industrial Lease (Quantenna Communications Inc), Industrial Lease (Quantenna Communications Inc)

Option to Extend. a. If The first three sentences of Section 2.2 of the Original Lease, as amended, 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 any term or provision recurring monthly payments of Base Rent, AP Rent, Tenant’s Electricity Cost and/or Tenant’s Share of the Estimated Excess (beyond applicable notice and cure periods, as set forth in Section 19.1.1 of the Original Lease) under this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the future, Tenant shall have one (1) option (the “Extension Option”) to extend the Term with respect to the entirety of the Premises for an additional period of five (5) years commencing when the initial Term expires (the “Extension Period”), solely in accordance with the terms of this section, and subject to the following conditions: (i) the Extension Option shall be exercised, if at all, by written notice of exercise delivered to Landlord by Tenant not less more than three (3) months times in the prior twelve month period, at the time it exercises the option or at commencement of the applicable Option Term, Tenant shall have the right and option to extend this lease ("Option to Extend") with respect to the expiration Original Premises only for one additional option period of the initial three years ("Option Term; (ii") Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on upon the same terms and conditions set forth in the Lease (as amended by this LeaseThird Amendment) except that the Base Rent shall be adjusted in accordance with Section 4 of the Summary (as amended by this Third Amendment). To exercise its Option to Extend, except Tenant must give Landlord notice in writing sent so as to the amount 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 Base Rent and that there its Option to Extend shall be void and of no further Extension Options; and (iv) effect if Tenant is in default under any this Lease (beyond applicable notice and cure periods) or has been in default in the payment of recurring monthly payments of Base Rent, AP Rent, Tenant’s Electricity Cost and/or Tenant’s Share of the terms, covenants Estimated Excess (beyond applicable notice and cure periods) under this Lease more than three times in the prior twelve month period on the date it exercises its Option(s) to Extend or conditions of this Lease, either at on the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date expiration of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Lease Term or Option upon notice to Tenant. b. If the Extension Term immediately preceding such Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions of this Lease, except that the Base Rent for the Extension Period shall be the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Periodapplicable.

Appears in 2 contracts

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

Option to Extend. a. If Landlord hereby grants Tenant is not and has not been in default of any the right to extend the term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the future, Tenant shall have Lease for one (1) option (the “Extension Option”) to extend the Term with respect to the entirety of the Premises for an additional period of five (5) years commencing when the initial Term expires (such extended period is hereinafter referred to as the “Extension PeriodExtended Term), solely in accordance with the terms of this section, and subject to the following conditions: (i) the Extension Option shall be exercised, if at all, by written notice of exercise delivered to Landlord by Tenant not less than three (3) months prior to the expiration of the initial Term; (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms and conditions as this contained in the Lease, except that (i) Base Rent for the Extended Term shall be as set forth hereinbelow, and (ii) no additional options to extend shall apply following the expiration of the Extended Term. Written notice of Tenant’s exercise of its option to extend (“Option to Extend”) the Term of this Lease for the Extended Term must be given to Landlord no less than twelve (12) months prior to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Expiration Date. If Tenant is in default under any of this Lease and all applicable notice and cure periods have run, then Tenant shall have no right to extend the terms, covenants or conditions Term of this Lease; provided, either at however that the period of time within which said option may be exercised shall not be extended or enlarged by reason of Tenant’s inability to exercise said option because of such default. In the event Tenant validly exercises its Option to Extend the Extension Option or at any time thereafter prior to or upon Term of this Lease as herein provided, Base Rent shall be adjusted as of the commencement date of the Extension PeriodExtended Term as follows: (a) Within thirty (30) days after exercise of its Option to Extend by Tenant, Landlord shall haveprovide Tenant with Landlord’s determination of the fair market Base Rent for the Extended Term, in addition to all including periodic increases as dictated by the current market (“Landlord’s Determination of Base Rent for Extended Term”). No later than the date thirty (30) days after Tenant’s receipt of Landlord’s other rights and remediesDetermination of Base Rent for Extended Term, the right to terminate the Extension Option upon Tenant shall provide notice to Landlord electing either: (i) to accept Landlord’s Determination of Base Rent for Extended Term; or (ii) to withdraw Tenant. b. If ’s exercise of its Option to Extend, or (iii) to disapprove Landlord’s Determination of Base Rent for Extended Term but to not withdraw its exercise of the Extension Option is exercised to Extend. In the event Tenant fails to give Landlord notice of its election of (i), (ii), or (iii) in a valid the preceding sentence, Tenant shall be deemed to have elected to disapprove Landlord’s Determination of Base Rent and timely fashion, to have withdrawn its exercise of its Option to Extend and the Term shall be extended for expire at the term end of the Extension Period upon all initial Term and Tenant shall have no further rights under this Subsection 4.03. In the event Tenant accepts Landlord’s Determination of Base Rent for Extended Term, then the terms and conditions Landlord’s Determination of this Lease, except that Base Rent for Extended Term shall be the Base Rent for the Extension Period Extended Term. In the event Tenant elects to withdraw its exercise of its Option to Extend for the applicable Extended Term by timely notice as required in (ii) above, then this Lease shall terminate at the expiration of the initial Term and neither party shall have any further rights or obligations pursuant to this Subsection 4.03. In the event Tenant gives notice that Tenant disapproves Landlord’s Determination of Base Rent for Extended Term without withdrawing its exercise of it Option to Extend, as contemplated by (iii) above, then Landlord and Tenant shall be bound to extend the “Fair Market Rent” Term of the Lease for the Premises Extended Term and the Base Rent for the Extension Term, as Extended Term shall be determined as set forth below. (b) Within thirty (30) days after the election of the alternative set forth in Subsection 4.03(a)(iii) above, each party, at its own cost and by giving notice to the other party, shall appoint a real estate appraiser with at least ten (10) years full-time commercial real estate appraisal experience in the area in which the Premises are located to appraise and set Base Rent for the Extended Term. If a party does not appoint an appraiser by the later to occur of (i) the expiration of such thirty (30) day period or, (ii) the date ten (10) days after the other party has given notice of the name of its appraiser, the single appraiser appointed shall be the sole appraiser and shall set Base Rent for the Extended Term. If each party shall have so appointed an appraiser, the two appraisers shall meet promptly and attempt to set the Base Rent for the Extended Term. If the two appraisers are unable to agree within thirty (30) days after the second appraiser has been appointed, they shall attempt to select a third appraiser meeting the qualifications herein stated within ten (10) days after the last day the two appraisers are given to set Base Rent. If the two appraisers are unable to agree on the third appraiser within such ten (10) day period, either of the parties to this Lease, by giving five (5) days notice to the other party, may apply to the then presiding judge of the Superior Court of King County for the selection of a third appraiser meeting the qualifications stated in this paragraph. Each of the parties shall bear one-half (1/2) 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. (c) Within thirty (30) days after the selection of the third appraiser, a majority of the appraisers shall set Base Rent for the Extended Term. If a majority of the appraisers are unable to set Base Rent within the stipulated period of time, the three appraisals shall be added together and their total divided by three (3). The resulting quotient shall be the Base Rent for the Premises during the Extended Term. If, however, the low appraisal and/or the high appraisal is/are more than ten percent (10%) lower and/or higher than the middle appraisal, the low appraisal and/or the high appraisal shall be disregarded. If only one (1) appraisal is disregarded, the remaining two (2) appraisals shall be added together and their total divided by two (2), and the resulting quotient shall be Base Rent for the Premises during the Extended Term. (d) For purposes hereofof the appraisal, the term Fair Market Rent-fair market Base Rent-” shall mean the price that a ready and willing tenant would pay, as of the Extended Term commencement date, as a base rent to a ready and willing landlord of buildings of comparable size and quality (assuming improved as office space), if such premises were exposed for lease on the open market for a reasonable period of time; including any rent increases over the Extended Term to the extent normal under then prevailing current market conditions. In no event shall there be deducted from such fair market monthly rental rate Base Rent, the value of any concessions, including without limitation tenant improvements, commissions, free rent and/or “downtime”. In no event shall the fair market Base Rent determined pursuant to this Section 4.03 be less than the Base Rent in effect during the last month of the initial Lease Term. (e) In the event Tenant timely exercises its Option to Extend pursuant to this Subsection 4.03 (and Tenant does not withdraw its exercise pursuant to Subsection 4.03(a)(ii) above), then Landlord shall provide Tenant with an allowance for re-painting and re-carpeting of the Premises in an amount of $6.40 per square foot of the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as to be used to reimburse Tenant for actual substantiated costs incurred by Tenant in re-painting and/or re-carpeting the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant Premises during the Extension Periodfirst twelve (12) months of the Extended Term.

Appears in 2 contracts

Samples: Lease Agreement (Osi Systems Inc), Lease (Osi Systems Inc)

Option to Extend. a. If Tenant is not and has not been in default of any term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the future, Tenant shall have one (1) the option (the “Extension Option”) to extend the Term with respect to the entirety of the Premises this Lease for an additional period two (2) successive terms of five (5) years commencing when the initial Term expires each (the “Extension Period”each being referred to as an "extended term"), solely in accordance with the terms of this section, and subject to the following conditions: (i) the Extension Option . The option shall be exercised, if at all, exercised only by written notice of exercise delivered to Landlord by Tenant not no more than twelve (l2) months and no less than three nine (39) months prior to the expiration of the initial Termoriginal Term or the first extended term, as the case may be. Said notice shall be effective only if given in the timely manner described; (ii) however, Tenant's exercise of its option may be deemed void in Landlord's sole discretion if Tenant shall accept 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 “AS-IS” basis; (iii) Affiliated Entity). The demise of the extension 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 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 and amounts required to be paid by Tenant on account of Operating Costs and Landlord's Tax Expense for any twelve (12) month period during such extended term be less than the sum of 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 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 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 premises, lease term, building amenities, finishes and 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 the 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 Landlord's Tax Expense, respectively, for the calendar year immediately preceding the calendar year in which the commencement date of the extended term occurs. In such event, the amount of Base Rent and that there payable hereunder shall be no further Extension Optionscommensurately adjusted to reflect such change in such base years. Landlord shall initially designate fair market rental value and Landlord shall furnish data in support of such designation. If Tenant disagrees with Landlord's designation of a fair market 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 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 ten (10) days following the call for appraisal and, unless such two appraisers shall have reached a unanimous decision within thirty (30) days after their designation, they shall so notify the President of the Hartford Bar Association (or such organization as may succeed to said Hartford Bar Association) and request him or her to select an impartial third MAI appraiser to determine fair market rental value as herein defined. Such third appraiser and the first two chosen shall hear the parties and their evidence and render their decision within thirty (30) days following the conclusion of such hearing and notify Landlord and Tenant thereof. Landlord and Tenant shall bear the expense of the third appraiser (if any) equally. The decision of the appraisers shall be binding and conclusive, and judgment upon the award or decision of the arbitrators may be entered in the appropriate court of law; and (iv) if 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 registered mail or by personal service, provided a reasonable time for appearance is allowed. If the dispute between the parties as to a fair market rental value has not been resolved before the commencement of Tenant's obligation to pay rent based upon such fair market rental value, then Tenant is shall pay Base Rent and other charges under this Lease in default under any respect of the termspremises in question based upon the fair market rental value designated by Landlord until either the agreement of the parties as to the fair market rental value, covenants or conditions the decision of this Leasethe appraisers, either as the case may be, at the which time Tenant exercises the Extension Option shall pay any underpayment of rent and other charges to Landlord, or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all refund any overpayment of Landlord’s rent and other rights and remedies, the right to terminate the Extension Option upon notice charges to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions of this Lease, except that the Base Rent for the Extension Period shall be the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Period.

Appears in 2 contracts

Samples: Lease Agreement (Lincoln National Corp), Lease Agreement (Lincoln National Corp)

Option to Extend. a. If Tenant is not and has not been in default of any term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the future, (a) Tenant shall have one (1) option (the “Extension Option”) two options to extend the Term with respect Lease for consecutive ten year periods (each an “Extended Term”) upon expiration of the then current Term, at a Minimum Rent equal to the entirety of the Premises for an additional period of five (5) years commencing when the initial Term expires (the “Extension Period”), solely in accordance with the terms of this section, and subject to the following conditions: (i) the Extension Option then-market rental rate. Tenant shall be exercised, if at all, by give Landlord written notice of Xxxxxx's intent to exercise delivered Tenant's option to Landlord by Tenant not less than three (3) months extend the Lease on or before 180 days prior to the expiration Expiration Date of the initial Term; (ii) then applicable term. Upon receipt of such notice, Landlord and Tenant shall have 30 days to agree on the market rate for Minimum Rent to be charged during the applicable Extended Term. (b) If the parties are unable to reach agreement within 30 days after Landlord receives Tenant's Notice, Landlord and Tenant shall, within 40 days after the date Landlord receives Tenant's Notice, each appoint a broker ("Landlord's Rent Broker" and "Tenant's Rent Broker," respectively) who is knowledgeable in commercial property values in the area in which the Premises are located, and Landlord's Rent Broker and Tenant's Rent Broker shall attempt to agree upon the market rental rate applicable to the Premises. If Landlord's Rent Broker and Xxxxxx's Rent Broker are unable to reach agreement within 70 days after the date of Landlord's receipt of Tenant's Notice, they shall, within 80 days after the date of Landlord's receipt of Tenant's Notice, appoint an additional Rent Broker ("Additional Rent Broker") with the same qualifications and, within 15 days after such appointment, each of Landlord's Rent Broker and Xxxxxx's Rent Broker will submit their respective written reports of the market rental rate applicable to the Premises to the Additional Rent Broker. Within 10 days thereafter, the Additional Rent Broker shall determine Minimum Rent for the extended term, which will be rate proposed by Landlord's Rent Broker or the rate proposed by Tenant's Rent Broker. If, within 80 days after Xxxxxxxx' s receipt of Tenant's Notice, Landlord's Rent Broker and Tenant's Rent Broker do not agree upon and designate the Additional Rent Broker, either Landlord or Tenant may request that the local office of the American Arbitration Association (or, if such organization or its successor shall no longer be in existence, a recognized national arbitration association mutually satisfactory to both parties), designate the Additional Rent Broker, and the Additional Rent Broker so designated shall, for all purposes, have the same standing and powers as though the Additional Rent Broker had been initially appointed by Xxxxxxxx's Xxxx Xxxxxx and Xxxxxx's Rent Broker. Landlord and Tenant shall each bear the cost of its Rent Broker and shall share equally the cost of the Additional Rent Broker. (c) This option to extend will be of no further force and effect if Tenant does not timely exercise its option, Tenant does not timely accept the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms and conditions as this LeaseRent Notice, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if or Tenant is in default under any of the terms, covenants or conditions of this Lease, either Lease after notice and time to cure at the time Tenant it exercises this option. If Xxxxxx accepts the Extension Option or at any time thereafter prior Rent Notice, Xxxxxx will execute an amendment to or upon this Lease so confirming the commencement date extension of the Extension Period, Landlord shall have, in addition to all Lease and the new Minimum Rent within 30 days of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term receipt of the Extension Period upon all of same from Landlord. This option is personal to the terms named Tenant and conditions of this Lease, except that the Base Rent for the Extension Period shall be the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement its permitted successors and location as the Premises, including the services and costs included in this Lease, and adjusted assigns pursuant to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Periodsubparagraph 22(b).

Appears in 2 contracts

Samples: Building Lease (Solera National Bancorp, Inc.), Building Lease (Solera National Bancorp, Inc.)

Option to Extend. a. If Landlord hereby grants Tenant is not and has not been in default of any term or provision of this Lease and has not Transferred this Lease or any the right to extend the Term of the Premises or agreed Lease (the “Option to do so in the future, Tenant shall have Extend”) for one (1) option (the “Extension Option”) to extend the Term with respect to the entirety of the Premises for an additional period of five (5) years commencing when the initial Term expires (the “Extension PeriodTerm 2), solely in accordance with the terms of this section, and subject to the following conditions: (i) the Extension Option shall be exercised, if at all, by written notice of exercise delivered to Landlord by Tenant not less than three (3) months prior to the expiration of the initial Term; (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms and conditions as this contained in the Lease, as amended hereby, except that (i) Base Rent for the Extension Term 2 shall be as set forth below, (ii) no additional Option to Extend shall apply following the expiration of the Extension Term 2, and (iii) Landlord shall have no obligation to make any improvements to the amount Premises or contribute any amounts therefor to prepare the same for Tenant’s occupancy during the Extension Term 2. Written notice of Base Rent and that there shall Xxxxxx’s exercise of the Option to Extend must be given to Landlord no further less than twelve (12) months prior to the date the Extension Options; and (iv) if Term would otherwise expire. If Tenant is in default under any of the terms, covenants or conditions of this Lease, either at Tenant shall have no Option to Extend until such default is cured within the cure period set forth in the 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. For the avoidance of doubt, it is agreed and understood that Tenant exercises may exercise the Extension Option or at any time thereafter prior to or upon Extend with respect to the commencement date of the Extension Periodentire Premises only, Landlord shall have, in addition to including all of Landlord’s other rights Suites 300 and remedies320. In the event Tenant validly exercises its Option to Extend as herein provided, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions of this Lease, except that the Base Rent for the Extension Period Term 2 shall be the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth in the tables below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Period.

Appears in 2 contracts

Samples: Office Lease (AbSci Corp), Office Lease (AbSci Corp)

Option to Extend. a. If 15.1 So long as Adept Technology, Inc., a California corporation (or its Permitted Assignee, as defined in Section 7.2), is the Tenant is not hereunder and has not been in default of any term or provision of this Lease and has not Transferred this Lease or any occupies the entirety of the Premises or agreed Leased Premises, and subject to do so the condition set forth in the futureclause (b) below, Tenant shall have one (1) option (the “Extension Option”) to extend the Term term of this Lease with respect to the entirety of the Premises Leased Premises, for an additional a period of five (5) years commencing when from the expiration of the initial Lease Term expires (the "Extension Period"), solely in accordance with the terms of this section, and subject to the following conditions: : (ia) the Extension Option The option to extend shall be exercised, if at all, by written notice of exercise delivered given to Landlord by Tenant not more than fifteen months nor less than three (3) nine months prior to the expiration of the initial Lease Term; ; (iib) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms and conditions as this Lease, except as Anything herein to the amount of Base Rent and that there shall be no further Extension Options; and (iv) contrary notwithstanding, if Tenant is in default under any of the monetary or material non-monetary terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option extension option or at any time thereafter prior to or upon on the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s 's other rights and remediesremedies provided in this Lease, the right to terminate the Extension Option such option to extend upon notice to Tenant. b. If 15.2 In the Extension Option event the option is exercised in a valid and timely fashion, the Term Lease shall be extended for the term of the Extension Period upon all of the terms and conditions of this Lease, except provided that the Base Monthly Rent for the Extension Period shall be the "Fair Market Rent" for the Premises Leased Premises, increased annually on each anniversary of the commencement date of the Extension Period to reflect the change in the Consumer Price Index for the Extension San Francisco Metropolitan Area, All Items (the "CPI"), for the twelve (12) month period ending sixty (60) days prior to the subject adjustment date, but in no event shall Base Monthly Rent be increased less than 4.00% per annum, nor more than 7.00% per annum for such twelve (12) month period. Base Monthly Rent shall be so adjusted at the end of each twelve (12) month period during the Lease Term, as determined as set forth below. For purposes hereof, "Fair Market Rent" shall mean the then prevailing fair market monthly rental rate Base Monthly Rent determined pursuant to the process described below. In no event, however, shall any adjustment of Base Monthly Rent pursuant to this paragraph result in a decrease of the Base Monthly Rent for the Premises, including applicable rent escalations, based on a lease Premises below the amount due from Tenant for the preceding portion of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Periodinitial Lease Term for which Base Monthly Rent had been fixed.

Appears in 2 contracts

Samples: Lease Agreement (Adept Technology Inc), Lease Agreement (Adept Technology Inc)

Option to Extend. a. If Tenant is not and has not been in default of any term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed Lessor hereby grants to do so in the future, Tenant shall have one Lessee two (12) option (the “Extension Option”) options to extend the Term with respect to the entirety of the Premises this Lease for an additional period of five (5) years commencing when each for all but not part of the initial Term expires (the “Extension Period”), solely in accordance with the terms of this section, and Premises subject to the following conditions: conditions (provided, that in no event shall Lessee have any option to extend this Lease or occupy any portion of the Premises beyond the current term of the DNR Ground Lease). (a) Lessee shall provide Lessor written notice of Lessee's election to exercise an option not later than two hundred ten (210) days and not sooner than two hundred and forty (240) days prior to the then-effective expiration date of this Lease. Lessee shall not have the right to exercise the second extension option unless it has duly exercised the first extension option and is occupying the Premises at the end of the first extended term. (b) These options are personal to Lessee and may not be exercised or assigned, voluntarily or involuntarily, by or to any person or entity other than Lessee, except to permitted assignees under Section 19.3 of the Lease or to other assignees, transfers to whom Lessor has granted its consent pursuant to Section 19. Notwithstanding any provision in the grant of this option to the contrary, Lessee shall have no right to exercise any option at any time (i) the Extension Option shall be exercised, if at all, by written after which a non-curable default has occurred or after Lessee has received notice of exercise delivered to Landlord by Tenant a curable default which has not less than three (3) months prior to the expiration of the initial Term; been cured, or (ii) Tenant shall accept in the Premises on an “AS-IS” basis; (iii) event that there have been three or more material, curable defaults under the extension shall be on the same terms and conditions as this Lease, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms, covenants whether or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenantnot cured. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the (c) All terms and conditions of this LeaseLease shall apply to each extended term, except that for Base Rent, which shall be Basic Rent during the Base Rent for the Extension Period applicable extended term shall be Fair Market Rental Value. (1) The term "Fair Market Rental Value" shall be the “Fair Market Rent” for the rental rate that comparable Premises for the Extension Termsame term of the applicable extended term would command on the open market at the time of commencement thereof, as determined as set forth belowjointly by Lessor and Lessee. For purposes hereof, “Fair Market Rent” the term "comparable Premises" shall mean premises similar in size and location to the then prevailing fair market monthly rental rate for the PremisesPremises with similar improvements and amenities, including applicable rent escalations, based on a lease any improvements installed upon Lessee's initial occupancy of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Period.

Appears in 2 contracts

Samples: Lease Agreement (Go2net Inc), Lease (Infospace Inc)

Option to Extend. a. If Provided that (i) Tenant is not and has not been sublet more than 30% of the Premises, and (ii) at the time of exercise and at all times prior to the commencement of the Extended Term, Tenant shall not be in default under this Lease or otherwise failed to have timely performed all of any term or provision Tenant’s obligations under this Lease, the Term of this Lease and has not Transferred this Lease or any of the Premises or agreed shall be subject to do so in the future, Tenant shall have one (1) extension option for an additional period of 36 months (the “Extension Option”) to extend the Term with respect to the entirety ), commencing as of the Premises for an additional period expiration of five (5) years commencing when the initial Term expires Initial Term, and expiring on the date that is 36 full calendar months thereafter (the “Extension PeriodExtended Term”), solely exercisable as follows: (1) The Extension Option shall be upon the same material terms and conditions contained in accordance with the terms of this sectionLease, and subject to the following conditions: except that (i) the initial Monthly Base Rent for the Premises shall be equal to the Fair Market Rent (as defined in Section 2.2(c)(2) below) for the Premises as of the first month of the Extension Option shall be exercised, if at all, by written notice of exercise delivered to Landlord by Tenant not less than three (3determined in the manner set forth in Section 2.2(c)(3) months prior to the expiration of the initial Termbelow; and (ii) Tenant shall accept the Premises on in an “AS-ISas isbasis; condition without any obligation of Landlord to repaint, remodel, repair, improve or alter the Premises (iii) the extension shall be on the same terms and conditions as this Leasesubject, except as however, to the amount terms of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms, covenants or conditions Section 8.1 of this Lease, either at the time Tenant exercises ). (2) Tenant’s election to exercise the Extension Option or at any time thereafter must be given to Landlord in writing no less than 365 days and no more than 455 days prior to or upon the commencement date expiration of the initial Term (the “Extension Notice”), Within thirty (30) days of Landlord’s receipt of the Extension PeriodNotice, Landlord shall have, in addition to all send Tenant written notice of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term determination of the Extension Period upon all of the terms and conditions of this Lease, except that the Base Fair Market Rent for the Extension Period shall be Premises (the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth belowRent Notice”). For purposes hereofof this Section, the term “Fair Market Rent” shall mean the then prevailing fair market monthly base rental rate, periodic rental rate adjustment and other charges and increases, if any, for the Premises, including applicable rent escalations, based on a lease of second-generation office/laboratory space of similar age, construction, comparable in size, level of improvement location and location as quality to the PremisesPremises under a primary lease (and not sublease) to new or renewing tenants, including the services and costs included in this Lease, and adjusted to reflect that no free rent, for a comparable term with a tenant improvement allowance or similar concessions allowance, if applicable and taking into consideration such amenities as existing improvements, view, floor on which the Premises are being provided situated and the like, situated in buildings in Emeryville, California. Notwithstanding anything to Tenant during the contrary contained herein, the Extension PeriodOption shall automatically terminate and be of no further force or effect, whether or not Tenant has timely exercised the Extension Option, if a monetary or material non-monetary Default exists at the time of exercise of the Extension Option or at the time of commencement of the Extended Term.

Appears in 2 contracts

Samples: Office/Laboratory Lease (Kyverna Therapeutics, Inc.), Office/Laboratory Lease (Kyverna Therapeutics, Inc.)

Option to Extend. a. If Provided that (i) Tenant is not and has not been in default sublet any portion of any term the Premises other than Suite 120, and (ii) no monetary Default or provision material non-monetary Default by Tenant exists at the time of exercise or at the time of commencement of the Extended Term, the Term of this Lease and has not Transferred this Lease or any of the Premises or agreed shall be subject to do so in the future, Tenant shall have one (1I) extension option for an additional period of sixty (60) months (the “Extension Option”) to extend the Term with respect to the entirety ), commencing as of the Premises for an additional period expiration of five the Initial Tern, and expiring on the date that is sixty (560) years commencing when the initial Term expires full calendar months thereafter (the “Extension PeriodExtended Term”), solely exercisable as follows: (1) The Extension Option shall be upon the same material terms and conditions contained in accordance with the terms of this sectionLease, and subject to the following conditions: except that (i) the initial Monthly Base Rent for the Premises shall be equal to the fair market rent for the Premises determined in the manner set forth in Section 2.2(b)(3) below, (ii) on each anniversary of the commencement date of the Extended Term, the Monthly Base Rent shall increase three and one-half percent (3\/,%), on a cumulative basis, and (iii) Tenant shall accept the Premises in an “as is” condition without any obligation of Landlord to repaint, remodel, repair, improve or alter the Premises (subject, however, to the terms of Section 8.1 of the Lease). (2) Tenant’s election to exercise the Extension Option shall must be exercised, if at all, by written notice of exercise delivered given to Landlord by Tenant not in writing no less than three hundred and sixty-five (3365) months days prior to the expiration of the initial Term; Initial Term (iithe “Extension Notice”). Within thirty (30) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms and conditions as this Lease, except as to the amount days of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date Landlord’s receipt of the Extension PeriodNotice, Landlord shall have, in addition to all send Tenant written notice of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term good faith determination of the Extension Period upon all of the terms and conditions of this Lease, except that the Base Fair Market Rent for the Extension Period shall be Premises (the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth belowRent Notice”). For purposes hereofof this Section, the term “Fair Market Rent” shall mean the then prevailing fair market monthly base rental rate, periodic rental rate adjustment and other charges and increases, if any, for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, comparable in size, level of improvement location and location as quality to the PremisesPremises under a primary lease (and not sublease) to new or renewing tenants, including the services and costs included in this Lease, and adjusted to reflect that no free rent, for a comparable term with a tenant improvement allowance or similar concessions allowance, if applicable and taking into consideration such amenities as existing improvements, view, floor on which the Premises are being provided situated and the like, situated in buildings in Berkeley and Emeryville, California. Notwithstanding anything to Tenant during the contrary contained herein, the Extension PeriodOption shall automatically terminate and be of no further force or effect, whether or not Tenant has timely exercised the Extension Option, if a monetary Default or material non-monetary Default exists at the time of exercise of the Extension Option or at the time of commencement of the Extended Term.

Appears in 2 contracts

Samples: Office/Laboratory Lease (Caribou Biosciences, Inc.), Office/Laboratory Lease (Caribou Biosciences, Inc.)

Option to Extend. a. If Provided (i) Tenant (as used in this Section 16.19, the term "Tenant" shall also include any Permitted Transferee that succeeds to Tenant's interest under Article 11, above) is not in Default hereunder at the time it exercises this option, (ii) the creditworthiness of Tenant is not and has not been no less than on the date hereof, (iii) Tenant originally named herein remains in default possession of any term all or provision of this Lease and has not Transferred this Lease or any substantially all of the Premises or agreed to do so in the futureLeased Premises, Tenant shall have one (1) the option (the “Extension Option”) to extend the Original Term with respect to the entirety of the Premises for an additional period five (5) successive periods of five (5) years commencing when each (the "Extension Term(s)"). The Extension Term shall be upon the same terms and conditions contained in the Lease during the initial Lease Term expires (the “Extension Period”), solely in accordance with the terms of this section, and subject to the following conditions: "Original Term") except (i) the Extension Option this provision giving five (5) extension options shall be exercisedamended to reflect the remaining options to extend, if at allany and (ii) the Minimum Annual Rent shall be adjusted as set forth below (the "Rent Adjustment"). Tenant shall exercise such option by (i) delivering to Landlord, by written notice of exercise delivered to Landlord by Tenant not less no later than three nine (39) months prior to the expiration of the initial 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. In the case of a notice disputing the Rental Adjustment, Landlord and Tenant shall accept mutually work together for a period of ten (10) days to resolve the Premises on an “ASdispute and, if unable to agree upon the Rental Adjustment within said period, Landlord and Tenant shall in good faith participate in non-IS” basis; binding arbitration of the Rental Adjustment for a period of thirty (iii30) the extension days. Unless Landlord otherwise agrees in writing, Tenant's failure to timely exercise such option shall be on the same terms waive it and conditions as this Lease, except as to any succeeding option. Landlord shall notify Tenant of the amount of Base the Rent and that there shall be Adjustment no further Extension Options; and later than sixty (iv60) if days after receipt of Tenant's exercise of its option. If Tenant is in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant properly exercises the Extension Option or at any time thereafter prior its option to or upon the commencement date of the Extension Periodextend, Landlord and Tenant shall have, in addition execute an amendment to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of Lease reflecting the terms and conditions of this Leasethe 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 Building for space of comparable size and quality and with similar or equivalent improvements as are found in the Building, except and if none, then in similar buildings in the vicinity, excluding free rent and other concessions; provided, however, that in no event shall the Base 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 one-twelfth (1/12) of the Minimum Annual Rent for the Extension Period Term and shall be paid at the “Fair Market Rent” for same time and in the Premises for same manner as provided in the Extension Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Period.

Appears in 2 contracts

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

Option to Extend. a. If Provided Tenant is not and has not been in default of in its obligations hereunder beyond any term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the futureapplicable cure period, Tenant shall have one (1) an option (the “Extension Option”) to extend the Term with respect to the entirety of the Premises this Lease for an additional term (hereinafter referred to as “Extended Term”) commencing immediately upon the expiration of the initial term hereof and continuing for a period of five (5) years commencing when the initial Term expires (the “Extension Period”)years, solely provided that Tenant proceeds strictly in accordance with the terms provisions of this section, and subject Section III(c). Not later than two hundred seventy (270) days prior to the following conditions: last day of the initial term hereof (ithe “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 Extension Option Rent pursuant to Section IV of the Lease which shall be exerciseddue 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, if at all, by written notice of exercise delivered to Landlord by Tenant not but in no event less than the rent for the last year during the initial term of this Lease. Within three (3) months 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 in accordance with the provisions of this Lease, unless Tenant shall have elected by written notice to Landlord during said three (3) week period to have the rent for the Extended Term determined by the arbitration system described herein. Each of Landlord and Tenant shall at its own cost and expense retain a real estate broker, who must have ten (10) years experience in commercial leasing in the greater Boston metropolitan market, to determine the fair market rent for the Premises as of the commencement date of the Extended Term, which appraisals must be completed and submitted within thirty (30) days of the commencement of the appraisal process by Tenant’s notice. If the two appraisals are within ten percent (10%) of each other, the average of the two amounts shall constitute the rent which shall be due during the Extended Term. If the two appraisals are not within ten percent (10%) of each other, the two brokers shall select a third real estate broker (who must also possess the minimum qualifications described above), who within the next thirty (30) days shall select which of the two initial amounts shall constitute the rent which shall be due during the Extended Term. Landlord and Tenant shall each bear one-half of the cost of said third broker. The appraisal process shall be binding upon both Landlord and Tenant, and once the process is initiated, Tenant may not withdraw the exercise of the Option to Extend. If Tenant shall fail to give Landlord written notice not less than two hundred seventy (270) days prior to the expiration of the initial Term; (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms and conditions as this Lease, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms, covenants or conditions term of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the have no right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended extend this Lease for the term of Extended Term, and this Lease shall terminate as provided in Section III, and Tenant shall vacate the Extension Period upon all of Premises on or before such date in accordance with the terms and conditions provisions of this Lease, except that the Base Rent for the Extension Period shall be the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Period.

Appears in 2 contracts

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

Option to Extend. a. If 15.1 So long as CardioDx, Inc. is the Tenant is not hereunder and has not been in default of any term or provision of this Lease and has not Transferred this Lease or any occupies the entirety of the Premises or agreed Leased Premise, and subject to do so the condition set forth in the futureclause (b) below, Tenant shall have one (1) option (the “Extension Option”) to extend the Term term of this Lease with respect to the entirety of the Premises Leased Premises, for an additional a period of five two (52) years commencing when from the initial expiration of the 90th month of the Lease Term expires (the “Extension Period”), solely in accordance with the terms of this section, and subject to the following conditions: : (ia) the Extension Option The option to extend shall be exercised, if at all, by written notice of exercise delivered given to Landlord by Tenant not more than twelve months nor less than three (3) nine months prior to the expiration of the initial 90th month of the Lease Term; ; (iib) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms and conditions as this Lease, except as Anything herein to the amount of Base Rent and that there shall be no further Extension Options; and (iv) contrary notwithstanding, if Tenant is in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option extension option or at any time thereafter prior to or upon on the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remediesremedies provided in this Lease, the right to terminate the Extension Option such option to extend upon notice to Tenant. b. If 15.2 In the Extension Option event the option is exercised in a valid and timely fashion, the Term Lease shall be extended for the term of the Extension Period upon all of the terms and conditions of this Lease, except provided that the Base Monthly Rent for the Extension Period shall be 95% of the “Fair Market Rent” for the Premises for the Extension TermLeased Premises, as determined increased as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate Base Monthly Rent and annual escalations determined pursuant to the process described below. In no event, however, shall any adjustment of Base Monthly Rent pursuant to this paragraph result in a decrease of the Base Monthly Rent for the Premises, including applicable rent escalations, based on a lease Leased Premises below the amount due from Tenant for the preceding portion of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Periodinitial Lease Term for which Base Monthly Rent had been fixed.

Appears in 2 contracts

Samples: Lease Agreement (Cardiodx Inc), Lease Agreement (Cardiodx Inc)

Option to Extend. a. If Provided that Tenant is not and has not been in default hereunder (i.e., after expiration of any applicable cure period specified in Section XX.A., without cure during such period, if any) either at the date Tenant's notice of exercise is given or on the date the Additional Term (as defined below) would otherwise commence, and provided further that Tenant is entitled to and concurrently exercises its option to extend the term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so lease between Landlord and Tenant of even date herewith for certain other premises (the "Other Premises") within the other building located in the futureProject (the "Other Lease"), Tenant shall have the option to extend the Term by one (1) option (the “Extension Option”) to extend the Term with respect to the entirety of the Premises for an additional period of five (5) years commencing when the initial Term expires (the “Extension Period”"Additional Term"). The Additional Term shall commence, if at all, on the day after the Expiration Date and shall continue through the fifth (5th) anniversary of the Expiration Date specified in Section I. above (as amended pursuant to Section III., if applicable), solely in accordance with the terms of this section, and subject to the following conditions: (i) the Extension Option earlier termination as provided herein. Such option shall be exercised, if at all, by written notice of exercise delivered to Landlord by Tenant not less given at least nine (9) and no more than three twelve (312) months prior to the expiration Expiration Date of the initial Term; (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms and conditions as this Lease, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if . If Tenant is entitled to and gives notice in default under any of the terms, covenants or conditions of this Lease, either at manner and within the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Periodset forth in this subsection A., Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, then the Term shall be extended by the Additional Term, on all of the conditions set forth in this Lease for the original Term, except that: (1) Monthly Rental for the Additional Term and for the additional term of the Extension Period upon all Other Lease shall be at the fair market rental value thereof, and shall be determined concurrently, as follows: (a) For a period of fifteen (15) days after Tenant's exercise of the terms foregoing option with respect to the Additional Term, Landlord and conditions Tenant shall attempt to agree on the fair market rental value for the Additional Term of this Lease and the Other Lease. In determining fair market rental, (i) parking charges, if any, then imposed or proposed to be imposed for parking at the Project shall be considered and (ii) Alterations made to the Premises by Tenant at Tenant's cost shall not be considered. If Landlord and Tenant are unable to so agree within such fifteen (15) day period, then each party shall, by written notice to the other party given within ten (10) days after expiration of such fifteen (15) day period, select an appraiser. If either party shall fail to select an appraiser in such manner and within such time, the single appraiser actually selected shall perform the appraisal. Tenant shall, by written notice to each appraiser with a copy to Landlord, request each appraiser to obtain information from Landlord with respect to parking charges for the Additional Term, and Landlord shall promptly provide each appraiser the amount of any parking charge to be assessed Tenant during the Additional Term. If each party timely and properly selects an appraiser, the two appraisers selected by the parties shall determine and attempt to agree on the fair market rental value for the Additional Term of this Lease and the Other Lease within thirty (30) days after their appointment; if they are unable to so agree and their appraised values differ by more than five percent (5%) in the aggregate over the Additional Term of this Lease and/or the Other Lease, except that the Base Rent two appraisers shall, by written notice to Landlord and Tenant, select a third appraiser within five (5) days after expiration of the thirty (30) day period within which they were to determine and agree on the fair market rental, which third appraiser shall analyze the fair market rental for the Extension Period additional term for each lease with respect to which such difference in appraisals exists. If they cannot agree on a third appraiser within such time period, or if both parties fail to select an appraiser in the manner and within the time herein provided, either party may have the third (or sole, if applicable) appraiser appointed by application to the presiding judge of the San Diego County Superior Court or his or her designee. If the appraised value of the first two appraisers are within five percent (5%) in the aggregate over the Additional Term for either or both this Lease and the Other Lease, then Landlord shall be calculate the “Fair Market Rent” for average of the Premises for the Extension Term, two appraised values as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly a flat rental rate for the Premisesproposed term of such lease(s), including applicable rent escalationswhich average shall be the fair market rental rate for the Additional Term of such lease(s). (b) The appraisers shall have the MAI designation and a minimum of ten (10) years experience in the San Diego office market. Each of the first two appraisers shall analyze the fair market rental value of the Premises and the premises which are the subject of the Other Lease and shall give written notice to the parties of his or her appraisal within thirty (30) days following his or her appointment or selection, based on but in no event later than the commencement of the Additional Term. If a lease single appraiser is used, his or her determination shall be the fair market rental rate. If three appraisers are used, the third appraiser shall select one of space of similar age, construction, size, level of improvement and location the values determined by the first two appraisers as the Premises, including fair market rental rate for any lease with respect to which the services appraisals differ by more than five percent (5%). The cost of the appraisals shall be shared equally by Landlord and costs included in Tenant. (2) The provisions of Section III. and EXHIBIT C. of this Lease, and adjusted Lease shall not apply; and (3) There shall be no further options to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during extend the Extension PeriodTerm.

Appears in 2 contracts

Samples: Lease (Peregrine Systems Inc), Lease Agreement (Peregrine Systems Inc)

Option to Extend. a. If Provided (i) Tenant is not and has not been in default of any term or provision under the terms of this Lease at the time this renewal option is exercised or at the commencement of the Extension Term (as hereinafter defined), (ii) Tenant is occupying at least ninety percent (90%) of the Premises, including any expansion space, and (iii) Landlord has not Transferred this Lease or given more than two (2) notices of default in any twelve (12) month period for nonpayment of the Premises or agreed to do so in the futuremonetary obligations, Tenant shall have one (1) the option (the “Extension Option”) to extend the Term with respect to the entirety of the Premises renew this Lease for an additional period of five sixty (5) years commencing when the initial Term expires (the “Extension Period”), solely in accordance with the terms of this section, and subject to the following conditions: (i) the Extension Option shall be exercised, if at all, by written notice of exercise delivered to Landlord by Tenant not less than three (360) months prior to the expiration of the initial ("Extension Term; (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension "). The Extension Term shall be on the same terms and conditions as this Lease, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions of this Lease, except that the Base Rent Landlord shall have no additional obligation for the Extension Period shall be the “Fair Market Rent” free rent, leasehold improvements or for the Premises any other tenant inducements for the Extension Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant Base Rent during the Extension PeriodTerm 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 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 end of the initial Term (i.e. the last day of the one hundred twentieth (120th) month). Any notice not given in a timely manner, shall be void, and Tenant shall be deemed to have waived its extension rights. The extension option set forth herein is personal to Tenant and shall not be included in any assignment of this Lease. A. K.N. ------------------------------------- ---------------------------------------- Landlord's Initials Tenant's Initials CATELLUS (SOUTHSHORE CORPORATE PARK PLAN) EXHIBIT A-1 (SITE PLAN) EXHIBIT A-2 EXHIBIT B WORK LETTER THIS WORK LETTER ("Work Letter") is entered into as of this ____ day of December, 2000, by and between CATELLUS DEVELOPMENT CORPORATION, a Delaware corporation ("Landlord"), and SYNETICS SOLUTIONS INC., an Oregon corporation ("Tenant").

Appears in 2 contracts

Samples: Multi Tenant Industrial Triple Net Lease (Brooks Automation Inc), Multi Tenant Industrial Triple Net Lease (Brooks Automation Inc)

Option to Extend. a. If Tenant (a) Provided this Lease is not in full force and has not been effect and that no Default by Tenant, as defined in default this Lease is in existence either on the date of any term or provision Tenant’s Extension Notice (as hereinafter defined) or, unless waived in writing by Landlord for the purpose of this Lease Extension Option (as hereinafter defined), on the Extension Effective Date, and has not Transferred provided further that this Lease or any of the Premises or agreed shall not have theretofore been assigned (other than pursuant to do so in the futurean assignment not requiring Landlord’s consent thereto), Tenant shall have the right, at Tenant’s option, to extend the Term of this Lease for one (1) option (the “Extension Option”) to extend the Term with respect to the entirety of the Premises for an additional period of five (5) years (the “Optional Extended Term”) commencing when on the initial Term expires day following the Expiration Date (the “Extension PeriodEffective Date)) and ending on the fifth (5th) anniversary of the Expiration Date. Such option to extend (the “Extension Option”) shall be exercised by Tenant giving written notice (“Tenant’s Extension Notice”) of the exercise thereof to Landlord at least eighteen (18) but not more than twenty-one (21) months before the Expiration Date. If Tenant shall fail to timely give Tenant’s Extension Notice as provided herein, solely in accordance with the terms of this section, and subject to the following conditions: (i) the Extension Option shall be exercised, if at all, deemed automatically and irrevocably waived by written notice of exercise delivered to Landlord by Tenant not less than three (3) months prior Tenant. The Term as extended pursuant to the expiration of the initial Term; (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension Extension Option shall be on upon the same terms terms, covenants, and conditions as set forth in this Lease, Lease except as to that the amount of Base Rent and that there payable during the Optional Extended Term, if exercised, shall be no further Extension Options; and equal the Market Rate (iv) if Tenant is in default under any of as defined below). In the terms, covenants or conditions of this Lease, either at the time event Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Periodas provided herein, Landlord shall havethen Tenant shall, in addition to all of within fifteen (15) days after Landlord’s other rights request, execute and remedies, deliver an amendment to the right to terminate Lease memorializing such exercise and the Extension Option upon notice to TenantRent payable by Tenant during the Optional Extended Term. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions (b) For purposes of this Lease, except that the Base Rent for the Extension Period shall be the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth below. For purposes hereofArticle, “Fair Market RentRate” shall mean the rate then prevailing fair being accepted by landlords for comparable improved space in the Development and in office buildings comparable thereto in the West Loop submarket of the downtown Chicago office market monthly rental rate on an “as is” renewal basis for a comparable term, taking into account the Premisesuse, location and floor level within the applicable building, and any other relevant term or condition in making such evaluation, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, any tenant improvement allowance allowances or similar other leasing concessions are being offered in connection therewith, all as reasonably determined by Landlord and provided to Tenant during in writing within thirty (30) days after the date of delivery of Tenant’s Extension PeriodNotice to Landlord (“Landlord’s Market Rate Notice”).

Appears in 2 contracts

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

Option to Extend. a. If Tenant is not and has not been in default of any term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the future, Tenant shall have one (1) the option (the “Extension Option”) to extend the Term with respect to the entirety of the Premises this Lease for an two (2) additional period of five (5) years commencing when the initial Term expires year term(s) (the “Extension Period”)"Option Terms") upon the same conditions applicable to the Primary Term. However, solely during each Option Term the rent for the first three (3) years shall be four percent (4%) over the rent payable in accordance with the year immediately preceding such Option Term, and the rent for 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 this sectionLease" are used in this Lease, and subject they shall refer to the following conditions: 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 (i180) days before the Extension expiration of the Primary Term or any prior Option shall be exercisedTerm, if at all, 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 twenty (20) but not more than thirty (30) days prior to when such option needs to be exercised. Tenant shall not be entitled to exercise delivered any option to Landlord by 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 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 its rent and has not less cured such late payments within ten (10) days after written notice on more than three (3) months prior to the expiration of the initial Term; (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms and conditions as this Lease, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under occasions during any of the terms, covenants or conditions year of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions of this Lease, except that the Base Rent for the Extension Period shall be the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Period.

Appears in 2 contracts

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

Option to Extend. a. If Tenant is not and has not been in default of any term or provision of this Lease and has not Transferred this Lease or any As of the Premises or agreed Effective Date, Section 3.2 of the Existing Lease is hereby amended to do so grant Tenant two (2) options (in place of the future, Tenant shall have one (1) option granted in the Existing Lease) to extend the 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 (2) additional periods of five (5) years each. Such options shall collectively be referred to as, the “Extension Options” and individually, as an “Extension Option.” The exercise of any Extension Option shall be governed by the terms and conditions of Section 3.2 of the Existing Lease; provided however that since the lease term for the Third Floor Portion, Fourth Floor Portion and Original Storage Space, on the one hand, and the lease term for the 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 deemed to refer to either the Third Floor Portion, Fourth Floor Portion and Original Storage Space or to the Seventh Floor Portion, Eighth Floor Portion and Additional Storage Space, as applicable; (b) the second Extension Option as to 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 (c) the second Extension Option as to the Seventh Floor Portion, Eighth Floor Portion and Additional Storage Space shall automatically terminate if Tenant fails to timely and properly exercise the first Extension Option as to the Seventh Floor Portion, Eighth Floor Portion and Additional Storage Space. b. The first sentence of Section 3.2.1 of the Existing Lease is deleted and replaced in its entirety with the following: If no “Suspension Condition” (as hereinafter defined) exists at the time of Tenant’s exercise of the option to extend the Term or at the commencement of the Extended Term, and, with respect to the option to extend the Fourth Floor Portion, Tenant has timely and properly exercised the option to extend the fourth floor of the Annex set forth in the Annex Lease for the comparable extended term, Tenant shall have two (2) options (each, an “Extension Option”) to extend the Initial Term with respect to the entirety of the Premises for an additional period periods of five (5) years commencing when the initial Term expires (the each, an Extension PeriodExtended Term”), solely in accordance with the terms of this section, and subject to the following conditions: (i) the Extension Option shall be exercised, if at all, by written notice of exercise delivered to Landlord by Tenant not less than three (3) months prior to the expiration of the initial Term; (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms and conditions as this Lease, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions of this Lease, except that the Base Rent for the Extension Period shall be the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Period.

Appears in 2 contracts

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

Option to Extend. a. If Tenant is not and has not been in default At the expiration of any term or provision the Third Extended Term of this Lease and has not Transferred Lease, if this Lease or any of shall then be in full force and effect and no default beyond the Premises or agreed to do so in the futureapplicable cure period then exists, Tenant shall have one (1) the option (the “Extension Option”) to extend the Term with respect to the entirety of the Premises this Lease for an additional period extended term of five (5) years commencing when the initial Term expires Lease Years (the “Extension PeriodFourth Extended Term”), solely in accordance with the terms of this section, and subject to the following conditions: (i) the Extension Option shall be exercised, if at all, by written notice of exercise delivered to Landlord by Tenant not less than three (3) months prior to the expiration of the initial Term; (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on upon the same terms and conditions as this Lease, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is stated in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions of this Lease, except that the Annual Base Rent for during the Extension Period Fourth Extended Term shall be at the “Fair Market Rent” for Rent as determined below, provided further, however, that (a) the Annual Base Rent payable during the Fourth Extended Term shall not be less than that payable during the final year of the Third Extended Term of this Lease; (b) Landlord shall have no obligation to do any work in the Premises for or give any work allowance; (c) there shall be no rent abatement period; and (d) there shall be no further option to extend beyond the Extension expiration of the Fourth Extended Term. In order to exercise the said option to extend, Tenant shall give Landlord written notice thereof not later than June 30, 2025. Tenant shall have no right to exercise its option to extend the Term, as determined as set forth below. For purposes hereofand any attempted exercise shall be void and of no effect, “Fair Market Rent” shall mean if: (i) the then prevailing fair market monthly rental rate for named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50% of the Premises; or (ii) Tenant shall be in default hereunder and such default shall not have been cured at the time of the attempted exercise or, including applicable rent escalationsif such default occurs after Tenant’s attempted exercise of the option, based on a lease at the time of space the proposed commencement of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension PeriodFourth Extended Term.

Appears in 1 contract

Samples: Lease Agreement (Nve Corp /New/)

Option to Extend. a. If Tenant Section 2.4(a) of the Lease is not hereby deleted and has not been the following new Section 2.4(a) is hereby inserted in default place thereof: (a) Provided that, at the time of any term or provision of such exercise, (i) this Lease is in full force and has effect, (ii) no Default of Tenant shall have occurred and be continuing (either at the time of exercise or at the commencement of an Extended Term), and (iii) Tenant shall not Transferred have assigned this Lease or vacated or sublet more than 20,000 rentable square feet in the Premises, other than in connection with a transfer for which Landlord’s consent is not required under Article VI (any of the Premises or agreed to do so which conditions described in the futureclauses (i), (ii), and (iii) may be waived by Landlord at any time in Landlord’s sole discretion), Tenant shall have the right and option to extend the Term of this Lease with respect to either the entire Premises, or only the portion of the Premises on the second floor, or only the portion of the Premises on the third floor, for one (1) option extended term (the an Extension OptionExtended Term”) to extend the Term with respect to the entirety of the Premises for an additional period of five (5) years commencing when the initial Term expires (the “Extension Period”), solely in accordance with the terms of this section, and subject to the following conditions: (i) the Extension Option shall be exercised, if at all, by giving written notice of exercise delivered to Landlord by Tenant not less later than three twelve (312) months prior to the expiration date of the initial then current Term; (ii) . The effective giving of such notice of extension by Tenant shall accept automatically extend the Term of this Lease for the Extended Term, and no instrument of renewal or extension need be executed; provided, however upon the request of either Landord or Tenant, the parties shall promptly enter into an amendment to this Lease to evidence the Extended Term and the terms thereof. In the event that Tenant fails timely to give such notice to Landlord, or if Tenant shall elect to extend the Term solely with respect to the second floor space or the third floor space, then this Lease shall automatically terminate with respect to the remainder of the Premises at the end of the Term and Tenant shall have no further option to extend the Term of this Lease with respect to such portion of the Premises. The Extended Term shall commence on an “AS-IS” basis; the day immediately succeeding the expiration date of the then current Term, and shall end on the day immediately preceding the fifth (iii5th) anniversary of the extension first day of the Extended Term. The Extended Term shall be on the same terms and conditions as this Lease, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the 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, (ii) the Basic Rent for the Extension Period Extended Term shall be ninety-five percent (95%) of the Fair Market Rent” for Rental Value of the Premises for as of the Extension commencement of the Extended Term, as taking into account all relevant factors, determined as set forth pursuant to paragraph (b) below. For purposes hereof; and (iii) if Tenant shall elect in such notice of extension to extend the Term for only the second floor space or the third floor space, “Fair Market Rent” the Premises thereafter shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted solely refer to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Periodsuch space.

Appears in 1 contract

Samples: Lease (First Marblehead Corp)

Option to Extend. a. If Tenant Provided that (a) no Event of Default has occurred and is not and continuing either at the time of giving notice of exercise of the Extension Option (as said term is hereinafter defined) or at the commencement of the Extension Option, (b) Tenant's interest in this Lease has not been in default of any term or provision of this Lease assigned and has not Transferred this Lease or any no part of the Premises has been sublet (except for an assignment or agreed sublease to do so a Permitted Transferee (as said term is hereinafter defined)) and (c) the Credit Requirement (as said term is hereinafter defined) has been satisfied as of the date of the giving of notice of exercise of the Extension Option (the matters referred to in clauses (a), (b) and (c) being hereinafter called the future"Option Conditions"), Tenant shall have one (1) the right and option (the "Extension Option") (which Extension Option may not be severed from the Lease or be separately assigned, mortgaged or transferred) to extend the Sixth Extended Term with respect to the entirety of the Premises this Lease for an additional period of five (5) years commencing when the initial Term expires (the "Extension Period”Term"), solely in accordance with the terms of this section, and subject to upon the following conditions: terms: 1. The Fixed Annual Base Rent portion of the Annual Rent for the Premises for each twelve (i12) month period during the Extension Option Term shall be exercised, if at all, by written notice of exercise delivered to Landlord by Tenant not less than three the Fair Market Rental Value (3as said term is hereinafter defined) months prior to the expiration as of the initial Term; (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms and conditions as this Lease, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord Term but in no event shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate such Fixed Annual Base Rent payable for any twelve (12) month period during the Extension Option upon notice to Tenant. b. If Term be less than the Extension Option is exercised in a valid and timely fashion, the Sixth Extended Term shall be extended for the term of the Extension Period upon all of the terms and conditions of this Lease, except that the Fixed Annual Base Rent for the Extension Period shall be the “Fair Market Rent” for the Premises for twelve (12) months period immediately prior to commencement of the Extension Term, as determined as set forth below. For purposes hereof, “"Fair Market Rent” Rental Value" shall mean be computed as of the beginning of the Extension Term at the then prevailing fair market monthly rental rate for the Premisescurrent fixed annual base rent charges, including applicable rent escalationsprovisions for subsequent increases and other adjustments, based on a lease for comparable space in the Building and comparable space in other comparable multi-tenant building in the so called Cherry Hill Corporate Center (the park in which the Building is located). In determining Fair Market Rental Value, the following factors (the "Market Factors"), among others, shall be taken into account and given effect: size of space of similar agethe premises, construction, size, level of improvement and location as escalation charges then payable under the Premises, including the services and costs included in this Lease, location of the premises, location of the building, allowances and/or any other special tenant inducements (if any or lack thereof) and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Periodlease term.

Appears in 1 contract

Samples: Lease Agreement (Ibis Technology Corp)

Option to Extend. a. If Tenant is not and has not been in default of any term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the future, Tenant shall have one (1) option (the “"Extension Option") to further extend the Term with respect Lease term from March 1, 2018 to the entirety of the Premises for an additional period of five (5) years commencing when the initial Term expires (the “and including February 28, 2023 Extension Period”Option term"), solely in accordance with the terms of this section, and subject to on the following terms and conditions: (i: a) the Tenant's Extension Option shall be exercisedsubject to satisfaction of each of the following conditions precedent, if at allwhich are solely for the benefit of, and may be waived unilaterally by, Landlord: (i) The Extension Option shall be exercised by written notice of exercise delivered by Tenant to Landlord by Tenant not less no later than three nine (39) months and no earlier than twelve (12) months prior to the expiration end of the initial Term; ; (ii) Tenant shall accept be in occupancy of one hundred percent (100%) of the area of the Premises on directly or through a wholly owned subsidiary (at any tier), and not through an “AS-IS” basisunaffiliated assignee or sublessee; and (iii) the extension The Lease shall be in full force and effect and Tenant shall not be in default of any material provision thereof both on the same terms day such written notice is delivered to Landlord and conditions as this Leaseon the last day of the Term; provided, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) however, if Tenant is in default under any but the cure period has not run, this condition shall be deemed satisfied if Tenant cures the default within the applicable cure period. b) In the event the Term shall be extended as the result of the exercise by Tenant of the Extension Option, then all of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions of this LeaseLease shall remain in full force and effect during the Extension Option term, except that the Base Rent for the Extension Period shall be the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market initial minimum monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension PeriodOption term shall be adjusted, as of the commencement of the Extension Option term, to the then effective fair market rental rate (“MRV”) as mutually agreed to by Landlord and Tenant; provided, however, that in no event shall the minimum monthly rent payable for any Lease Year be less than the minimum monthly rent payable for the immediately preceding Lease Year. c) If Landlord and Tenant cannot agree on the MRV within thirty (30) days after Tenant has exercised the Extension Option, then Landlord and Tenant shall then immediately appoint a mutually acceptable appraiser or broker to establish the new MRV within the next 30 days. The appraiser shall be an MAI appraiser, or the broker shall be licensed by the State of California, and either shall have a minimum of five years’ experience valuing similar properties in the region. Any associated costs will be split between the parties. If the parties cannot agree on an appraiser or broker to establish the MRV then either party may apply to the court for the appointment of an appraiser. If the MRV has not been determined by the commencement of the Extension Option term, Tenant shall continue to pay the minimum monthly rent in effect prior to the Extension Option term and shall pay any shortfall in the minimum monthly rent within fifteen (15) days after the MRV has been determined. d) Nothing stated or omitted in this Amendment to Lease shall be construed as a grant of any other extension of the term of this Lease or of any commitment to any further extension.

Appears in 1 contract

Samples: Lease (North Valley Bancorp)

Option to Extend. a. If Tenant is not and has not been in default of any term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed (a) Lessor hereby grants to do so in the future, Tenant shall have Lessee one (1) option (the “Extension Option”) option, at Lessee’s election, to extend the Term with respect to term of this Lease, for one period of thirty-six (36) calendar months immediately following the entirety expiration of the Premises for an additional period initial term of this Lease. Lessee may exercise the foregoing option to extend by giving written notice of exercise to Lessor at least five (5) years commencing when the initial Term expires months, but not more than twelve (the “Extension Period”)12) months, solely in accordance with the terms of this section, and subject to the following conditions: (i) the Extension Option shall be exercised, if at all, by written notice of exercise delivered to Landlord by Tenant not less than three (3) months prior to the expiration of the initial Termterm of this Lease (“the option exercise period”), time being of the essence; provided that if Lessee is currently in a state of uncured default after the expiration of notice and cure periods, if applicable (iireferred to herein as “in default”) Tenant shall accept under this Lease at the Premises time of exercise of the option or on an “AS-IS” basis; (iii) the commencement date of the option extension period, such notice shall be on void and of no force or effect. Said option extension period, if exercised, shall be upon the same terms and conditions as this Lease, except as with respect to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any of Premises as the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the initial term of the Extension Period upon all of the terms and conditions of this Lease, except that (i) the Base Monthly Rent for the Extension Period Premises during the option period shall be determined as set forth in Paragraph 3(c) hereof, (ii) there shall be no additional option to extend, and (iii) Lessee shall accept the Premises in their then “as is” condition. If Lessee does not exercise the option in a timely manner, the option shall lapse, time being of the essence. (b) The option to extend granted to Lessee by this Paragraph 3 is granted for the personal benefit of Pac Bio, Inc. only, and shall be exercisable only by Pac Bio, Inc. or by a “permitted transferee” under Paragraph 18(f) below. Said option may not be assigned or transferred by Pac Bio, Inc. to any assignee or sublessee other than a permitted transferee. (c) The initial Monthly Rent for the Premises during the option extension period shall be determined pursuant to the provisions of this subparagraph (c) and, subject to subparagraph (e) below, shall equal ninety-five percent (95%) of the then current fair market rental for the Premises on the commencement date of the option extension period as determined by agreement between Lessor and Lessee reached prior to the expiration of the option exercise period, if possible, and by the process of appraisal if the parties cannot reach agreement. Upon the written request by Lessee to Lessor received by Lessor at any time during the 30 day period prior to the expiration of the option exercise period (e.g., between December 1, 2010 and December 31, 2010 if the expiration date of the term of this Lease is May 31, 2011) and prior to the exercise by Lessee of the option to extend, Lessor shall give Lessee written notice of Lessor’s good faith opinion of the amount equal to ninety-five percent (95%) of the fair market rental value of the Premises as of the commencement of the option extension period. Thereafter, upon the request of Lessee, Lessor and Lessee shall enter into good faith negotiations during the remainder of the thirty (30) days prior to the expiration of the option exercise period in an effort to reach agreement on ninety-five percent (95%) of the initial Monthly Rent for the Premises. If Lessor and Lessee are unable to agree upon the amount equal to ninety-five percent (95%) of the then current fair market rent for the Premises as of the commencement date of the option extension period, and thereafter, prior to the expiration of the option exercise period, Lessee exercises the option to extend, said amount shall be determined by appraisal. The appraisal shall be performed by one appraiser if the parties are able to agree upon one appraiser. If the parties are unable to agree upon one appraiser, each party shall appoint an appraiser and the two appraisers shall select a third appraiser. Each appraiser selected shall be a member of the American Institute of Real Estate Appraisers (AIREA) with at least five (5) years of full-time commercial real estate appraisal experience in the Menlo Park office/R&D/manufacturing rental market. If only one appraiser is selected, that appraiser shall notify the parties in simple letter form within fifteen (15) days following its selection of its determination of the amount equal to ninety-five percent (95%) of the fair market Monthly Rent for the Premises on the commencement date of the option extension period. Said appraisal shall be binding on the parties as the appraised current ninety-five percent (95%) of the “Fair Market Rentfair market rental” for the Premises which shall be based upon what a willing new lessee would pay and a willing lessor would accept at arm’s length for comparable premises in the Extension Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean vicinity of the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space Premises of similar age, construction, size, level quality of construction and specifications (excluding the value of any improvements to the Premises made at Lessee’s cost) for a lease similar to this Lease and taking into consideration that there will be no free rent, improvement allowance, or other concessions. If multiple appraisers are selected, each appraiser shall within ten (10) days of being selected make its determination of the amount equal to ninety-five percent (95%) of the current fair market Monthly Rent for the Premises as of the commencement date of the option extension period in simple letter form. If two (2) or more of the appraisers agree on said amount, such agreement shall be binding upon the parties. If multiple appraisers are selected and location at least two (2) appraisers are unable to agree on said amount, the amount equal to ninety-five percent (95%) of the fair market Monthly Rent for the Premises shall be determined by taking the mean average of the appraisals; provided, that any high or low appraisal, differing from the middle appraisal by more than ten percent (10%) of the middle appraisal, shall be disregarded in calculating the average. Said initial Monthly Rent shall be adjusted annually on the anniversary of the commencement of the option term in the manner determined by the appraisers to be consistent with the then prevailing market practice for comparable space in the Menlo Park office/R&D/manufacturing rental market. If only one appraiser is selected, each party shall pay one-half of the fees and expenses of that appraiser. If three appraisers are selected, each party shall bear the fees and expenses of the appraiser it selects and one-half of the fees and expenses of the third appraiser. (d) Thereafter, provided that Lessee has previously given timely notice to Lessor of the exercise by Lessee of the option to extend the term of the Lease, Lessor and Lessee shall execute an amendment to this Lease stating that the initial Monthly Rent for the Premises during the option extension period shall be equal to ninety-five percent (95%) of the current fair market Monthly Rent for the Premises as of the Premisescommencement date of the option extension period as agreed upon by Lessor and Lessee, including or if the services and costs included parties did not agree, as determined by the foregoing appraisal process. (e) Notwithstanding anything to the contrary contained in this Lease, in no event shall the Monthly Rent at the commencement of the option extension period be less than the Monthly Rent for the Premises in effect immediately prior to the commencement of the option extension period. (f) As used in this Lease “term” or “term of this Lease” shall include the initial term and adjusted to reflect that no free rentthe option extension period, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Periodif exercised.

Appears in 1 contract

Samples: Lease (Pacific Biosciences of California Inc)

Option to Extend. a. If Tenant is not and has not been in default of any term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed (a) Lessor hereby grants to do so in the future, Tenant shall have Lessee one (1) option (the “Extension Option”) to extend the Term with respect to term of this Lease for one period of sixty (60) calendar months immediately following the entirety expiration of the Premises for an additional period of five (5) years commencing when initial term. Lessee may exercise the initial Term expires (the “Extension Period”), solely in accordance with the terms of this section, and subject foregoing option to the following conditions: (i) the Extension Option shall be exercised, if at all, extend by giving written notice of exercise delivered to Landlord by Tenant Lessor at least six (6) months, but not less more than three twelve (312) months months, prior to the expiration of the initial Termterm of this Lease, time being of the essence; provided that if Lessee is currently in a state of uncured default after the expiration of notice and cure periods, if applicable (iireferred to herein as “in default”) Tenant shall accept under this Lease at the Premises time of exercise of the option or on an “AS-IS” basis; (iii) the commencement date of the option extension period, such notice shall be on void and of no force or effect. Such option extension period, if exercised, shall be upon the same terms and conditions as the initial term of this Lease, including the payment by Lessee of the Operating Expenses pursuant to Paragraph 5, except as to that (i) the amount of Monthly Base Rent and that during the option period shall be determined as set forth in Paragraph 3(c) hereof, (ii) there shall be no further Extension Options; additional option to extend, and (iviii) if Lessee shall accept the Premises in their then “as is” condition and Paragraphs 13(a), (b), and (c), Tenant is Improvement Work, shall not apply to the option period. If Lessee does not exercise the option in default under any a timely manner the option shall lapse, time being of the termsessence. (b) The option to extend granted to Lessee by this Paragraph 3 is granted for the personal benefit of DepoMed only, covenants and shall be exercisable only by DepoMed or conditions by an “affiliate” of DepoMed under Paragraph 17(f) below. Said option may not be assigned or transferred by DepoMed to any assignee or sublessee other than an affiliate. (c) The initial Monthly Base Rent for the Premises during the option extension period shall be determined pursuant to the provisions of this Leasesubparagraph (c) and, either at subject to subparagraph (e) below, shall equal ninety-five percent (95%) of the time Tenant exercises then current fair market rental for the Extension Option or at any time thereafter prior to or upon Premises on the commencement date of the Extension Periodoption extension period as determined by agreement between the Lessor and Lessee, Landlord if possible, and by the process of appraisal if the parties cannot reach agreement. If Lessor and Lessee are unable to agree upon the amount equal to ninety-five percent (95%) of the then current fair market rent for the Premises, said amount shall have, in addition be determined by appraisal. The appraisal shall be performed by one appraiser if the parties are able to all of Landlord’s other rights and remedies, the right to terminate the Extension Option agree upon notice to Tenant. b. one appraiser. If the Extension Option is exercised in parties are unable to agree upon one appraiser, each party shall appoint an appraiser and the two appraisers shall select a valid and timely fashion, the Term third appraiser. Each appraiser selected shall be extended for the term a member of the Extension Period upon all American Institute of Real Estate Appraisers (AIREA) with at least five (5) years of full-time commercial real estate appraisal experience in the Menlo Park office/R&D/manufacturing rental market. If only one appraiser is selected, that appraiser shall notify the parties in simple letter form of its determination of the terms and conditions amount equal to ninety-five percent (95%) of this Lease, except that the fair market Monthly Base Rent for the Extension Period Premises on the commencement date of the option extension period within fifteen (15) days following its selection. Said appraisal shall be binding on the parties as the appraised current ninety-five percent (95%) of the “Fair Market Rentfair market rental” for the Premises for the Extension Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” which shall mean be based upon the then prevailing fair market monthly current rental rate paid by tenants for premises in the Premises, including applicable rent escalations, based on a lease vicinity of space the Property of similar age, construction, size, level quality of improvement construction and location as specifications. If multiple appraisers are selected, each appraiser shall within ten (10) days of being selected make its determination of the Premisesamount equal to ninety-five percent (95%) of the current fair market Monthly Base Rent for the Premises in simple letter form. If two (2) or more of the appraisers agree on said amount, including such agreement shall be binding upon the services parties. If multiple appraisers are selected and costs included two (2) appraisers are unable to agree on said amount, the amount equal to ninety-five percent (95%) of the fair market Monthly Base Rent for the Premises shall be determined by taking the mean average of the appraisals; provided, that any high or low appraisal, differing from the middle appraisal by more than ten percent (10%) of the middle appraisal, shall be disregarded in calculating the average. Said initial Monthly Base Rent shall be adjusted annually on the anniversary of the commencement of the option term in the manner determined by the appraisers to be consistent with the then prevailing market practice for comparable space. If only one appraiser is selected, then each party shall pay one-half of the fees and expenses of that appraiser. If three appraisers are selected, each party shall bear the fees and expenses of the appraiser it selects and one-half of the fees and expenses of the third appraiser. (d) Thereafter, provided that Lessee has previously given timely notice to Lessor of the exercise by Lessee of the option to extend the term, Lessor and Lessee shall execute an amendment to this Lease, and adjusted to reflect Lease stating that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant the initial Monthly Base Rent for the Premises during the Extension Periodoption extension period shall be equal to the determination by appraisal. (e) Notwithstanding anything to the contrary contained in subparagraph (c) above, in no event shall the Monthly Base Rent at the commencement of the option extension period be less than the Monthly Base Rent in effect immediately prior to the commencement of the option extension period.

Appears in 1 contract

Samples: Lease (Depomed Inc)

Option to Extend. a. If Provided that the Tenant is not and originally named herein (a) has not been in monetary default beyond applicable notice and cure periods during the Initial Term, (b) has, throughout the Initial Term, materially complied with all of any term or provision the provisions of Article Five hereof, and (c) is not in default under this Lease beyond applicable notice and has not Transferred this Lease or 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 Premises or agreed to do so in the futureapplicable notice and cure periods, Tenant shall have one (1) the right and option (the “Extension Option”) to extend the Initial Term with respect to the entirety of the Premises for an two (2) additional period consecutive periods of five (5) years each (each, an "Extension Term") each commencing when the initial day after the expiration of the then current Lease Term expires (and ending on the “Extension Period”)fifth anniversary of such expiration, solely in accordance with the terms of this section, and subject to the following conditions: (i) the Extension Option provided that Tenant shall be exercised, if at all, by written give Landlord notice of Tenant's exercise delivered to Landlord by Tenant not of such option no more than fifteen (15) months and no less than three twelve (312) months prior to the expiration of the initial then current Lease Term; (ii) . Prior to the exercise by Tenant of such option, the expression "Lease Term" shall accept mean the Premises on an “AS-IS” basis; (iii) the extension shall be on Initial Term as the same terms may have been extended, and conditions after the exercise by Tenant of such option, the expression "Lease Term" shall mean the Lease Term as this Lease, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any it has been then extended. All of the terms, covenants 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 giving of such notice without the requirement of any further action on the part of either Landlord or conditions 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, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date 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 Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions of this Lease, except that the Base Fair Market Rent for the Extension Period determined in accordance with Section 2.4 above. This option to extend shall be the “Fair Market Rent” for the Premises for the Extension Termpersonal to Collegium Pharmaceutical, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this LeaseInc., and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Periodshall not be exercisable by any other party other than a Permitted Transferee (as defined in Section 8.4 hereof).

Appears in 1 contract

Samples: Lease (Collegium Pharmaceutical, Inc)

Option to Extend. a. If Landlord hereby grants Tenant is not and has not been in default of any an option to extend the term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the future, Tenant shall have Lease for one (1) option (the “Extension Option”) to extend the Term with respect to the entirety of the Premises for an additional period of five (5) years years, commencing when immediately after the initial Term expires (expiration of the “Extension Period”)term of the Lease, solely in accordance with upon the same terms of this sectionand conditions contained therein, and subject to the following conditions: except that (i) the Extension Option Base Rent for the Premises shall be exercisedthe greater of (a) the then current monthly rental rate increased by the CPI or (b) the fair market value of the Property determined pursuant to Section 2.04 (ii) Tenant shal1 accept the Premises in an ''as is" condition without any obligation of Landlord to repaint, if at allremodel, by written notice repair, improve or alter the Premises, and (iii) there shall be no further options to extend the term of the Lease. Tenant's election to exercise delivered the option granted herein must be given to Landlord by Tenant not in writing no less than three six (36) months prior to the expiration of the initial Term; (ii) term. If Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms and conditions as this Lease, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant properly exercises the Extension Option or at any time thereafter prior option granted herein, references in the Lease to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon Lease shall be deemed to mean the option term unless the context clearly provides otherwise. Notwithstanding, anything to the contrary contained herein, all option rights of Tenant pursuant to this Paragraph shall automatically terminate without notice and shall be of no further force and effect, whether or not Tenant has timely exercised the option granted herein, if (a) a default on the part of Tenant exists under the Lease at the time of exercise of tile option or at the time of commencement of the terms and conditions option term, or (b) Tenant has assigned its interest in the Lease or subleased in aggregate greater than fifty percent (50%) of this Lease, except that the Base Rent for the Extension Period shall be the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for floor area of the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Period.

Appears in 1 contract

Samples: Lease Agreement (FNB Bancorp/Ca/)

Option to Extend. a. If As additional consideration for the covenants of Tenant is not and has not been in default of any hereunder, Landlord hereby grants unto Tenant an option (the "Option") to extend the term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the future, Tenant shall have Lease for one (1) option (the “Extension Option”) to extend the Term with respect to the entirety of the Premises for an additional period term of five (5) years commencing when the initial Term expires (the “Extension Period”"Option Term"), solely in accordance with the terms of this section, and subject . The Option shall apply only to the original space leased hereunder and any Offer Space thereafter leased by Tenant and shall be on the following terms and conditions: (i) : A. Written notice of Tenant's interest in exercising the Extension Option shall be exercised, if at all, by written notice of exercise delivered given to Landlord by Tenant not less no earlier than three twelve (312) months and no later than nine (9) months prior to the expiration of the initial Term ("Tenant's Notice"). Not later than thirty (30) days after receiving Tenant's Notice, Landlord shall give to Tenant notice of the terms, conditions and rental rate applicable during the Option Term, in accordance with subparagraph E below ("Landlord's Notice"). B. Tenant shall have fifteen (15) days following Tenant's receipt of Landlord's Notice within which to exercise the Option by delivering written notice of such exercise to Landlord under the exact terms, conditions and rental rate set forth in Landlord's Notice, If Tenant timely exercises the Option, the Lease shall be deemed extended and thereafter the parties shall execute an amendment to the Lease setting forth the terms of the extension. C. Unless Landlord is timely notified by Tenant in accordance with subparagraphs A and B above, it shall be conclusively deemed that Tenant does not desire to exercise the Option, and the Lease shall expire in accordance with its terms, at the end of the initial Lease Term. D. Tenant's right to exercise its Option shall be conditioned on: (i) Tenant not being in default under the Lease at the time of exercise of the Option or at the time of the commencement of the Option Term; and (ii) Tenant shall accept not having subleased more than twenty-five percent (25%) of the Premises on an “ASor assigned its interest under the Lease as of the commencement of the Option Term or having vacated more than twenty-IS” basis; five percent (iii25%) of the extension Premises. E. The Option granted hereunder shall be on upon the same terms and conditions as this Lease, contained in the Lease except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior option to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for extend the term of the Extension Period upon all of Lease beyond the terms Option Term and conditions of this Lease, except that the Base Rent for rental to be paid by Tenant to Landlord during the Extension Period Option Term shall be the “Fair Market Rent” rate which Landlord would quote to third parties for space comparable to the Premises if it were to become available for leasing, for a lease term scheduled to commence at the Extension time of commencement of the Option Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” but in no event shall mean the then prevailing fair market monthly rental rate for be less than the Premisesrent which Tenant is paying immediately prior to the commencement of the Option Term. Such rental rate may include escalations and pass-throughs. F. After exercise of the Option above described, including applicable rent escalations, based there shall be no further rights on a lease the part of space Tenant to extend the term of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Period.

Appears in 1 contract

Samples: Lease Agreement (Inflow Inc)

Option to Extend. a. If Tenant Provided Sublessee is not and has not been in default beyond the expiration of any applicable notice or grace period, Sublessee shall have two (2) options to extend the term or provision of this Lease and has not Transferred this Lease Sublease as to either or any both of the Premises or agreed to do so in the future, Tenant shall have one Phases (1) option (the each an “Extension Option”) for one (1) year each. If Sublessee elects to extend the Term exercise an Extension Option, Sublessee shall exercise such Extension Option by providing Sublessor with respect to the entirety of the Premises for an additional period of five (5) years commencing when the initial Term expires prior written notice (the “Extension PeriodNotice”) specifying the Phase(s) for which Sublessee elects to extend the Initial Sublease Term or Extension Term, as applicable, and the expiration date of the term as so extended (the “Extension Term”), solely as to each applicable Phase in accordance with the terms of this section, and subject to the following conditions: (i) the Extension Option Notice. Such Extension Notice shall be exercised, if at all, by written notice of exercise delivered to Landlord by Tenant given not less than three six (36) months prior to the expiration of the initial Term; (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms and conditions Initial Sublease Term or, as this Lease, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remediesapplicable, the right to terminate the first Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions of this Lease, except that the Term. The Base Rent for the Extension Period Term of any Phase shall be equal to one hundred four percent (104%) of the “Fair Market Rent” Base Rent payable for such portion of the Subleased Premises for during the immediately preceding term (Initial Sublease Term or first Extension Term, as determined applicable). Notwithstanding such right, in the event Sublessee elects to occupy less than all of the Subject Building, the parties shall agree upon such drywall and paint work as set forth belowmay be required to demise and separate the First Floor from the Second Floor in accordance with applicable laws and regulations to render the same usable by more than one tenant. For purposes hereofIn the event the parties reach agreement as to the scope of the work required to so demise the Subject Building (the “Agreed Upon Demising Work”) within thirty (30) days following the delivery by Sublessee of its election to extend the Initial Term of the Sublease for less than the entire Subject Building, “Fair Market Rent” and Sublessee fails to complete the Agreed Upon Demising Work on or prior to the expiration of such six (6) month period, then Sublessee shall mean the then prevailing fair market monthly rental rate continue to pay Base Rent to Sublessor for the Premisesentire Subject Building until the date the Agreed Upon Demising Work has been substantially completed. If the Agreed Upon Demising Work is not determined prior to the expiration of such thirty (30) day period, including applicable rent escalationsthen Sublessor shall have the right, based on a lease but not the obligation, at its sole cost and expense, to perform such demising work as Sublessor deems appropriate and, whether or not Sublessor elects to do so, Sublessee’s only obligation shall be to perform such work when and if it is determined provided such determination is made no later than 6 months prior to the expiration of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension PeriodTerm.

Appears in 1 contract

Samples: Sublease Agreement (Cymer Inc)

Option to Extend. a. If Provided (i) Tenant is not and has not been in default hereunder at any time during the Lease Term (the “Original Term”), (ii) the creditworthiness of any term or provision Tenant is then acceptable to Landlord, (iii) Tenant originally named herein remains in possession of this Lease and has not Transferred this Lease or any been continuously operating in the entire Leased Premises for the term immediately preceding the Extension Term (defined below), and (iv) the current use of the Leased Premises or agreed is acceptable to do so in the futureLandlord, Tenant shall have the option to extend the Original Term for one (1) option successive period of two (2) years (the “Extension OptionTerm) to extend ). The Extension Term shall be upon the same terms and conditions contained in the Lease for the Original Term with respect to except the entirety of the Premises for an additional period of five (5) years commencing when the initial Term expires Monthly Rental Installments shall be adjusted as set forth below (the “Extension PeriodRent Adjustment”). Tenant shall exercise such option by delivering to Landlord, solely in accordance with the terms of this section, and subject to the following conditions: no later than six (i) the Extension Option shall be exercised, if at all, by written notice of exercise delivered to Landlord by Tenant not less than three (36) months prior to the expiration of the initial Original Term; (ii) , written notice of Tenant’s desire to extend the Original Term. Unless Landlord otherwise agrees in writing, Tenant’s failure to timely exercise such option shall waive it. Landlord shall notify Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms and conditions as this Lease, except as to of the amount of Base the Rent and that there shall be Adjustment no further Extension Options; and later than ninety (iv90) if Tenant is in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter days prior to or upon the commencement date of the Extension PeriodTerm. If Tenant properly exercises its option to extend, Landlord and Tenant shall have, in addition execute an amendment to all the Lease reflecting the amount of Landlord’s other rights and remedies, the right to terminate Rent due under the Extension Option upon notice to TenantTerm. b. If The Monthly Rental Installments for the Extension Option is exercised in a valid and timely fashion, the Term shall be extended (I) $11,509.27 for the term first year of the Extension Period upon all of the terms and conditions of this Lease, except that the Base Rent for the Extension Period shall be the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate and (ii) $11,797.00 for the Premises, including applicable rent escalations, based on a lease second year of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this LeaseExtension Term, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during (iii) $12,091.93 for the third year of the Extension PeriodTerm.

Appears in 1 contract

Samples: Lease Agreement (Novavax Inc)

Option to Extend. a. If Tenant is not and has not been in default of any term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the future, Tenant shall have hereby granted one (1) option (the “Extension Option”) to extend the Term with respect to the entirety of the Premises for an additional period of five (5) years commencing when the initial Term expires (the “Extension Period”), solely in accordance with the terms term of this sectionLease for one, and subject to the following conditions: (i) the Extension Option shall be exercised, if at all, by written notice of exercise delivered to Landlord by Tenant not less than three (3) months prior year period (the "Option Term"), such extension to the expiration of the initial Term; (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms and conditions as this Leasethe initial term except for the Monthly Installment of Rent, except as to the amount of Base Rent and that there which shall be no further Extension Options; and (iv) if determined as provided below. It shall be a condition of Tenant's right to exercise the option to renew herein that Tenant is in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to compliance with all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of 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. If Tenant elects to exercise the option, Tenant shall exercise said option only by written notice, delivered to Landlord at least one hundred eighty (180) days prior to the expiration of the Term of this Lease, except that the Base Rent for the Extension Period . There shall be no further options to extend the term of this Lease at the end of the Option Term. The Monthly Installment of rent payable during the Option Term shall be 95% of the Fair Market Rent” Rental for the Premises for as of the Extension first day of the Option Term, as determined as set forth belowbut not less than the amount in place at the end of the initial Term. For purposes hereofPromptly following the exercise of the Option, the parties shall meet and endeavor to agree upon the Fair Market Rent” shall mean the then prevailing fair market monthly rental rate Rental for the Premises. The Premises shall be compared only to buildings in the Santa Clarx xxxa of a similar quality and size. If, including applicable rent escalationswithin thirty (30) days after the exercise of the Option, based the parties cannot agree upon the Fair Market Rental for the Premises as of the first day of the Option Term, 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 appointed or designated an appraiser unless they have at least five (5) years experience in appraising major commercial properties in Santa Clarx County and is a member of a recognized society of real estate appraisers. If, within thirty (30) days after their appointment, the two appraisers reach agreement of the Fair Market Rental for the Premises as of the first day of the Option Term in question, that value shall be binding and conclusive upon the parties. If the two appraisers thus appointed cannot reach agreement on the question presented within thirty (30) days after their appointment then the appraisers thus appointed shall appoint a lease third disinterested appraiser having like qualifications. If within thirty (30) days after the appointment of space the third appraiser, a majority of similar agethe appraisers agree on the Fair Market Rental of the Premises as of the first 20 29 day of Option Term, constructionthat value shall be binding and conclusive upon the parties. If within thirty (30) days after the appointment of the third appraiser, sizea majority of the appraisers cannot reach agreement on the question presented, level of improvement and location as then the Premises, including three appraisers shall each submit their independent appraisal to the services and costs included in this Leaseparties, and adjusted the appraisal farthest from the median of the three appraisals shall be disregarded and the mean average shall be deemed to reflect that no free rentbe 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, tenant improvement allowance they or similar concessions are being provided either of them shall give notice of such failure to Tenant during agree to the Extension Periodparties and if the parties fails to agree upon the selection of such third appraiser within ten (10) days after the appraisers appointed by the parties give such notice, then either of the parties, upon notice to the other party, may request such appointment by the American Arbitration Association, or on 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. a. ‌ (a) If the Tenant is (i) not and has not been in material default of any term or provision under the terms of this Lease throughout the Term and has not Transferred this Lease or any (ii) in occupation of the Premises or agreed to do so in whole of the futurePremises, the Tenant shall have one the option exercisable upon no less than nine (19) option (months written notice to the “Extension Option”) Landlord prior to the expiry of the Term to extend the Term with respect to the entirety of the Premises Lease for an additional [●] ([●]) further period[s] of [●] ([●]) year[s] (“Extended Term”) upon the same terms and conditions as contained herein, save and except: (i) there will be no further right to extend the Term; (ii) the Basic Rent for the Extended Term shall be the then fair market rental rate per square foot per annum (as at the date of the Tenant’s notice) for comparable premises located in the [●] Building and in comparable buildings in the vicinity of the [●] Building and leased for the same period as the Extended Term and shall be no less than the rate for the final year of five the Term; (5iii) years commencing when there shall be no leasehold improvement allowance, rent free period or other inducements; (iv) if required by the initial Term expires (Landlord, the parties shall execute a commercially reasonable Lease Extension Period”), solely in accordance with Agreement prepared by the Landlord to reflect the terms of this section, and subject the Extended Term. (v) Tenant shall pay to the following conditions: Landlord all costs and disbursements (iincluding, without limitation, all consulting and legal costs on a solicitor and own client basis) arising from or in connection with Tenant exercising its right under this Section 20.1 (including, without limitation any cost associated with the drafting of any Lease Extension Option shall be exercised, if at all, by written notice of exercise delivered Agreement and/or any Amendment Agreement). (b) If the parties are unable to Landlord by Tenant not less than agree on the Basic Rent for the Extended Term on or before the date that is three (3) months month prior to the expiration of the initial Term; (ii) Tenant shall accept , then the Premises on an “AS-IS” basis; (iii) the extension Basic Rent shall be on determined by arbitration before a sole arbitrator in accordance with Schedule “E“ hereto. The cost of the same terms and conditions as this Lease, except as to the amount of Base Rent and that there arbitrator shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenantborne equally by both parties. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions of this Lease, except that the Base Rent for the Extension Period shall be the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Period.

Appears in 1 contract

Samples: Lease Agreement

Option to Extend. a. If The following is hereby added as a new Article 31 to the Lease: 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, and further provided Tenant is not and has not been in default under the Lease at the time of giving the Renewal Notice or at any term or provision of this Lease and has not Transferred this Lease or any time thereafter up to the commencement of the Premises or agreed to do so in the futureapplicable Extended Term, Tenant shall have one (1) option (the “Extension Option”) right to extend the Term with respect to the entirety of the Premises Lease for an three separate but consecutive additional period periods of five (5) years commencing when the initial Term expires (the “Extension Period”), solely in accordance with the terms of this section, and subject to the following conditions: (i) the Extension Option shall be exercised, if at all, by written notice of exercise delivered to Landlord by Tenant not less than three (3) years each (each an "Extended Term") by giving written notice of its intention to extend the Term no later than nine (9) months prior to the commencement of the applicable Extended Term, time being of the essence (the "Renewal Notice"). If Tenant does not timely give the Renewal Notice prior to the expiration of the initial Term or any applicable Extended Term; (ii) , Tenant shall accept forfeit its rights to any and all remaining rights to extend the Term. In the event a Renewal Notice is timely given, Tenant shall lease the Premises on an “AS-IS” basis; (iii) from Landlord for the extension shall be applicable Extended Term on the same terms and conditions as this Lease, except as are applicable to the amount then expiring Term or Extended Term; provided, however, (i) Tenant shall have no future rights to extend the Term after the exercise of Base Rent and that the third extension right, (ii) there shall be no further Extension Options; 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 (iviii) if Tenant is in default under any of the terms, covenants or conditions of this Lease, either at Minimum Rent payable during the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the first Extended Term shall be extended for the term of the Extension Period upon all of the terms and conditions of this Lease, except that the Base Rent for the Extension Period shall be the “Fair Market Rent” equal to $10.82 per rentable square feet for the Premises for the Extension first year of such Extended Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate $11.04 per rentable square feet for the Premises, including applicable rent escalations, based on a lease second year of space such Extended Term and $11.26 per rentable square feet for the third year of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Leasesuch Extended Term, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant (iv) the Minimum Rent payable during the Extension Periodsecond Extended Term shall be equal to $11.49 per rentable square feet for the Premises 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. a. If Tenant is not On the condition that Landlord, at its sole and absolute discretion, has not been in default of any elected to exercise its right to extend the term or provision of this under the Master Lease and has not Transferred this Lease or any of beyond the Premises or agreed to do so in the futureExpiration Date, Tenant shall have one two (12) option (the “Extension Option”) options to extend the Term with respect to the entirety of the Premises for an additional period of five (5) years commencing when the initial Term expires (the “Extension Period”), solely in accordance with the terms of this sectionLease for two (2) additional terms, and subject hereinafter referred to as the following conditions: "Extended Term," as hereinafter provided. Tenant acknowledges that Landlord has certain renewal/repurchase rights under the Master Lease. No later than twelve (i) the Extension Option shall be exercised, if at all, by written notice of exercise delivered to Landlord by Tenant not less than three (312) months prior to the expiration of the initial Term; (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms and conditions as this Master Lease, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition inform Tenant if it intends to all exercise such rights of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenantrenewal/repurchase. b. If the Extension Option is exercised in a valid and timely fashion, the a. The initial Extended Term shall be extended for a five (5) year period commencing on the day after the Expiration Date (the "Extended Term Commencement Date"), and the second Extended Term shall be for a five (5) year period commencing on the day after the initial Extended Term ends; provided, however, that if the Master Lease terminates prior to the fifth or tenth anniversary of the Extended Term Commencement Date, as applicable, then the Extended Term then in effect shall terminate on the date the Master Lease terminates. Tenant shall have no right to extend the Term beyond the first Extended Term if it is terminated on the date the Master Lease terminates, and following exercise of its second option to extend. Notwithstanding any provision herein, Landlord has no obligation whatsoever to Tenant to exercise any rights Landlord may have to extend the term of the Extension Period upon Master Lease for any of the period covered by the Term described herein. b. Each Extended Term shall be on all of the terms and conditions of this LeaseLease except that during such Extended Term, Base Rent shall be adjusted pursuant to Section 3.02, the Base Year shall instead be the first year of the relevant extension period, initial Base Rent shall be determined as hereinafter provided, and Landlord shall have no responsibility for commissions and Tenant Improvements, except that Landlord shall, at Landlord's sole expense, repaint the interior walls of the Premises with one (1) coat of the paint color currently thereon immediately upon the commencement of such extension period. To exercise the option to extend the Term, Tenant shall give to Landlord written notice of exercise of the option to extend (the "Extension Notice") no later than nine (9) months prior to the expiration of the preceding term. However, in no event shall Tenant give such notice to Landlord earlier than twelve (12) months prior to the expiration of the Term. If Tenant is in default beyond any applicable notice and cure period on the date of giving such Extension Notice, such Extension Notice shall be void. In addition, if Tenant is in default beyond any applicable notice and cure period on, or if this Lease has been otherwise terminated prior to, the date that any of the Extended Term would otherwise commence, this Lease shall expire at the end of the initial Term. c. On the commencement of the Extended Term, the initial Base Rent hereunder for the Extended Term shall be adjusted to the market rental value of the Premises ("MRV") as follows: Four months prior to commencement of the Extended Term, Landlord and Tenant shall meet to establish an agreed upon MRV for the specified term. If agreement cannot be reached, then: (i) Landlord and Tenant shall immediately appoint a mutually acceptable appraiser or broker to establish the MRV within the next 30 days, in which case any associated costs will be split equally between the parties; or (ii) Landlord and Tenant shall each immediately select and pay the appraiser or broker of their choice to establish a MRV within the next 30 days. If both appraisals are completed and the two appraisers/brokers cannot agree on a reasonable average MRV, then they shall immediately select a third mutually acceptable appraiser/broker to establish a third MRV within the next 30 days. The average of the two appraisals closest in value shall then become the new MRV. The costs of the third appraisal will be split equally between the parties. In any event, the MRV for the Extended Term shall be no less than the Base Rent payable for the Extension Period month immediately proceeding the commencement of the applicable Extended Term. Upon determination of the MRV as provided above, such MRV shall be the “Fair Market Rent” initial Base Rent for the Premises for the Extension such Extended Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Period.

Appears in 1 contract

Samples: Lease Agreement (Versata Inc)

Option to Extend. a. If Tenant is not and has not been in default of any term or provision (a) Subject to the terms of this Lease and has not Transferred this Lease or any of the Premises or agreed Xxxxxxxxx 0, Xxxxxxxx hereby grants to do so in the future, Tenant shall have one (1) option (referred to herein as the “Extension Option”) to extend the Term with respect to the entirety of the Premises Lease for an additional period of five three (53) years commencing when the initial Term expires (the referred to herein as an Extension PeriodOption Term”), solely in accordance with on the terms of this sectionsame terms, covenants, and subject to conditions as provided for in the following conditions: Lease for the initial Term, except that Base Rent during the Option Term shall be at the then fair market rental rate as set forth in this paragraph. (ib) In no event shall the Base Rent in the first month of the Option Term be less than the Base Rent payable in the preceding month of the then Lease Term. (c) The Extension Option shall must be exercised, if at all, by written notice of exercise (“Extension Notice”) delivered by Tenant to Landlord by Tenant not less no later than three the date which is nine (39) months prior to the expiration of the initial Term; then Term of the Lease. (iid) The Extension Option may be exercised only by the original Tenant or a Permitted Assignee, and may not be exercised or assigned, voluntarily or involuntarily, by or to any person or entity other than the original Tenant or a Permitted Assignee. The Extension Option is not assignable separate and apart from this Lease, nor may the Extension Option be separated from this Lease in any manner, either by reservation or otherwise. (e) Tenant shall accept have no right to exercise the Premises on an “AS-IS” basis; (iii) the extension Extension Option, and Tenant’s delivery of any Extension Notice may be nullified by Landlord and deemed of no force or effect, if Tenant shall be on the same terms and conditions as this Lease, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under the Lease after the lapse of any applicable cure periods set forth in the Lease as of the terms, covenants or conditions Tenant’s exercise of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon after the commencement date exercise of the Extension Period, Landlord shall have, in addition Option and prior to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term commencement of the Extension Period upon all of the terms and conditions of this Lease, except that the Base Rent for the Extension Period shall be the “Fair Market Rent” for the Premises for the Extension applicable Option Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Period.

Appears in 1 contract

Samples: Standard Air Industrial Commercial Single Tenant Lease Gross (Basin Water, Inc.)

Option to Extend. a. If As additional consideration for the covenants of Tenant is not and has not been in default of any term or provision of this hereunder, Landlord hereby grants to Tenant an option (the "Option") to extend the Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the future, Tenant shall have Term for one (1) option (the “Extension Option”) to extend the Term with respect to the entirety additional term of the Premises for an additional period longer of five (5) years commencing when or the initial Term date on which the Co-Pack and Warehousing Agreement between the parties hereto expires or is terminated pursuant to its terms (the “Extension Period”"Option Term"), solely in accordance with the terms of this section, and subject . The Option shall apply only to the original Premises leased hereunder and shall be on the following terms and conditions: : (ia) Written notice of Tenant's exercising of the Extension Option shall be exercised, if at all, by written notice of exercise delivered given to Landlord by Tenant not less no later than three twelve (312) months prior to the expiration of the initial five year Lease Term; . (iib) If Tenant shall accept timely exercises the Premises on an “AS-IS” basis; (iii) Option, the extension Lease shall be deemed extended. (c) Unless Landlord is timely notified by Tenant in accordance with subparagraph (a) above, it shall be conclusively deemed that Tenant does not desire to exercise the Option, and the Lease shall expire in accordance with its terms, at the end of the initial five year Lease Term. (d) Tenant's right to exercise its Option shall be conditioned on Tenant not being in default under the same Lease at the time of exercise of the Option or at the time of the commencement of the Option Term. (e) The Option granted hereunder shall be upon the terms and conditions as this Lease, (including rental rates) contained in the Lease except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior option to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for extend the term of the Extension Period upon all of Lease beyond the terms and conditions of this Lease, except that the Base Rent for the Extension Period shall be the “Fair Market Rent” for the Premises for the Extension Option Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Period.

Appears in 1 contract

Samples: Lease Agreement (Centennial Sepcialty Foods Corp)

Option to Extend. a. If 29.1 Tenant is not and has not been in default of any given the option ("First Option") to extend the term or provision of this Lease and has not Transferred on all the provisions contained in this Lease or any (inclusive of the Premises or agreed provisions concerning the increases in Base Monthly Rent as set forth in Section 5 above) for a single five (5) year period ("First Extended Term") immediately following expiration of the initial term of the Lease (the "Initial Term"), by giving notice of exercise of the First Option ("Option Notice") to do so in the future, Tenant shall have Landlord at least nine (9) months but not more than one (1) option (the “Extension Option”) to extend the Term with respect to the entirety of the Premises for an additional period of five (5) years commencing when the initial Term expires (the “Extension Period”), solely in accordance with the terms of this section, and subject to the following conditions: (i) the Extension Option shall be exercised, if at all, by written notice of exercise delivered to Landlord by Tenant not less than three (3) months prior to year before the expiration of the initial Initial Term; (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms and conditions as this Lease. However, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any on the date of giving of the termsOption Notice, covenants or conditions of the Option Notice shall be totally ineffective; if Tenant is in default on the date the First Extended Term is to commence, the First Extended Term shall not commence and this Lease, either Lease shall expire at the time end of the Initial Term. If Tenant timely exercises the Extension Option or at any time thereafter prior First Option, Tenant is given the further option ("Second Option") to or upon extend the commencement date term on all the provisions contained in this Lease (inclusive of the Extension Period, Landlord shall have, provisions concerning the increases in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions of this Lease, except that the Base Monthly Rent for the Extension Period shall be the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth belowin Section 5 above) for a second five (5) year period ("Second Extended Term") following expiration of the First Extended Term, by giving notice of exercise of the Second Option to Landlord at least nine (9) months but not more than one (1) year before the expiration of the First Extended Term. For purposes hereofHowever, “Fair Market Rent” if Tenant is in default on the date of giving the Option Notice, the Option Notice shall mean be totally ineffective; if Tenant is in default on the then prevailing fair market monthly rental rate for date the PremisesSecond Extended Term is to commence, including applicable rent escalations, based on a lease the Second Extended Term shall not commence and this Lease shall expire at the end of space of similar age, construction, size, level of improvement the First Extended Term. The First Extended Term and location the Second Extended Term are sometimes hereinafter referred to individually as an "Option Term" and collectively as the Premises, including "Option Terms." 29.2 Tenant shall have no other right to extend the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during term beyond the Extension PeriodSecond Extended Term.

Appears in 1 contract

Samples: Lease (Sycamore Park Convalescent Hospital)

Option to Extend. a. If Tenant is not and has not been in default of any shall have the right to renew the term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the future, Tenant shall have one for two (12) option (the “Extension Option”) to extend the Term with respect to the entirety of the Premises for an additional period consecutive periods of five (5) years commencing when the initial Term expires each (the first such 5-year period is sometimes hereinafter referred to as the Extension PeriodFirst Renewal Term), solely in accordance with ; the terms of this section, second such 5-year period is sometimes hereinafter referred to as the “Second Renewal Term”; and the First Renewal Term and the Second Renewal Term are sometimes hereinafter collectively referred to as the “Renewal Terms” and individually as a “Renewal Term”) on and subject to the following terms and conditions: : A. Upon Tenant’s exercise of any Renewal Term and upon the expiration of the Term of this Lease or the First Renewal Term, as applicable, no default by Tenant, of which Landlord has provided written notice to Tenant, has occurred and is continuing beyond any applicable notice and cure period; B. The Renewal Terms shall be upon the same terms, covenants and conditions as provided in this Lease; provided that Landlord shall not be required to provide any free rent, rent abatement, tenant improvements, allowances, or other concessions, and provided further, that Base Rent for the First Renewal Term shall be $2,763,600 per annum ($5.25/ft) and the Base Rent for the Second Renewal Term shall be the greater of (i) $2,763,600 per annum ($5.25/ft), or (ii) 95% of Market Rent (as hereafter defined) for the Extension Option Premises as determined in the manner set forth below. Upon determination of the Base Rent for a Renewal Term, the parties shall be exercised, if at all, execute an amendment to this Lease to establish and evidence such rental rate; C. Tenant shall exercise its right to a Renewal Term by written notice notifying Landlord in writing of its election to exercise delivered its right to Landlord by Tenant not less renew no later than three nine (39) months prior to the expiration of the initial term of this Lease (or the First Renewal Term; (ii) Tenant shall accept , as applicable), which notice, in the Premises on an “AS-IS” basis; (iii) case of the extension Second Renewal Term, shall be on accompanied by Tenant’s written estimate of the same terms Market Rent applicable to the Second Renewal Term. Tenant’s exercise of an election to renew shall be irrevocable. Within thirty (30) days after receipt of Tenant’s notice and conditions as this Leaseestimate for the Second Renewal Term, except Landlord shall provide Tenant written notice of Landlord’s estimate of Market Rent. If such estimates differ, then Landlord and Tenant shall, for a period of thirty (30) days, attempt to agree as to the amount Market Rent for such Renewal Term. Any estimate of Base Market Rent and that there given in a written notice by one party to the other with respect to a Renewal Term shall represent an irrevocable offer which shall be no further Extension Options; and (iv) if Tenant is in default under susceptible of acceptance by the other party at any time prior to receipt of the termsarbiter’s determination as provided below. If Landlord and Tenant do not agree on Market Rent by the conclusion of such 30-day period, covenants or conditions then either party may demand that Market Rent be determined by binding arbitration, in accordance with the following provisions. D. Within 10 days following a demand for arbitration, each party shall give written notice to the other party specifying the name, address and professional qualifications of this Leasethe person designated to act as appraiser on its behalf. The two appraisers designated by the parties shall, either within ten (10) days after designation of the second appraiser, select a third appraiser to act as arbitrator. Each appraiser designated and the arbitrator jointly appointed hereunder shall be MAI members of the Appraisal Institute with not less than five (5) years of experience in the appraisal of improved industrial property in the Xxxx 0X xxxxxx xxxx xx Xxxxxxxxx Xxxxxx, and be devoting substantially full time to professional appraisal work at the time Tenant exercises of appointment, and, with respect to the Extension Option arbitrator only, be in all respects impartial and disinterested. Neither party shall engage in any “ex-party” communications with the arbitrator. If either party fails to designate its appraiser within the time above specified, or at any if the two (2) appraisers so designated cannot agree on the selection of the arbitrator within the time thereafter prior above specified, then either party, on behalf of both parties, may request that the President of the metro New York/New Jersey chapter of the Appraisal Institute appoint such arbitrator, and if such President is unavailable or unwilling to or make such appointment, then the arbitrator shall be selected by the New Jersey chapter of the American Arbitration Association. Each party shall pay the fees and expenses of the appraiser designated by such party. The fees and expenses of the arbitrator shall be borne equally by both parties. The arbitrator shall render its determination of Market Rent no later than thirty (30) days after the date of his appointment and such determination shall be final, binding and conclusive upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenantparties. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions of this Lease, except that the Base Rent for the Extension Period shall be the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Period.

Appears in 1 contract

Samples: Single Tenant Net Lease (Childrens Place Retail Stores Inc)

Option to Extend. a. If Tenant is not and has not been in default of any term or provision of this Lease and has not Transferred this Lease or any of hereby given the Premises or agreed to do so in the future, Tenant shall have one (1) option (the “Extension Option”) to extend the Term with respect to hereunder (the entirety of the Premises “Initial Term”) for an additional period two (2) periods of five (5) years commencing when the initial Term expires each (the “Extension PeriodTerms), solely in accordance with ) provided that at the terms of this section, and subject time such options to the following conditions: (i) the Extension Option shall be exercised, if at all, by written notice of exercise delivered to Landlord by Tenant not less than three (3) months prior to the expiration of the initial Term; (ii) extend are exercised Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall not be on the same terms and conditions as this Lease, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms of this Lease. Tenant shall give notice in writing to Landlord of its exercise of each option at least nine (9) months prior to the termination of the Initial Term or the first option term. Prior to the exercise by Tenant of such option, the expression “Term” shall mean the Initial Term, and after the exercise by Tenant of each option, the expression “Term” shall mean the original Term as it has been then extended by the Extension Term. Such extension shall be upon the same terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions of as are contained in this Lease, Lease except that the Base Rent for the Extension Period extension period shall be the “Fair Market Rent” $421,497.00 per annum for the Premises first option term and $515,163.00 per annum for the Extension Termsecond option 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 such option as determined as set forth below. For purposes hereofaforesaid, “Fair Market Rent” Tenant shall mean have no right to extend the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease Term of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are time being provided to Tenant during of the Extension Periodessence of the foregoing provision.

Appears in 1 contract

Samples: Office/Light Manufacturing Lease (DJO Finance LLC)

Option to Extend. a. If Tenant is not and has not been in default of any term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the future, Tenant shall have one (1) option (the “Extension Option”) right to extend the Lease Term beyond the expiration of the initial Lease Term, with respect to the entirety all or any contiguous portion of each floor within the Premises so long as the square footage on any floor that will not be included in the Premises is demisable into a leasable configuration, for an additional period three (3) successive periods of five (5) years commencing when the initial Term expires each (each of which is an “Extended Term”). Landlord shall deliver to Tenant written notice of Tenant’s right to exercise each such extension right (the “Extension PeriodLandlord’s Advance Exercise Notice), solely in accordance with ) no later than the terms of this section, and subject to the following conditions: date that is twelve (i) the Extension Option shall be exercised, if at all, by written notice of exercise delivered to Landlord by Tenant not less than three (312) months prior to the expiration Expiration Date of the initial Term; (ii) Tenant shall accept the Premises on an “ASthen-IS” basis; (iii) the extension shall be on the same terms and conditions as existing term of this Lease. Tenant may exercise an extension option by delivering to Landlord written notice of Tenant’s exercise of such extension right no later than the date that is thirty (30) days following Tenant’s receipt of Landlord’s Advance Exercise Notice. From and after the commencement of each Extended Term, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any all of the terms, covenants or covenants, and conditions of this LeaseLease shall continue in full force and effect as written, either at except that this Section 2.2 shall be deemed modified to delete Tenant’s right to extend for the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the current Extended Term (e.g., following commencement date of the Extension Periodfirst Extended Term, Landlord Tenant shall have, in addition to all of Landlord’s other rights and remedies, only have the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the extend for two (2) additional Extended Terms). Each such Extended Term shall be extended for the term of the Extension Period upon on all of the terms and conditions of contained in this Lease, except that the Base Rent for the Extension Period first year of each Extended Term shall be one hundred three percent (103%) of the “Fair Market Rent” Base Rent in effect for the Premises last month of the prior Term, and Base Rent for each subsequent year during the Extended Term shall be one hundred three percent (103%) of the Base Rent in effect for the Extension Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean last month of the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Periodpreceding year.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Fisher Communications Inc)

Option to Extend. a. If (a) Grant and Exercise of Option. Provided that (i) no default has occurred and is then continuing, (ii) the creditworthiness of Tenant is not then reasonably acceptable to Landlord, and (iii) Tenant originally named herein remains in possession of and has not been in default of any term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so continuously operating in the futureentire Leased Premises throughout the Lease Term, Tenant shall have one two (12) option (the “Extension Option”) options to extend the Lease Term with respect to the entirety of the Premises for an two (2) additional period periods of five (5) years commencing when the initial Term expires (the “Extension PeriodTerm”). The Extension Term shall be upon the same terms and conditions contained in the Lease except (x) Tenant shall not have any further option to extend, solely in accordance with (y) any improvement allowances or other concessions applicable to the terms of this sectionLeased Premises under the Lease shall not apply to the Extension Term, and subject to the following conditions: (iz) the Extension Option Minimum Annual Rent shall be exercisedadjusted as set forth herein (“Rent Adjustment”). Tenant shall exercise such option by delivering to Landlord, if at all, by written notice of exercise delivered to Landlord by Tenant not less no later than three ninety (390) months days prior to the expiration of the initial current Lease Term; (ii) Tenant shall accept , written notice of Tenant’s desire to extend the Premises on an “AS-IS” basis; (iii) the extension Lease Term. Tenant’s failure to properly exercise such option shall be on deemed a waiver of such option. If Tenant properly exercises its option to extend, Landlord shall notify Tenant of the same terms and conditions as this Lease, except as Rent Adjustment no later than ninety (90) days prior to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension PeriodTerm. Tenant shall be deemed to have accepted the Rent Adjustment if it fails to deliver to Landlord a written objection thereto within five (5) business days after receipt thereof If Tenant properly exercises its option to extend, Landlord and Tenant shall haveexecute an amendment to the Lease (or, in addition to all of at Landlord’s other rights and remediesoption, a new lease on the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised form then in a valid and timely fashion, the Term shall be extended use for the term of the Extension Period upon all of Building) reflecting the terms and conditions of this Lease, except that the Base Rent for the Extension Period shall be Term within thirty (30) days after Tenant’s acceptance (or deemed acceptance) of the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension PeriodRent Adjustment.

Appears in 1 contract

Samples: Lease Agreement (Biotech Products Services & Research, Inc.)

Option to Extend. a. If Tenant is not and has not been in default of any term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the future, (i) Tenant shall have the option to extend this Lease for one (1) option (the “Extension Option”) to extend the Term with respect to the entirety term of the Premises for an additional period of five (5) years commencing when the initial Term expires (the “Extension Period”), solely in accordance with the terms of this section, and subject to the following conditions: (i) the Extension Option shall be exercised, if at all, by written notice of exercise delivered to Landlord by Tenant not less than three (3) months prior years (hereinafter referred to as the expiration "Renewal term") provided that Tenant is not in default pursuant to any of the initial terms of the Lease at the time of commencement of the Renewal Term; . (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension The Renewal Term shall be on upon the same terms terms, covenants and conditions as this Lease, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is provided in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions of this Lease, except that the Base Rent for not be entitled to any of the Extension Period shall be the “Fair Market Rent” for the Premises for the Extension Termallowances, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included credits or payments provided in this Lease, and that the Base Years shall be adjusted to reflect that the first year of the Renewal Term. (iii) The Base Rent at the commencement of the Renewal Term shall be ninety-five percent (95%) of the prevailing market rate for the Washington, D.C. metropolitan are. In no free rentevent, tenant improvement allowance however, shall the prevailing market rate be less than the aggregate amount of the Base rent and Tenant's share of increases in Operating Expenses reserved under the Lease for the year immediately preceding the Renewal Term. (iv) Such option to extend shall be exercised by Tenant giving written notice to Landlord not later than nine (9) months xxxxx to the expiration of the original term. Landlord shall within thirty (30) days of the date it receives notice of Tenants election to exercise its option to extend, notify Tenant of the Base Rent to be charged at the commencement o the Renewal Term. Tenant shall have thirty (30) days form the date of the Landlord's notification of the Base Rent to be charged to nullify its exercise of the option by providing Landlord written notice of the same. If Tenant nullifies its exercise of this option to extend, this option shall terminate and be of no further force and effect. (v) Tenant agrees to accept the Premises in the condition then existing as of the date of the commencement of the Renewal Term. Landlord shall not be responsible for performing any work, furnishing any materials or similar concessions are being provided providing any allowances for improvements to Tenant during the Extension PeriodPremises, except as mutually agreed upon by Landlord and Tenant.

Appears in 1 contract

Samples: Office Lease (Allied Research Corp)

Option to Extend. a. If Provided that Tenant is not and has not been then in default of any term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the futurehereunder, Tenant shall have one (1) the option (the “Extension Option”) to extend the Term with respect to the entirety terms of the Premises this Lease for an additional period of five (5) years commencing when from the initial end of the Lease Term expires (the “Extension Period”), solely in accordance with the terms of this section, and subject to the following conditions: (i) the Extension Option shall be exercised, if at all, by so long as Tenant delivers written notice of exercise delivered to Landlord by Tenant of Tenant's exercise of its option to extend not less later than three (3) months 180 days prior to the expiration of the initial Lease Term; (ii) . Such extended terms shall be on the same terms, conditions, and covenants of this Lease, except for the amount of Fixed Rent, which shall be adjusted to a rate equal to 95% of the then Fair Market Rate for comparable office space, as mutually determined by Landlord and Tenant. During such extended term, Landlord shall have no obligation to provide any allowance to Tenant for tenant improvements or refurbishment of the demised premises, and Tenant shall accept continue to Lease the Premises on an “AS-entire 43,708 rentable square feet of the demised premises "AS IS” basis; (iii) ." Other than the extension amount, Fixed Rent payable during the extended term shall be payable at the same time on the same terms and conditions as during the initial Lease Term. In no event, however, will the operating of this Paragraph Q result in an annual Fixed Rent to Landlord for the demised premises at a rate of less than $12.00 per rentable square foot." i) Landlord and Tenant hereby covenant and agree that Paragraph S of Article X of the Lease, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any Paragraph 7 of the terms, covenants or conditions of this Lease, either Second Amendment and the Paragraph entitled "Extension" appearing at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date end of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term first page of the Extension Period upon all of the terms Third Amendment are hereby deleted in their entirety and conditions of this Lease, except that the Base Rent for the Extension Period shall be the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance longer have any force or similar concessions are being provided to Tenant during the Extension Periodeffect whatsoever.

Appears in 1 contract

Samples: Lease (Haemonetics Corp)

Option to Extend. a. If Tenant is not and has not been in default of any term or provision (a) Subject to the provisions of this Lease and has not Transferred this Lease or any of Paragraph 3.4, the Premises or agreed to do so in originally named Tenant herein (the future, Tenant "Original Tenant") shall have the one (1) option (the “Extension Option”) to extend the Lease Term with respect to the entirety of the Premises for an one (1) additional period term of five (5) years commencing when the initial Term expires (the “Extension Period”"Option Term"), solely in accordance with the terms of this section, and subject to the following conditions: (i) the Extension Option shall be exercised, if at all, by delivering written notice of exercise delivered to Landlord by Tenant ("Tenant's Option Notice") not more than two hundred seventy (270) days and not less than three one hundred eighty (3180) months days prior to the expiration of the initial Lease Term; (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms and conditions as this Lease, except as to the amount of Base Rent and stating that there shall be no further Extension Options; and (iv) if Tenant is exercising its option to extend the Lease Term. If Tenant exercises such right in default under any of accordance with this Paragraph 3.4, the terms, covenants or conditions term of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term Lease shall be extended for five (5) years commencing on the term eighth (8th) anniversary of the Extension Period upon all of Commencement Date and, unless sooner terminated as provided in this Lease, ending five (5) years thereafter. The Lease shall be extended subject to the terms 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 Extension first year of the Option Term shall be equal to the then prevailing Fair Market Rental Rate of the Premises as determined in Paragraph 3.4(b) below and as thereafter increased pursuant to Paragraph 4.3 below. If Tenant fails to exercise such right in accordance with this Paragraph 3.4, such right shall terminate. The option shall be exercisable by Tenant provided that as of the date of delivery of such notice, 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 personal to the Original Tenant and may only be exercised by the Original Tenant (and not any assignee, subtenant or other transferee of Tenant's interest in this Lease) 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 capital stock or assets of Tenant, or which otherwise controls, is under common control with, or is controlled by, Tenant. (b) Landlord shall determine the Fair Market Rental Rate by using its good faith judgment. Landlord shall provide written notice of such amount within fifteen (15) days (but in no event later than twenty (20) days) after receipt of Tenant's Option Notice. Tenant shall have thirty (30) days ("Tenant's Review Period") after receipt of Landlord's notice of the new rental within which to accept such rental or to reasonably object thereto in writing. In the event Tenant objects, Landlord and Tenant shall attempt to agree upon such Fair Market Rental Rate, using their best good faith efforts. If Landlord and Tenant fail to reach agreement within fifteen (15) days following Tenant's Review Period ("Outside Agreement Date"), then each party shall place in a separate sealed envelope their final proposal as to Fair Market Rental Rate and such determination shall be submitted to arbitration in accordance with subsections (i) through (v) below. Failure of Tenant to so elect in writing within Tenant's Review Period shall conclusively be deemed its disapproval of the Fair Market Rent” Rental Rate determined by Landlord. In the event that Landlord fails to timely generate the initial written notice of Landlord's opinion of the Fair Market Rental Rate which triggers the negotiation period of this Paragraph 3.4(b), then Tenant may commence such negotiations by providing the initial notice, in which event Landlord shall have fifteen (15) days ("Landlord's Review Period") after receipt of Tenant's notice of the new rental within which to accept such rental. In the event Landlord fails to accept in writing such rental proposed by Tenant, then such proposal shall be deemed rejected, and Landlord and Tenant shall attempt in good faith to agree upon such Fair Market Rental Rate, using their best good faith efforts. If Landlord and Tenant fail to reach agreement within fifteen (15) days following Landlord's Review Period (which shall be, in such event, the "Outside Agreement Date" in lieu of the above definition of such date), then each party shall place in a separate sealed envelope their final proposal as to Fair Market Rental Rate and such determination shall be submitted to arbitration in accordance with subsections (i) through (v) below. (i) Landlord and Tenant shall meet with each other within five (5) business days of the Outside Agreement Date and exchange the sealed envelopes and then open such envelopes in each other's presence. If Landlord and Tenant do not mutually agree upon the Fair Market Rental Rate within one (1) business day of the exchange and opening of envelopes, then, within ten (10) business days of the exchange and opening of envelopes Landlord and Tenant shall agree upon and jointly appoint a single arbitrator who shall by profession be a real estate lawyer or broker who shall have been active over the five (5) year period ending on the date of such appointment in the leasing of comparable commercial properties in the vicinity of the Building. Neither Landlord nor Tenant shall consult with such broker or lawyer as to his or her opinion as to Fair Market Rental Rate prior to the appointment. The determination of the arbitrator shall be limited solely to the issue of whether Landlord's or Tenant's submitted Fair Market Rental Rate for the Premises is the closer to the actual Fair Market Rental Rate for the Extension Term, Premises as determined as set forth below. For purposes hereofby the arbitrator, “Fair Market Rent” shall mean taking into account the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease requirements of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension PeriodParagraph 3.

Appears in 1 contract

Samples: Lease (Therma Wave Inc)

Option to Extend. a. If (a) Landlord hereby grants Tenant is not and has not been in default of any term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the future, Tenant shall have one (1) a single option (the “Extension Option”) to extend the initial Term with respect to the entirety of the Premises Lease for an additional period of five (5) years commencing when (such period may be referred to as the “Option Term”), as to the entire Premises as it may then exist, upon and subject to the terms and conditions of this Section (the “Option To Extend”), and provided that at the time of exercise of such right Tenant or its Affiliate must be in occupancy of the entire Premises. (b) Tenant’s election (the “Election Notice”) to exercise the Option To Extend must be given to Landlord in writing no earlier than the date which is twelve (12) months prior to the Expiration Date and no later than the date which is nine (9) months prior to the Expiration Date. If Tenant either fails or elects not to exercise its Option to Extend by not timely giving its Election Notice, then the Option to Extend shall be null and void. (c) The Option Term shall commence immediately after the expiration of the initial Term expires of the Lease. Tenant’s leasing of the Premises during the Option Term shall be upon and subject to the same terms and conditions contained in the Lease except that (i) the Monthly Base Rent and, if applicable, the calendar year which serves as the base year for calculation of Base Operating Expenses pursuant to the Lease, shall be amended to equal the “Extension PeriodOption Term Rent, defined and determined in the manner set forth in the immediately following Subsection; (ii) the Security Deposit, if any, shall be increased within fifteen (15) days after the Option Term Rent has been determined by the amount of the increase in the Base Monthly Rent, based upon the highest monthly installment of Monthly Base Rent for the Option Term; (iii) Tenant shall accept the Premises in its “as is” condition without any obligation of Landlord to repaint, remodel, repair, improve or alter the Premises or to provide Tenant any allowance therefor; and (iv) there shall be no further option or right to extend the term of the Lease. If Tenant timely and properly exercises the Option To Extend, references in the Lease to the Term shall be deemed to mean the initial Term as extended by the Option Term unless the context clearly requires otherwise. (d) The Option Term Rent shall mean the “Fair Market Rental Rate” (as defined in Exhibit D hereto). The determination of Fair Market Rental Rate based upon the foregoing criteria shall be made by Landlord, solely in the good faith exercise of Landlord’s business judgment. Within forty-five (45) days after Tenant’s exercise of the Option To Extend, Landlord shall notify Tenant of Landlord’s determination of Option Term Rent for the Premises. Provided however, if Landlord notifies Tenant of Landlord’s determination of the Fair Market Rental Rate which is greater than the Preceding Rent, and that Landlord will require such Fair Market Rental Rate as the Option Term Rent, Tenant may, within thirty (30) days after receipt thereof, deliver to Landlord a written notice either: (i) accepting Landlord’s estimate of Fair Market Rental Rate, in which case the extension shall be effective and binding (subject to Subsection (f) below) at the accepted rate; or (ii) setting forth Tenant’s good faith estimate of the Fair Market Rental Rate, in which case Landlord and Tenant will promptly confer and attempt to agree upon the Fair Market Rental Rate. Tenant’s failure to timely deliver such notice within such thirty (30) day period shall be deemed its cancellation of the Option. In the event Tenant has delivered notice setting forth Tenant’s different estimate of Fair Market Rental Rate, but no agreement in writing between Tenant and Landlord on Fair Market Rental Rate is reached within fifteen (15) days after Landlord’s receipt of Tenant’s estimate, the Fair Market Rental Rate shall be determined in accordance with the terms of this sectionExhibit D. (e) This Option to Extend is personal to Learning Tree International, Inc. and may not be used by, and subject shall not be transferable or assignable (voluntarily or involuntarily) to any person or entity, except an Affiliate which is an assignee of the Lease and has complied with the requirements of Article Ten applicable to a transfer to an Affiliate and such Affiliate may exercise the Option to Extend with Tenant joining in or consenting to such exercise, and in such event Tenant shall remain liable for all obligation under this Lease, including those resulting from any such exercise with the same force and effect as if Tenant had joined in such exercise. (f) Upon the occurrence of any of the following events, Landlord shall have the option, exercisable at any time prior to commencement of the Option Term, to terminate all of the provisions of this Section with respect to the following conditions: Option to Extend, whereupon any prior or subsequent exercise of this Option to Extend shall be of no force or effect: (i) Tenant’s failure to timely exercise or timely to perform the Extension Option shall be exercised, if at all, by written notice to Extend in strict accordance with the provisions of exercise delivered to Landlord by Tenant not less than three (3) months prior to the expiration of the initial Term; this Section. (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms and conditions as this Lease, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms, covenants or conditions of this Lease, either The existence at the time Tenant exercises the Extension Option to Extend or at the commencement of the Option Term of a Default on the part of Tenant under the Lease or of any state of facts which with the passage of time thereafter or the giving of notice, or both, would constitute such a Default. (iii) Tenant’s third Default under the Lease prior to or upon the commencement date of the Extension PeriodOption Term, Landlord notwithstanding that all such Defaults may subsequently be cured. (g) Without limiting the generality of any provision of the Lease, time shall have, in addition be of the essence with respect to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions provisions of this Section. jka v14-Continental_Grand-Learning_Tree-Lease, except that the Base Rent for the Extension Period shall be the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Period.

Appears in 1 contract

Samples: Office Lease (Learning Tree International Inc)

Option to Extend. a. If (a) Provided that Landlord has not given Tenant notice of default more than two (2) times during the Term, and such default was cured within the time periods specified in Section 22(a)(iii), that there then exists no Event of Default by Tenant under this Lease, nor any event that with the giving of notice and/or the passage of time would constitute an Event of Default (on the date of exercise or the date of delivery of possession), and that Tenant is not and has not been in default of any term or provision of this Lease and has not Transferred this Lease or any the sole occupant of the Premises or agreed to do so in the futurePremises, Tenant shall have one (1) the right and option (the “Extension Option”) to extend the Term with respect to the entirety of the Premises this Lease for an one (1) additional period of five two (52) years commencing when the initial Term expires (the “Extension PeriodTerm”), solely in accordance with exercisable by giving Landlord prior written notice, not earlier than fifteen (15) months, but not later than twelve (12) months, prior to the terms then upcoming Expiration Date, of Tenant’s election to extend the Term of this section, and subject to Lease; it being agreed that time is of the following conditions: (i) essence for Tenant’s exercise of the Extension Option and that the Extension Option is personal to Tenant and is non-transferable to any assignee or sublessee other than to an Affiliate (regardless of whether any such assignment or sublease was made with or without Landlord’s consent). Landlord is not obligated to notify Tenant of any upcoming need to timely exercise the Extension Option. (b) The Extension Term shall be exercised, if at all, by written notice of exercise delivered to Landlord by Tenant not less than three (3) months prior to the expiration of the initial Term; (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on under the same terms and conditions as provided in this Lease, Lease except as follows: (i) the Extension Term shall begin on the day after the initial Expiration Date and thereafter the Expiration Date shall be deemed to be the amount of Base Rent and date that is two (2) years after the initial Expiration Date; (ii) there shall be no further Extension Options; options to extend or renew the Term; (iii) the Premises shall be accepted by Tenant in “as is” “where is” condition and Landlord shall have no obligations whatsoever to improve or pay to improve the Premises for Tenant’s use or occupancy, including, without limitation any new HVAC or build-out obligations, or grant to Tenant any rent concessions or similar abatements; (iv) if Tenant is in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date Minimum Annual Rent for each year of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions of this Lease, except that the Base Rent for the Extension Period shall be the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Period.follows:

Appears in 1 contract

Samples: Lease Agreement (TherapeuticsMD, Inc.)

Option to Extend. a. If Tenant is not and has In the event that the Sublease Premises have not been in default subleased following the expiration of any term or provision the Term of this Lease Sublease, and has Sublandlord does not Transferred this Lease or any of reoccupy the Premises or agreed to do so in the futureSublease Premises, Tenant then Subtenant shall have one (1) the right and option (the “Extension Option”) to extend the Term with respect to the entirety of the Premises this Sublease for an one additional period of five six (56) years commencing when the initial Term expires months (the “Extension PeriodTerm”), solely commencing immediately upon expiration of the initial Sublease term (the “Adjustment Date”). In all cases, Subtenant’s Option to Extend shall be subject and subordinate to the rights of any existing or future subtenants in accordance with the terms Demised Premises who has provided notice to Sublandlord of this sectioninterest in subleasing the Subleased Premises, and subject to such sublease transaction would result in a net premises greater in size than the following conditions: (i) size of the Subleased Premises. To exercise Subtenant’s Extension Option shall be exercisedOption, if at all, by Subtenant must deliver written notice of exercise delivered to Landlord by Tenant not less later than three (3) months prior to the expiration last day of the initial Sublease Term; (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension . b. The Extension Term shall be on the same terms and conditions as stated in this Lease, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions of this LeaseSublease, except that the Base Rent for the Extension Period Term shall be $41,607.97 per month, which amount is four percent (4%) greater than the “Fair Market Rent” for Rent on the Premises for last day of the Extension Terminitial Sublease term. Sublandlord and Subtenant shall enter into a sublease amendment confirming the terms of such extension; provided, as determined as set forth belowhowever, such amendment shall not increase Subtenant’s obligations or liabilities hereunder or otherwise be inconsistent with the terms of this Sublease. For purposes hereofIn the event that Subtenant fails to provide notice within the time period stated in subparagraph (a) above, “Fair Market Rent” then this Option to Extend shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement be null and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Periodvoid.

Appears in 1 contract

Samples: Sublease Agreement (Jazz Pharmaceuticals Inc)

Option to Extend. a. If Tenant is not and In the event TENANT has not been in default of any term or provision of the terms, conditions and covenants of this Lease Agreement and has not Transferred this Lease or any Amendments made hereto during the Term hereof, after the expiration of the Premises or agreed to do so in the futureany applicable notice and grace period, Tenant LESSEE shall have one (1) option (the “Extension Option”) right to extend the Term with respect to the entirety of the Premises this Lease for an additional period of five (5) years commencing when the initial Term expires (the “Extension Period”)years, solely in accordance with the terms of this section, and subject to the following terms and conditions: (i) : 1. Annual Rent for the Extension Option Premises shall be exercisedat the then current market rent rate and terms, if at all, by written notice of exercise delivered to Landlord by Tenant not but in no event shall such rental be less than three the last annual rent paid by TENANT. 2. TENANT must exercise this option no earlier than nine (39) calendar months but no later than six (6) 5 calendar months prior to the expiration termination date of the initial Term; (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension this Lease by sending written notice to LANDLORD by registered or certified mail. Thereupon, this Lease shall be on 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. In the event the credit worthiness of Tenant is not sufficient in LANDLORD'S reasonable discretion to assure the future performance of TENANT'S obligations under the lease during the Renewal Term, LANDLORD may nullify TENANT'S exercise of this renewal option. 9. TENANT acknowledges that it has examined and inspected the Premises and is familiar with the physical condition thereof. TENANT further acknowledges (1) that LANDLORD has not made and does not hereby make any representations regarding the physical condition of the Premises and (2) that there are no warranties, either expressed or implied, regarding the condition of the Premises. Any such warranties which may exist, are hereby expressly released and waived. Accordingly, TENANT hereby agrees to accept the Premises in their "as this Lease, except as is" condition. 10. TENANT shall not make any structural improvements or alterations to the Expansion Premises 5, without first obtaining LANDLORD'S prior written approval. TENANT shall not make any non-structural improvements or alterations to the Expansion Premises 5, in excess of $20,000.00, without first obtaining LANDLORD'S prior written approval. It is further understood and agreed that LANDLORD'S prior written approval is contingent upon TENANT submitting to LANDLORD, TENANT'S construction plans for any structural or non-structural improvements in excess of the stated amount of Base Rent and that there as set forth herein, to the Expansion Premises 5. All such allowed improvements shall be at TENANT'S sole cost and expense. Any improvements made by the TENANT shall become the property of the LANDLORD at the termination of occupancy as provided herein. 11. Except where this Fifth Amendment to Lease specifically changes same, all other terms, conditions and covenants of the original Lease Agreement shall remain the same, where applicable, and are hereby reaffirmed. 12. The submission of this document is for examination and negotiation and does not constitute an offer, and this document shall become effective and binding only upon the execution thereof by both LANDLORD and TENANT, regardless of any written or verbal representation of any agent, manager or other employee of LANDLORD to the contrary. All negotiations, consideration, representations and understandings between LANDLORD and TENANT are incorporated herein and the Lease and this Amendment expressly supersede any proposals or other written documents relating hereto. The Lease and this Amendment may be modified or altered only by written agreement between LANDLORD and TENANT, and no further Extension Options; and (iv) if Tenant is in default under act or omission of any employee or agent of LANDLORD shall alter, change or modify any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenantprovisions thereof. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions of this Lease, except that the Base Rent for the Extension Period shall be the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Period.

Appears in 1 contract

Samples: Lease Agreement (Ibis Technology Corp)

Option to Extend. a. If 35.1 So long as Tenant, a Tenant is not Affiliate or a Tenant Successor subject to all the terms and has not been in default conditions of any term or provision of this Lease Section 16.5 and has not Transferred this Lease or any of 16.6 above, occupies the Premises or agreed to do so in the futureentire Premises, Tenant shall have one (1) option (the “"Extension Option") to extend the Term term of this Lease with respect to the entirety of the Premises for an additional a period of five (5) years commencing when from the initial Term expires Expiration Date (the "Extension Period"), solely in accordance with the terms of this section, and subject to the following conditions: : (ia) the Extension Option The option to extend shall be exercised, if at all, by written notice of exercise delivered given to Landlord by Tenant not more than fifteen (15) months nor less than three twelve (312) months prior to the expiration of the initial Term; Expiration Date. (iib) Tenant shall accept the Premises on an "AS-IS" basis; . (iiic) the extension shall be on the same terms and conditions as this Lease, except as Anything herein to the amount of Base Rent and that there shall be no further Extension Options; and (iv) contrary notwithstanding, if Tenant is in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon on the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, shall 35.2 In the right to terminate the Extension Option upon notice to Tenant. b. If event the Extension Option is exercised in a valid and timely fashion, the Term Lease shall be extended for the term Term of the Extension Period upon all of the terms and conditions of this Lease, except provided that the Base Rent for the Extension Period shall be the "Fair Market Rent" for the Premises for the Extension Term, as determined as set forth belowPremises. For purposes hereof, "Fair Market Rent" shall mean one hundred percent (100%) of the then prevailing fair market monthly rental rate per square foot, including, without limitation, base rent, additional rent and all other monetary payments and escalations, agreed to be paid by new and renewal tenants generally for first floor retail space located in first-class office buildings in the San Francisco financial district in a condition (including the state of build out) and location (within the Building and any comparison buildings) comparable to the Premises for comparable terms, pursuant to new and renewal leases entered into by such other tenants for substantially comparable-size space, and considering the age and amenities of any comparison buildings, but in no event considering any tenant improvement allowances or similar items granted in connection with new and renewal leases. In no event, however, shall any adjustment of Base Rent pursuant to this Section result in a decrease of the Base Rent and Additional Changes for the Premises, including applicable rent escalations, based on a lease Premises below the amount due from Tenant for the final year of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension PeriodTerm.

Appears in 1 contract

Samples: Retail Lease (Business Resource Group)

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Option to Extend. a. If Tenant is not and has not been in default of any term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed Lessor hereby grants to do so in the future, Tenant shall have Lessee one (1) option (the “Extension Option”) to extend the Term with respect to the entirety of the Premises Lease term for an additional a period of five (5) years commencing when the initial Term expires (the “Extension Period”), solely in accordance with the terms of this section, and years. The option to extend is subject to the following conditions: (i) provisions of Paragraph 39 of the Extension Option shall be exercised, if at all, printed portion of this Lease. Lessee may exercise the option to extend by giving written notice of exercise delivered to Landlord by Tenant Lessor at least six (6) months, but not less more than three twelve (312) months months, prior to the expiration of the initial Original Term; (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the . The option extension period, if exercised, shall be on upon the same terms and conditions as this Leasethe Original Term, except as to the amount of Base Rent and that there shall be no further Extension Options; additional option to extend and the Base Rent during the option period shall be equal to one hundred percent (iv100%) if Tenant is in default under any of the termsthen fair market Base Rent of the Premises as determined by agreement between Lessor and Lessee. Between the six (6) months period, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter which is not more than twelve (12) months nor less than six (6) months prior to or the Commencement Date of the extended term, Lessor shall, upon request by Lessee, negotiate in good faith with Lessee concerning the market lease rate for the extended Term. If the parties cannot agree within one hundred fifty (150) days prior to the commencement date of the Extension Periodextended term, Landlord shall have, in addition to all of Landlord’s other rights then the market lease rate (and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term periodic increases) shall be extended for determined by appraiser(s) selected and governed by the term Rules of the Extension Period upon all of the American Arbitration Association. All other terms and conditions contained in this Lease (excluding any further option to extend) shall remain in full force and effect and shall apply during the extended term. The cost of this Leasethe appraisal shall be shared equally by Lessor and Lessee. In no event shall the _________________________ * If Lessee exercises the expansion option, except Lessor shall not unreasonably withhold or delay its consent to any tenant improvements or alterations proposed to be made to the expansion space by Lessee at Lessee's expense, provided that such tenant improvements or alterations are substantially comparable to the tenant improvements in the existing Premises. initial monthly Base Rent for the Extension Period shall option period be less than the “Fair Market Rent” Base Rent payable by Lessee for the Premises for last full calendar month of the Extension Terminitial lease term. Failure by Lessee to exercise the option to extend in a timely manner shall cause the option to lapse, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean time being of the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Periodessence.

Appears in 1 contract

Samples: Standard Industrial/Commercial Multi Tenant Lease (Releasenow Com Corp)

Option to Extend. a. If Tenant Provided that Novavax is not then in default and has not been in default of any term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the future, Tenant shall have more than one (1) option time during the Term, in each case both at the time of exercise of a Renewal Option (as hereinafter defined), and at the commencement of a Renewal Period (as hereinafter defined), and is then in direct occupancy of at least the entire portion of the Premises which Novavax elects to have renewed at the time of exercise of a Renewal Option, and at the time of the commencement of a Renewal Period, Novavax shall have three (3) options (the “Extension OptionRenewal Options”) to extend the Term with respect to the entirety of the Premises Lease for an additional a period of five (5) years commencing when each (each, a “Renewal Period”) after the expiration of the initial Term expires (or the “Extension applicable Renewal Period”), solely in accordance either with the terms of this section, and subject respect to the following conditions: entire Premises, or as to any one Wing of the Premises, as hereinafter provided. In the event that (a) Tenant is then in occupancy of the entire Premises, Tenant shall have the right to exercise a Renewal Option with respect to (i) the Extension entire Premises, or (ii) one (1) entire Wing only, at Tenant’s option, or (b) Tenant is then in occupancy of one (1) entire Wing only, Tenant shall only have the right to exercise a Renewal Option with respect to such Wing. A Renewal Option shall be exercised, if at all, exercisable only by written notice of exercise delivered given by Novavax to Landlord by Tenant not less later than three fifteen (315) months months, nor earlier than eighteen (18) months, prior to the expiration of the initial Term; Term or the applicable Renewal Period, which notice shall, if applicable, state whether Tenant is exercising its right to renew the Term of this Lease with respect to the entire Premises or only one (ii1) Tenant shall accept entire Wing thereof. In the Premises on an “AS-IS” basis; (iii) the extension event that Novavax does not timely exercise a Renewal Option, said Renewal Option and all remaining Renewal Options, if applicable, shall be null and void and of no further force or effect, time being of the essence in the exercise of a Renewal Option and it being acknowledged and agreed by Novavax that Landlord shall be entitled to rely on any failure by Novavax to give written notice of its exercise of a Renewal Option by the same date set forth herein for such exercise thereof. All terms and conditions as of this Lease, Lease shall be applicable during the Renewal Period except as to that the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended annual escalations charged for the term of the Extension Period upon all of the terms and conditions of this Lease, except that the Base Rent for the Extension Renewal Period shall be the then Fair Prevailing Market Rent”, which shall be the rent for renewal tenants leasing comparable space in comparable buildings in the Gaithersburg submarket of Maryland, taking into account such market concessions, if any, as are then being offered by landlords of comparable buildings with respect to comparable space leased to renewal tenants; provided, however, that in no event shall the Prevailing Market Rent determined as aforesaid be deemed to be less than the Base Rent payable under this Lease during the Lease Year immediately preceding the first Lease Year of the Renewal Period. If within thirty (30) days following delivery of Novavax’s notice, Landlord and Novavax have not mutually agreed on the Prevailing Market Rent for the Premises for Renewal Period, then within ten (10) days after the Extension Termexpiration of such thirty-day period, each party shall give written notice to the other setting forth the name and address of a Broker (as determined as set forth below. For purposes hereofhereinafter defined) selected by such party who has agreed to act in such capacity, “Fair to determine the Prevailing Market Rent. If either party shall mean 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 or her 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 prevailing fair market monthly rental rate for the PremisesPrevailing 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, including applicable rent escalationsthen 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 or her determination of the Prevailing Market Rent within twenty (20) days after his or her 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) days (subject to written extension by Landlord) after the later to occur of (i) the date on which Landlord and Novavax agree upon the Prevailing Market Rent or (ii) the date on which the Prevailing Market Rent is otherwise determined by the 3-broker method as aforesaid, based on a lease of space of similar age, construction, size, level of improvement Landlord and location Novavax shall execute an amendment to this Lease setting forth the terms as to the Renewal Period. If Novavax shall fail to execute said amendment within such thirty (30) day period (as the Premisessame may be extended as aforesaid), including then Landlord shall have the services right, at Landlord’s option exercisable by written notice to Novavax: (a) to cancel the exercise by Novavax of Novavax’s option and costs included to offer to lease and to lease the Premises to others upon such terms and conditions as shall be acceptable to Landlord, or (b) to not cancel the exercise by Novavax of Novavax's option, in which case Novavax shall remain bound by the exercise thereof and Novavax shall be deemed to be in default of this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Period.

Appears in 1 contract

Samples: Deed of Lease (Novavax Inc)

Option to Extend. a. If (a) Landlord hereby grants to Tenant is not the right and has not been in default of any term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the future, Tenant shall have one (1) option (the “Extension Option”) to extend the Term with respect to the entirety original lease term for two (2) successive periods of the Premises for an additional period of five three (53) years commencing when each (each such extended term being referred to herein as, an "Extension Term" and, collectively, the "Extension Terms"). Each Extension Term shall be upon the same terms and conditions contained in this Lease for the initial Term expires (the “Extension Period”), solely in accordance with the terms of this section, and subject to the following conditions: term except (i) the Extension Option this provision giving two (2) extension options shall be exercisedamended to reflect the remaining options to extend, if at allany and (ii) the Base Rent shall be adjusted as set forth below (the "Rent Adjustment"). Tenant shall exercise such option by delivering to Landlord, by written notice of exercise delivered to Landlord by Tenant not less no later than three (3) months prior to the expiration of the initial Term; (ii) then effective lease term, written notice of Tenant's desire to extend the lease term. Unless Landlord otherwise agrees in writing, Tenant's failure to timely exercise such option shall waive it. Landlord shall notify Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms and conditions as this Lease, except as to of the amount of the Rent Adjustment no later than thirty (30) days prior to the commencement of the applicable Extension Term. If Tenant properly exercises its option to extend, Landlord and Tenant shall execute an amendment to the Lease reflecting the amount of the Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default due under any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date Term. (b) The Base Rent for each of the Extension Period, Landlord Terms shall have, in addition to all of Landlord’s other rights and remedies, equal the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions of this Lease, except that the then-current Base Rent for increased by the Extension Period shall be same percentage of increase in the “Fair Market Rent” for BLS Index (as hereinafter defined) over the Premises for the immediately preceding lease term or Extension Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included As used in this Lease, and adjusted the term "BLS Index" shall mean the Producer Price Index for Finished Goods (1982=100), published by the Bureau of Labor Statistics, United States Department of Labor. If the Bureau of Labor Statistics shall discontinue publication of said BLS Index or shall adopt a new method of computing the BLS Index, the parties agree to reflect that no free rent, tenant improvement allowance or similar concessions are being provided use a published price index as comparable as possible to Tenant during the Extension PeriodBLS Index prior to the change in such method.

Appears in 1 contract

Samples: Lease Agreement (Mdsi Mobile Data Solutions Inc /Can/)

Option to Extend. a. If Tenant is not and has not been in default of any term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed (a) Lessor hereby grants to do so in the future, Tenant shall have Lessee one (1) option (the “Extension Option”) to extend the Term with respect to term of this Lease for one period of sixty (60) calendar months immediately following the entirety expiration of the Premises for an additional period of five (5) years commencing when initial term. Lessee may exercise the initial Term expires (the “Extension Period”), solely in accordance with the terms of this section, and subject foregoing option to the following conditions: (i) the Extension Option shall be exercised, if at all, extend by giving written notice of exercise delivered to Landlord by Tenant Lessor at least nine (9) months, but not less more than three twelve (312) months months, prior to the expiration of the initial Termterm of this Lease, time being of the essence; provided that if Lessee is currently in a state of uncured default after the expiration of applicable notice and cure periods, if applicable (iireferred to herein as “in default”) Tenant shall accept under this Lease at the Premises on an “AS-IS” basis; (iii) time of exercise of the option or at the commencement date of the option extension period, such notice shall be on void and of no force or effect. Such option extension period, if exercised, shall be upon the same terms and conditions as the initial term of this Lease, including the payment by Lessee of the Operating Expenses pursuant to Paragraph 5, except as to that (i) the amount of Monthly Base Rent and that during the option period shall be determined as set forth in Paragraph 3(c) hereof, (ii) there shall be no further Extension Options; additional option to extend, and (iviii) if Lessee shall accept the Premises in their then “as is” condition and Paragraph 13, Tenant is Improvement Work, shall not apply to the option period. If Lessee does not exercise the option in default under any a timely manner the option shall lapse, time being of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenantessence. b. If (b) The option to extend granted to Lessee by this Paragraph 3 is granted for the Extension Option is exercised in a valid personal benefit of DepoMed only, and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions of this Lease, except that the exercisable only by DepoMed or by a “permitted affiliate” under Paragraph 17(f) below. Said option may not be assigned or transferred by said entity to any assignee or sublessee other than a permitted affiliate. (c) The initial Monthly Base Rent for the Extension Period Premises during the option extension period shall be determined pursuant to the provisions of this subparagraph (c) and, subject to subparagraph (e) below, shall equal one hundred percent (100%) of the then current fair market rental for the Premises as determined by agreement between the Lessor and Lessee, if possible, and by the process of appraisal if the parties cannot reach agreement. If Lessor and Lessee are unable to agree upon the then current fair market rent for the Premises, the appraisal shall be performed by one appraiser if the parties are able to agree upon one appraiser. If the parties are unable to agree upon one appraiser, each party shall appoint an appraiser and the two appraisers shall select a third appraiser. Each appraiser selected shall be a member of the American Institute of Real Estate Appraisers (AIREA) with at least five (5) years of full-time commercial real estate appraisal experience in the Menlo Park office market. If only one appraiser is selected, that appraiser shall notify the parties in simple letter form of its determination of the fair market Monthly Base Rent for the Premises within fifteen (15) days following its selection. Said appraisal shall be binding on the parties as the appraised current Fair Market Rentfair market rental” for the Premises which shall be based upon the then current rental paid by tenants for premises in the vicinity of the Premises of similar age, size, quality of construction and specifications. If multiple appraisers are selected, each appraiser shall within ten (10) days of being selected make its determination of the current fair market Monthly Base Rent for the Extension Term, as determined as set forth belowPremises in simple letter form. For purposes hereof, “Fair Market Rent” shall mean If two (2) or more of the then prevailing fair market monthly rental rate appraisers agree on the rent for the Premises, including applicable rent escalations, based such agreement shall be binding upon the parties. If multiple appraisers are selected and two (2) appraisers are unable to agree on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance the fair market Monthly Base Rent for the Premises shall be determined by taking the mean average of the appraisals; provided, that any high or similar concessions low appraisal, differing from the middle appraisal by more than ten percent (10%) of the middle appraisal, shall be disregarded in calculating the average. Said initial Monthly Base Rent shall be adjusted annually on the anniversary of the commencement of the option term in the manner determined by the appraisers to be consistent with the then prevailing market practice for comparable space. If only one appraiser is selected, then each party shall pay one-half of the fees and expenses of that appraiser. If three appraisers are being selected, each party shall bear the fees and expenses of the appraiser it selects and one-half of the fees and expenses of the third appraiser. (d) Thereafter, provided that Lessee has previously given timely notice to Tenant Lessor of the exercise by Lessee of the option to extend the term, Lessor and Lessee shall execute an amendment to this Lease stating that the initial Monthly Base Rent for the Premises during the Extension Periodoption extension period shall be equal to the determination by appraisal. (e) Notwithstanding anything to the contrary contained in subparagraph (c) above, in no event shall the Monthly Base Rent at the commencement of the option extension period be less than the Monthly Base Rent in effect immediately prior to the commencement of the option extension period.

Appears in 1 contract

Samples: Lease Agreement (Depomed Inc)

Option to Extend. a. If Tenant is not Subject to the terms and has not been conditions set forth in default of any term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the futureParagraph 56, Tenant shall have one (1) may at its option extend the Term (the “Extension Option”) to extend the Term with respect to the entirety of the Premises this Lease for an one (1) additional period of five one (51) years commencing when the initial Term expires year term (the “Extension PeriodTerm”). If Tenant exercises the Extension Option hereunder, solely all of the terms, covenants and conditions of this Lease shall continue in accordance with full force and effect during the Extension Term, including provisions regarding payment of Additional Rent, which shall remain payable on the terms herein set forth, except that (i) Tenant shall have no further right to extend this Lease, (ii) Tenant shall take the Premises in their then “as-is” state and condition, and no work shall be required of Landlord, (iii) the Monthly Rent payable by Tenant for the Premises shall be the then-fair market rent for the Premises based upon the terms of this sectionLease, and subject to the following conditions: (i) the as renewed. To exercise an Extension Option shall be exercisedOption, if at all, by written Tenant must deliver notice of exercise delivered to Landlord by Tenant not less no sooner than three eighteen (318) months nor later than twelve (12) months prior to the expiration of the initial Term; (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms and conditions as this Lease, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms, covenants or conditions Term of this Lease, either at . b. The Monthly Rent for the time Tenant exercises Premises during the Extension Option Term shall be the prevailing market rental rate for Comparable Space (as defined below) for a term commencing on or at any time thereafter prior to or upon about the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions of this Lease, except that the Base Rent for the Extension Period shall be (the “Fair Market RentRate”). For this purpose, “Comparable Spacefor shall mean commercial office space comparable to the Premises that is (i) comparable in size, location, and quality to the Premises; (ii) leased for a term comparable to the Extension Term, as determined as set forth below; and (iii) located in comparable projects in Palo Alto. For purposes hereofof this Paragraph 56, the term Fair Market RentRate” shall mean the then prevailing fair market monthly rental rate that would be applicable for a lease term commencing on the commencement date of the Extension Term and that would be payable in any arms’ length negotiations for the PremisesPremises in their then as-is condition, which rental rate shall be established by reference to rental terms in leases actually executed for comparable space under primary lease (and not sublease), taking into consideration the location of the Building and existing amenities, situated in similar buildings engaged in then-prevailing ordinary rental market practices with respect to tenant concessions (if any) (e.g. not offering promotional deals and other concessions to tenants in an effort to alleviate cash flow problems or in response to a greater than average vacancy rate in a particular building). Notwithstanding the foregoing, in no event shall the Market Rate be less than 103% of the Monthly Rent for the last full calendar month of the initial Term (including applicable rent escalationswhere Market Rent is determined by an arbitrator, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Periodbelow).

Appears in 1 contract

Samples: Industrial Lease (Scilex Holding Co)

Option to Extend. a. If Provided that at the time of exercise of the ---------------- herein described option to extend (i) Tenant is not and has not been in default after applicable notice and grace period of any term or provision of its obligations hereunder, and (ii) this Lease is still in force and has not Transferred this Lease or any of the Premises or agreed to do so in the futureeffect, Tenant shall have the right (the "Extension Option") to extend the Initial Term for one (1) option (the “Extension Option”) to extend the Term with respect to the entirety of the Premises for an additional period of five (5) years commencing when the initial Term expires (the “Extension Period”"Extended Term"), solely in accordance with upon the terms same terms, conditions covenants and agreements of this section, Lease other than Annual Base Rent and subject this Section 2.2.1. The Annual Base Rent during the Extended Term shall be equal to the following conditionsgreater of: (i) ninety-five percent of the Prevailing Market Rent, as defined in and determined pursuant to Exhibit F; or (ii) $1,200,000.00. --------- If Tenant desires to exercise the Extension Option shall be exercisedOption, if at all, by then Tenant must give written notice of exercise delivered to Landlord by Tenant not less than three of such election at least twelve (312) months prior to the expiration of the initial Initial Lease Term; (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms and conditions as this Lease, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms, covenants or conditions of this Lease, either . If at the time Tenant exercises expiration of thirty (30) days following the Extension Option or at any time thereafter prior to or upon date when Landlord receives Tenant's written election (the commencement date of the Extension "Negotiation Period"), Landlord shall have, in addition to all and Tenant have not reached agreement on a determination of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended an annual rental for the term of Extended Term and executed a written instrument setting forth the Extension Period upon all of the terms and conditions of this Lease, except that the Annual Base Rent for the Extension Period Extended Term pursuant to such agreement, then either Landlord or Tenant shall have the right, to make a request for a determination (the "Brokers' Determination") of the Prevailing Market Rent (as defined in Exhibit F) for the Extended Term, which Brokers' --------- Determination shall be made in the “Fair Market Rent” for the Premises for the Extension Term, as determined as manner set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Period.Exhibit F. ---------

Appears in 1 contract

Samples: Lease Agreement (Peritus Software Services Inc)

Option to Extend. a. If Tenant is not and has not been in default of any term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the future, Tenant shall have one the option to extend this Lease for Two (12) option additional Five (5) year term(s) (the “Extension OptionOption Terms”) upon the same conditions applicable to the Primary Term, except that (i) no additional options to extend the Term with respect shall be granted past November 30, 2028, unless and only to the entirety 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 Premises for an additional period of five Fair Market Rental Rate (5) years commencing when the initial Term expires (the “Extension Period”as defined below), solely in accordance with provided, however, that the terms rent during the first (1st) Lease Year of this section, and each Option Term as determined above shall be subject to the following conditionslimitations: (ix) the Extension Option rent shall be exercisedno 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 at allbuilt, 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 Tenant has exercised its option to extend. Tenant may exercise 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, 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 when such option needs to be exercised (“Landlord’s Option Notice”). Tenant shall not be entitled to exercise delivered any option to Landlord by 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 this Lease pursuant to Section 21 hereof beyond any applicable notice and cure period or grace period, or if Tenant has been ten (10) or more days late in payment of its rent and has not less cured such late payments within ten (10) days after written notice on more than three (3) months prior to the expiration of the initial Term; (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms and conditions as this Lease, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under occasions during any of the terms, covenants or conditions calendar year of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions of this Lease, except that the Base Rent for the Extension Period shall be the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Period.

Appears in 1 contract

Samples: Lease Agreement (Cardiac Science CORP)

Option to Extend. a. Borrowers shall have the option to extend the term of the Loan from the Original Maturity Date, to the Extended Maturity Date, upon satisfaction (or waiver by Lender in writing) of each and every one of the following conditions precedent: (a) Borrowers shall provide Lender with written notice of Borrowers’ request to exercise the Option to Extend in the form attached hereto as Exhibit H not more than one hundred twenty (120) days but not less than forty-five (45) days prior to the Original Maturity Date. (b) As of the date of Borrowers’ delivery of notice of request to exercise the Option to Extend, and as of the Original Maturity Date, no Default shall have occurred and be continuing, and Borrowers shall so certify in writing. (c) Section 4.2 hereunder shall be satisfied as of the Original Maturity Date. (d) Borrowers shall execute or cause the execution of all documents reasonably required by Lender to exercise the Option to Extend (including, without limitation, a certification by Borrowers that all conditions precedent for the extension have been satisfied) and shall deliver to Lender, at Borrowers’ sole cost and expense, such title insurance endorsements required under Section 2.13(g) below. (e) Borrowers shall pay to Lender an extension fee in the amount of twenty-five one-hundredths of one percent (0.25%) of the Commitment Amount, less any unfunded amounts being cancelled and/or principal payments previously made or concurrently made in order to satisfy the Loan-to-Value Percentage requirement and the Outstanding Amount Debt Yield minimum requirement, pursuant to Section 2.13(h), for the extension, payable in full concurrently with the execution of all documents contemplated in Section 2.13(d) above. (f) If Tenant required by Lender, at least twenty (20) days prior to the Original Maturity Date, Lender shall have received, at Borrowers’ sole expense, an Appraisal (subject to review and reasonable adjustment by Lender to conform to Lender’s standard practices), confirming to the satisfaction of Lender that (i) (x) the then outstanding principal balance of the Note plus (y) the amount of any unfunded TI/LC Expenses to be funded from the Loan proceeds in connection with Leases taken into account when determining the “as-is” market value In the Appraisal as a percentage of (ii) the applicable appraised value of the Properties and Improvements then subject to Security Instruments, in the aggregate, does not exceed fifty percent (50%) of the “as-is” market value (“Loan-to-Value Percentage”) as of the Original Maturity Date; provided, however, in the event such as-is market value is not adequate to meet the required Loan-to-Value Percentage, then Borrower shall pay down the outstanding principal balance of the Loan such that said required Loan-to-Value Percentage shall be met on or before the the Original Maturity Date. The valuation date of each Appraisal shall be within sixty (60) days of each applicable reference date specified above. Any principal balance reduction shall reduce the Commitment Amount by a like amount and may not be reborrowed. (g) Lender shall have received a date-down endorsement and other endorsements amending the mechanic’s and materialmen’s lien coverage and, if applicable, deleting the pending disbursements clause and such other endorsements reasonably required by Lender, in form and content satisfactory to Lender. (h) As of the Determination Date immediately prior to the Original Maturity Date, Lender shall have received and approved projected financial statements and supporting documents demonstrating that the Outstanding Amount Debt Yield for the Properties then subject to Security Instruments equals or exceeds ten percent (10%). If the Outstanding Amount Debt Yield as so calculated for such Properties does not equal or exceed such minimum percent threshold, then Borrowers shall pay down the outstanding principal balance of the Loan such that the recalculated Outstanding Amount Debt Yield shall equal or exceed ten percent (10%) on or before the Original Maturity Date. Any principal balance reduction shall reduce the Commitment Amount by a like amount and may not be reborrowed. (i) Borrowers shall have commenced construction of the Construction Improvements on the Lehigh Valley II Property or the Lehigh Valley II Property shall have been subject to a Partial Release and no longer subject to a Security Instrument. (j) There shall have occurred no Material Adverse Effect in the financial condition of any Borrower or Guarantor from that which existed as of the later of: (A) the Effective Date or (B) the date upon which the financial condition of such party was first represented to Lender. (k) If the Miami III Property has not otherwise been released in default of any term or provision of this Lease and has not Transferred this Lease or any accordance with Section 2.12 prior to the Original Maturity Date, Borrowers shall have either (i) (x) delivered to Lender evidence of the Premises or agreed to do so satisfaction of all requirements set forth in the futureletter dated January 30, Tenant shall have one 2015 from Miami-Dade County Department of Regulatory and Economic Resources (1) option (the Extension OptionDERM”) to extend the Term Miami III Borrower, and (y) obtained a no further action letter (or such reasonably similar letter actually provided by DERM (as hereinafter defined), the “NFA”) with respect to the entirety Miami III Property, or (ii) obtained the release of the Premises Miami III Property by delivering to Lender a release price for an additional period the Miami III Property equal to one hundred sixty-five percent (165%) of five the Allocated Loan Amount for the Miami III Property (5) years commencing when for avoidance of doubt, the initial Term expires (the “Extension Period”), solely Miami III Property may be released in accordance with the terms of this section, and subject to the following conditions: (i) the Extension Option shall be exercised, if Section 2.12 at all, by written notice of exercise delivered to Landlord by Tenant not less than three (3) months any time prior to the expiration of Original Maturity Date, and the initial Term; foregoing clause (ii) Tenant shall accept only apply if the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms and conditions as this Lease, except as Miami III Property has not otherwise been released prior to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is Original Maturity Date in default under any of the termsaccordance with Section 2.12). Except as modified by this Option to Extend, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions of this Lease, except that Agreement and the Base Rent for the Extension Period other Loan Documents as modified and approved by Lender shall be the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement remain unmodified and location as the Premises, including the services in full force and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Periodeffect.

Appears in 1 contract

Samples: Construction Loan Agreement (DC Industrial Liquidating Trust)

Option to Extend. a. If (a) Provided that Tenant is not and has not been then in default of under any term or provision of this Lease the Lease, and with respect to non-monetary issues, beyond any applicable cure period, and provided Tenant has not Transferred this Lease or any made late payments of the Premises or agreed to do so Rents more than two (2) times in the futureinitial Lease Term without consideration of applicable cure periods, Tenant shall have one (1) an option (the “Extension Option”) to extend the Term with respect to the entirety of the Premises for an additional additional, period of five (5) years commencing when the initial Term expires (the “Extension Period”), solely in accordance with the terms of this section, and subject to the following conditions: (i) the Extension Option shall be exercised, if at all, by written notice of exercise delivered to Landlord by Tenant not less than three (3) months prior to the expiration of the initial Term; (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms and conditions as this Lease, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period years upon all of the terms and conditions of this Lease, except that (i) the Base Rent for during the Extension Period extension Term shall be the “Fair Market Rent” for greater of (x) the Base Rent payable during the Lease Year immediately preceding the extension Term, and (y) the fair rental value of the Premises for at the Extension date six months prior to the commencement of the extension Term; (ii) Landlord shall have no obligation to do any work in the Premises or give any work allowance; and (iii) there shall be no further option to extend beyond the expiration of such extension Term. (b) Tenant's option may be exercised only by notice of exercise given by Tenant to Landlord at least nine months prior to the expiration of the then current Term. Failure to so exercise within such period shall render any subsequent attempted exercise void and of no effect, any principles of law to the contrary notwithstanding. Tenant shall have no right to exercise its option to extend the Term, as determined as set forth below. For purposes and any attempted exercise shall be void and of no effect, if: (i) the named Tenant has assigned this Lease or has at any time subleased, in the aggregate, more than 50 % of the Premises except if such assignment or subletting was permitted under Paragraph 17(d) hereof; or (ii) Tenant shall be in default hereunder beyond applicable notice or cure periods and such default shall not have been cured at the time of the attempted exercise or, “Fair Market Rent” shall mean if such default occurs after Tenant's attempted exercise of the then prevailing fair market monthly rental rate for option, at the Premises, including applicable rent escalations, based on a lease time of space the proposed commencement of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Periodextension Term.

Appears in 1 contract

Samples: Gross Lease (Startech Environmental Corp)

Option to Extend. a. If In consideration for Tenant is not and has not never having been in default of any term or provision of under this Lease and has not Transferred this Lease or any of the Premises or agreed Lease, Landlord hereby grants to do so in the future, Tenant shall have tenant one (1) option (the “Extension Option”) to extend the Term with respect to the entirety of the Premises for an additional period of five (5) years commencing when the initial Term expires (the “Extension Period”), solely in accordance with the terms of this section, and subject to the following conditions: (i) the Extension Option shall be exercised, if at all, by written notice of exercise delivered to Landlord by Tenant not less than three (3) months prior year option to extend the expiration term of this Lease on the following terms and conditions: (i) Tenant must give Landlord notice in writing of its exercise of the initial Term; option to extend the Lease Term no earlier than nine (9) months nor later than six (6) months before the date of the Lease Terms would end but for said exercise. Time is of the essence. (ii) Tenant shall accept may not extend the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms and conditions as this Lease, except as Lease Term pursuant to the amount of Base Rent and that there shall be no further Extension Options; and (iv) options granted by this Paragraph 46 if Tenant is has been in default under in the performance of any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions of this lease at any time prior to the date of Tenant's notice of exercise of these options, or if Tenant shall have assigned or otherwise transferred its interest in this Lease and/or the Premises whether or not Landlord's consent to such assignment or transfer has been given. If Tenant is in default under this Lease on the date that the extended term is to commence, then Landlord may elect to terminate this Lease, notwithstanding any notice given by Tenant of an exercise of its options to extend. (iii) All terms and conditions of this Lease apply during the extended term, except for this Paragraph 46 and except that the Base Rent for the Extension Period extended term, shall be determined in accordance with Paragraph (v) below. (iv) Once Tenant delivers notice of its exercise of an option to extend the Lease Term, Tenant may not withdraw such exercise and, subject to the provisions of this Paragraph such notice shall operate to extend the Lease Term. Upon an extension of the Lease Term pursuant to this Paragraph, the term "Lease Term" as used in this Lease shall thereafter include the extended term and the Lease Termination date shall be the “Fair Market Rent” expiration date of the extended term. (v) If Tenant elects to extend the Lease Term pursuant to this Paragraph 46, the annual rate for each extended term shall be an amount equal to the fair market rental value of the Premises is relating to the market conditions at the time of the extension (including, but not limited to, rental rates for comparable space with comparable tenant improvements and taking into consideration any adjustments to rent based upon direct costs (operating expenses) and taxes, load factors, financing charges, and/or costs of living or other rental adjustments; the relative strength of the tenants; the size of the space; and any other factors which affect market rental values at the time of extension); and provided further, that the rent for each extended term shall in no event be lower then the Rent for the Premises month immediately preceding the extended term. The Rent for the Extension first Lease Year of the extended term shall be determined as follows: ADDENDUM TO THAT CERTAIN LEASE AGREEMENT DATED 9,1997 BY AND BETWEEN VOICE PLUS, INC., A CALIFORNIA CORPORATION, AS TENANT, AND EL DORADO HOLDING COMPANY, INC., A CALIFORNIA LIMITED PARTNERSHIP, AS LANDLORD, FOR CERTAIN PREMISES LOCATED AT 39420 XXXXXXX XXXXXX, XXXXXXX, XXXXXXXXXX. (vi) After timely receipt by Landlord of Tenant's notice of exercise of an option to extend the Lease Term, Landlord and Tenant shall have a period of thirty (30) days in which to agree on the Rent for the extended term. If Landlord and Tenant agree on said Rent during that period, they shall immediately execute an Amendment to this lease stating the Rent of the extended term. If Landlord and Tenant are unable to agree on the Rent for the extended term as determined as aforesaid, the provisions of Paragraph 46 (vii) below shall apply. (vii) Within five (5) days after the expiration of the thirty (30) day period described in Paragraph 46 (vi) above, each party, at its costs and by giving notice to the other party, shall appoint an M.A.I. real estate appraiser, with at least five (5) years' full time commercial appraisal experience in the area in which the premises are located, to appraise and shall set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for value of the Premisespremises. If a party does not appoint an appraiser within five (5) days after the other party has, including applicable rent escalationsgiven notice of the name of its appraiser, based the single appraiser appointed shall be the sole appraiser and shall set the fair market rental value. The cost of such sole appraiser shall be borne equally by the parties. If two appraisers are appointed by the parties as provided in this Paragraph, the two appraisers shall meet promptly and attempt to set the fair market rental value. If they are unable to agree within twenty (20) days after the appraiser has been appointed, then the two appraisers shall attempt to 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 rental value. If they are unable to agree on a lease the third appraiser, either of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in parties to this Lease, by giving ten (10) days' notice to the other party, may apply to the presiding judge of the Superior Court of Santa Clarx Xxxnty for a selection of a third appraiser who meets the qualifications stated above. Each of the parties shall bear one half (1/2) of the cost of appointing the third appraiser and adjusted 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. Within twenty (20) days after the selection of the third appraiser, the majority of the appraisers shall set the fair market rental value. If the majority of the appraisers are unable to reflect set the fair market rental value within said twenty (20) day period, the three appraisals shall be added together and the total divided by three; the resulting quotient shall be the fair market value and shall be deemed incorporated herein; provided, however, that no free rentif any appraisal differs from the median appraisal shall be disregarded, and the average of the remaining appraisals (or the remaining appraisal) shall be the fair market rental value. In establishing the fair market value, the appraisal or appraisers shall consider the reasonable market rental value for the highest and best use of the Premises (including, but not limited to, rental rates for comparable space with comparable tenant improvement allowance improvements and any adjustments to rent based upon direct costs [operating expenses] and taxes, load factors, financing charges, and/or cost of living or similar concessions are being provided other rental adjustments; the relative strength of the Tenants; and of size of the space); without regard to Tenant during the Extension Period.existence of this Lease but taking into consideration the future adjustments to Rent pursuant to Paragraph 1.8

Appears in 1 contract

Samples: Lease (Nhancement Technologies Inc)

Option to Extend. a. (a) If (i) Tenant is not then in Default hereunder, and (ii) Tenant has not been in default of any simultaneously exercised its option to extend the term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the future1501 Lease, then Tenant shall have one (1) the option (the “Extension Option”) to extend the Term with respect to the entirety of the Premises for an additional period of five (5) years year period commencing when on the initial Term expires day next following the Expiration Date and ending on the fifth (5th) anniversary of the “Extension Period”), solely in accordance with the terms of this section, and subject to the following conditions: Expiration Date (i"First Extended Term") the Extension Option shall be exercised, if at all, by giving written notice of exercise delivered said extension to Landlord by Tenant not less later than three nine (39) months prior to the expiration Expiration Date, time being of the initial Term; essence. (b) If (i) Tenant is not then in Default hereunder, and (ii) Tenant has previously exercised its option to extend the Term for the First Extended Term and has simultaneously exercised its option to extend the term of the 1501 Lease for a like period, then Tenant shall accept have the Premises option to extend the Term for an additional five (5) year period commencing on the day next following the fifth (5th) anniversary of the Expiration Date and ending on the tenth (10th) anniversary of the Expiration Date ("Second Extended Term") by giving written notice of said extension to Landlord not later than nine (9) months prior to the end of the First Extended Term, time being of the essence. (c) If (i) Tenant is not then in Default hereunder, and (ii) Tenant has previously exercised its option to extend the Term for the Second Extended Term and has simultaneously exercised its option to extend the term of the 1501 Lease for a like period, then Tenant shall have the option to extend the Term for an “AS-IS” basis; additional five (iii5) year period commencing on the day next following the tenth (10th) anniversary of the Expiration Date and ending on the fifteenth (15th) anniversary of the Expiration Date ("Third Extended Term") by giving written notice of said extension to Landlord not later than nine (9) months prior to the end of the Second Extended Term, time being of the essence. The First Extended Term, Second Extended Term and Third Extended Term are hereinafter individually and collectively referred to as the "Extended Term". (d) If the Term is extended it shall be so extended on the same terms and conditions as this Lease, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions of this Lease, except that the Base Rent for the Extension Period shall be the “Fair Market Rent” for the Premises for the Extension Term, as determined as then set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, including the annual Base Rent as set forth in Rider A. (e) Landlord and adjusted Tenant shall enter into a written supplement to reflect that no free rentthis Lease confirming the terms, tenant improvement allowance or similar concessions are being provided to Tenant conditions and provisions applicable during the Extension PeriodExtended Term as determined in accordance with the provisions of this Section S.2. If Tenant fails to timely exercise its option to extend the Term for the applicable Extended Term, then this Lease shall expire by its terms on the expiration of the Term or the First Extended Term or the Second Extended Term, as the case may be.

Appears in 1 contract

Samples: Office Lease (May & Speh Inc)

Option to Extend. a. If 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 any term or provision recurring monthly payments of Base Rent, AP Rent, Tenant's Electricity Cost and/or Tenant's Share of the Estimated Excess (beyond applicable notice and cure periods, as set forth in SECTION 19.1.1, below) under this Lease and has not Transferred this Lease more than three (3) times in the prior twelve month period, at the time it exercises the option or any at commencement of the Premises or agreed to do so in the futureapplicable Option Term, Tenant shall have one (1) the right and option (the “Extension Option”) to extend this lease ("Option to Extend") for two additional option periods of three years each (each, an "Option Term") upon the Term with respect to same terms and conditions herein set forth except that the entirety of the Premises for an additional period of five (5) years commencing when the initial Term expires (the “Extension Period”), solely Base Rent shall be adjusted in accordance with SECTION 4 of the terms of this sectionSummary. To exercise its Option to Extend, and subject Tenant must give Landlord notice in writing sent so as to the following conditions: be received at least twelve (i12) the Extension Option shall be exercised, if at all, by written notice of exercise delivered to Landlord by Tenant months but not less more than three eighteen (318) months prior to the expiration of the initial Lease Term or the then current Option Term; (ii, as applicable. At Landlord's election, Tenant's exercise of its Option(s) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms void and conditions as this Lease, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) effect if Tenant is in default under this Lease (beyond applicable notice and cure periods) or has been in default of any monetary obligation (beyond applicable notice and cure periods) under this Lease more than three times in the prior twelve month period on the date it exercises its Option(s) to Extend or on the expiration of the terms, covenants Lease Term or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Term immediately preceding such Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions of this Lease, except that the Base Rent for the Extension Period shall be the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth applicable. Notwithstanding anything to the contrary, in no event shall Tenant be allowed to exercise an Option to Extend if Tenant has assigned the Lease to a Transferee other than pursuant to SECTION 14.7, below. For purposes hereof, “Fair Market Rent” shall mean or if the then prevailing fair market monthly rental rate for Tenant and/or its Affiliates are not in possession of at least forty-five percent (45%) of the PremisesPremises (free of any subleases, including applicable rent escalationsother than subleases pursuant to SECTION 14.7, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Periodbelow).

Appears in 1 contract

Samples: Office Lease (3com Corp)

Option to Extend. a. If Tenant is not (A) Subject to the terms and has not been conditions in default of any term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the futureSection 7, Tenant shall have one (1) the right and option (the “Extension Option”) to extend the Term with respect to the entirety term of the Premises this Lease for an two (2) consecutive additional period periods (“Extension Terms”) of five (5) years each commencing when on the initial Term expires (expiration of the original term or the then Extension Period”)Term, solely in accordance with upon all the terms and conditions of this sectionLease except for Base Rent. Base Rent during the Extension Term shall be at the greater of the Base Rent paid during the immediately preceding lease year or ninety five percent (95%) of the then fair market rent (“Fair Market Rent”) for the Premises, as defined below. Tenant may exercise its option to extend only if Tenant is not then (i.e. as of the giving of Tenant’s Exercise Notice, as hereinafter defined) in default in performance or observance of any term or condition of this Lease, after the giving of any applicable notice and subject to the following conditionsexpiration of any applicable grace period. In addition, if, as of the commencement of the First Extension Term, either: (i) Tenant’s interest in this Lease has been assigned to anyone other than a Permitted Transferee (as defined in Section 22 hereof), or (y) Tenant has subleased more than fifty (50%) of the rentable area of the Premises to anyone other than a Permitted Transferee, then Tenant shall not have the right to extend the term of the Lease for the Second Extension Option shall be exercised, if at all, Term. Tenant may exercise its options to extend only by written delivering notice (“Tenant’s Exercise Notice”) of exercise delivered its intent to extend the term hereof to Landlord by Tenant not less than three on or after the date eighteen (318) months prior to the expiration of the initial Term; (ii) Tenant shall accept then current term of the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms and conditions as this Lease, except as but on or before the date twelve (12) months prior to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any expiration of the terms, covenants or conditions then current term of this the Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date being of the Extension Periodessence. If Tenant fails timely to give Tenant’s Exercise Notice, Landlord as aforesaid, Tenant’s option shall haveutterly expire, in addition time being of the essence. Following the timely exercise by Tenant of its option to all of Landlord’s other rights and remediesextend the term hereof, the right term of the Lease shall, subject to terminate the Extension Option upon notice Section 7(D), be deemed to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term Extension Term in question, without the need for further act or deed by either party. (B) The Fair Market Rent shall mean the rent then being paid by tenants for leases entered into as of the Extension Period upon date in question for premises similar to the Premises in buildings which are comparable to the Building in terms of age, quality of construction, level of service and amenities, size and appearance and located in Southborough, Northborough, Marlborough and Westborough, Massachusetts. Fair Market Rent shall take into account all relevant factors, including, without limitation, whether the tenant is paying additional rent on a gross basis or on a net basis, as well as free rent, landlord construction allowances, and other economic concessions then being provided by landlords to tenants. Fair Market Rent shall not take into account the value of any leasehold improvements made by Tenant to the extent that the same have been paid for by Tenant. (C) Tenant may, on or after the date fifteen (15) months prior to the end of the terms then current term, request that Landlord provide Tenant with Landlord’s determination of Base Rent for the Extension Term in question, and conditions Landlord shall provide Tenant with Landlord’s determination of this Leasesaid Base Rent in writing within fifteen (15) business days of Landlord’s receipt of such request. If Tenant does not agree with Landlord’s determination, except then Tenant shall so advise Landlord of such disagreement in Tenant’s Exercise Notice. If Tenant does not make such request of Landlord prior to the time that Tenant gives Tenant’s Exercise Notice for the Extension Term in question, Landlord shall, within thirty (30) days after Landlord receives Tenant’s Exercise Notice, furnish Tenant in writing with notice of Landlord’s determination of the Base Rent for the Extension Period Term in question. In such event, if Tenant does not agree with Landlord’s determination of Base Rent, Tenant shall be advise Landlord in writing (“Dispute Notice”) of such agreement within twenty (20) days of its receipt of such determination, In either case, if the “Fair Market Rent” for parties do not agree upon the Premises Base Rent for the Extension TermTerm in question, then the Fair Market Rent shall be determined by appraisal as follows, Tenant hereby agreeing that it shall have no right to submit any dispute as to Fair Market Rent to appraiser unless Tenant has previously exercised its option to extend the term of the Lease for the Extension Term in question. Each of the parties shall, within twenty (20) days after the giving of Tenant’s Exercise Notice or within twenty (20) days after Tenant gives the Dispute Notice, select an appraiser, each of whom shall have at least five (5) years of experience in appraising commercial properties in the greater Boston area, and the two appraisers shall together select a third appraiser similarly qualified. The three appraisers together shall attempt to agree on the current market rate of Base Rent for the Extension Term in question. Failing a unanimous decision, the Base Rent shall be determined as set forth belowby majority vote of the appraisers. For purposes Landlord and Tenant shall each pay the charges for the appraiser which it selects, and they shall share equally the charges for the third appraiser. Following the exercise by Tenant of its option to extend the term hereof, “Fair Market Rent” shall mean all references in this Lease to the then prevailing fair market monthly rental rate for the Premisesterm hereof, including applicable rent escalations, based on a lease of space or expressions of similar ageimport, construction, size, level shall be deemed to refer to the term as so extended. The decision and award of improvement the appraiser(s) shall be final and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Periodconclusive on all parties. (D) Intentionally deleted.

Appears in 1 contract

Samples: Lease Agreement (Hologic Inc)

Option to Extend. a. If Tenant is not and has not been in default of any term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the future, 27.01 Tenant shall have the option to extend the Term of the Lease for one (1) option (the “Extension Option”) to extend the Term with respect to the entirety of the Premises for an additional period of five (5) years commencing when the initial Term expires (the “Extension "Renewal Period”)") upon all of the terms, solely covenants and conditions contained in accordance with the terms of this section, and subject Lease except that Base Rent for the Renewal Period shall be equal to the following conditions: Renewal Rate (as defined below). Tenant shall be entitled to exercise its option to extend hereunder so long as (i) the Extension Option Tenant shall be exercised, if at all, by have delivered to Landlord written notice of its election to exercise delivered to Landlord by Tenant not less than three (3) months prior to the expiration of the initial Term; such option on or before July 31, 2012, and (ii) Tenant shall accept the Premises on an “ASnot be in default of any non-IS” basis; (iii) the extension shall be monetary or material non-monetary obligations or covenants under this Lease on the same terms and conditions as this Lease, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms, covenants or conditions of this Lease, either at the time date on which Tenant exercises the Extension Option its option to extend, or at any time thereafter prior to or upon through and including the commencement date of the Extension Renewal Period. 27.02 Within thirty (30) days of its receipt of notice from Tenant of Tenant's election to exercise its renewal option, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term notify Tenant of the Extension Period upon all of the terms and conditions of this Lease, except that the Renewal Rate to be charged as Base Rent for the Extension Period shall be Renewal Period. As used herein, the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” term "Renewal Rate" shall mean the rental rates then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease being charged to tenants of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided comparable size to Tenant during in comparable buildings in the Extension Periodarea. Tenant shall have thirty (30) days to notify Landlord in writing of its desire to accept the Renewal Rate or object to the Renewal Rate. If Tenant rejects the Renewal Rate, Landlord and Tenant shall attempt to negotiate a mutually acceptable Renewal Rate. If, after thirty (30) days, Landlord and Tenant are unable to reach agreement on the Renewal Rate, then this Lease shall terminate on the last day of the initial Term and the Term of the Lease shall not be extended pursuant to this Article XXVII.

Appears in 1 contract

Samples: Office Space Lease (Medical Staffing Network Holdings Inc)

Option to Extend. a. If Tenant is not and has not been in default of any term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the future, Tenant shall have one (1) the right and option (the “Extension Option”) to extend the Term with respect to the entirety of the Premises for an two (2) additional period successive periods of five (5) years commencing when the initial Term expires each (the each, an “Extension PeriodTerm”), solely in accordance with commencing the terms day after the expiration of this sectionthe Initial Term or prior Extension Term, respectively, and subject to ending on the following conditions: fifth (i5th) the Extension Option anniversary thereof, provided that Tenant shall be exercised, if at all, by written give Landlord notice of Tenant’s exercise delivered to Landlord by Tenant not of such option no more than fifteen (15) months and no less than three twelve (312) months prior to the expiration of the initial Initial Term or the first Extension Term; (ii) , respectively, and provided further that Tenant shall accept not be in default beyond any applicable notice or cure periods at the Premises on an “AS-IS” basis; (iii) time of giving such notice or at the extension shall be commencement of the Extension Term in the performance or observance of any of the terms and provisions of this Lease on the same terms and conditions as this Lease, except as part of the Tenant to be performed or observed. Prior to the amount exercise by Tenant of Base Rent such option, the expression “Term” shall mean the Initial Term as the same may have been extended, and that there after the exercise by Tenant of such option, the expression “Term” shall be no further Extension Options; and (iv) if Tenant is in default under any mean the Term as it has been then extended. All of the terms, covenants or conditions 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 Lease, either at option to extend in the manner and within the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashionperiod provided aforesaid, the Term shall be extended for upon the term 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 Extension Period upon all exercise of such option as aforesaid, Tenant shall have no right to extend the terms and conditions 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 the greater of (a) 100% of the Basic Rent for the Extension Period shall be last year of the “Fair Market Rent” for the Premises for the Initial Term or prior Extension Term, as determined as set forth below. For purposes hereofrespectively, or (b) ninety-five percent (95%) of the Fair Market Rent” Rent determined in accordance with Section 15.1 above. Landlord shall mean provide a refurbishment allowance to Tenant in the then prevailing fair market monthly rental rate amount of Fifteen ($15.00) Dollars per square foot of the Premises Rentable Area for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement first Extension Term if the same is exercised by Tenant in accordance with the terms hereof. This option shall be personal to Tenant and location as the Premises, including the services and costs included in this Leaseits Affiliates, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Periodshall not be exercisable by any other party.

Appears in 1 contract

Samples: Lease Agreement (TechTarget Inc)

Option to Extend. a. If 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 any term or provision recurring monthly payments of Base Rent, Tenant’s Electricity Cost and/or Tenant’s Share of the Estimated Excess (beyond applicable notice and cure periods, as set forth in Section 19.1.1, below) under this Lease and has not Transferred this Lease more than three (3) times in the prior twelve (12) month period, at the time it exercises the option or any at commencement of the Premises or agreed to do so in the futureapplicable Option Term, Tenant shall have one the right and option to extend this lease (1) option (the Extension OptionOption to Extend”) to extend the Term with respect to the entirety for two (2) additional option periods of the Premises for an additional period of five three (53) years commencing when each (each, an “Option Term”) upon the initial Term expires (same terms and conditions herein set forth except that the “Extension Period”), solely Base Rent shall be adjusted in accordance with the terms Section 2.3 of this sectionLease. To exercise its Option to Extend, and subject Tenant must give Landlord notice in writing sent so as to the following conditions: be received at least twelve (i12) the Extension Option shall be exercised, if at all, by written notice of exercise delivered to Landlord by Tenant months but not less more than three eighteen (318) months prior to the expiration of the initial Lease Term or the then current Option Term; (ii, as applicable. At Landlord’s election, Tenant’s exercise of its Option(s) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms void and conditions as this Lease, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) effect if Tenant is in default under this Lease (beyond applicable notice and cure periods) or has been in default of any monetary obligation (beyond applicable notice and cure periods) under this Lease more than three times in the prior twelve month period on the date it exercises its Option(s) to Extend or on the expiration of the terms, covenants Lease Term or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Term immediately preceding such Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions of this Lease, except that the Base Rent for the Extension Period shall be the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth applicable. Notwithstanding anything to the contrary, in no event shall Tenant be allowed to exercise an Option to Extend if Tenant has assigned the Lease to a Transferee other than pursuant to Section 14.7, below. For purposes hereof, “Fair Market Rent” shall mean or if the then prevailing fair market monthly rental rate for Tenant and/or its Affiliates are not in possession of at least two full floors of the PremisesPremises (free of any subleases, including applicable rent escalationsother than subleases pursuant to Section 14.7, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Periodbelow).

Appears in 1 contract

Samples: Office Lease (3com Corp)

Option to Extend. a. If Tenant is not and has not been in default of any term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the future, Tenant shall have one (1) the option (the “Extension Option”) to extend the Term of this Lease with respect to the entirety of the entire Premises for an additional period up to two (2) successive extended terms of five (5) years commencing when the initial Term expires (the “Extension Period”), solely in accordance with the terms of this section, each upon and subject to the following conditions: terms and conditions (each of such options is individually referred to as an “Extension Option” and collectively as the “Extension Options”): (i) Tenant has the Extension Option shall be exercised, if at all, option to extend the Term of this Lease for one (1) extended term of five (5) years (the “First Extended Term”) by giving written notice of exercise delivered its election to extend for the First Extended Term to Landlord by Tenant not less no earlier than three twelve (312) months and no later than nine (9) months prior to the expiration of the Term. The First Extended Term shall commence immediately upon the expiration of the Term. If Tenant does not give notice of its election to exercise the Extension Option for the First Extended Term in a timely manner, the Tenant’s rights with respect to the First Extended Term shall expire and Tenant shall be conclusively to have waived its right to the First Extended Term. Failure to exercise any Extension Option granted herein shall terminate all subsequent Extension Options, if any. If Tenant does timely exercise its option to extend the Term for the First Extended Term, it may not thereafter revoke such exercise. (ii) Provided that Tenant has exercised its right to extend the Lease for the First Extended Term, Tenant shall have the option to extend the Term of this Lease for one (1) additional extended term of five (5) years (the “Second Extended Term”) by giving written notice of its election to extend for the Second Extended Term to Landlord no earlier than twelve (12) months and no later than nine (9) months prior to the expiration of the First Extended Term. The Second Extended Term shall commence immediately upon the expiration of the First Extended Term. If Tenant does not give notice of its election to exercise the Extension Option for the Second Extended Term in a timely manner, Tenant’s rights with respect to the Second Extended Term shall expire and Tenant shall be conclusively deemed to have waived its right to the Second Extended Term. If Tenant does timely exercise its option to extend the Term for the Second Extended Term, it may not thereafter revoke such exercise. The First Extended Term and Second Extended Term are sometimes individually referred to as an “Extended Term,” and collectively as the “Extended Terms.” (b) Monthly Rental for the Premises for each Extended Term shall be an amount equal to the “Fair Market Value Monthly Rental” (as hereinafter defined in Paragraph 37 below) for the Premises for the applicable Extended Term. Within thirty (30) days after Landlord’s receipt of written notice of Tenant’s election to exercise an Extension Option, Landlord shall give Tenant a written notice setting forth Landlord’s determination, in its sole discretion, of the Fair Market Value Monthly Rental of the Premises for the applicable Extended Term (“Landlord’s Determination”). If Tenant rejects Landlord’s Determination, Landlord and Tenant shall negotiate in good faith in an attempt to reach agreement as to the Fair Market Value Monthly Rental. If Landlord and Tenant are not able to agree as to the Fair Market Value Monthly Rental within sixty (60) days after Landlord’s notice to Tenant of Landlord’s Determination (the “Negotiation Period”), Fair Market Value Monthly Rental for such Extended Term shall be determined by arbitration as set forth in Paragraph 36(d) below. Landlord and Tenant shall be bound by such determination, and Tenant shall not be entitled to revoke its exercise of such Extension Option. (c) Landlord shall have no obligation to make any improvements, decorations or alterations to the Premises, other than Landlord’s existing obligations under this Lease, and Tenant shall accept the Premises in their then current “as-is” condition as of the commencement of each Extended Term. (d) If Landlord and Tenant are unable to reach agreement on the Fair Market Value Monthly Rental within the Negotiation Period, then Fair Market Value Monthly Rental shall be determined in accordance with the procedures set forth in this Paragraph 36(d) (the determination of Fair Market Value Monthly Rental by any arbitrator shall be based on the factors set forth in Paragraph 37 below). Within thirty (30) days after the end of the Negotiation Period, Landlord and Tenant shall each deliver to the other a written appointment of an arbitrator and an estimate of Fair Market Value Monthly Rental submitted by such arbitrator. If either party fails to so deliver its appointment and estimate within such time period, time being of the essence with respect thereto, such party shall be deemed to have irrevocably waived its right to deliver such estimate and the arbitrator appointed by the other party, without holding a hearing, shall accept the estimate of the submitting party as the Fair Market Value Monthly Rental. Each arbitrator so appointed shall be a disinterested party, engaged in appraising commercial office space in the North Xxxxxx/Alpharetta submarket (the “Submarket”), either as an M.A.I. appraiser or a licensed commercial real estate broker, who shall be currently active and engaged in rendering appraisals or leasing commercial office space in the Submarket, and shall have been continuously so engaged for at least ten (10) years prior to his or her selection. Within five (5) days after such estimates have been exchanged, the two arbitrators shall meet and attempt to reach agreement as to Fair Market Value Monthly Rental. If the arbitrators are unable to reach agreement within such five (5) day period, but the higher of the two estimates does not exceed one hundred five percent (105%) of the lower estimate, the mathematical average of the estimates submitted by the two arbitrators shall be the Fair Market Value Monthly Rental as determined by the arbitration. In all other cases, the two arbitrators shall, within ten (10) days after the aforementioned five (5) day period, select a third arbitrator to resolve which one of the two estimates of Fair Market Value Monthly Rental shall be used. The third arbitrator must also have the qualifications set forth above. If the two arbitrators are unable to agree upon the selection of the third arbitrator, then, within a further period of fifteen (15) days after the aforementioned ten (10) day period, each arbitrator shall submit to the Presiding Judge of the Superior Court of Xxxxxx County, Georgia, the names of two (2) persons such arbitrator would accept as the third arbitrator and the Presiding Judge of the Superior Court of Xxxxxx County, Georgia shall appoint such third arbitrator from among the list of the four (4) submitted candidates. Within ten (10) days after the selection of the third arbitrator, such third arbitrator shall select from the two Fair Market Value Monthly Rental estimates of the initial arbitrators the one which he or she considers most correct, and the Fair Market Value Monthly Rental so selected shall be the award of the arbitrators. In no event shall the third arbitrator be entitled to render a decision that the Fair Market Value Monthly Rental is an amount other than one of the amounts specified by the two initial arbitrators as the Fair Market Value Monthly Rental. The arbitration decision, determined as provided in this Paragraph 36(d), shall be conclusive and binding on the parties, shall constitute an “award” by the arbitrators within the meaning of applicable law and judgment may be entered thereon in any court of competent jurisdiction. This provision shall constitute a written agreement by Landlord and Tenant to submit any dispute regarding the determination of Fair Market Value Monthly Rental to arbitration. If any arbitrator appointed hereunder shall be unwilling or unable, for any reason, to serve, or continue to serve, a replacement arbitrator shall be appointed in the same manner as the original arbitrator. Each party shall pay the fees and expenses of the original arbitrator appointed by such party and the fees and expenses of the third arbitrator, if any, shall be borne equally by the parties. The arbitration shall be conducted, to the extent consistent with this Paragraph 36(d) in accordance with the then prevailing rules of the American Arbitration Association (or any successor organization) and in accordance with applicable Georgia law. The arbitrators shall render their decision and award in writing within the time periods set forth herein, and counterpart copies thereof shall be delivered to each of the parties. In rendering such decision and award, the arbitrators shall not add to, subtract from, or otherwise modify the provisions of the Lease. Judgment may be had on the decision and award of the arbitrators so rendered in any court of competent jurisdiction. (e) Upon the determination of the Monthly Rental for each Extended Term, Landlord and Tenant, upon the demand of either of them, shall enter into a supplementary agreement or amendment to this Lease to set forth such Monthly Rental, the Extended Term and the Expiration Date for such Extended Term; provided that failure to enter into any such agreement shall not affect Tenant’s obligation to pay Monthly Rental or Tenant’s Operating Expense Payment for each Extended Term as determined pursuant to this Paragraph 36. (f) Except as set forth in this Paragraph 36, the leasing of the Premises for each Extended Term shall be upon the same terms, covenants, agreements, provisions and conditions of this Lease as are in effect as of the date immediately prior to the commencement of such Extended Term (exclusive of tenant improvement allowances, space planning allowances, refurbishment allowances, other allowances, rent abatements, and other concessions applicable or granted with respect to any period prior to such Extended Term). Tenant shall have no option to renew or extend this Lease beyond the expiration of the Second Extended Term. (g) Notwithstanding anything contained herein to the contrary: (i) the Extension Options shall only apply to the original area of the Premises leased to Tenant under this Lease and Tenant shall not be entitled to extend the Term pursuant to the Extension Options for any space added to the Premises by the exercise of any refusal right, offer right, opportunity right and any other expansion option of any type; (ii) Tenant shall accept not be entitled to exercise an Extension Option if, at the Premises on time of the exercise of such Extension Option, there exists an “AS-IS” basisEvent of Default or a situation which, with the giving of notice or the passage of time, or both, would constitute an Event of Default; (iii) any termination, cancellation or surrender of this Lease shall terminate the extension shall be on the same terms and conditions as this Lease, except as Extension Options with respect to the amount portion of Base Rent and that there shall be no further Extension Optionsthe Premises for which this Lease is terminated, canceled or surrendered; and (iv) if the Extension Options provided to Tenant is in default under herein are for the exclusive benefit of Tenant and shall terminate upon any sublease of all or any portion of the terms, covenants Premises or conditions upon any assignment of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions of this Lease, except that the Base Rent for the Extension Period shall be the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Period.

Appears in 1 contract

Samples: Lease Agreement (Jacada LTD)

Option to Extend. a. If Tenant is not Unless Sublessor elects, in its sole and has not been in default of any term or provision absolute discretion, to occupy the Sublease Premises following the Expiration Date, Subtenant shall have the option to extend (the “Option to Extend”) the Term of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the future, Tenant shall have Sublease for one (1) option year (the “Extension OptionOption Term), provided that the Option Conditions (as defined below) are satisfied. i. Sublessee must deliver written notice to Sublessor exercising the Option to Extend no earlier than one hundred eighty (180) days and no later than ninety (90) days prior to the Expiration Date (the “Exercise Notice”). Sublessee may, no earlier than two hundred seventy (270) prior to the Expiration Date, send a preliminary notice asking whether Sublessor elects to occupy the Sublease Premises following the Expiration Date (the “Preliminary Option Notice”). Sublessor shall have thirty (30) days from receipt of Sublessee’s Preliminary Option Notice, or if there is no Preliminary Option Notice, thirty (30) days from receipt of Sublessee’s Exercise Notice, within to notify Sublessee if Sublessor elects to occupy the Sublease Premises following the Expiration Date. If after receipt of a Preliminary Option Notice, Sublessor notifies Sublessee that Sublessor elects to occupy the Sublease Premises following the Expiration Date, Sublessee’s Option to Extend shall be of no further force or effect. If after receipt of Sublessee’s Preliminary Option Notice, Sublessor notifies Sublessee that it does not elect to occupy the Sublease Premises following the Expiration Date, or if Sublessor fails to timely respond to Sublessee’s Preliminary Option Notice, Sublessee shall be free to exercise the Option to Extend by timely delivering the Exercise Notice. If, however, Sublessee’s Exercise Notice is not preceded by a Preliminary Option Notice, Sublessor shall have thirty (30) days after receipt of the Exercise Notice to notify Sublessee whether Sublessor elects to occupy the Sublease Premises following the Expiration Date. Unless Sublessor timely delivers notice to Sublessee that Sublessor will occupy the Sublease Premises following the Expiration Date, then Sublessee shall be deemed to have exercised its Option to Extend as of the date of the Exercise Notice. ii. The Monthly Base Rent (as defined below) in effect as of the original Expiration Date of January 31, 2022 shall be increased by three percent (3%) as detailed in Paragraph 4.A below, the Expiration Date shall be extended to January 31, 2023, and Sublessee shall have no right or option to extend the Term with respect beyond the Option Term. Subject to the entirety of the Premises for an additional period of five (5) years commencing when the initial Term expires (the “Extension Period”)foregoing, solely in accordance with the terms of this section, and subject to the following conditions: (i) the Extension Option shall be exercised, if at all, by written notice of exercise delivered to Landlord by Tenant not less than three (3) months prior to the expiration of the initial Term; (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms and conditions as this Lease, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions of this LeaseSublease shall apply during the Option Term, except that and references in this Sublease to Term shall include the Base Rent for Option Term. iii. As used herein, “Option Conditions” means: (i) as of the Extension Period date of delivery of the Exercise Notice or as of the commencement of the Option Term, no Event of Default by Sublessee shall have occurred and be continuing; (ii) as of the “Fair Market Rent” for date of delivery of the Exercise Notice or as of the commencement of the Option Term, no Event of Default shall have occurred more than twice within the Term, and (iii) as of the date of delivery of the Exercise Notice or as of the commencement of the Option Term, the Sublease remains in full force and effect and Sublessee has not assigned the Sublease or sublet the Premises at the time the Option to Extend is exercised and as of the commencement of the Option Term. The Option Conditions are for the Extension Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement Sublessor’s sole benefit and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Periodmay be waived by Sublessor.

Appears in 1 contract

Samples: Sublease (Ooma Inc)

Option to Extend. a. If Tenant is not and has not been in default Borrower shall have the option to extend (“Option to Extend”) the Maturity Date from the Original Maturity Date to the Extended Maturity Date, upon satisfaction of any term or provision of this Lease and has not Transferred this Lease or any each of the Premises or agreed to do so in the future, Tenant following conditions precedent: (a) Borrower shall have one (1) option (the “Extension Option”) to extend the Term provide Administrative Agent with respect to the entirety of the Premises for an additional period of five (5) years commencing when the initial Term expires (the “Extension Period”), solely in accordance with the terms of this section, and subject to the following conditions: (i) the Extension Option shall be exercised, if at all, by written notice of Borrower’s request to exercise delivered the Option to Landlord by Tenant Extend not more than ninety (90) days but not less than three thirty (330) months days prior to the expiration Original Maturity Date; (b) As of the initial Term; date of Borrower’s delivery of notice of request to exercise the Option to Extend, and as of the Original Maturity Date, no Default or Potential Default shall have occurred and be continuing, and Borrower shall so certify in writing; (iic) Tenant Borrower shall accept execute or cause the Premises on execution of all documents as reasonably required by Administrative Agent to exercise the Option to Extend; (d) On or before the Original Maturity Date, Borrower shall pay to Administrative Agent, for the benefit of Lenders in their Pro Rata Shares thereof, an “AS-IS” basis; (iii) the extension shall be on the same terms and conditions as this Lease, except as to fee in the amount of Base Rent 0.20% of the Aggregate Commitment; (e) As of the last day of the fiscal quarter preceding the Original Maturity Date, the New Property Ratio shall not exceed 40%; (f) No Material Adverse Change shall have occurred; (g) All of Borrower’s representations and that there warranties set forth in this Agreement shall be no further Extension Options; true and (iv) if Tenant is correct in default under any all material respects as of the termsOriginal Maturity Date, covenants or conditions of this Lease, either at and Borrower shall so certify in writing; and (h) Borrower shall pay all reasonable out-of-pocket costs and expenses related to the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date exercise of the Extension PeriodOption to Extend. Except as modified by the Option to Extend, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions of this Lease, except that Agreement and the Base Rent for the Extension Period other Loan Documents shall be the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement remain unmodified and location as the Premises, including the services in full force and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Periodeffect.

Appears in 1 contract

Samples: Credit Agreement (Highland Hospitality Corp)

Option to Extend. a. If Provided that (i) Tenant is not and has not been in default of any term or provision of this assigned the Lease (except for Permitted Transfers and assignees approved by Landlord), and (ii) Tenant has not Transferred this Lease or any sublet more than 50% of the Premises (excluding Permitted Transfers) at such time (whether the term of the sublease has commenced or agreed is to do so in be commenced thereafter) and Tenant will not be exercising the futurerights hereinafter set forth with the intent of assigning the Lease, then Tenant shall have has the right to extend the Lease Term for the Phase I Premises and the Lease Term for the Phase II Premises for one (1) option (the “Extension Option”) to extend the Term with respect to the entirety of the Premises for an additional period of five (5) years commencing when the initial Term expires year period (the “"Extension Period") at a Base Rent equal to 95% of the then Current Market Rent (as hereinafter defined), solely in accordance with the terms of this section, and subject to the following conditions: (i) the Extension Option shall be exercised, if at all, by written notice of exercise delivered to Landlord by Tenant not less than three (3) months prior to the expiration of the initial Term; (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be otherwise on the same terms and conditions as this Lease, except as to the amount of Base Rent and that there shall be no further Extension Options; and rights to extend either the Phase I Premises Lease Term or the Phase II Premises Lease Term. Tenant shall exercise this option by written notice to Landlord not more than twelve (iv12) if Tenant is in default under any months nor less than six (6) months before the expiration of the terms, covenants or conditions Lease Term. Tenant's exercise of this Leaseoption shall be effective only if, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or of notice and upon the commencement effective date of the Extension Period, Landlord shall havethere is no uncured Event of Default. Thereupon, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term this Lease shall be deemed extended for the term an additional period of the Extension Period 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. 7. Effective July 1, 2004, Article XVII of the Lease, except that the Base Rent for the Extension Period Section 17.15, namely Miscellaneous Provisions, Security Deposit, shall be deleted in its entirety and be of no further force or effect. Accordingly, upon execution of this First Amendment to Lease by both parties, Landlord hereby agrees to return the “Fair Market Rent” original Letter of Credit to Silicon Valley Bank with a request to terminate the Letter of Credit and issue a notice of termination letter to Landlord and Tenant. The Landlord shall provide a concurrent copy of such notice and request for termination to Tenant. 8. Effective July 1, 2004, Article XVII of the Premises for the Extension Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rentnamely Miscellaneous Provisions, tenant improvement allowance or similar concessions are being provided to Tenant during shall be amended, in part, by inserting the Extension Period.following section:

Appears in 1 contract

Samples: Lease Agreement (Emulex Corp /De/)

Option to Extend. a. If Tenant This paragraph from the First Amendment is hereby deleted and replaced with the following: Provided the LESSEE is not and has not been in default of any term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the futurehereunder, Tenant LESSEE shall have one (1) two (2) year option (the “Extension Option”) to extend the Term with respect lease term at a rent equal to the entirety greater of the Premises for an additional period of five (5) years commencing when the initial Term expires (the “Extension Period”), solely in accordance with the terms of this section, and subject to the following conditionsfollowing: (ia) market rate for equivalent office space in similarly located buildings within the Waltham market as determined by LESSOR; or (b) the Extension Option total rent then in effect as of the expiration date of the then current lease term. In no event shall the rent for the option term be exercised, if at all, by less than the total rent then in effect as of the expiration date of the then current lease term. LESSEE must give LESSOR written notice of exercise delivered to Landlord by Tenant not less it is exercising its extension option no later than three nine (39) months prior to the expiration of the initial Term; then current lease term (“Extension Notice”). LESSOR shall provide LESSEE with the rent rate for the 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) Tenant shall accept the Premises on an “AS-IS” basis; updated all deposits, and (iii) tendered the extension first month’s base rent for the extended term, then the Lease Agreement shall automatically be extended two (2) years from the date 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, execute a lease amendment and provide payment as provided herein, the LESSEE shall be on deemed to have waived its option to extend the same lease term and this Lease Agreement shall terminate upon the expiration of the 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 has been completed to the full satisfaction of the LESSEE. 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 otherwise, exists between the Parties. The normal rule of construction that any ambiguities be resolved against the drafting party shall not apply to the interpretation of the Lease Agreement, the First Amendment or any exhibits or amendments thereto. All other terms and conditions as this Lease, except as to provisions under the amount of Base Rent Lease Agreement shall remain unchanged and that there shall be no further Extension Options; are hereby ratified and (iv) if Tenant is in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenantaffirmed. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions of this Lease, except that the Base Rent for the Extension Period shall be the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Period.

Appears in 1 contract

Samples: Commercial Lease (Interleukin Genetics Inc)

Option to Extend. a. If Tenant is not and has not been in default of any term or provision of (i) Provided that (a) this Lease shall be in full force and has effect, and (b) Tenant shall not Transferred this Lease or any then be in default, and (c) Tenant shall then be occupying at least fifty percent (50%) of the Premises or agreed to do so in rentable area of the futureDemised Premises, Tenant shall have the right, at Tenant's sole option, to extend the Lease for one (1) option (the “Extension Option”) to extend the Term with respect to the entirety of the Premises for an consecutive additional period of five (5) years commencing when (such additional period being herein referred to as the initial Term expires (the “Extension Period”)"extension term", solely in accordance with the terms of this sectionif exercised, and subject to included in the following conditions: (i) the Extension Option shall be exercised, if at all, by written notice of exercise delivered to Landlord by Tenant not less than three (3) months prior to the expiration definition of the initial Lease Term; (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the ). The extension term shall be on the same terms terms, covenants and conditions as this Lease, except as set forth herein with respect to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the original term of the Extension Period upon all of the terms and conditions of this Lease, except that the Base Annual Rent payable during the extension term shall be determined pursuant to subparagraph (ii) of this Section 3(e). In the event Tenant shall wish to exercise such option to extend, it shall give written notice ("Initial Notice") of its interest in exercising such option to Landlord, (x) not less than four hundred fifty (450) days prior to the expiration of the then-current term (i.e., the original term) and (y) not more than five hundred forty-five (545) days prior to the expiration of the then current term. If Tenant shall fail to timely give such Initial Notice, Landlord shall be relieved of any and all liability created by the grant of such option. (ii) Upon Landlord's receipt of the Initial Notice, Landlord and Tenant shall attempt to agree upon the then-prevailing fair market rent [including any fees that may be payable for "Parking Rights" (as defined in Section 15 below)] for the Demised Premises (the "Market Rent"). If Landlord and Tenant are unable to agree upon the Market Rent within thirty (30) days after Landlord's receipt of the Initial Notice, then Landlord and Tenant shall employ the procedure and the timetable described below for the purpose of computing the Market Rent for the Extension Period Demised Premises and the Base Annual Rent properly payable during the extension term. In the event Landlord and Tenant are unable to agree upon the Market Rent payable during the extension term within thirty (30) days of Landlord's receipt of Tenant's notice to extend, then the Market Rent for the first Lease Year of the extension term shall be determined by a board of three (3) disinterested real estate appraisers, one (1) of whom shall be named by Landlord, one (1) by Tenant, and the two (2) so appointed shall select a third. Said appraisers shall each be practicing appraisers in Xxxxxxxxxx County, Maryland, specializing in the field of commercial real estate, having no less than ten (10) years experience in such field, recognized as ethical and reputable within their field, and certified as MAI or an equivalent professional certification. Landlord and Tenant agree to make their appointments promptly within ten (10) days after the expiration of the thirty (30) day period, or sooner if mutually agreed upon. Within fifteen (15) days after both such appraisers have been appointed, the two (2) appraisers shall promptly select a third appraiser. Within fifteen (15) days after the third appraiser is selected, each appraiser shall submit his or her determination of said fair market rent. The Base Annual Rent for the first Lease Year of the extension term shall be the “Fair greater of: (i) the average of the three (3) determinations; provided, however, that if two of the appraisers are within five percent (5%) of each other and the third appraiser is not within five percent (5%) of either of the other two appraisals, then the average of the two appraisals which are within five percent (5%) of each other shall be used; or (ii) one hundred three percent (103%) of the Base Annual Rent payable during the last Lease Year of the initial term of this Lease. In arriving at their individual rate determinations, each appraiser shall consider and analyze all the components of the Lease and apply them to current market factors. Landlord and Tenant shall pay the fee of the appraiser selected by it and they shall equally share the payment of the fee of the third appraiser. Notwithstanding the foregoing, Landlord and Tenant may at any time after appointing the appraisers, agree upon the Base Annual Rent payable during the extension term and such mutual agreement shall supersede the appraisers' determinations. Within ten (10) days after the determination of Market Rent by the three appraisers, Tenant shall have the right to deliver a written notice (the "Rescission Notice") to Landlord which rescinds Tenant's exercise of its option to extend the Lease Term for a period of five years at Market Rent” for . In the Premises for event that Tenant delivers to Landlord the Extension TermRescission Notice within ten (10) days after the determination of the Market Rent by the three (3) appraisers, as determined as set forth below. For purposes hereof, “Fair Market Rent” then (i) Tenant shall mean be deemed to have never exercised its option to extend the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease initial term of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, (ii) the provisions of Section 3(e) of this Lease shall be null and adjusted void and of no further force or effect, and (iii) Landlord shall have the right to reflect Lease the Demised Premises to any party or parties for a term which commences immediately after the expiration of the initial term of this Lease. In the event that no free rentTenant fails to deliver the Rescission Notice to Landlord prior to the expiration of the applicable ten (10) day period, tenant improvement allowance or similar concessions are being provided Tenant shall be deemed to Tenant during have irrevocably exercised its option to extend the Extension Periodinitial term of this Lease for a period of five (5) years, and the term of the Lease shall be automatically extended for a period of five (5) years in accordance with the foregoing term of Section 3(e) of the Lease.

Appears in 1 contract

Samples: Office Building Lease (Pe Corp)

Option to Extend. a. If (a) Landlord hereby grants to Tenant is not and has not been in default of any term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the future, Tenant shall have one (1) option (the “Extension Option”) to extend the Term with respect to term of this Lease for a period of twenty-four (24) calendar months immediately following the entirety expiration of the Premises for an additional period of five (5) years commencing when initial term. Tenant may exercise the initial Term expires (the “Extension Period”), solely in accordance with the terms of this section, and subject foregoing option to the following conditions: (i) the Extension Option shall be exercised, if at all, extend by giving written notice of exercise delivered to Landlord by Tenant at least six (6) months, but not less more than three nine (39) months months, prior to the expiration of the initial Termterm of this Lease (“the option exercise period”), time being of the essence; provided that if Tenant is currently in a state of uncured default after the expiration of notice and cure periods, if applicable (iireferred to herein as “in default”) under this Lease at the time of exercise of the option or on the commencement date of the option extension period, such notice of exercise shall be void and of no force or effect. Such option extension period, if exercised, shall be upon the same terms and conditions as the initial term of this Lease, including the payment by Tenant of the Operating Expenses and Taxes pursuant to Paragraph 5, except that (1) the Monthly Base Rent during the option period shall be determined as set forth in Paragraph 3(b) hereof, (2) there shall be no additional option to extend, and (3) Tenant shall accept the Premises on an in their then ASas is” condition, and Paragraph 13(a) and Paragraph 13(b) of this Lease shall not apply to the option period. If Tenant does not exercise the option to extend in a timely manner the option shall lapse, time being of the essence. (b) The initial Monthly Base Rent for the Premises during the option extension period shall be the greater of (1) Eighty-IS” basis; two Thousand Dollars (iii$82,000) per month, or (2) the extension shall be on the same terms and conditions as this Lease, except as to the amount of then current fair market Monthly Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any of for the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon Premises on the commencement date of the Extension Periodoption extension period as determined by agreement between the Landlord and Tenant reached prior to the expiration of the option exercise period, if possible, and by the process of appraisal if the parties cannot reach agreement. Upon the written request by Tenant to Landlord received by Landlord no earlier than ninety (90) days and no later than thirty (30) days prior to the expiration of the option exercise period (e.g., between April 1, 2009 and May 31, 2009) and prior to the exercise by Tenant of the option to extend, Landlord shall have, in addition to all give Tenant written notice of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term good faith opinion of the Extension Period upon all of the terms and conditions of this Lease, except that the fair market Monthly Base Rent for the Extension Period Premises as of the commencement date of the option extension period. If Landlord’s good faith opinion of the fair market Monthly Base Rent for the Premises as of the commencement date of the option extension period exceeds Eighty-two Thousand Dollars ($82,000) per month, then upon the request of Tenant, Landlord and Tenant shall enter into good faith negotiations for thirty (30) days in an effort to reach agreement on the initial Monthly Base Rent for the Premises during the option extension period. If Landlord and Tenant are unable to agree upon the amount equal to the then current fair market Monthly Base Rent for the Premises, and thereafter, prior to the expiration of the option exercise period, Tenant exercises the option to extend, said amount shall be determined by appraisal. The appraisal shall be performed by one appraiser if the parties are able to agree upon one appraiser. If the parties are unable to agree upon one appraiser, each party shall appoint an appraiser and the two appraisers shall select a third appraiser. Each appraiser selected shall be an experienced commercial real estate agent with at least five (5) years of full-time commercial real estate experience in the Palo Alto office market. If only one appraiser is selected, that appraiser shall notify the parties in simple letter form of its determination of the amount equal to the fair market Monthly Base Rent for the Premises on the commencement date of the option extension period within fifteen (15) days following its selection. Said appraisal shall be binding on the parties as the appraised current Fair Market fair market Monthly Base Rent” for the Premises which shall be based upon what a willing new lessee would pay and a willing lessor would accept at arm’s length for the Extension Term, as Premises determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean with reference to comparable premises in the then prevailing fair market monthly rental rate for area of the Premises, including applicable rent escalations, based on a lease of space Premises of similar age, construction, size, level quality of improvement construction and location as specifications (excluding the Premises, including value of any improvements to the services Premises made at Tenant’s cost) for a lease similar to this Lease and costs included in this Lease, and adjusted to reflect taking into consideration that there will be no free rent, tenant improvement allowance allowance, or similar concessions other concessions. If multiple appraisers are selected, each appraiser shall within ten (10) days of being selected make its determination of the amount of the current fair market Monthly Base Rent for the Premises in simple letter form. If two (2) or more of the appraisers agree on said amount, such agreement shall be binding upon the parties. If multiple appraisers are selected and two (2) appraisers are unable to agree on said amount, the amount of the fair market Monthly Base Rent for the Premises shall be determined by taking the mean average of the appraisals; provided, that any high or low appraisal, differing from the middle appraisal by more than ten percent (10%) of the middle appraisal, shall be disregarded in calculating the average. Said initial Monthly Base Rent shall be increased on the first anniversary of the commencement of the option term in the manner determined by the appraisers to be consistent with the then prevailing market practice for comparable space in the Palo Alto office market, subject to Paragraph 3(d) hereof. If only one appraiser is selected, then each party shall pay one-half of the fees and expenses of that appraiser. If three appraisers are selected, each party shall bear the fees and expenses of the appraiser it selects and one-half of the fees and expenses of the third appraiser. (c) Thereafter, provided that Tenant has previously given timely notice to Landlord of the exercise by Tenant of the option to extend the term, Landlord and Tenant shall execute an amendment to this Lease stating that the initial Monthly Base Rent for the Premises during the Extension Periodoption extension period (and the increase as of the first anniversary of the commencement of the option extension period) shall be equal to the determination by appraisal. (d) Notwithstanding anything to the contrary contained in subparagraphs (b) and (c) above, in no event shall the Monthly Base Rent at the commencement of the option extension period be less than Eighty-two Thousand Dollars ($82,000) per month, and in no event shall the increase in Monthly Base Rent as of the first anniversary of the commencement of the option term be less than $0.10 per rentable square foot of the Premises.

Appears in 1 contract

Samples: Lease (Danger Inc)

Option to Extend. a. If (a) GRANT AND EXERCISE OF OPTION. Provided that (i) Tenant is not and has not been then in default hereunder (or, if Tenant is then in default, provided that Tenant cures such default within the applicable cure period set forth in SECTION 13.01 above), (ii) the creditworthiness of any term Tenant, as revealed by its most current financial statements, is materially the same as or provision of this Lease and has not Transferred this Lease or any better than on the date of the Lease, and (iii) the current use of the Leased Premises or agreed to do so in is consistent with the futurePermitted Use hereunder, Tenant shall have one (1) option (the “Extension Option”) to extend the Lease Term with respect to the entirety of the Premises for an one (1) additional period of five (5) years commencing when the initial Term expires (the "Extension Period”Term"), solely . The Extension Term shall be upon the same terms and conditions contained in accordance with the terms of this section, and subject to Lease for the following conditions: Lease Term except (i) Tenant shall not have any further option to extend and (ii) the Extension Option Minimum Annual Rent shall be exercisedadjusted as set forth in subsection (b) below ("Rent Adjustment"). Tenant shall exercise such option by delivering to Landlord, if at all, by written notice of exercise delivered to Landlord by Tenant not less no later than three twelve (312) months prior to the expiration of the initial Lease Term; (ii) , written notice of Tenant's desire to extend the Lease Term. Tenant's failure to properly exercise such option shall be deemed a waiver of such option. If Tenant properly exercises its option to extend, Landlord and Tenant shall accept the Premises on execute an “AS-IS” basis; (iii) the extension shall be on the same terms and conditions as this Lease, except as amendment to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of Lease reflecting the terms and conditions of this Lease, except that the Base Rent for the Extension Period shall be the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease within thirty (30) days after Tenant's exercise of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted its option to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Periodextend.

Appears in 1 contract

Samples: Lease Agreement (Genaissance Pharmaceuticals Inc)

Option to Extend. a. If Tenant is not and has not been in default of any shall have the option to extend the term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the future, Tenant shall have for one (1) option (the “Extension Option”) to extend the Term with respect to the entirety of the Premises for an additional period of five (5) years commencing when following the initial expiration of the Initial Term expires (the “Extension Period”"Extended Term") on all of the terms and conditions in 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 which, as of the 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, solely however, that in accordance with no event shall the Option Rent be less than the Base Rent, as escalated pursuant to the terms of this sectionLease, due and subject to payable during the following conditions: (i) last month of the Extension Option shall be exercisedInitial Term. To exercise this option, if at all, by Tenant must give Landlord written notice of exercise delivered to Landlord by Tenant not less of the option (the "Option Notice") no earlier than three nine (39) months and no later than six (6) months prior to the expiration of the initial Initial Term; (ii) Tenant shall accept . However, if, as of Landlord's receipt of the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms and conditions as this LeaseOption Notice, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms, covenants or conditions of this Lease, either or has committed or failed to perform acts that with the 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 ineffective. If after giving the Option Notice, Tenant is in default under this Lease, or if a Potential Default has occurred, and that default or Potential Default remains uncured as of the expiration of the Initial term, this Lease shall, at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date election of Landlord, terminate as of the Extension Period, Landlord expiration of the Initial Term. Tenant shall have, in addition to all of Landlord’s other rights and remedies, the have no right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for extend the term of this Lease beyond the Extension Period upon all of the terms and conditions of this Lease, except that the Base Rent for the Extension Period shall be the “Fair Market Rent” for the Premises for the Extension Term, as determined as additional term set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Periodabove.

Appears in 1 contract

Samples: Assignment and Assumption Agreement (Western Multiplex Corp)

Option to Extend. a. If (a) Option Right Landlord hereby grants the Tenant is not and has not been named in default of any term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the futureand/or its Affiliates (collectively, Tenant shall have one “Original Tenant”) two (12) option options (the each, an Extension Option”) to extend the Lease Term with respect to the entirety for all or any portion of the then existing Premises for an additional period two (2) consecutive periods of five (5) years commencing when the initial Term expires each (the “Extension Period”)each, solely in accordance with the terms of this section, and subject to the following conditions: (i) the Extension Option shall be exercised, if at all, by written notice of exercise delivered to Landlord by Tenant not less than three (3) months prior to the expiration of the initial Term; (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iiiOption Term”) the extension shall be on the same terms and conditions as set forth in this Lease, except as to modified by the amount of Base Rent and that there terms set forth in this Article 31 below, which Option shall be no further Extension Options; and (iv) if exercisable only by written notice delivered by Tenant is in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions of this Lease, except that the Base Rent for the Extension Period shall be the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth below. For purposes hereofIf Tenant does not timely and properly exercise an Option hereunder, “Fair Market Rent” then that Option and all subsequent Options shall mean be immediately null and void, with no further force and effect. If Tenant fails to exercise its first Option, then the then prevailing fair market monthly rental rate for second Option shall be immediately null and void, with no further force and effect. The rights contained in this Article 31 shall be personal to the PremisesOriginal Tenant and/or any assignee or sublessee pursuant to a Permitted Transfer and may only be exercised by the Original Tenant and/or any assignee or sublessee pursuant to a Permitted Transfer (and not any other assignee, including applicable rent escalations, based on a lease sublessee or other transferee of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included Original Tenant’s interest in this Lease, and adjusted ) if the Original Tenant and/or any assignee or sublessee pursuant to reflect that no free rent, tenant improvement allowance a Permitted Transfer occupies all or similar concessions are being provided to Tenant during substantially all of the Extension PeriodPremises as of the date of Tenant’s Acceptance (as defined in Section 31(c) below).

Appears in 1 contract

Samples: Standard Office Lease (Capitalsource Inc)

Option to Extend. a. If A. Provided that Tenant is not and has not been in default under this lease at the time of any exercise of the hereinafter described option or at the time of termination of the then existing term or provision of this Lease and has not Transferred this Lease or any of Lease, as the Premises or agreed to do so in the futurecase may be, Tenant shall have one (1) option (the “Extension Option”) to extend the Term with respect to the entirety term of the Premises this Lease for an additional a period of five (5) years commencing when the initial Term expires (the “Extension Period”"Option Term"), solely in accordance with the terms of this section, and subject to the following conditions: (i) the Extension Option . Said option shall be exercised, if at all, exercised only by written notice of exercise delivered to Landlord by Tenant not less later than three one hundred eight (3180) months days prior to the expiration date of the initial then existing term of this Lease. In all respects, the terms, covenants and conditions of this Lease shall remain unchanged during the Option Term; (ii) Tenant shall accept , except that the Premises on an “AS-IS” basis; (iii) Monthly Installment of rent payable during the extension Option Term, except that the Monthly Installment of rent payable during the Option Term shall be on the same terms increased in accordance wit Subparagraph B below, and conditions as this Lease, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any option to extend the term of this Lease at the end of the terms, covenants or conditions Option Term. B. The Monthly Installment of this Lease, either at rent payable during the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date first twenty-four (24) months of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended ninety-five percent (95%) of the fair market rental for the term premises as of the Extension Period upon all first day of the terms Option Term (the "Fair Market Rental"); but in no event shall the Monthly Installment of rent payable during the first twenty-four (24) months of the Option Term be less than the Monthly Installment of rent payable during the last calendar month of the original Lease Term. Commencing as of the first day of the twenty-fifth (25th) and conditions forty-ninth (49th) months of this LeaseOption Term (with each such date being referred to as an "Option Adjustment Date"), except that the Base Rent Monthly Installment of rent shall be increased to the greater of: (i) one hundred eight and sixteen hundredths percent (108.16%) of the Monthly Installment of rent payable for the Extension Period calendar month immediately preceding such Option Adjustment Date; or (ii) a sum equal to the Monthly Installment of rent payable during the first twenty-four (24) months of the Option term multiplied by a fraction, the numerator of which is the New Option Index last published prior to such Rental Adjustment Date and the denominator of which is the Initial Option Index; provided, however, that in no event shall the Monthly Installment of rent be increased on any Option Adjustment Date to a sum greater than one hundred twelve and thirty-six hundredths percent (112.36%) of the “Fair Market Rent” Monthly Installment of rent payable for the Premises for calendar month immediately preceding such Option Adjustment Date. The Monthly Installment of rent as adjusted on any Option Adjustment Date shall remain in effect until the Extension Termnext Option Adjustment Date. As used herein, as determined as set forth below. For purposes hereof, “Fair Market Rent” the following terms shall mean have the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Period.following meanings:

Appears in 1 contract

Samples: Lease Agreement (Oplink Communications Inc)

Option to Extend. a. If Tenant is not and has not been in default of any term or provision Subject to the provisions of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the futureSection 16.17, Tenant shall have one (1) the option (the “Extension Option”) to extend the Term with respect to the entirety of the Premises this Lease for an two (2) additional period of five (5) years commencing when the initial Term expires Lease Years (the “Extension PeriodOption to Extend”), solely in accordance with the terms of this section, and subject . The Option to the following conditions: (i) the Extension Option Extend shall be exercised, if at all, exercised only by written notice of exercise delivered to from Tenant received by Landlord by Tenant not less than three one year (3365 days) months prior to the expiration of the initial Term hereof (the “Option Notice”), failing which notice Tenant’s right to extend the term of this Lease shall be null and void. The Option Notice shall be effective only if given in the timely manner described and only if Tenant is not in default under this Lease either on the date of an Option Notice or on the date of expiration of the then current Term; (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension . Any extended term of this Lease shall be on the same terms and conditions as this Leasethe initial Term hereof, except as to the amount term thereof, the calculation of Base Rent and except that there shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, extend the Term beyond the five (5) years in the Options to Extend and Minimum Annual Rent shall be extended for the term of the Extension Period upon all of the terms and conditions of this Lease, except that the Base Rent for the Extension Period shall be the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth below. For purposes hereofIf the Term of this Lease is duly extended, any reference herein to the Fair Market RentTerm” shall mean the then prevailing fair market monthly rental rate Term as extended. The CAM charges for Lease Year 16 shall be equal to and based upon Xxxxxx’s Share of Landlord’s actual Operating Costs for Lease Year 15 plus three percent (3%) and shall increase therefrom by three percent (3%) for each subsequent Lease Year in the Premisesextended term(s). Prior to the commencement of the first extended term, including applicable rent escalationsthe Tenant and Landlord shall mutually agree on additional capital improvements, based on a lease if any, required at the Property and the method of space of similar age, construction, size, level of improvement and location as calculating Tenant’s share in the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Periodcost related thereto.

Appears in 1 contract

Samples: Lease Agreement

Option to Extend. a. If Tenant (a) Provided that there is not and has not been in no event of default of any term Tenant in existence and continuing beyond applicable notice and cure periods (either at the time of exercise or provision of this Lease and has not Transferred this Lease or any atthe commencement of the Premises or agreed to do so in the futureextended term), Tenant shall have the right and option to extend the Lease Term for one (1) option extended term (the “Second Extension OptionTerm”) to extend (the Term with respect to first extension term, although not defined, being the entirety period May 1, 2007 through April 30, 2017, inclusive, and which has, by this Amendment been incorporated into the definition of the Premises for an additional period Lease Term) of five (5) years commencing when the initial Term expires (the “Extension Period”), solely in accordance with the terms of this section, and subject to the following conditions: (i) the Extension Option shall be exercised, if at all, by giving written notice of exercise delivered to Landlord by Tenant not less later than three twelve (312) months prior to the expiration date of the initial Lease Term; (ii) . The effective giving of such notice of extension by Tenant shall accept automatically extend the Premises Lease Term for theSecond Extension 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 Lease Term then in effect, and Tenant shall have no further option to extend the Lease Term. The Second Extension Term shall commence on an “AS-IS” basis; the day immediately succeeding the expiration date of the Lease Term, and shall end on the day immediately preceding the fifth (iii5th) anniversary of the extension first day of such Second Extension Term. The Second Extension Term shall be on the same terms and conditions as this Lease, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions of this Lease, except that except: (i) during the Base Second Extension Term, Tenant shall have no further option to extend the Lease Term, and (ii) the Annual Fixed Rent for the Second Extension Period Term shall be equal to 95% of the Fair Market Rent” for Rental Value of the Premises as of the commencement of the Second Extension Term but in no event less than the Annual Fixed Rent payable under this Lease during the last year of the LeaseTerm immediately preceding the commencement of the Second Extension Term, taking into account all relevant factors, determined pursuant to paragraph (b) below. (b) Promptly after receiving Tenant’s notice extending the Lease Term pursuant to paragraph (a) above, Landlord shall provide Tenant with Landlord’s goodfaith estimate of the Fair Market Rental Value of the Premises for the upcoming Second Extension TermTerm based upon rents then being charged for space in the Building and if no space is then or has recently been available in the Building, as determined then for similar space in the Needham Industrial Park and if none then that paid by tenants entering into leases for first-class office and laboratory space similar in size, build-out, amenities and term in the Needham/Newton area of Massachusetts. If Tenant is unwilling to accept Landlord’s estimate of the Fair Market Rental Value as set forth below. For purposes hereofin Landlord’s notice referred to above, and the parties are unable to reach agreement thereon within thirty (30) days after the delivery of such notice by Landlord, then either party may submit the determination of Fair Market Rent” Rental Value of the Premises to arbitration by giving notice to the other party naming the initiating party’s arbitrator within ten (10) days after the expiration of such thirty (30) day period. Within fifteen (15) days after receiving a notice of initiation of arbitration, the responding party shall mean appoint its own arbitrator by notifying the initiating party of the responding party’s arbitrator. If the second arbitrator shall not have been so appointed within such fifteen (15) day period, the Fair Market Rental Value of the Premises shall be determined by the initiating party’s arbitrator. If the second arbitrator shall have been so appointed, the two arbitrators thus appointed shall, within fifteen (15) days after the responding party’s notice of appointment of the second arbitrator, appoint a third arbitrator. If the two initial arbitrators are unable timely to agree on the third arbitrator, then prevailing fair market monthly rental rate either may, on behalf of both, request such appointment by the Boston office of The American Arbitration Association, or its successor, or, on its failure, refusal or inability to act, by a court of competent jurisdiction. Within fifteen (15) days after the appointment of the third arbitrator, the three arbitrators shall determine the Fair Market Rental Value of the Premises and give notice thereof to the parties hereto, and the arbitrators’ determination shall be binding upon the parties. The decision of the majority of the three arbitrators shall be binding upon Landlord and Tenant. Failure of a majority of the arbitrators to reach agreement shall result in the Fair Market Rental Value of the Premises being determined by averaging the determinations of the three arbitrators, ignoring for the Premises, including applicable rent escalations, based on a lease purposes of space such averaging any high and/or low determination which is more than ten percent (10%) in excess of similar age, construction, size, level or less than the middle determination. All arbitrators shall be appraisers or other qualified real estate professionals who are independent from the parties who have had at least ten (10) years commercial real estate experience in the greater Boston area. Each party shall pay the fees of improvement and location as the Premises, including the services and costs included in this Leaseits own arbitrator, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Periodfees of the third arbitrator shall be shared equally by the parties.

Appears in 1 contract

Samples: Lease (Avant Immunotherapeutics Inc)

Option to Extend. a. (a) Subject to the terms of this Section 37, Tenant shall have two options to extend the Term of this Lease for a period of 36 months each (each, an “Extended Term”). The first extension shall commence, if at all, upon the expiration of the initial 48 month Term (the “Initial Term”) and end 36 months later (“First Extended Term”). The second extension shall commence, if at all, upon the expiration of the First Extended Term and end 36 months later (“Second Extended Term”). If the first extension does not commence, the second option to extend shall automatically terminate. In no event, however, shall any extension commence if Tenant is in an Event of Default under this Lease or the 30 Xxxxxxxx Lease at the time that the extension would otherwise commence. Any reference to “Term” in this Lease shall include the Extended Term if Tenant properly exercises its option(s) to extend pursuant to this Section 37. (b) So long as Tenant is not then in an Event of Default under this Lease or the 30 Xxxxxxxx Lease and has not been in default such an Event of Default at any term or provision of this Lease and has not Transferred this Lease or any of time during the Premises or agreed to do so in the futurepreceding 12 month period, Tenant shall have one (1) exercise an option (the “Extension Option”) to extend the Term with respect to the entirety of the Premises for an additional period of five (5) years commencing when the initial Term expires (the “Extension Period”), solely in accordance with the terms of this section, and subject to the following conditions: (i) the Extension Option shall be exercisedextend, if at all, by giving written notice to Landlord. Notice of exercise delivered to Landlord by Tenant not less shall be given, if at all, no more than three (3) months 12 months, and no fewer than 6 months, prior to the expiration of the initial then Term; (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms and conditions as this Lease, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the (c) Each Extended Term shall be extended for the term of the Extension Period upon all of the terms and conditions of this Lease, except as follows: (i) To the extent that this Lease provides for any right to abated or rent-free possession or tenant improvement allowance, such provisions shall not be applicable to any Extended Term. (ii) Tenant shall not be entitled to any further extensions of the Term. The only extensions available to Tenant are the extension option(s) provided for in this Section 37. (d) The Base Rent during the first Lease Year of each applicable Extended Term (Month 37 – Month 48 or Month 73 – Month 84, as applicable) shall be the amount determined in accordance with this Section 37(d). The Base Rent during the second Lease Year of each applicable Extended Term (Month 49 – Month 60 or Month 85 – Month 96, as applicable) shall be 103% of the Base Rent for the Extension Period first Lease Year of each applicable Extended Term. The Base Rent during the third Lease Year of each applicable Extended Term (Month 61 – Month 72 or Month 97 – Month 108, as applicable) shall be 103% of the Base Rent for the second Lease Year of each applicable Extended Term. (i) For the first Lease Year of each applicable Extended Term, the Base Rent shall be increased to the greater of 103% of Base Rent for the last Lease Year of the then-Term and “Fair Market RentRentalfor of the Premises for as of the Extension commencement of the applicable Extended Term, as determined as set forth below. For purposes hereofof this Lease, “Fair Market RentRental” shall mean the then prevailing fair market monthly rental rate base rent per square foot of rentable area then being charged for comparable office space in the City of San Francisco based upon comparable transactions recently completed, exclusive of allowances and concessions, multiplied by the rentable square footage of the Premises, including . In no event shall the Fair Market Rental of the Premises for any Extended Term be less than the 103% of Base Rent in effect immediately prior to the applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Periodextension.

Appears in 1 contract

Samples: Standard Lease Agreement (Allbirds, Inc.)

Option to Extend. a. If Tenant is not (a) The Borrower may at any time and has not been in default from time to time request that all or a portion of the Term Loans of any term 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 provision a portion of any principal amount of such Term Loans (any such Term Loans which have been so converted, “Extended Term Loans”) and to provide for other terms consistent with this Lease 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 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 has not Transferred this Lease (B) all or any of the Premises 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 agreed to do so in the futureJoinder Agreement, Tenant shall have one (1) option (as the “Extension Option”) to extend the Term case may be, with respect to the entirety 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 and from time to time request that all or a portion of the Premises Revolving Credit Commitments, any Extended Revolving Credit Commitments and/or any New Revolving Credit Commitments, each existing at the time of 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 as an “Existing Revolving Credit Class”) be converted to extend the 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 an 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 “Specified 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 margins for the Specified Existing Revolving Credit Commitments and/or (B) additional period 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 14.6. 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 (5) years commencing when the initial Term expires (the “Extension Period”), solely in accordance with the terms of this section, and subject to the following conditions: (i) the Extension Option shall be exercised, if at all, by written notice of exercise delivered to Landlord by Tenant not less than three (3) months Business Days prior to the expiration 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, Revolving Credit Commitments, New Revolving Credit Commitment or Extended Revolving Credit Commitment, as applicable, of the initial Term; 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 (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iiiExtension Election”) on or prior to the extension shall be on the same terms and conditions as this Lease, except as to date specified in such Extension Request of the amount of Base Rent and 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 there it has elected to convert into Extended Term Loans or Extended Revolving Credit Commitments, as applicable. 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 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 no further converted to Extended Term Loans or Extended Revolving Credit Commitments, as applicable, on a pro rata basis based on the amount of Term Loans, Revolving Credit Commitments, New Revolving Credit Commitment or Extended Revolving Credit Commitment included in each such Extension Options; and (iv) if Tenant is in default under 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 terms, covenants or conditions obligations of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date a Revolving Credit Lender in respect of the Extension Period, Landlord shall have, in addition to all Swingline Loans under Section 2.1(e) and Letters of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions of this LeaseCredit under Article 3, except that the Base Rent 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 required in connection with any such extension). Notwithstanding the foregoing, for the Extension Period avoidance of doubt, the Letter of Credit Commitments shall not be extended unless the “Fair Market Rent” for prior written consent of the Premises for the Extension Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease Letter of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension PeriodCredit Issuer is obtained.

Appears in 1 contract

Samples: Credit Agreement (Laureate Education, Inc.)

Option to Extend. a. If Tenant is not and has not been in default of any term or provision shall have the option to extend the Term of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the future, Tenant shall have for one (1) option additional period of three (3) years (the “Extension "Premises Option") to extend at the Term with respect to the entirety then current Fair Market Rent (Exhibit E). The period of the Premises for an additional period of five (5) years commencing when Option is referred to herein as the initial Term expires ("Option Term". Tenant shall have no right or interest to exercise the “Extension Period”), solely in accordance with the terms of this section, and subject to the following conditionsPremises Option unless: (ia) Tenant gives the Extension Option shall be exercised, if at all, by Landlord written notice of its intent to exercise delivered to Landlord by Tenant not less the Premises Option no sooner than six (6) months and no later than three (3) months prior to the expiration end of the initial TermTerm (the "Extension Notice"); (iib) Tenant shall accept is not in default at the Premises on an “AS-IS” basis; (iii) time of the extension shall be on notice of any of the same terms and or conditions as under this Lease, except as Lease prior to the amount commencement of Base Rent and that the Option Term, nor are there shall be no further Extension Optionsany conditions which with the passage of time could result in a default by Tenant at any time with the exception of cured late rental payments; and (ivc) (i) if Tenant is in has not filed for or sought protection under any bankruptcy statute, (ii)Tenant has not failed to obtain a vacation from any involuntary bankruptcy proceeding within sixty (60) days of such filing, (iii)Tenant has not defaulted or there are no events which may cause a default under any of Tenant's debt or indenture obligations. Annual Base Rent during the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions of this Lease, except that the Base Rent for the Extension Period shall be the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth in Section 4.03 below. For purposes hereofTime is of the essence with respect to Tenant's exercise of the Premises Option. Tenant's failure to exactly comply with any of the time or other requirements herein, “Fair Market Rent” shall mean cause the then prevailing fair market monthly rental rate Premises Option to automatically expire and, in such event, this Lease shall terminate upon the expiration of the Term. The option to extend the Term pursuant hereto for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided Option Term shall be personal to Tenant during and shall not be exercisable by or for the Extension Periodbenefit of any assignee, subtenant or other transferee of Tenant.

Appears in 1 contract

Samples: Lease Agreement (Open Energy Corp)

Option to Extend. a. If Tenant is not and has not been in default of any term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the future, Tenant shall have one the option to extend the Original Term (1) option (the “Extension Option”) to extend the Term with respect to the entirety of the Premises for an additional period two (2) periods of five (5) years commencing when the initial Term expires each (the First and Second Extension Period”Period(s), solely in accordance with the terms of this section, and subject ” respectively) pursuant to all the following terms and conditions: : (ia) Tenant shall provide written notice to Landlord of its intent to exercise the Extension Option shall be exercised, if at all, by written notice of exercise delivered to Landlord by Tenant not less no later than three one-hundred eighty (3180) months days prior to the expiration Expiration Date (or the last day of the initial TermFirst Extension Period, as applicable) (“Extension Notice”); (b) There shall be no uncured Event of Default by Tenant at the time Tenant provides Extension Notice; (c) This Lease shall not be terminated during the Original Term or First Extension Period; and (iid) Landlord and Tenant shall accept mutually agree upon an amount of base rent for each Extension Period (“Extension Rent”) no later than one hundred fifty (150) days prior to either the Premises on an “AS-IS” basis; (iii) Expiration Date or the extension last day of the First Extension Period, as applicable. Landlord and Tenant hereby acknowledge that Extension Rent shall be on established according to market rates for the same terms Leased Premises during the Extension Period, and shall be memorialized via a Lease amendment. In the event Landlord and Tenant fail to so agree to the Extension Rent, and unless the parties agree otherwise in writing, Tenant shall be deemed not to have delivered the Extension Notice. The Original Term and the Extension Period(s), if any, shall be collectively referred to herein as the “Term.” All terms, covenants, conditions as this Leaseand provisions set forth herein that are applicable to the Original Term shall also apply to the Extension Period(s), except as with respect to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to TenantRent. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions of this Lease, except that the Base Rent for the Extension Period shall be the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Period.

Appears in 1 contract

Samples: Lease Agreement (ExactTarget, Inc.)

Option to Extend. a. If Tenant is not and has not been in default of any term or provision of this Lease and has not Transferred this Lease or any Subject to satisfaction of the Premises or agreed to do so in the futureconditions precedent set forth below, Tenant shall have one (1) option (the “Extension Option”) two options to extend the Term with respect to the entirety of the Premises (each, an "Extension Option") for an additional period of five sixty (560) years commencing when the initial Term expires full calendar months (the “"Extension Period”)Term") each time, solely in accordance with the terms of this section, and subject to on the following terms and conditions: (i) the : 23.1 Tenant's Extension Option shall be exercisedsubject to satisfaction of each of the following conditions precedent, if at allwhich are solely for the benefit of, and may be waived unilaterally by, Landlord: (a) The Extension Option shall be exercised by written notice of exercise delivered by Tenant to Landlord by Tenant not less later than three eight (3) 8) months prior to the expiration end of the initial Term or the prior Extension Term, as applicable; and (iib) The Lease shall be in effect and Tenant shall accept not be in Default of any material provision thereof both on the Premises day such written notice is delivered to Landlord and on an “AS-IS” basis; (iii) the extension last day of the Term. 23.2 In the event the Term shall be on extended following exercise by Tenant of the same terms and conditions as this LeaseExtension Option, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any then all of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term of the Extension Period upon all of the terms and conditions of this LeaseLease shall remain in full force and effect during the Extension Term, except that the initial monthly Base Rent for (including subsequent annual increases in Base Rent) during the Extension Period Term shall be the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean adjusted to the then prevailing fair effective market monthly rental rate for new leases to tenants having a credit history and net worth similar to that of Tenant at the time of exercising such option for comparable space in the Carlsbad market, taking into account all relevant factors for such comparable space including without limitation, the size of the Premises, including applicable rent escalations, based on a lease the value of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rentany tenant concessions, tenant improvement allowance allowances or similar concessions are being alterations to be provided by a landlord for such comparable space, and the broker commissions payable in connection with such comparable space ("Fair Market Rental Value"). 23.3 Landlord shall notify Tenant in writing regarding the determination made pursuant to Tenant during Section 23.2 within ten (10) Business Days after Landlord's receipt of Tenant's election to exercise the Extension Period.Option. In the event Tenant rejects Landlord's determination, Tenant shall give Landlord written notice of such rejection ("Rejection Notice") within ten (10) Business Days after receipt of the determination. Tenant's failure to timely deliver the Rejection Notice shall be deemed Tenant's approval of the Landlord-determined Fair Market Rental

Appears in 1 contract

Samples: Standard Industrial Lease (Alphatec Holdings, Inc.)

Option to Extend. a. If Tenant is not and (a) Provided that an Event of Default has not occurred and is continuing under the Lease, and provided further that the Lease shall not have theretofore been in default of any term assigned, nor all or provision of this Lease and has not Transferred this Lease or any more than 50% of the Premises or agreed to do so in the futuresublet, Tenant shall have the right, at Tenant's option, to extend the term of the Lease for one (1) option (the “Extension Option”) to extend the Term with respect to the entirety of the Premises for an additional period of five (5) years commencing when the initial Term expires (the “Extension Period”"Renewal Term"), solely in accordance with . Such option to extend (the terms of this section, and subject "Option to the following conditions: (iExtend") the Extension Option shall be exercised, if at all, exercised by Tenant giving written notice of the exercise delivered thereof to Landlord by Tenant not less than three six (36) months before the expiration date of the Extension Term. The Renewal Term shall be upon the same terms, covenants, and conditions as set forth in the Lease with respect to the term, except that (a) unless otherwise agreed to by Landlord and Tenant, Landlord shall have no obligation whatsoever to alter, improve or remodel the Premises and (b) the Annual Base Rent and additional rent, including Tenant's Proportionate Share of Tenant Costs, payable during the Renewal Term, if exercised, shall equal then-prevailing Fair Market Rental Rate for the Premises, as defined below. At any time within eight (8) months prior to the expiration of the initial Term; (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms and conditions as this Lease, except as to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension PeriodTerm, Tenant may request in writing that Landlord shall have, in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term provide Tenant with its determination of the Extension Period upon all of the terms and conditions of this Lease, except that the Base Rent for the Extension Period shall be the “Fair Market Rent” Rental Rate for the Premises for which shall apply during the Extension Term, as determined as set forth below. Renewal Term and Landlord shall furnish same in writing to Tenant within thirty (30) days after such request. (b) For purposes hereofof this Section, the term "Fair Market Rent” Rental Rate" shall mean the then prevailing fair rental, as of the date for which such Fair Market Rental Rate is being calculated, per annum per rentable square foot for comparable space for a comparable term, by reference to comparable space with a comparable use in the Building, and in other buildings comparable to the Building in quality and location in the Austin, Texas industrial market monthly (the "Pertinent Market") (but excluding those leases where the tenant has an equity interest in the property), where the landlord has had a reasonable time to locate a tenant who rents with the knowledge of the uses to which the Premises can be adapted, and neither landlord nor the prospective tenant is under any compulsion to rent. The Fair Market Rental Rate shall take into account and reflect the rental rate rates for the Premises, including applicable rent escalations, based on a lease of space new tenancies of similar age, construction, quality properties and size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Period.

Appears in 1 contract

Samples: Lease Agreement (Active Power Inc)

Option to Extend. a. If Tenant is not and has not been in default of any term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the future, Tenant shall have one two (12) option options (the each, an Extension Option”) to extend the Revised Term with respect by seven (7) years each as to the entirety entire Premises (and no less than the entire Premises) upon the following terms and conditions (each seven (7) year period being referred to herein as an “Extension Term”). Any extension of the Premises for Revised Term pursuant to an additional period of five (5) years commencing when the initial Term expires (the “Extension Period”), solely in accordance with the terms of this section, and subject to the following conditions: (i) the Extension Option shall be exercised, if at all, by written notice of exercise delivered to Landlord by Tenant not less than three (3) months prior to the expiration of the initial Term; (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on all the same terms and conditions as this Lease, except as to the amount of follows: a. Base Rent at the commencement of each Extension Term shall equal (i) if there are no brokerage commissions payable by Landlord to Tenant’s broker in connection with the Option, ninety-five percent (95%) of the then-current FMV (as defined below), or (ii) if there are brokerage commissions payable by Landlord to Tenant’s broker in connection with the Option, one hundred percent (100%) of the then-current FMV, and that there in each case shall be no further Extension Options; and (iv) if Tenant is in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date increased on each annual anniversary of the Extension PeriodTerm commencement date by two and one-half percent (2.5%). Tenant may, no more than fifteen (15) months prior to the date the then-current Term is then scheduled to expire, request Xxxxxxxx’s estimate of the FMV for the next Extension Term. Landlord shall, within fifteen (15) days after receipt of such request, give Tenant a written proposal of such FMV. If Tenant gives written notice to exercise an Option (“Extension Notice”), such Extension Notice shall havespecify whether Tenant accepts Landlord’s proposed estimate of FMV. If Xxxxxx does not accept the FMV, in addition then the parties shall endeavor to agree upon the FMV, taking into account all relevant factors. In the event that the parties are unable to agree upon the FMV within thirty (30) days after Landlord’s receipt of the Extension Notice, then same shall be determined as follows: (i) Landlord and Tenant shall each appoint one broker who shall, by profession, be a licensed real estate broker, of good reputation, and who shall have been active over the ten (10) year period ending on the date of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for the term receipt of the Extension Period upon all Notice in the leasing of similar properties within the Rockville, Maryland laboratory/research and development leasing market. Each such broker shall be appointed within thirty (30) days after the date of Landlord’s receipt of the terms and conditions of this Lease, except that the Base Rent for the applicable Extension Period shall be the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth belowNotice. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Period.(ii) The 4813-5202-3331.13 13

Appears in 1 contract

Samples: Lease Agreement (Macrogenics Inc)

Option to Extend. a. If Provided that Tenant is not and has not been in breach or default of any of the terms, conditions, covenants, obligations or provisions of the Lease to which this Rider is attached, then Tenant shall have, and is hereby granted, the option to extend the term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the future, Tenant shall have for one (1) option (the “Extension Option”) to extend the Term with respect to the entirety of the Premises for an additional period of five (5) years commencing when years. If Tenant desires to exercise its option to extend the initial Term expires Initial Term, Tenant must give Landlord notice in writing of its intent to do so at least nine (the “Extension Period”), solely in accordance with the terms of this section, and subject to the following conditions: (i) the Extension Option shall be exercised, if at all, by written notice of exercise delivered to Landlord by Tenant not less than three (39) months prior to the expiration of the Initial term. The Annual Basic Rental payable by Tenant to Landlord during the first year of the Renewal Term shall be the rental during the last year of the initial Term; term increased by 7%, and thereafter with annual bumps to be mutually agreed to at the time of the renewal. (iia) The determination of the Annual Basic Rental does not reduce the Tenant’s obligation to pay or reimburse Landlord for operating expenses and other reimbursable items as set forth in the Lease, and Tenant shall accept reimburse and pay Landlord as set forth in the Lease with respect to such operating expenses and other items with respect to the Premises on an “AS-IS” basis; during the Renewal Term. (iiib) Except for this Option to Extend and the extension Annual Basic Rental as determined above, Tenant’s occupancy of the Premises during the extended term shall be on the same terms and conditions as this Lease, except as are in effect immediately prior to the amount of Base Rent and that there shall be no further Extension Options; and (iv) if Tenant is in default under any expiration of the termsinitial Lease Term. (c) If the Lease is extended for an additional lease term, covenants or conditions of this Lease, either at then Landlord shall prepare and Tenant shall execute an amendment to the time Lease confirming the extension to the Lease Term and the other provisions applicable thereto (the “Amendment”). (d) If Tenant exercises the Extension Option or at any time thereafter prior to or upon the commencement date of the Extension Period, Landlord shall have, in addition to all of Landlord’s other rights and remedies, the its right to terminate the Extension Option upon notice to Tenant. b. If the Extension Option is exercised in a valid and timely fashion, the Term shall be extended for extend the term of the Extension Period upon all of Lease for the terms and conditions of extended term pursuant to this exhibit, the term “Lease Term” as used in the Lease, except that the Base Rent for the Extension Period shall be construed to include, when practicable, the “Fair Market Rent” for the Premises for the Extension Term, extended term except as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included provided in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Period(e) above.

Appears in 1 contract

Samples: Industrial Lease (Studio One Media, Inc.)

Option to Extend. a. If Provided that: (a) the Required Conditions have been met; and (b) the Tenant is not and has not been in default of any term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the future, Tenant shall have one (1) option (the “Extension Option”) to extend the Term with respect given written notice to the entirety of the Premises for an additional period of five (5) years commencing when the initial Term expires (the “Extension Period”), solely in accordance with the terms of this section, and subject to the following conditions: (i) the Extension Option shall be exercised, if at all, by written notice of exercise delivered to Landlord by Tenant not no less than three twelve (312) months and no more than eighteen (18) months prior to the expiration of the initial TermTerm of its intention to exercise the within option to extend; (ii) the Landlord will grant to the Tenant shall accept the right to extend the Term of the Lease for the Premises on an “AS-ISas isbasis; basis for a further period of FIVE (iii5) years (the extension “Extension of Term”) commencing upon the expiration of the initial Term, and such Extension of Term shall be on upon the same terms and conditions as this Leaseduring the Term, except as to the amount of Base Rent save and that except: (i) there shall be no further Extension Options; right to extend the Term, (ii) there will be no inducement or leasehold improvement allowance payable to the Tenant, (iii) there will be no rent free period or Landlord’s Work, and (iv) if Tenant is the rental rate will be the fair market net rental rate for extending tenants for similar improved premises in default under any of the terms, covenants or conditions of this Lease, either a similar building with similar amenity packages and location at the time of the exercise by the Tenant exercises of the within option to extend (the “Extension Rent”), provided that in no event shall the Extension Option or at any time thereafter prior to or upon Rent be less than the commencement date rate payable during the last year of the Extension Periodinitial Term. The Landlord may, Landlord shall haveat its option, in addition to all of require that the Tenant (i) execute a new lease on the Landlord’s other rights and remediesstandard lease for the Building currently in use at the time of the Tenant’s exercise of the option to extend, the right or (ii) enter into an extension agreement in order to terminate give effect to the Extension Option of Term and the revised rental, but the Tenant shall be deemed to have exercised the option to extend on the terms referred to above upon delivery of said notice to Tenant. b. the Landlord whether or not such a new lease or extension agreement is executed. If the Extension Option is exercised in a valid and timely fashion, Tenant fails to give the appropriate notice within the time limit set out herein for extending the Term then this option to extend shall be extended null and void and of no further force or effect. If the Tenant gives such appropriate notice within the time limit set out herein for extending the term Term it will forthwith execute the documentation submitted by the Landlord as hereinbefore set out within ten (10) days of the Extension Period upon all of the terms and conditions of this Lease, except that the Base Rent for the Extension Period shall be the “Fair Market Rent” for the Premises for the Extension Term, as determined as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to Tenant during the Extension Periodits receipt thereof.

Appears in 1 contract

Samples: Office Lease (Sierra Oncology, Inc.)

Option to Extend. a. If Tenant is not and has not been in default of any term or provision of this Lease and has not Transferred this Lease or any of the Premises or agreed to do so in the future, 34.1 Tenant shall have one (1) the option (the “Extension Option”) to extend the Lease Term with respect to the entirety of the Premises for an additional period of five (5) years commencing when the initial Term expires (the “Extension Period”)60 months, solely in accordance with the terms of this section, and subject to the following conditions: (i) the Extension Option shall be exercised, if at all, by written notice of exercise delivered to Landlord by Tenant not less than three (3) months prior to the expiration of the initial Term; (ii) Tenant shall accept the Premises on an “AS-IS” basis; (iii) the extension shall be on the same terms and conditions as provided in this Lease, except that, for the extended term: 34.1.1 Upon exercise of this option to extend the Lease Term, this Lease, as extended, shall not contain any further option to the amount of extend as provided in this article; 34.1.2 The Base Rent and that there shall be determined as set forth below, but in no further event shall it be less than the Base Rent payable for the 12-month period immediately preceding the current expiration date of the Lease Term; and 34.1.3 Landlord shall have no obligation to perform any alterations or tenant improvements or other work in the Premises and Tenant shall continue possession of the Premises in its "as-is," "where-is," and "with all faults" condition. 34.2 The exercise of the option set forth in this article shall only be effective on, and in strict compliance with, the following terms and conditions: 34.2.1 Notice of Tenant's exercise of the option (the "Extension Options; Notice") shall be given by Tenant to Landlord no earlier than 15 months and (iv) if no later than 9 months before the current expiration date of the Lease Term. TIME SHALL BE OF THE ESSENCE AS TO THE EXERCISE OF ANY ELECTION BY TENANT UNDER THIS ARTICLE. 34.2.2 At the time of Tenant is giving Landlord notice of its election to extend the Lease Term and on the expiration of the current Lease Term, this Lease shall be in full force and effect and Tenant shall not be in default under any of the terms, covenants or covenants, and conditions of this Lease, either Lease beyond any applicable grace period. 34.2.3 The rights granted to Tenant under this article are personal to the original named Tenant in this Lease and may not be assigned or exercised by anyone other than such Tenant and only while such Tenant is in possession of the entire Premises. 34.2.4 Tenant shall increase the Security Deposit to an amount equal to two months' installments of Base Rent at the time Tenant exercises rate payable for the Extension Option or at any time thereafter prior extended Lease Term, with the increased Security Deposit to or upon the commencement date be paid within 15 days of the Extension Period, Landlord shall have, determination of the Base Rent for the extended Lease Term as provided in addition to all of Landlord’s other rights and remedies, the right to terminate the Extension Option upon notice to Tenantthis article. b. If the Extension Option is exercised in a valid and timely fashion, the Term 34.3 The Base Rent shall be extended a sum equal to the fair market renewal rental value of the Premises for the extended Lease Term, based on and taking into account the rentals at which extensions or renewals of leases are being concluded for comparable space in the Project and in comparable Class "A" buildings in the Fort Lauderdale, Florida area at that time and for such a term of the Extension Period upon all of and taking into account the terms and conditions of this LeaseLease and anticipated inflation during the extended Lease Term (the "Fair Market Rental Value" or the "Value"). 34.4 Within 30 days after receipt of the Extension Notice, except that Landlord shall advise Tenant of the Base Rent applicable Fair Market Rental Value for the Extension Period extended Lease Term. If Tenant disagrees with Landlord's determination of Fair Market Rental Value, Tenant shall provide written notice to Landlord of its objection, within 30 days of Landlord's notice to Tenant, including Tenant's statement of what it believes the Fair Market Rental Value should be. If Tenant has not timely provided an objection notice, then Landlord and Tenant shall enter into an amendment to this Lease extending the Lease Term on the terms and conditions of this article. 34.5 If Tenant delivers a timely objection notice, then upon Landlord's receipt of the notice, Landlord and Tenant shall, for a period of 30 days, negotiate in good faith to agree on the Fair Market Rental Value. Upon agreement, Landlord and Tenant shall enter into an amendment to this Lease extending the Lease Term on the terms and conditions of this article. If the parties cannot agree on the Fair Market Rental Value within such 30-day period, then Landlord and Tenant shall meet with each other within 35 days after Landlord's receipt of Tenant's objection notice and shall exchange in sealed envelopes their final proposal as to the Fair Market Rental Value (collectively, the "Estimates") and open such envelopes in each other's presence. If the higher of the Estimates is no more than 105% of the lower Estimate, then the Fair Market Rental Value will be the average of the Estimates. If the higher of the Estimates is more than 105% of the lower Estimate, and if Landlord and Tenant do not mutually agree upon the Fair Market Rental Value within five Business Days after the exchange and opening of the envelopes, then the Fair Market Rental Value shall be determined by arbitration in accordance with the expedited procedures of the Commercial Arbitration Rules of the American Arbitration Association then in force, with the following exceptions: There shall be a single arbitrator selected by the American Arbitration Association. The arbitrator shall be a commercial real estate broker having at least 15 years of experience in the office market area in which the Building is located and having a professional designation of CCIM or SIOR, or both designations. The scope of the arbitrator's inquiry and determination shall be limited to whether the Landlord's or the Tenant's Estimate most closely reflects the Fair Market Rent” for Rental Value and the Premises for arbitrator may not select any Value other than the Extension TermLandlord's Estimate or the Tenant's Estimate. The determination by the arbitrator shall be rendered in writing to both Landlord and Tenant and shall be final and binding on them. The parties shall share equally in the cost of the arbitrator. Any fees of any counsel or experts engaged directly by Landlord or Tenant, as determined however, shall be borne by the party retaining the counsel or expert. 34.6 All options to extend the Lease Term as set forth below. For purposes hereof, “Fair Market Rent” shall mean the then prevailing fair market monthly rental rate for the Premises, including applicable rent escalations, based on a lease of space of similar age, construction, size, level of improvement and location as the Premises, including the services and costs included in this Lease, article shall be null and adjusted to reflect that no free rent, tenant improvement allowance or similar concessions are being provided to void if Landlord and Tenant during enter into any agreement extending the Extension PeriodLease Term on terms different than those set forth in this section.

Appears in 1 contract

Samples: Office Lease (Riot Blockchain, Inc.)

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