OPTION TO RENEW LEASE. Provided Lessee is not in Default of the Lease at the time it exercises this option and has not been in Default during any other period of the Lease Term that has not been cured, Lessee is hereby granted one option to renew this Lease for an additional five (5) years at the Base Rent rate then in effect for comparable space in the market at the effective date of the commencement of such renewal term, but not less than the last monthly rental amount payable by Lessee prior to commencement of such renewal term. Such leasing for the renewal term shall be, at the election of Lessor, on the same terms and conditions as set forth in this Lease or on the terms and conditions of the standard lease form then used by Lessor with respect to the Project. The within option shall be exercised by Lessee, if at all, by written notice given no sooner than twelve (12) full calendar months and no later than eight (8) full calendar months prior to the expiration of the Lease Term; Lessee shall include with such notice a complete set of current financial statements of Lessee and all guarantors. In the event Lessor and Lessee are unable to agree as to the Base Rent rate applicable to such renewed term within thirty (30) days of Lessee’s exercise of its option to renew, both parties agree to mediate their disagreement. If mediation does not resolve the disagreement in fair market value, Lessee shall have the option to refer the matter to an MAI certified appraisal procedure to determine the Base Rent rate. Lessor and Lessee shall appoint an MAI certified appraiser, such appraiser shall determine the current market rent (to be not less than the minimum rent set forth above in this Section) and such determination shall be binding upon Lessor and Lessee. Lessor and Lessee shall each pay one-half of the fees and costs of such appraiser. Upon determination of the Base Rent rate, Lessor shall deliver to Lessee either an amendment to this Lease renewing the Lease Term, or a new lease for the renewal term based upon the form of the standard lease then used by Lessor with respect to the Project. Lessee shall execute and deliver the submitted document to Lessor within ten (10) days accompanied by payment of the amount of money which, when added to any existing Security Deposit, shall increase the Security Deposit amount to a sum which bears the same relationship to the renewal Base Rent as the original Security Deposit bears to the Base Rent with respect to the initial Lease Term. Notwith...
OPTION TO RENEW LEASE. Lessee shall have the option to renew this Lease for one (1) additional term of seven (7) years by notifying Lessor, in accordance with notice provisions contained herein, ninety (90) days in advance of the scheduled expiration of this Lease. All other terms and conditions of this Lease not specifically addressed herein shall remain unchanged. In the event Lessee elects to exercise this option, the rental rates, including Expense Payments, shall increase by an amount equal to the increase in the Consumer Price Index, All Items, with May 2002 being used as the base year.
OPTION TO RENEW LEASE. The Resident shall have an option to renew this Lease for an additional one (1) year under similar terms and conditions as are included herein, with the exception of the rent. The Resident shall give the Owner written notice of the Residents intention to renew this Lease at least sixty (60) days prior to the expiration of this Lease. It is agreed that the Resident, if he holds over and/or continues to occupy the Premises on a month to month basis without the benefit of a signed Lease Agreement, will have the same benefits and the same obligations as he would have had if he executed the tendered lease.
OPTION TO RENEW LEASE. Provided Tenant is not in default under the Lease, either at the time of exercise of its rights hereunder or on the first day of the applicable Option Term, and Tenant (and not an assignee or sub-lessee of Tenant) is in occupancy of the Premises, then Tenant shall have the right to extend the Term (referred to herein as "Option Term") for two (2) term of five (5) years from the expiration date of the Lease at the fair market rental value of the Premises, as reasonably determined by Landlord in its sole discretion, at the commencement date of any such option period (an "Option"). In the event Tenant is in Default at the time of exercise of its rights hereunder or at the commencement of an Option Term, or if Tenant has been notified of Default during its tenancy, then Landlord, at Landlord's option, may terminate this Lease concurrently with the last day of the Term, or the last day of the then-existing Option Term, as the case may be.
OPTION TO RENEW LEASE. This Option to Renew Lease (“Option”) is entered into by, and between RENCO INVESTMENT COMPANY, a California General Partnership (“Landlord”) and VA LINUX SYSTEMS, INCORPORATED, A Delaware Corporation (“Tenant”) to be effective as of the date the last of the designated signatories to this Option shall have executed this Option, with respect to the following described Lease (the “Lease”) for the following described premises (the ‘Leased Premises”): “That certain Lease dated as of April 6, 2000, by and between Landlord and Tenant for the lease of approximately 139,311 square feet in those certain buildings consisting of 87,544 and 51,767 square feet, more or less, located at 46939 and 40000 Xxxxxxx Xxxxxxx, Xxxxxxx, XX 00000.
OPTION TO RENEW LEASE. Section 36.01 Tenant shall have an option (the "Renewal ------------- Option")to renew this Lease upon the following terms and conditions:
(a) All of the terms, conditions and warranties contained in this Lease shall remain in full force and effect during the renewal term of this Lease except for the Fixed Rent, which shall be as set forth in subsection(c) of this Section 36.01;
(b) Tenant must give Landlord ninety (90) days written notice prior to the Expiration Date, of Tenant's exercise of said Renewal Option, by certified mail, return receipt requested or by nationally recognized overnight carrier. Failure to do so shall render this Renewal Option null and void.
(c) The Fixed Rent for said renewal term shall be as follows: 1st year: $302,578.75 per annum, $25,214.90 per month; 2nd year: $308,839.00 per annum, $25,736.58 per month; 3rd year: $315,099.25 per annum, $26,258.27 per month; 4th year: $321,359.50 per annum, $26,779.96 per month; 5th year: $327,619.75 per annum, $27,301.65 per month.
Section 36.02 Notwithstanding the foregoing provisions of ------------- this Article 36, if on the date that Tenant exercises the Renewal Option, Tenant is in default beyond applicable notice and grace periods, in the payment of annual Fixed Rent or Additional Rent hereunder, Tenant's exercise of such Renewal Option, shall, at the option of Landlord exercised by written notice to Tenant, be rendered null and void and shall be of no further force and effect unless Tenant, simultaneously with the exercise of the Renewal Option, cures said default.
OPTION TO RENEW LEASE. This Lease has an option to renew at additional one (1) year intervals with a yearly increase of 5.0% of the then yearly rent. IF left blank increase will be negotiated at time of renewal. Option to renew can only be extended provided Lessee is not in violations of any of the items of this lease agreement.
OPTION TO RENEW LEASE. Landlord hereby grants to Tenant the option to renew this Lease for one (1) additional ten-year period (“Renewal Period”), commencing on May 1st, 2025. Provided Tenant is not in default, Tenant may exercise each option to renew hereunder by giving Landlord written notification of the exercise of the option not less than One Hundred Eighty (180) days prior to the expiration of the then current term. All terms and conditions of this Lease shall remain in full force and effect during each Renewal Period, except the annual Base Rent for the Renewal Period shall be as set forth in Subparagraph B. below.
OPTION TO RENEW LEASE. Lessor and Lessee agree that Lessee is granted one option to renew the Lease for an additional five (5) years commencing on April 1, 2024 and ending March 31, 2029 and otherwise pursuant the terms of Paragraph 27.16 (OPTION TO RENEW LEASE), as amended hereby. Paragraph 27.16 is hereby amended as follows:
A. The Base Rent for the renewal term shall be the base rent then in effect for comparable space in the market at the effective date of the commencement of the renewal term as determined in Paragraph 27.16. Lessor shall have no right to substitute the standard lease form then used by Lessor with respect to the Project, and any reference in Paragraph 27.16 to Lessor’s form of standard lease then used by Lessor with respect to the Project is deleted.
B. Notwithstanding the last paragraph of Paragraph 27.16 of the Lease, the rights of Lessee under Paragraph 27.16 are transferable pursuant to an assignment of the Lease for which Lessor’s consent is not required under Paragraph 17.01 of the Lease.
OPTION TO RENEW LEASE. So long as Tenant is not in default pursuant to the terms of this Lease, which default is continuing after notice from Landlord and the expiration of any applicable grace period provided for in this Lease, Tenant shall have the option to renew this Lease for three additional terms of five years each.
