Options to Extend Lease Term. 3.2.1 Provided that the Tenant shall keep, observe and perform all of the terms, covenants and conditions of this Lease on Tenant's part to be kept, observed and performed, and provided further, that at the time of the exercise of any option granted pursuant to this Section 3.2, or the commencement of any extension term, Tenant shall not be in default of any of the terms, covenants and conditions of this Lease after any applicable notice and/or cure periods, Tenant may extend the Lease Term for two (2) additional successive ten (10) year periods. Tenant may exercise each option to extend the Lease Term only by giving written notice to Landlord not less than one hundred eighty (180) days and not more than two hundred forty (240) days prior to the expiration of the original Lease Term or the applicable option period, as the case may be.
3.2.2 Should Tenant properly and timely exercise any option to extend the Lease Term granted hereunder, the Tenant's use and occupation of the Demised Premises shall, during each extended Lease Term, be upon the same terms, covenants and conditions contained herein, except that Tenant shall be required to pay Minimum Annual Rent in the amounts set forth in Section 3.2.4 below.
3.2.3 In the event that Tenant fails to timely and properly exercise any option to extend the Lease Term as described herein, then Tenant shall be deemed to have irrevocably waived and forfeited any and all rights to extend the Lease Term, and the provisions of this Section 3.2 shall, at such time, be automatically deemed null and void, of no further force and effect, and shall be deemed deleted from this Lease.
3.2.4 If Tenant properly and timely exercises each option to extend the Lease Term, then in addition to all other obligations and covenants of Tenant contained in this Lease, Tenant shall pay Minimum Annual Rent during each extended term in the following amounts: FIRST OPTION MINIMUM ANNUAL RENT MONTHLY RENT Lease Year 21 $1,822,461.21 $151,871.77 Lease Year 22 $1,868,022.74 $155,668.56 Lease Year 23 $1,914,723.31 $159,560.28 Lease Year 24 $1,962,591.39 $163,549.28 Lease Year 25 $2,011,656.18 $167,638.01 Lease Year 26 $2,061,947.58 $171,828.97 Lease Year 27 $2,113,496.27 $176,124.69 Lease Year 28 $2,166,333.68 $180,527.81 Lease Year 29 $2,220,492.02 $185,041.00 5 Lease Year 30 $2,276,004.32 $189,667.03 SECOND OPTION MINIMUM ANNUAL RENT MONTHLY RENT Lease Year 31 $2,332,904.43 $194,408.70 Lease Year 32 $2,391,227.04 $199,268.92 Lease Year 33 $2,4...
Options to Extend Lease Term. Landlord hereby grants to Tenant one (1) option (the "Option") to extend the Lease Term for a three (3) year period (the "Option Term"), on the following terms and conditions:
A. Tenant must give Landlord notice in writing of its exercise of the Option before the later to occur of (i) the two hundred fortieth (240th) day before the date the initial Lease Term would and but for said exercise, or (ii) the seventh (7th) day following the establishment of the fair market rent for the Premises by appraisal pursuant to subparagraph 2.4F if such appraisal process is commenced pursuant to subparagraphs 2.4E and 2.4F.
B. Tenant may not exercise the option at any time that either of the following is true: (i) a Continuing Tenant Default exists under this Lease (unless caused by a subtenant of the original Tenant under this Lease and such original Tenant is using reasonable efforts to cause such default to be cured); or (ii) a Continuing Tenant Default exists under the Building C Lease (unless caused by a subtenant or assignee of the original Tenant under this Lease and such original Tenant is using reasonable efforts to cause such default to be cured) and the same person or entity is the owner of record of both the Premises and the real property leased pursuant to the Building C Lease.
C. All terms and conditions of this Lease shall apply during the Option Term, except that the Base Monthly Rent for the Option Term shall be determined as provided in subparagraph 2.4D below.
Options to Extend Lease Term. Lessee shall have two options to extend the Lease Term each for an additional FIVE YEARS, subject to all of the terms, covenants and conditions of this Lease. During the first such five year extension period, Lessee shall pay fixed rent at the rate of $450,000 per annum and shall pay all other items of Rent during the first extension period. If the aforesaid first option has been duly exercised, Lessee shall have a second option to extend the Lease Term for an additional FIVE YEARS, subject to all of the terms, covenants and conditions of this Lease. During said second extension of the Lease Term, Lessee shall pay Fixed Rent at the greater of (i) the Fixed Rent in effect on the last day of the first extension period or (ii) the fair market value rent at the time of the exercise of the second option and shall pay all other items of Rent during the second extension period. To be effective, Lessee must give Lessor written notice of Lessee’s election to extend the Lease Term not less than 180 DAYS prior to the expiration of the then existing Lease Term. Lessee’s right to extend the Lease Term pursuant to this Article 36 shall be conditioned upon there being no default by Lessee in the observance or performance of any of the terms, covenants and conditions of this Lease either at the time of the exercise of the option or on the expiration of the then existing Lease Term.
Options to Extend Lease Term. Tenant shall have the right to extend the Lease Term for two separate consecutive additional periods of five years each (each an "EXTENSION OPTION"), subject to the following terms and conditions:
(a) Tenant shall give Landlord written notice exercising the Extension Option (an "EXERCISE NOTICE") not less than 12 months before the then-applicable Expiration Date. Time is absolutely of the essence.
(b) Tenant may not exercise an Extension Option if there is a then-uncured Event of Default. If there is an uncured Event of Default on the date that the extended term is scheduled to commence, then Landlord may elect to terminate this Lease notwithstanding Tenant's Exercise Notice and the parties' agreement as to Base Rent.
(c) All terms and conditions of this Lease shall apply during the extended term, except that the Base Rent shall be determined in accordance with Section 3.4 below.
(d) If Tenant fails to timely exercise the Extension Option to extend the Lease Term for a first five-year period, the Extension Option to extend the Lease Term for a second five-year period shall automatically terminate and be of no further force or effect.
(e) Upon extension of the Lease Term pursuant to this Section, the Expiration Date thereafter shall be the fifth anniversary of the previous Expiration Date.
Options to Extend Lease Term. (a) Tenant shall have one (1) option (the "Extension Option") to extend the Lease Term for five (5) years ("Option Period") for the Premises in their entirety by giving Landlord prior written notice of Tenant's election to exercise this option not less than six (6) months before the expiration of the Lease Term as the same may have been extended. However, if there exists an Event of Default on Tenant's part either at the time of the exercise of any Extension Option or at the time that any Option Period would commence, Landlord may cancel Tenant's exercise of such Extension Option, in which case the Extension Option shall be of no further force or effect and all subsequent Extension Options shall be deemed canceled. Each Extension Option shall be on all the same terms of this Lease provided that the Monthly Rent for each such Option Period shall be increased in accordance with Section 42 of this Lease and in any case shall not be less than the Monthly Rent due under this Lease for the final month of the initial Lease Term.
(b) The Extension Option is personal to the named tenant herein and any Transfer of such tenant's interest in the Lease (other than a Permitted Transfer), whether or not consented to by Landlord, shall cause such Extension Option to terminate and be of no further force or effect.
Options to Extend Lease Term. Provided Tenant is not in default at the time of each exercise, Tenant shall have two (2) options to extend the term of the Lease, each for a period of five (5) years, upon all of the terms and conditions herein stated. Landlord shall give written notice to Tenant no later than two hundred seventy (270) days prior to the end of the initial term and the then current term of the Lease that Tenant’s option to extend will expire if not exercised and the date of expiration. Tenant shall provide written notice to Landlord no later than one hundred eighty (180) days prior to the expiration of the initial term or the then current term of the Lease of Tenant’s option to extend the initial term or the then current term.
Options to Extend Lease Term. Lessee shall have the option pursuant to paragraph 3.2 to extend the term of this Lease for three (3) additional terms at Market Rate rent as set forth in paragraph 4.3 of this Lease.
Options to Extend Lease Term. Each of Landlord and Tenant is hereby granted an option (in the case of Landlord, the “Landlord Option”; and in the case of Tenant, the “Tenant Option”) to extend the Term of the Lease, to be exercised as hereinafter provided. Landlord may exercise the Landlord Option upon notice to Tenant given as provided in the Lease, on a date that is not later than seven (7) months after the date of this Second Amendment (the “Landlord Option Exercise Period”), and the simultaneous payment to Tenant of the payment required pursuant to Landlord’s letter to Tenant of even date herewith. If Landlord does not timely exercise the Landlord Option as aforesaid, Tenant shall have a sixty (60) day period after the Landlord Option Exercise Period to exercise the Tenant Option, which shall be exercisable by notice to Landlord given in accordance with the Lease. The date upon which either Landlord exercises the Landlord Option or Tenant exercises the Tenant Option is called the “Exercise Date.” Upon the proper exercise of either the Landlord Option or the Tenant Option, the following terms and conditions shall be applicable:
Options to Extend Lease Term. So long as no Event of Default exists at the time Tenant delivers the applicable Extension Notice (as defined below), Landlord hereby grants to Tenant the right, exercisable at Tenant’s option, to renew the term of this Lease for three successive terms of 10 years each (each, a “Extension Term”; collectively, the “Extension Terms”). Tenant shall exercise its right of renewal with respect to an Extension Term by giving Landlord written notice (an “Extension Notice”) at least 12 months prior to the commencement date of the Extension Term; provided, however, if Tenant fails to timely provide an exercise notice with respect to an Extension Term, Tenant shall not forfeit or be deemed to have waived its right to exercise such Extension Period unless and until Tenant has received written notice of Tenant’s failure to exercise the Extension Period during the initial notice period and thereafter failed, within 10 days after receipt of such notice, to exercise such Extension Period in writing. All terms and conditions of this Lease, including, without limitation, all provisions governing the payment of Base Rent and Additional Rent, shall remain in full force and effect during any exercised Extension Term(s). If there exists an Event of Default under this Lease on the date Tenant sends a Renewal Notice or any time thereafter until the proposed Renewal Term commences, at Landlord’s election, such Renewal Term shall not commence. If Tenant’s right of renewal with respect to a Renewal Term lapses for any reason (including without limitation, Tenant’s failure to timely provide a renewal notice), then Tenant’s right of renewal with respect to any subsequent Renewal Term shall automatically lapse and be of no further force or effect.
Options to Extend Lease Term. Provided that Tenant is not in default with any of the terms and conditions of the Lease, Tenant shall have two (2) options to extend the Lease Term for a period of one (1) year each (the "First Option Period" and "Second Option Period", respectively) by providing Landlord with one hundred twenty (120) days' written notice prior to the expiration of the Lease Term of Tenant's intention to exercise the Option. The rent during the First Option Period shall be $0.95 per square foot per month. The rent during the Second Option Period, if applicable, shall be $1.00 per square foot per month. All other terms and conditions of the Lease shall remain in full force and effect during each Option Period.
