Options to Renew. If the Tenant is Northern Quinoa Production Corporation and is itself in occupation of the whole of the Premises throughout the Term in accordance with the Lease and if the Tenant is: (a) Not in default in the payment of the Rent or in the performance or observance of any other covenant, obligation or agreement herein contained at the time of giving notice of renewal or at the end of the Term of the Lease and/or; (b) Has not been in chronic default as defined in this Lease during two (2) or more immediately preceding three hundred and sixty-five (365) day periods during the Term of the Lease; The Tenant shall have the right by written notice given to the Landlord not less than one hundred eighty (180) days prior to the expiration of the Term to renew this Lease for two (2) periods of three (3) years each (the “Renewal Term(s)”. Said Renewal Term(s) shall be subject to the same terms and conditions as contained in the Lease except for Base Rent, which shall be negotiated, and any inducements, and there shall be no further right of renewal. The Base Rent for the Renewal Term(s) shall be equal to the fair market rent anticipated to be in effect by the commencement of the Renewal Term(s) for space of comparable size, quality and location, as agreed between the Landlord and the Tenant. In the event the parties are unable to agree, the fair market rent shall be established by arbitration in accordance with the provisions of The Arbitration Act, 1992 (Saskatchewan) or subsequent legislation). Notwithstanding anything else contained herein, if the amount of Base Rent is not agreed upon, then the arbitration process shall be commenced no later than three (3) months prior to the first day of the Renewal Term(s) with mandatory completion no later than one (1) month prior to the first day of the Renewal Term(s). In no event shall the Base Rent payable during the Renewal Term(s) be less than the Base Rent payable during the immediately preceding period. The parties shall execute and deliver a further lease or modification and extension of the Lease as the Landlord deems appropriate in the circumstances of such Renewal Term(s).
Appears in 1 contract
Samples: Lease of Industrial Space (Above Food Ingredients Inc.)
Options to Renew. If the Tenant shall, provided this Lease is in full force and effect and Tenant is Northern Quinoa Production Corporation and is itself not then in occupation monetary or nonmonetary material default under any of the whole terms and conditions of this Lease (following the giving of written notice and passage of the Premises throughout applicable cure period under Section 24), have the Term in accordance with following consecutive options to renew the term of the Lease (collectively, the “Option Terms”): (i) one (1) option to renew this Lease for a term of one (1) year (the “First Option Term”), and if (ii) one (1) option to renew this Lease for a term of three (3) years (the Tenant “Second Option Term”), both for the Premises in “as is” condition and on the same terms and conditions set forth in this Lease, except as modified by the terms, covenants and conditions set forth below:
(a1) Not in default in If Tenant elects to exercise such option, then Tenant shall provide Landlord with written notice (“Renewal Notice”) no later than 5:00 pm (Pacific Standard Time) on the payment of the Rent or in the performance or observance of any other covenant, obligation or agreement herein contained at the time of giving notice of renewal or at the end of the Term of the Lease and/or;
(b) Has not been in chronic default as defined in this Lease during two (2) or more immediately preceding date which is three hundred and sixty-five (365) day periods during the Term of the Lease; The Tenant shall have the right by written notice given to the Landlord not less than one hundred eighty (180) days prior to the expiration of the Term then current term of this Lease. If Tenant fails to provide such notice, Tenant shall have no further or additional right to extend or renew the term of this Lease for two Lease.
(2) periods of three The Base Rent during the Option Terms shall be as follows: First Option Term: Year 1 $1.99 per rentable square foot per month Second Option Term Year 1 See Section 39(b)(6) below Year 2 See Section 39(b)(6) below Year 3 See Section 39(b)(6) below
(3) years each (the The “Renewal Term(s)”. Said Renewal Term(s) Base Year” shall be subject the calendar year in which the commencement of the renewal term occurs.
(4) Any exercise by Tenant of any option to renew under this Paragraph shall be irrevocable. If requested by Landlord, Tenant agrees to execute a lease amendment reflecting the foregoing terms and conditions, prior to the same commencement of the Option Term. The option(s) to renew granted under this Paragraph is/are not transferable, except to an assignee of Tenant’s entire interest in this Lease in accordance with the terms and conditions as contained in of Section 15 of this Lease.
(5) If more than one renewal option is provided above, the Lease except for Base Rent, which exercise of each renewal option shall be negotiatedcontingent upon Tenant exercising the prior renewal option. Only one renewal option may be exercised at a time. As each renewal option provided for above is exercised, the number of renewal options remaining to be exercised is reduced by one and any inducements, and there upon exercise of the last remaining renewal option Tenant shall be have no further right to extend the term of renewal. The this Lease.
(6) Base Rent for the Renewal Term(s) Second Option Term shall be equal to determined as follows: Upon service of such Renewal Notice for the fair market rent anticipated to Second Option Term, this Lease shall be in effect by renewed for said Period. The Second Option Term shall commence upon the expiration date of the initial Lease Term., except that the Basic Rent payable during the Second Option Term shall be at the Market Rental Rate (as defined below) for a lease that would commence on the commencement date of the Second Option Term. Landlord shall notify Tenant of the Basic Rent (“Landlord’s Proposed Base Rent”) for such Renewal Term in writing (the “Rental Notice”) within twenty (20) days of Landlord’s receipt of the Renewal Term(sNotice. Tenant shall either (i) for space accept the terms set forth in Landlord’s Rental notice by delivering written notice (the “Acceptance Notice”) to Landlord, or (ii) if Tenant does not accept Landlord’s Proposed Base Rent, then Tenant may elect to negotiate with Landlord to attempt to agree upon the Market Rental Rate within thirty (30) days after Tenant’s receipt of comparable sizethe Rental Notice, quality Landlord and locationTenant both agreeing to negotiate in good faith to reach such agreement. If Landlord and Tenant fail to agree upon Market Rental Rate during such period, as agreed between then, regardless of any good faith or lack thereof by Landlord or Tenant, Tenant’s only remedy shall be to either (i) terminate and waive its option to renew, or (ii) give written notice to Landlord that Tenant elects to arbitrate the determination of “Market Rental Rate” (the “Arbitration Notice”), which notice must be provided within thirty (30) days after Tenant’s receipt of the Rental Notice. If Tenant fails to timely deliver its Arbitration Notice, then Tenant shall be deemed to have terminated, waived and forfeited its renewal options. If Tenant timely delivers the Arbitration Notice, the Landlord and the TenantTenant will be bound by Paragraph D below. In the event Tenant elects to renew the parties are unable Lease, Tenant shall, at Landlord’s request, execute a lease amendment or other written confirmation setting forth the Basic Rental and other terms to agree, the fair market rent shall be established by arbitration in accordance with the provisions of The Arbitration Act, 1992 (Saskatchewan) or subsequent legislation). Notwithstanding anything else contained herein, if the amount of Base Rent is not agreed upon, then the arbitration process shall be commenced no later than three (3) months prior to the first day of the Renewal Term(s) with mandatory completion no later than one (1) month prior to the first day of the Renewal Term(s). In no event shall the Base Rent payable applicable during the Renewal Term(s) be less than the Base Rent payable during the immediately preceding period. The parties shall execute and deliver a further lease or modification and extension of the Lease as the Landlord deems appropriate in the circumstances of such Renewal Term(s)Period.
Appears in 1 contract
Samples: Lease Agreement (Health Net Inc)
Options to Renew. If the Tenant is Northern Quinoa Production Corporation and is itself in occupation of the whole of the Premises throughout the Term in accordance with the Lease and if the Tenant is:
(a) Not in default in the payment of the Rent or in the performance or observance of any other covenant, obligation or agreement herein contained at the time of giving notice of renewal or at the end of the Term of the Lease and/or;
(b) Has not been in chronic default as defined in this Lease during two (2) or more immediately preceding three hundred and sixty-five (365) day periods during the Term of the Lease; The Tenant Lessee shall have the right option of extending the term of this Lease for four (4) additional consecutive periods of five years each, which options may be exercised only by written notice given by Lessee to the Landlord not less than one hundred eighty Lessor at least ninety (18090) days prior to before the expiration of the Term to renew then current term of this Lease for two (2) periods Lease. All of three (3) years each (the “Renewal Term(s)”. Said Renewal Term(s) shall be subject to the same terms and conditions as contained in the of this Lease except for Base Rent, which shall be negotiated, and any inducements, and there applicable during the renewal terms except that the rent shall be no further right adjusted as of renewal. The Base Rent for the Renewal Term(sfirst day of each renewal term (the "Adjustment Date") shall be by a percentage equal to the fair market rent anticipated percentage change in the United States Department of Labor, Bureau of Labor Statistics, Consumer Price Index for All Urban Consumers, United States Average for Subgroup "All Items" (1967 = 100) (the "Index"), or if the Index should be discontinued or modified, such substitute index as Lessor and Lessee promptly in good faith shall select as comparable to be the Index. The Index for the calendar month in effect by which the commencement of the Renewal Term(s) for space of comparable size, quality and location, as agreed between the Landlord and the Tenant. In the event the parties are unable to agree, the fair market rent Rent Commencement Date occurs shall be established by arbitration in accordance with the provisions of "Base Index". The Arbitration Act, 1992 (Saskatchewan) or subsequent legislation). Notwithstanding anything else contained herein, if Index for the amount of Base Rent is not agreed upon, then the arbitration process shall be commenced no later than calendar month ending three (3) months prior to the first day of applicable Adjustment Date shall be the Renewal Term(s) with mandatory completion no later than one (1) month prior to "Comparison Index". The adjusted monthly rent shall be determined by multiplying the first day of the Renewal Term(s). In no event shall the Base Rent rent payable during the Renewal Term(s) be less than term of this Lease set forth in Paragraph 4 times a fraction, the numerator of which is the Comparison Index and the denominator of which is the Base Rent Index. Notwithstanding the foregoing, the rent payable during the first renewal period shall not increase by an amount greater than fifteen percent (15%) of the rent payable during the original lease term, the rent payable during each subsequent renewal period shall not increase by an amount greater than twenty-five percent (25%) of the rent payable during the immediately preceding period. The parties , and the rent payable during any renewal period shall execute and deliver a further lease or modification and extension of the Lease as the Landlord deems appropriate in the circumstances of such Renewal Term(s)not be less than $6,800.00 per month.
Appears in 1 contract
Samples: Lease (United Auto Group Inc)
Options to Renew. If Provided that this Sublease remains in good standing and the Tenant is Northern Quinoa Production Corporation and is itself not in occupation default of the whole any of the Premises throughout the Term in accordance with the Lease and if its obligations under this Sublease, the Tenant isshall have Three (3) options to renew this Sublease for Three (3) further renewals terms of Ten (10) Years, subject to the following provisions:
(a) Not in default in the payment of the Rent or in the performance or observance of any other covenant, obligation or agreement herein contained at the time of giving notice of renewal or at the end of the Term of the Lease and/orthere shall be successively one less option to extend;
(b) Has not been in chronic default this option shall be exercised by the Tenant by delivering to the HRRA written notice of the Tenant's intention to exercise the option for each renewal term as defined may be provided in this Lease during two Sublease; (2ab) or more immediately preceding three hundred and sixty-five (365) day periods during the Term such written notice of the Lease; The Tenant option being exercised shall have the right by written notice given be delivered to the Landlord not less HRRA no earlier than one hundred eighty Twelve (18012) days prior to Months before and no later than Six (6) Months before the expiration last day of the Term or any renewal term, as the case may be; (bc) upon the receipt of such written notice by the HRRA, the Term shall be extended for the period(s) specified, subject to all of the terms, conditions, covenants and provisos contained in this Sublease, save and except that the Base Rent charged for any renewal period shall be at the HRRA’s sole discretion, such Base Rent not to exceed the Base Rent chargeable for the period immediately prior to such renewal, plus 10%. It is understood and agreed that notwithstanding any such option to renew as set for the above, any renewal term shall not exceed the balance of the term of the Head Lease, less one day. To the extent that the term of the Head Lease must be renewed in order for the Tenant’s option to renew contained within this Sublease to be effective, the renewal of the Head Lease shall be a condition precedent to the Tenant’s option to renew this Lease for two (2) periods of three (3) years each (the “Renewal Term(s)”. Said Renewal Term(s) shall be subject to the same terms and conditions as contained in the Lease except for Base Rent, which shall be negotiated, and any inducements, and there shall be no further right of renewal. The Base Rent for the Renewal Term(s) shall be equal to the fair market rent anticipated to be in effect by the commencement of the Renewal Term(s) for space of comparable size, quality and location, as agreed between the Landlord Sublease and the Tenant. In the event the parties are unable ’s ability to agree, the fair market rent shall be established by arbitration in accordance with the provisions of The Arbitration Act, 1992 (Saskatchewan) or subsequent legislation). Notwithstanding anything else contained herein, if the amount of Base Rent is not agreed upon, then the arbitration process shall be commenced no later than three (3) months prior exercise its option to the first day of the Renewal Term(s) with mandatory completion no later than one (1) month prior to the first day of the Renewal Term(s). In no event shall the Base Rent payable during the Renewal Term(s) be less than the Base Rent payable during the immediately preceding period. The parties shall execute and deliver a further lease or modification and extension of the Lease as the Landlord deems appropriate in the circumstances of such Renewal Term(s)renew.
Appears in 1 contract
Samples: Sublease Agreement
Options to Renew. If Landlord and Tenant acknowledge and agree that Tenant's only rights to extend or renew the Lease Term shall be as set forth in this Paragraph 4 and, accordingly, Addendum 2 to the First Amendment, Addendum 4 to the Initial Lease and any other previously granted renewal or extension options in the Original Lease are hereby deleted in their entirety and shall be of no further force or effect. Landlord hereby grants to Tenant two (2) consecutive options to extend the Lease Term (each, an "Option"), each for a period of five (5) years (each 5-year period, an "Option Term"), with the first Option Term commencing on the date immediately following the Second Amendment Expiration Date (if the first Option is Northern Quinoa Production Corporation and is itself in occupation exercised by Tenant). Each Option shall be subject to all of the whole of the Premises throughout the Term in accordance with the Lease following conditions and if the Tenant isterms:
(a) Not in default in Tenant shall give to Landlord, and Landlord shall actually receive, on a date which is at least two hundred seventy (270) days and not more than three hundred sixty-five (365) days prior to the payment of the Rent or in the performance or observance of any other covenant, obligation or agreement herein contained at the time of giving notice of renewal or at the end of the Term then scheduled expiration date of the Lease and/or;Term, a written notice of Tenant's exercise of the applicable Option (an "Option Notice"), time being of the essence. If an Option Notice is not timely so given and received, the Option, and any subsequent Option (if any), shall automatically expire.
(b) Has not been in chronic Tenant shall have no right to exercise an Option, notwithstanding any provision hereof to the contrary, (i) during the time commencing from the date Landlord gives to Tenant a notice of monetary or material non-monetary default as defined in pursuant to this Lease and continuing until the noncompliance alleged in said notice of default is cured, (ii) if, during the twelve (12) month period of time immediately prior to the time that Tenant attempts to exercise the Option, Landlord has delivered to Tenant two (2) or more immediately preceding three hundred and sixtynotices of monetary or material non-five (365) day periods during the Term of monetary default under the Lease; The , whether or not the defaults are cured, or Tenant shall have the right by written notice given to the Landlord not less than one hundred eighty (180) days prior to the expiration of the Term to renew this Lease for two (2) periods of has been late on three (3) years each or more occasions in the payment of a monetary obligation to Landlord, or (iii) Tenant has committed an Event of Default under the “Renewal Term(s)”. Said Renewal Term(sLease.
(c) The period of time within which an Option may be exercised shall not be subject extended or enlarged by reason of Tenant's inability to exercise the Option because of the provisions of Paragraph 4(b) above.
(d) At Landlord's sole election, all Option rights of Tenant under this Paragraph 4 shall terminate and be of no further force or effect, notwithstanding Tenant's due and timely exercise of an Option, if an Event of Default by Tenant occurs subsequent to the same date of the exercise of the Option (provided, however, in no event shall the foregoing be interpreted to limit any rights or remedies of Landlord in connection with any such Event of Default).
(e) The Options granted to Tenant under this Paragraph 4 are personal to the specific Tenant named in this Amendment or any affiliated entity to which the Lease has been assigned as permitted by Paragraph 17 of the Initial Lease (an "Affiliated Assignee") and may be exercised only by such named Tenant (or such Affiliated Assignee) while occupying the entire Premises who does so without the intent of thereafter assigning the Lease or subletting the Premises or any portion thereof, and may not be exercised or be assigned, voluntarily or involuntarily, by or to any person or entity other than the Tenant named in this Amendment (or such Affiliated Assignee). The Options herein granted to Tenant are not assignable separate and apart from the Lease, nor may the Options be separated from the Lease in any manner, either by reservation or otherwise.
(f) All of the terms and conditions as contained in of the Lease except for Base Rent, which where specifically modified by this Paragraph 4 or as otherwise stated to be applicable only to earlier portions of the Lease Term shall be negotiated, and any inducements, and there shall be no further right of renewal. apply during the Option Terms.
(g) The monthly Base Rent for the Renewal Term(s) payable during each Option Term shall be equal to the greater of (i) the then-current fair market rent anticipated to be in effect by the commencement value of the Renewal Term(sPremises, or (ii) for space of comparable size, quality and location, as agreed between the Landlord and the Tenant. In the event the parties are unable to agree, the fair market rent shall be established by arbitration in accordance with the provisions of The Arbitration Act, 1992 (Saskatchewan) or subsequent legislation). Notwithstanding anything else contained herein, if the amount of Base Rent is not agreed upon, then the arbitration process shall be commenced no later than three (3) months prior to the first day of the Renewal Term(s) with mandatory completion no later than one (1) month prior to the first day of the Renewal Term(s). In no event shall the Base Rent payable during the Renewal Term(s) be less than the monthly Base Rent payable during the immediately preceding period. The parties shall execute and deliver a further lease or modification and extension month of the Lease Term. The then current fair market value of the Premises shall be determined as of the Landlord deems appropriate beginning of each Option Term in accordance with the circumstances remainder of such Renewal Term(s).this subparagraph
Appears in 1 contract
Options to Renew. If Provided that this Sublease remains in good standing and the Tenant is Northern Quinoa Production Corporation and is itself not in occupation default of the whole any of the Premises throughout the Term in accordance with the Lease and if its obligations under this Sublease, the Tenant isshall have Three (3) options to renew this Sublease for Three (3) further renewals terms of Ten (10) Years, subject to the following provisions:
(a) Not in default in the payment of the Rent or in the performance or observance of any other covenant, obligation or agreement herein contained at the time of giving notice of renewal or at the end of the Term of the Lease and/orthere shall be successively one less option to extend;
(b) Has not been in chronic default this option shall be exercised by the Tenant by delivering to the HRRA written notice of the Tenant's intention to exercise the option for each renewal term as defined may be provided in this Lease during two Sublease;
(2a) or more immediately preceding three hundred and sixty-five (365) day periods during the Term such written notice of the Lease; The Tenant option being exercised shall have the right by written notice given be delivered to the Landlord not less HRRA no earlier than one hundred eighty Twelve (18012) days prior to Months before and no later than Six (6) Months before the expiration last day of the Term or any renewal term, as the case may be;
(b) upon the receipt of such written notice by the HRRA, the Term shall be extended for the period(s) specified, subject to all of the terms, conditions, covenants and provisos contained in this Sublease, save and except that the Base Rent charged for any renewal period shall be at the HRRA’s sole discretion, such Base Rent not to exceed the Base Rent chargeable for the period immediately prior to such renewal, plus 10%. It is understood and agreed that notwithstanding any such option to renew as set for the above, any renewal term shall not exceed the balance of the term of the Head Lease, less one day. To the extent that the term of the Head Lease must be renewed in order for the Tenant’s option to renew contained within this Sublease to be effective, the renewal of the Head Lease shall be a condition precedent to the Tenant’s option to renew this Lease for two (2) periods of three (3) years each (the “Renewal Term(s)”. Said Renewal Term(s) shall be subject to the same terms and conditions as contained in the Lease except for Base Rent, which shall be negotiated, and any inducements, and there shall be no further right of renewal. The Base Rent for the Renewal Term(s) shall be equal to the fair market rent anticipated to be in effect by the commencement of the Renewal Term(s) for space of comparable size, quality and location, as agreed between the Landlord Sublease and the Tenant. In the event the parties are unable ’s ability to agree, the fair market rent shall be established by arbitration in accordance with the provisions of The Arbitration Act, 1992 (Saskatchewan) or subsequent legislation). Notwithstanding anything else contained herein, if the amount of Base Rent is not agreed upon, then the arbitration process shall be commenced no later than three (3) months prior exercise its option to the first day of the Renewal Term(s) with mandatory completion no later than one (1) month prior to the first day of the Renewal Term(s). In no event shall the Base Rent payable during the Renewal Term(s) be less than the Base Rent payable during the immediately preceding period. The parties shall execute and deliver a further lease or modification and extension of the Lease as the Landlord deems appropriate in the circumstances of such Renewal Term(s)renew.
Appears in 1 contract
Samples: Sublease Agreement
