Common use of Options to Extend Term Clause in Contracts

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. Landlord hereby grants to Tenant two options to may extend the original term of this Lease for four (each a “Renewal Option”)4) separate, each option being for a period consecutive additional periods of five (5) additional years each (each a “Renewal Term”) and each option being conditioned upon "Option Periods"), on the terms set forth in this Section 4.1. Each Renewal Option is exercisable only upon strict compliance with the terms and conditions set forth herein. If there is a default by , except that the Tenant prior to the start of the Renewal Term which default is not cured within the applicable notice and cure period, the Renewal Base Rent due for each 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 Period so exercised shall be void ab initio. The determined in accordance with Section 3.06 and the number of Option may Periods remaining to be exercised only shall, in each case, be reduced by written notice delivered one. Tenant may exercise such options by Tenant to notifying Landlord no later in writing not less than 12 months three hundred sixty (360) days prior to the expiration of the then current terminitial Lease Term, TIME IS OF THE ESSENCE. No Renewal Option may not be exercised more than eighteen (18) months prior to the end of or the then current Option Period, 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 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. The If Tenant notifies Landlord that it exercises its option to extend, such notice shall constitute Tenant's unqualified and irrevocable 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 option to extend 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 optionsOption Period provided herein.

Options to Extend Term. Landlord hereby grants to Tenant two options the right to extend the term of this Lease (each a “Renewal the "Extension Option”), each option being ") for a period one (1) additional term of ten (10) years followed by two (2) additional successive terms 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 giving 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 of its intention so to Landlord no later do in each instance at least one (1) year (but not more than 12 months two years) prior to the expiration of the then then-current term. The term as so extended shall be upon the same terms and conditions as set forth in this Lease, TIME IS OF THE ESSENCEexcept that the Fixed Rent during the extended term shall be determined in the manner provided in Paragraph 3.2, below. No Renewal 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 elected not to exercise its said right to extend the 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 shall not be construed to impose upon Landlord any obligation to notify Tenant in advance of the impending deadline for the exercise of any option, nor shall it obligate Landlord to excuse the tardy exercise of any option, however slight. Notwithstanding anything to the contrary set forth above, Tenant shall not have the right to exercise any option to extend the term of this Lease (i) during the time commencing from the date Landlord gives Tenant a written notice that Tenant is in default under any 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 and unpaid and continuing until the obligation is paid, or (iii) as to the second and third Extension Options, if the prior options were not timely exercised. The period of time within which any option may be exercised shall not be extended or enlarged by reason of Tenant's inability to exercise such option prior to satisfaction of the foregoing conditions precedent. The Extension Option may not be exercised more or assigned involuntarily by or to any person or entity other 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 ifexcept as provided in Article 17, 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 nor 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 Extension Option be on the same terms and conditions contained in assignable apart from 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 optionsLease.

Options to Extend Term. 40.1 Landlord hereby grants to Tenant two options the right to extend the term of this Lease for two (2) periods of three (3) years each a “Renewal Option”), each option being for a period of five (5) additional years (each a “Renewal Term”) under the same terms and each option being conditioned upon conditions existing in the terms original Lease except as set forth in this Section 4.1Article 40. Each Renewal Option is exercisable only upon strict compliance with Tenant shall exercise such right to extend the terms set forth herein. If there is a default by the Tenant prior to the start term 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 this Lease by written notice delivered by Tenant to Landlord given 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 six (186) 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 original term or the first extended term, as the case may only exercise its Renewal Option if, be. 40.2 Basic Annual Rent shall be increased on the date of delivery first day of the notice to Landlordextension term, 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) day of each year thereafter, pursuant to Section 6.1. 40.3 Tenant shall not have 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 right to exercise an option on to extend the term, notwithstanding anything set forth above to the contrary: (a) during the time commencing from the date Landlord gives to Tenant a written notice that Tenant is in default under any provision of this Lease and continuing until the default alleged in said notice is cured; or before (b) after the required expiration or earlier termination of this Lease. The period of time within which the option to extend may be exercised shall not be extended or enlarged by reason of the Tenant’s inability to exercise the option because of the foregoing provisions. At the election of Landlord, all rights of Tenant under the provisions of this Article 40 shall terminate and be of no further force or effect even after Tenant’s due and timely exercise of an option to extend if, after such exercise, but prior to the commencement of the extension term, (1) Tenant fails to pay to Landlord a monetary obligation of Tenant after such obligation becomes due for a period of forty-five (45) days after Landlord gives notice to Tenant of such default, or (2) Tenant fails to commence to cure a non-monetary default within forty-five (45) days after the date and in strict compliance with this section, terminates that option and any other unexercised optionsLandlord gives notice to Tenant of such default.

Options to Extend Term. Landlord Subject to the condition that Tenant shall not, at the time of exercise of the Extension Option (as defined below) or at the time of commencement of the Extension Term, be in default of any of the terms of this Lease for which notice has been received and the time for curing such default has expired, Tenant is hereby grants to Tenant two options granted the option (the “Extension Option”) to extend the term Initial Term for one (1) successive period of this Lease ten (each a 10) years (the “Renewal OptionExtension Term”), each option being for a period of five such Extension Term to commence (5if at all) additional years (each a “Renewal Term”) and each option being conditioned upon on 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 day following the expiration of the then current term, TIME IS OF THE ESSENCEInitial Term of this Lease. No Renewal Option may not be exercised more than Tenant must exercise the option to renew for the Extension Term by delivering irrevocable written notice of such election to Landlord at least eighteen (18) months prior to the end expiration of the then current Initial 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 Any such extension 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 upon the same terms and conditions contained in as this Lease except that (i) the monthly Base Rent during the Extension Term will be as set forth in Paragraph 3.1. In the event Tenant fails to timely exercise the Extension Option, Tenant’s right to extend this Lease for the Extension Term shall not be extinguished until Landlord delivers written notice to Tenant notifying Tenant that it has failed to timely exercise the monthly Base Rent as agreed between the parties for such period Extension Option 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 Tenant fails to exercise an option on or before the required date and in strict compliance with this section, terminates that option and any other unexercised optionsExtension Option by providing written notice to Landlord within thirty (30) days following Tenant’s receipt of Landlord’s notice.