Common use of Options to Extend Clause in Contracts

Options to Extend. Provided there exists no uncured Event of Default under any of this Lease, the Related Leases and the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII), Lessee will have the right to extend this Lease for two (2) periods of ten (10) years each (each such additional term shall be referred to herein as an "Extended Term"), commencing immediately following the end of the Initial Term or the immediately preceding Extended Term, as the case may be; provided, however, that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee shall not be entitled to exercise its option to extend this Lease for any Extended Term (and any such option to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all the Related Leases for the same period, as provided in Article XVIII of the Related Leases. The Lease during any Extended Term shall be on the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee shall give Landlord written notice ("Notice to Extend") not less than one hundred eighty (180) days prior to the expiration of the Initial Term or the immediately preceding Extended Term, as the case may be. If Lessee fails to give Lessor any such notice, then Lessor shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafter, Lessee shall be deemed to have elected not to extend this Lease and the Related Leases, such option to extend and all future options to extend granted in this Article XVIII or in the Related Leases shall be null and void and of no further force or effect.

Appears in 3 contracts

Samples: Lease And (LTC Healthcare Inc), Lease (LTC Healthcare Inc), Lease (LTC Healthcare Inc)

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Options to Extend. Provided there exists no uncured Event of Default under any of this Lease, the Related Leases and the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII), Lessee will a) Tenant shall have the right to extend this Lease for two (2) options to extend the Term of this Lease (the "Options to Extend") for successive periods of ten (10) years each (each such additional term shall be referred to herein as an the "Extended TermExtension Periods"), commencing immediately following subject to and on the end of terms set forth herein. Tenant may only exercise the Initial Term or Options to Extend with respect to the immediately preceding Extended Term, as entire Premises (including the case may be; provided, however, that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee Expansion Spaces). If Tenant shall not be entitled desire to exercise its option either Option to extend this Lease for any Extended Term (and any such option to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all the Related Leases for the same periodExtend, as provided in Article XVIII of the Related Leases. The Lease during any Extended Term shall be on the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee it shall give Landlord written a notice (the "Notice to ExtendInquiry Notice") of such desire not less later than twenty-one hundred eighty (18021) days months prior to the expiration of the Initial Term of this Lease or the immediately preceding Extended TermExtension Period, as the case may be. Thereafter, the Fair Market Rent (as defined in Subsection (b) below) for the applicable Extension Period shall be determined in accordance with Subsection (e) below. After the applicable Fair Market Rent has been so determined, Tenant may exercise each Option to Extend by giving Landlord written notice (the "Exercise Notice") of its election to do so not later than (x) the date by which Fair Market Rent has been determined pursuant to this Section 10.12 or (y) eighteen (18) months prior to the expiration of the Initial Term of this Lease, or the preceding Extension Period, as the case may be, whichever is earlier. If Lessee Tenant fails to timely give Lessor any such notice, then Lessor shall give Lessee written notice that Lessor has not received Lessee's either the Inquiry Notice or the Exercise Notice to Landlord with respect to any Option to Extend. If Lessee fails to deliver to Lessor , at the Notice to Extend within ten (10) days thereaftersole election of Landlord, Lessee Tenant shall be conclusively deemed to have elected not waived such Option to extend this Lease and the Related Leases, such option to extend and all future options to extend granted in this Article XVIII or in the Related Leases shall be null and void and of no further force or effectExtend hereunder.

Appears in 3 contracts

Samples: Non Disturbance and Attornment Agreement (Genzyme Corp), Environmental Agreement (Genzyme Corp), Lease (BioMed Realty Trust Inc)

Options to Extend. Provided there exists no uncured Event Landlord does hereby grant to Assignee under that certain Agreement for Assignment and Assumption of Default under any Lease and Termination of this LeaseShared Facilities Agreement dated effective March 1, 2007 (the Related Leases “Assignment”) the right, privilege, and the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII), Lessee will have the right to extend this Lease (each an “Extension Option”) for two three (23) periods of ten five (105) years each (each such additional term shall be referred to herein as an "Extended “Extension Term"), commencing immediately following ”) from the end date of expiration of the Initial initial Term hereof or the immediately preceding Extended prior Extension Term, as applicable, upon the case may be; providedsame terms and conditions as herein contained, howeverexcept as to “Base Rent”, which shall be determined in accordance with the following paragraphs, and except that notwithstanding anything stated a Security Deposit shall be required, which shall be determined in this Paragraph 18.1 or elsewhere in this Lease, Lessee shall not be entitled accordance with the following paragraphs. In the event Assignee desires to exercise its option to extend this Lease for any Extended Term Lease, then at least eighteen (and any such option to extend shall automatically expire and terminate18) unless Lessee concurrently exercises its option to extend all the Related Leases for the same period, as provided in Article XVIII of the Related Leases. The Lease during any Extended Term shall be on the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee shall give Landlord written notice ("Notice to Extend") not less than one hundred eighty (180) days months prior to the expiration of the Initial initial Term or the immediately preceding Extended applicable Extension Term, as Assignee shall give Landlord a written notice binding upon Assignee and Landlord (the case may be“Extension Notice”), exercising an Extension Option. If Lessee Assignee exercises an Extension Option in the manner set forth herein Landlord and Assignee shall promptly execute and deliver an amendment to the Lease. In the event that Assignee fails to give Lessor any such noticean Extension Notice, as set forth herein, then Lessor shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafter, Lessee shall be deemed to have elected not Assignee’s right to extend this Lease shall terminate and the Related Leases, such option to extend and all future options to extend granted in this Article XVIII or in the Related Leases shall be null and void and of no further force and effect. The Extension Options hereunder may be exercised only by Assignee under the Assignment. Assignor may not exercise the Extension Options. If the first Extension Option is exercised by Assignee, Assignor shall be released from all liabilities arising under this Lease after the commencement of the first Extension Term. No Extension Option may be exercised or effectbe assigned, voluntarily or involuntarily, by or to any person or entity other than the Assignee or a party to which the Lease is transferred that would qualify as a Permitted Transfer in Section 17(b) of the SBRI Lease. Further, the Extension Options herein granted to Assignee are not assignable separate and apart from this Lease.

Appears in 3 contracts

Samples: Sublease Agreement (Juno Therapeutics, Inc.), Lease (Juno Therapeutics, Inc.), Lease (Juno Therapeutics, Inc.)

Options to Extend. Provided Tenant shall have two (2) option(s) to extend (the "EXTENSION OPTIONS") the Lease Term for consecutive five (5) year period(s) (the foregoing option term(s) shall be referred to hereinafter sometimes as the "EXTENSION TERM(s)"), by delivering a written notice of exercise to Landlord ("EXTENSION NOTICE") with respect to the applicable Extension Term, which Extension Notice may not be delivered earlier than the date which is eighteen (18) months prior to the end of the initial Lease Term or first Extension Term (as applicable) and may not be delivered later than the date which is thirty (30) days after the Reminder Notice. If Landlord has not received an applicable Extension Notice by the date which is twelve (12) months prior to the end of the initial Lease Term or first Extension Term (as applicable), Landlord may provide written notice ("EXTENSION REMINDER NOTICE") to Tenant that the Extension Option will expire if Tenant fails to deliver the Extension Notice to Landlord within thirty (30) days after the date of such notice from Landlord. If Tenant fails to deliver the Extension Notice within said thirty (30) day period, Tenant shall be deemed to have waived its right to exercise such Extension Option. The parties acknowledge that Tenant's Extension Option will not lapse until the date which is thirty (30) days after Landlord's delivery of the Extension Reminder Notice pursuant to this Section 2.2. The Extension Option shall apply to all space (and not a portion of the space) then leased by Tenant in the Building. Tenant may exercise the Extension Option(s) only if this Lease is in full force and effect and there exists is no uncured Event of Default under any of this Lease, the Related Leases and the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII)of exercise of such Extension Option and/or at the time of the commencement of the Extension Term, Lessee will but Landlord shall have the right to extend this Lease for two waive such conditions herein. Tenant's exercise of the second (22nd) periods of ten (10) years each (each such additional term Extension Option shall be referred conditioned upon Tenant's exercise of the first Extension Option. The rights of Tenant contained in this Section 2.2 shall be personal to herein the original Tenant named in the Summary ("ORIGINAL TENANT") and any Permitted Affiliate and may only be exercised by the Original Tenant or such Permitted Affiliate if Tenant, at the date of Tenant's Extension Notice, meets or exceeds the Financial Standards set forth in Section 21.2 below. The Base Rent during each Extension Term ("EXTENSION TERM BASE RENT") shall be an amount equal to ninety-five percent (95%) of the then "Fair Market Rental Value" of the Building (as an such term is defined in Section 2.2(e) below), as stated on a monthly basis and determined pursuant to this Section 2.2 as of the first (1st) day of the applicable Extension Term ("Extended TermEXTENSION TERM COMMENCEMENT DATE"), commencing immediately following the end of the Initial Term or the immediately preceding Extended Term, as the case may be; provided, however, in no event shall the Base Rent payable during any Extension Term for the Building be less than the Base Rent payable during the period immediately preceding such Extension Term for the Building and provided further that, on the first anniversary of the Extension Term Commencement Date, and on each subsequent anniversary thereof during such Extension Term, the then payable monthly Extension Term Base Rent shall be increased in accordance with market rate increases, as mutually agreed to by Landlord and Tenant or, if Landlord and Tenant cannot agree, as determined by the appraisal process described below. Upon receipt by Landlord of Tenant's Extension Notice under this Section 2.2, above, Landlord and Tenant shall meet in an effort to negotiate, in good faith, the applicable Extension Term Base Rent which shall become effective as of the respective Extension Term Commencement Date. If Landlord and Tenant have not agreed upon the Extension Term Base Rent (including the annual market rate increases) on or before the "Withdrawal Date" (as that notwithstanding anything stated in this Paragraph 18.1 term is defined below), Tenant may elect to withdraw the Extension Notice thereby canceling Tenant's exercise of the Extension Option. The term "WITHDRAWAL DATE" shall mean (i) if Landlord delivers the Reminder Notice PEREGRINE SYSTEMS CORPORATE CENTER [Peregrine Systems] prior to Tenant's delivery of the Extension Notice, the date which is thirty (30) days after the date of the Reminder Notice, or elsewhere in this Lease(ii) if Landlord has not yet delivered a Reminder Notice at the time of Tenant's delivery of the Extension Notice, Lessee shall not be entitled the date which is the earlier of (1) the date which is eleven (11) months prior to exercise its option to extend this the end of the initial Lease for any Extended Term or first Extension Term (and any such option to extend shall automatically expire and terminateas applicable), or (2) unless Lessee concurrently exercises its option to extend all the Related Leases for date which is sixty (60) days after the same period, as provided in Article XVIII date of Tenant's delivery of the Related LeasesExtension Notice. The Lease during any Extended If Tenant fails to deliver written notice to Landlord so withdrawing the Extension Notice on or before the Withdrawal Date and if Landlord and Tenant have not agreed upon the Extension Term shall be on Base Rent (including the same terms and conditions as during annual market rate increases) within sixty (60) days after the Initial Termdelivery of Tenant's Extension Notice, except that the Minimum Extension Term Base Rent shall be determined as set forth in Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee shall give Landlord written notice ("Notice to Extend") not less than one hundred eighty (180) days prior to the expiration of the Initial Term or the immediately preceding Extended Term, as the case may be. If Lessee fails to give Lessor any such notice, then Lessor shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafter, Lessee shall be deemed to have elected not to extend this Lease and the Related Leases, such option to extend and all future options to extend granted in this Article XVIII or in the Related Leases shall be null and void and of no further force or effect.follows:

Appears in 2 contracts

Samples: Office Lease (Peregrine Systems Inc), Office Lease (Peregrine Systems Inc)

Options to Extend. Provided there exists no uncured Event of Default under any Landlord hereby grants to Tenant three (3) successive options (each an "OPTION" and collectively, the "OPTIONS") to extend the term of this Lease, each for a one hundred sixty-eight (168) month period (each an "OPTION PERIOD" and, collectively, the Related Leases and the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII"OPTION PERIODS"), Lessee will have upon the right to extend same terms and conditions as those set forth in this Lease for two the Initial Term (2except that no options to extend other than the Options are granted). In order to exercise an Option, Tenant must give notice to Landlord of its intention to exercise the applicable Option on or before the date (the "OPTION DATE") periods of ten which is six (106) years each (each such additional term shall be referred months prior to herein as an "Extended Term"), commencing immediately following the end of the Initial Term or the immediately preceding Extended Termprevious Option Period, as the case may beapplicable; provided, however, that notwithstanding anything stated it shall be a condition precedent to the exercise of each Option that Tenant shall not be in this Paragraph 18.1 Default as of the respective Option Date. Tenant's election not to exercise an Option, or elsewhere the passage of an Option Date without exercise of the subject Option, shall thereby terminate the subsequent Option or Options. The Options are personal to Tenant and may not be assigned except in connection with a permitted assignment of Tenant's interest in this Lease, Lessee . Landlord shall not be entitled deliver to Tenant a notice reminding Tenant of Tenant's right to exercise its option to extend this Lease for any Extended Term an Option not more than six (6) months and any such option to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all the Related Leases for the same period, as provided in Article XVIII of the Related Leases. The Lease during any Extended Term shall be on the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee shall give Landlord written notice ("Notice to Extend") not less than one hundred eighty thirty (18030) days prior to the expiration of the Initial Term or the immediately preceding Extended Termdate Tenant may first exercise an Option, as the case may be. If Lessee fails provided that in no event shall Landlord's failure to give Lessor deliver such notice impose any such notice, then Lessor shall give Lessee written notice that Lessor has not received Lesseeliability on Landlord's Notice to Extend. If Lessee part; however if Landlord fails to deliver such notice the time for Tenant's exercise of an Option shall be extended, if necessary, to Lessor the Notice to Extend within ten date which is thirty (1030) days thereafter, Lessee shall be deemed to have elected not to extend this Lease and from the Related Leases, date of delivery of such option to extend and all future options to extend granted in this Article XVIII or in the Related Leases shall be null and void and of no further force or effectnotice from Landlord.

Appears in 2 contracts

Samples: Lease (Sports Club Co Inc), Lease (Sports Club Co Inc)

Options to Extend. (a) Provided there exists that, at the time of each such exercise, (i) this Lease is in full force and effect, and (ii) no uncured Event of Default under any of this Lease, the Related Leases shall have occurred and the Other Leases be continuing (either at the time Lessee exercises of exercise or at the commencement of an Extended Term) (any of which conditions described in clauses (i) and (ii) may be waived by Landlord at any time), Tenant shall have the right and option to extend (in accordance with this Article XVIII), Lessee will have the right to extend Term of this Lease for two (2) periods extended terms (each, an “Extended Term”) of ten five (105) years each by giving written notice (each such additional term shall be referred the “Extension Notice”) to herein as an "Landlord not later than fifteen (15) months prior to the expiration date of the initial Term or the first Extended Term", as applicable. The effective giving of an Extension Notice shall automatically extend the Term of this Lease for the applicable Extended Term (provided no Event of Default shall have occurred and be continuing either on the date of the Extension Notice or at the commencement of an Extended Term), commencing immediately following and no instrument of renewal or extension need be executed. Upon determination of Fair Market Rental Value (as hereinafter defined), Landlord and Tenant shall enter into an agreement setting forth the Extended Term, new Termination Date, new Base Rent rate and any such other terms agreed to by Landlord and Tenant. In the event that Tenant fails timely to give an Extension Notice to Landlord, this Lease shall automatically terminate at the end of the Initial Term, and Tenant shall have no further option to extend the Term of this Lease. Each Extended Term shall commence on the day immediately succeeding the expiration date of the Term or the immediately preceding first Extended Term, as the case may be; provided, however, that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in and shall end on the day immediately preceding the fifth (5th) anniversary of the first day of such Extended Term. The Extended Terms shall be on all the terms and conditions of this Lease, Lessee and all references in this Lease to the Term shall not be entitled deemed to exercise its include each Extended Term, except: (i) during the second Extended Term, Tenant shall have no further option to extend this Lease the Term, and (ii) the Base Rent for any Extended Term (and any such option to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all the Related Leases for the same period, as provided in Article XVIII of the Related Leases. The Lease during any each Extended Term shall be on the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee shall give Landlord written notice ("Notice to Extend") not less than one hundred eighty (180) days prior equal to the expiration Fair Market Rental Value of the Initial Term or Premises as of the immediately preceding commencement of such Extended Term, as the case may be. If Lessee fails taking into account all relevant factors, determined pursuant to give Lessor any such notice, then Lessor shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten paragraph (10b) days thereafter, Lessee shall be deemed to have elected not to extend this Lease and the Related Leases, such option to extend and all future options to extend granted in this Article XVIII or in the Related Leases shall be null and void and of no further force or effectbelow.

Appears in 2 contracts

Samples: Lease (Mercury Computer Systems Inc), Lease (Mercury Computer Systems Inc)

Options to Extend. Provided there exists no uncured Event of Default under that Evolent Health, Inc., a Delaware corporation or any of this LeaseAffiliate (as defined in Section 23.F. hereof) (collectively, the Related Leases and the Other Leases “Evolent”) is not then in Default, both at the time Lessee exercises any option of exercise of the Renewal Option (as hereinafter defined), in question, and at the commencement of the Renewal Period (as hereinafter defined), in question, and is then in occupancy of the Premises at the time of exercise of the Renewal Option in question, and at the time of the commencement of the Renewal Period in question, Evolent shall have three (3) successive options (the “Renewal Options”) to extend (in accordance with this Article XVIII)the Term of the Lease, Lessee will have the right each of which Renewal Options shall be to extend this Lease the Term for two a three (23) periods year period (the “Renewal Periods”) after the expiration of ten (10) years each (each such additional term the initial Term. Each Renewal Option shall be referred to herein as an "Extended Term"), commencing immediately following the end of the Initial Term or the immediately preceding Extended Term, as the case may be; provided, however, that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee shall not be entitled to exercise its option to extend this Lease for any Extended Term (and any such option to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all the Related Leases for the same period, as provided in Article XVIII of the Related Leases. The Lease during any Extended Term shall be on the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee shall give Landlord exercisable only by written notice given by Evolent to Landlord not later than twelve ("Notice to Extend"12) not less months, nor earlier than one hundred eighty fifteen (18015) days months, prior to the expiration of the Initial Term initial Term, or the immediately preceding Extended TermRenewal Period then in effect, as the case may be. If Lessee fails to give Lessor any such noticeIn the event that Evolent does not timely exercise a Renewal Option, then Lessor shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafter, Lessee shall be deemed to have elected not to extend this Lease and the Related Leases, such option to extend said Renewal Option and all future options to extend granted in this Article XVIII or in the Related Leases successive Renewal Options shall be null and void and of no further force or effect, time being of the essence in the exercise of each Renewal Option and it being acknowledged and agreed by Evolent that Landlord shall be entitled to rely on any failure by Evolent to give written notice of its exercise of its Renewal Option by the date set forth herein for such exercise thereof. All terms and conditions of this Lease shall be applicable during the Renewal Period except that the amount of Base Rent charged for each Renewal Period shall be the then “Prevailing Market Rent”, which shall be the rent for comparable office space being leased to renewal tenants in buildings of comparable size, class and location to the Building in the Ballston submarket of Virginia, taking into account such market concessions, if any, as are then being offered to renewal tenants leasing office space of a comparable size to the Premises in buildings having a comparable size, class and location to the Building in the Ballston submarket of Virginia, including, but not limited to, if applicable, market escalations, rental abatements, tenant improvement allowances and the inclusion or exclusion of a market fee for Tenant’s then current real estate advisor. If within thirty (30) days following delivery of Evolent’s notice (or a Landlord’s Offer (as hereinafter defined) which may be given by Landlord pursuant to Section 44 below), Landlord and Evolent have not mutually agreed on the Prevailing Market Rent for the Renewal Period in question (or for the Available Space in question, in the case of a Landlord’s Offer pursuant to Section 44 below), then Landlord and Tenant shall use the following method for the determination of the Prevailing Market Rent (the “3-Broker Method”): within ten (10) business days after the expiration of such thirty-day period, each party shall give written notice to the other setting forth the name and address of a Broker (as hereinafter defined) selected by such party who has agreed to act in such capacity, to determine the Prevailing Market Rent; provided, however, that Tenant shall have the right, only within the aforesaid ten business day period, to provide Landlord with written notice of Tenant’s election to withdraw its Renewal Option, in which event said Renewal Option and all successive Renewal Options shall be null and void and of no further force or effect and the Lease shall terminate on the scheduled date of expiration or earlier termination of this Lease. If after the expiration of such ten business day period Tenant has not provided its notice to withdraw its Renewal Option, and either party has failed to select a Broker as aforesaid, the Prevailing Market Rent shall be determined by the Broker selected by the other party. Each Broker shall thereupon independently make his determination of the Prevailing Market Rent within twenty (20) days after the appointment of the second Broker. If the two Brokers’ determinations are not the same, but the higher of such two values is not more than one hundred five percent (105%) of the lower of them, then the Prevailing Market Rent shall be deemed to be the average of the two values. If the higher of such two values is more than one hundred five percent (105%) of the lower of them, then the two Brokers shall jointly appoint a third Broker within ten (10) days after the second of the two determinations described above has been rendered. The third Broker shall independently make his determination of the Prevailing Market Rent within twenty (20) days after his appointment. The highest and the lowest determinations of value among the three brokers shall be disregarded and the remaining determination shall be deemed to be the Prevailing Market Rent. Within thirty (30) days after the later to occur of (i) the date on which Landlord and Tenant agree upon the Prevailing Market Rent or (ii) the date on which the Prevailing Market Rent is otherwise determined by the 3-broker method as aforesaid, Landlord and Evolent shall execute an amendment to this Lease setting forth the terms as to the Renewal Period. If Evolent shall fail to execute said amendment within such thirty (30) day period, Evolent shall nevertheless remain bound by the exercise thereof, and shall pay the Prevailing Market Rent as determined above.

Appears in 2 contracts

Samples: Evolent Health, Inc., Evolent Health, Inc.

Options to Extend. Provided there exists no uncured Event of Default under any of this Lease, the Related Leases and the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII), Lessee will a) Tenant shall have the right to extend this Lease for two (2) options to extend the Term of this Lease (the "Options to Extend") for successive periods of ten (10) years each (each such additional term shall be referred to herein as an the "Extended TermExtension Periods"), commencing immediately following the end of the Initial Term or the immediately preceding Extended Term, as the case may be; provided, however, that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee shall not be entitled subject to exercise its option to extend this Lease for any Extended Term (and any such option to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all the Related Leases for the same period, as provided in Article XVIII of the Related Leases. The Lease during any Extended Term shall be on the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in Paragraph 18.2 belowherein. In Tenant may only exercise the event Lessee desires Options to Extend with respect to the entire Premises. If Tenant shall desire to exercise any option Option to extend granted in this Article XVIIIExtend, Lessee it shall give Landlord written a notice (the "Notice to ExtendInquiry Notice") of such desire not less later than one hundred eighty eighteen (18018) days months prior to the expiration of the Initial Term of this Lease or the immediately preceding Extended TermExtension Period, as the case may be. Thereafter, the Fair Market Rent (as defined in Subsection (c) below) for the applicable Extension Period shall be determined in accordance with Subsection (d) below. After the applicable Fair Market Rent has been so determined, Tenant shall exercise each Option to Extend by giving Landlord notice (the "Exercise Notice") of its election to do so not later than fifteen (15) months prior to the expiration of the Initial Term of this Lease, or the preceding Extension Period, as the case may be. If Lessee Tenant fails to timely give Lessor any such notice, then Lessor shall give Lessee written notice that Lessor has not received Lessee's either the Inquiry Notice or the Exercise Notice to Landlord with respect to any Option to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafter, Lessee Tenant shall be conclusively deemed to have elected not waived such Option to extend this Lease and the Related Leases, such option to extend and all future options to extend granted in this Article XVIII or in the Related Leases shall be null and void and of no further force or effectExtend hereunder.

Appears in 2 contracts

Samples: Lease (BioMed Realty Trust Inc), Disturbance and Attornment Agreement (Vertex Pharmaceuticals Inc / Ma)

Options to Extend. Provided there exists no uncured Event of Default under any of this Lease, the Related Leases and the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII), Lessee will a) Tenant shall have the right to extend this Lease for two (2) options to extend the Term of this Lease (the "Options to Extend") for successive periods of ten (10) years each (each such additional term shall be referred to herein as an the "Extended TermExtension Periods"), commencing immediately following the end of the Initial Term or the immediately preceding Extended Term, as the case may be; provided, however, that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee shall not be entitled subject to exercise its option to extend this Lease for any Extended Term (and any such option to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all the Related Leases for the same period, as provided in Article XVIII of the Related Leases. The Lease during any Extended Term shall be on the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in Paragraph 18.2 belowherein. In Tenant may only exercise the event Lessee desires Options to Extend with respect to the entire Premises. If Tenant shall desire to exercise any option Option to extend granted in this Article XVIIIExtend, Lessee it shall give Landlord written a notice (the "Notice to ExtendInquiry Notice") of such desire not less later than one hundred eighty fifteen (18015) days months prior to the expiration of the Initial Term of this Lease or the immediately preceding Extended TermExtension Period, as the case may be. Thereafter, the Fair Market Rent (as defined in Subsection (c) below) for the applicable Extension Period shall be determined in accordance with Subsection (d) below. After the applicable Fair Market Rent has been so determined, Tenant shall exercise each Option to Extend by giving Landlord notice (the "Exercise Notice") of its election to do so not later than twelve (12) months prior to the expiration of the Initial Term of this Lease, or the preceding Extension Period, as the case may be. If Lessee Tenant fails to timely give Lessor any such notice, then Lessor shall give Lessee written notice that Lessor has not received Lessee's either the Inquiry Notice or the Exercise Notice to Landlord with respect to any Option to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafter, Lessee Tenant shall be conclusively deemed to have elected not waived such Option to extend this Lease and the Related Leases, such option to extend and all future options to extend granted in this Article XVIII or in the Related Leases shall be null and void and of no further force or effectExtend hereunder.

Appears in 2 contracts

Samples: Lease (BioMed Realty Trust Inc), Vertex Pharmaceuticals Inc / Ma

Options to Extend. Provided there exists no uncured Event of Default under any of this Lease, or any of the Related Leases and the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII), Lessee will have the right to extend this Lease for two (2) periods of ten (10) years each (each such additional term shall be referred to herein as an "Extended Term"), commencing immediately following the end of the Initial Term or the immediately preceding Extended Term, as the case may be; provided, however, that notwithstanding . Notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee shall not be entitled to exercise its option to extend this Lease for any Extended Term (and any such option to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all each of the Related Leases for the same period, as provided in Article XVIII each of the Related Leases; and any attempt to exercise Lessee's option to extend this Lease without Lessee exercising its options under all of the Related Leases shall be null and void. The Lease during any Extended Term shall be on the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee shall give Landlord written notice ("Notice to Extend") not less than one two hundred eighty ten (180210) days prior to the expiration of the Initial Term or the immediately preceding Extended Term, as the case may be. If Lessee fails to give Lessor Landlord any such notice, then Lessor shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafter, Lessee shall be deemed to have elected not to extend this Lease and the Related Leases, such option to extend and all future options to extend granted in this Article XVIII or in the Related Leases shall be null and void and of no further force or effect.

Appears in 2 contracts

Samples: Lease (Tesseract Group Inc), Lease (Tesseract Group Inc)

Options to Extend. Provided there exists no uncured Event of Default under any of this Lease, the Related Leases and the Other Leases at the time Lessee exercises any option Landlord hereby grants to extend (in accordance with this Article XVIII), Lessee will have the right to extend this Lease for Tenant two (2) periods of ten options to extend (10“Option(s) to Extend”) the Term for the Premises for an additional five (5) years each per extended option term (each such additional term shall be referred to herein as an "Extended Term"“Option Term(s)”), commencing immediately following the end upon each and all of the Initial Term or the immediately preceding Extended Term, terms and conditions of this Lease as the case may beamended below; provided, however, that notwithstanding anything stated Tenant is not in default of this Paragraph 18.1 or elsewhere Lease on the date of exercise of the Option to Extend and has not been in monetary default of this Lease, Lessee for more than thirty (30) days, more than three (3) times during the Term, as extended. Tenant shall give to Landlord written notice on or prior to 180 eighty (180) days before expiration of the then current Term or first Option Term of the exercise of the Option(s) to Extend for such Option Term, time being of the essence. The Term as defined in Paragraph 2 hereof shall also include any Options to Extend properly exercised hereunder. If notice of exercise of any Option to Extend is not be entitled timely given, all further Options to exercise its option to extend this Lease for any Extended Term (and any such option to extend Extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all the Related Leases expire. The rent for the same period, as provided in Article XVIII Option Terms shall consist of the Related Leases. The Lease during any Extended Term shall be on the same terms and conditions as during the Initial Term, except that the Minimum Base Rent shall be determined as set forth in Paragraph 18.2 below3.1 herein, Tenant’s Share of Project Expenses pursuant to Paragraph 5, and any other charges under this Lease. In the event Lessee desires The Options to exercise any option Extend are personal to extend granted Tenant and may not be assigned without Landlord’s written consent which may be withheld in this Article XVIIIits sole discretion, Lessee except that Tenant’s Affiliate(s), if any, shall give Landlord written notice ("Notice have Tenant’s rights to such Options to Extend") not less than one hundred eighty (180) days prior to the expiration of the Initial Term or the immediately preceding Extended Term, as the case may be. If Lessee fails to give Lessor any such notice, then Lessor shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafter, Lessee shall be deemed to have elected not to extend this Lease and the Related Leases, such option to extend and all future options to extend granted in this Article XVIII or in the Related Leases shall be null and void and of no further force or effect.

Appears in 2 contracts

Samples: Lease Agreement, Lease Agreement (Truck Hero, Inc.)

Options to Extend. Provided there exists no uncured Event of Default under any of this Lease, Tenant has the Related Leases and the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII), Lessee will have the right to extend this Lease for two (2) periods of ten additional five (105) years each (each such additional term year terms, in accordance with the following provisions. Each option shall be referred to herein as an automatically and irrevocably terminated and waived by Tenant, unless Tenant provides Landlord with a written notice (the "Extended TermExtension Notice"), commencing immediately following the end of the Initial Term or the immediately preceding Extended Term, as the case may be; provided, however, ) which states that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee shall not be entitled to exercise its option Tenant has elected to extend this Lease for any Extended Term (and any such option to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all in accordance with the Related Leases for the same periodterms hereof, as provided in Article XVIII of the Related Leases. The Lease during any Extended Term which notice shall be on the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee shall give Landlord written notice given no later than six ("Notice to Extend"6) not less than one hundred eighty (180) days months prior to the expiration of the Initial Term or the immediately preceding Extended Termthen in effect, as such Term may be extended as provided in Section 2.03 hereof. The second extension option shall also terminate automatically in the case may beevent that the first option to extend is not exercised as aforesaid. If Lessee fails to give Lessor any such notice, then Lessor shall give Lessee written notice that Lessor there has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten been a (10i) days thereafter, Lessee shall be deemed to have elected not to extend default or breach by Tenant under this Lease and such default or breach is one as to which Landlord must give written notice and an opportunity to cure in order for such default or breach to become an Event of Default, (ii) Landlord has delivered such notice to Tenant, and (iii) Tenant has failed to cure or remedy such breach or default within thirty (30) days after receipt of such notice (or such lesser period as may be required by this Lease), then no extension option may be exercised by Tenant (unless Landlord has waived the Related Leasesenforcement of this provision in a writing delivered to Tenant). In addition, no extension option may be exercised by Tenant if there is then any default or breach by Tenant under this Lease or other event which, with the passing of time would ripen into an Event of Default hereunder (unless Landlord has received the enforcement of this provision in a writing delivered to Tenant). If the Term of this Lease is so extended, this Lease and all terms and provisions hereof shall remain in full force except that the Rent to be paid by Tenant during such option to extend and all future options to extend granted in this Article XVIII or in the Related Leases terms shall be null and void and of no further force or effect.as set forth in Section 4.01

Appears in 2 contracts

Samples: Lease Agreement (Markel Corp), Lease Agreement (Markel Corp)

Options to Extend. Provided there exists no uncured Event of Default under any of this Lease, the Related Leases 31.1 Tenant shall have and the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII), Lessee will have the right to extend this Lease for is hereby granted two (2) periods of ten (10) years each options (each such an “Extension Option”) to extend the Lease Term, each for an additional term shall be referred to herein as period of five (5) consecutive years (each, an "Extended Term"“Extension Period”), commencing immediately following the end of the Initial Term or the immediately preceding Extended Term, as the case may be; provided, however, that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee shall not be entitled to exercise its option to extend this Lease for any Extended Term (and any such option to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all the Related Leases for the same period, as provided in Article XVIII of the Related Leases. The Lease during any Extended Term shall be on the same terms and conditions as during in effect under this Lease immediately prior to the Initial Termapplicable Extension Period, except that (i) Tenant shall have no further right to extend after the Minimum second Extension Period, (ii) Tenant shall have no right to exercise the second Extension Option if Tenant fails to exercise the first Extension Option, and (iii) the annual Base Rent per rentable square foot of the Premises payable (a) during the first Extension Period shall be determined ninety percent (90%) of the then Prevailing Rental Rate (as set forth in Paragraph 18.2 belowhereinafter defined), and (b) during the second Extension Period shall be ninety-five percent (95%) of the then Prevailing Rental Rate. In If Tenant exercises an Extension Option, such extension shall apply to the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee shall give entire Premises. An Extension Option may be exercised only by giving Landlord irrevocable and unconditional written notice thereof ("Notice to Extend"the “Extension Notice”) not less earlier than one hundred eighty twelve (18012) days months nor later than nine (9) months prior to the expiration commencement of the Initial Term or the immediately preceding Extended Termapplicable Extension Period. Such exercise shall, as the case may be. If Lessee fails to give Lessor any such noticeat Landlord’s election, then Lessor shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafter, Lessee shall be deemed to have elected not to extend this Lease and the Related Leases, such option to extend and all future options to extend granted in this Article XVIII or in the Related Leases shall be null and void if (i) any Default shall have occurred and is continuing, or (ii) more than thirty percent (30%) of no further force the Premises is then subleased by parties other than Tenant and any Permitted Transferees, at the date of such notice or effectat the commencement of the applicable Extension Period. Except for Tenant’s rescission right provided in Section 31.3, upon delivery of an Extension Notice, Tenant shall be irrevocably bound to lease the Premises for the applicable Extension Period (notwithstanding the absence of an agreement over the Prevailing Rental Rate).

Appears in 2 contracts

Samples: Lease Agreement (Sweetgreen, Inc.), Lease Agreement (Sweetgreen, Inc.)

Options to Extend. Provided there exists that, both at the time of exercise or at the commencement of the Extended Term (as hereinafter defined), (i) this Lease is in full force and effect, and (ii) no uncured Event of Default under shall have occurred and be continuing (either at the time of exercise or at the commencement of the Extended Term), and (iii) Tenant is in occupancy of not less than 75% of the Premises and Tenant shall not have assigned this Lease or sublet more than 25% of the Premises (other than a transfer permitted without Landlord’s consent pursuant to Section 6.1(b)) (any of which conditions described in clauses (i), (ii), and (iii) may be waived by Landlord at any time in Landlord’s sole discretion), Tenant shall have the option to extend the Term of this Lease for up to one (1) extended term (the “Extended Term”) of seven (7) years by giving written notice to Landlord (an “Extension Notice”) not later than twelve (12) months prior to the expiration date of the Term. The effective giving of such notice of extension by Tenant shall automatically extend the Term of this Lease for the Extended Term, and no instrument of renewal or extension need be executed. In the event that Tenant fails timely to give such notice to Landlord, this Lease shall automatically terminate at the end of the Term, and Tenant shall have no further option to extend the Term of this Lease. The Extended Term shall commence on the day immediately succeeding the expiration date of the original Term, and shall end on the day immediately preceding the seventh (7th) anniversary of such Extended Term. The Extended Term shall be on all the terms and conditions of this Lease, the Related Leases and the Other Leases at the time Lessee exercises any except: (x) Tenant shall have no further option to extend the Term, (in accordance with this Article XVIII), Lessee will have y) the right to extend this Lease Basic Rent for two (2) periods of ten (10) years each (each such additional term the Extended Term shall be referred to herein as an "Extended Term"), commencing immediately following the end one-hundred percent (100%) of the Initial Term or Fair Market Rental Value of the immediately preceding Premises as of the commencement of the Extended Term, as the case may be; providedtaking into account all then relevant factors and determined pursuant to Section 16.2 below, however, that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee and (z) Landlord shall not be entitled required to exercise its furnish any materials or perform any work to prepare the Premises for Tenant’s occupancy during the Extended Term and Landlord shall not be required to provide or pay any work allowance or reimburse Tenant for any alterations made or to be made by Tenant, or to grant Tenant any rent concession with respect to the Extended Term. The termination of this Lease during the initial Term shall terminate and render void any option or right on Tenant’s part to extend this Lease for any Extended Term (Term, and nothing contained in this Section 16.1 shall prevent Landlord from exercising any such option right granted to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option or reserved by Landlord in this Lease to extend all the Related Leases for the same period, as provided in 77 ACTIVE/91437610.6 terminate this Lease. Tenant’s right under this Article XVIII of the Related Leases. The Lease during any Extended Term 16 shall be on the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee shall give Landlord written notice ("Notice to Extend") not less than one hundred eighty (180) days prior personal to the expiration of the Initial Term or the immediately preceding Extended Term, as the case may be. If Lessee fails to give Lessor any such notice, then Lessor shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafter, Lessee shall be deemed to have elected not to extend Original Tenant under this Lease and shall not apply in favor of or be exercisable by any assignee of this Lease (other than a permitted transferee pursuant to Section 6.1(b) of this Lease), nor any sublessee of all or any portion of the Related Leases, such option to extend and all future options to extend granted in this Article XVIII or in the Related Leases shall be null and void and of no further force or effectPremises.

Appears in 1 contract

Samples: Lease (Proteostasis Therapeutics, Inc.)

Options to Extend. Provided there exists no uncured Event Landlord hereby grants Tenant options ("Options") ----------------- to further extend the term of Default under any of this Lease, the Related Leases and Lease for three (3) additional five-year periods commencing on the Other Leases at the time Lessee exercises any option to extend fifteenth (in accordance with this Article XVIII15th), Lessee will have twentieth (20th) and twenty-fifth (25th) anniversaries of the right to extend this Lease for two Commencement Date (2) periods of ten (10) years each (each such additional term shall be referred to herein as an "Extended TermOption Periods"), commencing immediately following the end . All of the Initial Term or the immediately preceding Extended Term, as the case may be; provided, however, that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee shall not be entitled to exercise its option to extend this Lease for any Extended Term (terms and any such option to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all the Related Leases for the same period, as provided in Article XVIII provisions of the Related Leases. The Lease during any Extended Term shall be on apply to Tenant's use and occupancy of the same terms and conditions as Premises during the Initial TermOption Periods, except that the Minimum Base Rent during the Option Periods shall be determined as set forth in Paragraph 18.2 34.2 below. In the event Lessee desires to Tenant may exercise any option to extend granted in this Article XVIII, Lessee shall give Landlord an Option only by written notice ("Notice to Extend") Landlord delivered not less than one hundred eighty nine (1809) days months and not more than twelve (12) months prior to the expiration commencement of the Initial Term or the immediately preceding Extended Term, as the case may becorresponding Option Period. If Lessee fails to give Lessor any such notice, then Lessor shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within Within ten (10) business days thereafterafter Tenant's request therefor (but not sooner than the first day on which Tenant may exercise any Option), Lessee Landlord and Tenant shall each disclose to the other their respective good faith estimates of the amount of Base Rent which, pursuant to Paragraph 34.2 below, would be deemed charged to have elected not to extend Tenant during the Option Period in question. If the term of this Lease and is not extended for any Option Period, then Tenant shall have no right to exercise any subsequent Option or to occupy the Related Leases, such option to extend and all future options to extend granted Premises during any subsequent Option Period. Tenant may not exercise any Option at any time in this Article XVIII or which Tenant is in default under the Related Leases shall be null and void and of no further force or effectLease.

Appears in 1 contract

Samples: Construction Agreement (Smart & Final Inc/De)

Options to Extend. 38.1 Provided there exists that as of the time of the giving of the Tenant's extension notice and the commencement date of the extension term, (x) Tenant is the Tenant originally named herein or successors or affiliates of Tenant, (y) Tenant actually occupies at least 75% of the Premises, and (z) no uncured Event of Default under any of this Lease, exists; then Tenant shall have the Related Leases and the Other Leases at the time Lessee exercises any option successive options to extend (in accordance with this Article XVIII), Lessee will have the right to extend term of this Lease for two (2) successive five (5) year periods of ten (10) years each (each such additional term shall be referred to herein as an "Extended Term"), commencing immediately following from and after the end date of the Initial Term or the immediately preceding Extended Term, as the case may be; provided, however, that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee shall not be entitled to exercise its option to extend this Lease for any Extended Term (and any such option to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all the Related Leases for the same period, as provided in Article XVIII expiration of the Related Leasesoriginal term thereof. The Lease during any Extended Term Tenant shall be on exercise each option of extension by notice to Landlord given not later than the same terms and conditions as during last to occur of the Initial Term, except that the Minimum Rent shall be determined as set forth in Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee shall give Landlord written notice date which is twelve ("Notice to Extend"12) not less than one hundred eighty (180) days months prior to the expiration of the Initial Term then current (initial or extended) term. However, in any event, the immediately preceding Extended Term, as term of this Lease shall expire on the case may beday scheduled therefor without extension if such option to extend shall not have been exercised by Tenant. If Lessee fails to give Lessor any such noticeTenant, then Lessor shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafterhaving exercised an available extension option, Lessee shall be deemed to have elected not to extend is in occupancy of space during an extended term of this Lease and the Related LeasesBase Rent and any other applicable charge have not been established for such period then Tenant shall be obligated to pay the Base Rent and any other charge for such period when established, retroactively to the first day of the period following the expiration of the initial or an extended term of this Lease. Notice from Tenant to Landlord of the exercise of an option shall always be sufficient if notice thereof is given as required by the notice clause of this Lease and if signed by an authorized officer of Tenant and such notice is accompanied by the certification of authority of such officer from a suitable attesting officer, such option as a vice president of Tenant, and, upon the giving of such notice, the term of this Lease shall be automatically extended for the period next ensuing, without the requirement of the execution of any further instrument, upon all the terms, provisions and conditions set forth in this Lease, except that the Base Rent and other charges payable on account of each such extension shall be adjusted as set forth below and that there shall be no right to extend and all future options to extend granted in this Article XVIII or in the Related Leases shall be null and void and of no further force or effectbeyond those provided herein.

Appears in 1 contract

Samples: Lease Agreement (Edwards J D & Co)

Options to Extend. Provided there exists no uncured Event of Default under any of this Lease, the Related Leases and the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII), Lessee will Tenant shall have the right to extend this the Lease Term (the “Extension Option”) for two (2) ), five (5)-year periods of ten (10) years each (each such additional term shall be referred to herein as an "Extended “Option Term"), commencing immediately following the end of the Initial Term or the immediately preceding Extended Term, as the case may be; provided, however, that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee shall not be entitled to exercise its option to extend this Lease for any Extended Term ”) if Tenant (and any such option to extend shall automatically expire and terminatei) unless Lessee concurrently exercises its option to extend all the Related Leases for the same period, as provided in Article XVIII of the Related Leases. The Lease during any Extended Term shall be on the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee shall give gives Landlord written notice of such election ("Notice to Extend"the “Option Notice”) not less later than one hundred eighty ninety (18090) days prior to before the expiration of the Initial then applicable Lease Term; and (ii) there exists no uncured material default on the part of Tenant under the Lease (as described in Section 10.02 of the Original Lease) on the date of giving the Option Notice and on the date of the expiration of the then applicable Lease Term. The foregoing conditions are for the sole benefit of Landlord, and Landlord, alone, shall have the right in its sole and absolute discretion to insist on strict observance with the foregoing conditions or to waive any of the foregoing conditions. All of the terms and conditions of the Lease shall apply during each Option Term or (other than the immediately preceding Extended obligation for Landlord to perform the improvements described in Section 4 of this 2nd Amendment, and other than the further right to extend the Lease Term after Tenant exercises the Extension Option for the second Option Term, as which obligation and right shall be inapplicable). The Base Rent for the case may befirst year of the first Option Term shall be in the amount of $76,187/month, and shall increase annually thereafter at a rate of two percent (2%) per annum through and including the second Option Term (if applicable). If Lessee fails to give Lessor any such notice, then Lessor shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee Tenant fails to deliver to Lessor an Option Notice within the Notice to Extend within ten (10) days thereafterprescribed time period, Lessee then the Extension Option shall lapse and there shall be deemed to have elected not no further right to extend the Lease Term. Tenant’s right to exercise the Extension Option for the second Option Term shall be conditioned upon Tenant successfully exercising the Extension Option for the first Option Term. Except as provided in this Lease and the Related LeasesSection 5, such Tenant shall have no right or option to extend the Lease Term, including, without limitation, the terms and all future options conditions contained in Section 7 of the Rider to extend granted in this Article XVIII or in the Related Leases shall be null and void and of no further force or effectOriginal Lease.

Appears in 1 contract

Samples: Lease Agreement (United Stationers Inc)

Options to Extend. Provided there exists no uncured Event Tenant shall have the option to extend the Term for ----------------- three (3) periods of Default under five (5) years each, to follow consecutively after the Term, so long as Tenant is not in default, beyond any applicable cure periods, of any of the material provisions of this Lease, the Related Leases and the Other Leases Lease commencing at the time Lessee exercises any option to extend (in accordance with this Article XVIII), Lessee will have the right to extend this Lease for two (2) periods of ten (10) years each (each such additional term shall be referred to herein as an "Extended Term"), commencing immediately following the end of the Initial exercise of any of the options hereunder and for the period of time continuing to the expiration of the Term or the immediately preceding then existing Extended Term, as the case may be; provided, however, that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee shall not be entitled to exercise its option to extend this Lease for any Extended Term (and any such option to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all the Related Leases for the same period, as provided in Article XVIII of the Related Leases. The Lease during any Extended Term Such options shall be on the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in Paragraph 18.2 below. In the event Lessee desires exercised by notice from Tenant to exercise any option to extend granted in this Article XVIII, Lessee shall give Landlord written notice ("Notice to Extend") given not less than one hundred eighty nine (1809) days months prior to the expiration of the Initial Term or the immediately preceding then existing Extended Term, as Term and upon the case may be. If Lessee fails to give Lessor any giving of such notice, then Lessor the Lease and the Term hereof shall give Lessee written notice that Lessor automatically be extended for an additional period of five (5) years without the necessity for the execution of any other instrument in confirmation thereof except for a document memorializing the Annual Fixed Rent (as hereinafter defined) for the Extended Term. Except for any option to extend which has not received Lessee's Notice theretofore been exercised and the rent payable during any such extension period, which shall be determined in the manner provided in Section 4.1.1 below, such extension shall be upon all the same terms, conditions and provisions herein contained. References in this Lease to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafter, Lessee Term hereof shall be deemed to have elected not to extend this Lease and include any Extended Term for which the Related Leases, such option to extend and all future options to extend granted in this Article XVIII or in the Related Leases shall original term may be null and void and of no further force or effectso extended.

Appears in 1 contract

Samples: Lease Agreement (Organogenesis Inc)

Options to Extend. Provided there exists no uncured Event of Default under any of this Lease, Tenant shall have the Related Leases right and the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII), Lessee will have the right to extend this Lease Term for two (2) additional periods of ten (10) years each (each such additional term shall be referred to herein as each, an "Extended “Extension Term"), commencing immediately following in the end case of the Initial Term or the immediately preceding Extended first Extension Term, as commencing the case may be; provided, however, that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee shall not be entitled to exercise its option to extend this Lease for any Extended Term (and any such option to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all day after the Related Leases for the same period, as provided in Article XVIII expiration of the Related Leases. The Lease during any Extended Term shall be on the same terms and conditions as during the Initial Term, except and ending on the fifth anniversary of the expiration of the Initial Term, and in the case of the second Extension Term, commencing the day after the expiration of the first Extension Term and ending on the fifth anniversary of the expiration of the first Extension Term, provided that the Minimum Rent shall be determined as set forth in Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee Tenant shall give Landlord written notice of Tenant’s exercise of each such option no more than eighteen ("Notice to Extend"18) not months and no less than one hundred eighty fifteen (18015) days months prior to the expiration of the then current Term, and provided further that Tenant shall not be in default at the time of giving such notice or at the commencement of the Extension Term in the performance or observance of any of the terms and provisions of this Lease on the part of the Tenant to be performed or observed. Landlord shall deliver to Tenant at least thirty (30) days and no more than sixty (60) days a reminder notice of its right to extend the Term hereunder, provided that any delay in delivery of such notice after the sixteenth (16th) month prior to the expiration of the then current term shall result in a corresponding delay in all dates under this Article XV. Prior to the exercise by Tenant of the first such option, the expression “Term” shall mean the Initial Term, and after the exercise by Tenant of the subsequent option, the expression “Term” shall mean the Term or as it has been then extended. All of the immediately preceding terms, covenants, conditions, provisions and agreements in this Lease contained shall be applicable to the then Extended Term, except as the case may behereinafter set forth. If Lessee fails to give Lessor any such notice, then Lessor Tenant shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafter, Lessee shall be deemed to have elected not to extend of its exercise of this Lease and the Related Leases, such option to extend in the manner and all future options within the time period provided aforesaid, the Term shall be extended upon the giving of such notice without the requirement of any further action on the part of either Landlord or Tenant. If Tenant shall fail to give timely notice of the exercise of any such option as aforesaid, Tenant shall have no right to extend granted in the Term of this Article XVIII or Lease, time being of the essence of the foregoing provisions. It is a condition of the exercise of the second Extension Term that Tenant shall have exercised its option for the first Extension Term. The Annual Basic Rent Rate payable during each Extension Term shall be the greater of (a) the Annual Basic Rent Rate for the last year of the Initial Term, in the Related Leases shall be null case of the first Extension Term, and void and for the last year of no further force the first Extension Term, in the case of the second Extension Term, or effect(b) the Fair Market Rent determined in accordance with Section 15.1 above, increased in the case of either (a) or (b) by Fair Market Rent step increases as determined in accordance with Section 15.1 above, on each anniversary of the extension of the Term.

Appears in 1 contract

Samples: Lease Agreement (Abington Bancorp Inc)

Options to Extend. Provided there exists no uncured Event of Default under any of this Lease, the Related Leases and the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII), Lessee will have the right to extend this Lease for Landlord hereby grants Tenant two (2) periods options to extend the Term of ten (10) years each (each such additional term this Lease beyond the initial Term. Each option shall be referred to herein as an "Extended Term"), commencing immediately following the end for five (5) year each. Each extension of the Initial Term or the immediately preceding Extended Term, as the case may be; provided, however, that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee shall not be entitled to exercise its option to extend of this Lease for any Extended Term (and any such option to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all the Related Leases for the same period, as provided in Article XVIII of the Related Leases. The Lease during any Extended Term Option Period shall be on upon the same terms and conditions as during those herein specified as applicable to the Initial Term, initial Term of this Lease except that the Minimum Monthly Rent shall be determined as set forth in Paragraph 18.2 belowat the then fair market value. In the event Lessee desires If Tenant elects to exercise any option to extend granted in this Article XVIIIthe Option, Lessee shall give Tenant must do so by giving Landlord written notice of such election not more than eighteen ("Notice to Extend"18) months and not less than one hundred eighty six (1806) days months prior to the expiration of the Initial then Term of this Lease. A condition precedent to the effective exercise of each Option to extend the Term shall be that Tenant shall not be in material default hereunder (or would be in default but for the passage of time or the immediately preceding Extended Termgiving of notice, as or both) either at the case may betime of giving notice of Xxxxxx's election to exercise an Option or on the effective date of the beginning of the applicable Option Period or at any time between such dates. If Lessee fails to give Lessor any such noticeTenant properly gives notice of exercise of an Option hereunder and the conditions thereto are satisfied, then Lessor shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafter, Lessee Term of this Lease shall be deemed extended for the additional Option Period covered by the Option which is exercised. The Options granted herein are personal to have elected the original Tenant named herein and may not be transferred or assigned, whether separate from or as an incident to extend an assignment or other transfer of Xxxxxx's interest under this Lease. Any attempted assignment or transfer of any Option shall cause the Option in question to automatically cease and terminate and, in such event, this Lease and shall terminate upon the Related Leasesexpiration of the then applicable Term. This limitation on transfer of the option does not apply, such option however, to extend and all future options an assignment of the lease, with option, to extend granted in this Article XVIII a successor entity to Tenant following acquisition or in the Related Leases shall be null and void and of no further force or effectmerger. (as per paragraph 21).

Appears in 1 contract

Samples: Lease (Community Bancorp Inc)

Options to Extend. (a) Grant and Exercise of Option. Provided there exists that (i) no uncured Event default has occurred and is then continuing, and (ii) Tenant originally named herein or its Permitted Transferee remains in possession of Default under any of this Leasethe Leased Premises, Tenant shall have the Related Leases and the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII), Lessee will have the right to extend this Lease Term for two (2) additional periods of ten five (105) years each (each such additional term shall be referred to herein as an "Extended Extension Term"), commencing immediately following the end of the Initial Term or the immediately preceding Extended Term, as the case may be; provided, however, that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee shall not be entitled to exercise its option to extend this Lease for any Extended Term (and any such option to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all the Related Leases for the same period, as provided in Article XVIII of the Related Leases. The Lease during any Extended Each Extension Term shall be on upon the same terms and conditions as during contained in the Initial Lease except (x) this provision giving two (2) extension options shall be amended to reflect the remaining options to extend, if any, (y) any improvement allowances or other concessions applicable to the Leased Premises under the Lease shall not apply to the Extension Term, except that and (z) the Minimum Annual Rent shall be determined adjusted as set forth in Paragraph 18.2 belowbelow (the "Rent Adjustment"). In the event Lessee desires Tenant shall exercise each option by delivering to exercise any option to extend granted in this Article XVIIILandlord, Lessee shall give Landlord written notice ("Notice to Extend") not less no later than one hundred eighty (180) days prior to the expiration of the Initial Term or the immediately preceding Extended Termterm, as the case may be. If Lessee fails to give Lessor any such notice, then Lessor shall give Lessee written notice that Lessor has not received Lesseeof Tenant's Notice desire to Extendextend the Lease Term. If Lessee fails Tenant's failure to deliver to Lessor timely exercise such option shall be deemed a waiver of such option and any succeeding option. Landlord shall notify Tenant of the Notice to Extend within ten amount of the Rent Adjustment no later than ninety (1090) days thereafter, Lessee prior to the commencement of the Extension Term. Tenant shall be deemed to have elected not accepted the Rent Adjustment if it fails to extend this Lease and the Related Leases, such deliver to Landlord a written objection thereto within five (5) business days after receipt thereof. If Tenant properly exercises its option to extend extend, Landlord and all future options Tenant shall execute an amendment to extend granted the Lease (or, at Landlord's option, a new lease on the form then in this Article XVIII use for the Building) reflecting the terms and conditions of the Extension Term within thirty (30) days after Tenant's acceptance (or in deemed acceptance) of the Related Leases shall be null and void and of no further force or effectRent Adjustment.

Appears in 1 contract

Samples: Puradyn Filter Technologies Inc

Options to Extend. (a) Provided there exists no uncured Event of Default under any of this Leasethat, the Related Leases and the Other Leases at the time Lessee exercises any of each such exercise, (i) this Lease is in full force and effect, and (ii) no default by Tenant shall have occurred and be continuing (either at the time of exercise or at the commencement of an Extended Term), Tenant shall have the right and option to extend (in accordance with this Article XVIII), Lessee will have the right to extend Term of this Lease for two (2) periods extended terms (collectively, the "Extended Terms") of ten five (105) years each by giving written notice to Landlord not later than twelve (each such additional term shall be referred 12) months prior to herein as an "the expiration date of the Initial Term with respect to the first Extended Term"), commencing immediately following and not later than twelve (12) months prior to the expiration date of the first Extended Term with respect to the second Extended Term. The effective giving of such notice of extension by Tenant shall automatically extend the Term of this Lease for the applicable Extended Term, and no instrument of renewal or extension need be executed. In the event that Tenant fails timely to give such notice to Landlord, this Lease shall automatically terminate at the end of the Term then in effect, and Tenant shall have no further option to extend the Term of this Lease. Each Extended Term shall commence on the day immediately succeeding the expiration date of the Initial Term or the immediately preceding Extended Term, as the case may be; provided, however, that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in and shall end on the day immediately preceding the fifth anniversary of the first day of such Extended Term. The Extended Terms shall be on all the terms and conditions of this Lease, Lessee except: (i) during the Extended Terms, Tenant shall not be entitled to exercise its have no further option to extend this Lease for any Extended Term (and any such option to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all the Related Leases for the same period, as provided in Article XVIII of the Related Leases. The Lease during any Extended Term shall be on the same terms and conditions as during the Initial Term, except that as provided herein during the Minimum Rent shall be determined as set forth in Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee shall give Landlord written notice ("Notice to Extend") not less than one hundred eighty (180) days prior first Extended Term with respect to the expiration of the Initial Term or the immediately preceding second Extended Term, as and (ii) the case may be. If Lessee fails to give Lessor any such notice, then Lessor shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor Fixed Rent for the Notice to Extend within ten (10) days thereafter, Lessee Extended Terms shall be deemed the Fair Market Rental Value for the Premises as of the commencement of the Extended Term in question, determined pursuant to have elected not to extend paragraph (b) of this Lease and the Related Leases, such option to extend and all future options to extend granted in this Article XVIII or in the Related Leases shall be null and void and of no further force or effectSection 10.1.

Appears in 1 contract

Samples: LTX Corp

Options to Extend. Provided Tenant shall have two (2) option(s) to extend (the "EXTENSION OPTIONS") the Lease Term for consecutive five (5) year period(s) (the foregoing option term(s) shall be referred to hereinafter sometimes as the "EXTENSION TERM(s)"), by delivering a written notice of exercise to Landlord ("EXTENSION NOTICE") with respect to the applicable Extension Term, which Extension Notice may not be delivered earlier than the date which is eighteen (18) months prior to the end of the initial Lease Term or first Extension Term (as applicable) and may not be delivered later than the date which is thirty (30) days after the Reminder Notice. If Landlord has not received an applicable Extension Notice by the date which is twelve (12) months prior to the end of the initial Lease Term or first Extension Term (as applicable), Landlord may provide written notice ("EXTENSION REMINDER NOTICE") to Tenant that the Extension Option will expire if Tenant fails to deliver the Extension Notice to Landlord within thirty (30) days after the date of such notice from Landlord. If Tenant fails to deliver the Extension Notice within said thirty (30) day period, Tenant shall be deemed to have waived its right to exercise such Extension Option. The parties acknowledge that Tenant's Extension Option will not lapse until the date which is thirty (30) days after Landlord's delivery of the Extension Reminder Notice pursuant to this Section 2.2. The Extension Option shall apply to all space (and not a portion of the space) then leased by Tenant in the Building. Tenant may exercise the Extension Option(s) only if this Lease is in full force and effect and there exists is no uncured Event of Default under any of this Lease, the Related Leases and the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII)of exercise of such Extension Option and/or at the time of the commencement of the Extension Term, Lessee will but Landlord shall have the right to extend this Lease for two waive such conditions herein. Tenant's exercise of the second (22nd) periods of ten (10) years each (each such additional term Extension Option shall be referred conditioned upon Tenant's exercise of the first Extension Option. The rights of Tenant contained in this Section 2.2 shall be personal to herein the original Tenant named in the Summary ("ORIGINAL TENANT") and any Permitted Affiliate and may only be exercised by the Original Tenant or such Permitted Affiliate if Tenant, at the date of Tenant's Extension Notice, meets or exceeds the Financial Standards set forth in Section 21.2 below. The Base Rent during each Extension Term ("EXTENSION TERM BASE RENT") shall be an amount equal to ninety-five percent (95%) of the then "Fair Market Rental Value" of the Building (as an such term is defined in Section 2.2(e) below), as stated on a monthly basis and determined pursuant to this Section 2.2 as of the first (1st) day of the applicable Extension Term ("Extended TermEXTENSION TERM COMMENCEMENT DATE"), commencing immediately following the end of the Initial Term or the immediately preceding Extended Term, as the case may be; provided, however, that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee no event shall not be entitled to exercise its option to extend this Lease for the Base Rent payable during any Extended Extension Term (and any such option to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all the Related Leases for the same periodBuilding be less than the Base Rent payable during the period immediately preceding such Extension Term for the Building and provided further that, as provided in Article XVIII on the first anniversary of the Related Leases. The Lease Extension Term Commencement Date, and on each subsequent anniversary thereof during any Extended Term shall be on the same terms and conditions as during the Initial such Extension Term, except that the Minimum then payable monthly Extension Term Base Rent shall be increased in accordance with market rate increases, as mutually agreed to by Landlord and Tenant or, if Landlord and Tenant cannot agree, as determined as set forth in Paragraph 18.2 by the appraisal process described below. In Upon receipt by Landlord of Tenant's Extension Notice under this Section 2.2, above, Landlord and Tenant shall meet in an effort to negotiate, in good faith, the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee applicable Extension Term Base Rent which shall give Landlord written notice ("Notice to Extend") not less than one hundred eighty (180) days prior to the expiration become effective as of the Initial respective Extension Term or the immediately preceding Extended Term, as the case may beCommencement Date. If Lessee fails to give Lessor any such notice, then Lessor shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafter, Lessee shall be deemed to have elected not to extend this Lease and the Related Leases, such option to extend and all future options to extend granted in this Article XVIII or in the Related Leases shall be null and void and of no further force or effect.PEREGRINE SYSTEMS CORPORATE CENTER [Peregrine Systems]

Appears in 1 contract

Samples: Office Lease (Peregrine Systems Inc)

Options to Extend. Provided there exists no uncured Event of Default under any of this Lease, the Related Leases and the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII), Lessee will 1.1 Tenant shall have the right and option, which said option and right shall not be severed from this Lease or separately assigned, mortgaged or transferred, to extend this Lease the Initial Terra for two (2) additional consecutive periods of ten five (105) years each (each such additional term shall be hereinafter collectively referred to herein as an "Extended Term"the “Extension Period” and singularly as the “First Extension Period” and the “Second Extension Period”, respectively), commencing immediately following the end of the Initial Term or the immediately preceding Extended Term, as the case may be; provided, however, provided that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee shall not be entitled to exercise its option to extend this Lease for any Extended Term (and any such option to extend shall automatically expire and terminatea) unless Lessee concurrently exercises its option to extend all the Related Leases for the same period, as provided in Article XVIII of the Related Leases. The Lease during any Extended Term shall be on the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee Tenant shall give Landlord written notice of Tenant’s exercise of each such option at least eighteen ("Notice to Extend"18) not less than one hundred eighty (180) days full months prior to the expiration of the (i) Initial Term with respect to the first such option, and (ii) First Extension Period with respect to the second such option and (b) Tenant shall not be in default (beyond expiration of applicable notice and cure periods, if any) in the performance or observance of any of the immediately preceding Extended Termterms and provisions of the Lease on the part of Tenant to be performed or observed at the time of giving applicable notice and the commencement of each such Extension Period. Except for the amount of Basic Rent (which is to be determined as hereinafter provided), all the terms, covenants, conditions, provisions and agreements in the Lease contained shall be applicable to the additional period through which the Initial Term shall be extended as aforesaid, except that there shall be no further option to extend the case may beTerm nor shall there be any Allowance nor shalL Landlord be obligated to make or pay for any improvements to the Premises nor pay any architectural or engineering fees, legal fees, brokerage fees or inducement payments of any kind or nature. If Lessee fails to give Lessor any such notice, then Lessor Tenant shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafter, Lessee shall be deemed to have elected not to extend this Lease and the Related Leases, of its exercise of each such option to extend in the manner and within the time period provided aforesaid, the Term shall be extended upon the giving of such notice without the requirement of any further attention on the part of either Landlord or Tenant. Landlord hereby reserves the right, exercisable by Landlord in its sole discretion, to waive (in writing) any or all future options conditions precedent to Tenant’s exercise of any such option, which conditions are set forth in clauses (a) and (b) above. If Tenant shall fail to give timely notice of the exercise of any such option as aforesaid, Tenant shall have no right to extend the Term of this Lease, time being of the essence of the foregoing provisions. Failure to timely exercise the first such option shall terminate Tenant’s right to exercise the second such option. Any assignment by Tenant of its interest under this Lease or any subleasing of all or any part of the Premises (other than a subletting of a portion of the Premises consented to by Landlord pursuant to Article VI) or any termination of this Lease Agreement shall terminate the rights hereby granted in this Article XVIII or in Tenant. Any subletting of the Related Leases shall be null and void and Premises will not transfer to the sublessee any of no further force or effectthe rights granted hereby.

Appears in 1 contract

Samples: Lease Agreement (Aspen Technology Inc /De/)

Options to Extend. Provided there exists no uncured Event Sublessee acknowledges that Sublessor has two (2) options to extend the term of Default under any of this the Master Lease, each option for a two (2) year extension term. Sublessor may elect to exercise or not exercise such options in Sublessee's sole and absolute discretion. If Sublessor elects to exercise an extension option under the Related Leases and the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII)Master Lease, Lessee will then, Sublessee shall have the right to elect to extend this Lease the Sublease for the corresponding two (2) periods of ten (10) years each (each such additional term shall be referred to herein as an "Extended Term")year extension, commencing immediately following the end of the Initial Term or the immediately preceding Extended Term, as the case may be; providedsubject, however, that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee shall not be entitled to the following terms and conditions. Sublessee's right to exercise its option to extend this Lease for any Extended Term (and any such option is subject to the timely payment by Sublessee of all monetary amounts due to Sublessor under this Sublease. If Sublessee fails to pay when due any sums owing to Sublessor pursuant to this Sublease more than three (3) times during the initial term of this Sublease, or more than once during the period of any extension of the initial term of the Sublease, all rights and options of Sublessee to extend the term of the Sublease shall automatically expire and terminate. Sublessee shall exercise each option (if the right to such option comes into existence) unless Lessee concurrently exercises its option to extend all the Related Leases for the same period, as provided in Article XVIII by delivery of the Related Leases. The Lease during any Extended Term shall be on the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee shall give Landlord written notice ("Notice thereof to Extend") not less than one hundred eighty (180) days prior to the expiration of the Initial Term or the immediately preceding Extended Term, as the case may be. If Lessee fails to give Lessor any such notice, then Lessor shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend Sublessor within ten (10) business days thereafterfollowing Sublessor's delivery of written notice of Lessor's election to exercise an option to extend the term of the Master Lease. Sublessee does not deliver such exercise notice to Sublessor within such ten (10) business day period, Lessee Sublessee shall be deemed to have elected not to exercise such option, and all options rights of Sublessee to extend to term of the Sublease shall automatically terminate. If Sublessee timely exercises an option right hereunder provided herein, the terms and conditions of this Sublease shall continue to apply for the corresponding extension term; provided, however, that Base Rent payable by Sublessee for the corresponding extension term shall be equal to the fair market rent (as defined below) for the Premises for such extension term as of the commencement of the extended term. However, in no event shall Base Rent for the first year of any such extended term be less than one hundred three percent (103%) of the Base Rent applicable during the year immediately preceding the extended term. Further, Base Rent for the second year of each extended term shall be increased by the greater of three percent (3%) or the percentage increase in the Consumer Price Index (but in no event greater than 5%) as determined pursuant to paragraph 12.1 above in this Addendum. If the Sublessor and Sublessee cannot agree on the fair market rent of the Premises for the applicable extension term within thirty (30) days after Sublessee has exercised its option for the extended term, Sublessor and Sublessee shall proceed with the determination of fair market rent pursuant to the procedures set forth in paragraph 37.1.3 of the Master Lease regarding the selection of appraisers and the Related Leasesdetermination of fair market rent by appraisers, including the time frames set forth in such option provisions, as if Sublessee were "Tenant" thereunder, and Sublessor was "Landlord" thereunder. For purposes hereunder, "fair market rent" shall have the meaning set forth in paragraph 37.1.3 of the Master Lease as pertaining to extend and all future options to extend granted in this Article XVIII or in the Related Leases shall be null and void and of no further force or effectPremises.

Appears in 1 contract

Samples: Marlton Technologies Inc

Options to Extend. Provided there exists no uncured Event of Default under any of this Lease, the Related Leases and the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII), Lessee will a) Tenant shall have the right to extend this Lease for two (2) options to extend the Term of this Lease (the "Options to Extend") for successive periods of ten five (105) years each (each such additional term shall be referred to herein as an the "Extended TermExtension Periods"), commencing immediately following the end of the Initial Term or the immediately preceding Extended Term, as the case may be; provided, however, that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee shall not be entitled subject to exercise its option to extend this Lease for any Extended Term (and any such option to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all the Related Leases for the same period, as provided in Article XVIII of the Related Leases. The Lease during any Extended Term shall be on the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in Paragraph 18.2 belowherein. In Tenant may only exercise the event Lessee desires Options to Extend with respect to the entire Premises. If Tenant shall desire to exercise any option Option to extend granted in this Article XVIIIExtend, Lessee it shall give Landlord written a notice (the "Notice to ExtendInquiry Notice") of such desire not less later than one hundred eighty twelve (18012) days months prior to the expiration of the Initial Term of this Lease or the immediately preceding Extended TermExtension Period, as the case may be Thereafter, the Fair Market Rent (as defined in Subsection (c) below) for the applicable Extension Period shall be determined in accordance with Subsection (d) below. After the applicable Fair Market Rent has been so determined, Tenant shall exercise each Option to Extend by giving Landlord notice (the "Exercise Notice") of its election to do so not later than nine (9) months prior to the expiration of the Initial Term of this Lease, or the preceding Extension Period, as the case may be. If Lessee Tenant fails to timely give Lessor any such notice, then Lessor shall give Lessee written notice that Lessor has not received Lessee's either the Inquiry Notice or the Exercise Notice to Landlord with respect to any Option to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafter, Lessee Tenant shall be conclusively deemed to have elected not waived such Option to extend this Lease and the Related Leases, such option to extend and all future options to extend granted in this Article XVIII or in the Related Leases shall be null and void and of no further force or effectExtend hereunder.

Appears in 1 contract

Samples: Lease (Millennium Pharmaceuticals Inc)

Options to Extend. Provided there exists no uncured Event of Default under any of this Lease, the Related Leases and the Other Leases at the time Lessee exercises any (a) Tenant shall have one (1) option to extend (in accordance with this Article XVIII), Lessee will have the right to extend Term of this Lease for two (2) periods of ten (10) years each (each such additional term shall be referred to herein as an the "Extended Term"), commencing immediately following the end of the Initial Term or the immediately preceding Extended Term, as the case may be; provided, however, that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee shall not be entitled to exercise its option to extend this Lease for any Extended Term (and any such option to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all the Related Leases for the same period, as provided in Article XVIII of the Related Leases. The Lease during any Extended Term shall be on the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee shall give Landlord written notice ("Notice Option to Extend") for a period of five (5) years (the "Extension Period"), subject to and on the terms set forth herein. Tenant may only exercise the Option to Extend with respect to the entire Premises. If Tenant shall desire to exercise the Option to Extend, it shall give Landlord a notice (the "Inquiry Notice") of such desire not less later than one hundred eighty fifteen (18015) days months prior to the expiration of the Initial Term of this Lease. Thereafter, the Fair Market Rent (as defined in Subsection (c) below) for the Extension Period shall be determined in accordance with Subsection (d) below. After the Fair Market Rent has been so determined, Tenant shall exercise the Option to Extend by giving Landlord notice (the "Exercise Notice") of its election to do so not later than twelve (12) months prior to the expiration of the Initial Term of this Lease. If Tenant fails to timely give either the Inquiry Notice or the immediately preceding Extended Term, as the case may be. If Lessee fails to give Lessor any such notice, then Lessor shall give Lessee written notice that Lessor has not received Lessee's Exercise Notice to Landlord with respect to the Option to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafter, Lessee Tenant shall be conclusively deemed to have elected not waived such Option to extend this Lease and the Related Leases, such option to extend and all future options to extend granted in this Article XVIII or in the Related Leases shall be null and void and of no further force or effectExtend hereunder.

Appears in 1 contract

Samples: Lease (Curis Inc)

Options to Extend. Provided there exists no uncured Event of Default under any of this Lease, the Related Leases and the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII), Lessee will Tenant shall have the right to extend this Lease for two (2) periods options to extend the Lease Term for a period of ten five (105) years each (each such additional term shall be hereinafter referred to herein as the “First Extension Term” and “Second Extension Term,” respectively, and each, an "Extended “Extension Term"), commencing immediately following provided that at the end time Tenant’s Extension Notice (defined below) is given and at the time the Extension Term is to commence (i) no default by Tenant exists under this Lease beyond any applicable cure or grace period, and (ii) Altus Medical, Inc. or a permitted transferee under Section 6(g) of the Initial Term or the immediately preceding Extended Term, as the case may be; provided, however, that notwithstanding anything stated Lease (i.e. a Transferee to whom Landlord’s consent is not required) is in this Paragraph 18.1 or elsewhere in this Lease, Lessee shall not be entitled to exercise its option to extend this Lease for any Extended Term occupancy of at least fifty percent (and any such option to extend shall automatically expire and terminate50%) unless Lessee concurrently exercises its option to extend all the Related Leases for the same period, as provided in Article XVIII of the Related LeasesBuilding. The Lease during any Extended Term Tenant shall be on the same terms and conditions as during the Initial Termexercise such option, except that the Minimum Rent shall be determined as set forth in Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this Article XVIIIif at all, Lessee shall give Landlord by written notice ("Notice “Tenant’s Extension Notice”) to Extend"Landlord not later than nine (9) not less months, nor earlier than one hundred eighty fifteen (18015) days months, prior to the expiration of the Initial original Lease Term or the immediately preceding Extended First Extension Term, as the case may be. If Lessee fails Tenant’s failure to give Lessor any such notice, then Lessor shall give Lessee written notice that Lessor has not received Lessee's deliver Tenant’s Extension Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafter, Lessee Landlord in a timely manner shall be deemed to have elected not to extend this Lease and the Related Leases, such a waiver of Tenant’s option to extend the Term and all Tenant’s extension option, and any future options option to extend granted in this Article XVIII or in the Related Leases Lease Term shall lapse and be null and void and of no further force or effect.

Appears in 1 contract

Samples: Lease (Cutera Inc)

Options to Extend. Provided there exists no uncured Event of Default under any of this Lease, The Tenant has the Related Leases and the Other Leases at the time Lessee exercises any option options to extend (in accordance with this Article XVIII), Lessee will have the right to extend Initial Term of this Lease for two (2) periods of ten successive five (105) years each year term(s) (each an “Extended Term” or collectively, the “Extended Terms”), the exercise of which shall automatically extend the Term of this Lease without the necessity of additional documentation. So long as there does not exist any continuing, uncured Event of Default hereunder at such additional term time of exercise, the option to extend the first Extended Term shall be referred deemed to herein as an "Extended Term")have been exercised by Tenant’s notification to Landlord that it elects to exercise its option to extend at least twelve (12) months, commencing immediately following but not more than eighteen (18) months, prior to the end of the Initial Term or hereunder and, as to the immediately preceding second Extended Term, as at least twelve (12) months, but not more than eighteen (18) months, prior to the case may be; provided, however, that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee shall not be entitled to exercise its option to extend this Lease for any Extended Term (and any such option to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all the Related Leases for the same period, as provided in Article XVIII end of the Related Leasesfirst Extended Term. The Lease during any Extended Term Term(s) shall be on upon the same terms and conditions as are set forth in this Lease, including, without limitation, the Tenant’s obligations to pay Operating Cost Escalation as set forth in Section 4.2, except that (i) there shall be no additional option to extend after the termination of the second Extended Term or the failure to exercise the first or second option, as applicable option, whichever shall first occur, (ii) the annual Fixed Rent for the Extended Terms shall be equal to ninety-five percent (95%) of the Market Rent (as defined in and determined in accordance with Exhibit H), and (iii) there shall be no allowances, abatements or initial rental concessions as may have been provided for herein with respect to the Initial Term and (iv) the Base Year Operating Costs for such Extended Term shall be the amount of Landlord’s Operating Costs for the calendar year ending December 31 of the first year of such Extended Term (grossed up to reflected 95% occupancy as set forth in Section 4.2). Notwithstanding the foregoing, in no event, however, shall the annual Fixed Rent for the first Extended Term be less than the annual Fixed Rent and additional rent payable during the last year of the Initial Term (after taking into account the free rent and other concessions applicable to the Initial Term, except that the Minimum Rent which for such purposes shall be determined as set forth amortized on a straight line basis over the Initial Term), and in Paragraph 18.2 below. In no event shall the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee shall give Landlord written notice ("Notice to Extend") not annual Fixed Rent for the second Extended Term be less than one hundred eighty (180) days prior to the expiration annual Fixed Rent and additional rent payable during the last year of the Initial Term or the immediately preceding first Extended Term, as the case may be. If Lessee fails to give Lessor any such notice, then Lessor shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafter, Lessee shall be deemed to have elected not to extend this Lease and the Related Leases, such option to extend and all future options to extend granted in this Article XVIII or in the Related Leases shall be null and void and of no further force or effect.72 EXHIBIT “G”

Appears in 1 contract

Samples: Lease (Zoran Corp \De\)

Options to Extend. Provided there exists no uncured Event of Default under any of this Lease, the Related Leases and the Other Leases at the time Lessee exercises any option Landlord hereby grants to extend (in accordance with this Article XVIII), Lessee will have the right to extend this Lease for Tenant two (2) periods of ten options to extend (10“Option(s) to Extend”) the Term for the Premises for an additional twenty-five (25) years each per extended option term (each such additional term shall be referred to herein as an "Extended Term"“Option Term(s)”), commencing immediately following the end upon each and all of the Initial Term or the immediately preceding Extended Term, terms and conditions of this Lease as the case may beamended below; provided, however, Tenant is not in default of this Lease on the date of exercise of the Option to Extend and has not been in default of this Lease more than two (2) times during the Term, as extended. Tenant shall give to Landlord written notice on or prior to twelve (12) months before expiration of the then current Term or first Option Term of the exercise of the Option to Extend for such Option Term, time being of the essence. The Term as defined in Paragraph 2 hereof shall also include any Options to Extend properly exercised hereunder. If notice of exercise of any Option to Extend is not timely given, all further Options to Extend shall automatically expire. The Base Rent for either Option Term shall be equal to ninety-five percent (95%) of the Market Rent (as defined below) established at the beginning of each Option Term, provided that notwithstanding anything stated the Base Rent shall not be less than the Base Rent then in this effect at the end of the current Term, as extended. The rent for the Option Terms shall consist of Base Rent (including any increases as set forth in Paragraph 18.1 or elsewhere in 3.1), Tenant’s Share of Project Expenses pursuant to Paragraph 5, and any other charges under this Lease. The Options to Extend are personal to Tenant and may not be assigned without Landlord’s written consent which may be withheld in its sole discretion. Landlord and Tenant shall use their best good faith efforts to agree upon the fair market Base Rent for the Premises (“Market Rent”). If Landlord and Tenant fail to reach agreement after fifteen (15) business days following Tenant’s written notice of the exercise of the Option to Extend for such Option Term (“Market Rent Negotiation Period”), Lessee then each party shall make a separate determination of the Market Rent which shall be submitted to the other party. Either party’s failure to timely submit its determination of Market Rent to the other party shall be deemed acceptance of the submitting party’s determination of Market Rent. If Landlord’s submitted Market Rent is less than or equal to three percent (3%) greater than Tenant’s submitted Market Rent, the Market Rent shall be deemed to be the average of Landlord’s and Tenant’s submitted Market Rent. If Landlord’s submitted Market Rent is more than three percent (3%) greater than Tenant’s submitted Market Rent, each party’s submitted Market Rent shall be submitted to arbitration prior to ten (10) business days following the selection of arbitrators as set forth below. Landlord and Tenant shall each appoint, prior to ten (10) days after the end of the Market Rent Negotiation Period, one arbitrator who shall by profession be a current real estate broker or appraiser of comparable commercial properties in the immediate vicinity of the Project, and who has been active in such field over the last five (5) years. The determination of the arbitrators shall be limited solely to the issue of whether Landlord’s or Tenant’s submitted Market Rent is the closest to the actual Market Rent as determined by the arbitrators (i.e., the arbitrators may only select Landlord’s or Tenant’s determination of Market Rent and shall not be entitled to exercise its option make a compromise determination). The two (2) arbitrators so appointed shall prior to extend this Lease for any Extended Term five (5) business days after the date of the appointment of the last appointed arbitrator agree upon and any such option to extend appoint a third arbitrator who shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all the Related Leases for be qualified under the same period, as provided in Article XVIII criteria set forth hereinabove for qualification of the Related Leasesinitial two arbitrators. The Lease during any Extended Term three arbitrators shall prior to fifteen (15) days after the appointment of the third arbitrator reach a decision as to whether the parties shall use Landlord’s or Tenant’s submitted Market Rent, and shall notify Landlord and Tenant thereof. The decision of the majority of the three (3) arbitrators shall be on the same terms binding upon Landlord and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in Paragraph 18.2 belowTenant. In the event Lessee desires If either Landlord or Tenant fails to exercise any option to extend granted in this Article XVIII, Lessee shall give Landlord written notice ("Notice to Extend") not less than one hundred eighty (180) days appoint an arbitrator prior to the expiration of the Initial Term or the immediately preceding Extended Term, as the case may be. If Lessee fails to give Lessor any such notice, then Lessor shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafterafter the end of the Market Rent Negotiation Period, Lessee the arbitrator appointed by one of them shall reach a decision, notify Landlord and Tenant thereof, and such arbitrator’s decision shall be deemed binding upon Landlord and Tenant. If the two (2) arbitrators fail to have elected not agree upon and appoint a third (3rd) arbitrator, or both parties fail to extend this Lease appoint an arbitrator, then the appointment of the third arbitrator or any arbitrator shall be dismissed and the Related Leases, such option matter to extend and all future options to extend granted in this Article XVIII or in the Related Leases be decided shall be null forthwith submitted to arbitration under the provisions of the American Arbitration Association. The cost of arbitration shall be paid by Landlord and void and of no further force or effectTenant equally.

Appears in 1 contract

Samples: Lease Agreement (Elio Motors, Inc.)

Options to Extend. Provided there exists that, at the time of giving notice of exercise or at the commencement of the First or Second Option Term, as applicable, no uncured Event of Default under any of this Leaseor Inchoate Default has occurred which is continuing, Tenant shall have the Related Leases right and the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII), Lessee will have the right to extend term of this Lease for two (2) additional periods of ten five (105) years each (each such additional term shall be referred to herein as an "Extended Term"), commencing immediately following the end of the Initial Term or the immediately preceding Extended Term, as the case may be; provided, however, that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee shall not be entitled to exercise its option to extend this Lease for any Extended Term (and any such option to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all the Related Leases for the same period, as provided in Article XVIII of the Related Leases. The Lease during any Extended Term shall be on upon the same terms and conditions as during herein applicable to the Initial Base Term, except that for the Minimum Rent shall be determined amount of the Annual Base Rent, the first option being referred to herein as set forth in Paragraph 18.2 below. the “First Option,” the second option being referred to herein as the “Second Option,” and the First Option and Second Option being referred to herein, individually, as an “Option” and collectively, as the “Options.” In the event Lessee desires to that, at the time of giving notice of exercise any option to extend granted in this Article XVIIIor at the commencement of the First or Second Option Term, Lessee as applicable, an Inchoate Default has occurred which is continuing, Landlord shall give Landlord provide Tenant with written notice thereof, Tenant shall have sixty ("Notice 60) days to Extend"cure such Inchoate Default following such written notice, the applicable Option will not expire during such sixty (60) day period so long as Tenant is diligently pursuing such cure and, in the event such Inchoate Default is cured within such sixty (60) day period or Landlord waives in writing the obligation of Tenant to cure such Inchoate Default as a condition to the effectiveness of the exercise of the Option within such sixty (60) day period, the Option shall be deemed to have been timely exercised. The five (5) year period for which the term is extended in the event the First Option is exercised is referred to herein as the “First Option Term”, and the five (5) year period for which the term is extended in the event the Second Option is exercised is referred to herein as the “Second Option Term.” Tenant shall exercise the First Option, if at all, by giving written notice to Landlord of such exercise not less than one hundred eighty nine (1809) days months and not more than twelve (12) months prior to the expiration of the Initial Term or the immediately preceding Extended Base Term, as and Tenant shall exercise the case may be. If Lessee fails to give Lessor any such noticeSecond Option, then Lessor shall give Lessee if at all, by giving written notice that Lessor has to Landlord of such exercise not received Lessee's Notice less than nine (9) months and not more than twelve (12) months prior to Extendthe expiration of the First Option Term. If Lessee fails to deliver to Lessor At Tenant’s request during the Notice to Extend within three-month periods described in the preceding sentence, Landlord shall, by the later of (a) thirty (30) days after such request and (b) ten (10) days thereaftermonths before the commencement of the First or Second Option Term, Lessee as applicable, provide Tenant with a written notice setting forth Landlord’s estimate of the Fair Market Rental for the Premises (as described in Section 5.3 hereof). The Second Option may be exercised only if the First Option is exercised. An exercise of an Option shall be deemed irrevocable. If Tenant fails to have elected not to extend this Lease and give written notice of the Related Leasesexercise of the applicable Option within the time provided above, such option to extend and all future options to extend granted in this Article XVIII or in Option shall automatically terminate, time being of the Related Leases shall be null and void and of no further force or effectessence.

Appears in 1 contract

Samples: Lease Agreement (Dj Orthopedics Inc)

Options to Extend. Provided there exists no uncured Event of Default under any of this Lease, the Related Leases and the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII), Lessee will Tenant shall have the right (each an “Extension Option”) to extend this the Lease Term for two (2) consecutive periods of ten five (105) years each (each such additional term shall be referred to herein as an "Extended Term"), commencing immediately “Extension Period”) on the following the end of the Initial Term or the immediately preceding Extended Term, as the case may be; provided, however, that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee shall not be entitled terms and conditions. If Tenant wishes to exercise its option to extend this Lease for any Extended Term (and any such option to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all the Related Leases for the same period, as provided in Article XVIII of the Related Leases. The Lease during any Extended Term shall be on the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee an Extension Option it shall give Landlord written notice ("Notice to Extend"the “Election Notice”) not less no later than one hundred eighty twelve (18012) days months prior to the expiration commencement of the Initial Term Extension Period. Time is of the essence and late notice shall not be effective. The Election Notice shall be irrevocable. Notwithstanding the foregoing, if either (a) an Event of Default is outstanding when Tenant delivers the Election Notice or at the time the Extension Period is to commence, or (b) within the immediately preceding Extended Termtwelve (12) months Landlord gave Tenant more than one (1) notice of an alleged default which ripened into an actual Event of Default, as the case may bethen Landlord shall not be required to give effect to Tenant’s Election Notice. If Lessee fails the above conditions are satisfied with respect to give Lessor any such noticethe exercise of the Extension Option or if Landlord elects in its discretion to recognize the Election Notice even though the conditions are not satisfied, then Lessor shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafter, Lessee Lease Term shall be deemed to have elected not to extend extended on the same legal terms and conditions contained in this Lease except that Base Rent for the Extension Period shall be determined as provided below and the Related Leases, such option to extend and all future options to extend granted in this Article XVIII or in the Related Leases applicable Extension Option shall be null and void and of no further force and effect. Landlord shall not be obligated to provide any concessions or effectallowances to Tenant or to pay any fee or commission to the brokers identified in the Lease Summary if Tenant exercises an Extension Option (except as may otherwise have been agreed to by Landlord pursuant to any separate fully executed agreement between Landlord and said brokers). Tenant may not exercise the second Extension Option unless the first Extension Option was validly exercised. If Tenant exercises an Extension Option, Base Rent for the Extension Period shall be the Market Rent for the Premises during the Extension Period determined pursuant to Paragraph 4 below. Landlord and Tenant shall, upon request of either party after the determination of the Market Rent, execute an amendment to this Lease, to document the extension and the Market Rent applicable to the Extension Period. The Extension Options are personal to the Tenant originally named herein and any Permitted Transferee who has assumed all of Tenant’s obligations under this Lease and may not be exercised by or for the benefit of any other party.

Appears in 1 contract

Samples: Office Lease Agreement (Qualtrics International Inc.)

Options to Extend. Provided there exists no uncured Event of Default under any of this Lease, the Related Leases and the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII), Lessee will Tenant shall have the right to extend this Lease for two (2) options (each a “Renewal Option”) to extend the Term, with respect to all or any portion of the Premises described below, for successive periods of ten five (105) years each (each such additional term shall be referred to herein as an "Extended Term"), commencing immediately following the end of the Initial initial Term or (each a “Renewal Period” and collectively the immediately preceding Extended Term“Renewal Periods”), so long as this Lease is then in effect and no Event of Default by Tenant relating to any monetary obligation of this Lease exists at the case may be; provided, however, time of the exercise of the applicable Renewal Option. In the event that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee shall not be entitled Tenant desires to exercise its option to extend renew the Term for a Renewal Period, Tenant shall so notify Landlord in writing on or before the twelfth (12th) month prior to the last day of the Term. Tenant shall specify in such notice to Landlord the portions of the Premises which Tenant desires to lease for the applicable Renewal Period which shall eliminate from the Premises only that Eliminated Area described below (the “Renewal Space”). If Tenant fails to designate the portion of the Premises which Tenant desires to lease, Tenant shall be deemed to have elected to lease the entire Premises. Upon the giving of such notice, this Lease for any Extended and the Term (and any such option to extend hereof shall automatically expire and terminatebe extended for five (5) unless Lessee concurrently exercises its option to extend all years without the Related Leases necessity for the same period, as provided execution of any other instrument in Article XVIII of confirmation thereof except for a document memorializing the Related Leases. The Lease during any Extended Term shall be on the same terms and conditions as during the Initial Term, except that the Minimum Annual Rent shall be determined established as set forth in Paragraph 18.2 belowSection 3.3 below for the then extended Term. In Notwithstanding the event Lessee desires foregoing, Tenant’s Renewal Options will not lapse because of Tenant’s failure to exercise any option Renewal Option unless Landlord gives Tenant notice that Tenant has failed to extend granted in this Article XVIII, Lessee shall give Landlord written notice ("Notice to Extend") not less than one hundred eighty (180) days exercise such Renewal Option prior to the expiration of the Initial Term or the immediately preceding Extended Termperiod provided above, as the case may be. If Lessee fails and Tenant shall have failed to give Lessor any exercise such notice, then Lessor shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend option within ten (10) days thereafterfollowing Tenant’s receipt of such notice. Except for the reduced square footage (if applicable), Lessee the rent payable during the applicable Renewal Period, which shall be deemed to have elected not to extend this Lease determined in the manner provided in Section 3.3 below, and the Related Leases, such fact that there shall be no further option to extend beyond the second Renewal Period or with respect to any Eliminated Area (as defined below), each extension shall be upon all the same terms, conditions and provisions as contained in this Lease. In the event Tenant exercises either Renewal Option as to a portion, and not all, of the then current Premises, (i) the Renewal Space must contain at least one hundred thirty thousand (130,000) square feet of rentable area; (ii) the space eliminated from the Premises pursuant to this Section (the “Eliminated Area”) must, to the extent reasonably possible, be internally contiguous; (iii) each portion of the Eliminated Area must contain at least 10,000 contiguous square feet of rentable area and be marketable as office or research and development space on commercially reasonable terms and in accordance with all future options Legal Requirements; and (iii) the Eliminated Area must have access to legally appropriate restrooms, elevator lobby and fire stairs on the applicable floor of the Building and shall have an approximately proportionate share of the exterior window walls on the applicable floor of the Building when compared with the Renewal Space. The cost of partitioning the Renewal Space from the Eliminated Area shall be paid by Landlord. Once the Eliminated Area has been separated from the Premises, Tenant shall no longer have an option to extend granted in this Article XVIII or in the Related Leases shall be null and void and of no further force or effectTerm with respect to the Eliminated Area.

Appears in 1 contract

Samples: Lease (Dunkin' Brands Group, Inc.)

Options to Extend. Provided there exists no uncured Event of Default under any Landlord hereby grants to Tenant three (3) successive options (each an "OPTION" and collectively, the "OPTIONS") to extend the term of this Lease, each for a one hundred sixty-eight (168) month period (each an "OPTION PERIOD" and, collectively, the Related Leases and the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII"OPTION PERIODS"), Lessee will have upon the right to extend same terms and conditions as those set forth in this Lease for two the Initial Term (2except that no options to extend other than the Options are granted). In order to exercise an Option, Tenant must give notice to Landlord of its intention to exercise the applicable Option on or before the date (the "OPTION DATE") periods of ten which is six (106) years each (each such additional term shall be referred months prior to herein as an "Extended Term"), commencing immediately following the end of the Initial Term or the immediately preceding Extended Termprevious Option Period, as the case may beapplicable; provided, however, that notwithstanding anything stated it shall be a condition precedent to the exercise of each Option that Tenant shall not be in this Paragraph 18.1 Default as of the respective Option Date. Tenant's election not to exercise an Option, or elsewhere the passage of an Option Date without exercise of the subject Option, shall thereby terminate the subsequent Option or Options. The Options are personal to Tenant and may not be assigned except in connection with a permitted assignment of Tenaxx'x xnterest in this Lease, Lessee . Landlord shall not be entitled deliver to Tenant a notice reminding Tenant of Tenant's right to exercise its option to extend this Lease for any Extended Term an Option not more than six (6) months and any such option to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all the Related Leases for the same period, as provided in Article XVIII of the Related Leases. The Lease during any Extended Term shall be on the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee shall give Landlord written notice ("Notice to Extend") not less than one hundred eighty thirty (18030) days prior to the expiration of the Initial Term or the immediately preceding Extended Termdate Tenant may first exercise an Option, as the case may be. If Lessee fails provided that in no event shall Landlord's failure to give Lessor deliver such notice impose any such notice, then Lessor shall give Lessee written notice that Lessor has not received Lesseeliability on Landlord's Notice to Extend. If Lessee part; however if Landlord fails to deliver such notice the time for Tenant's exercise of an Option shall be extended, if necessary, to Lessor the Notice to Extend within ten date which is thirty (1030) days thereafter, Lessee shall be deemed to have elected not to extend this Lease and from the Related Leases, date of delivery of such option to extend and all future options to extend granted in this Article XVIII or in the Related Leases shall be null and void and of no further force or effectnotice from Landlord.

Appears in 1 contract

Samples: Defined Term (Sports Club Co Inc)

Options to Extend. Provided there exists no uncured Event of Default under any of this Lease, Tenant shall have four (4) successive options (the Related Leases "EXTENSION OPTION(S)") to renew and extend the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII), Lessee will have the right to extend this Lease Term for two (2) additional consecutive periods of ten five (105) years each (each such additional term each, an "EXTENDED TERM"). The Extension Options shall be referred exercised by Tenant giving Landlord written notice thereof at least six (6) months prior to herein as an "Extended Term"), commencing immediately following the end of the Initial initial Term or the immediately preceding previous Extended Term, as the case may be; provided, howeverPROVIDED, that notwithstanding anything stated Tenant's Extension Option(s) will not in any event expire from failure to exercise the same if Landlord does not give or has not given an "Exercise Deadline Notice" (as defined below). An "EXERCISE DEADLINE NOTICE" is a written notice given to Tenant at any time within the last year of the Lease Term stating as follows: "Pursuant to your Lease at Northlake, Illinois, you as Tenant have until [state deadline date that is 6 months before end of the current term] or until ten (10) business days after receipt of this Paragraph 18.1 or elsewhere letter, whichever is later, to exercise your option to extend the Lease Term for an additional 5 year term and FAILURE TO DO SO WILL RESULT IN THE LOSS OF YOUR EXTENSION OPTION(S) IN THE LEASE. NOTICE OF EXERCISE OF SUCH OPTIONS MAY BE GIVEN BY YOU AT ANY TIME AFTER YOUR RECEIPT OF THIS NOTICE, BUT MUST BE DELIVERED TO US BY SUCH DEADLINE DATE TO OUR ADDRESS FOR NOTICES UNDER THIS LEASE, WHICH IS AS FOLLOWS: [state then current address for notices]." During the Extended Term(s), except as expressly provided in this Lease, Lessee shall not be entitled to exercise its option to extend this Lease for any Extended Term (and any such option to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all the Related Leases for the same period, as provided in Article XVIII of the Related Leases. The Lease during any Extended Term shall be on the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee shall give Landlord written notice ("Notice to Extend") not less than one hundred eighty (180) days prior to the expiration of the Initial Term or the immediately preceding Extended Term, as the case may be. If Lessee fails to give Lessor any such notice, then Lessor shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafter, Lessee shall be deemed to have elected not to extend this Lease shall remain unamended and the Related Leases, such option to extend in full force and all future options to extend granted in this Article XVIII or in the Related Leases shall be null and void and of no further force or effect.

Appears in 1 contract

Samples: Purchase Agreement (Aei Real Estate Fund Xviii Limited Partnership)

Options to Extend. Provided there exists no uncured Event Notwithstanding the provisions of Default Section 2(a) to the contrary and provided Subtenant is not in default under any of this Lease, the Related Leases and the Other Leases Sublease at the time Lessee exercises any option to extend of the exercise thereof or at the time of its occupancy pursuant thereto, Subtenant shall have an aggregate of three (in accordance with this Article XVIII), Lessee will have the right 3) options to extend this Lease for Sublease (each, an "Option to Extend") as to the Sublease Premises. Subtenant shall have two (2) periods of ten consecutive Options to Extend with respect to the 9360 Premises for an additional six (106) years each month period each. Subtenant shall have one (each such 1) Option to Extend with respect to the 9390 Premises for an additional term three (3) month period. Each Option to Extend shall be referred to herein as an "Extended Term"), commencing immediately following the end exercisable by Subtenant upon delivery of the Initial Term or the immediately preceding Extended Term, as the case may be; provided, however, that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee shall not be entitled to exercise its option to extend this Lease for any Extended Term (and any such option to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all the Related Leases for the same period, as provided in Article XVIII of the Related Leases. The Lease during any Extended Term shall be on the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee shall give Landlord prior written notice (the "Notice to ExtendExercise Notice") thereof to Sublandlord. Each Exercise Notice shall be given not less later than one hundred eighty ninety (18090) days prior to the then-expiration of the Initial Term or applicable to the immediately preceding Extended Term, as relevant portion of the case may beSublease Premises. If Lessee fails to give Lessor any such notice, then Lessor In the event Subtenant shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice exercise an Option to Extend within ten (10) days thereafterpursuant to the provisions set forth herein, Lessee the Term of this Sublease shall be extended by the period applicable to such Option to Extend and the Sublease Expiration Date as to such portion of the Sublease Premises shall be deemed to have elected not to extend be the expiration date of such extended Term of this Lease and the Related Leases, such option to extend and all future options to extend granted in this Article XVIII or in the Related Leases Sublease. Such extended Term shall be null on all the terms and void and conditions of no further force or effectthis Sublease, as applicable, including the rental rate applicable to the portion of the Sublease Premises for which occupancy is so extended. As to the 9360 Premises, Subtenant shall have exercised the first Option to Extend as a condition to its exercise of the second Option to Extend.

Appears in 1 contract

Samples: 30 Sublease Agreement (Amylin Pharmaceuticals Inc)

Options to Extend. Provided there exists no uncured Event of Default under any of this LeaseLandlord hereby grants to Tenant (individually, the Related Leases "Extension Option" and the Other Leases at the time Lessee exercises any option collectively, "Extension Options") four (4) -successive options to extend the Lease Term for a period of five (in accordance with this Article XVIII), Lessee will have the right to extend this Lease for two (2) periods of ten (105) years each (each such additional term shall be referred to herein as an individually, "Extended Option Term" and collectively, "Option Terms"). Each Extension Option must be exercised, commencing immediately following if at all, by written notice ("Option Notice") delivered by Tenant to Landlord not less than one-hundred twenty (120) days nor more than three hundred sixty (360) days prior to the end of the Initial initial Lease Term or the immediately preceding Extended then existing Option Term, as the case may be; providedbe ("Exercise Window"). Notwithstanding the foregoing, however, that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee Tenant shall not be entitled to exercise its option to extend this Lease for any Extended Term (and any such option to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all the Related Leases for the same period, as provided in Article XVIII of the Related Leases. The Lease during any Extended Term shall be on the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee shall give Landlord written notice ("Notice to Extend") not less than one hundred eighty (180) days prior to the expiration of the Initial Term or the immediately preceding Extended Term, as the case may be. If Lessee fails to give Lessor any such notice, then Lessor shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafter, Lessee shall be deemed to have elected not waived its right to extend this Lease and exercise an Extension Option unless Tenant fails to deliver such Option Notice within fifteen (15) days after Landlord's delivery to Tenant of written notice notifying Tenant that Landlord failed to receive such Option Notice during the Related Leasesapplicable Exercise Window. Further, such option to extend and all future options to extend granted in this Article XVIII or in the Related Leases shall be Extension Options shall, at Landlord's election, become null and void and of no further force and effect if Tenant is in monetary default or effectmaterial non-monetary default after applicable notice and expiration of cure periods under this Lease at the time Tenant attempts to exercise such Extension Option or, following such exercise, prior to the commencement of the applicable Option Term. Provided Tenant has properly and timely exercised the applicable Extension Option, the Lease Term shall be extended for the period specified above, and all terms, covenants and conditions of the Lease shall remain unmodified and in full force and effect except that Base Rent (as defined in Article 3 below) payable by Tenant during each Option Term shall be adjusted as set forth in Section 7 of the Summary. The term of this Lease, as may be extended by any Option Term, is hereinafter collectively referred to as the "Lease Term."

Appears in 1 contract

Samples: Lease (Aei Net Lease Income & Growth Fund Xix Limited Partnership)

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Options to Extend. Provided there exists no uncured Event of Default under any of this Lease, the Related Leases and the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII), Lessee will Tenant shall have the right to extend this Lease for two (2) options (each a “Renewal Option”) to extend the Term for successive periods of ten five (105) years each (each such additional term shall be referred to herein as an "Extended Term"), commencing immediately following the end of the Initial initial Term or (each a “Renewal Period” and collectively the immediately preceding Extended Term“Renewal Periods”), so long as this Lease is then in effect and no Event of Default by Tenant relating to any monetary obligation of this Lease exists at the case may be; provided, however, time of the exercise of the applicable Renewal Option. In the event that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee shall not be entitled Tenant desires to exercise its option to extend renew the Term for a Renewal Period, Tenant shall so notify Landlord in writing on or before the twelfth (12th) month prior to the last day of the Term. Upon the giving of such notice, this Lease for any Extended and the Term (and any such option to extend hereof shall automatically expire and terminatebe extended for five (5) unless Lessee concurrently exercises its option to extend all years without the Related Leases necessity for the same period, as provided execution of any other instrument in Article XVIII of confirmation thereof except for a document memorializing the Related Leases. The Lease during any Extended Term shall be on the same terms and conditions as during the Initial Term, except that the Minimum Annual Rent shall be determined established as set forth in Paragraph 18.2 belowSection 3.3 below for the then extended Term. In Notwithstanding the event Lessee desires foregoing, Tenant's Renewal Options will not lapse because of Tenant's failure to exercise any option Renewal Option unless Landlord gives Tenant notice that Tenant has failed to extend granted in this Article XVIII, Lessee shall give Landlord written notice ("Notice to Extend") not less than one hundred eighty (180) days exercise such Renewal Option prior to the expiration of the Initial Term or the immediately preceding Extended Termperiod provided above, as the case may be. If Lessee fails and Tenant shall have failed to give Lessor any exercise such notice, then Lessor shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend option within ten (10) days thereafterfollowing Tenant's receipt of such notice. Annual Rent payable during the applicable Renewal Period, Lessee which shall be deemed to have elected not to extend this Lease determined in the manner provided in Section 3.3 below, and the Related Leases, such fact that there shall be no further option to extend beyond the second Renewal Period, each extension shall be upon all the same terms, conditions and all future options to extend granted provisions as contained in this Article XVIII or in the Related Leases shall be null and void and of no further force or effectLease.

Appears in 1 contract

Samples: Lease (Dunkin' Brands Group, Inc.)

Options to Extend. Provided there exists that, both at the time of exercise or at the commencement of the Extended Term (as hereinafter defined), (i) this Lease is in full force and effect, and (ii) no uncured Event of Default under shall have occurred and be continuing (either at the time of exercise or at the commencement of the Extended Term), and (iii) Original Tenant is in occupancy of not less than 75% of the Premises and Original Tenant shall not have assigned this Lease or sublet more than 25% of the Premises (other than a transfer permitted without Landlord’s consent pursuant to Section 6.1(b)) (any of which conditions described in clauses (i), (ii), and (iii) may be waived by Landlord at any time in Landlord’s sole discretion), Tenant shall have the option to extend the Term of this Lease for up to one (1) extended term (the “Extended Term”) of seven (7) years by giving written notice to Landlord (an “Extension Notice”) not later than twelve (12) months prior to the expiration date of the Term. The effective giving of such notice of extension by Tenant shall automatically extend the Term of this Lease for the Extended Term, and no instrument of renewal or extension need be executed. In the event that Tenant fails timely to give such notice to Landlord, this Lease shall automatically terminate at the end of the Term, and Tenant shall have no further option to extend the Term of this Lease. The Extended Term shall commence on the day immediately succeeding the expiration date of the original Term, and shall end on the day immediately preceding the seventh (7th) anniversary of such Extended Term. The Extended Term shall be on all the terms and conditions of this Lease, the Related Leases and the Other Leases at the time Lessee exercises any except: (x) Tenant shall have no further option to extend the Term, (in accordance with this Article XVIII), Lessee will have y) the right to extend this Lease Basic Rent for two (2) periods of ten (10) years each (each such additional term the Extended Term shall be referred to herein as an "Extended Term"), commencing immediately following the end one-hundred percent (100%) of the Initial Term or Fair Market Rental Value of the immediately preceding Premises as of the commencement of the Extended Term, as the case may be; providedtaking into account all then relevant factors and determined pursuant to Section 16.2 below, however, that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee and (z) Landlord shall not be entitled required to exercise its furnish any materials or perform any work to prepare the Premises for Tenant’s occupancy during the Extended Term and Landlord shall not be required to provide or pay any work allowance or reimburse Tenant for any alterations made or to be made by Tenant, or to grant Tenant any rent concession with respect to the Extended Term. The termination of this Lease during the initial Term shall terminate and render void any option or right on Tenant’s part to extend this Lease for any Extended Term (Term, and nothing contained in this Section 16.1 shall prevent Landlord from exercising any such option right granted to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option or reserved by Landlord in this Lease to extend all the Related Leases for the same period, as provided in terminate this Lease. Tenant’s right under this Article XVIII of the Related Leases. The Lease during any Extended Term 16 shall be on the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee shall give Landlord written notice ("Notice to Extend") not less than one hundred eighty (180) days prior personal to the expiration of the Initial Term or the immediately preceding Extended Term, as the case may be. If Lessee fails to give Lessor any such notice, then Lessor shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafter, Lessee shall be deemed to have elected not to extend Original Tenant under this Lease and shall not apply in favor of or be exercisable by any assignee of this Lease (other than a permitted transferee pursuant to Section 6.1(b) of this Lease), nor any sublessee of all or any portion of the Related Leases, such option to extend and all future options to extend granted in this Article XVIII or in the Related Leases shall be null and void and of no further force or effectPremises.

Appears in 1 contract

Samples: Lease Between (Aura Biosciences, Inc.)

Options to Extend. Provided there exists no uncured Event of Default under any of this Lease, the Related Leases and the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII), Lessee will Tenant shall have the right to extend this Lease for two (2) periods options (each, an "EXTENSION OPTION") to extend the Term (for the entire Premises only) for a period (each, an "OPTION PERIOD") of ten three (103) years each years, commencing upon the Lease Expiration Date or, as applicable, the second Option Period, upon the same terms and conditions previously applicable, except for the grant of any exercised Extension Option and Annual Rent (each such additional term which shall be referred determined as set forth below). Each Extension Option may be validly exercised only by notice in writing received by Landlord not later than three hundred sixty (360) calendar days prior to herein as an "Extended Term"), commencing immediately following the end commencement of the Initial Term or the immediately preceding Extended Term, as the case may beapplicable Option Period; provided, however, that notwithstanding anything stated each such Extension Option may be validly exercised only if no uncured material Tenant default exists as of the date of exercise and, at Landlord's option, as of the commencement of the applicable Option Period. If Tenant does not exercise the applicable Extension Option during the exercise period set forth above in this Paragraph 18.1 or elsewhere in this Leasestrict accordance with the provisions hereof, Lessee shall not be entitled to exercise its option to extend this Lease for any Extended Term (the Extension Option and any such option to extend unexercised Extension Option (if any) shall automatically expire forever terminate and terminate) unless Lessee concurrently exercises its option to extend all the Related Leases for the same period, as provided in Article XVIII of the Related Leases. The Lease during any Extended Term shall be on the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee shall give Landlord written notice ("Notice to Extend") not less than one hundred eighty (180) days prior to the expiration of the Initial Term or the immediately preceding Extended Term, as the case may be. If Lessee fails to give Lessor any such notice, then Lessor shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafter, Lessee shall be deemed to have elected not to extend this Lease and the Related Leases, such option to extend and all future options to extend granted in this Article XVIII or in the Related Leases shall be null and void and of no further force or effect. Each such Extension Option is personal to the original Tenant, may not be exercised by any person or entity other than the original Tenant and shall become null and void if the original Tenant assigns its interest in this Lease unless such assignment is to an Affiliate of Tenant (as that term is defined in Section 14.5) or to a Transferee who is a Permitted Business (as defined in Section 14.1) but only to the extent such Transferee is conducting the biomedical manufacturing portion of Tenant's Permitted Use ("SPECIAL TRANSFEREE"). For purposes of this Section 2.3 and Section 33, the term "material" relative to a Tenant default shall mean any monetary default and any material non-monetary default.

Appears in 1 contract

Samples: Single (Alliance Pharmaceutical Corp)

Options to Extend. Provided there exists no uncured Event of Default (i) this Lease is in full force and effect, (ii) Tenant is not in default beyond any applicable notice and cure periods under any of the terms and conditions of this Lease, the Related Leases and the Other Leases Lease at the time Lessee exercises of notification or commencement, (iii) Tenant or any option Permitted Transferee, at the time of exercise and at the time the term is extended, is conducting regular, active, ongoing business in, and is in occupancy (and occupancy by any other subtenant, licensee or other party permitted or suffered by Tenant shall not satisfy such condition) of at least seventy-five percent (75%) of the Premises (except to extend (the extent such any failure to satisfy such threshold is caused solely as a result of a casualty or as a result of Tenant’s performance of Alterations in accordance with this Article XVIIIthe Premises), Lessee will have the and (iv) Tenant’s certified financial statements (which shall be tendered to Landlord with Tenant’s written notice exercising its right hereunder) demonstrate, to extend Landlord’s reasonable satisfaction, that Tenant has a net worth sufficient to satisfy all of Tenant’s obligations under this Lease for during the applicable Extension Term (the “Minimum Financial Threshold”), then Tenant shall have two (2) periods of ten options to extend (10each, an “Extension Option”) years each (each such additional term shall be referred to herein as an "Extended Term"), commencing immediately following the end of the Initial Term or the immediately preceding Extended Term, as the case may be; provided, however, that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee shall not be entitled to exercise its option to extend this Lease each for any Extended Term a term of sixty (and any such option to extend shall automatically expire and terminate60) unless Lessee concurrently exercises its option to extend all the Related Leases months (each, a “Extension Term”), for the same period, as provided in Article XVIII portion of the Related Leases. The Lease during any Extended Premises being leased by Tenant as of the date the applicable Extension Term shall be is to commence, on the same terms and conditions as during the Initial Termset forth in this Lease, except that as modified by the Minimum Rent shall be determined terms, covenants and conditions as set forth in Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee shall give Landlord written notice ("Notice to Extend") not less than one hundred eighty (180) days prior to the expiration of the Initial Term or the immediately preceding Extended Term, as the case may be. If Lessee fails to give Lessor any such notice, then Lessor shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafter, Lessee shall be deemed to have elected not to extend this Lease and the Related Leases, such option to extend and all future options to extend granted in this Article XVIII or in the Related Leases shall be null and void and of no further force or effect.

Appears in 1 contract

Samples: Office Lease (Asana, Inc.)

Options to Extend. Provided there exists no uncured Event a) Provided, that Tenant shall not be in default of Default under any of the terms or provisions of this LeaseLease after the expiration of any applicable notice and cure period provided herein, the Related Leases and the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII), Lessee will Tenant shall have the right to extend the Term of this Lease for two three (23) additional consecutive periods of ten three (103) years each (each such additional term shall be referred to herein as an each, a "Extended Renewal Term" and collectively, the "Renewal Terms"), commencing immediately following the end subject to and upon all of the Initial Term or the immediately preceding Extended terms and conditions provided in this Lease. All terms, covenants and conditions of this Lease shall apply during each such Renewal Term, as the case may be; provided, however, that notwithstanding anything stated the rent to be paid by Tenant to Landlord during each of the Renewal Terms shall be as described in this Paragraph 18.1 or elsewhere Section 4(b) below. As currently provided in this Lease, Lessee shall not be entitled to exercise its option to extend this Lease for any Extended Term (and any such option to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all the Related Leases for the same period, as provided in Article XVIII monthly installments of the Related Leases. The Lease Rent during any Extended a Renewal Term shall be paid on or before the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth first (1st) day of each month in Paragraph 18.2 belowadvance. In the event Lessee desires If Tenant elects to exercise any option one or more of the options to extend granted in the Term of this Article XVIIILease, Lessee Tenant shall give Landlord deliver written notice to Landlord, notifying Landlord of Tenant's election to exercise the same, at least six ("Notice to Extend"6) not less than one hundred eighty (180) days months prior to the expiration of the Initial initial Term of this Lease or the immediately preceding Extended first or second Renewal Term, as the case may be. If Lessee fails to give Lessor Time is of the essence of for the giving of such notice and if any such notice, then Lessor shall give Lessee written notice that Lessor has is not received Lessee's Notice by Landlord six (6) months prior to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafter, Lessee shall be deemed to have elected not to extend this Lease and the Related Leasesexpiration of each such renewal term, such option to extend and all future options to extend granted in this Article XVIII or in the Related Leases shall be null and void void. Such written notice shall be delivered by certified mail or by guaranteed overnight delivery (e,g, Federal Express) to Landlord’s office designated in Section 30 or at such other address or location as Landlord may from time to time designate in writing. Tenant may only exercise the options consecutively. The right granted to Tenant under this Section to so extend the Term is personal to the original named Tenant of the Lease and of no further force shall not be assigned or effecttransferred to or exercised by any other person or entity.

Appears in 1 contract

Samples: Center Building Office Lease

Options to Extend. Provided there exists As noted above, pursuant to Section 9 of the Ninth Amendment, as amended by Section 7 of the Sixteenth Amendment, Tenant has an Option to Extend the Term of the Lease. Landlord and Tenant acknowledge that by entering into this Amendment, Tenant is hereby exercising the aforementioned Option to Extend the Term, and that except as set forth in Section 8 below, Tenant shall have no uncured Event further rights to extend the Term of Default under the Lease. On the conditions (which conditions Landlord may waive, at its election, by written notice to Tenant at any of this Lease, the Related Leases and the Other Leases time) that both at the time Lessee Tenant exercises any the extension option(s) described below and on the commencement date of the applicable Option Term, (i) Tenant is not in default of its covenants and obligations under the Lease beyond all applicable notice and cure periods, and (ii) Tenant has not subleased more than one (1) full floor of the Premises then demised to Tenant other than to a Permitted Transferee, Tenant shall have the right and option to extend the Term for either (in accordance with this Article XVIIIx) the entire Premises plus the 22,778 rentable square feet of office space on Floor 31 of the Building that Tenant is currently subleasing from Xxxx Xxxxxxx Financial Services, Inc., through March 31, 2015 (collectively, “Extension Premises A”) or (y) Floors 26, 32, and 33 only (collectively, “Extension Premises B”), Lessee will have the right to extend this Lease in either case for two (2) additional periods of ten five (105) years each (each such additional term shall five-(5)-year period to be referred to herein hereinafter as an "Extended “Option Term"), commencing immediately following provided that Tenant shall give written notice (“Extension Notice”) to Landlord on or before the end date that is not less than sixteen (16) months prior to, but not more than nineteen (19) months prior to, the expiration of the Initial then current Term or (the immediately preceding “Exercise Date”), the first such Option Term commencing as of the expiration of the 18th Amendment Extended Term and the second such Option Term commencing as of the expiration of the first (1st) Option Term. Notwithstanding the foregoing, only in connection with Tenant’s lease of any RFO Premises, as the case may be; provided, however, that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee shall not be entitled to exercise its option to extend this Lease for any Extended Term (and any such option to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all the Related Leases for the same period, as provided in Article XVIII of the Related Leases. The Lease during any Extended Term shall be on the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as more fully set forth in Paragraph 18.2 below. In Section 9(a) hereof, Tenant may send Landlord an Extension Notice on or before the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee shall give Landlord written notice date twenty-four ("Notice to Extend"24) not less than one hundred eighty (180) days months prior to the expiration of the Initial then current Term. If Tenant elects to extend the Term or of the immediately preceding Extended Lease hereunder, then at the time Tenant delivers its Extension Notice for the first Option Term, Tenant shall specify either Extension Premises A or Extension Premises B as the case may be. If Lessee Premises for which the Term is being extended for the Option Term(s), and if Tenant fails to give Lessor any such noticespecify same, then Lessor shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafter, Lessee Tenant shall be deemed to have elected not to extend this Lease and the Related Leases, such exercised its option to extend the Term for Extension Premises A defined above. If an option is duly exercised as aforesaid, the then current Term shall be automatically extended for the applicable Option Term commencing on the date immediately following the expiration of the then current Term (the “Option Term Commencement Date”) upon all of the same terms and all future options conditions contained in the Lease except that Base Rent shall be determined as hereinafter provided. In the event that an option to extend granted in this Article XVIII or is duly exercised, all references contained in the Related Leases Lease to “Term” or “18th Amendment Extended Term”, whether by number of years or number of months, shall be null construed to refer to the then current Term as extended by the exercise of the aforesaid option(s), whether or not specific reference thereto is made in the Lease. In exercising any option hereunder, Tenant acknowledges that time is of the essence. Base Rent during the applicable Option Term shall be equal to the then Fair Rental Value for the Premises (as defined and void and of no further force or effectdetermined below).

Appears in 1 contract

Samples: Eighteenth Amendment to Lease (Cra International, Inc.)

Options to Extend. Provided there exists no uncured Event of Default under any of this Lease, the Related Leases and the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII), Lessee will 2.4.1 Tenant shall have the right to extend this the Lease Term (each an “Option to Extend”) for two (2) five-year periods of ten (10) years each (each such additional term shall be referred to herein as an "Extended Term"), commencing immediately following provided Tenant is not in Default at the end time of exercise and at the time the Extended Term commences of any of the Initial Term or terms, covenants and conditions of the immediately preceding Extended Term, as the case may be; provided, however, that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee shall not be entitled to exercise Lease and has provided Landlord with written notice of its option intention to extend this the Lease for any Extended Term not later than twelve (and any such option to extend shall automatically expire and terminate12) unless Lessee concurrently exercises its option to extend all the Related Leases for the same period, as provided in Article XVIII of the Related Leases. The Lease during any Extended Term shall be on the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee shall give Landlord written notice months nor earlier than fifteen ("Notice to Extend"15) not less than one hundred eighty (180) days months prior to the expiration of the Initial Lease Term. The right to extend for the second Extended Term shall be of no force or effect if the Option to Extend for the first Extended Term has not been validly exercised. The Base Rent during each Extended Term shall be the fair market rent (defined below) for the Premises. Within thirty (30) days of Tenant’s exercise of the Option to Extend, Landlord shall notify Tenant in writing of Landlord’s determination of fair market rent and the Base Rent proposed during the applicable Extended Term. The Base Year for the applicable Extended Term shall be changed to the calendar year during which the applicable Extended Term commences (or the immediately preceding following calendar year if the Extended Term commences in the last quarter of a calendar year), and fair market rent shall take that change into account. If Tenant does not agree with Landlord’s proposal, Tenant shall so notify Landlord in writing within thirty (30) days after receipt of the proposal from Landlord. In the event that Landlord and Tenant are unable to agree in writing upon fair market rent within fifteen (15) days after Tenant shall have notified Landlord in writing that Tenant disagrees with such determination, then within five (5) days after the expiration of such 15-day period, the parties shall deliver to each other concurrently at a mutually agreeable place and time their respective final written estimates of fair market rent (including applicable annual increases). If each party’s estimate of fair market rent is the same, then the fair market rent shall equal such estimate. If both parties’ final estimates of fair market rent are within a ten percent (10%) range of the higher final estimate, then fair market rent shall equal the average of the two (2) final estimates. In every other case, fair market rent, based on the two (2) final estimates, shall be determined by arbitration as provided below in Section 2.4.2. Should the determination of fair market rent not be completed or agreed upon prior to the commencement of an Extended Term, Tenant shall, commencing on the first (1st) day of the applicable Extended Term, and continuing until the fair market rent is determined under Section 2.4.2, pay as Base Rent commencing on the case may befirst (1st) day of the applicable Extended Term, an amount equal to Landlord’s final determination of the fair market rent. If Lessee fails after the fair market rent is determined under Section 2.4.2, the fair market rent is less than the amount of Base Rent previously paid by Tenant for the Premises for the applicable Extended Term, Landlord shall pay the difference to give Lessor any such notice, then Lessor shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend Tenant within ten thirty (1030) days thereafterafter the date of such determination, Lessee with interest thereon calculated from the date of each payment of such Base Rent by Tenant at the rate of six percent (6%) per annum; and, if after determination of fair market rent, the fair market rent is more than the amount of Base Rent previously paid Tenant for the Premises for the applicable Extended Term, Tenant shall be deemed pay the difference to have elected not to extend this Lease and Landlord within thirty (30) days after the Related Leasesdate of such determination, with interest thereon calculated from the date of each payment of such option to extend and all future options to extend granted in this Article XVIII or in Base Rent by Tenant at the Related Leases shall be null and void and rate of no further force or effect.six percent (6%) per annum. [SAN XXXXXX CORPORATE CENTER]

Appears in 1 contract

Samples: Lease (Biomarin Pharmaceutical Inc)

Options to Extend. Provided there exists no uncured Event of Default If Tenant is not then in default under any terms and provisions of this Lease, Tenant shall have the Related Leases and the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII), Lessee will have the right to extend term of this Lease for two (2) periods of ten (10) years each (each such an additional term (sometimes in this Lease referred to as the "first additional term") of two years, from and after the expiration of the initial term of the Lease. In order to exercise such option, Tenant shall provide Landlord with advance written notice of Tenant's intent to exercise option no less than 120 days prior to the expiration of the initial term of the Lease. In the event that Tenant fails to provide such notice to Landlord as provided herein, such option shall lapse and shall be referred to herein as an "Extended Term"), commencing immediately following rendered null and void. In the end of the Initial Term or the immediately preceding Extended Term, as the case may be; provided, however, event that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee shall not be entitled to exercise Tenant exercises its option to extend this Lease for any Extended Term (and any such option to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all the Related Leases for the same period, as provided in Article XVIII of the Related Leases. The Lease during any Extended Term herein, such extension shall be on the same terms and conditions as during the Initial Termtheir initial term of this Lease, except that the Minimum Rent amount of the rent for such extension shall be determined as set forth in the manner provided under Paragraph 18.2 5B below. In the event Lessee desires to exercise any If Tenant exercises its first option to extend granted the term of this Lease, Tenant is not then in default under any of the terms and provisions of this Lease, and Tenant shall have the option to further extend the term of the Lease for a second additional term (sometimes in this Article XVIIILease referred to as the "second additional terms) of two (2) years, Lessee shall give Landlord from and after the expiration of the first additional term of this Lease, upon the giving of written notice ("Notice of the exercise of such option to Extend") not less than Landlord at least one hundred eighty twenty (180120) days prior to the expiration of the Initial Term or first additional term of the immediately preceding Extended Term, Lease. Said second extension shall be on the same terms and conditions as the case may be. If Lessee fails to give Lessor any such notice, then Lessor shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor basic term with the Notice to Extend within ten (10) days thereafter, Lessee exception of rent which shall be deemed to have elected not to extend this Lease and the Related Leases, such option to extend and all future options to extend granted in this Article XVIII or determined in the Related Leases shall be null and void and of no further force or effect.manner provided under Paragraph 5B.

Appears in 1 contract

Samples: Lease Agreement (Imagemax Inc)

Options to Extend. Provided Tenant shall have two (2) option(s) to extend (the "EXTENSION OPTIONS") the Lease Term for consecutive five (5) year period(s) (the foregoing option term(s) shall be referred to hereinafter sometimes as the "EXTENSION TERM(S)"), by delivering a written notice of exercise to Landlord ("EXTENSION NOTICE") with respect to the applicable Extension Term, which Extension Notice may not be delivered earlier than the date which is eighteen (18) months prior to the end of the initial Lease Term or first Extension Term (as applicable) and may not be delivered later than the date which is thirty (30) days after the Reminder Notice. If Landlord has not received an applicable Extension Notice by the date which is twelve (12) months prior to the end of the initial Lease Term or first Extension Term (as applicable), Landlord may provide written notice ("EXTENSION REMINDER NOTICE") to Tenant that the Extension Option will expire if Tenant fails to deliver the Extension Notice to Landlord within thirty (30) days after the date of such notice from Landlord. If Tenant fails to deliver the Extension Notice within said thirty (30) day period, Tenant shall be deemed to have waived its right to exercise such Extension Option. The parties acknowledge that Tenant's Extension Option will not lapse until the date which is thirty (30) days after Landlord's delivery of the Extension Reminder Notice pursuant to this Section 2.2. The Extension Option shall apply to all space (and not a portion of the space) then leased by Tenant in the Building. Tenant may exercise the Extension Option(s) only if this Lease is in full force and effect and there exists is no uncured Event of Default under any of this Lease, the Related Leases and the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII)of exercise of such Extension Option and/or at the time of the commencement of the Extension Term, Lessee will but Landlord shall have the right to extend this Lease for two waive such conditions herein. Tenant's exercise of the second (22nd) periods of ten (10) years each (each such additional term Extension Option shall be referred conditioned upon Tenant's exercise of the first Extension Option. The rights of Tenant contained in this Section 2.2 shall be personal to herein the original Tenant named in the Summary ("ORIGINAL TENANT") and any Permitted Affiliate and may only be exercised by the Original Tenant or such Permitted Affiliate if Tenant, at the date of Tenant's Extension Notice, meets or exceeds the Financial Standards set forth in Section 21.2 below. The Base Rent during each Extension Term ("EXTENSION TERM BASE RENT") shall be an amount equal to ninety-five percent (95%) of the then "Fair Market Rental Value" of the Building (as an such term is defined in Section 2.2(e) below), as stated on a monthly basis and determined pursuant to this Section 2.2 as of the first (1st) day of the applicable Extension Term ("Extended TermEXTENSION TERM COMMENCEMENT DATE"), commencing immediately following the end of the Initial Term or the immediately preceding Extended Term, as the case may be; provided, however, in no event shall the Base Rent payable during any Extension Term for the Building be less than the Base Rent payable during the period immediately preceding such Extension Term for the Building and provided further that, on the first anniversary of the Extension Term Commencement Date, and on each subsequent anniversary thereof during such Extension Term, the then payable monthly Extension Term Base Rent shall be increased in accordance with market rate increases, as mutually agreed to by Landlord and Tenant or, if Landlord and Tenant cannot agree, as determined by the appraisal process described below. Upon receipt by Landlord of Tenant's Extension Notice under this Section 2.2, above, Landlord and Tenant shall meet in an effort to negotiate, in good faith, the applicable Extension Term Base Rent which shall become effective as of the respective Extension Term Commencement Date. If Landlord and Tenant have not agreed upon the Extension Term Base Rent (including the annual market rate increases) on or before the "Withdrawal Date" (as that notwithstanding anything stated in this Paragraph 18.1 term is defined below), Tenant may elect to withdraw the Extension Notice thereby canceling Tenant's exercise of the Extension Option. The term "WITHDRAWAL DATE" shall mean (i) if Landlord delivers the Reminder Notice PEREGRINE SYSTEMS CORPORATE CENTER [Peregrine Systems] prior to Tenant's delivery of the Extension Notice, the date which is thirty (30) days after the date of the Reminder Notice, or elsewhere in this Lease(ii) if Landlord has not yet delivered a Reminder Notice at the time of Tenant's delivery of the Extension Notice, Lessee shall not be entitled the date which is the earlier of (1) the date which is eleven (11) months prior to exercise its option to extend this the end of the initial Lease for any Extended Term or first Extension Term (and any such option to extend shall automatically expire and terminateas applicable), or (2) unless Lessee concurrently exercises its option to extend all the Related Leases for date which is sixty (60) days after the same period, as provided in Article XVIII date of Tenant's delivery of the Related LeasesExtension Notice. The Lease during any Extended If Tenant fails to deliver written notice to Landlord so withdrawing the Extension Notice on or before the Withdrawal Date and if Landlord and Tenant have not agreed upon the Extension Term shall be on Base Rent (including the same terms and conditions as during annual market rate increases) within sixty (60) days after the Initial Termdelivery of Tenant's Extension Notice, except that the Minimum Extension Term Base Rent shall be determined as set forth in Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee shall give Landlord written notice ("Notice to Extend") not less than one hundred eighty (180) days prior to the expiration of the Initial Term or the immediately preceding Extended Term, as the case may be. If Lessee fails to give Lessor any such notice, then Lessor shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafter, Lessee shall be deemed to have elected not to extend this Lease and the Related Leases, such option to extend and all future options to extend granted in this Article XVIII or in the Related Leases shall be null and void and of no further force or effect.follows:

Appears in 1 contract

Samples: Office Lease (Peregrine Systems Inc)

Options to Extend. Provided there exists no uncured Event of Default under any of this Lease, the Related Leases and the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII), Lessee will a) Tenant shall have the right to extend this Lease for two (2) options to extend the Term of this Lease (the "Options to Extend") for successive periods of ten five (105) years each (each such additional term shall be referred to herein as an the "Extended TermExtension Periods"), commencing immediately following the end of the Initial Term or the immediately preceding Extended Term, as the case may be; provided, however, that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee shall not be entitled subject to exercise its option to extend this Lease for any Extended Term (and any such option to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all the Related Leases for the same period, as provided in Article XVIII of the Related Leases. The Lease during any Extended Term shall be on the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in Paragraph 18.2 belowherein. In Tenant may only exercise the event Lessee desires Options to Extend with respect to the entire Premises. If Tenant shall desire to exercise any option Option to extend granted in this Article XVIIIExtend, Lessee it shall give Landlord written a notice (the "Notice to ExtendInquiry Notice") of such desire not less later than one hundred eighty fifteen (18015) days months prior to the expiration of the Initial Term of this Lease or the immediately preceding Extended TermExtension Period, as the case may be. Thereafter, the Fair Market Rent (as defined in Subsection (c) below) for the applicable Extension Period shall be determined in accordance with Subsection (d) below. After the applicable Fair Market Rent has been so determined, Tenant shall exercise each Option to Extend by giving Landlord notice (the "Exercise Notice") of its election to do so not later than twelve (12) months prior to the expiration of the Initial Term of this Lease, or the preceding Extension Period, as the case may be. If Lessee Tenant fails to timely give Lessor any such notice, then Lessor shall give Lessee written notice that Lessor has not received Lessee's either the Inquiry Notice or the Exercise Notice to Landlord with respect to any Option to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafter, Lessee Tenant shall be conclusively deemed to have elected not waived such Option to extend this Lease and the Related Leases, such option to extend and all future options to extend granted in this Article XVIII or in the Related Leases shall be null and void and of no further force or effectExtend hereunder.

Appears in 1 contract

Samples: Lease (BioMed Realty Trust Inc)

Options to Extend. Provided there exists no uncured Event of Default under any of this Lease, the Related Leases and the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII), Lessee will have the right to extend this Lease for two (2) periods of ten five (105) years each (each such additional term shall be referred to herein as an "Extended Term"), commencing immediately following the end of the Initial Term or the immediately preceding Extended Term, as the case may be; provided, however, that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee shall not be entitled to exercise its option to extend this Lease for any Extended Term (and any such option to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all the Related Leases for the same period, as provided in Article XVIII of the Related Leases. The Lease during any Extended Term shall be on the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee shall give Landlord written notice ("Notice to Extend") not less than one hundred eighty (180) days prior to the expiration of the Initial Term or the immediately preceding Extended Term, as the case may be. If Lessee fails to give Lessor Landlord any such notice, then Lessor shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafter, Lessee shall be deemed to have elected not to extend this Lease and the Related Leases, such option to extend and all future options to extend granted in this Article XVIII or in the Related Leases shall be null and void and of no further force or effect.

Appears in 1 contract

Samples: Lease (Assisted Living Concepts Inc)

Options to Extend. Provided there exists no uncured Event of Default under any of this Lease, the Related Leases and the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII), Lessee will 2.3.1 Tenant shall have the right to extend the Term of this Lease for two up to three (23) periods additional terms of ten five (105) years each (each such additional term shall be referred to herein as each, an "Extended Extension Term"), commencing immediately following the end ) by delivery of the Initial Term or the immediately preceding Extended Term, as the case may be; provided, however, that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee shall not be entitled to exercise its option to extend this Lease for any Extended Term (and any such option to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all the Related Leases for the same period, as provided in Article XVIII of the Related Leases. The Lease during any Extended Term shall be on the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee shall give Landlord written notice to Landlord no later than ninety ("Notice to Extend") not less than one hundred eighty (18090) days prior to the expiration of the Initial penultimate year of the then-existing Term or (the immediately preceding Extended "Extension Notice"). The Base Rent during the Extension Term, subject to periodic adjustment as provided in Section 3.1.3, below, shall be the case fair market rent for the Premises as of the date of the Extension Notice (the "Extended Base Rent"). The determination of fair market rent for the Premises shall consider the rents and other terms and conditions at which comparable transactions are being consummated in projects comparable to the Premises in the El Segundo, California area, which determination of comparable projects shall duly take into account such projects' age, design and construction relative to the Premises, and the presence or absence of any remaining Proposition XIII protection in accordance with Section 5.2.2, below, as such Proposition XIII protection may bebe affected by Tenant exercising its right to extend the Term pursuant to this Section 2.3. Other than the determination of Base Rent for the Extension Term, the terms and conditions of this Lease shall remain the same for the Extension Term and Landlord shall have no obligation to grant Tenant any improvement allowances or concessions in connection with the Extension Term. Tenant's Extension Notice shall set forth Tenant's opinion of the Extended Base Rent. Within thirty (30) days after Landlord's receipt of the Extension Notice, Landlord shall either deliver a notice to Tenant either accepting Tenant's opinion of the Extended Base Rent or objecting (an "Objection Notice") to Tenant's determination of the Extended Base Rent. If Lessee fails to give Lessor any such noticeLandlord delivers an Objection Notice, then Lessor Landlord and Tenant shall give Lessee written notice that Lessor has not received Lessee's Notice negotiate in good faith the amount of the Extended Base Rent. The right to Extend. If Lessee fails exercise the Extension Terms are personal to deliver to Lessor the Notice to Extend within ten originally named Tenant herein (10the "Original Tenant") days thereafter, Lessee shall and may only be deemed to have elected not to extend this Lease and the Related Leases, exercised by such option to extend and all future options to extend granted in this Article XVIII Original Tenant or in the Related Leases shall be null and void and of no further force or effect.a "

Appears in 1 contract

Samples: Lease (Infonet Services Corp)

Options to Extend. Provided there exists no uncured Event Sublessee shall have a series of Default under any options to extend the term of this Lease, the Related Leases and the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII), Lessee will have the right to extend this Lease Sublease for two (2) periods a period of ten (10) years one year each (each such additional term shall be referred to herein as an "Extended TermOne Year Extensions"), commencing immediately following and each such option for a One Year Extension may be exercised by Sublessee throughout the end of "Initial Lease Term" as defined in the Initial Term or the immediately preceding Extended Term, as the case may be; provided, however, that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Master Lease, Lessee shall not be entitled to exercise its option to extend this Lease for any Extended Term (and any . Each such option to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all the Related Leases Sublease term for the same period, as provided in Article XVIII of the Related Leases. The Lease during any Extended Term a One Year Extension shall be on the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee shall give Landlord exercised by Sublessee's delivery of written notice thereof to Sublessor at least thirty ("Notice to Extend") not less than one hundred eighty (18030) days prior to the expiration of the Initial Term or the immediately preceding Extended Termthen current term of this Sublease, as the case same may behave been previously extended; provided that no default or event of default then exists under this Sublease on the part of Sublessee. If Lessee fails In the event Sublessor elects to give Lessor any such notice, then Lessor shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafter, Lessee shall be deemed to have elected not to extend this Lease and the Related Leases, such exercise its option to extend the term of the Master Lease pursuant to Paragraph 3 of the Addendum No. 1 to the Master Lease, then Sublessee's right to exercise additional options for One Year Extensions shall continue through the five year "extension term" provided in the Master Lease. Notwithstanding the foregoing, if Sublessor requires use of the Subleased Premises for Sublessor's own business operations (and all future not for assignment or sublease to another person or entity), Sublessor may cancel Sublessee's option to extend the Lease term beyond the first One Year Extension, provided that (i) Sublessor delivers written notice of such cancellation to Sublessee at least one hundred twenty (120) days prior to the expiration of the then current term of this Sublease, and (ii) Sublessor occupies the Subleased Premises for its own business use within sixty days of the expiration of the term of this Sublease and continues such use for a period of at least one year. Any such cancellation shall be effective as of the expiration of the then current term of this Sublease and shall only apply to options to extend granted following the first One Year Extension; provided that if Sublessor cancels any extension term pursuant to the terms of this Section 5.2, Sublessee shall have no further option to extend the term of this Sublease. Rent payable for each One Year Extension occurring during the Initial Lease Term of the Master Lease will be calculated as set forth in Paragraph 3.1 above. With respect to any One Year Extensions exercised by Sublessee during the five year "extended term" of the Master Lease, the Base Rent payable during each such One Year Extension shall be equal to Sublessee's Share (as defined below) of the Basic Monthly Rent payable by Sublessor under the Master Lease during such one year period of the extended term. All other terms and provisions of this Article XVIII Sublease shall apply to such One Year Extensions. If the "Initial Lease Term" (if Sublessor does not extend the term of the Master Lease) or the "extended term" described in the Related Leases Master Lease expires on a date prior to the last day of a calendar year, then any One Year Extension then in effect upon such expiration of the Master Lease shall terminate concurrently with the expiration of the term of the Master Lease. Nothing contained herein shall be null and void and construed in any way to obligate Sublessor to extend the terms of no further force the Master Lease or effectto exercise any options under the Master Lease.

Appears in 1 contract

Samples: Lightspan Partnership Inc

Options to Extend. Provided there exists So long as Cell Genesys, Inc. or a Permitted Assignee is the Tenant hereunder and occupies no uncured Event less than 50% of Default under any the Rentable Square Feet of the Leased Premises, and subject to the condition set forth in clause (b) below, Tenant shall have two options to extend the term of this LeaseLease with respect to the entirety of the Leased Premises, the Related Leases and the Other Leases at the time Lessee exercises any option to extend first for a period of five (in accordance with this Article XVIII), Lessee will have the right to extend this Lease for two (2) periods of ten (105) years each from the expiration of the initial fifteen (each such additional term shall be referred to herein as an 15) year Lease Term (the "Extended TermFirst Extension Period"), commencing immediately following and the end second (the "Second Extension Period") for a period of five (5) years from the expiration of the Initial Term or First Extension Period, subject to the immediately preceding Extended Term, as the case may be; provided, however, that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee shall not be entitled to exercise its option to extend this Lease for any Extended Term (and any such following conditions: Each option to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option be exercised, if at all, by notice of exercise given to extend all the Related Leases for the same period, as provided in Article XVIII of the Related Leases. The Lease during any Extended Term shall be on the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee shall give Landlord written notice ("Notice to Extend") by Tenant not more than fifteen months nor less than one hundred eighty (180) days twelve months prior to the expiration of the Initial initial Lease Term or the expiration of the First Extension Period, as applicable; Anything herein to the contrary notwithstanding, if Tenant is in default under any of the terms, covenants or conditions of this Lease, either at the time Tenant exercises either extension option or on the commencement date of the First Extension Period or the Second Extension Period, as applicable, Landlord shall have, in addition to all of Landlord's other rights and remedies provided in this Lease, the right to terminate such option(s) to extend upon notice to Tenant. In the event the applicable option is exercised in a timely fashion, the Lease shall be extended for the term of the First Extension Period or Second Extension Period, as applicable, upon all of the terms and conditions of this Lease, provided that the Base Monthly Rent for the First Extension Period or Second Extension Period, as applicable shall be the "Fair Market Rent" for the Leased Premises, with annual increases as determined as part of the process set forth below. In no event, however, shall any adjustment of Base Monthly Rent pursuant to this paragraph result in a decrease of the Base Monthly Rent for the Leased Premises below the amount due from Tenant for the month immediately preceding Extended Termthe applicable extension period. No leasing commissions shall be due or payable to any broker retained by Tenant with regard to this Lease for any Extension Period. Within thirty (30) days after receipt of Tenant's notice of exercise, Landlord shall and Tenant shall each notify the other in writing of Landlord's estimate of the Fair Market Rent for the applicable extension period, based on the provisions of Paragraph 15.2 above. For purposes hereof, "Fair Market Rent" shall mean collectively, (1) Base Monthly Rent for the first year of the applicable extension period, taking into account any capital improvement costs to be passed through as Additional Rent during such period and (2) the annual increases determined at the time Base Monthly Rent for the first year is determined. Within thirty (30) days after receipt by both parties of the respective notices, Landlord and Tenant shall meet to attempt to agree on the Fair Market Rent. In the event Landlord and Tenant cannot agree on the Fair Market Rent within such thirty (30) day period, Tenant shall have the right either to (i) accept Landlord's statement of Fair Market Rent as the case may beBase Monthly Rent for the applicable extension period; or (ii) elect to arbitrate Landlord's estimate of Fair Market Rent, such arbitration to be conducted pursuant to the provisions hereof; or (iii) rescind Tenant's notice of exercise. Failure on the part of Tenant to either require arbitration of Fair Market Rent or rescind its notice within such 30-day period shall constitute acceptance of the Base Monthly Rent for the applicable extension period as calculated by Landlord. If Lessee Tenant elects arbitration, the arbitration shall be concluded within 90 days after the date of Tenant's election, subject to extension for an additional 30-day period if a third arbitrator is required and does not act in a timely manner. To the extent that arbitration has not been completed prior to the expiration of any preceding period for which Base Monthly Rent has been determined, Tenant shall pay Base Monthly Rent at the rate calculated by Landlord, with the potential for an adjustment to be made once Fair Market Rent is ultimately determined by arbitration. In the event of arbitration, the judgment or the award rendered in any such arbitration may be entered in any court having jurisdiction and shall be final and binding between the parties. The arbitration shall be conducted and determined in the City and County of San Francisco in accordance with the then prevailing rules of the American Arbitration Association or its successor for arbitration of commercial disputes except to the extent that the procedures mandated by such rules shall be modified as follows: At the time Tenant's elects arbitration under Paragraph 15.3 above, Tenant shall send to Landlord a notice specifying therein the name and address of the person to act as the arbitrator on its behalf. The arbitrator shall be qualified as a real estate broker with no less than 7 years experience leasing of similar industrial, research and development, or office space in Northern San Mateo County. Failure on the part of Tenant to make a proper demand in a timely manner for such arbitration shall constitute a waiver of the right thereto. Within fifteen (15) days after the service of the demand for arbitration, Landlord shall give notice to Tenant, specifying the name and address of the person designated by Landlord to act as arbitrator on its behalf who shall be similarly qualified. If Landlord fails to give Lessor notify Tenant of the appointment of its arbitrator, within or by the time above specified, then the arbitrator appointed by Tenant shall be the arbitrator to determine the issue. In the event that two arbitrators are chosen pursuant to Paragraph 15.4(a) above, the arbitrators so chosen shall, within fifteen (15) days after the second arbitrator is appointed determine the Fair Market Rent. The arbitrators shall be instructed that they must choose a Fair Market Rent of Landlord's proposal or Tenant's proposal or a number in between the two. If the two arbitrators shall be unable to agree upon a determination of Fair Market Rent within such 15-day period, they, themselves, shall appoint a third arbitrator, who shall be a competent and impartial person with qualifications similar to those required of the first two arbitrators pursuant to Paragraph 15.4(a). In the event they are unable to agree upon such appointment within seven days after expiration of such 15-day period, the third arbitrator shall be selected by the parties themselves, if they can agree thereon, within a further period of fifteen (15) days. If the parties do not so agree, then either party, on behalf of both, may request appointment of such a qualified person by the then Presiding Judge of the California Superior Court having jurisdiction over the County of San Mateo, acting in his private and not in his official capacity, and the other party shall not raise any question as to such Judge's full power and jurisdiction to entertain the application for and make the appointment. The three arbitrators shall decide the dispute if it has not previously been resolved by following the procedure set forth below. Where an issue cannot be resolved by agreement between the two arbitrators selected by Landlord and Tenant or settlement between the parties during the course of arbitration, the issue shall be resolved by the three arbitrators within 15 days of the appointment of the third arbitrator in accordance with the following procedure. The arbitrator selected by each of the parties shall state in writing his determination of the Fair Market Rent supported by the reasons therefor with counterpart copies to each party. The arbitrators shall arrange for a simultaneous exchange of such proposed resolutions. The role of the third arbitrator shall be to select which of the two proposed resolutions most closely approximates his determination of Fair Market Rent. The third arbitrator shall have no right to propose a middle ground or any modification of either of the two proposed resolutions. The resolution he chooses as most closely approximating his determination shall constitute the decision of the arbitrators and be final and binding upon the parties. In the event of a failure, refusal or inability of any arbitrator to act, his successor shall be appointed by him, but in the case of the third arbitrator, his successor shall be appointed in the same manner as provided for appointment of the third arbitrator. The arbitrators shall decide the issue within fifteen (15) days after the appointment of the third arbitrator. Any decision in which the arbitrator appointed by Landlord and the arbitrator appointed by Tenant concur shall be binding and conclusive upon the parties. Each party shall pay the fee and expenses of its respective arbitrator and both shall share the fee and expenses of the third arbitrator, if any, and the attorneys' fees and expenses of counsel for the respective parties and of witnesses shall be paid by the respective party engaging such counsel or calling such witnesses. The arbitrators shall have the right to consult experts and competent authorities to obtain factual information or evidence pertaining to a determination of Fair Market Rent, but any such notice, then Lessor shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafter, Lessee consultation shall be deemed to have elected not to extend this Lease and the Related Leases, such option to extend and all future options to extend granted in this Article XVIII or made in the Related Leases presence of both parties with full right on their part to cross-examine. The arbitrators shall be null render their decision and void and award in writing with counterpart copies to each party. The arbitrators shall have no power to modify the provisions of no further force or effectthis Lease.

Appears in 1 contract

Samples: Lease (Cell Genesys Inc)

Options to Extend. Provided there exists no uncured Event of Default under any of this Lease(a) Subject to the terms and provision hereof, Tenant shall have the Related Leases and the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII), Lessee will have the right to extend Term of this Lease for two one additional period of three (2) periods of ten (103) years each (each such additional term commencing on the expiration of the initial Term and ending on the last day of the sixth Lease Year. This option shall be referred exercised only by written notice from Tenant which is received by Landlord during the first thirty (30) days of the third Lease Year, time being of the essence. Notwithstanding the foregoing, the first option may only be exercised by Tenant and the Term of this Lease shall, in fact, be extended pursuant to this provision only if this Lease is in full force and effect and Tenant has not defaulted beyond any notice and cure period contained herein as an "Extended Term"), commencing immediately following with respect to the payment of rent or the performance of any other obligations of Tenant under this Lease at any time prior to the date of Tenant's notice or the commencement of the extension period. Tenant's notice shall include audited financial statements including both income statement and balance sheet from Tenant's most recent fiscal year provided that if the notice is given within ninety (90) days after the end of Tenant's most recent fiscal year and the Initial Term or audited financial statements for such fiscal year are not yet available, then Tenant shall provide to Landlord (i) audited financial statements from the fiscal year ended immediately preceding Extended Term, as before the case may bemost recent fiscal year; provided, however, that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee shall not be entitled to exercise its option to extend this Lease for any Extended Term (ii) interim financial statements including both income statement and any such option to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all the Related Leases balance sheet for the same period, as provided in Article XVIII of the Related Leases. The Lease during any Extended Term shall be on the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee shall give Landlord written notice month ended not more than forty-five ("Notice to Extend") not less than one hundred eighty (18045) days prior to the expiration date of the Initial Term notice; and (iii) a certificate of Tenant stating that there has been no change in the capitalization, assets, liabilities, business prospects or methods of doing business of Tenant since the immediately preceding Extended Termend of the fiscal year and interim period of such financial statements, as other than changes in the case may be. If Lessee fails to give Lessor any such noticeordinary course of business, none of which have had a material adverse effect on the business, prospects or condition, financial or otherwise of Tenant and that Tenant is not then Lessor shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor in default in the Notice to Extend within ten (10) days thereafter, Lessee shall be deemed to have elected not to extend this Lease and the Related Leases, such option to extend and all future options to extend granted in this Article XVIII payment of rent or in the Related Leases performance of any other obligations of Tenant under the Lease. Landlord shall have fifteen (15) days after receipt of such notice and materials to review the financial statements provided by Tenant to determine if it is likely that Tenant would meet all of its obligations under this Lease during the first extension period, applying usual and customary review consistent with a term of similar length as the proposed extension term and the financial obligations to be undertaken by Tenant throughout such extension term. If Landlord does not approve Tenant's financial statements, Landlord shall so notify Tenant within five (5) days after the end of such fifteen (15) day period, and this Lease shall terminate at the end of the initial Term. If Landlord approves Tenant's financial statements, then this Lease shall be null extended upon all of the same terms, covenants, provisions and void and of no further force or effectconditions as contained in this Lease except the monthly base rent during the first extension period shall be as follows: -18- $66,094.03 per month during the fourth Lease Year ($15.65 per rentable sq. ft./yr.) $67,415.91 per month during the fifth Lease Year ($15.97 per rentable sq. ft./yr.) $68,764.23 per month during the sixth Lease Year ($16.29 per rentable sq. ft./yr.)

Appears in 1 contract

Samples: Office Lease (Alterra Healthcare Corp)

Options to Extend. Provided there exists no uncured Event of Default under any of this Lease, the Related Leases and the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII), Lessee will a) Tenant shall have the right to extend this Lease for two (2) options to extend the Term of this Lease (the “Options to Extend”) for successive periods of ten five (105) years each (each such additional term shall be referred to herein as an "Extended Term"the “Extension Periods”), commencing immediately following the end of the Initial Term or the immediately preceding Extended Term, as the case may be; provided, however, that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee shall not be entitled subject to exercise its option to extend this Lease for any Extended Term (and any such option to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all the Related Leases for the same period, as provided in Article XVIII of the Related Leases. The Lease during any Extended Term shall be on the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in Paragraph 18.2 belowherein. In Tenant may only exercise the event Lessee desires Options to Extend with respect to the entire Premises. If Tenant shall desire to exercise any option Option to extend granted in this Article XVIIIExtend, Lessee it shall give Landlord written a notice ("Notice to Extend"the “Inquiry Notice”) of such desire not less later than one hundred eighty fifteen (18015) days months prior to the expiration of the Initial Term of this Lease or the immediately preceding Extended TermExtension Period, as the case may be. Thereafter, the Fair Market Rent (as defined in Subsection (c) below) for the applicable Extension Period shall be determined in accordance with Subsection (d) below. After the applicable Fair Market Rent has been so determined, Tenant shall exercise each Option to Extend by giving Landlord notice (the “Exercise Notice”) of its election to do so not later than twelve (12) months prior to the expiration of the Initial Term of this Lease, or the preceding Extension Period, as the case may be. If Lessee Tenant fails to timely give Lessor any such notice, then Lessor shall give Lessee written notice that Lessor has not received Lessee's either the Inquiry Notice or the Exercise Notice to Landlord with respect to any Option to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafter, Lessee Tenant shall be conclusively deemed to have elected not waived such Option to extend this Lease and the Related Leases, such option to extend and all future options to extend granted in this Article XVIII or in the Related Leases shall be null and void and of no further force or effectExtend hereunder.

Appears in 1 contract

Samples: BioMed Realty Trust Inc

Options to Extend. Provided there exists no uncured Event of Default under any of this Lease, the Related Leases and or any of the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII), Lessee will have the right to extend this Lease for two (2) periods of ten five (105) years each (each such additional term shall be referred to herein as an "Extended Term"), commencing immediately following the end of the Initial Term or the immediately preceding Extended Term, as the case may be; provided, however, that notwithstanding . Notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee shall not be entitled to exercise its option to extend this Lease for any Extended Term (and any such option to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all each of the Related Other Leases for the same period, as provided in Article XVIII of each of the Related Other Leases; and any attempt to exercise Lessee's option to extend this Lease without Lessee exercising its options under all of the Other Leases shall be null and void. The Lease during any Extended Term shall be on the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee shall give Landlord written notice ("Notice to Extend") not less than one hundred eighty (180) days prior to the expiration of the Initial Term or the immediately preceding Extended Term, as the case may be. If Lessee fails to give Lessor Landlord any such notice, then Lessor shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafter, Lessee shall be deemed to have elected not to extend this Lease and the Related Leases, such option to extend and all future options to extend granted in this Article XVIII or in the Related Leases shall be null and void and of no further force or effect.

Appears in 1 contract

Samples: Lease (Sterling House Corp)

Options to Extend. Provided there exists no uncured Event If Tenant has not been in Default in the performance of Default under any of its obligations under this LeaseLease beyond any applicable cure periods for the twelve (12) months prior to its attempted exercise of this Option, the Related Leases and the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII), Lessee will Tenant shall have the right to extend this the Term of the Lease for two one five (25) periods of ten year term (10) years each (each such additional term shall be referred to herein as an "the “First Extended Term"). The First Extended Term shall commence on May 1, commencing immediately following 2011 and expire on April 30, 2016. If Tenant has not been in Default beyond any applicable cure period in the end performance of any of its obligations under this Lease, as extended, for twelve (12) months prior to the expiration of the Initial Term or the immediately preceding First Extended Term, Tenant shall have the right to extend the Term of the Lease for one additional five (5) year term (the “Second Extended Term”). The Second Extended Term shall commence on May 1, 2016 and expire on April 30, 2021. Tenant’s right to extend for the Second Extended Term is contingent on (a) Tenant successfully exercising its right to extend for the First Extended Term, and (b) Tenant not having been in Default beyond any applicable cure period in the performance of any of its obligations under this Lease, as extended, for the case may be; providedtwelve (12) months prior to the expiration of the First Extended Term. The Lease of the Premises during the Extended Terms shall be upon the same terms, howevercovenants, that notwithstanding anything stated in this Paragraph 18.1 or elsewhere and conditions as are set forth in this Lease, Lessee shall not be entitled to exercise its option to extend this Lease for any Extended other than rent and the Term (and any such option to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all the Related Leases for the same period, as provided in Article XVIII of the Related LeasesLeasehold. The Lease during any Extended Term shall be on the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee shall give If Landlord does not receive from Tenant written notice ("Notice to Extend") not less than one hundred eighty (180) of Tenant’s exercise of this option by 270 days prior to the expiration of the Term (in the case of Tenant’s attempt to exercise its option to extend for the First Extended Term), or by 270 days prior to the expiration of the First Extended Term (in the case of Tenant’s attempt to exercise its option to extend for the Second Extended Term) (the “Option Notice”), then regardless of whether Tenant holds over or attempts to hold over, all rights under this option shall automatically terminate. Time is of the essence herein. The initial monthly rent for each Extended Term (the “Initial Extended Term Rent”) shall be 100% of then prevailing market rent for the highest and best use for similar office and research and development space (the “Fair Rental Value”) agreed upon solely by and between landlord and tenant and their agents appointed for this purpose. Neither Landlord nor Tenant shall have the right to have a court or any other third party or entity establish the immediately preceding Fair Rental Value. If Landlord and Tenant are unable to agree on the Initial Extended Term Rent in writing within thirty (30) days of delivery of the Option Notice, Landlord and Tenant being obligated only to act in good faith, this option shall automatically terminate and the Lease shall terminate at the end of its Initial Term. In no event shall the rent for any period of the Extended Term be less than the highest rent charged during the last month of the initial Term of the Lease, in the case of the First Extended Term, as or less than the highest rent charged during the last month of the First Extended Term, in the case may beof the Second Extended Term. If Lessee fails Upon determination of the Initial Extended Term Rent for each of the Extended Terms, if exercised, pursuant to give Lessor any such noticethe terms outlined above, then Lessor the parties shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten thirty (1030) days thereafter, Lessee execute an amendment to the Lease stating the term for the particular Extended Term and the Initial Extended Term Rent for that Extended Term. Tenant shall be deemed to have elected not no other right to extend the Term of the Lease unless Landlord and Tenant otherwise agree in writing. This option is personal to Tenant and may not be assigned, voluntarily or involuntarily, separate from or as a part of the Lease. Any assignment shall not in any way affect or limit the liability of Tenant pursuant to the Lease. Notwithstanding the timely giving of the Option Notice, if Tenant is in Default of any provision of the Lease on the date of commencement of either of the Extended Terms, at Landlord’s option all rights of Tenant under this Lease option shall terminate and the Related Leases, such option to extend and all future options to extend granted in this Article XVIII or in the Related Leases shall be null and void and of no further force or and effect.. Tenant Initials ______________________ Landlord Initials _____________________

Appears in 1 contract

Samples: Industrial Lease (Abgenix Inc)

Options to Extend. Provided there exists no uncured Event (a) Landlord hereby grants Tenant two options to extend the term of Default under any of this the Lease, each for an additional period of five (5) years (the Related Leases "First Option" and the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII)"Second Option", Lessee will have the right to extend this Lease for two (2) periods of ten (10) years each (each such additional term shall be referred to herein as an "Extended Term"), commencing immediately following the end of the Initial Term or the immediately preceding Extended Term, respectively as the case may be; provided), howevercommencing immediately after the expiration of the initial Term and the expiration of the First Option term, that notwithstanding anything stated in this Paragraph 18.1 or elsewhere respectively. The First Option and the Second Option shall each be upon the same material terms and conditions contained in this Lease, Lessee except that (i) the Monthly Base Rent for the Premises shall not be entitled equal to 95% of the fair market rent for the Premises for the First Option and 100% of the fair market rent for the Second Option, determined in the manner set forth in subparagraph (b) below, (ii) Tenant shall accept the Premises for each option period in an "as is" condition without any obligation of Landlord to repaint, remodel, repair, improve or alter the Premises, and (iii) there shall be no further options to extend the term of the Lease. Tenant's election to exercise its option the First Option must be given to extend this Lease for any Extended Term (and any such option Landlord in writing no less than 270 days prior to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all the Related Leases for the same period, as provided in Article XVIII expiration of the Related Leasesinitial Term and Tenant's election to exercise the Second Option must be given to Landlord in writing no less than 270 days prior to expiration of the First Option term. The If Tenant properly exercises the options granted herein, references in the Lease during any Extended to the Term shall be on deemed to mean the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee shall give Landlord written notice ("Notice to Extend") not less than one hundred eighty (180) days prior to the expiration of the Initial Term First Option term or the immediately preceding Extended Term, Second Option term respectively as the case may bebe unless the context clearly provides otherwise. If Lessee fails Notwithstanding anything to give Lessor any such noticethe contrary contained, then Lessor herein, the First Option and the Second Option shall give Lessee written automatically terminate without notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafter, Lessee and shall be deemed to have elected not to extend this Lease and the Related Leases, such option to extend and all future options to extend granted in this Article XVIII or in the Related Leases shall be null and void and of no further force and effect, whether or effectnot Tenant has timely exercised such option, if a Default exists at the time of exercise of either option or at the time of commencement of either option term.

Appears in 1 contract

Samples: Office Lease (Ask Jeeves Inc)

Options to Extend. Provided there exists no uncured Event If Tenant is not in default in the performance of Default any of its obligations under any this Lease at the time of Tenant's exercise of the then applicable option to extend the then applicable terms of this Lease, Tenant shall have the Related Leases and the Other Leases right at the time Lessee exercises any its option to extend (in accordance with this Article XVIII), Lessee will have the right to extend this term of the Lease for two (2) successive five (5)-year periods (individually the "First Extended Term" and the "Second Extended Term," respectively, and collectively, the "Extended Terms"). The Lease of ten (10) years each (each such additional term the Property during the Extended Terms shall be referred upon the same terms, covenants and conditions as are set forth in this Lease, other than the monthly Base Rent and the term of the Lease. If Landlord does not receive from Tenant written notice of Xxxxxx's exercise of this option on a date which is not less than eighteen (18) months prior to herein as an "Extended Term"), commencing immediately following the end of the Initial Term initial term of the Lease or the immediately preceding end of the First Extended TermTerm of this Lease, as the case may be; providedbe (the "Option Notice"), howeverall rights under this option shall automatically lapse and terminate and shall be of no further force and effect. Time is of the essence herein. Additionally, that notwithstanding anything stated in if Tenant fails to timely or duly exercise this Paragraph 18.1 or elsewhere in option for the First Extended Term, all rights of Tenant under this Lease, Lessee shall not be entitled to exercise its option to extend into the First Extended Term and the Second Extended Term shall automatically lapse, terminate and shall be of no further force and effect, and Tenant shall have no further rights to extend the term of this Lease. Notwithstanding any other provision contained in this Section 7 to the contrary, Tenant may only exercise the options to extend the term of this Lease for any each of the Extended Term (and any Terms if, concurrently with Tenant's exercise of such option hereunder, Tenant simultaneously exercises the same option granted to Tenant to extend the corresponding term under the Second Lease. If Tenant does not so simultaneously extend the term of both leases, Tenant shall automatically expire and terminate) unless Lessee concurrently exercises its option have no right to extend all the Related Leases term of this Lease and thereafter the options granted to Tenant herein shall lapse and be of no force or effect. The monthly Base Rent for the same period, as provided in Article XVIII each of the Related Leases. The Lease during any First Extended Tem and the Second Extended Term shall be on the same terms and conditions as during then fair market rent for the Initial Term, except that Property (the Minimum Rent shall be determined as set forth in Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee shall give Landlord written notice ("Notice to ExtendFair Rental Value") not less than one hundred eighty (180) days prior to the expiration of the Initial Term or the immediately preceding Extended Term, as the case may be. If Lessee fails to give Lessor any such notice, then Lessor shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafter, Lessee shall be deemed to have elected not to extend agreed upon solely by and between Landlord and Tenant and their agents appointed for this Lease and the Related Leases, such option to extend and all future options to extend granted in this Article XVIII or in the Related Leases shall be null and void and of no further force or effectpurpose.

Appears in 1 contract

Samples: Sublease Assignment Agreement (Pemstar Inc)

Options to Extend. Provided there exists no uncured Event of Default under (a) Landlord hereby grants the Original Tenant and any of this Lease, the Related Leases and the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII), Lessee will have the right to extend this Lease for Permitted Assignee two (2) options to extend the Term, for additional consecutive periods of ten three (103) years each (each such additional term each, an “Option Term”), which would commence on the Expiration Date or expiration of the prior Option Term, if applicable. The Option Terms shall be referred to herein as an "Extended Term"), commencing immediately following the end of the Initial Term or the immediately preceding Extended Term, as the case may be; provided, however, that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee shall not be entitled to exercise its option to extend this Lease for any Extended Term (and any such option to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all the Related Leases for the same period, as provided in Article XVIII of the Related Leases. The Lease during any Extended Term shall be on upon the same terms and conditions as during are provided in the Initial TermLease, except that the Minimum Base Rent during the applicable Option Term would be as specified below in Paragraph 49(c). The Option Term shall be determined as set forth in Paragraph 18.2 below. In the event Lessee desires exercised by Tenant giving notice to exercise any option to extend granted in this Article XVIIILandlord (“Extension Notice”), Lessee shall give Landlord written notice not earlier than twelve ("Notice to Extend"12) months and not less later than one hundred eighty nine (1809) days months prior to the expiration Expiration Date of the Initial Term or the immediately preceding Extended then current Term, as such may be extended as provided herein (the case may be“Option Exercise Date”). If Lessee Tenant fails to give Lessor any provide such noticenotice to Landlord on or before such date, then Lessor shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafter, Lessee shall be deemed to have elected not to extend Tenant’s rights under this Lease and the Related Leases, such option to extend and all future options to extend granted in this Article XVIII or in the Related Leases Paragraph 49 shall be null and void (and such option and any succeeding option, shall be null and void). Additionally, Tenant’s rights to extend the Term for the Option Term shall be automatically null and void immediately if any of no further force the following conditions occurs prior to the commencement of the applicable Option Term or effectthe exercise by Tenant of the applicable Option Term: (a) there shall be a Tenant’s Default under this Lease, or the occurrence of any matter which with notice and the passage of time would become a Tenant’s Default, and such Tenant’s Default has not been cured within the cure period provided in this Lease or otherwise waived by Landlord, (b) Tenant shall have assigned the Lease or sublet all or any portion of the Premises to anyone other than a Permitted Transferee, or (c) Tenant shall be in occupancy of less than fifty percent (50%) of the Premises.

Appears in 1 contract

Samples: Office Building Lease (Veracyte, Inc.)

Options to Extend. Provided there exists no uncured Event of Default under any of this Lease, the Related Leases and the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII), Lessee will OPTION TO EXTEND. Tenant shall have the right and option, which said option and right shall not be severed from this Lease or separately assigned, mortgaged or transferred, to extend the Term of this Lease for two (2) additional consecutive periods of ten five (105) years each (each such additional term shall be hereinafter referred to herein respectively as the "First Extension Period" and the "Second Extension Period" and sometimes individually as an "Extended TermExtension Period"), commencing immediately following the end of the Initial Term or the immediately preceding Extended Term, as the case may be; provided, however, provided that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee shall not be entitled to exercise its option to extend this Lease for any Extended Term (and any such option to extend shall automatically expire and terminatea) unless Lessee concurrently exercises its option to extend all the Related Leases for the same period, as provided in Article XVIII of the Related Leases. The Lease during any Extended Term shall be on the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee Tenant shall give Landlord written notice of Tenant's exercise of such option at least nine ("Notice to Extend"9) not less than one hundred eighty (180) days full calendar months prior to the expiration of (i) the Initial Original Term or the immediately preceding Extended Term, as in the case may beof the option with respect to the First Extension Period and (ii) the First Extension Period in the case of the option with respect to the Second Extension Period and (b) no Event of Default (after expiration of applicable notice and cure periods, if any) shall exist at the time of giving each applicable notice and on the date of the commencement of each respective Extension Period and (c) the original Tenant named in this Lease or its Affiliate is itself occupying the entire Premises both at the time of giving the applicable notice and at the time of commencement of the applicable Extension Period. Except for the amount of Annual Fixed Rent (which is to be determined as hereinafter provided), all the terms, covenants, conditions, provisions and agreements in the Lease contained shall be applicable to the additional periods through which the Term of this Lease shall be extended as aforesaid, except that there shall be no further options to extend the Term of this Lease beyond the Second Extension Period, nor shall Landlord be obligated to make or pay for any improvements to the Premises nor pay any inducement payments of any kind or nature. If Lessee fails to give Lessor any such notice, then Lessor Tenant shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafter, Lessee shall be deemed to have elected not to extend this Lease and the Related Leases, of its exercise of each such option to extend in the manner and all future options within the time period provided aforesaid, the Term of this Lease shall be extended upon the giving of each such notice without the requirement of any further attention on the part of either Landlord or Tenant except to the extent necessary to determine the Annual Fixed Rent as hereafter set forth. Landlord hereby reserves the right, exercisable by Landlord in its sole discretion, to waive (in writing) any condition precedent set forth in clauses (a), (b) or (c) above. If Tenant shall fail to give timely notice of the exercise of any such option as aforesaid or if any of the conditions set forth above are not satisfied as and when specified herein, Tenant shall have no right to extend the Original Term of this Lease, time being of the essence of the foregoing provisions. Failure of Tenant to timely exercise its option with respect to the First Extension Period shall terminate Tenant's rights with respect to the option for the Second Extension Period. Any termination of this Lease Agreement shall terminate the rights hereby granted in this Article XVIII or in the Related Leases Tenant. The Annual Fixed Rent payable for each twelve (12) month period during each Extension Period shall be null and void and 97.5% of the Fair Market Rental Value (as said term is hereinafter defined) calculated an each case as of commencement of the applicable Extension Period but in no further force or effect.event less than the Annual Fixed Rent plus Additional

Appears in 1 contract

Samples: Disturbance and Attornment Agreement (Genzyme Transgenics Corp)

Options to Extend. Provided there exists no uncured Event of Default under any of this LeaseLessor hereby grants Lessee, the Related Leases and the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII), Lessee will have the right to extend this Lease for two (2) periods of ten (10) years each (each such additional term shall be referred to herein as an "Extended Term"), commencing immediately following the end of the Initial Term or the immediately preceding Extended Term, as the case may be; provided, however, that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, if Lessee shall not be entitled in default in the performance of any obligations under this Lease, an option to exercise extend the term of this Lease for One (1) period (s) of Fifteen (15) years. Such extended term shall begin on July 1, 2018 and shall end on June 30, 2033. All of the covenants, terms, and conditions of this Lease shall remain in full force and effect during such the extended term of this Lease except as expressly set forth herein. The annual rent due under this Lease for the extended term shall be increased by ten percent (10%) in each five (5) year period based on the previous period's rental rate, with each such increase in the rent to be effective on July 1, 2018, July 1, 2023, and July 1, 2028 and to remain effective during the five (5) year period from and including such date. Lessee Shall be deemed to have automatically exercised its option to extend the term of this Lease for any Extended Term the renewal term of fifteen (and any such option to extend shall automatically expire and terminate15) years unless Lessee concurrently exercises its option to extend all the Related Leases for the same periodshall, as provided in Article XVIII of the Related Leases. The Lease during any Extended Term shall be on the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee shall give Landlord written notice ("Notice to Extend") not less than one hundred eighty twenty (180120) days prior to the expiration of the Initial Term or the immediately preceding Extended Termoriginal term of this Lease, as the case may be. If Lessee fails to give Lessor any such notice, then Lessor shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafter, Lessee shall be deemed to have elected not to extend confirming that this Lease shall expire on the expiration date of the original term of this Lease. In no event shall the original term and extended term of this Lease exceed Thirty (30) years. In the Related Leases, such event Lessee has exercised its option to extend and all future options the term of this Lease for such fifteen (15) year period, a subsequent default by Lessee prior to extend granted in the expiration of the original term of this Article XVIII Lease shall give Lessor, but not Lessee, the right to terminate this Lease on or in before the Related Leases shall be null and void and expiration date of no further force or effect.the original term of this Lease. -------------------------------------------------------------------------------- 83

Appears in 1 contract

Samples: Lease Agreement (Community Bank Shares of Indiana Inc)

Options to Extend. Provided there exists no uncured Event that Equinix, Inc., a Delaware corporation, or an Affiliate (as defined in Section 23.A. hereof) (said Equinix, Inc. or an Affiliate being hereinafter collectively referred to as "Equinix") (i) is not then in default in the payment of any Rent due under this Lease and is not then in Default under in the performance of any of its other obligations under this Lease, and (ii) has not been in Default more than once during the Related Leases and the Other Leases at the time Lessee exercises any option to extend (in accordance with this Article XVIII), Lessee will have the right to extend this Lease for immediately preceding two (2) periods years of ten the Term, in each case both at the time of exercise of the Renewal Option, as hereinafter defined, in question, and at the commencement of the Renewal Period, as hereinafter defined, in question, and is then in occupancy of the Premises at the time of exercise of the Renewal Option, as hereinafter defined, in question, and at the time of the commencement of the Renewal Period, as hereinafter defined, in question, Equinix shall have three (103) years successive options (the "Renewal Options") to extend the Term of the Lease, each for a successive additional five (each such additional term shall be referred to herein as an 5) year period (the "Extended TermRenewal Periods"), commencing immediately following ) after the end expiration of the Initial Term or the immediately preceding Extended Term, as the case may be; provided, however, that notwithstanding anything stated in this Paragraph 18.1 or elsewhere in this Lease, Lessee shall not be entitled to exercise its option to extend this Lease for any Extended Term (and any such option to extend shall automatically expire and terminate) unless Lessee concurrently exercises its option to extend all the Related Leases for the same period, as provided in Article XVIII of the Related Leases. The Lease during any Extended Term Each Renewal Option shall be on the same terms and conditions as during the Initial Term, except that the Minimum Rent shall be determined as set forth in Paragraph 18.2 below. In the event Lessee desires to exercise any option to extend granted in this Article XVIII, Lessee shall give Landlord exercisable only by written notice given by Equinix to Landlord not later than twelve ("Notice to Extend"12) not less months, nor earlier than one hundred eighty fifteen (18015) days months, prior to the expiration of the Initial Term initial Term, or the immediately preceding Extended TermRenewal Period then in effect, as the case may be. If Lessee fails to give Lessor any such noticeIn the event that Equinix does not timely exercise a Renewal Option, then Lessor shall give Lessee written notice that Lessor has not received Lessee's Notice to Extend. If Lessee fails to deliver to Lessor the Notice to Extend within ten (10) days thereafter, Lessee shall be deemed to have elected not to extend this Lease and the Related Leases, such option to extend said Renewal Option and all future options to extend granted in this Article XVIII or in the Related Leases successive Renewal Options shall be null and void and of no further force or effect, time being of the essence in the exercise of each Renewal Option and it being acknowledged and agreed by Equinix that Landlord shall be entitled to rely on any failure by Equinix to give written notice of its exercise of its Renewal Option by the date set forth herein for such exercise thereof. All terms and conditions of this Lease shall be applicable during the Renewal Period except that the amount of Base Rent charged for each Renewal Period shall be the then "Prevailing Market Rent", which shall be the rent for comparable space in comparable buildings in Loudoun County, Virginia; provided, however, that in no event shall the Prevailing Market Rent determined as aforesaid be deemed to be less than the Base Rent payable under this Lease during the Lease Year immediately preceding the first Lease Year of the Renewal Period. If within thirty (30) days following delivery of Equinix's notice, Landlord and Equinix have not mutually agreed on the Prevailing Market Rent for the Renewal Period in question, then within ten (10) days after the expiration of such thirty-day period, each party shall file written notice to the other setting forth the name and address of a Broker (as hereinafter defined) selected by such party who has agreed to act in such capacity, to determine the Prevailing Market Rent. If either party shall fall to select a Broker as aforesaid, the Prevailing Market Rent shall be determined by the Broker selected by the other party. Each Broker shall thereupon independently make his determination of the Prevailing Market Rent within twenty (20) days after the appointment of the second Broker. If the two Brokers' determinations are not the same, but the higher of such two values is not more than one hundred five percent (105%) of the lower of them, then the Prevailing Market Rent shall be deemed to be the average of the two values. If the higher of such two values is more than one hundred five percent (105%) of the lower of them, then the two Brokers shall jointly appoint a third Broker within ten (10) days after the second of the two determinations described above has been rendered. The third Broker shall independently make his determination of the Prevailing Market Rent within twenty (20) days after his appointment. The highest and the lowest determinations of value among the three Brokers shall be disregarded and the remaining determination shall be deemed to be the Prevailing Market Rent. Within thirty (30) days after the Prevailing Market Rent is determined as aforesaid, the parties shall execute an amendment to this Lease setting forth the new Rent to be paid for the Renewal Period.

Appears in 1 contract

Samples: Equinix Inc

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