Options to Extend Term. Tenant shall have options (each, an “Option”) to extend the Term of this Lease upon the following terms and conditions:
42.1. Tenant shall have two (2) consecutive Options to extend the Term of this Lease by three (3) years each on the same terms and conditions as this Lease. Basic Annual Rent shall equal ninety-five percent (95%) of the fair market value (“FMV”) for comparable office/research and development projects in the Brisbane/Peninsula market as of the date Tenant exercises the respective Option, increased on each annual anniversary of the commencement of each extended term by such percentage, if any, that constitutes a market rate annual increase for such market. In the event that Landlord and Tenant disagree as to the FMV, they shall hire an appraiser reasonably acceptable to both parties, the cost of which shall be split equally by Landlord and Tenant, which appraiser’s decision as to the FMV shall be binding on both parties.
42.2. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer an Option, either separately or in conjunction with an assignment or transfer of Tenant’s interest in this Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion.
42.3. The Options are conditional upon Tenant giving Landlord written notice of its election to exercise the applicable Option at least nine (9) months prior to the end of the expiration of the then-current Term of this Lease.
42.4. Notwithstanding anything contained in this Section 42, Tenant shall not have the right to exercise an Option:
(a) During the time commencing from the date Landlord delivers to Tenant a written notice that Tenant is in default under any provisions of this Lease and continuing until Tenant has cured the specified default to Landlord’s reasonable satisfaction; or
(b) At any time after an event of Default as described in Section 24 of the Lease (provided, however, that, for purposes of this Subsection 42.4(b), Landlord shall not be required to provide Tenant with notice of such Default) and continuing until Tenant cures any such Default, if such Default is susceptible to being cured; or
(c) In the event that Tenant has committed a Default two (2) or more times and a service or late charge has become payable under Section 24.1 for each of such Defaults during the twelve (12)-month period immediately prior to the date that Tenant intends to exercise the Option, whether or not Tena...
Options to Extend Term. Tenant shall have the option to extend the Term of this Lease for Phase 1A and Phase 1B only (but not Phase 2A), at the Minimum Rental set forth in Section 3.1(b) and (c), below, and otherwise upon all the terms and provisions set forth herein with respect to the initial term of this Lease, for up to two (2) additional periods of ten (10) years each, the first commencing upon the expiration of the initial term hereof and the second commencing upon the expiration of the first extended term, if any. Exercise of such option with respect to the first such extended term shall be by written notice to Landlord at least eighteen (18) months prior to the expiration of the initial term hereof, exercise of such option with respect to the second extended term, if the first extension option has been duly exercised, shall be by written notice to Landlord at least eighteen (18) months prior to the expiration of the first extended term hereof. If Tenant is in material default hereunder, beyond any applicable notice and cure periods, on the date of such notice or on the date any extended term is to commence, then the exercise of the option shall be of no force or effect, the extended term shall not commence and this Lease shall expire at the end of the then current term hereof (or at such earlier time as Landlord may elect pursuant to the default provisions of this Lease). If Tenant properly exercises one or more extension options under this Section, then all references in this Lease (other than in this Section 2.6) to the “term” of this Lease shall be construed to include the extension term(s) thus elected by Tenant. Except as expressly set forth in this Section 2.6, Tenant shall have no right to extend the Term of this Lease beyond its prescribed term.
Options to Extend Term. Tenant shall have two (2) options to extend the term of this Lease, each for a five (5) year period (an "Option Period"), provided (a) Tenant shall give notice to Landlord of its exercise of an option not less than nine (9) months prior to the expiration of the Lease Term or the first Option Period, as the case may be, (b) no default beyond any applicable grace period in the obligations of Tenant under this Lease shall exist at the time such notice is given and (c) Tenant shall not have been in default under this Lease beyond any applicable grace period on more than two (2) occasions during the entire preceding Lease Term. All of the terms and provisions of this Lease shall be applicable during each Option Period except that (a) Tenant shall have no option to extend the term of this Lease beyond the second Option Period and (b) the Base Rent for each Option Period shall be the greater of (i) the Base Rent for the last year of the Lease Term or the first Option Period, as the case may be, or (iii) Market Rent, as defined below, as of the first day of such Option Period. "Market Rent" shall be computed as of the applicable date at the then current rentals being charged to new tenants for comparable space located in comparable buildings, taking into account and giving effect to, in determining comparability, without limitation, such considerations as size, location and condition of premises and lease term. Landlord shall designate Market Rent for the next Option Period within thirty (30) days after Tenant's written request, therefor (such request to be made no earlier than one (1) year before such Option Period). If Landlord shall not have previously designated Market Rent, after Tenant shall exercise an option to extend for an Option Period, Landlord shall initially designate Market Rent and shall furnish data in support of such designation. If Tenant shall have exercised its option to extend for the Option Period but shall disagree with Landlord's designation of the Market Rent, then Tenant shall have the right, by notice given within fourteen (14) days after Tenant's receipt of Landlord's designation, to submit such Market Rent to arbitration as follows. Market Rent shall be determined by arbitrators, one chosen by Tenant, one chosen by Landlord and a third selected, if necessary, as below provided. All arbitrators selected under this Section shall be experienced real estate appraisers with substantial experience with properties in the vicinity of the Prem...
Options to Extend Term. (a) Albertson’s as the Receiving Party shall have ten (10), and SVU as the Receiving Party shall have ten (10), consecutive options to extend the TSA for a period of one (1) year each on the terms and conditions (including, without limitation, payment timing and fee arrangements) contained in the TSA. Such extension terms shall be exercised, if at all, by the Receiving Party giving written notice to the Service Provider twelve months preceding the extension term being exercised. For such exercise to be valid, the Receiving Party must (i) not be in default under the TSA as of the date of the notice of exercise or as of January 1 of the extension term being exercised, and (ii) be in compliance with the Dispute Resolution Process set forth in Exhibit D hereto.
(b) Upon the proper exercise of an extension term by the Receiving Party, the term of the TSA shall be extended for the applicable twelve-month period without the execution of any further instrument. As used in this Services Agreement, the term “Term” shall include all Annual Extension Terms (as defined below).
(c) For clarification purposes, the following chart defines and sets forth the key dates for each annual extension term: 18-month Anniversary of Effective Date 30-month Anniversary of Effective Date through 42-month Anniversary of Effective Date First Annual Extension Term 30-month Anniversary of Effective Date 42-month Anniversary of Effective Date through 54-month Anniversary of Effective Date Second Annual Extension Term 42-month Anniversary of Effective Date 54-month Anniversary of Effective Date through 66-month Anniversary of Effective Date Third Annual Extension Term 54-month Anniversary of Effective Date 66-month Anniversary of Effective Date through 78-month Anniversary of Effective Date Fourth Annual Extension Term 66-month Anniversary of Effective Date 78-month Anniversary of Effective Date through 90-month Anniversary of Effective Date Fifth Annual Extension Term 78-month Anniversary of Effective Date 90-month Anniversary of Effective Date through 102-month Anniversary of Effective Date Sixth Annual Extension Term 90-month Anniversary of Effective Date 102-month Anniversary of Effective Date through 114-month Anniversary of Effective Date Seventh Annual Extension Term 102-month Anniversary of Effective Date 114-month Anniversary of Effective Date through 126-month Anniversary of Effective Date Eighth Annual Extension Term 114-month Anniversary of Effective Date 126-month Anniversary o...
Options to Extend Term. 1. Landlord hereby grants to Tenant two (2) option(s) (the "Option(s)") to extend the Lease Term for additional term(s) of three (3) years each (the "Extension(s)"), on the same terms and conditions as set forth in the Lease, but at an increased rent as set forth below. Each Option shall be exercised only by written notice delivered to Landlord at least one hundred eighty (180) days before the expiration of the Lease Term or the preceding Extension of the Lease Term, respectively. If Tenant fails to deliver Landlord written notice of the exercise f an Option within the prescribed time period, such Option and any succeeding Options shall lapse, and there shall be no further right to extend the Lease Term. Each Option shall be exercisable by Tenant on the express conditions that (a) at the time of the exercise, and at all times prior to the commencement of such Extension, Tenant shall not be in default under any of the provisions of this Lease and (b) Tenant has not been more than ten (10) days late in the payment of rent more than a total of two (2) times during any twelve (12) month period of the Lease Term and all preceding Extensions.
Options to Extend Term. Landlord hereby grants to Tenant two options to extend the term of this Lease (each a “Renewal Option”), each option being for a period of five (5) additional years (each a “Renewal Term”) and each option being conditioned upon the terms set forth in this Section 4.1. Each Renewal Option is exercisable only upon strict compliance with the terms set forth herein. If there is a default by the Tenant prior to the start of the Renewal Term which default is not cured within the applicable notice and cure period, the Renewal Option may be terminated by the Landlord at Landlord’s option upon five (5) business days notice to the Tenant in which event the Renewal Option and all subsequent Options shall be void ab initio. The Option may be exercised only by written notice delivered by Tenant to Landlord no later than 12 months prior to the expiration of the then current term, TIME IS OF THE ESSENCE. No Renewal Option may not be exercised more than eighteen (18) months prior to the end of the then current Term. The exercise of a Renewal Option is valid only if it is delivered on time and is unconditional. Tenant may only exercise its Renewal Option if, on the date of delivery of the notice to Landlord, Tenant is not in default of this Lease beyond the expiration of any applicable cure periods. If the parties do not agree on a monthly Base Rent for each month of the renewal period no later than 240 days prior to the end of the then current Term, the Renewal Option shall become void and the lease shall the terminate as of the end of the then current Term as if there had been no option exercise. The lease of the Premises for the applicable renewal shall be on the same terms and conditions contained in this Lease except that (i) the monthly Base Rent shall be the monthly Base Rent as agreed between the parties for such period and (ii) the number of available renewal options shall be reduced by one. The Initial Term and all Renewal Terms (if exercised) are thereafter referred to collectively as the “Lease Term”. Time is of the Essence in exercising the renewal option. Failure to exercise an option on or before the required date and in strict compliance with this section, terminates that option and any other unexercised options.
Options to Extend Term. Licensee must exercise its options to extend ---------------------- the Term by delivering written notice thereof to Licensor not later than six (6) months prior to the expiration of the Term, or any extension of the Term. Notwithstanding anything herein to the contrary, Licensee shall have no right to exercise any option to extend the Term if (a) at the time of purported exercise of an option, Licensee is in default under this Agreement, or (b) during any Year of the Term, including any option period, Licensee received more than two notices of default from Licensor, regardless of whether such defaults were cured.
Options to Extend Term. At the expiration of the initial term of this lease, if County is not in default, County shall have xx options to extend this lease for additional xx-year periods on the same terms and conditions as the initial term. The exercise of any option shall be by written notice to Lessor 60 days prior to the end date of this lease or any option period. The written notice to Lessor for this purpose may be signed by the County Executive Officer.
Options to Extend Term. Landlord and Tenant hereby agree and acknowledge that following the Extended Expiration Date, Tenant shall have two additional options to extend the Term for two (2) Option Terms of five (5) years each, on the terms and conditions set forth in Section 30 of the Lease.
Options to Extend Term. Tenant shall have two (2) options (each, an “Option”) to extend the Term by an additional twelve (12) months each as to the entire Premises (and no less than the entire Premises) upon the following terms and conditions. Any extension of the Term pursuant to an Option shall be on all the same terms and conditions as the Amended Lease, except as follows:
6.1 Base Rent during the first (1st) twelve (12) month Option term (the “First Option Term”) shall be One and 95/100 Dollars ($1.95) per square foot of Rentable Area of the Premises per month; provided, however, that Tenant’s obligation to pay Base Rent during the first (1st) month of the First Option Term shall be abated.
6.2 Base Rent during the second (2nd) twelve (12) month Option term (the “Second Option Term”) shall be Two Dollars ($2.00) per square foot of Rentable Area of the Premises per month; provided, however, that Tenant’s obligation to pay Base Rent during the first (1st) month of the Second Option Term shall be abated.
6.3 No Option is assignable separate and apart from the Lease.
