Primary Term; Renewal Term Sample Clauses

Primary Term; Renewal Term. (a) The primary term of this Sublease ("Primary Term") shall be for a period of fifteen (15) years beginning on the Commencement Date (as hereinafter defined). The Commencement Date shall commence on the date on which the Sublessor tenders possession of the Leased Premises to the Sublessee with Sublessor’s Improvements (as defined in Exhibit “B”) substantially complete. It is anticipated that the Commencement Date will be on or aboutFebruary 1, 2013. In the event Sublessor has not tendered possession of the Leased Premises to Sublessee by February 1, 2013, Sublessee’s sole remedy shall be abatement of Rent. Sublessee agrees to execute and deliver to Sublessor a letter of acceptance which shall certify that Sublessee has accepted the Leased Premises in compliance with the terms of this Lease and setting forth the Commencement Date and Termination Date of the Term hereof and the date when the Base Rent shall become due and payable. "Sublease Year" shall mean the twelve (12) consecutive calendar months commencing with the Commencement Date, and thereafter with each succeeding anniversary thereof. If the Commencement Date is other than the first day of a calendar month, the first Sublease Year shall end on the last day of the month in which the first anniversary of the Commencement Date occurs. For any Sublease Year containing other than exactly twelve months, Base Rent and any other charges due under the Sublease computed on a twelve month basis shall be pro-rated on the basis of the number of days of such Sublease Year to a full year. (b) Sublessee shall have the right at its option to extend the term of this Sublease for three (3) consecutive extension terms of five (5) years each, provided that Sublessee is not in default in the payment of rent or otherwise in any material default at the time of the exercise of such option or at the commencement of the respective extension term. Each extension term shall be on the same terms and conditions of this Sublease as applicable to the Primary Term. Sublessee may only exercise each extension option, and any exercise thereof shall only be effective, by delivery of written notice to Sublessor not earlier than eighteen (18) months and not later than six (6) months prior to the then applicable term expiration date.