Common use of OPTION TO RENEW Clause in Contracts

OPTION TO RENEW. Subject to the condition that Tenant shall not, at the time Landlord s2 receives an Option Notice hereunder or at the time of commencement of any Renewal Term s3 hereunder, be in default of any of the terms of this Lease beyond applicable notice and cure periods S4 {if any), Tenant is hereby granted the option to renew the Lease Term for two (2) periods, the first of which shall be one hundred twenty (120) months and the second of which shall be sixty {60) months (singularly, a “Renewal Term” and collectively, the “Renewal Terms”). The first Renewal Term will commence on the day following the expiration of the Initial Term of this Lease and the remaining Renewal Term will commence on the day following the expiration of the immediately preceding Renewal Term. Tenant must exercise this option, If at all, by delivering irrevocable written notioe of such election (the “Option Notice”) to Landlord at least one year, but no sooner than eighteen (18) months, prior to expiration of the lnlllal Term or the immediately preceding Renewal Term, as applicable. If Tenant does not validly deliver an Option Notice to renew the Lease Term for one (1) or more Renewal Term(s), the provisions of this Paragraph 25.1 shall be null and void and of no further force or effect. Any such renewal of this Lease shall be upon the same terms and conditions as this Lease except that Base Rent during each Renewal Term shall be determined as provided in Paragraph 25,2 and Landlord shall have no obligation to perform any tenant Improvements or other work in connection with any such renewal of this Lease. Except to the extent specifically provided in this Paragraph 25.1, Tenant has no rights to renew the Lease Term.

Appears in 2 contracts

Samples: Evotec SE, Evotec AG

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OPTION TO RENEW. Subject to the condition that Tenant shall nothave one (1) option to renew (the "Option") the Lease for one five (5) year term, at the time Landlord s2 receives an Option Notice hereunder or at Prevailing Market Rent (as hereinafter defined), plus Tenant's Percentage of all Operating Costs and Taxes, and all other charges pursuant to the time of commencement of any Renewal Term s3 hereunderLease, be provided that Tenant: (i) is not in currently in default; and (ii) has not been in default of any term or provision of the terms Lease two or more times during the initial Lease Term, regardless of this Lease beyond applicable whether any of the defaults were cured (timely or otherwise) or remained uncured with or without the acquiescence of Lessor with the exception of payment of Basic Rent or Additional Rent which may not be more than five (5) days late twice within a twelve (12) month period. The Option may be exercised only by Xxxxxx delivering to Landlord written notice and cure periods S4 {if any)of Xxxxxx's unconditional exercise of the Option; provided, Tenant is hereby granted however, that the option to renew the Lease Term for two (2) periods, the first of which Option shall be one hundred twenty exercised no later than nine (1209) months and the second of which shall be sixty {60but not more than twelve (12) months (singularly, a “Renewal Term” and collectively, the “Renewal Terms”). The first Renewal Term will commence on the day following prior to the expiration of the Initial Term of this Lease and the remaining Renewal Term will commence on the day following the expiration of the immediately preceding Renewal Term. Tenant must exercise this option, If at all, by delivering irrevocable written notioe of such election (the “Option Notice”) to Landlord at least one year, but no sooner than eighteen (18) months, prior to expiration of the lnlllal Term or the immediately preceding Renewal Term, as applicableoriginal term. If Tenant does not validly deliver an fails to timely exercise the Option Notice to renew in the Lease Term for one (1) or more Renewal Term(s)manner herein specified, then the provisions of this Paragraph 25.1 Option shall immediately and automatically terminate and be null and void and of no further force or effect. Any Time is of the essence with respect to the exercise of the Option. Except as otherwise specifically provided herein, all provisions of the Lease, this Addendum and all other exhibits to the Lease shall continue in full force and effect during the Option Period; provided, however, that the Base Rent for the initial year of the Option Period shall be set at the Prevailing Market Rent (as such renewal of term is defined below). The Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by, or to, any person or entity other than Tenant. The Option is not assignable separate and apart from this Lease. In the event that at the time the Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists as to twenty percent (20%) or more of the Premises, the Option shall be upon deemed null and void and Tenant, any assignee, or any sublessee, shall not have the same terms right to exercise the Option. Landlord and conditions Tenant shall have 30 days following the exercise of the Option in which to agree as this Lease except that Base to the Prevailing Market Rent during each Renewal Term for the Premises as of the first month of the Option Period. In the event Landlord and Tenant are unable to agree on the Prevailing Market Rent within such thirty (30) day period, the Prevailing Market Rent shall be determined as provided in Paragraph 25,2 and Landlord shall have no obligation to perform any tenant Improvements or other work in connection with any such renewal of this Lease. Except to the extent specifically provided in this Paragraph 25.1, Tenant has no rights to renew the Lease Term.follows:

Appears in 2 contracts

Samples: Assignment of Lease (NBC Internet Inc), Xoom Inc

OPTION TO RENEW. Subject to the condition that Tenant shall not, at the time Landlord s2 receives an Option Notice hereunder or at the time of commencement of any Renewal Term s3 hereunder, be in default of any of the terms of this Lease beyond applicable notice and cure periods S4 {if any), Tenant is hereby granted the option to renew extend the term of this Lease Term for two (2) five (5) year periods, hereinafter referred to a the first of which shall be one hundred twenty (120) months "First Extended Term" and the second "Second Extended Term", respectively, by giving notice of which shall be sixty {60) months (singularly, a “Renewal Term” and collectively, the “Renewal Terms”). The first Renewal Term will commence on the day following the expiration exercise of the Initial Term of this Lease and the remaining Renewal Term will commence on the day following the expiration of the immediately preceding Renewal Term. Tenant must exercise this option, If at all, by delivering irrevocable written notioe of such election option (the “"Option Notice") to Landlord at least one year, but no sooner than eighteen six (186) months, prior to expiration of the lnlllal Term or the immediately preceding Renewal Term, as applicable. If Tenant does but not validly deliver an Option Notice to renew the Lease Term for more than one (1) year, before the expiration of the Basic Term or more Renewal Term(s)the First Extended Term, as the case may be; provided, however, that if Tenant is in default on the date of giving any such Option Notice, or if any event has occurred that but for the passage of time or the giving of notice, or both, would constitute a material default, the provisions of this Paragraph 25.1 Option Notice shall be null totally ineffective, and void provided further, that if Tenant is in default or if any event has occurred that but for the passage of time or the giving of notice, or both, would constitute a default, on the date that the First Extended Term or the Second Extended Term (collectively the "Extended Terms") would otherwise commence, at Landlord's option, such Extended Term shall not commence and of no further force or effect. Any such renewal of this Lease shall be upon expire at the same terms and conditions end of the Basic Term, or at the end of the First Extended Term, as this Lease except that Base Rent during each Renewal Term the case may be. In the event Tenant gives notice of exercise of option, which notice is ineffective for any reason stated herein, Landlord shall be determined as provided in Paragraph 25,2 and Landlord provide Tenant with prompt written notice of rejection of such notice of exercise of option. Tenant shall have no obligation other right to perform any tenant Improvements extend the term beyond the Second Extended Term described herein. During the Extended Terms all of the terms and provisions contained herein shall apply except that commencing at the beginning of each Extended Term, the Annual Basic Rent shall be increased to an amount equal to ninety-five percent (95%) of the fair market Rental ("FMR") for the Premises unless Tenant elects to arbitrate the fair market rental, as set forth herein. Landlord shall notify Tenant of the FMR within sixty (60) days after receipt of Tenant's Option Notice. Tenant shall then have sixty (60) days following Tenant's receipt of Landlord's determination of the FMR within which to confirm or other work in connection with any such renewal of this Lease. Except to the extent specifically provided in this Paragraph 25.1, Tenant has no rights revoke its election to renew the Lease. If Tenant fails to revoke its election, Tenant's consent to FMR shall be deemed given and the Lease shall be deemed extended. If Tenant elects arbitrate the issue of FMR, such dispute shall be resolved by means of banding arbitration in accordance with the commercial arbitration rules of the American Arbitration Association. Arbitration shall be conducted by a sole M.A.I. appraiser appointed by the American Arbitration Association. Landlord and Tenant shall split the cost of arbitration. Thereafter, Rental shall be increased annually (the "Extended Term Adjustment Date") based upon increases (if any) in the Index, but in no event shall the increase be less than two percent (2%) or greater than six percent (6%). The most recent Index in publication prior to the Extended Term, shall be the Base Index. On each Extended Term Adjustment Date, the Annual Rental shall be increased by a percentage equal to the percentage increase, if any, in the most recent Index in publication prior to the Extended Term Adjustment Date (the "Comparison Index") over the Base Index ("Adjusted Annual Rental"). When the Adjusted Annual Rental payable as of each Extended Term Adjustment Date is determined, Landlord shall give Tenant written notice of such Adjusted Annual Rental and the manner in which it was computed.

Appears in 2 contracts

Samples: Alpha Technologies Group Inc, Alpha Technologies Group Inc

OPTION TO RENEW. Subject to the condition that Tenant shall not, at have one (1) option (“Renewal Option”) to extend the time Landlord s2 receives an Option Notice hereunder or at the time of commencement of any Renewal Term s3 hereunder, be in default of any of the terms of this Lease beyond applicable notice and cure periods S4 {if any), Tenant is hereby granted the option to renew the Lease Term Lease. The Renewal Option shall be for a period of two (2) periods, years (the first of which shall be one hundred twenty (120) months and the second of which shall be sixty {60) months (singularly, a “Renewal Term”), commencing on January 1, 2020, and collectivelyending on December 31, 2021. The Renewal Term shall be on all the provisions contained in this Lease, including Base Rent. If Tenant elects to exercise its Renewal Option, such Renewal Option shall be exercised by Tenant giving written notice of its exercise of such Renewal Option (the “Renewal Terms”). The first Renewal Term will commence on the day following the expiration of the Initial Term of this Lease and the remaining Renewal Term will commence on the day following the expiration of the immediately preceding Renewal Term. Tenant must exercise this option, If at all, by delivering irrevocable written notioe of such election (the “Option Notice”) to Landlord at least one year, but no sooner than eighteen six (186) months, prior to but not more than twelve (12) months, before the expiration of the lnlllal initial Term. If a Renewal Notice is not sent timely, the Renewal Option shall be null and void. Tenant shall have no right to extend the Term or renew the immediately preceding Lease beyond the Renewal Term provided herein. The Renewal Option is personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by or to any person or entity other than Tenant. The Renewal Option is not assignable separate and apart from this Lease. If, at the time that the Renewal Option is exercisable by Tenant, this Lease has been assigned, or a sublease exists, such Renewal Option shall be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise such Renewal Option. Tenant shall have no right to exercise the Renewal Option (i) if, at the time permitted for the exercise of such Renewal Option, or at any time prior to the commencement of the Renewal Term, as applicable. If Tenant does not validly deliver an Option Notice to renew the Lease Term for one (1) or more Renewal Term(s), event of default has occurred under any of the provisions of this Paragraph 25.1 Lease, or (ii) if Landlord has given to Tenant two (2) or more notices of default under this Lease during the twelve (12) month period prior to the time that Tenant intends to exercise such Renewal Option. All Rent payable during the Renewal Term shall be null payable in the same manner and void and of no further force or effect. Any such renewal of this Lease shall be upon under the same terms and conditions as this Lease except that Base Rent is paid during each Renewal Term the initial Term. Landlord and Tenant shall be determined as provided in Paragraph 25,2 execute and Landlord shall have no obligation deliver appropriate documentation to perform evidence any tenant Improvements or other work in connection with any such renewal of this Lease. Except to Lease and the extent specifically provided in terms and conditions of this Paragraph 25.1, Tenant has no rights to renew the Lease during any Renewal Term.

Appears in 1 contract

Samples: Lease Agreement

OPTION TO RENEW. Subject (a) Landlord hereby grants to the condition that Tenant shall not, at the time Landlord s2 receives tenant an Option Notice hereunder or at the time of commencement of any Renewal Term s3 hereunder, be in default of any of the terms of this Lease beyond applicable notice and cure periods S4 {if any), Tenant is hereby granted the option to renew the this Lease Term for two (2ONE additional period(s) periods, the first of which shall be one hundred twenty (120) months and the second of which shall be sixty {60) months (singularly, a “Renewal Term” and collectively, the “Renewal Terms”). The first Renewal Term will commence on the day following ONE years each after the expiration of the Initial Term term of this Lease Lease, under the same terms, conditions and covenants so far as is applicable, as in this Lease, except that any rents payable for the remaining Renewal Term will commence first Option Period shall be calculated in the same manner as set forth in Paragraph 4 hereof, except that any percentage limitations on the day following increase in rent to be effective during the expiration of first and/or second Option Periods shall be negotiated by the immediately preceding Renewal Term. Tenant must exercise this optionparties at the time any such Option Period takes effect, If at all, and shall be mutually agreed upon by delivering irrevocable written notioe of such election (the “Option Notice”) to Landlord at least one year, but no sooner than eighteen (18) months, prior to expiration of the lnlllal Term or the immediately preceding Renewal Term, as applicableparties. If Tenant does exercises the options for the first and/or second Option Periods, and if at the commencement of the second and/or third Option Periods, Landlord and Tenant have not validly deliver reached an agreement, despite their best efforts and good faith to do so, as to the applicable percentage limitations non the increases in the rental to be paid during such Option Notice Periods, or if there shall then be a dispute between Landlord and Tenant as to renew the Lease Term for one (1) or more Renewal Term(s)good faith of the other party to so negotiate, Tenant shall have the provisions of this obligation to pay the rental during such Option Periods as the same would be calculated pursuant to Paragraph 25.1 4 hereof, without reference to any percentage limitations contained therein. In the event percentage eliminations shall be null and void and of no further force agreed upon at any time after Tenant shall have exercised its option for the second and/or third Option Periods, any overpayment or effect. Any such renewal of this Lease underpayment by Tenant shall be upon the same terms and conditions as this Lease except that Base Rent during each Renewal Term shall be determined as provided in Paragraph 25,2 and Landlord shall have no obligation to perform any tenant Improvements or other work in connection with any such renewal of this Lease. Except to the extent specifically provided in this Paragraph 25.1, Tenant has no rights to renew the Lease Termimmediately adjusted.

Appears in 1 contract

Samples: Lease Agreement (Envirometrics Inc /De/)

OPTION TO RENEW. Subject to Effective on the condition that Additional Space Term Commencement Date, Section 8.1(a)(1) of the Lease shall be replaced in its entirety with the following (the remainder of Section 8.1 shall remain unchanged): “Tenant shall nothave the right to exercise the Option, at in its sole discretion, for (a) the time Landlord s2 receives an Option Notice hereunder or at entire Leased Premises (the time of commencement of any Renewal Term s3 hereunder, be in default of any of Current Space and the terms of this Lease beyond applicable notice and cure periods S4 {if anyAdditional Space combined), Tenant is hereby granted (b) the option to renew Current Space only and not the Lease Term for two Additional Space, or (2c) periods, the first of which shall be one hundred twenty (120) months Additional Space only and not the second of which shall be sixty {60) months (singularly, a “Renewal Term” and collectively, the “Renewal Terms”)Current Space. The first Renewal Term will commence on the day following the expiration of the Initial Term of this Lease and the remaining Renewal Term will commence on the day following the expiration of the immediately preceding Renewal Term. Tenant Option must exercise this optionbe exercised, If if at all, by delivering irrevocable written notioe notice irrevocably exercising the Option specifying which of such election the above-referenced options it is exercising (the “Option Notice”) delivered by Tenant to Landlord at least one year, but no sooner not earlier than eighteen twelve (1812) months, months and not later than nine (9) months prior to expiration the Term Expiration Date (as defined in Paragraph 4 of the lnlllal Term or Amendment). Further, the immediately preceding Renewal TermOption shall not be deemed to be properly exercised if, as applicable. If Tenant does not validly deliver an of the date of the Option Notice or at the Term Expiration Date, (i) Tenant is in default under this Lease, (ii) Tenant has assigned this Lease or its interest therein (other than to renew the Lease Term for one (1) an affiliate or more Renewal Term(ssubsidiary of Tenant), or (iii) Tenant, or Tenant’s affiliate or subsidiary, is in possession of less than fifty percent (50%) of the provisions square footage of this Paragraph 25.1 shall be null the Leased Premises. Provided Tenant has properly and void and of no further force or effect. Any such renewal timely exercised the Option, the term of this Lease shall be upon extended for the same terms period of the Option Term, and all terms, covenants and conditions as of this Lease shall remain unmodified and in full force and effect, except that (i) the Tenant Improvements set forth in Exhibit B shall not apply to the Option Term (Tenant shall accept the Leased Premises in its AS IS condition existing prior to the Option Term), and (ii) the Base Rent during each Renewal Term for the space being extended shall be determined modified as provided set forth in Paragraph 25,2 and Landlord shall have no obligation to perform any tenant Improvements or other work in connection with any such renewal of this Lease. Except to the extent specifically provided in this Paragraph 25.1, Tenant has no rights to renew the Lease Termsubsection 8.1(a)(2) below.

Appears in 1 contract

Samples: Office Building Lease (Zeltiq Aesthetics Inc)

OPTION TO RENEW. Subject to the condition that Tenant shall not(a) Provided that, at the time Landlord s2 receives an Option Notice hereunder or of such exercise, (i) this Lease Agreement is in full force and effect, and (ii) no Event of Default shall have occurred and be continuing (either at the time of exercise or at the commencement of any Renewal an Extended Term), Tenant shall have the exclusive right and option to extend the Term s3 hereunder, be in default of any of the terms of this Lease beyond applicable notice and cure periods S4 {if any), Tenant is hereby granted the option Agreement for up to renew the Lease Term for two (2) periods, the first of which shall be one hundred twenty additional terms (120) months and the second of which shall be sixty {60) months (singularly, a each an Renewal Extended Term” and collectively, the “Renewal Extended Terms”)) of ten (10) years each by giving written notice to Landlord not later than three (3) months nor earlier than twelve (12) months prior to the expiration date of the Term then in effect. The first Renewal effective giving of such notice of extension by Tenant shall automatically extend the Term will of this Lease Agreement for the applicable Extended Term, and no instrument of renewal or extension need be executed, In the event that Tenant fails timely to give such notice to Landlord, this Lease Agreement shall automatically terminate at the end of the Term then in effect, and Tenant shall have no further option to extend the Term of this Lease Agreement, unless Landlord accepts such untimely notice in writing. Each Extended Term shall commence on the day following immediately succeeding the expiration date of the Initial Term then in effect, and shall end on the day immediately preceding the tenth (10th) anniversary of the first day of such Extended Term. Each Extended Term shall be on all the terms and conditions of this Lease and Agreement, except: (i) during the remaining Renewal Term will commence on the day following the expiration of the immediately preceding Renewal Term. Tenant must exercise this option, If at all, by delivering irrevocable written notioe of such election (the “Option Notice”) to Landlord at least one year, but no sooner than eighteen (18) months, prior to expiration of the lnlllal Term or the immediately preceding Renewal second Extended Term, as applicable. If Tenant does not validly deliver an Option Notice to renew the Lease Term for one (1) or more Renewal Term(s), the provisions of this Paragraph 25.1 shall be null and void and of have no further force or effect. Any such renewal of this Lease shall be upon option to extend the same terms Term, and conditions as this Lease except that (ii) the Base Rent during for each Renewal Extended Term shall be determined adjusted in accordance with Paragraph (c), below, based on the CPI-U as provided in Paragraph 25,2 and Landlord shall have no obligation to perform any tenant Improvements or other work in connection with any such renewal of this Lease. Except to the extent specifically provided in this Paragraph 25.1, Tenant has no rights to renew commencement of the Lease applicable Extended Term.

Appears in 1 contract

Samples: Facilities Lease Agreement (Cornell Companies Inc)

OPTION TO RENEW. Subject to the condition that Section 40.1 Tenant shall not, at have the time Landlord s2 receives an Option Notice hereunder or at option (the time of commencement of any "Renewal Term s3 hereunder, be in default of any of Option") to extend the terms term of this Lease beyond applicable notice and cure periods S4 {if anyfor one (1) additional period of five (5) years (the "Renewal Term"), Tenant is hereby granted the option to renew the Lease Term for two (2) periods, the first of which shall be one hundred twenty (120) months and the second of which shall be sixty {60) months (singularly, a “Renewal Term” and collectively, the “Renewal Terms”). The first Renewal Term will shall commence on the day following date immediately succeeding the expiration Fixed Expiration Date and end on the fifth (5th) anniversary of the Initial Fixed Expiration Date, provided that on the date Tenant gives Landlord written notice (the "Renewal Notice") of Tenant's election to exercise the Renewal Option and on the first day of the Renewal Term of (a) this Lease shall be in full force and the remaining Renewal Term will commence effect, (b) no Event of Default shall have occurred and be continuing (including on the day following the expiration Fixed Expiration Date), and (c) Tenant shall itself occupy and be conducting business in at least seventy-five percent (75 %) of the immediately preceding Premises. Such Renewal Term. Option may be exercised with respect to the entire Premises only and shall be exercisable by Tenant must exercise this option, If at all, by delivering irrevocable written notioe of such election (the “Option Notice”) Renewal Notice to Landlord at least one year, but no sooner than eighteen (18) months, prior to expiration of the lnlllal Term or the immediately preceding Renewal Term, as applicable. If Tenant does not validly deliver an Option Notice to renew the Lease Term for one (1) year prior to the Fixed Expiration Date. Time is of the essence with respect to the giving of the Renewal Notice whether or more Renewal Term(s), the provisions of this Paragraph 25.1 shall be null and void and of no further force or effect. Any such renewal of this Lease shall be upon the same terms and conditions as this Lease except that Base Rent during each Renewal Term shall be determined as provided in Paragraph 25,2 and not Landlord shall have no obligation taken any action in reliance upon Tenant's failure to perform any tenant Improvements or other work in connection with any such renewal deliver said Renewal Notice. Upon the giving of this Lease. Except to the extent specifically provided in this Paragraph 25.1Renewal Notice, Tenant has shall have no rights further right or option to extend or renew the Lease Term.

Appears in 1 contract

Samples: Agreement of Lease (Minerals Technologies Inc)

OPTION TO RENEW. Subject to the condition that Tenant shall not, at the time Landlord s2 receives an Option Notice hereunder or at the time of commencement of any Renewal Term s3 hereunder, be in default of any of the terms of this Lease beyond applicable notice and cure periods S4 {if any), Tenant is hereby granted the option right to renew extend the Term of the Lease Term for two (2) periods, the first of which shall be one hundred twenty (120) months and the second of which shall be sixty {60) months (singularly, a “Renewal Term” and collectively, the “Renewal Terms”). The first Renewal Term will commence on the day following beyond the expiration date of the Initial Term of this Lease and the remaining Renewal Term will commence on the day following the expiration of the immediately preceding Renewal Term. Tenant must exercise this option, If at all, by delivering irrevocable written notioe of such election (the “Option Notice”) to Landlord at least one year, but no sooner than eighteen (18) months, prior to expiration of the lnlllal Term or the immediately preceding Renewal Term, as applicable. If Tenant does not validly deliver an Option Notice to renew the Lease Extended Term for one (1) successive period of Twelve (12) months (the "Second Extended Term"). This right to extend may be exercised by Tenant only by giving Landlord written notice ("Notice") no later than September 30, 2006 and no earlier than July 31, 2006. If Tenant has defaulted in its obligations under the Lease, and failed to cure such defaults within any applicable cure period, then Tenant's right to extend the Lease for the Second Extended Term shall automatically terminate. Tenant's right to extend the Lease for the Second Extended Term is personal to Tenant and may not be exercised by any subtenant or more Renewal Term(s)assignee of Tenant. Tenant's extension rights shall apply to all of the Property then leased by Tenant under this Lease. From and after the commencement of the Second extended Term, all of the provisions terms, covenants, and conditions of the Lease shall continue in full force and effect as written, except that this Paragraph 25.1 Section 5 shall be null deleted in its entirety and void Base Monthly Rent for the Second Extended Term shall be at the then current rent accepted by Landlord for similar space within the Project, but not less than the Base Monthly Rent in effect for the last month of the Extended Term. Tenant shall include with its Notice copies of Tenant's then-current financial statement as well as financial statements from the three (3) years prior to the current financial statement year, and of no further force or effectshall provide Landlord with such other financial information regarding Tenant as Landlord may require. Any such renewal Tenant's right to extend the Term of this Lease for the Second Extended Term is contingent upon Landlord approving such financial statements and information, which approval shall not be upon the same terms and conditions as this Lease except that Base Rent during each Renewal Term shall be determined as provided in Paragraph 25,2 and Landlord shall have no obligation to perform any tenant Improvements or other work in connection with any such renewal of this Lease. Except to the extent specifically provided in this Paragraph 25.1, Tenant has no rights to renew the Lease Termunreasonably withheld.

Appears in 1 contract

Samples: Lease (Helix Biomedix Inc)

OPTION TO RENEW. Subject (a) Tenant shall have one option to extend the term of the lease of the Lower Lobby A Space for one four month period until December 31, 2000 (such additional period being hereafter referred to as the "LLAS Extension Period"), provided that the LLAS Extension Period does not interfere with Landlord's leasing plan for the Building, which determination Landlord shall make in its sole discretion. Tenant's option so to extend may be exercised only by Tenant's giving notice to that effect to Landlord not earlier than July 15, 2000 and not later than July 31, 2000, and time shall be of the essence with respect to the condition that exercise of such option. Landlord shall notify Tenant shall not, at within 15 days ("Landlord's Rejection Period") after receipt of Tenant's notice duly exercising its option to extend the time Landlord s2 receives an Option Notice hereunder or at the time of commencement of any Renewal Term s3 hereunder, be in default of any term of the terms of this Lease beyond applicable notice and cure periods S4 {if any), Tenant is hereby granted the option to renew the Lease Term for two (2) periods, the first of which shall be one hundred twenty (120) months and the second of which shall be sixty {60) months (singularly, a “Renewal Term” and collectively, the “Renewal Terms”). The first Renewal Term will commence on the day following the expiration lease of the Initial Term Lower Lobby A Space that Landlord is rejecting Tenant's exercise because same interferes with Landlord's leasing plan, in which event Tenant's exercise of this Lease and the remaining Renewal Term will commence on the day following the expiration of the immediately preceding Renewal Term. Tenant must exercise this option, If at all, by delivering irrevocable written notioe of such election (the “Option Notice”) to Landlord at least one year, but no sooner than eighteen (18) months, prior to expiration of the lnlllal Term or the immediately preceding Renewal Term, as applicable. If Tenant does not validly deliver an Option Notice to renew the Lease Term for one (1) or more Renewal Term(s), the provisions of this Paragraph 25.1 its option shall be null and void and of no further force or effect. Any such renewal Subject to the provisions of subsection (b) of this Lease Section 4, upon the giving of such notice and upon the expiration of Landlord's Rejection Period without Landlord having rejected Tenant's exercise of its option, the term of the lease of the Lower Lobby A Space only shall be extended for the LLAS Extension Period, without the execution of any further instrument. Unless the context shall otherwise require, the LLAS Extension Period shall be upon the same terms terms, covenants and conditions as this Lease shall be in effect immediately prior to such extension, except that Base Rent during each Renewal Term there shall be determined as provided in Paragraph 25,2 and Landlord shall have no obligation right or option to perform extend the term of the lease of the Lower Lobby A Space for any tenant Improvements or other work in connection with any such renewal period of this Lease. Except to the extent specifically provided in this Paragraph 25.1time beyond December 31, Tenant has no rights to renew the Lease Term2000.

Appears in 1 contract

Samples: Agreement (Dow Jones & Co Inc)

OPTION TO RENEW. Subject to the condition (a) Provided that Tenant does not have a history of repeated nonperformance of its monetary obligations and there shall notnot then be existing an Event of Default under this Lease, at Tenant shall have one option to extent the time Landlord s2 receives an Option Notice hereunder or at the time of commencement of any Renewal Term s3 hereunder, be in default of any of the terms of this Lease beyond applicable notice and cure periods S4 {if any), Tenant is hereby granted for the option to renew the Lease Term for two Renewal term of five (25) periods, the first of which shall be one hundred twenty years (120as set forth in Subparagraph 1(q) months and the second of which shall be sixty {60) months (singularly, a “Renewal Term” and collectively, the “Renewal Terms”). The first Renewal Term will commence commencing on the day following after the expiration Expiration Date. Such option shall be exercisable by written notice (the "Renewal Notice") to Landlord given not later than six (6) months prior to the Expiration Date. Notwithstanding the preceding sentence, Landlord in its sole discretion, may waive any Event of Default by Tenant and no such Event may be used by Tenant to negate the effectiveness of Tenant's exercise of this option. The Renewal Term shall constitute an extension of the Initial initial Term of this Lease and the remaining Renewal Term will commence on the day following the expiration of the immediately preceding Renewal Term. Tenant must exercise this option, If at all, by delivering irrevocable written notioe of such election (the “Option Notice”) to Landlord at least one year, but no sooner than eighteen (18) months, prior to expiration of the lnlllal Term or the immediately preceding Renewal Term, as applicable. If Tenant does not validly deliver an Option Notice to renew the Lease Term for one (1) or more Renewal Term(s), the provisions of this Paragraph 25.1 shall be null and void and of no further force or effect. Any such renewal of this Lease shall be upon all of the same terms and conditions as the initial Term, except that (i) there shall be no further option to renew the Term of this Lease except that in the Renewal Term, (ii) Landlord shall not be required to furnish any materials or perform any work to prepare the Premises for Tenant's occupancy and Landlord shall not be required to reimburse Tenant for any Alterations made or to be made by Tenant, and (iii) the Base Rent during each for the Renewal Term shall be determined payable at a rate per annum equal to the fair market rental value of the Premises as provided in Paragraph 25,2 of the first day of the Renewal Term. During the Renewal Term, all Additional Rent that Tenant is obligated to pay under this Lease during the initial Term hereof shall continue without interruption, it being the intention of the parties hereto that the Renewal Term shall be deemed a part of and Landlord shall have no obligation to perform any tenant Improvements or other work in connection with any such renewal continuation of the initial Term of this Lease. Except to the extent specifically provided in this Paragraph 25.1, Tenant has no rights to renew the Lease Term.

Appears in 1 contract

Samples: Second Sublease Agreement (Internet Commerce Corp)

OPTION TO RENEW. Subject to the condition that Tenant shall not, at the time Landlord s2 receives an Option Notice hereunder or at the time of commencement of any Renewal Term s3 hereunder, be in default of any of the terms of this Lease beyond applicable notice and cure periods S4 {if any), Tenant is hereby granted have the option to renew this Lease: (i) as to Building 1 and Building 2 (but not less than both, if Tenant leases the entirety of each); or (ii) as to all of Building 1 (but not less than all) and, at Tenant’s election, such portion of Building 2 as it then leases (but not less than all of such portion), if Tenant leases all of Building 1 and a portion of, but not all, of Building 2, for one (1) additional term of ten (10) years, commencing upon the expiration of the Principal Term of the Lease Term for two (2) periods, the first of which shall be one hundred twenty (120) months and the second of which shall be sixty {60) months (singularly, such ten-year period being referred to herein as a “Renewal Term” and collectively, the “Renewal TermsPeriod”). The first Renewal Term will commence on the day following the expiration of the Initial Term of this Lease and the remaining Renewal Term will commence on the day following the expiration of the immediately preceding Renewal Term. Tenant renewal option must exercise this optionbe exercised, If if at all, by delivering irrevocable written notioe of such election (the “Option Notice”) notice given by Tenant to Landlord at least one year, but no sooner not later than eighteen twenty-four (1824) months, months prior to expiration of the lnlllal Principal Term or the immediately preceding Renewal Term, as applicable. If Tenant does not validly deliver an Option Notice to renew the Lease Term for one (1) or more Renewal Term(s), the provisions of this Paragraph 25.1 Lease. Notwithstanding the foregoing, at Landlord’s election, this renewal option shall be null and void and of no further force or effect. Any such renewal of this Lease shall be upon the same terms and conditions as this Lease except that Base Rent during each Renewal Term shall be determined as provided in Paragraph 25,2 and Landlord Tenant shall have no obligation right to perform renew this Lease if any tenant Improvements of the following conditions is met: (i) as of the date immediately preceding the commencement of the Renewal Period, the Tenant originally named herein (or other work an Affiliate or third party subject to a Shared Space Arrangement) (a) is not in connection with occupancy of at least all of the entire Premises then demised hereunder, except for no more than two (2) complete floors (in the event that the Premises then consists of Building 1 and half of Building 2) or three (3) complete floors, (in the event that the Premises then consists of both Building 1 and Building 2), or (b) does not intend to continue to occupy the Premises (but intends to assign this Lease or sublet the space in whole or in part); or (ii) on the date Tenant exercises the renewal option or on the date immediately preceding the commencement date of the Renewal Period Tenant is in default of any such renewal of its obligations under this Lease. Except to , or there has occurred any event which, with the extent specifically provided in this Paragraph 25.1, giving of a Default Existence Notice or the passage of time or both would be a default by Tenant has no rights to renew the Lease Termhereunder.

Appears in 1 contract

Samples: Lease (Fibrogen Inc)

OPTION TO RENEW. Subject to (a) Provided that no uncured breach or default on the condition that part of Tenant shall not, at the time Landlord s2 receives an Option Notice hereunder or at the time of commencement of any Renewal Term s3 hereunder, then exist under this Lease and that this Lease shall then be in default of any of full force and effect, Tenant shall have the terms option (the “Renewal Option”) to extend the Term of this Lease beyond applicable notice and cure periods S4 {if any), Tenant is hereby granted for one (1) additional term of five (5) years (the option to renew the Lease Term for two (2) periods, the first of which shall be one hundred twenty (120) months and the second of which shall be sixty {60) months (singularly, a “Renewal Term” and collectively, the “Renewal Terms”). The first Renewal Term will commence on the day following the expiration Option shall be exercisable only by Tenant giving by delivering written notice of the Initial Term of this Lease and the remaining Renewal Term will commence on the day following the expiration of the immediately preceding Renewal Term. Tenant must exercise this option, If at all, by delivering irrevocable written notioe of such election thereof (herein called the “Option Renewal Notice”) to Landlord at least one yearreceived by Landlord not later than the date that is nine (9) months prior, but no sooner nor earlier than eighteen the date that is twelve (1812) monthsmonths prior, prior to the expiration of the lnlllal Term or the immediately preceding Renewal original Term, as applicableTIME BEING OF THE ESSENCE. If Tenant does not validly deliver an Option Notice to renew shall lease the Lease Term for one (1) or more Renewal Term(s), Premises during the provisions of this Paragraph 25.1 shall be null and void and of no further force or effect. Any such renewal of this Lease shall be upon the same terms and conditions as this Lease except that Base Rent during each Renewal Term shall be determined as provided in Paragraph 25,2 its then current condition, and Landlord shall have no obligation to perform any tenant Improvements work to the Premises, or to provide Tenant with any allowances (e.g., moving allowance, construction allowance, and the like) or other work tenant inducements. The Renewal Term shall commence on the date immediately succeeding the Expiration Date, and end on the fifth (5th) anniversary of the Expiration Date (such anniversary being herein called the “Renewal Expiration Date”). Landlord, at its option, may render the Renewal Notice null and void upon notice thereof to Tenant if, at the time that Landlord receives the same, Tenant shall be in connection with any such renewal of uncured breach or default under this Lease. Except to the extent specifically provided in this Paragraph 25.1, Tenant has no rights to renew the Lease Term.

Appears in 1 contract

Samples: Agreement of Lease (Voxware Inc)

OPTION TO RENEW. Subject to the condition that Tenant The Lessee shall not, at the time Landlord s2 receives an Option Notice hereunder or at the time of commencement of any Renewal Term s3 hereunder, be in default of any of the terms of this Lease beyond applicable notice and cure periods S4 {if any), Tenant is hereby granted have the option to renew the this Lease Term Agreement for two (2) periods, the first of which shall be one hundred twenty additional three-year terms (120) months and the second of which shall be sixty {60) months (singularly, a Renewal TermOption Term Iand collectively, the & Renewal Terms”Option Term II). The first Renewal Term will commence on Each option to renew may be exercised in writing by Lessee delivered to the day following Lessor at any time, but in no event shall said option to renew be exercised later than ninety (90) days prior to the expiration end of the Initial Term then current Term. Said Option may be exercised by the Lessee only in the event that all rents and/ or other payments due the Lessor as set forth by this Lease Agreement (including any applicable grace periods) have been paid in full and that all material provisions of this Lease and Agreement have been fully observed. Notwithstanding the remaining Renewal Term will commence on foregoing, in the day following the expiration of the immediately preceding Renewal Term. Tenant must exercise this option, If at all, by delivering irrevocable written notioe of such election event that Lessee has been in default hereunder three (the “Option Notice”) to Landlord at least one year, but no sooner than eighteen (18) months, prior to expiration of the lnlllal Term or the immediately preceding Renewal Term, as applicable. If Tenant does not validly deliver an Option Notice to renew the Lease Term for one (13) or more Renewal Term(s)times during the then existing term, Lessor shall have the right to reject Lessee’s option to renew, in its sole discretion, and Lessee shall thereafter vacate the Premises in accordance with the termination provisions of this Paragraph 25.1 Lease, as if no options to renew have been offered. If the Lessee does not exercise its option to renew and has not vacated the Premises or any part thereof at the close of the Term or any Option Term, it shall be null considered a holdover tenant. As such, the Lessee shall serve at the will of the Lessor, and void and of no further force or effectthe monthly rental rate shall increase by fifty percent (50%) over the then applicable rent. Any such renewal of this Lease shall be upon the same All other terms and conditions as this Lease except that Base Rent during each Renewal Term shall be determined as provided in Paragraph 25,2 and Landlord shall have no obligation to perform any tenant Improvements or other work in connection with any such renewal of this Lease. Except to the extent specifically provided in this Paragraph 25.1, Tenant has no rights to renew the Lease TermAgreement shall remain in force and effect.

Appears in 1 contract

Samples: Lease Agreement (Salient Surgical Technologies, Inc.)

OPTION TO RENEW. Subject to Provided that the condition that Tenant shall not, at the time Landlord s2 receives an Option Notice hereunder or at the time of commencement of any Renewal Term s3 hereunder, be is not in default of any of its obligations hereunder then it shall have the terms right to extend the term of this Lease beyond applicable notice and cure periods S4 {if any), Tenant is hereby granted the option to renew the Lease Term for two one additional period of five (25) periods, years (hereinafter referred to as the first of which shall be one hundred twenty (120) months and the second of which shall be sixty {60) months (singularly, a “"Renewal Term” and collectively, the “Renewal Terms”"). The first Renewal Term will commence on rental during the day following the expiration of the Initial Term of this Lease and the remaining Renewal Term will commence on the day following the expiration of the immediately preceding Renewal Term. Tenant must exercise this option, If at all, by delivering irrevocable written notioe of such election (the “Option Notice”) to Landlord at least one year, but no sooner than eighteen (18) months, prior to expiration of the lnlllal Term or the immediately preceding Renewal Term, as applicable. If Tenant does not validly deliver an Option Notice to renew the Lease Term for one (1) or more Renewal Term(s), the provisions of this Paragraph 25.1 shall be null and void and of no further force or effect. Any such renewal of this Lease shall be upon the same terms and conditions as this Lease except that Base Rent during each Renewal Term shall be determined by the parties not less than six (6) months before the expiration of the current term and shall be the market value rent which the Landlord could obtain on the open market for the Leased Premises for the same term on a vacant possession basis but as provided improved with the Tenant's permanent leasehold improvements and as if the terms were the same as the terms of the original Lease, but for the new expiry date and excluding the fixturing period and any other inducement offered to the Tenant and there will be no further right of renewal. If the parties are unable to agree on the amount of such rent six (6) months prior to the expiration of the current term then the issue shall be referred to a single arbitrator whose decision shall be subject to a right of appeal, all in Paragraph 25,2 accordance with the provisions of the Commercial Arbitration Act, R.S.B.C., C. 55. All other terms and conditions of this Lease shall apply during the extended term except as specifically set forth hereinbefore. Provided that, in no event shall the Annual Rent for the Renewal Term be less than the Annual Rent payable in the last year of the preceding term. This right shall be exercised by the Tenant delivering a written notice to the Landlord of its intention to extend at least nine (9) months prior to the expiration of the initial term. In the event the Tenant fails to give such notice to the Landlord as herein provided, this Lease shall have no obligation to perform any tenant Improvements or other work in connection with any such automatically terminate at the end of the current term. In the event of the renewal of this Lease. Except , any reference herein to the extent specifically provided in this Paragraph 25.1, Tenant has no rights Term shall be deemed to renew include the Lease Renewal Term.

Appears in 1 contract

Samples: Lease (Quantex Capital Corp)

OPTION TO RENEW. Subject Tenant shall have one (1) option to renew the Term (the "OPTION"), for a term of five (5) years, the first option period commencing immediately upon the expiration of the initial Term (the "OPTION TERM"). The Option Term shall be upon all of the terms and conditions of this Lease, except that: (i) Fixed Rent during each year of each Option Term shall be the greater of the (x) fair rental value of the Premises at the date of the commencement of the Option Term and (y) the Annual Fixed Rent during the Term of this Lease; and (ii) there shall be no further options to extend beyond the expiration of the Option Term. The Option may be exercised only by notice of exercise given by Tenant to Landlord not less than ONE HUNDRED EIGHTY (180) days prior to the condition that Expiration Date of the then existing Term, TIME BEING OF THE ESSENCE, with respect to such notice. The Option may not be exercised, and this Option shall be void and without further effect, if (i) the named Tenant shall not, have subleased more than fifty percent (50%) of the Premises or assigned this Lease at the time Landlord s2 receives of such notice or as of the commencement of the Option Term to an Option Notice entity other than a Tenant Affiliate or Permitted Assignee; or (ii) Tenant or its successors shall have committed an Event of Default hereunder or which has not been cured at the time of commencement of any Renewal Term s3 hereunder, be in default of any Option Term. Upon exercise of the terms Option, the Expiration Date shall be deemed to be the last day of this Lease beyond applicable the Option Term. Within thirty (30) days following notice and cure periods S4 {if any)of Tenant's exercise of the Option, Landlord shall deliver to Tenant written notice of its proposed fair rental value of the Premises. Within thirty (30) days following such delivery of notice by Landlord, Tenant is hereby granted by written notice delivered to Landlord shall either: (i) accept the option fair rental value as stated by Landlord; (ii) elect to renew submit to binding arbitration to determine fair rental value in accordance with the provisions set forth below; or (iii) rescind the exercise of the Option in which case the Lease Term for two (2) periods, the first of which shall be one hundred twenty (120) months and the second of which shall be sixty {60) months (singularly, a “Renewal Term” and collectively, the “Renewal Terms”). The first Renewal Term will commence terminate on the day following the expiration Expiration Date of the Initial original Term of this Lease and the remaining Renewal Term will commence on the day following the expiration of the (or immediately preceding Renewal Term. Tenant must exercise this option, If at all, by delivering irrevocable written notioe of such election (the “Option Notice”) to Landlord at least one year, but no sooner than eighteen (18) months, prior to expiration of the lnlllal Term or the immediately preceding Renewal Term, as applicablethe case may be). If Failure by the Tenant does not validly to deliver an Option Notice notice under this Section 42 shall automatically constitute a rescission of the Option(s). In the event that Tenant elects to renew the Lease Term for one (1) or more Renewal Term(s)submit to binding arbitration as set forth herein, the provisions fair rental value of this Paragraph 25.1 shall be null and void and of no further force or effect. Any such renewal of this Lease shall be upon the same terms and conditions as this Lease except that Base Rent during each Renewal Term shall Premises will be determined in Stamford, Connecticut (the "City") before a single arbitrator as provided in Paragraph 25,2 and Landlord shall have no obligation to perform any tenant Improvements or other work in connection with any such renewal of this Lease. Except to the extent specifically provided in this Paragraph 25.1, Tenant has no rights to renew the Lease Term.follows:

Appears in 1 contract

Samples: Lease (BKF Capital Group Inc)

OPTION TO RENEW. Subject to the condition Provided that Tenant shall not, at the time Landlord s2 receives an Option Notice hereunder or at the time of commencement of any Renewal Term s3 hereunder, be is not in default of any of the terms provisions of this the Lease beyond applicable notice Agreement and cure periods S4 {if anyfurther provided that Tenant notifies the Landlord, in writing, at least six (6) months prior to the termination of the Term or any Renewal Period (hereinafter defined), Tenant is hereby granted as the option case may be, of its intention to renew the Lease Term for two (2) periodsof the Lease, as to any separate Unit, or Units, comprising the first of which Premises, individually, then Tenant shall be one hundred twenty given the option of renewing the Term of the Lease for Four (1204) months additional Five (5) year periods (referred to as the “First Renewal Period”; the “Second Renewal Period”; the “Third Renewal Period”; and the second of which shall be sixty {60) months (singularly“Fourth Renewal Period”, a “Renewal Term” and collectively, respectively; the “Renewal TermsPeriod, individually, and the “Renewal Periods”, collectively). The first Renewal Term will commence on In the day following the expiration of the Initial Term of this Lease and the remaining Renewal Term will commence on the day following the expiration of the immediately preceding Renewal Term. event that Tenant must exercise this option, If at all, by delivering irrevocable written notioe of such election (the “Option Notice”) to Landlord at least one year, but no sooner than eighteen (18) months, prior to expiration of the lnlllal Term or the immediately preceding Renewal Term, as applicable. If Tenant does not validly deliver an Option Notice elects to renew the Lease Term Term, or any Renewal Period, if applicable, of the Lease, pursuant to this Paragraph, for one an additional Five (15) or more Renewal Term(s)year period, the provisions of this Tenant shall pay Monthly Base Rent, as adjusted pursuant to Paragraph 25.1 8, and Additional Rent per Paragraph 6; except that (i) Paragraph 8(b) shall be null and void and of no further force or effect. Any amended such renewal of this Lease that the term “Base Index Number” shall be upon defined as “the same terms and conditions as this Lease except Index number indicated in the column for New York, N.Y.-Northeastern, N.J., entitled ‘all items’, for the month of July, of the year of the exercise of the subject option to renew”; (ii) Paragraph 8(a) shall be amended such that the Base Rent during each the subject Renewal Term shall be determined as provided in Paragraph 25,2 and Landlord shall have no obligation to perform any tenant Improvements or other work in connection with any such renewal of this Lease. Except equal to the extent specifically provided in this Adjusted Base Rent which is payable by the Tenant as of the date of exercise of the subject option to renew; and (iii) Paragraph 25.18(d) shall be amended such that the term “Annual Base Rent” shall be defined as the “the Annual Base Rent, adjusted pursuant to the terms of Paragraph 8, as is then payable by the Tenant has no rights as of the date of exercise of the subject option to renew the Lease Termrenew.

Appears in 1 contract

Samples: Lease Agreement (Akorn Inc)

OPTION TO RENEW. Subject to Provided Tenant is In possession of the condition that Tenant shall not, at the time Landlord s2 receives an Option Notice hereunder or at the time of commencement of any Renewal Term s3 hereunder, be Premises and is not in default of any of the terms term, covenant or condition of this Lease beyond applicable notice and cure periods S4 {if any)Lease, Tenant is hereby granted shall have the option to renew the Lease Term for two (2) periods, the first of which shall be one hundred twenty (120) months and the second of which shall be sixty {60) months (singularly, a “Renewal Term” and collectively, the “Renewal Terms”). The first Renewal Term will commence on the day following the expiration of the Initial Term of this Lease and the remaining Renewal Term will commence on the day following the expiration of the immediately preceding Renewal Term. Tenant must exercise this option, If at all, by delivering irrevocable written notioe of such election (the “Option Notice”) to Landlord at least one year, but no sooner than eighteen (18) months, prior to expiration of the lnlllal Term or the immediately preceding Renewal Term, as applicable. If Tenant does not validly deliver an Option Notice to renew the Lease Term for one (1) or more additional period of five (5) years ("Renewal Term(s), Term") to commence immediately upon the provisions expiration of this Paragraph 25.1 shall be null and void and of no further force or effectthe initial Term. Any such renewal of this Lease Said Renewal Term shall be upon the same terms terms, covenants and conditions as contained in this Lease Lease, except that Base (i) there shall be no further right of renewal except as specifically provided herein, (ii) there shall be no abatement of rent, (iii) Landlord shall not be obligated to construct, pay for or grant an allowance with respect to tenant improvements unless otherwise specifically provided for in this Lease, (iv) the Annual Basic Rent payable by Tenant during each the Renewal Term shall be determined as provided follows: PSF --- Period Basic Rent ------ ---------- Year 1: $7.00 Year 2: $7.25 Year 3: $7.50 Year 4: $7.75 Year 5: $8.00 In order to exercise the option granted herein, Tenant shall so notify Landlord in Paragraph 25,2 writing not more than twelve (12) months nor less than nine (9) months prior to the expiration of the initial Term. In the event Tenant exercises said option, Landlord and Landlord Tenant shall have no obligation execute a modification to perform any tenant Improvements or other work in connection with any this Lease acknowledging such renewal and setting forth the new Annual Basic Rent. The option shall be void if, at the time of exercise of such option, Tenant is not in possession of the Premises or if there is an Event of Default under this Lease or if Tenant fails to deliver the requisite notice thereof within the time period specified above. The option granted herein shall not be severed from this Lease. Except to the extent specifically provided in this Paragraph 25.1, Tenant has no rights to renew the Lease Termseparately sold, assigned or transferred.

Appears in 1 contract

Samples: Inphonic Inc

OPTION TO RENEW. Subject Lessor hereby grants to Lessee one (1) five (5) year (“Option Term”) option (“Renewal Option”) to further extend the condition that Tenant shall not, at the time Landlord s2 receives an Option Notice hereunder or at the time of commencement of any Renewal Term s3 hereunder, be in default of any of the terms of this Lease beyond applicable notice and cure periods S4 {if any), Tenant is hereby granted the option to renew the Lease Term for two (2) periods, the first of which shall be one hundred twenty (120) months and the second of which shall be sixty {60) months (singularly, a Renewal Extended Term” and collectively, the “Renewal Terms”). The first Renewal Term will commence on the day following the expiration Option shall be exercised by Lessee’s delivery of the Initial Term of this Lease and the remaining Renewal Term will commence on the day following the expiration of the immediately preceding Renewal Term. Tenant must exercise this option, If at all, by delivering irrevocable written notioe of such election notice (the “Option Notice”) to Landlord at least one year, but Lessor no sooner later than eighteen nine (189) months, calendar months and no earlier than twelve (12) calendar months prior to the expiration of the lnlllal Term or of the immediately preceding Renewal Term, Lease as applicableextended herein. If Tenant does Provided that (i) an Event of Default under this Lease is not validly deliver an existing at the time Lessee delivers the Option Notice to renew Lessor, through and including the time the Option Term is scheduled to commence, and the Lease Term for one is in full force and effect, (1ii) Lessee has not sublet or assigned more than 50% of the Premises, and (iii) Lessee has properly exercised the Renewal Term(s)Option as prescribed herein, , the Term of this Lease shall be extended to include the Option Term, and all terms, covenants and conditions of the Lease shall remain unmodified and in full force and effect, except those conditions that were applicable to the original Term and this Amendment only (such as, but not limited to, any Lessee improvement allowance, abated Rental, options to renew or expand the Premises, and any provisions of the Lease or this Paragraph 25.1 Amendment that specifically state that they apply to the original Term or this Amendment only; said terms shall be null and void deleted in their entirety and of no further force or effect. Any such renewal of this Lease shall be upon and effect during the same terms and conditions as this Lease except that Base Rent during each Renewal Option Term shall be determined as provided in Paragraph 25,2 and Landlord shall have no obligation to perform any tenant Improvements or other work in connection with any such renewal of this Lease. Except to the extent specifically provided set forth in this Paragraph 25.1, Tenant has no rights to renew the Lease Term.7). Lessor Initials Lessee Initials

Appears in 1 contract

Samples: CalAmp Corp.

OPTION TO RENEW. Subject to Provided (a) the condition that Lease is in full force and effect, (b) Tenant shall not, at the time Landlord s2 receives an Option Notice is not in default hereunder or at the time of commencement of notification or commencement, (c) neither the Premises nor any Renewal Term s3 hereunderpart thereof have been sublet, be in default of any (d) the Lease has not been assigned, (e) Tenant is an occupant of the terms of Building under this Lease beyond applicable notice and cure periods S4 {if any)intends to continue to use the Premises itself, and (f) that both at the time of notification and commencement there has been no material adverse change in the financial condition of the Tenant as reasonably determined by Landlord, Tenant is hereby granted the shall have one (1) option to renew the Lease Term for two five (25) periods, years (the first of which shall be one hundred twenty "Renewal Term") by notice in writing delivered to Landlord not less than nine (1209) months and the second of which shall be sixty {60) months (singularly, a “Renewal Term” and collectively, the “Renewal Terms”). The first Renewal Term will commence on the day following prior to the expiration of the Initial then current term of the Lease. All of the covenants, conditions and provisions of the Lease shall be applicable to the Renewal Term, except that the Annual and Monthly Base Rent shall be adjusted to reflect the current fair market rental for the Premises as of the date the Renewal Term is to commence. Landlord shall advise Tenant of this Lease the new monthly rental for the Renewal Term within thirty (30) days after a request therefor from Tenant; Landlord's notification of the new rental may include an escalation to provide for a change in the fair market rental between the time of notification and the remaining Renewal Term will commence on the day following the expiration commencement of the immediately preceding Renewal Term. Tenant must exercise this optionIn no event shall the Annual and Monthly Base Rent be subject to determination or modification by any person, If at allentity, by delivering irrevocable written notioe of such election (court or authority other than as expressly set forth herein and in no event shall the “Option Notice”) to Landlord at least one year, but no sooner Annual and Monthly Base Rent for the Renewal Term be less than eighteen (18) months, prior to expiration the monthly rental during the last year of the lnlllal Term or the immediately preceding Renewal Term, as applicable. If Tenant does not validly deliver an Option Notice to renew the Lease Term for one (1) or more Renewal Term(s), the provisions of this Paragraph 25.1 shall be null and void and of no further force or effect. Any such renewal of this Lease shall be upon the same terms and conditions as this Lease except that Base Rent during each Renewal Term shall be determined as provided in Paragraph 25,2 and Landlord shall have no obligation to perform any tenant Improvements or other work in connection with any such renewal of this Lease. Except to the extent specifically provided in this Paragraph 25.1, Tenant has no rights to renew the Lease Termthen expiring term.

Appears in 1 contract

Samples: Yesmail Com Inc

OPTION TO RENEW. Subject to the condition (a) Provided that Tenant shall not, at the time Landlord s2 receives an Option Notice hereunder or at the time of commencement of any Renewal Term s3 hereunder, be is not in default of hereunder beyond any of the terms of this Lease beyond applicable notice and cure periods S4 {if anyperiod on the date of the Notice to Renew (as hereinafter defined) or on the Expiration Date and on such date of the Notice to Renew Tenant shall have sublet no more than thirty-five (35%) of the portion of the Premises located in the South Building (it being agreed that space sublet to Affiliates shall be deemed not to have been sublet for these purposes), Tenant is hereby granted shall have the option right to renew extend the Term of the Lease Term for two a renewal term (2) periods, the first of which shall be one hundred twenty (120) months and the second of which shall be sixty {60) months (singularly, a “"Renewal Term” and collectively, the “Renewal Terms”). The first Renewal Term will commence ") commencing on the day following immediately succeeding the expiration of the Initial Term of this Lease Expiration Date and the remaining Renewal Term will commence ending on the day following the expiration of the immediately preceding Renewal Term. Tenant must exercise this optionDecember 30, If at all2020, by delivering irrevocable written notioe of such election (the “Option Notice”) to Landlord at least one year, but no sooner than eighteen (18) months, prior to expiration of the lnlllal Term or the immediately preceding Renewal Term, as applicable. If Tenant does not validly deliver an Option Notice to renew the Lease Term for one (1) or more Renewal Term(s), the provisions of this Paragraph 25.1 shall be null and void and of no further force or effect. Any such renewal of this Lease shall be upon the same terms and conditions as this Lease are herein provided, except that Base (i) Rent during each the Renewal Term shall be determined equal the greater of (x) the sum of the Fixed Rent and Additional Charges payable by Tenant on the last day of the initial Term and (y) the Fair Market Rent (as provided in Paragraph 25,2 and Landlord hereinafter defined), (ii) Tenant shall have no obligation option to perform renew this Lease beyond the expiration of the Renewal Term, (iii) the Premises shall be delivered in their existing condition (on an "as is" basis) at the time the Renewal Term commences and (iv) no tenant improvement allowance or rent free period shall be granted. Such right shall be exercised by Tenant by giving written notice (the "Notice to Renew") to Landlord at least eighteen (18) months prior to the Expiration Date of the Term. Time shall be of the essence for the exercise of such option. Tenant shall have no further right to extend or renew this Lease. The renewal option set forth in this Section 2.05 is personal to Xxxxx Inc. and its Affiliates and shall not inure to the benefit of any tenant Improvements or third party. For the avoidance of doubt and without limiting any other work in connection with any such renewal provision of this Lease. Except , the Premises subject to renewal pursuant to this Section 2.05 shall include any space added to the extent specifically provided Premises in this Paragraph 25.1, Tenant has no rights to renew the Lease Termaccordance with Article 12 hereof.

Appears in 1 contract

Samples: Lease (Credit Suisse First Boston Usa Inc)

OPTION TO RENEW. Subject to Provided that (a) No Event of Default exists either (i) on the condition date that Tenant shall notexercises the Option to Renew granted under this Section, or (ii) at the time Landlord s2 receives an Option Notice hereunder or at the time of commencement of any Renewal Term s3 hereunder, be in default of any of the terms of this Lease beyond applicable notice and cure periods S4 {if any), Tenant is hereby granted the option to renew the Lease Term for two (2) periods, the first of which shall be one hundred twenty (120) months and the second of which shall be sixty {60) months (singularly, a “Renewal Term” and collectively, the “Renewal Terms”). The first Renewal Term will commence on the day following the expiration of the Initial initial Term (unless such default is waived in writing by Landlord), (b) the original Tenant hereunder or an Affiliate, in accordance with Section 28(i), is then leasing the entire Premises, and (c) the original Tenant hereunder has not sublet or assigned any of this its interest in the Lease or the Premises except as approved in Section 28, Tenant shall have the right and option, by giving notice as set forth below, to extend and renew the remaining Renewal Term will commence on the day following the expiration term of the immediately preceding Renewal Term. Tenant must exercise this option, If at all, by delivering irrevocable written notioe of such election Lease (the "Option Notice”to Renew") to Landlord at least one year, but no sooner than eighteen (18) months, prior to expiration of the lnlllal Term or the immediately preceding Renewal Term, as applicable. If Tenant does not validly deliver an Option Notice to renew the Lease Term for one (1) additional term of five (5) years (the "Renewal Term") beginning on the day immediately following expiration of the Term and upon the same terms covenants and conditions herein set forth, except that the Annual Base Rent shall be the greater of (a) the then prevailing market rate for similar space in similar buildings in the Fairfax County, Virginia area as negotiated in good faith by Landlord and Tenant, or more (b) the Annual Base Rent in effect for the Lease Year immediately prior to the Renewal Term(s)Term and increased by the annual increase in effect during the Term, and, unless otherwise specified in the provisions amendment evidencing the Renewal Term, Annual Base Rent shall continue to be increased by the annual increase in effect during the Term. Notwithstanding the foregoing, Tenant shall not be entitled to any additional renewal terms subsequent to the Renewal Term, and Tenant shall not be entitled to any rent waivers, Tenant allowances or tenant improvements otherwise applicable during the initial term of this Paragraph 25.1 Lease. If Tenant desires to exercise the Option to Renew, Tenant shall give Landlord written notice thereof at least nine (9) months prior to the expiration of the Term. All rights of Tenant to the Renewal Term hereof shall automatically terminate and be null and void and of no further force or effect. Any such renewal of this Lease shall be effect upon the same earlier to occur of: (w) the early termination of the Lease, (x) Tenant's failure to timely or properly exercise the Option to Renew, (y) the assignment or subletting of any interest of the original Tenant hereunder in the Lease or the Premises except as provided in Section 28, or (z) the termination of Tenant's right to possession of the Premises. If the Option to Renew is properly exercised, Landlord and Tenant shall execute an amendment to the Lease to confirm the Renewal Term and the terms and conditions as this Lease except that Base Rent during each Renewal Term shall be determined as provided in Paragraph 25,2 and Landlord shall have no obligation to perform any tenant Improvements or other work in connection with any such renewal of this Lease. Except to the extent specifically provided in this Paragraph 25.1, Tenant has no rights to renew the Lease Termsaid extended term.

Appears in 1 contract

Samples: Lease Agreement (Identix Inc)

OPTION TO RENEW. Subject to the condition that Tenant shall not, at have the time Landlord s2 receives an Option Notice hereunder or at right and option to renew the time of commencement of any Renewal Term s3 hereunder, be in default of any of the terms of this Lease beyond applicable notice and cure periods S4 {if any), Tenant is hereby granted for one (1) additional period of three (3) years (the option to renew being defined as the Renewal Option@ and the three (3) year renewal period being defined as the "Renewal Lease Term for two (2) periodsTerm"); provided, however, the first Renewal Option is contingent upon the following: (i) Tenant is not in default (for which Landlord has provided notice, if required, and Tenant has not timely cured same) hereunder at the time Tenant gives Landlord written notice of Tenant's intention to exercise the Renewal Option; (ii) upon the Termination Date, Tenant is not in default (for which Landlord has provided notice, if required, and Tenant has not timely cured same) hereunder; and (iii) no event has occurred that upon notice or the passage of time would constitute a default. Tenant shall be exercise the Renewal Option by giving Landlord written notice at least one hundred and twenty (120) days prior to the Termination Date. If Tenant fails to give such notice to Landlord prior to said one hundred twenty (120) months and day period, then Tenant shall forfeit its right to the second of which shall be sixty {60) months (singularly, a “Renewal Term” and collectively, the “Renewal Terms”). The first Renewal Term will commence on the day following the expiration of the Initial Term of this Lease and the remaining Renewal Term will commence on the day following the expiration of the immediately preceding Renewal Term. Tenant must exercise this option, If at all, by delivering irrevocable written notioe of such election (the “Option Notice”) to Landlord at least one year, but no sooner than eighteen (18) months, prior to expiration of the lnlllal Term or the immediately preceding Renewal Term, as applicableOption. If Tenant does not validly deliver an Option Notice to renew exercises the Renewal Option, then during any such Renewal Lease Term for one (1) or more Renewal Term(s)Term, the provisions of this Paragraph 25.1 Landlord and Tenant's respective rights, duties and obligations shall be null and void and of no further force or effect. Any such renewal of this Lease shall be upon governed by the same terms and conditions as this Lease except that Base Rent during each Renewal Term shall be determined as provided in Paragraph 25,2 and Landlord shall have no obligation to perform any tenant Improvements or other work in connection with any such renewal of this the Lease. Except to the extent specifically provided in this Paragraph 25.1, Tenant has no rights to renew the Lease Term.

Appears in 1 contract

Samples: Celebrate Express, Inc.

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OPTION TO RENEW. Subject to If: (a) the condition that Tenant shall not, at and the time Landlord s2 receives an Option Notice hereunder or at the time of commencement of any Renewal Term s3 hereunder, be in default of any Occupant of the whole of the Leased Premises is the Tenant which executed this Agreement, (b) the Tenant has throughout the Initial Term duly, regularly and punctually paid all of the Rent and observed all of the other terms and conditions contained in this Agreement and the Lease, (c) the Tenant has given written notice of its intention to exercise this Lease beyond applicable notice Option to Renew and cure periods S4 {if any), Tenant is hereby granted received by the option to renew the Lease Term for two Landlord no later than six (2) periods, the first of which shall be one hundred twenty (1206) months and the second of which shall be sixty {60) months (singularly, a “Renewal Term” and collectively, the “Renewal Terms”). The first Renewal Term will commence on the day following prior to the expiration of the Initial Term of this Lease and the remaining Renewal Term will commence on the day following the expiration of the immediately preceding Renewal Term. Tenant must exercise this option, If at all, by delivering irrevocable written notioe of such election (the “Option Notice”) to Landlord at least one year, but no sooner than eighteen (18) months, prior to expiration of the lnlllal Term or the immediately preceding Renewal Term, as applicable. If then the Tenant does not validly deliver an Option Notice shall have the right to renew extend the Lease Term for one a further period of Three (13) or more Renewal Term(s), the provisions of this Paragraph 25.1 shall be null and void and of no further force or effect. Any such renewal of this Lease shall be upon years on the same terms and conditions as are contained in this Agreement and the Lease, except (i) for the further right of renewal, (ii) that the Tenant shall accept the Leased Premises in an "as is" condition at the commencement of the Renewal Term, (iii) should the Tenant not obtain a renewal, or Lease except that Base renegotiation directly through the Landlord, the Tenant shall pay an administration fee to the Landlord upon signing the Lease, and (iv) for the Minimum Rent payable during each the Renewal Term. The Minimum Rent to be paid during the Renewal Term shall be determined as provided in Paragraph 25,2 and Landlord shall have the then current market rate mutually agreed upon by the parties by no obligation to perform any tenant Improvements or other work in connection with any such renewal of this Lease. Except later than ninety (90) days prior to the extent specifically provided expiry of the Initial Term. Notwithstanding the foregoing, in this Paragraph 25.1, Tenant has no rights to renew event shall the Lease Minimum Rent payable during the Renewal Term be less than the Minimum Rent payable during the last twelve (12) calendar month period of the Initial Term.

Appears in 1 contract

Samples: Channell Commercial Corp

OPTION TO RENEW. Subject to the condition that Tenant shall not, at have the time Landlord s2 receives an Option Notice hereunder or at right and option to extend the time of commencement of any Renewal Term s3 hereunder, be in default of any of the terms term of this Lease beyond applicable notice and cure periods S4 {if any), Tenant is hereby granted the option to renew the Lease Term for two (2) periods, the first of which shall be one hundred twenty (120) months and the second of which shall be sixty {60) months (singularly, a “Renewal Term” and collectively, the “Renewal Terms”). The first Renewal Term will commence on the day following the expiration of the Initial Term of this Lease and the remaining Renewal Term will commence on the day following the expiration of the immediately preceding Renewal Term. Tenant must exercise this option, If at all, by delivering irrevocable written notioe of such election (the “Option Notice”) to Landlord at least one year, but no sooner than eighteen (18) months, prior to expiration of the lnlllal Term or the immediately preceding Renewal Term, as applicable. If Tenant does not validly deliver an Option Notice to renew the Lease Term for one (1) or more Renewal Term(sadditional period of five (5) years (the "Extended Term"), . The Extended Term shall commence (if at all) immediately upon the provisions of this Paragraph 25.1 Expiration Date. Tenant shall be null exercise its right and void and of no further force or effect. Any such renewal option to extend the term of this Lease for the Extended Term (if at all) by giving Landlord notice of same on or before the two hundred seventieth (270th) day prior to the date that would be the first day of the Extended Term (but in no event shall Tenant be entitled to deliver such notice before the three hundred and sixty fifth (365lh) day prior to the date that would be the first day of the Extended Term). Anything herein to the contrary notwithstanding, Tenant may not exercise any right and option provided for in this Paragraph 6 at any time (a) as of which an Event of Default pursuant to Article 10 of this Lease shall exist, (b) after Landlord shall have terminated Tenant's right to possession of the Premises pursuant to Section 10.0 xx this Lease, or (c) after this Lease shall have otherwise been terminated. The Extended Term shall be upon the same terms and conditions as the initial term, except as follows: (a) Tenant shall have no additional right or option to extend the term of this Lease except that Lease, (b) no additional Landlord's Work shall be performed, and (c) the monthly Base Rent during each Renewal for the Extended Term shall be the fair market rental of the Premises, as the Premises exists at the time of such renewal or, if then damaged or destroyed, as the same would exist after repair or restoration of such damage or destruction, but in no event less than the monthly Base Rent for the month immediately preceding the Extended Term. The fair market rental for the Extended Term shall be determined as provided by Landlord. Within fifteen (15) business days after Landlord receives Tenant's notice exercising the right to extend the term of the Leasx, Xxxdlord shall give Tenant a notice stating Landlord's determination of the monthly Base Rent for the Extended Term. Within fifteen (15) business days after receiving Landlord's notice. Tenant shall give a written notice to Landlord in Paragraph 25,2 and Landlord shall have no obligation to perform any tenant Improvements or other work in connection with any which Tenant either accepts Landlord's determination of the monthly Base Xxxx xor the Extended Xxxx xx rejects such renewal determination. If Tenant accepts Landlord's determination of the monthly Base Rent for the Extended Xxxx, xxe term of this Lease. Except Lease shall be extended for the Extended Term, subject to the extent specifically provided in agreements, covenants and conditions of this Paragraph 25.1Lease and the monthly Base Rent shall be the amount so determined by Landlord. If Tenant does not accept such determination (either by rejecting such xxxxxmination or failing to accept Landlord's determination), Tenant has no rights Tenant's right to renew extend the term of this Lease Termfor the Extended Texx xxxll terminate.

Appears in 1 contract

Samples: Gigabeam Corp

OPTION TO RENEW. Subject to the condition that If, and only if, Tenant shall nothave theretofore exercised its Right of First Offer pursuant to Paragraph 10 above and leased the First Offer Space pursuant thereto, at and the time Landlord s2 receives an Option Notice hereunder or at the time of commencement of any Renewal Term s3 hereunder, be in default of any term of the terms of this Lease beyond applicable notice as respects the First Offer Space shall have theretofore commenced, and cure periods S4 {if any)the Extension Term shall have been extended by reason thereof as set forth in Paragraph 10 above, Tenant is hereby granted shall have the option to renew the Lease Term for two (2) periods, the first of which shall be one hundred twenty (120) months and the second of which shall be sixty {60) months (singularly, a “Renewal Term” and collectively, the “Renewal Terms”). The first Renewal Term will commence on the day following the expiration term of the Initial Term of this Lease and the remaining Renewal Term will commence on the day following the expiration of the immediately preceding Renewal Term. Tenant must exercise this option, If at all, by delivering irrevocable written notioe of such election (the “Option Notice”) to Landlord at least one year, but no sooner than eighteen (18) months, prior to expiration of the lnlllal Term or the immediately preceding Renewal Term, as applicable. If Tenant does not validly deliver an Option Notice to renew the Lease Term for one (1) or more Renewal Term(s)additional term of five (5) years, commencing upon the expiration of the ROFO Extension Term, as set forth in Paragraph 10 above. The renewal option must be exercised, if at all, by written notice given by Tenant to Landlord not later than one (1) year prior to the then scheduled expiration date of the Lease. Notwithstanding the foregoing, at Landlord’s election, the provisions of this Paragraph 25.1 renewal option shall be null and void and of no further force or effect. Any such renewal of this Lease shall be upon the same terms and conditions as this Lease except that Base Rent during each Renewal Term shall be determined as provided in Paragraph 25,2 and Landlord Tenant shall have no obligation to perform any tenant Improvements or other work in connection with any such renewal of this Lease. Except to the extent specifically provided in this Paragraph 25.1, Tenant has no rights right to renew the term of the Lease Termpursuant thereto if (I) as of the date Tenant exercises the renewal option the term of the Lease as respects the First Offer Space shall not have theretofore commenced by reason of Tenant’ s prior exercise of its Right of First Offer pursuant to Paragraph 10 above, or (II) on the date Tenant exercises the option or on the date immediately preceding the commencement of the renewal period (i) Original Tenant is not in physical occupancy of at least seventy-five percent (75%) of the Premises then demised pursuant to the Lease or Original Tenant does not intend to continue to physically occupy at least seventy-five percent (75%) of the Premises then demised pursuant to the Lease (but intends to assign the Lease or sublet or vacate the Premises in whole or in part such that the foregoing occupancy threshold will not be met), or (ii) an Event of Default (or a default that subsequently matures into an Event of Default) shall have occurred and be continuing under the Lease.

Appears in 1 contract

Samples: Office Lease (Marin Software Inc)

OPTION TO RENEW. Subject to the condition that Tenant shall not, at have the time Landlord s2 receives an Option Notice hereunder or at one (1) option to extend the time Initial Term (the "Option") on the basis of commencement of any Renewal Term s3 hereunder, be in default of any each and all of the terms of and conditions contained in this Lease beyond applicable notice and cure periods S4 {if any(excluding this paragraph), Tenant is hereby granted as then amended, for the option sole use and occupancy of Tenant, as opposed to renew any subtenant or assignee of Tenant, for one period of five (5) years (the Lease Term for two (2"Option Period") periods, the first of which shall be one hundred twenty (120) months and the second of which shall be sixty {60) months (singularly, a “Renewal Term” and collectively, the “Renewal Terms”). The first Renewal Term will commence on commencing the day following after the expiration of the Initial Term, and unless sooner terminated in accordance with the terms and conditions hereof, ending on the last day of the fifth consecutive Lease Year thereafter. Such Option shall be exercised by Tenant by delivering written notice ("Option Notice") of exercise to Landlord such that Landlord receives the Option Notice at least one year prior to the expiration of the Initial Term. Notwithstanding the foregoing, in the event (i) Tenant is in monetary or material non-monetary default on the date the Option Notice is given or (ii) should Landlord have given to Tenant two or more notices regarding Tenant's failure to pay rent when due during the Initial Term or (iii) should Tenant be in monetary or material non-monetary default on the date the Initial Term expires, then in each event Tenant's Option shall be deemed automatically terminated. Tenant's election to exercise the right to extend the Initial Term of this Lease shall be deemed an acceptance of the Building and the remaining Renewal Term will commence on the day following the expiration of the immediately preceding Renewal Term. Tenant must exercise this option, If at all, by delivering irrevocable written notioe of such election (the “Option Notice”) to Landlord at least one year, but no sooner than eighteen (18) months, prior to expiration of the lnlllal Term or the immediately preceding Renewal Term, as applicable. If Tenant does not validly deliver an Option Notice to renew the Lease Term for one (1) or more Renewal Term(s), the provisions of this Paragraph 25.1 shall be null and void and of no further force or effect. Any such renewal of this Lease shall be upon the same terms and conditions as this Lease except that Base Rent during each Renewal Term shall be determined as provided Premises in Paragraph 25,2 and Landlord shall have no obligation to perform any tenant Improvements or other work in connection with any such renewal of this Lease. Except to the extent specifically provided in this Paragraph 25.1, Tenant has no rights to renew the Lease Termtheir then existing condition.

Appears in 1 contract

Samples: Lease (Universal Electronics Inc)

OPTION TO RENEW. Subject to the condition that Tenant shall not, at the time Landlord s2 receives have and is hereby granted five (5) options (individually an Option Notice hereunder or at the time of commencement of any Renewal Term s3 hereunder, be in default of any of the terms of “Option”) to extend this Lease beyond applicable notice and cure periods S4 {if anythe Initial Term for an additional period of five (5) years each (individually an “Option Period”), upon the same terms, covenants, conditions and rental as set forth herein. Tenant is hereby granted the option may exercise each such Option successively by giving written notice to renew the Lease Term for two Landlord not less than six (2) periods, the first of which shall be one hundred twenty (1206) months and the second of which shall be sixty {60) months (singularly, a “Renewal Term” and collectively, the “Renewal Terms”). The first Renewal Term will commence on the day following prior to the expiration of the Initial Term of this Lease and the remaining Renewal Term will commence on the day following the or expiration of the immediately preceding Renewal Term. Tenant must exercise this optionthen current Option Period, If at all, by delivering irrevocable written notioe of such election as applicable (the “Option Notice”) ). Notwithstanding the foregoing, Tenant shall not be entitled to Landlord extend the Term of this Lease if, at least one yearthe time of exercise of an Option, but no sooner than eighteen (18) months, prior to expiration an Event of the lnlllal Term or the immediately preceding Renewal Term, as applicableDefault has occurred and is continuing. If Tenant does not validly deliver elect to extend, or shall not be entitled pursuant to the preceding sentence to extend the Term of this Lease for an additional Option Period, all remaining rights of renewal shall automatically expire. Notwithstanding anything else contained herein, if Tenant exercises an Option hereunder and if the Base Rent for such Option Period (pursuant to the calculation called for in Section 3.2(f) hereof), (i) is less than the Base Rent that would be arrived at if the Base Rent was increased pursuant to Section 3.2(e), then Landlord may reject said Option Notice by delivering a written notice of rejection to renew Tenant (the Lease Term “Rejection Notice”), and (ii) if the Base Rent for one such Option Period (1pursuant to the calculation called for in Section 3.2(f) or hereof), is more Renewal Term(sthan the Base Rent that would be arrived at if the Base Rent was increased pursuant to Section 3.2(e), the provisions Tenant may withdraw its Option Notice by delivering written notice of this Paragraph 25.1 withdrawal of the Option Notice within thirty (30) days of determination of amount of Base Rent under Section 3.2(f). Should Landlord deliver a Rejection Notice to Tenant or should Tenant withdraw its Option Notice as provided for above, Tenant’s Option Notice shall be null and void and of no further force or effect. Any such renewal of this effect and the Lease shall be upon expire and terminate at the same terms end of the then current Option Term. However, Tenant may, at its option, extend the Term for the applicable Option Period after receipt of Landlord’s Rejection Notice, by delivering within thirty (30) days of receipt of Landlord’s Rejection Notice a second Option Notice (the “Second Option Notice”) stating that Tenant desires to extend the Term for the Option Period and conditions as this Lease except that Tenant agrees to pay Base Rent during each Renewal Term shall be determined as provided equal to Base Rent obtained by the application of the formula set forth in Paragraph 25,2 and Landlord Section 3.2(e) hereof. Tenant shall have no obligation hereunder to perform any tenant Improvements deliver a Second Option Notice or other work to so extend the Lease under the terms required in connection a Second Option Notice. Should Tenant timely deliver to Landlord a Second Option Notice which complies with any such renewal the requirements of this Lease. Except to Section, the extent specifically provided in this Paragraph 25.1, Tenant has no rights to renew Term of the Lease Termshall be extended for the applicable Option Period at the Base Rent called for in the Second Option Notice.

Appears in 1 contract

Samples: Lease Agreement (Susser Holdings CORP)

OPTION TO RENEW. Subject 28.01 Provided that as of the date of the Renewal Notice and the Expiration Date (as same may be extended by the exercise of the First Renewal Option) (a) this Lease shall be in full force and effect, and (b) there shall not be existin& a Default under this Lease which is continuing after notice by Landlord to Tenant and the condition that expiration of the applicable cure period, then Tenant shall not, at the time Landlord s2 receives an Option Notice hereunder or at the time of commencement of any Renewal Term s3 hereunder, be in default of any of the terms of this Lease beyond applicable notice and cure periods S4 {if any), Tenant is hereby granted the option to renew the Lease Term for have two (2) periods, consecutive options to extend the first Term of which shall be one hundred twenty this Lease for the entire Premises (120) months the "First Renewal Option" and the second of which shall be sixty {60) months (singularly, a “"Second Renewal Term” and Option"; collectively, the "Renewal Options") for a period of two (2) years each (the "First Renewal Term" and the "Second Renewal Term"; collectively, the "Renewal Terms"). The first First Renewal Option shall be exercisable by written notice (the "Renewal Notice") to Landlord given not later than August 31, 2027. In the event that Tenant has exercised the First Renewal Option in accordance with this Article, the Second Renewal Option shall be exercisable by Renewal Notice to Landlord given not less than August 3I, 2029. The First Renewal Term will commence on the day following the expiration and Second Renewal Term shall constitute extensions of the Initial initial Term of this Lease and the remaining Renewal Term will commence on the day following the expiration of the immediately preceding Renewal Term. Tenant must exercise this option, If at all, by delivering irrevocable written notioe of such election (the “Option Notice”) to Landlord at least one year, but no sooner than eighteen (18) months, prior to expiration of the lnlllal Term or the immediately preceding Renewal Term, as applicable. If Tenant does not validly deliver an Option Notice to renew the Lease Term for one (1) or more Renewal Term(s), the provisions of this Paragraph 25.1 shall be null and void and of no further force or effect. Any such renewal of this Lease shall be upon all of the same terms and conditions as the initial Tenn, except that (i) there shall be no further option to renew the Tenn of this Lease except that and (ii) the Base Rent during each for the First Renewal Tenn and the Second Renewal Term shall be determined payable at a rate per annum equal the Market Rate (as provided in Paragraph 25,2 and Landlord shall have no obligation to perform any tenant Improvements or other work in connection with any such renewal defined herein) of this Leasethe Premises as of the first day of each Renewal Term. Except to the extent specifically provided in this Paragraph 25.1, Tenant has no rights to renew the Lease Term.The "

Appears in 1 contract

Samples: Sublease Agreement (Digimarc CORP)

OPTION TO RENEW. Subject to Provided (a) the condition that Lease is in full force and effect, (b) Tenant shall not, at the time Landlord s2 receives an Option Notice is not in default hereunder or at the time of notification or commencement of beyond the applicable notice to cure period, (c) neither the Premises nor any Renewal Term s3 hereunderpart thereof have been sublet, be in default of any (d) the Lease has not been assigned, (e) Tenant is an occupant of the terms of Building under this Lease beyond applicable notice and cure periods S4 {if any)intends to continue to use the Premises itself, and (f) that both at the time of notification and commencement there has been no material adverse change in the financial condition of the Tenant as reasonably determined by Landlord, Tenant is hereby granted the shall have one (1) option to renew the Lease Term for two three (23) periods, years (the first of which shall be one hundred twenty (120) months and the second of which shall be sixty {60) months (singularly, a “Renewal Term” and collectively, the “Renewal Terms). The first Renewal Term will commence on the day following ) by notice in writing delivered to Landlord not less than six (6) months prior to the expiration of the Initial then current term of the Lease. All of the covenants, conditions and provisions of the Lease shall be applicable to each Renewal Term, except that the Annual and Monthly Base Rent shall be adjusted to reflect the current fair market rental for the Premises as of the date each Renewal Term is to commence. Landlord shall advise Tenant of this Lease the new monthly rental for a Renewal Term within thirty (30) days after a request therefor from Tenant; Landlord’s notification of the new rental may include an escalation to provide for a change in the fair market rental between the time of notification and the remaining Renewal Term will commence on the day following the expiration commencement of the immediately preceding Renewal Term. Tenant must exercise this optionIn no event shall the Annual and Monthly Base Rent be subject to determination or modification by any person, If at allentity, by delivering irrevocable written notioe of such election (court or authority other than as expressly set forth herein and in no event shall the “Option Notice”) to Landlord at least one year, but no sooner Annual and Monthly Base Rent for the Renewal Term be less than eighteen (18) months, prior to expiration the monthly rental during the last year of the lnlllal Term or the immediately preceding Renewal Term, as applicablethen expiring term. If Tenant does not validly deliver an Option Notice to renew the Lease Term for one (1) or more Renewal Term(s)As each renewal option is exercised, the provisions number of this Paragraph 25.1 remaining options shall be null and void and of no further force or effect. Any such renewal of this Lease shall be upon the same terms and conditions as this Lease except that Base Rent during each Renewal Term shall be determined as provided in Paragraph 25,2 and Landlord shall have no obligation to perform any tenant Improvements or other work in connection with any such renewal of this Lease. Except to the extent specifically provided in this Paragraph 25.1, Tenant has no rights to renew the Lease Termreduced accordingly.

Appears in 1 contract

Samples: Lease Agreement (Mountains West Exploration Inc)

OPTION TO RENEW. Subject to the condition that Tenant shall not, at the time Landlord s2 receives an Option Notice hereunder or at the time of commencement of any Renewal Term s3 hereunder, be in default of any of the terms of this Lease beyond applicable notice Separate and cure periods S4 {if any), Tenant is hereby granted apart from the option to renew the Lease Term for two with respect to the Existing Premises (2) periods, the first of which shall be one hundred twenty (120) months and the second of which shall be sixty {60) months (singularly, a “Renewal Term” and collectively, the “Renewal Terms”). The first Renewal Term will commence on the day following the expiration as provided in Section 44 of the Initial Term of this Lease and the remaining Renewal Term will commence on the day following the expiration of the immediately preceding Renewal Term. Original Lease), Landlord hereby grants Tenant must exercise this option, If at all, by delivering irrevocable written notioe of such election (the “Option Notice”) to Landlord at least one year, but no sooner than eighteen (18) months, prior to expiration of the lnlllal Term or the immediately preceding Renewal Term, as applicable. If Tenant does not validly deliver an Option Notice to renew the Lease Term for one (1) or more option to renew Tenant's lease of the 4430 Expansion Premises for a period of five (5) years (the "4430 Renewal Term(sTerm"), the provisions of this Paragraph 25.1 shall be null and void and of no further force or effect. Any such renewal of this Lease shall be upon on the same terms and conditions as this set forth in Section 44 of the Original Lease except that Base Rent during each (the "4430 Renewal Term shall be determined as provided in Paragraph 25,2 and Landlord Option"). In connection with the 4430 Renewal Option only, Tenant shall have no obligation the right, concurrently with Tenant's delivery of the Renewal Notice, to perform any tenant Improvements or other work in connection with any such renewal of this Lease. Except to the extent specifically provided in this Paragraph 25.1, Tenant has no rights elect not to renew the Lease with respect to either one (1) or two (2) full floors of the 4430 Expansion Premises (the "Non-Renewal Space"), which Non-Renewal Space shall be contiguous, and be either the top or bottommost floors of the 4430 Expansion Premises (the "Reduction Election"). If Tenant makes such a Reduction Election, then Tenant shall be required to vacate and surrender the Non-Renewal Space, in accordance with all of the applicable terms of the Lease, on or before the commencement of the 4430 Renewal Term. If Tenant has constructed any internal staircase connecting the Non-Renewal Space to any of the 4430 Expansion Premises that will continue to be leased by Tenant, then prior to such surrender Tenant shall be required to remove such staircase and return the applicable portions of the 4430 Building to the condition existing prior to the installation thereof, at Tenant's sole cost and expense. If Tenant fails to so vacate and surrender the Non-Renewal Space, the terms of Section 14 of the Original Lease shall apply.

Appears in 1 contract

Samples: Lease (Ellie Mae Inc)

OPTION TO RENEW. Subject to Provided Tenant is not then in default of the condition that Lease, and is still occupying the Premises, Tenant shall nothave the Option to Renew the Lease in any one or any combination thereof of Tenant’s Premises (defined as the entire third (3rd) floor, the entire second (2nd) floor and any suite leased at the time on the first (1st) floor) for one (1) additional period of five (5) years (the “Renewal Term”). The Option to Renew must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord s2 receives given not more than three hundred sixty five (365) days and not less than two hundred and seventy (270) days prior to the expiration of the Fifth Renewal Term. Any such Election Notice given by Tenant to Landlord shall be irrevocable. The Option to Renew and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under the Lease, as amended hereby, either at the time Tenant exercises the Option to Renew or as of the commencement of the Renewal Term, or (ii) there is an event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default under the Lease, as amended hereby, either at the time of Tenant’s delivery of the Election Notice hereunder or at any time from the date of delivery of such Election Notice through the time of commencement of any the Renewal Term s3 hereunder, be or (iii) if there has been any materially adverse change in default of any the financial condition of the terms of this Lease beyond applicable notice and cure periods S4 {if any)Tenant, Tenant is hereby granted the option to renew the Lease Term for two (2) periods, the first of which shall be one hundred twenty (120) months and the second of which shall be sixty {60) months (singularly, a “Renewal Term” and collectively, the “Renewal Terms”). The first Renewal Term will commence on the day following the expiration as of the Initial Term of this Lease and the remaining Renewal Term will commence on the day following the expiration commencement of the immediately preceding Renewal Term. If Tenant must fails to exercise this option, If at all, by delivering irrevocable written notioe of such election (the Option Notice”) to Landlord at least one year, but no sooner than eighteen (18) months, prior to expiration of the lnlllal Term or the immediately preceding Renewal TermRenew in a timely manner, as applicable. If Tenant does not validly deliver an provided for above, then the Option Notice to renew the Lease Term for one (1) or more Renewal Term(s), the provisions of this Paragraph 25.1 Renew shall be null and void and of no further force or and effect. Any such renewal of this Lease The validly exercised Renewal Term shall be upon the same terms and conditions as this Lease the Lease, as amended, except that that: (1) the annual Base Rent during each the Sixth Renewal Term shall be determined as provided in Paragraph 25,2 equal to be one hundred (100%) of the then Fair Market Rental Rate for space of comparable size, quality and Landlord location; and (2) Tenant shall have no obligation further renewal options pursuant to perform this Section 11 or any tenant Improvements or other work in connection with any such renewal provision of this the Lease. Except ; and (3) No later than thirty (30) days prior to the extent specifically provided in this Paragraph 25.1commencement of the Renewal Term, Tenant has no rights shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the monthly Base Rent due for the last month of the Renewal Term. Upon the commencement of the Renewal Term, the term “Security Deposit” shall automatically include such additional Security Deposit and such additional Security Deposit shall be held pursuant to renew the Lease Termterms of Article 5 of the Lease.

Appears in 1 contract

Samples: Office Building Lease (GP Investments Acquisition Corp.)

OPTION TO RENEW. Subject to the condition that Tenant shall not, at the time Landlord s2 receives an Option Notice hereunder or at the time of commencement of any Renewal Term s3 hereunder, be in default of any (a) As of the terms of this Lease beyond applicable notice and cure periods S4 {if any)Effective Date, Tenant is hereby granted the acknowledges and represents that Tenant's option to renew the Lease Term for two (2) periods, the first of which shall be one hundred twenty (120) months and the second of which shall be sixty {60) months (singularly, a “Renewal Term” and collectively, the “Renewal Terms”). The first Renewal Term will commence on the day following the expiration provided in Section 31.16 of the Initial Term of Lease has been superseded by this Lease Amendment and the remaining Renewal Term will commence on the day following the expiration of the immediately preceding Renewal Term. Tenant must exercise this option, If at all, by delivering irrevocable written notioe of such election (the “Option Notice”) to Landlord at least one year, but no sooner than eighteen (18) months, prior to expiration of the lnlllal Term or the immediately preceding Renewal Term, as applicable. If Tenant does not validly deliver an Option Notice to renew the Lease Term for one (1) or more Renewal Term(s), the provisions of this Paragraph 25.1 shall be null and void and is of no further force or and effect. Any such renewal ,Notwithstanding the foregoing, provided no Event of Default has occurred and is continuing under the Lease at the time same is exercised, Tenant shall have a single option to renew the initial Term of the Lease (as amended by this Lease shall Amendment) (hereinafter in this Section 9, the "Original Term") for one additional term of five (5) years (the "Renewal Term"). Such Renewal Term, if exercised, would start on December 1, 2008, and end on November 30, 2013. Such extension would be upon on the same terms and conditions as are set forth in (and are last applicable under) the Lease (as amended by this Lease Amendment), except that Base that, during such Renewal Term: (i) Tenant's annual rate of Fixed Rent during each Renewal Term shall be determined as provided in Paragraph 25,2 and Landlord Section 9 (b) immediately following; (ii) there shall have be no obligation to perform any tenant Improvements fit-up or construction or other work in connection with any or allowance or concessions relating to preparing the Premises for Tenant's occupancy; (iii) there shall be no initial free Fixed Rent and Escalation Rent abatement period; and (iv) there shall be no further option to renew., The exercise of such renewal of this Lease. Except to the extent specifically provided in this Paragraph 25.1, Tenant has no rights option to renew the Lease must be accomplished as follows: not later than the date which is nine (9) months prior to the last day of the Original Term (time being of the essence), Tenant, if it wishes to exercise such option, must notify Landlord in writing that Tenant elects to renew for such 5-year Renewal Term, or be deemed to have waived Tenant's option to renew. Notwithstanding anything to the contrary contained in the Lease (as amended by this Amendment): (A) Tenant's option to renew shall apply only with respect to the entire Premises as then constituted, and not to a portion or portions of the Premises as then constituted; (3) if Tenant fails to properly and timely exercise its option to renew hereunder, said option shall be null and void; (C) Tenant's option to renew shall be limited to Initial Tenant (or any Affiliate of Initial Tenant succeeding to Initial Tenant's interest hereunder pursuant to the terms of the Lease or any successor to Initial Tenant's interest in this Lease by bona- fide merger or acquisition) only, and shall not be transferred or assigned to any other party; and (D) Tenant must be in occupancy of the entire Premises, as then constituted under the Lease (as amended by this Amendment), at the time of the exercise of such option.

Appears in 1 contract

Samples: Premises Relocation and Lease Amendment Agreement (National Patent Development Corp)

OPTION TO RENEW. Subject to the condition that (a) Landlord hereby grants Tenant shall not, at the time Landlord s2 receives an Option Notice hereunder or at the time of commencement of any Renewal Term s3 hereunder, be in default of any of the terms of this Lease beyond applicable notice and cure periods S4 {if any), Tenant is hereby granted the one (1) option to renew extend the Lease Term for two (2) periods, the first of which shall be one hundred twenty (120) months and the second of which shall be sixty {60) months (singularly, a “Renewal Term” and collectively, the “Renewal Terms”). The first Renewal Term will commence on the day following the expiration of the Initial Term of this Lease and the remaining Renewal Term will commence on the day following the expiration of the immediately preceding Renewal Term. Tenant must exercise this option, If at all, by delivering irrevocable written notioe of such election (the “Option Notice”) to Landlord at least one year, but no sooner than eighteen (18) months, prior to expiration of the lnlllal Term or the immediately preceding Renewal Term, as applicable. If Tenant does not validly deliver an Option Notice to renew the Lease Term for one (1) or additional consecutive period(s) of five (5) years, which would commence immediately upon the end of the Lease Term (such period, and if more Renewal Term(sthan one, each such period being an "Option Term"), the provisions of this Paragraph 25.1 shall be null and void and of no further force or effect. Any such renewal of this Lease The Option Term shall be upon the same terms and conditions as this Lease are provided in the Lease, except that the Base Rent during each Renewal the Option Term will be the Prevailing Market Rent, as specified below in subparagraph (b). The Option Term shall be determined as provided in Paragraph 25,2 exercised by Tenant giving notice to Landlord, not later than 365 days prior to the expiration date of the then current Lease Term. If Tenant fails to provide such notice to Landlord on or before such date, Tenant's rights under this section shall be null and Landlord void. Additionally, Tenant's rights to extend the Lease Term for the Option Term shall be automatically null and void immediately if any of the following conditions occurs prior to the commencement of the Option Term or the exercise by Tenant of the Option Term: (a) there shall be an Event of Default by Tenant under the Lease, or (b) Tenant shall have no obligation to perform any tenant Improvements or other work in connection with any such renewal of this Lease. Except to the extent specifically provided in this Paragraph 25.1, Tenant has no rights to renew assigned the Lease Term.or sublet all or any potion of the Premises. EXHIBIT "F" TENANT ACCEPTANCE LETTER This declaration is hereby attached to and made part of the lease agreement dated March ___, 2009 entered into by and between 1000 XXXXXXXX XXXXXX INVESTMENT LP, a Delaware limited partnership as Landlord and __________________________________________________, a _______________________ as Tenant. The undersigned, as Tenant, hereby confirms as of the _____ day of ________, _____ the following:

Appears in 1 contract

Samples: Lease Agreement (Car Charging Group, Inc.)

OPTION TO RENEW. Subject Notice to Renew 1. If the condition that Tenant shall not, at the time Landlord s2 receives an Option Notice hereunder or at the time of commencement of any Renewal Term s3 hereunder, be in default of any wishes to take a tenancy of the terms Premises for a further term of this Lease beyond applicable notice and cure periods S4 {if any), Tenant is hereby granted the option to renew the Lease Term for two (2) periods, the first of which shall be one hundred twenty (120) months and the second of which shall be sixty {60) months (singularly, a “Renewal Term” and collectively, the “Renewal Terms”). The first Renewal Term will commence on the day following 3 years from the expiration of the Initial Term of this Lease at the rent and the remaining Renewal Term will commence on the day following terms and conditions hereinafter mentioned and shall not less than 6 months before the expiration of the immediately preceding Renewal Term. Tenant must exercise this option, If at all, by delivering irrevocable written notioe Term give to the Landlord notice in writing of such election (its desire and if it shall have paid the “Option Notice”) rent hereby reserved and shall have reasonably performed and observed all the terms and conditions herein contained and on its part to Landlord at least one year, but no sooner than eighteen (18) months, prior be performed and observed up to the expiration of the lnlllal Term or then the immediately preceding Renewal Term, Landlord will let the Premises to the Tenant for a further term of 3 years from the 13th January 2002 at the then current market rent such rent to be determined in manner hereinafter provided and subject in all other respects to the same stipulations as applicableare herein contained except this clause for renewal and any rent-free period allowed to the Tenant. If Tenant does not validly deliver an Option Notice to renew New Rent 2. The rent payable for the Lease Term for one said further term (1the "new rent") or more Renewal Term(s), the provisions of this Paragraph 25.1 shall be null notified by the Landlord to the Tenant and void and of no further force or effect. Any such renewal of this Lease shall be upon agreed between the parties hereto not less than two months immediately prior to the expiration of the Term Provided that in the event of a failure by the parties hereto to agree on the new rent the same terms and conditions as this Lease except that Base Rent during each Renewal Term shall be determined as provided by an independent professional valuer or firm of professional valuers (the "valuer") to be appointed jointly by the parties hereto in Paragraph 25,2 and Landlord shall have no obligation to perform any tenant Improvements writing or other work in connection with any such renewal the absence of this Lease. Except agreement on the identity of the valuer not less than one month prior to the extent specifically provided in this Paragraph 25.1, Tenant has no rights to renew expiration of the Lease Term.Term the valuer shall be appointed (on the application of either party) by the President for the time being of the Hong

Appears in 1 contract

Samples: An Agreement (Cunningham Graphics International Inc)

OPTION TO RENEW. Subject to Provided Tenant is In possession of the condition that Tenant shall not, at the time Landlord s2 receives an Option Notice hereunder or at the time of commencement of any Renewal Term s3 hereunder, be Premises and is not in default of any of the terms term, covenant or condition of this Lease beyond applicable notice and cure periods S4 {if any)Lease, Tenant is hereby granted shall have the option to renew the Lease Term for two (2) periods, the first of which shall be one hundred twenty (120) months and the second of which shall be sixty {60) months (singularly, a “Renewal Term” and collectively, the “Renewal Terms”). The first Renewal Term will commence on the day following the expiration of the Initial Term of this Lease and the remaining Renewal Term will commence on the day following the expiration of the immediately preceding Renewal Term. Tenant must exercise this option, If at all, by delivering irrevocable written notioe of such election (the “Option Notice”) to Landlord at least one year, but no sooner than eighteen (18) months, prior to expiration of the lnlllal Term or the immediately preceding Renewal Term, as applicable. If Tenant does not validly deliver an Option Notice to renew the Lease Term for one (1) or more additional period of five (5) years (“Renewal Term(s), Term”) to commence immediately upon the provisions expiration of this Paragraph 25.1 shall be null and void and of no further force or effectthe initial Term. Any such renewal of this Lease Said Renewal Term shall be upon the same terms terms, covenants and conditions as contained in this Lease Lease, except that Base (i) there shall be no further right of renewal except as specifically provided herein, (ii) there shall be no abatement of rent, (iii) Landlord shall not be obligated to construct, pay for or grant an allowance with respect to tenant improvements unless otherwise specifically provided for in this Lease, (iv) the Annual Basic Rent payable by Tenant during each the Renewal Term shall be determined as provided follows: Period PSF Basic Rent Year 1: $7.00 Year 2: $7.25 Year 3: $7.50 Year 4: $7.75 Year 5: $8.00 In order to exercise the option granted herein, Tenant shall so notify Landlord in Paragraph 25,2 writing not more than twelve (12) months nor less than nine (9) months prior to the expiration of the initial Term. In the event Tenant exercises said option, Landlord and Landlord Tenant shall have no obligation execute a modification to perform any tenant Improvements or other work in connection with any this Lease acknowledging such renewal and setting forth the new Annual Basic Rent. The option shall be void if, at the time of exercise of such option, Tenant is not in possession of the Premises or if there is an Event of Default under this Lease or if Tenant fails to deliver the requisite notice thereof within the time period specified above. The option granted herein shall not be severed from this Lease. Except to the extent specifically provided in this Paragraph 25.1, Tenant has no rights to renew the Lease Termseparately sold, assigned or transferred.

Appears in 1 contract

Samples: Lease (Inphonic Inc)

OPTION TO RENEW. Subject to the condition that Tenant shall nothave one (1) option to renew and extend this Lease each for an additional three (3) year term on the same covenants, at the time Landlord s2 receives an Option Notice hereunder or terms and conditions as stated in this Lease provided that: (1) at the time of commencement the exercise of any Renewal such right and at the time the extension Term s3 hereunderbegins, Tenant shall not be in default in the performance of any of the covenants, terms of and conditions contained in this Lease; (b) that this Lease beyond applicable notice shall not have been terminated during the initial Term or any additional extension of the Term and cure periods S4 {if any), Tenant is hereby granted shall be in full force and effect at the date of such exercise of the option to renew and at the Lease date the extension Term for two begins; (2c) periods, that such extension shall not be effective as to any portions of the first Premises that are subleased at any time between the date of which exercise of such right and the date the extension Term begins; and (d) that each renewal period shall be one hundred twenty on the same terms, covenants and conditions contained in this Lease except that the Base Rent for each extension Term shall be the last year of the initial or first renewal Term’s Base Rent, as applicable, plus three percent (1203%) and three percent (3%) additional each year thereafter. Tenant shall exercise its rights of renewal for each extension of the Term granted hereby only in the following manner: at any time after the Commencement Date of this Lease, but not later than six (6) months and prior to the second of which shall be sixty {60) months (singularly, a “Renewal Term” and collectively, the “Renewal Terms”). The first Renewal Term will commence on the day following the expiration end of the Initial then-current Term. Tenant shall notify Landlord in writing of its election to exercise the right to renew the Term of this Lease and the remaining Renewal Term will commence on the day following the expiration of the immediately preceding Renewal Term. Tenant must exercise this option, If at all, by delivering irrevocable written notioe of such election (the “Option Notice”) to Landlord at least for one year, but no sooner than eighteen (18) months, prior to expiration of the lnlllal Term or the immediately preceding Renewal Term, as applicablemore additional periods. If Tenant does not validly deliver an Option Notice fails to renew the Lease Term for one (1) or more Renewal Term(s)timely notify Landlord in writing, the provisions of this Paragraph 25.1 Tenant shall be null and void and of no further force or effect. Any such renewal of this Lease shall be upon the same terms and conditions as this Lease except that Base Rent during each Renewal Term shall be determined as provided in Paragraph 25,2 and Landlord shall deemed to have no obligation waived its Option to perform any tenant Improvements or other work in connection with any such renewal of this Lease. Except to the extent specifically provided in this Paragraph 25.1, Tenant has no rights to renew the Lease TermRenew.

Appears in 1 contract

Samples: Lease Agreement (Cardio Diagnostics Holdings, Inc.)

OPTION TO RENEW. Subject to The provisions set forth in this Addendum are hereby incorporated into the condition that Tenant Lease dated October 19, 1989 by and between XXXXXX LAND & CO. (“Landlord”) and ACCURIDE CORPORATION (“Tenant”) and shall not, at have the time Landlord s2 receives an Option Notice hereunder or at same force and effect as if set forth in the time of commencement of any Renewal Term s3 hereunder, be in default of any body of the terms Lease. To the extent that the provisions of this Lease beyond applicable notice and cure periods S4 {if any), Tenant is hereby granted the option to renew the Lease Term for two (2) periods, the first of which shall be one hundred twenty (120) months and the second of which shall be sixty {60) months (singularly, a “Renewal Term” and collectively, the “Renewal Terms”). The first Renewal Term will commence on the day following the expiration Addendum are inconsistent with those of the Initial Term of this Lease and the remaining Renewal Term will commence on the day following the expiration of the immediately preceding Renewal Term. Tenant must exercise this option, If at all, by delivering irrevocable written notioe of such election (the “Option Notice”) to Landlord at least one year, but no sooner than eighteen (18) months, prior to expiration of the lnlllal Term or the immediately preceding Renewal Term, as applicable. If Tenant does not validly deliver an Option Notice to renew the Lease Term for one (1) or more Renewal Term(s)Lease, the provisions of this Paragraph 25.1 Addendum shall control. Unless otherwise defined herein, all terms used in this Addendum shall have the same definition as is given thereto in the body of the Lease. “Provided that no event of default has occurred which remains uncured (or for which a cure has not been commenced and being diligently pursued) either when the notice referred to hereinbelow is given or on the date on which such renewal term would otherwise commence, the Tenant shall be null entitled to renew this Lease for an additional term (“the first renewal term”) of ten (10) years, commencing on the day immediately after the date on which (but for such renewal) the term would have expired and void terminating on the tenth (10th) anniversary of such day (which anniversary shall, if this Lease is so renewed, thereafter be the expiration date for all purposes of the provisions of this Lease as applicable thereafter), by and only by giving to the Landlord express, written notice of no further force or effect. Any such renewal by not less than six (6) months before the date on which the renewal term is to commence (in which event the term shall automatically be deemed to have been extended by the length of the renewal term, and all references to “the term” in the provisions of this Lease shall be upon thereafter mean the same term as so extended). The terms and conditions for such first renewal term shall all be as this Lease except that Base Rent during each Renewal Term shall be determined as provided set forth in Paragraph 25,2 and Landlord shall have no obligation to perform any tenant Improvements or other work in connection with any such renewal the body of this Lease, other than the annual rental, which shall be as follows: Years Monthly Rental 1, 2 $21,587.16 3, 4, 5 $22,882.39 6, 7, 8 $24,255.33 9, 10 $25,710.65 Initials/Date Landlord: /s/ [illegible] Tenant: /s/ [illegible] May 25, 1999 Xx. Except Xxxx Xxxxxxxxx The Package Company Suite 204 00000 Xxxx 00 Xxxx Xxxx Xxxxxxxxxx, XX 00000 Re: Renewal Option on Accuride Lease Dear Xx. Xxxxxxxxx: The purpose of this letter is to provide notice, pursuant to Section 30.3 of the extent specifically provided in this Paragraph 25.1lease agreement dated October 19, 1989, by and between Xxxxxx Land & Co. and Accuride Corporation, that Accuride, as Tenant has no rights under such lease, desires to exercise its right and option to renew the lease for an additional ten (10) year period. We look forward to our continuing business relationship and desire to have Xxxxx Xxxxxx of our office meet with you as soon as possible to discuss various repair and maintenance provisions described under the lease. Please contact us with any questions or comments. Sincerely, ACCURIDE CORPORATION Xxxxxxx X. Xxxxxxx President and CEO WPG/lp Df/N:/Xxxxxx lease State of Kentucky) County of Xxxxxxxxx) On May 25, 1999, before me, a Notary Public, in and for said County and State, personally appeared Xxxxxxx X. Xxxxxxx, known to me to be the person whose name is subscribed to the within instrument, and acknowledged that he executed the same. WITNESS my hand and official seal. Notary Public, Kentucky State-At-Large My Commission Expires September 19, 2002 /s/ Xxxx Xxxxxxxx Notary Public FIRST AMENDEMENT TO LEASE AGREEMENT This First Amendment to Lease Term.Agreement (“Lease Amendment”), is entered into between The Package Company, L.L.C., a Michigan limited liability company, as successor in interest to Xxxxxx Land & Co., a Maryland general partnership (“Landlord”), and Accuride Corporation (“Tenant”). The following statements are a material part of this Lease Amendment:

Appears in 1 contract

Samples: Lease Agreement (Accuride Corp)

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