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. Landlord hereby grants to Tenant two (2) separate options to extend the Lease Term for five (5) years for each such option on the following terms and conditions:
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 during the second five year extension period of said extended Lease Term, Lessee shall pay Fixed Rent at the fair market value rate at the time of the exercise of the option Lessee shall pay all other items of Rent during both such extension periods. 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 fair market value rent at the time of the exercise of the second option and shall pay all other items of Rent. 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. 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. 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. Article 42. Termination of Existing Lease The following Exhibits are attached hereto and made a part hereof: Exhibit A (Premises) Exhibit B [Intentionally omitted.] Exhibit C [Intentionally omitted.] Exhibit D [Intentionally omitted.] Exhibit E [Intentionally omitted.] Exhibit F [Intentionally omitted.] Exhibit G (Move Out Standards) Exhibit H [Intentionally omitted.]
Options to Extend Lease Term. Landlord grants to Tenant one (1) ---------------------------- option (the "Option") to extend the Lease Term for an additional term of one (1) year, commencing when the initial Lease Term expires. To exercise the Option, Tenant must give Landlord notice in writing by United States Certified Mail, return receipt requested, of its intention to exercise the Option at least ninety (90) days prior to the expiration of the initial Lease Term; provided, however, that Tenant may not exercise the Option at any time that Tenant is in material default under this Lease. If the Option is not so exercised by Tenant, Landlord shall give Tenant written notice of the Tenant's failure to exercise the Option and Tenant shall have a grace period within which to exercise the Option of ten (10) days from Tenant's receipt of Landlord's notice. Tenant shall be deemed to have waived its Option rights if it fails to provide written notice of its exercise of the Option to Landlord prior to the expiration of the grace period. All terms and conditions of this Lease shall continue to apply during the term of the Option, except that the payment of Monthly Rent during the Option term shall be determined pursuant to paragraph 3.2 below. 3 RENT: ----
Options to Extend Lease Term. Landlord grants to Tenant one (1) ---------------------------- option ("Option") to extend the Lease Term, for an additional term of twelve (12) months ("Option Term"), commencing on December 31, 1997. To exercise the Option, Tenant must give Landlord notice in writing by United States Certified Mail, return receipt requested, of its intention to exercise the Option on or before November 1, 1997. All terms and conditions of this Lease shall continue to apply during the Option Term.
Options to Extend Lease Term. Provided Tenant is not then in default of any term, covenant or condition of this Lease beyond any applicable notice and/or cure periods , Tenant shall have the option to extend the term of this Lease for the Renewal Terms, to commence immediately upon the expiration of the Initial Term or the First Renewal Term, as applicable; provided, however, if Tenant has been placed in default hereunder by Landlord and Tenant has disputed such default in good faith by written notice to Landlord, Tenant shall continue to have the option described hereinabove. Tenant's rental of the Premises during each Renewal Term shall be upon the same terms, covenants and conditions contained in this Lease, except that Tenant shall pay to Landlord as Base Rent that amount equal to the then "Prevailing Market Rate" for the Premises for the applicable Renewal Term, as hereinafter defined (including annual adjustments). Landlord acknowledges that the inclusion of this Section 3.3 granting Tenant an option to extend this Lease was a material inducement to Tenant in entering this Lease. Accordingly, Landlord agrees that, for purposes of this Section 3.3, Tenant may in good faith dispute a default on the ground that the economic detriment of the default on the Landlord is de minimis and grossly disproportionate to a forfeiture of the Tenant's option to extend the Lease. For purposes of this Section 3.3, the term "Prevailing Market Rate" shall mean the then prevailing market renewal rate
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:
