Options to Extend Term. Tenant shall have two (2) options (each an “Extension Option“) to extend the Term of this Lease for a period of five (5) years each (each an “Extension Period“), on the same terms and conditions in effect under this Lease immediately prior to the commencement of the Extension Period, except that (a) Tenant shall have no further right to extend the Term of this Lease after the second Extension Period, (b) the Base Rent payable during the Extension Period shall be an amount equal to Base Rent in effect immediately prior to the Extension Period, increased by two and one-half percent (2.5%) on an annual basis. If Tenant exercises an Extension Option, such Extension Option shall apply to the entire Premises (and no less than the entire Premises). Tenant may exercise an Extension Option only by giving Landlord irrevocable and unconditional written notice thereof (the “Extension Notice“) not later than twelve (12) months prior to the commencement date of the Extension Period. Upon delivery of the Extension Notice, Tenant shall be irrevocably bound to lease the Premises for the Extension Period. Notwithstanding the foregoing, Tenant shall not have the right to exercise an Extension 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; (b) at any time after any Default (provided, however, that, for purposes of this Section 3.2, 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 defaulted in the performance of its obligations under this Lease two (2) or more times during the twelve (12)-month period immediately prior to the date that Tenant intends to exercise an Extension Option, and such defaults were not cured within the applicable cure period. If Tenant shall fail to timely exercise the Extension Option in accordance with the provisions of this Section 3.2, then the Extension Option shall terminate, and shall be null and void and of no further force and effect. If this Lease or Tenant’s right to possession of the Premises shall terminate in any manner whatsoever before Tenant shall exercise the Extension Option, or if Tenant shall have assigned or transferred any interest in this Lease or sublet any part of the Premises (except pursuant to a Permitted Transfer, as defined below), then immediately upon such termination, assignment, transfer or sublease, the Extension Option shall simultaneously terminate and become null and void. Time is of the essence with regard to this Section 3.2.
Appears in 1 contract
Samples: Lease Agreement (Innovative Industrial Properties Inc)
Options to Extend Term. Tenant shall have two Subject to the terms of this Section 3.3, Lessor hereby grants Lessee six (26) options (each an “Extension each, a "Renewal Option“," and collectively, the "Renewal Options") to extend the Term of this Lease for a period EXHIBIT 10.27 *CONFIDENTIAL TREATMENT REQUESTED. CONFIDENTIAL PORTION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. successive periods of five ten (510) years each beyond the Expiration Date (each an “Extension Period“each, a "Renewal Term," and collectively, the "Renewal Terms"). The Renewal Options shall be personal to and may only be exercised by Lessee, any Person to whom Lessee assigns its entire right, title and interest in and to this Lease pursuant to Section 13.1 below (but specifically excluding any sublessee), on any Lender who acquires and succeeds to the same terms and conditions in effect interest of Lessee under this Lease immediately prior by virtue of any foreclosure sale, whether the foreclosure sale is conducted pursuant to court order or pursuant to a power of sale contained in a Leasehold Mortgage, or by assignment or other conveyance in lieu of foreclosure, and any transferee or other successor or assign of such Lender; provided, however, that each Specific Parcel Lease shall contain renewal options with terms identical to those set forth in this Section 3.3. The Renewal Options shall be effective only if no Material Default has occurred and is continuing (taking into account all applicable grace or cure periods) hereunder, either at the time of exercise of the respective Renewal Option or at the time of commencement of the Extension Period, except that (a) Tenant shall have no further right to extend the Term of this Lease after respective Renewal Term. Each Renewal Option commencing with the second Extension Period, (b2nd) the Base Rent payable during the Extension Period Renewal Option shall be an amount equal to Base Rent in effect immediately effective only if Lessee has validly exercised all prior to the Extension Period, increased by two and one-half percent (2.5%) on an annual basis. If Tenant exercises an Extension Option, such Extension Option shall apply to the entire Premises (and no less than the entire PremisesRenewal Option(s). Tenant may exercise an Extension Option only The Renewal Options must be exercised, if at all, by giving Landlord irrevocable and unconditional written notice thereof (the “Extension each, an "Election Notice“") from Lessee to Lessor given not later more than twenty- four (24) months nor less than twelve (12) months prior to the commencement date then-current Expiration Date, subject to the provisions of Section 17.3. Any such Election Notice given by Lessee to Lessor shall be irrevocable. If Lessee fails to exercise a Renewal Option in a timely manner as provided for above, the Renewal Option shall be void. The Renewal Terms shall be upon the same terms and conditions as the initial Term, except that the Annual Base Rent shall be adjusted effective as of the Extension Period. Upon delivery commencement of the Extension Notice, Tenant shall be irrevocably bound to lease the Premises for the Extension Period. Notwithstanding the foregoing, Tenant shall not have the right to exercise an Extension Option first (a1st) Renewal Term and every five (5) years thereafter 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 such Renewal Term and continuing until Tenant has cured the specified default; (b) at any time after any Default (provided, however, that, for purposes of this Section 3.2, Landlord shall not be required to provide Tenant with notice of such Default) and continuing until Tenant cures any such Defaultall subsequent Renewal Terms, if such Default is susceptible to being cured; or (c) in the event that Tenant has defaulted in the performance of its obligations under this Lease two (2) or more times during the twelve (12)-month period immediately prior to the date that Tenant intends to exercise an Extension Optionany, and such defaults were not cured within the applicable cure period. If Tenant shall fail to timely exercise the Extension Option in accordance with the provisions of this procedure set forth in Section 3.2, then the Extension Option shall terminate, and shall be null and void and of no further force and effect. If this Lease or Tenant’s right to possession of the Premises shall terminate in any manner whatsoever before Tenant shall exercise the Extension Option, or if Tenant shall have assigned or transferred any interest in this Lease or sublet any part of the Premises (except pursuant to a Permitted Transfer, as defined 4.1(b) below), then immediately upon such termination, assignment, transfer or sublease, the Extension Option shall simultaneously terminate and become null and void. Time is of the essence with regard to this Section 3.2.
Appears in 1 contract
Samples: Equinix Inc
Options to Extend Term. Tenant shall have two (2) consecutive options (each each, an “Extension Option“”) to extend the Term of this Lease for a period of five by three (53) years each (each an “Extension Period“), on the same terms and conditions in effect under this Lease immediately prior to the commencement of the Extension Period, except that (a) Tenant shall have no further right to extend the Term of this Lease after the second Extension Period, (b) the Base Rent payable during the Extension Period shall be an amount equal to Base Rent in effect immediately prior to the Extension Period, increased by two and one-half percent (2.5%) on an annual basis. If Tenant exercises an Extension Option, such Extension Option shall apply 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 this Lease, except that Base Rent shall be at the then-current fair market value for the Premises to be determined as follows. If Tenant shall have timely exercised an Option, the parties shall endeavor to agree upon the fair market rental value of the Premises, as of the first day of each extension term. In determining fair market rental value, the parties shall take into account all relevant factors, including, without limitation, that the Base Rent is subject to an automatic annual increase, and the Premises shall be deemed to have Building standard improvements, notwithstanding that Tenant may have installed above standard improvements. In the event that the parties are unable to agree upon such fair market value for either extension term within thirty (30) days after the giving of the notice of exercise an Extension Option only by giving Landlord irrevocable of such Option, as the case may be, then Tenant shall have the right at any time prior to the appointment of a Baseball Arbitrator (as defined below) to void the exercise of the applicable Option, upon notice to Landlord, or if Tenant does not so void such notice then either party may request that the same be determined as follows: A senior officer of a nationally recognized leasing brokerage firm with local knowledge of San Diego County laboratory / research and unconditional written notice thereof development leasing market (the “Extension NoticeBaseball Arbitrator”) shall be selected and paid for jointly by Landlord and Tenant. If Landlord and Tenant are unable to agree upon the Baseball Arbitrator, then the same shall be designated by the San Diego Chapter of the American Arbitration Association or any successor organization thereto (the “AAA”). The Baseball Arbitrator, but not necessarily his or her employer, selected by the parties or designated by the President of the AAA shall (i) have at least ten (10) years experience in the leasing of office and laboratory / research and development space in San Diego County and (ii) not later than twelve have done work for, or been employed or retained by, either Landlord or Tenant or any affiliate of either for a period of at least ten (1210) months years prior to his/her appointment pursuant hereto. Landlord and Tenant shall each submit to the Baseball Arbitrator and to the other its determination of the fair market rental value. The Baseball Arbitrator shall afford to Landlord and Tenant a hearing and the right to submit evidence. The Baseball Arbitrator shall determine which of the two (2) rent determinations more closely represents the fair market rental value of the Premises. The arbitrator may not select any other fair market rental value for the Premises other than one submitted by Landlord or Tenant. The determination of the party so selected or designated shall be binding upon Landlord and Tenant and shall serve as the basis for the determination of the Base Rent payable for the applicable extension term. If, as of the commencement date of the Extension Period. Upon delivery applicable extension term, the amount of the Extension NoticeBase Rent payable during the applicable Renewal Term in accordance with this Article 42 shall not have been determined, then, pending such determination, Tenant shall be irrevocably bound pay Base Rent equal to lease the Premises Base Rent payable in the immediately preceding year subject to escalation as provided in Article 8 or Section 42.1, as applicable. After the final determination of the Base Rent payable for such extension term, the Extension Periodparties promptly and appropriately shall adjust rental payments theretofore made during the applicable extension term and shall execute a written agreement specifying the amount of the Base Rent as so determined. Notwithstanding Any failure of the foregoing, Tenant parties to execute such written agreement shall not have affect the right to exercise an Extension 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; (b) at any time after any Default (provided, however, that, for purposes of this Section 3.2, 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 defaulted in the performance of its obligations under this Lease two (2) or more times during the twelve (12)-month period immediately prior to the date that Tenant intends to exercise an Extension Option, and such defaults were not cured within the applicable cure period. If Tenant shall fail to timely exercise the Extension Option in accordance with the provisions of this Section 3.2, then the Extension Option shall terminate, and shall be null and void and of no further force and effect. If this Lease or Tenant’s right to possession validity of the Premises shall terminate in any manner whatsoever before Tenant shall exercise the Extension Option, or if Tenant shall have assigned or transferred any interest in this Lease or sublet any part of the Premises (except pursuant to a Permitted Transfer, Base Rent as defined below), then immediately upon such termination, assignment, transfer or sublease, the Extension Option shall simultaneously terminate and become null and void. Time is of the essence with regard to this Section 3.2so determined.
Appears in 1 contract
Samples: Lease (Regulus Therapeutics Inc.)
Options to Extend Term. (a) Landlord hereby grants to Tenant shall have two (2) options (each an “Extension Option“”) to extend the Term of this Lease for a period an additional term (the “Option Term”) of five (5) years each (each an “Extension Period“), on upon and subject to the same terms and conditions set forth in effect under this Lease immediately Section. The Extension Options shall be exercised, if at all, consecutively by written notice given to Landlord not less than nine (9) months prior to the commencement Expiration Date of the Extension PeriodTerm, except that (a) Tenant shall have no further right to extend in the Term case of this Lease after the second Extension Period, Option not less than nine (b9) the Base Rent payable during the Extension Period shall be an amount equal to Base Rent in effect immediately months prior to the Expiration Date of the Term as extended by the first Extension Period, increased by two and Option. Tenant may exercise the first Extension Option for either all or one-half percent (2.5%) on an annual basisof the Building, as designated in Tenant’s notice exercising such Extension Option. In the event that Tenant has exercised the first Extension Option for all of the Building, Tenant may exercise the second Extension Option for either all or one-half of the Building, as designated in Tenant’s notice exercising such Extension Option. In the event that Tenant has exercised the first Extension Option for only one-half of the Building Tenant may only exercise the second Extension Option for such one-half of the Building. If Tenant exercises an Extension Option, such Extension Option each of the terms, covenants and conditions of this Lease shall apply to during the entire Premises (and no less than applicable Option Term as though the entire Premises). Tenant may exercise an Extension Option only by giving Landlord irrevocable and unconditional written notice thereof (the “Extension Notice“) not later than twelve (12) months prior to the commencement expiration date of the Extension Period. Upon delivery Option Term was the date originally set forth herein as the Expiration Date of the Extension NoticeTerm, Tenant provided that (i) the Rent and Additional Charges to be paid during the applicable Option Term shall be irrevocably bound to lease ninety five percent (95%) of the Prevailing Market Rental, as hereinafter defined, for the Premises for the Extension Period. Notwithstanding applicable Option Term, (ii) the foregoing, Tenant Expiration Date for the Lease shall not have become the right to exercise an Extension expiration date for the applicable 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 defaultTerm; (biii) at there shall be no additional option terms and (iv) if less than all of the Building has been leased for any time after any Default (provided, however, that, for purposes of this Section 3.2, 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 defaulted in the performance of its obligations under this Lease two (2) or more times during the twelve (12)-month period immediately prior to the date that Tenant intends to exercise an Extension Option, and such defaults were not cured within the applicable cure period. If Tenant rentable area covered by this Lease shall fail to timely exercise the Extension Option be recalculated in accordance with Section 2.1, provided however, that the provisions of this Section 3.2, then the Extension Option shall terminate, and shall be null and void and of no further force and effect. If this Lease or Tenant’s right to possession of the Premises shall terminate in any manner whatsoever before Tenant shall exercise the Extension Option, or if Tenant shall have assigned or transferred any interest in this Lease or sublet any part of the Premises (except pursuant to a Permitted Transfer, as defined below), then immediately upon such termination, assignment, transfer or sublease, the Extension Option shall simultaneously terminate and become null and void. Time is of the essence with regard to this Section 3.2.BOMA
Appears in 1 contract
Samples: Purchase and Sale Agreement and Escrow Instructions (Thoratec Corp)
Options to Extend Term. Tenant shall have two (2) options (each an “"Extension Option“") to extend the Term of this Lease for a period of five (5) years each (each an “"Extension Period“"), on the same terms and conditions in effect under this Lease immediately prior to the commencement of the Extension Period, except that (a) Tenant shall have no further right to extend the Term of this Lease after the second Extension Period, (b) the Base Rent payable during the Extension Period shall be an amount equal to Base Rent in effect immediately prior to the Extension Period, increased by two three and one-half quarter percent (2.53.25%) on an annual basis. If Tenant exercises an Extension Option, such Extension Option shall apply to the entire Premises (and no less than the entire Premises). Tenant may exercise an Extension Option only by giving Landlord irrevocable and unconditional written notice thereof (the “"Extension Notice“") not later than twelve (12) months prior to the commencement date of the Extension Period. Upon delivery of the Extension Notice, Tenant shall be irrevocably bound to lease the Premises for the Extension Period. Notwithstanding the foregoing, Tenant shall not have the right to exercise an Extension 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; (b) at any time after any Default (provided, however, that, for purposes of this Section 3.2, 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 defaulted in the performance of its obligations under this Lease two (2) or more times during the twelve (12)-month period immediately prior to the date that Tenant intends to exercise an Extension Option, and such defaults were not cured within the applicable cure period. If Tenant shall fail to timely exercise the Extension Option in accordance with the provisions of this Section 3.2, then the Extension Option shall terminate, and shall be null and void and of no further force and effect. If this Lease or Tenant’s 's right to possession of the Premises shall terminate in any manner whatsoever before Tenant shall exercise the Extension Option, or if Tenant shall have assigned or transferred any interest in this Lease or sublet any part of the Premises (except pursuant to a Permitted Transfer, as defined below), then immediately upon such termination, assignment, transfer or sublease, the Extension Option shall simultaneously terminate and become null and void. Time is of the essence with regard to this Section 3.2.
Appears in 1 contract
Samples: Lease Agreement (Innovative Industrial Properties Inc)
Options to Extend Term. Landlord hereby grants to Tenant shall have two (2) options (each an “Extension Option“) to extend the Term term of this Lease (each a “Renewal Option”), each option being for a period of five (5) additional years each (each an a “Extension Period“)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 effect under this Lease immediately prior to the commencement of the Extension Period, except that (a) Tenant shall have no further right to extend the Term of this Lease after the second Extension Period, (bi) the monthly Base Rent payable during the Extension Period shall be an amount equal to the monthly Base Rent in effect immediately prior 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 the Extension Period, increased by two and one-half percent (2.5%) on an annual basis. If Tenant exercises an Extension Option, such Extension Option shall apply to the entire Premises (and no less than the entire Premises). Tenant may exercise an Extension Option only by giving Landlord irrevocable and unconditional written notice thereof (collectively as the “Extension Notice“) not later than twelve (12) months prior to the commencement date of the Extension Period. Upon delivery of the Extension Notice, Tenant shall be irrevocably bound to lease the Premises for the Extension Period. Notwithstanding the foregoing, Tenant shall not have the right to exercise an Extension 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; (b) at any time after any Default (provided, however, that, for purposes of this Section 3.2, 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 defaulted in the performance of its obligations under this Lease two (2) or more times during the twelve (12)-month period immediately prior to the date that Tenant intends to exercise an Extension Option, and such defaults were not cured within the applicable cure period. If Tenant shall fail to timely exercise the Extension Option in accordance with the provisions of this Section 3.2, then the Extension Option shall terminate, and shall be null and void and of no further force and effect. If this Lease or Tenant’s right to possession of the Premises shall terminate in any manner whatsoever before Tenant shall exercise the Extension Option, or if Tenant shall have assigned or transferred any interest in this Lease or sublet any part of the Premises (except pursuant to a Permitted Transfer, as defined below), then immediately upon such termination, assignment, transfer or sublease, the Extension Option shall simultaneously terminate and become null and voidTerm”. Time is of the essence Essence in exercising the renewal option. Failure to exercise an option on or before the required date and in strict compliance with regard to this Section 3.2section, terminates that option and any other unexercised options.
Appears in 1 contract
Options to Extend Term. Tenant shall have two (2) options (each an “"Extension Option“") to extend the Term of this Lease for a period of five (5) years each (each an “"Extension Period“"), on the same terms and conditions in effect under this Lease immediately prior to the commencement of the Extension Period, except that (a) Tenant shall have no further right to extend the Term of this Lease after the second Extension Period, (b) the Base Rent payable during the Extension Period shall be an amount equal to Base Rent in effect immediately prior to the Extension Period, increased by two the greater of 75% of the U.S. Consumer Price Index ("CPI") or three and one-half quarter percent (2.53.25%) on an annual basis. If Tenant exercises an Extension Option, such Extension Option shall apply to the entire Premises (and no less than the entire Premises). Tenant may exercise an Extension Option only by giving Landlord irrevocable and unconditional written notice thereof (the “"Extension Notice“") not later than twelve (12) months prior to the commencement date of the Extension Period. Upon delivery of the Extension Notice, Tenant shall be irrevocably bound to lease the Premises for the Extension Period. Notwithstanding the foregoing, Tenant shall not have the right to exercise an Extension 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; (b) at any time after any Default (provided, however, that, for purposes of this Section 3.2, 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 defaulted in the performance of its obligations under this Lease two (2) or more times during the twelve (12)-month period immediately prior to the date that Tenant intends to exercise an Extension Option, and such defaults were not cured within the applicable cure period. If Tenant shall fail to timely exercise the Extension Option in accordance with the provisions of this Section 3.2, then the Extension Option shall terminate, and shall be null and void and of no further force and effect. If this Lease or Tenant’s 's right to possession of the Premises shall terminate in any manner whatsoever before Tenant shall exercise the Extension Option, or if Tenant shall have assigned or transferred any interest in this Lease or sublet any part of the Premises (except pursuant to a Permitted Transfer, as defined below), then immediately upon such termination, assignment, transfer or sublease, the Extension Option shall simultaneously terminate and become null and void. Time is of the essence with regard to this Section 3.2.
Appears in 1 contract
Samples: Lease Agreement (Innovative Industrial Properties Inc)
Options to Extend Term. Tenant shall have two (2) options (each an “Extension Option“) to extend the Term term of this Lease Lease, each for a period of five (5) years each year period (each an “Extension "Option Period“"), on provided (a) Tenant shall give notice to Landlord of its exercise of an option not less than nine (9) months prior to the same terms and conditions expiration of the Lease Term or the first Option Period, as the case may be, (b) no default beyond any applicable grace period in effect the obligations of Tenant under this Lease immediately prior to shall exist at the commencement 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 Extension Period, terms and provisions of this Lease shall be applicable during each Option Period except that (a) Tenant shall have no further right option to extend the Term term of this Lease after beyond the second Extension Period, Option Period and (b) the Base Rent payable during the Extension for each Option Period shall be an amount equal to the greater of (i) the Base Rent in effect immediately prior to for the Extension last year of the Lease Term or the first Option Period, increased by two 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 one-half percent 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 (2.5%30) on an annual basisdays after Tenant's written request, therefor (such request to be made no earlier than one (1) year before such Option Period). If Tenant exercises an Extension Option, such Extension Option shall apply to the entire Premises (and no less than the entire Premises). Tenant may exercise an Extension Option only by giving Landlord irrevocable and unconditional written notice thereof (the “Extension Notice“) not later than twelve (12) months prior to the commencement date of the Extension Period. Upon delivery of the Extension Notice, Tenant shall be irrevocably bound to lease the Premises for the Extension Period. Notwithstanding the foregoing, Tenant shall not have the right to previously designated Market Rent, after Tenant shall exercise an Extension option to extend for 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; (b) at any time after any Default (provided, however, that, for purposes of this Section 3.2Period, Landlord shall not be required to provide Tenant with notice initially designate Market Rent and shall furnish data in support 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 defaulted in the performance of its obligations under this Lease two (2) or more times during the twelve (12)-month period immediately prior to the date that Tenant intends to exercise an Extension Option, and such defaults were not cured within the applicable cure perioddesignation. 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 Premises. If within fourteen (14) days after Tenant's notice the parties shall agree upon a single arbitrator or if one party shall fail to timely exercise select an arbitrator, the Extension Option in accordance with arbitrator selected by the provisions of this Section 3.2, then other shall be the Extension Option shall terminatesole arbitrator, and Market Rent shall be null and void and of no further force and effectdetermined by such arbitrator. If this Lease or Tenant’s right to possession The unanimous written decision of the Premises two first chosen (or the decision of the first, if a second arbitrator is not chosen) without selection and participation of a third arbitrator, or otherwise the written decision of a majority of the three arbitrators chosen and selected as provided herein, shall terminate in any manner whatsoever before be conclusive and binding upon Landlord and Tenant. Landlord and Tenant shall exercise each notify the Extension Optionother of its chosen arbitrator within fourteen (14) days following the call for arbitration, and, unless such two arbitrators shall have either reached a unanimous decision within thirty (30) days after their designation or jointly selected a third arbitrator, they shall so notify the then President of the local Real Estate Board and request him to select an impartial third arbitrator to act hereunder, or if such individual does not exist or is unavailable, then they shall apply to a court of competent jurisdiction to select an impartial third arbitrator. Such third arbitrator and the first two chosen shall hear the parties and their evidence and render their decision within thirty (30) days following the conclusion of such hearing and notify Landlord and Tenant thereof. Landlord and Tenant shall have assigned or transferred any interest in this Lease or sublet any part bear the expense of the Premises third arbitrator (except pursuant if any) equally. If the dispute between 4 the parties as to a Permitted TransferMarket Rent shall not have been resolved before the commencement of Tenant's obligation to pay rent based upon Market Rent, then Tenant shall pay rent based upon the Market Rent designated by Landlord until either the agreement of the parties as to the Market Rent or the decision of the arbitrators, as defined below)the case may be, then immediately upon such termination, assignment, transfer at which time Tenant shall pay any underpayment of rent to Landlord or sublease, the Extension Option Landlord shall simultaneously terminate and become null and void. Time is refund any overpayment of the essence with regard rent to this Section 3.2Tenant.
Appears in 1 contract
Samples: Industrial Real Estate Lease (Petco Animal Supplies Inc)
Options to Extend Term. Subject to the remaining provisions of ---------------------- this Paragraph 2.3 and Paragraph 3.7 below, Tenant shall have two (2) options (each such option herein called an “Extension "Option“") to extend the Term of this Lease for a period of five (5) years each (each such five year period herein called an “Extension Period“"Extended Term"). Each Option shall be exercised by Tenant, on the same terms and conditions in effect under this Lease immediately if at all, by delivery to Landlord of notice of such election to extend no later than three hundred sixty five (365) days prior to the commencement of the Extension Period, except that (a) Tenant shall have no further right to extend the Term of this Lease after the second Extension Period, (b) the Base Rent payable during the Extension Period shall be an amount equal to Base Rent in effect immediately prior to the Extension Period, increased by two and one-half percent (2.5%) on an annual basis. If Tenant exercises an Extension Option, such Extension Option shall apply to the entire Premises (and no less than the entire Premises). Tenant may exercise an Extension Option only by giving Landlord irrevocable and unconditional written notice thereof (the “Extension Notice“) not later than twelve (12) months prior to the commencement then scheduled expiration date of the Extension Period. Upon delivery of the Extension Notice, Tenant shall be irrevocably bound to lease the Premises for the Extension Period. Notwithstanding the foregoing, Tenant shall not have the right to exercise an Extension 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; (b) at any time after any Default (provided, however, that, for purposes of this Section 3.2, 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 defaulted in the performance of its obligations under this Lease two (2) or more times during the twelve (12)-month period immediately prior to the date that Tenant intends to exercise an Extension Option, and such defaults were not cured within the applicable cure period. If Tenant shall fail to timely exercise the Extension Option in accordance with the provisions of this Section 3.2, then the Extension Option shall terminate, and shall be null and void and of no further force and effect. If this Lease or Tenant’s right to possession of the Premises shall terminate in any manner whatsoever before Tenant shall exercise the Extension Option, or if Tenant shall have assigned or transferred any interest in this Lease or sublet any part of the Premises (except pursuant to a Permitted Transfer, as defined below), then immediately upon such termination, assignment, transfer or sublease, the Extension Option shall simultaneously terminate and become null and voidTerm. Time is of the essence with regard respect to the date of exercise of each Option. Any exercise by Tenant of an Option, once made, shall be irrevocable, and Tenant shall have no right to rescind or revoke such Option exercise. At Landlord's sole and absolute election, to be exercised if at all by delivery of notice to Tenant that the Option exercise is invalid by the date which is no more than ninety (90) days after Tenant delivers notice to Landlord that Tenant is exercising the Option, a purported exercise by Tenant of an Option shall have no force or effect if: (a) an Event of Default exists at the time of the purported Option exercise, (b) Tenant is attempting to exercise the second Option, but the first Option has not been exercised, or (c) two or more Events of Default have occurred within the three (3) year period of time immediately preceding Tenant's purported exercise of the Option. Each Extended Term shall be upon all of the terms and conditions of this Section 3.2Lease, except that the monthly Base Rent for such Extended Term shall be determined in accordance with Paragraph 3.7, and except that in no event shall there be more than the two Extended Terms provided in this Paragraph 2.3 (i.e., the Term shall not be extended to exceed an aggregate of twenty (20) years from the Rent Commencement Date). Upon commencement of any Extended Term, all references herein to the "Term" of this Lease shall be deemed to include such Extended Term.
Appears in 1 contract
Samples: Lease (Rambus Inc)
Options to Extend Term. Tenant TENANT shall have two (2) options (each and is hereby given and granted an “Extension Option“) option to extend the Term term of this Lease for a period of five (5) years each (each an “Extension Period“)commencing November 1, on 2004, which option may be exercised by TENANT, if TENANT is not in default hereunder, by the same terms and conditions in effect under this Lease immediately prior to the commencement giving of the Extension Period, except that (a) Tenant shall have no further right to extend the Term of this Lease after the second Extension Period, (b) the Base Rent payable during the Extension Period shall be an amount equal to Base Rent in effect immediately prior to the Extension Period, increased by two and one-half percent (2.5%) on an annual basis. If Tenant exercises an Extension Option, such Extension Option shall apply to the entire Premises (and no less than the entire Premises). Tenant may exercise an Extension Option only by giving Landlord irrevocable and unconditional written notice thereof (the “Extension Notice“) of such election to LANDLORD not later less than twelve (12) months prior to the commencement date expiration of this Lease. In case said option is exercised, the Extension Period. Upon delivery of the Extension Noticesame terms, Tenant shall be irrevocably bound to lease the Premises for the Extension Period. Notwithstanding the foregoingconditions, Tenant shall not have the right to exercise an Extension Option (a) during the time commencing from the date Landlord delivers to Tenant a written notice that Tenant is in default under any covenants and provisions of this Lease and continuing until Tenant has cured applicable to the specified default; original five (b5) at any time after any Default (providedyear term shall apply to the extended term, howeverincluding, thatwithout limitation, for purposes the rental adjustment provisions of Section I-B of this Lease. In addition, the insurance amounts referenced in Section 3.2, Landlord V-B shall not be increased by such amount as LANDLORD and TENANT agree is required to provide Tenant properly protect LANDLORD from liability arising out of TENANT'S use of the Leased Premises. If LANDLORD and TENANT shall be unable to agree upon the amount of increase in required liability insurance coverage, then the matter shall be resolved through mediation proceedings to be held in Evansville, Indiana, with each party paying one-half (1/2) of the cost thereof. If TENANT shall have exercised the option granted by the preceding grammatical paragraph, then TENANT shall have, and is hereby given and granted, an additional option to extend the term of this Lease for a period of five (5) years commencing November 1, 2009, which option may be exercised by TENANT, if TENANT is not in default hereunder, by giving written notice of such Default) and continuing until Tenant cures any such Default, if such Default is susceptible election to being cured; or (c) in the event that Tenant has defaulted in the performance of its obligations under this Lease two (2) or more times during the LANDLORD not less than twelve (12)-month period immediately 12) months prior to the date that Tenant intends to exercise an Extension Optionexpiration of the first (1st) five (5) year extended term of this Lease. In case such option is exercised, the same terms, conditions, covenants and such defaults were not cured within the applicable cure period. If Tenant shall fail to timely exercise the Extension Option in accordance with the provisions of this Lease applicable during the first (1st) five (5) year extended term shall apply to the second (2nd) five (5) year extended term, including, without limitation, the rental payable pursuant to the Exhibit (10.3)-p 8 provisions of Section 3.2I-C of this Lease. In addition, the insurance amounts referenced in Section V-B shall be increased by such amount as LANDLORD and TENANT agree is required to properly protect LANDLORD from liability arising out of TENANT'S use of the Leased Premises. If LANDLORD and TENANT shall be unable to agree upon the amount of increase in required liability insurance coverage, then the Extension Option shall terminate, and matter shall be null and void and of no further force and effect. If this Lease or Tenant’s right resolved through mediation proceedings to possession be held in Evansville, Indiana, with each party paying one-half (1/2) of the Premises shall terminate in any manner whatsoever before Tenant shall exercise the Extension Option, or if Tenant shall have assigned or transferred any interest in this Lease or sublet any part of the Premises (except pursuant to a Permitted Transfer, as defined below), then immediately upon such termination, assignment, transfer or sublease, the Extension Option shall simultaneously terminate and become null and void. Time is of the essence with regard to this Section 3.2cost thereof.
Appears in 1 contract
Samples: Champion Industries Inc
Options to Extend Term. Provided Tenant shall have two (2) options (each an “Extension Option“) to extend the Term is not in default of any terms and conditions of this Lease for a period at the time of five (5notifying Landlord of its intent to exercise an option and at all times thereafter until such option term commences, Tenant may exercise the option(s) years each (each an “Extension Period“set forth in Section 1(H), on . Each renewal option shall be at the same terms and conditions of this Lease, except that GMMR shall be adjusted (i) pursuant to Section 4(A)(IV), or (ii) to the then current fair market rental rate, whichever is higher. If the parties cannot agree upon the fair market rental rate within fifteen (15) days after Tenant’s notice to Landlord of its intent to exercise an option, then the fair market rental rate shall be determined by an independent appraiser appointed by Landlord and reasonably acceptable to Tenant, whose decision in effect under this Lease immediately matter shall be final, conclusive and binding. If Landlord and Tenant are unable to agree on a single appraiser within ten (10) days after demand by either party, then each party shall select its own appraiser within ten (10) days thereafter and the two such appraisers shall mutually select a third appraiser within ten (10) days after the second of such appraisers is chosen. The average of the two appraisals closest in amount shall be final, conclusive and binding. Each party shall bear the cost of its own appraiser, and the parties shall share equally the cost of a single or a third appraiser, as applicable. Each appraiser shall have at least five (5) years’ experience in the appraisal of commercial real property and shall be a member of professional organization such as MAI or an equivalent. Written notice to Landlord of Tenant’s desire to exercise an option to renew must be received by Landlord no earlier than one hundred eighty (180) days and no later than ninety (90) days prior to the commencement expiration of the Extension Periodthen current term of this Lease. If Landlord does not receive Tenant’s written unconditional notice of its intent to exercise an option within such ninety (90) day period, except that (a) Tenant all options hereunder shall have immediately terminate, and there shall be no further right to extend the Term of this Lease after the second Extension Period, (b) the Base Rent payable during the Extension Period Term. Each option to extend shall be an amount equal to Base Rent in effect immediately prior personal to the Extension Period, increased by two and one-half percent (2.5%) on an annual basis. If Tenant exercises an Extension Option, such Extension Option shall apply to the entire Premises (and no less than the entire Premises). Tenant may exercise an Extension Option only by giving Landlord irrevocable and unconditional written notice thereof (the “Extension Notice“) not later than twelve (12) months prior to the commencement date of the Extension Period. Upon delivery of the Extension Notice, Tenant shall be irrevocably bound to lease the Premises for the Extension Period. Notwithstanding the foregoing, Tenant shall not have the right to exercise an Extension 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; (b) at any time after any Default (provided, however, that, for purposes of this Section 3.2, 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 defaulted in the performance of its obligations under this Lease two (2) or more times during the twelve (12)-month period immediately prior to the date that Tenant intends to exercise an Extension Option, and such defaults were not cured within the applicable cure period. If Tenant shall fail to timely exercise the Extension Option in accordance with the provisions of this Section 3.2, then the Extension Option shall terminatetenant first named herein, and shall be null and void and not apply to or for the benefit of no further force and effect. If this Lease any assignee or Tenant’s right to possession subtenant of the Premises shall terminate in any manner whatsoever before Tenant shall exercise the Extension Option, or if Tenant shall have assigned or transferred any interest in this Lease or sublet any part of the Premises (except pursuant to a Permitted Transfer, as defined below), then immediately upon such termination, assignment, transfer or sublease, the Extension Option shall simultaneously terminate and become null and void. Time is of the essence with regard to this Section 3.2initial tenant.
Appears in 1 contract
Samples: Center Shop Lease (Body & Mind Inc.)
Options to Extend Term. Tenant is given the option to extend the Initial Terms, respectively, as set forth herein, on all of the provisions contained herein by giving notice of exercise (the "Option Notice") to Landlord not more than 360 days and not less than 270 days before the Expiration of the respective Initial Terms or Extended Terms of the Lease. Tenant shall have two 5-year extension options for the Bank Branch and three 5-year options for the rest of the Building (2) options (each an “Extension Option“) respectively "Option Terms"). As for the rest of the Building, Tenant may exercise its option to extend the Term of this Lease term for a period of five (5) years each (each an “Extension Period“), on the same terms and conditions in effect under this Lease immediately prior to the commencement some or all of the Extension PeriodRentable Area in increments as set forth below, except at Tenant's sole discretion, provided that (a) if Tenant shall have no further right has previously returned any of such Rentable Area to extend the Term of this Lease after the second Extension Period, (b) the Base Rent payable during the Extension Period shall be an amount equal to Base Rent in effect immediately prior to the Extension Period, increased by two and one-half percent (2.5%) on an annual basis. If Tenant exercises an Extension Option, such Extension Option shall apply to the entire Premises (and no less than the entire Premises). Tenant may exercise an Extension Option only by giving Landlord irrevocable and unconditional written notice thereof (the “Extension Notice“) not later than twelve (12) months prior to the commencement date of the Extension Period. Upon delivery of the Extension NoticeLandlord, Tenant shall be irrevocably bound deemed to lease the Premises for the Extension Period. Notwithstanding the foregoing, Tenant shall not have the surrendered its right to relet such space pursuant to the options contained herein. In determining the portions of the second and third floors of the Building as to which Tenant may exercise an Extension Option its option, such portion (a) during the time commencing from the date may not be less than 2,500 square feet of Rentable Area or such other amount as may be agreed to by both Landlord delivers to and Tenant a written notice that Tenant is in default under any provisions of this Lease and continuing until Tenant has cured the specified defaultwriting; (b) at must not leave less than 2,500 square feet of Rentable Area on any time after floor of the Building, or such other amount as may be agreed to by both Landlord and Tenant in writing; (c) must be contiguous to any Default other portion leased on the same floor; (providedd) must leave a remainder on any floor which is, and must itself be, in compliance with all applicable building and fire codes, governmental laws, regulations or restrictions; and (e) may not be split between the second and third floors unless all of one of those floors is leased by Tenant. Provided, however, that, for purposes of this Section 3.2, 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 defaulted in the performance of its obligations under this Lease two (2) or more times during the twelve (12)-month period immediately prior respect to the date that first floor of the Building, Tenant intends to may only exercise an Extension Option, and such defaults were not cured within its option for either the applicable cure periodBank Branch or the entire first floor. If Tenant shall fail is in default on the date of giving the Option Notice beyond any time to timely exercise cure such default allowed by statute or created under this Lease, whichever is greater ("Cure Period"), the Extension Option in accordance with the provisions of this Section 3.2, then the Extension Option shall terminate, and Notice shall be null and void and of no further force and effect. If this Lease or Tenant’s right to possession of the Premises shall terminate in any manner whatsoever before Tenant shall exercise the Extension Optiontotally ineffective, or if Tenant is in default beyond any Cure Period on the date the Extended Term is to commence and does not cure the default within the Cure Period, the Extended Term shall have assigned or transferred any interest in not commence and this Lease or sublet any part shall expire at the end of the Premises (except pursuant to a Permitted Transfer, as defined below), then immediately upon such termination, assignment, transfer Initial Term or sublease, Extended Term if the Extension Option shall simultaneously terminate and become null and void. Time is of the essence with regard to this Section 3.2Term has been previously extended.
Appears in 1 contract
Samples: Office Lease (Community Bancorp Inc)
Options to Extend Term. Landlord hereby grants to Tenant shall have the right to extend the term of this Lease (the "Extension Option") for one (1) additional term of ten (10) years followed by two (2) options (each an “Extension Option“) to extend the Term of this Lease for a period additional successive terms of five (5) years each by giving Landlord written notice of its intention so to do in each instance at least one (each an “Extension Period“), on 1) year (but not more than two years) prior to the expiration of the then-current term. The term as so extended shall be upon the same terms and conditions as set forth in effect under this Lease immediately prior to the commencement of the Extension PeriodLease, except that (a) the Fixed Rent during the extended term shall be determined in the manner provided in Paragraph 3.2, below. Should Tenant in any instance fail to give timely written notice of its intention to exercise its option to extend the term, Tenant shall be deemed to have no further elected not to exercise its said right to extend the Term term, and this Lease shall expire in accordance with its terms. Time is of the essence with respect to the requirement that Tenant give timely notice of its election to exercise its right to extend the term, and Tenant's failure timely to exercise any option shall constitute a material, irredeemable and incurable failure to satisfy a condition precedent to the vesting of such right, and Tenant hereby expressly waives any right to claim relief from forfeiture, or any other equitable relief, from the consequences of any untimely exercise of its right to extend the term of this Lease. The implied covenant of good faith and fair dealing under this Lease after shall not be construed to impose upon Landlord any obligation to notify Tenant in advance of the second Extension Periodimpending deadline for the exercise of any option, (b) nor shall it obligate Landlord to excuse the Base Rent payable during the Extension Period shall be an amount equal to Base Rent in effect immediately prior tardy exercise of any option, however slight. Notwithstanding anything to the Extension Period, increased by two and one-half percent (2.5%) on an annual basis. If Tenant exercises an Extension Option, such Extension Option shall apply to the entire Premises (and no less than the entire Premises). Tenant may exercise an Extension Option only by giving Landlord irrevocable and unconditional written notice thereof (the “Extension Notice“) not later than twelve (12) months prior to the commencement date of the Extension Period. Upon delivery of the Extension Notice, Tenant shall be irrevocably bound to lease the Premises for the Extension Period. Notwithstanding the foregoingcontrary set forth above, Tenant shall not have the right to exercise an Extension Option any option to extend the term of this Lease (ai) during the time commencing from the date Landlord delivers to gives Tenant a written notice that Tenant is in default under any provisions material provision of this Lease and continuing until the default described in said notice is cured, (ii) during the period of time commencing on the day after a monetary obligation to Landlord is due from Tenant has cured and unpaid and continuing until the specified default; obligation is paid, or (biii) at as to the second and third Extension Options, if the prior options were not timely exercised. The period of time within which any time after any Default (provided, however, that, for purposes of this Section 3.2, Landlord option may be exercised shall not be required extended or enlarged by reason of Tenant's inability to provide Tenant with notice of exercise 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 defaulted in the performance of its obligations under this Lease two (2) or more times during the twelve (12)-month period immediately option prior to satisfaction of the date that foregoing conditions precedent. The Extension Option may not be exercised or assigned involuntarily by or to any person or entity other than Tenant intends to exercise an Extension Optionexcept as provided in Article 17, and such defaults were not cured within the applicable cure period. If Tenant nor shall fail to timely exercise the Extension Option in accordance with the provisions of be assignable apart from this Section 3.2, then the Extension Option shall terminate, and shall be null and void and of no further force and effect. If this Lease or Tenant’s right to possession of the Premises shall terminate in any manner whatsoever before Tenant shall exercise the Extension Option, or if Tenant shall have assigned or transferred any interest in this Lease or sublet any part of the Premises (except pursuant to a Permitted Transfer, as defined below), then immediately upon such termination, assignment, transfer or sublease, the Extension Option shall simultaneously terminate and become null and void. Time is of the essence with regard to this Section 3.2Lease.
Appears in 1 contract
Samples: Supplemental Agreement (Eagle Hardware & Garden Inc/Wa/)
Options to Extend Term. Tenant shall have two (2) options (each an “Extension Option“) to extend the Term of this Lease for a period of five (5) years each (each an “Extension Period“), on the same terms and conditions in effect under this Lease immediately prior to the commencement of the Extension Period, except that (a) Tenant shall have no further right to extend the Term of this Lease after the second Extension Period, (b) the Base Rent payable during the Extension Period shall be an amount equal to Base Rent in effect immediately prior to the Extension Period, increased by two three and one-half percent (2.53.5%) on an annual basis. If Tenant exercises an Extension Option, such Extension Option shall apply to the entire Premises (and no less than the entire Premises). Tenant may exercise an Extension Option only by giving Landlord irrevocable and unconditional written notice thereof (the “Extension Notice“) not later than twelve (12) months prior to the commencement date of the Extension Period. Upon delivery of the Extension Notice, Tenant shall be irrevocably bound to lease the Premises for the Extension Period. Notwithstanding the foregoing, Tenant shall not have the right to exercise an Extension 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; (b) at any time after any Default (provided, however, that, for purposes of this Section 3.2, 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 defaulted in the performance of its obligations under this Lease two (2) or more times during the twelve (12)-month period immediately prior to the date that Tenant intends to exercise an Extension Option, and such defaults were not cured within the applicable cure period. If Tenant shall fail to timely exercise the Extension Option in accordance with the provisions of this Section 3.2, then the Extension Option shall terminate, and shall be null and void and of no further force and effect. If this Lease or Tenant’s right to possession of the Premises shall terminate in any manner whatsoever before Tenant shall exercise the Extension Option, or if Tenant shall have assigned or transferred any interest in this Lease or sublet any part of the Premises (except pursuant to a Permitted Transfer, as defined below), then immediately upon such termination, assignment, transfer or sublease, the Extension Option shall simultaneously terminate and become null and void. Time is of the essence with regard to this Section 3.2.
Appears in 1 contract
Samples: Lease Agreement (Innovative Industrial Properties Inc)
Options to Extend Term. Tenant shall have two (2) options (each an “Extension Option“) to extend the Term of this Lease for a period of five (5) years each (each an “Extension Period“), on the same terms and conditions in effect under this Lease immediately prior to the commencement of the Extension Period, except that (a) Tenant shall have no further right to extend the Term of this Lease after the second Extension Period, (b) the Base Rent payable during the Extension Period shall be an amount equal to Base Rent in effect immediately prior to the Extension Period, increased by two and one-half three percent (2.53.0%) on an annual basis. If Tenant exercises an Extension Option, such Extension Option shall apply to the entire Premises (and no less than the entire Premises). Tenant may exercise an Extension Option only by giving Landlord irrevocable and unconditional written notice thereof (the “Extension Notice“) not later than twelve (12) months prior to the commencement date of the Extension Period. Upon delivery of the Extension Notice, Tenant shall be irrevocably bound to lease the Premises for the Extension Period. Notwithstanding the foregoing, Tenant shall not have the right to exercise an Extension 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; (b) at any time after any Default (provided, however, that, for purposes of this Section 3.2, 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 defaulted in the performance of its obligations under this Lease two (2) or more times during the twelve (12)-month period immediately prior to the date that Tenant intends to exercise an Extension Option, and such defaults were not cured within the applicable cure period. If Tenant shall fail to timely exercise the Extension Option in accordance with the provisions of this Section 3.2, then the Extension Option shall terminate, and shall be null and void and of no further force and effect. If this Lease or Tenant’s right to possession of the Premises shall terminate in any manner whatsoever before Tenant shall exercise the Extension Option, or if Tenant shall have assigned or transferred any interest in this Lease or sublet any part of the Premises (except pursuant to a Permitted Transfer, as defined below), then immediately upon such termination, assignment, transfer or sublease, the Extension Option shall simultaneously terminate and become null and void. Time is of the essence with regard to this Section 3.2.
Appears in 1 contract
Samples: Lease Agreement (Innovative Industrial Properties Inc)
Options to Extend Term. Tenant shall have two Subject to the terms of this Section 3.3, Lessor hereby grants Lessee six (26) options (each an “Extension each, a "Renewal Option“," and collectively, the "Renewal Options") to extend the Term of this Lease for a period EXHIBIT 10.27 successive periods of five ten (510) years each beyond the Expiration Date (each an “Extension Period“each, a "Renewal Term," and collectively, the "Renewal Terms"). The Renewal Options shall be personal to and may only be exercised by Lessee, any Person to whom Lessee assigns its entire right, title and interest in and to this Lease pursuant to Section 13.1 below (but specifically excluding any sublessee), on any Lender who acquires and succeeds to the same terms and conditions in effect interest of Lessee under this Lease immediately prior by virtue of any foreclosure sale, whether the foreclosure sale is conducted pursuant to court order or pursuant to a power of sale contained in a Leasehold Mortgage, or by assignment or other conveyance in lieu of foreclosure, and any transferee or other successor or assign of such Lender; provided, however, that each Specific Parcel Lease shall contain renewal options with terms identical to those set forth in this Section 3.3. The Renewal Options shall be effective only if no Material Default has occurred and is continuing (taking into account all applicable grace or cure periods) hereunder, either at the time of exercise of the respective Renewal Option or at the time of commencement of the Extension Period, except that (a) Tenant shall have no further right to extend the Term of this Lease after respective Renewal Term. Each Renewal Option commencing with the second Extension Period, (b2nd) the Base Rent payable during the Extension Period Renewal Option shall be an amount equal to Base Rent in effect immediately effective only if Lessee has validly exercised all prior to the Extension Period, increased by two and one-half percent (2.5%) on an annual basis. If Tenant exercises an Extension Option, such Extension Option shall apply to the entire Premises (and no less than the entire PremisesRenewal Option(s). Tenant may exercise an Extension Option only The Renewal Options must be exercised, if at all, by giving Landlord irrevocable and unconditional written notice thereof (the “Extension each, an "Election Notice“") from Lessee to Lessor given not later more than twenty- four (24) months nor less than twelve (12) months prior to the commencement date then-current Expiration Date, subject to the provisions of Section 17.3. Any such Election Notice given by Lessee to Lessor shall be irrevocable. If Lessee fails to exercise a Renewal Option in a timely manner as provided for above, the Renewal Option shall be void. The Renewal Terms shall be upon the same terms and conditions as the initial Term, except that the Annual Base Rent shall be adjusted effective as of the Extension Period. Upon delivery commencement of the Extension Notice, Tenant shall be irrevocably bound to lease the Premises for the Extension Period. Notwithstanding the foregoing, Tenant shall not have the right to exercise an Extension Option first (a1st) Renewal Term and every five (5) years thereafter 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 such Renewal Term and continuing until Tenant has cured the specified default; (b) at any time after any Default (provided, however, that, for purposes of this Section 3.2, Landlord shall not be required to provide Tenant with notice of such Default) and continuing until Tenant cures any such Defaultall subsequent Renewal Terms, if such Default is susceptible to being cured; or (c) in the event that Tenant has defaulted in the performance of its obligations under this Lease two (2) or more times during the twelve (12)-month period immediately prior to the date that Tenant intends to exercise an Extension Optionany, and such defaults were not cured within the applicable cure period. If Tenant shall fail to timely exercise the Extension Option in accordance with the provisions of this procedure set forth in Section 3.2, then the Extension Option shall terminate, and shall be null and void and of no further force and effect. If this Lease or Tenant’s right to possession of the Premises shall terminate in any manner whatsoever before Tenant shall exercise the Extension Option, or if Tenant shall have assigned or transferred any interest in this Lease or sublet any part of the Premises (except pursuant to a Permitted Transfer, as defined 4.1(b) below), then immediately upon such termination, assignment, transfer or sublease, the Extension Option shall simultaneously terminate and become null and void. Time is of the essence with regard to this Section 3.2.
Appears in 1 contract
Samples: Equinix Inc
Options to Extend Term. Tenant shall have two (2) options (each an “Extension Option“) to may extend the Term original term of this Lease for a period four (4) separate, consecutive additional periods of five (5) years each (each an “Extension Period“"Option Periods"), on the same terms and conditions set forth herein, except that the Base Rent due for each Option Period so exercised shall be determined in effect under this Lease immediately accordance with Section 3.06 and the number of Option Periods remaining to be exercised shall, in each case, be reduced by one. Tenant may exercise such options by notifying Landlord in writing not less than three hundred sixty (360) days prior to the commencement expiration of the Extension initial Lease Term, or the then current Option Period, except that (a) as the case may be. Should Tenant neglect to timely exercise any option, Xxxxxx's right to exercise shall not expire until after notice from Landlord of Tenant's failure to timely exercise the option. If Landlord does so notify Tenant, Tenant shall have no further the right at any time within fifteen (15) days after such notice to notify Landlord in writing of either Xxxxxx's unqualified and irrevocable exercise of its option to extend, or Tenant's unqualified and irrevocable waiver of its option to extend. If Tenant fails to respond within such fifteen (15) day period, Tenant shall conclusively be deemed to have waived its right and option to extend the Term, and this Lease shall terminate on the then expiration date of the Term. If Tenant notifies Landlord that it exercises its option to extend, such notice shall constitute Tenant's unqualified and irrevocable exercise of its option to extend the Term of this Lease after the second Extension Period, (b) the Base Rent payable during the Extension Period shall be an amount equal to Base Rent in effect immediately prior to the Extension Period, increased by two and one-half percent (2.5%) on an annual basis. If Tenant exercises an Extension Option, such Extension Option shall apply to the entire Premises (and no less than the entire Premises). Tenant may exercise an Extension Option only by giving Landlord irrevocable and unconditional written notice thereof (the “Extension Notice“) not later than twelve (12) months prior to the commencement date of the Extension Period. Upon delivery of the Extension Notice, Tenant shall be irrevocably bound to lease the Premises for the Extension Period. Notwithstanding the foregoing, Tenant shall not have the right to exercise an Extension applicable 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; (b) at any time after any Default (provided, however, that, for purposes of this Section 3.2, 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 defaulted in the performance of its obligations under this Lease two (2) or more times during the twelve (12)-month period immediately prior to the date that Tenant intends to exercise an Extension Option, and such defaults were not cured within the applicable cure period. If Tenant shall fail to timely exercise the Extension Option in accordance with the provisions of this Section 3.2, then the Extension Option shall terminate, and shall be null and void and of no further force and effect. If this Lease or Tenant’s right to possession of the Premises shall terminate in any manner whatsoever before Tenant shall exercise the Extension Option, or if Tenant shall have assigned or transferred any interest in this Lease or sublet any part of the Premises (except pursuant to a Permitted Transfer, as defined below), then immediately upon such termination, assignment, transfer or sublease, the Extension Option shall simultaneously terminate and become null and void. Time is of the essence with regard to this Section 3.2Period provided herein.
Appears in 1 contract
Options to Extend Term. Landlord hereby grants to Tenant shall have two (2) options (each Individually referred to hereinafter as an “Extension "Option“" and collectively referred to hereinafter as the "Options") to extend the Term term of this Lease for a period additional consecutive terms of five (5) years each and zero (0) months (each is called an “Extension Period“"Extension"), on the same terms and conditions as set forth in effect under this Lease immediately prior to the commencement of the Extension PeriodLease, except that (a) the Basic Annual Rent shall be the amount determined as set forth below. Tenant shall have the opportunity to exercise the initial Option with respect to only four (4) contiguous floors of the Premises. The second Option shall be exercised only with respect to the Premises so leased during the first Extension. Each Option shall be exercised only by written notice delivered to Landlord at least two hundred seventy (270) days before the expiration of the initial term of this Lease or the immediately preceding Extension ("Exercise Date"), as the case may be. If Tenant fails to deliver to Landlord written notice of the exercise of the Option within the time period prescribed above, such Option and any succeeding Options shall lapse, and there shall be no further right to extend the Term term of this Lease after the second Extension Period, (b) the Base Rent payable during the Extension Period Lease. Each Option shall be an amount equal to Base Rent in effect immediately prior to exercisable by Tenant on the Extension Period, increased by two and one-half percent express conditions that (2.5%i) on an annual basis. If Tenant exercises an Extension at the time of the exercise of such Option, such Extension Option shall apply to the entire Premises (and no less than the entire Premises). Tenant may exercise an Extension Option only by giving Landlord irrevocable and unconditional written notice thereof (the “Extension Notice“) not later than twelve (12) months thereafter at all times prior to the commencement date of such Extension, a Tenant's Default shall not have occurred and be continuing under this Lease, and (ii) Tenant has not been ten (10) or more days late in the payment of Rent more than a total of nine (9) times during the term of this Lease. If Tenant property exercises an Option, "term", as used herein and in this Lease, shall be deemed to include the applicable Extension, unless specified otherwise herein. The Basic Annual Rent during each Extension shall be increased, as of the commencement of each Extension Period. Upon delivery (each is called a "Rental Adjustment Date") to ninety-five percent (95%) of the Extension Notice"Fair Market Value" of the Premises, determined in the following manner: Not later than ninety (90) days prior to any applicable Exercise Date, Tenant shall be irrevocably bound give written notice to lease Landlord of its preliminary interest in the applicable Option, and thereafter Landlord and Tenant shall meet in an effort to negotiate, in good faith, the Fair Market Value of the Premises for as of the Extension Periodapplicable Rental Adjustment Date. Notwithstanding If Landlord and Tenant have not agreed upon the foregoing, Tenant shall not have Fair Market Value of the right to exercise an Extension Option Premises at least eighty (a80) 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; (b) at any time after any Default (provided, however, that, for purposes of this Section 3.2, 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 defaulted in the performance of its obligations under this Lease two (2) or more times during the twelve (12)-month period immediately days prior to the date that Tenant intends to exercise an Extension Optionapplicable Exercise Date, and such defaults were not cured within the applicable cure period. If Tenant shall fail to timely exercise the Extension Option in accordance with the provisions of this Section 3.2, then the Extension Option shall terminate, and Fair Market Value shall be null and void and of no further force and effect. If this Lease or Tenant’s right to possession of determined by the Premises shall terminate in any manner whatsoever before Tenant shall exercise the Extension Option, or if Tenant shall have assigned or transferred any interest in this Lease or sublet any part of the Premises (except pursuant to a Permitted Transfer, as defined below), then immediately upon such termination, assignment, transfer or sublease, the Extension Option shall simultaneously terminate and become null and void. Time is of the essence with regard to this Section 3.2.following appraisal method:
Appears in 1 contract
Samples: Office Lease (MSC Software Corp)