Common use of OPTION TO RENEW LEASE Clause in Contracts

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. Notwithstanding any provision hereof, during the thirty (30) day period allowed for the parties to agree upon the renewal Base Rent rate, Lessor shall have the right to rescind the exercise of the renewal option by written notice in the event Lessor determines, in its reasonable discretion, that the financial statements delivered by Lessee with the renewal notice are not satisfactory to Lessor. The rights of Lessee under this Paragraph are not assignable separately from this Lease. Such rights of Lessee shall terminate upon: (a) any assignment, sublease, or other Transfer, and/or (b) any monetary default and/or (c) any termination of this Lease or of Lessee’s right of possession hereunder; provided, however, in the event Lessee shall have exercised this renewal option and Lessor subsequently terminates this Lease or Lessee’s right of possession hereunder for Default, the damages to which Lessor shall be entitled shall include damages with respect to the renewal term.

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 Tenn 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 termtenn, 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 tenn shall be, at the election of Lessor, on the same terms tenns and conditions as set forth in this Lease or on the terms tenns and conditions of the standard lease form fonn 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 TermTenn; 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 tenn within thirty thiny (30) days of Lessee’s '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 fonh 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 detennination of the Base Rent rate, Lessor shall deliver to Lessee either an amendment to this Lease renewing the Lease TermTenn, or a new lease for the renewal term tenn based upon the form fonn 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. Tenn. Notwithstanding any provision hereof, during the thirty thiny (30) day period allowed for the parties to agree upon the renewal Base Rent rate, Lessor shall have the right to rescind the exercise of the renewal option by written notice in the event Lessor determinesdetennines, in its reasonable discretion, that the financial statements delivered by Lessee with the renewal notice are not satisfactory to Lessor. The rights of Lessee under this Paragraph are not assignable separately from this Lease. Such rights of Lessee shall terminate tenninate upon: (a) any assignment, sublease, or other Transfer, and/or (b) any monetary default and/or (c) any termination tennination of this Lease or of Lessee’s 's right of possession hereunder; provided, however, in the event Lessee shall have exercised this renewal option and Lessor subsequently terminates this Lease or Lessee’s 's right of possession hereunder for Default, the damages to which Lessor shall be entitled shall include damages with respect to the renewal term.

OPTION TO RENEW LEASE. Provided (a) If Lessee is not in Default default of the Lease, Lessee shall have two successive three year options to renew the Lease at the time it exercises this option and has not been fair market rent per square foot for similar buildings in Default during any other period general vicinity 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 Premises. Each 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 giving written notice given no sooner than twelve (12) full calendar months and no later than eight (8) full calendar months prior to Lessor at least 180 day before the expiration date of the then current Lease Term; Lessee shall include with such notice a complete set term as it may be extended by exercise of current financial statements of Lessee and all guarantorsan option granted hereunder. In If the event Lessor and Lessee parties are unable to agree as to on 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 rent for the option to refer periods within 30 days after Lessee gives Lessor of the matter to an MAI certified appraisal procedure to determine the Base Rent rate. Lessor and Lessee shall appoint an MAI certified appraiseroption exercise, 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. then Lessor and Lessee shall each pay appoint an MAI real estate appraiser with at least five years full- time commercial appraisal experience in the geographical area in which the Premises are located, to appraise the then fair market rent. If a party does not appoint an appraiser within ten 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 the fair market rent as provided herein. For purposes of the Lease, "fair market rent" shall be deemed to mean the base amount of rental which would typically be paid by a tenant under a lease such as this for premises of a similar type, size, design, and quality in the same area under market leasing conditions existing at that time, excluding rent concessions and tenant improvements being offered on comparable properties. (b) If the two appraisers are appointed by the parties as stated herein, they shall meet promptly and attempt to appraise and set the then fair market rent. If they are unable to agree within 30 days after the second appraiser has been appointed, they shall attempt to select a third appraiser meeting the qualifications stated in this section, within ten days after the last day the two appraisers are given to set the fair market rent. If they are unable to agree on a third appraiser, either of the parties to the Lease, by giving ten days notice to the other party, may apply to the presiding judge of the Superior Court for Santa Xxxxx County for the selection of a third appraiser who meets the qualifications stated in this section. Each of the parties shall bear one-half of the fees cost of appointing the third appraiser, and costs of such paying the third appraiser's fees. Upon determination The third appraiser, however selected, shall be a person who has not previously acted in any capacity for either party. (c) Within 30 days after the selection of the Base Rent ratethird appraiser, 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 majority of the standard lease then used appraisers shall appraise and set the fair market rent. If a majority of the appraisers are unable to so set the fair market rent within the stipulated period of time, the three appraisals of same shall be added together and their total divided by Lessor three. The resulting quotient shall be considered the fair market rent. If, however, the low appraisal and/or the high appraisal are more than ten percent lower or higher than the middle appraisal, the low appraisal and/or the high appraisal shall be disregarded. If only one appraisal is disregarded, the remaining two appraisals shall be added together and their total divided by two. The resulting quotient shall be considered the fair market rent. (d) Notwithstanding any provision of this Paragraph 92 to the contrary, the words "same area," "geographical area," "general vicinity," or words of similar import shall mean that portion of the East Bay region of the San Francisco Bay area commonly known as the "680-880 corridor." The fair market rent during the period covered by each option (the "Extended Term") shall be computed on a "net" basis and shall be compared to other net leases for properties comparable to the Premises. In that regard, the appraisers shall compare the amounts payable with respect to the ProjectPremises on account of taxes, insurance, operating expenses, and similar "additional rent" amounts to the amounts that are attributable to and would be paid by the tenant of each other property that is compared to the Premises. Such determination also shall take into account that, with respect to the lease of the Premises to Lessee during the Extended Term, Lessee shall execute not be receiving any tenant improvement allowance, and deliver Lessor will not be required to pay any lease commissions. (e) Notwithstanding any provision of this Paragraph 92 to the submitted document to Lessor within ten (10) days accompanied by payment contrary, if Lessee is dissatisfied with the determination of the amount of money whichthe rent for any Extended Term, 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. Notwithstanding any provision hereof, during the thirty (30) day period allowed for the parties to agree upon the renewal Base Rent rate, Lessor Lessee shall have the right to rescind the its exercise of the renewal option by giving written notice in thereof to Lessor within 15 days after the event Lessor determines, in its reasonable discretion, that the financial statements delivered by Lessee with the renewal notice are not satisfactory to Lessor. The rights of Lessee under this Paragraph are not assignable separately from this Lease. Such rights of Lessee shall terminate upon: (a) any assignment, sublease, or other Transfer, and/or (b) any monetary default and/or (c) any termination of this Lease or of Lessee’s right of possession hereunder; provided, however, in the event Lessee shall have exercised this renewal option and Lessor subsequently terminates this Lease or Lessee’s right of possession hereunder for Default, the damages to which Lessor shall be entitled shall include damages with respect to the renewal termrent is determined.

OPTION TO RENEW LEASE. Provided Lessee that Tenant is not in Default of default under this Lease beyond the Lease applicable notice and cure period at the time it exercises this of exercise of any such option and has not been in Default during or at the time of commencement of any other period of the Lease Term that has not been curedrenewal term, Lessee Tenant is hereby granted one option two (2) options to renew this Lease the term of the Lease. Each option shall be for an additional five a period of thirty (536) years at months and each such period being a “Renewal Term”. A. Tenant shall occupy the Base Rent rate then in effect for comparable space Premises during the Renewal Term under the same terms and conditions specified in the market at Lease, except the effective date of Tenant shall lease the commencement of such renewal termPremises in its then “as-is” condition, with Tenant being entitled to no additional tenant improvement allowance or other right to require the improvements to be made to the Premises. The Base Monthly Rent for the first Renewal Term shall be the then Market Rate, but not less than the last monthly rental amount payable by Lessee Base Monthly Rate for the Premises in effect immediately prior to the commencement of such renewal termRenewal Term. Such leasing During the second Renewal Term, the Base Monthly Rent shall be the then Market Rate, but not less than the Base Monthly Rate for the renewal Premises in effect immediately prior to the commencement of such Renewal Term. B. As used herein, the term “Market Rate” shall bebe initially determined by Landlord as the amount as the base annual rent per square foot then being charged in comparable industrial buildings located in the metropolitan area of San Jose, at California (the election “Comparable Buildings”) for space comparable to the Premises and taking into consideration all other relevant factors establishing similarity or dissimilarity between the comparable lease and the leasing of Lessorthe Premises to Tenant for the Renewal Term, on including without limitation, escalations (including type, base year and stop), concessions, length of lease term, size and location of the same terms Premises, tenant improvement allowances quality and conditions as set forth in this Lease or on the quantity of any existing tenant improvements, quality and creditworthiness of Tenant, amenities offered, location of building, and other generally applicable concessions, allowances, terms and conditions of the standard lease form then used by Lessor with respect tenancy. The reference to the Project. The within option foregoing factors is illustrative only and the presence or absence of such factors shall be exercised by Lesseetaken into account in determining Market Rate. C. Within thirty (30) days after Landlord receives the notice of Tenant’s exercise of the second renewal option, if at allLandlord shall notify Tenant of the proposed Market Rate, by written notice given no sooner than twelve (12) full calendar months and no later than eight (8) full calendar months prior as well as any escalation rate applicable to the expiration of the Lease second Renewal Term; Lessee shall include with such notice a complete set of current financial statements of Lessee and all guarantors. In the event Lessor that landlord and Lessee Tenant are unable not able to agree as to the Base Rent market Rate and any applicable escalation rate applicable to such renewed term within thirty (30) days of Lessee’s exercise of its option good faith negotiation, then the Base Monthly Rate for the second Renewal Term shall be determined by the arbitration provision set forth below. 29 Initial D. If Landlord and Tenant cannot agree on the Base Monthly rent to renewbe paid during the second Renewal Term as provided above, both parties agree to mediate their disagreement. If mediation does not resolve the disagreement in fair market value, Lessee then each party shall have the option to refer the matter to immediately select an MAI certified appraisal procedure arbitrator to determine the Base base Monthly Rent rate. Lessor and Lessee shall appoint an MAI certified appraiser, such appraiser shall determine the current market rent (to be paid by Tenant during the applicable period. If the two arbitrators agree on the Base Monthly Rent to be paid by the Tenant, then their decision shall be binding on the parties. If the arbitrators cannot less than agree within fifteen (15) days following their appointment on the minimum rent set forth above in this SectionBase Monthly Rent to be paid, then the two shall, within five (5) days thereafter, select a third arbitrator who will consider the proposal of each party’s arbitrator, and such determination shall, within five (5) days from the third arbitrator’s appointment, adopt the findings of either the Landlord’s or Tenant’s arbitrator with respect to Base Monthly Rent to be paid during the applicable period, which finding shall be final and binding upon the parties. If one of the parties appoints an arbitrator and the other party does not do so within the period provided herein, the decision of the single arbitrator appointed by the one party shall be binding upon Lessor and Lessee. Lessor and Lessee shall each pay one-half the parties. E. Tenant may exercise its right to renew the Lease by giving to Landlord written notice of its election to renew the Lease not later than 90 days prior to the expiration 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 then current Term or Renewal Term, as applicable. F. Tenant shall not be entitled to more than two (2) renewal options. In the event Tenant fails to timely notify Landlord in the manner herein specified, Tenant shall be conclusively deemed to have waived its right to enter into the applicable Renewal Term or a new lease for the renewal term based upon the form of the standard lease then used by Lessor with respect any subsequent Renewal Term. G. The options to the Project. Lessee renew provided hereunder shall execute and deliver the submitted document to Lessor within ten (10) days accompanied by payment of the amount of money which, when added be automatically transferred 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. Notwithstanding any provision hereof, during the thirty (30) day period allowed for the parties to agree upon the renewal Base Rent rate, Lessor shall have the right to rescind the exercise assignee of the renewal option by written notice in the event Lessor determines, in its reasonable discretion, that the financial statements delivered by Lessee with the renewal notice are not satisfactory to Lessor. The rights of Lessee Tenant’s interest under this Paragraph are not assignable separately from this Lease. Such rights of Lessee shall terminate upon: (a) any assignment, sublease, or other Transfer, and/or (b) any monetary default and/or (c) any termination of this Lease or of Lessee’s right of possession hereunder; provided, however, in the event Lessee shall have exercised this renewal option and Lessor subsequently terminates this Lease or Lessee’s right of possession hereunder for Default, the damages to which Lessor shall be entitled shall include damages with respect to the renewal term.

OPTION TO RENEW LEASE. Provided Lessee that Tenant is not in Default of default under this Lease beyond the Lease applicable notice and cure period at the time it exercises this of exercise of any such option and has not been in Default during or at the time of commencement of any other period of the Lease Term that has not been curedrenewal term, Lessee Tenant is hereby granted one option two (2) options to renew the term of the Lease. Each option shall be for a period of thirty (36) months and each such period being a “Renewal Term”. A. Tenant shall occupy the Premises during the Renewal Term under the same terms and conditions specified in the Lease, except the Tenant shall lease the Premises in its then “as-is” condition, with Tenant being entitled to no additional tenant improvement allowance or other right to require the improvements to be made to the Premises. The Base Monthly Rent for the first Renewal Term shall be as set forth in Article 1 of this Lease for an additional five (5) years at Lease. During the second Renewal Term, the Base Monthly Rent rate shall be the then in effect for comparable space in the market at the effective date of the commencement of such renewal termMarket Rate, but not less than the last monthly rental amount payable by Lessee Base Monthly Rate for the Premises in effect immediately prior to the commencement of such renewal term. Such Renewal Term. B. As used herein, the term “Market Rate” shall be initially determined by Landlord as the amount as the base annual rent per square foot then being charged in comparable industrial buildings located in the metropolitan area of San Jose, California (the “Comparable Buildings”) for space comparable to the Premises and taking into consideration all other relevant factors establishing similarity or dissimilarity between the comparable lease and the leasing of the Premises to Tenant for the renewal term shall beRenewal Term, at including without limitation, escalations (including type, base year and stop), concessions, length of lease term, size and location of the election Premises, tenant improvement allowances quality and quantity of Lessorany existing tenant improvements, on the same terms quality and conditions as set forth in this Lease or on the creditworthiness of Tenant, amenities offered, location of building, and other generally applicable concessions, allowances, terms and conditions of the standard lease form then used by Lessor with respect tenancy. The reference to the Project. The within option foregoing factors is illustrative only and the presence or absence of such factors shall be exercised by Lesseetaken into account in determining Market Rate. C. Within thirty (30) days after Landlord receives the notice of Tenant’s exercise of the second renewal option, if at allLandlord shall notify Tenant of the proposed Market Rate, by written notice given no sooner than twelve (12) full calendar months and no later than eight (8) full calendar months prior as well as any escalation rate applicable to the expiration of the Lease second Renewal Term; Lessee shall include with such notice a complete set of current financial statements of Lessee and all guarantors. , In the event Lessor that landlord and Lessee Tenant are unable not able to agree as to the Base Rent market Rate and any applicable escalation rate applicable to such renewed term within thirty (30) days of Lessee’s exercise of its option good faith negotiation, then the Base Monthly Rate for the second Renewal Term shall be determined by the arbitration provision set forth below. D. If Landlord and Tenant cannot agree on the Base Monthly rent to renewbe paid during the second Renewal Term as provided above, both parties agree to mediate their disagreement. If mediation does not resolve the disagreement in fair market value, Lessee then each party shall have the option to refer the matter to immediately select an MAI certified appraisal procedure arbitrator to determine the Base base Monthly Rent rate. Lessor and Lessee shall appoint an MAI certified appraiser, such appraiser shall determine the current market rent (to be paid by Tenant during the applicable period, if the two arbitrators agree on the Base Monthly Rent to be paid by the Tenant, then their decision shall be binding on the parties. If the arbitrators cannot less than agree within fifteen (15) days following their appointment on the minimum rent set forth above in this SectionBase Monthly Rent to be paid, then the two shall, within five (5) days thereafter, select a third arbitrator who will consider the proposal of each party’s arbitrator, and such determination shall, within five (5) days from the third arbitrator’s appointment, adopt the findings of either the Landlord’s or Tenant’s arbitrator with respect to Base Monthly Rent to be paid during the applicable period, which finding shall be final and binding upon the parties. If one of the parties appoints an arbitrator and the other party does not do so within the period provided herein, the decision of the single arbitrator appointed by the one party shall be binding upon Lessor and Lessee. Lessor and Lessee shall each pay one-half the parties. E. Tenant may exercise its right to renew the Lease by giving to Landlord written notice of its election to renew the Lease not later than 90 days prior to the expiration 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 then current Term or Renewal Term, as applicable. F. Tenant shall not be entitled to more than two (2) renewal options. In the event Tenant fails to timely notify Landlord in the manner herein specified, Tenant shall be conclusively deemed to have waived its right to enter into the applicable Renewal Term or a new lease for the renewal term based upon the form of the standard lease then used by Lessor with respect any subsequent Renewal Term. G. The options to the Project. Lessee renew provided hereunder shall execute and deliver the submitted document to Lessor within ten (10) days accompanied by payment of the amount of money which, when added be automatically transferred 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. Notwithstanding any provision hereof, during the thirty (30) day period allowed for the parties to agree upon the renewal Base Rent rate, Lessor shall have the right to rescind the exercise assignee of the renewal option by written notice in the event Lessor determines, in its reasonable discretion, that the financial statements delivered by Lessee with the renewal notice are not satisfactory to Lessor. The rights of Lessee Tenant’s interest under this Paragraph are not assignable separately from this Lease. Such rights of Lessee shall terminate upon: (a) any assignment, sublease, or other Transfer, and/or (b) any monetary default and/or (c) any termination of this Lease or of Lessee’s right of possession hereunder; provided, however, in the event Lessee shall have exercised this renewal option and Lessor subsequently terminates this Lease or Lessee’s right of possession hereunder for Default, the damages to which Lessor shall be entitled shall include damages with respect to the renewal term.