Renewal Option. This Contract may be renewed under the same terms and conditions, subject to the approval of the Commissioner of the Department of Administration and the State Budget Director in compliance with IC § 5-22-17-4. The term of the renewed contract may not be longer than the term of the original Contract.
Renewal Option. (a) Tenant shall have two successive options to renew this Lease (each a “Renewal Option”) with respect to the entirety of the Premises for the term of five (5) years each (each a “Renewal Term”), commencing upon expiration of the initial Term, or if the first Renewal Option is exercised, upon the expiration of the first Renewal Term. Each Renewal Option must be exercised, if at all, by written notice given by Tenant to Landlord not earlier than twelve (12) months nor later than nine (9) months prior to expiration of the initial Term (or the first Renewal Term, as applicable). If Tenant properly exercises a Renewal Option, then references in the Lease to the Term shall be deemed to include the Renewal Term. The Renewal Option shall be null and void and Tenant shall have no right to renew this Lease if on the date Tenant exercises the Renewal Option or on the date immediately preceding the commencement date of the Renewal Term (i) a Default beyond the applicable cure period shall have occurred and be continuing hereunder, or (ii) Tenant (A) is then subletting more than fifty percent (50%) of the rentable square footage of the Premises other than in connection with a Permitted Transfer (as defined in Section 10.1(e) below) or (B) has assigned this Lease other than in connection with a Permitted Transfer.
(b) If Tenant properly exercises the Renewal Option, then during the Renewal Term all of the terms and conditions set forth in this Lease as applicable to the Premises during the initial Term shall apply during the Renewal Term, including without limitation the obligation to pay Rent Adjustments, except that (i) Tenant shall accept the Premises in their then “as-is” state and condition and Landlord shall have no obligation to make or pay for any improvements to the Premises (except as determined as part of the Fair Market Rent), and (ii) during the Renewal Term the Monthly Base Rent payable by Tenant shall be ninety-five percent (95%) of the Fair Market Rent during the Renewal Term as hereinafter set forth, except that in no event shall Monthly Base Rent during the Renewal Term be less than ninety-five percent (95%) of the Monthly Base Rent in effect during the last month of the initial Term, or first Renewal Term, as applicable, and shall increase by an annually compounded three percent (3%) during each year of the Renewal Term.
(c) For purposes of this Section, the term “Fair Market Rent” shall mean the rental rate, additional rent adjustment and other cha...
Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, the right and option to extend the Term of this Lease for one (1) period of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.
Renewal Option. Provided that no default exists beyond any applicable notice and cure period, then Tenant is hereby granted the option to renew the Term of this Lease for all, but not part of, the Premises for one period of 60 full calendar months (the “Renewal Term”). The Renewal Term (if timely and properly exercised by Tenant shall commence at the expiration of the initial Lease Term. Tenant shall exercise each option to renew by delivering written notice to Landlord at least 270 days, but no earlier than 365 days prior to the expiration of the Lease Term (time being of the essence). Any such renewal of this Lease shall be upon the same terms and conditions of this Lease, except the annual Base Rent during the Renewal Term shall be the Fair Market Rent as of the commencement of the Renewal Term for the Premises. Failure by Tenant to provide notices to Landlord of its intent to renew by the period stated in this Section shall nullify Tenant’s renewal rights. Within thirty (30) days after receiving notice from Tenant of its intention to renew, Landlord will provide Tenant with Landlord’s determination of Fair Market Rent for the Renewal Term and Tenant shall then have thirty (30) days from receipt of Landlord’s determination of Fair Market Rent to notify Landlord, in writing, that either (a) Tenant accepts Landlord’s determination of Fair Market Rent, in which case Tenant shall be obligated to renew the Lease at the Fair Market Rent rate determined by Landlord, (b) Tenant does not accept Landlord’s determination of the Fair Market Rent and withdraws the exercise of its renewal option, in which case Tenant’s renewal rights and obligations hereunder shall be forever terminated, or (c) Tenant does not accept Landlord’s determination of the Fair Market Rent, but that Tenant still desires to exercise its renewal option, in which case, Landlord and Tenant shall attempt to resolve their differences within thirty (30) days after Xxxxxxxx’s receipt of Xxxxxx’s notice. In the event Landlord and Tenant do not resolve their differences regarding the Fair Market Rent within such thirty (30) day period, Xxxxxx’s renewal rights and obligations hereunder shall be forever terminated. For purposes of determining Fair Market Rent, the parties agree that “Fair Market Rent” shall be reasonably determined by Landlord, based on comparable renewing tenants, including leasing concessions then being offered for comparable Class A buildings, both in size and in quality, in the submarket for th...
Renewal Option. A. Tenant shall have the right to extend the Lease Term (the "Renewal Option") for one additional period of five (5) years commencing on the day following the Termination Date of the initial Lease Term and ending on the fifth (5th) anniversary of the Termination Date (the "Renewal Term"), if:
1. Landlord receives notice of exercise of the Renewal Option ("Initial Renewal Notice") not less than twelve (12) full calendar months prior to the expiration of the initial Lease Term and not more than fifteen (15) full calendar months prior to the expiration of the initial Lease Term; and
2. Tenant is not in default under the Lease beyond any applicable cure periods at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Notice (as hereinafter defined); and
3. No part of the Premises is sublet at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Notice other than in connection with a Permitted Transfer; and
4. The Lease has not been assigned prior to the date that Tenant delivers its Initial Renewal Notice or prior to the date Tenant delivers its Binding Notice other than in connection with a Permitted Transfer; and
5. Tenant executes and returns the Renewal Amendment (hereinafter defined) within fifteen (15) days after its submission to Tenant.
B. The initial Base Rental rate per rentable square foot for the Premises during the Renewal Term shall equal the Prevailing Market (hereinafter defined) rate per rentable square foot for the Premises.
C. Tenant shall pay Additional Base Rental (i.e. Basic Costs) for the Premises during the Renewal Term in accordance with Article IV of the Lease.
D. Within thirty (30) days after receipt of Tenant's Initial Renewal Notice, Landlord shall advise Tenant of the applicable Base Rental rate for the Premises for the Renewal Term. Tenant, within fifteen (15) days after the date on which Landlord advises Tenant of the applicable Base Rental rate for the Renewal Term, shall either (i) give Landlord final binding written notice ("Binding Notice") of Tenant's exercise of its option, or (ii) if Tenant disagrees with Landlord's determination, provide Landlord with written notice of rejection (the "Rejection Notice"). If Tenant fails to provide Landlord with either a Binding Notice or Rejection Notice within such fifteen (15) day period, Tenant's Renewal Option shall be null and void and of no further force and effect. If Tenant provides Landl...
Renewal Option. Section 4.3 of the Lease is hereby deleted in its entirety and replaced with the following: “Tenant shall have the option (the “Renewal Option”) to extend the Term of the Lease for the entire Premises then being leased to Tenant for a term of two (2) years (the “Renewal Term”). The Renewal Term shall commence on the day after the Expiration Date. The Renewal Option shall be void if a default by Tenant exists, either at the time of exercise of the Renewal Option or the time of commencement of the Renewal Term. The Renewal Option must be exercised, if at all, by written notice from Tenant to Landlord given not less than six (6) months prior to the expiration of the Term. The Renewal Term shall be upon the same terms and conditions as the original Term, except that (a) the Base Rent payable during the Renewal Term shall be equal to the Base Rent for the last month of the original Term, plus $0.05 per square foot of Rentable Area of the Premises, and the Base Rent shall increase by $0.05 per square foot of Rentable Area of the Premises on the first anniversary of the commencement of the Renewal Term, (b) Tenant shall not be entitled to any tenant improvement allowance during the Renewal Term; and (c) from and after the exercise of the Renewal Option, (i) all references to “Expiration Date” shall be deemed to refer to the last day of the Renewal Term, and (ii) all references to “Term” shall be deemed to include the Renewal Term. The Renewal Option is personal to Tenant and shall be inapplicable and null and void if Tenant assigns its interest under the Lease (other than to an affiliate of Tenant).” “In the event Tenant exercises its Renewal Option, Landlord shall have the right to terminate the Lease effective at any time after the twelve (12) month anniversary of the commencement of the Renewal Term upon at least six (6) months prior written notice to Tenant.”
Renewal Option. (a) Tenant shall have the right to extend the Term (the “Renewal Option”) for one period of five (5) years commencing on the day following the Expiration Date and ending the fifth anniversary of the Expiration Date (such period, the “Renewal Term”). In the event that the Term shall be extended by Tenant’s exercise of the Renewal Option the period comprising the Renewal Term shall constitute a portion of the Term for all purposes of this Lease. The Renewal Option must be exercised, if at all, by written notice by Tenant to Landlord (the “Renewal Notice”) not later than nine (9) months prior to the Expiration Date. Notwithstanding the foregoing, the Renewal Option shall be null and void and Tenant shall have no right to extend the Term if on the date Tenant exercises the Renewal Option or on the date immediately preceding the commencement date of the Renewal Term: (a) an Event of Default has occurred and is then continuing; or (b) Tenant shall not be creditworthy in the judgment of Landlord. During the Renewal Term all of the terms and conditions set forth in this Lease applicable to the Building during the Term shall apply except that the Fixed Rent payable by Tenant for the Building during the Renewal Term shall be the then Fair Market Rent (as hereinafter defined).
(b) For purposes of this Article 38, the term “Fair Market Rent” shall mean a sum equal to ninety five percent (95%) of the rental rate for comparable space under primary lease (and not sublease), situated in first-class, reputable, established office buildings of comparable size, quality and location to the Building in the Market Area, engaged in then- prevailing customary rental market practices with respect to market rent concessions and other tenant inducements (described in the aggregate or a dollar per square foot basis) then being given to tenants, including without limitation, rental abatement concessions, tenant improvements or allowances provided or to be provided, customary third party leasing brokerage commissions for comparable transactions, and any other monetary and nonmonetary concessions, if any, being granted to tenants in connection with such comparable space and which rent shall also reflect appropriate adjustments in light of any difference between the Building and those buildings comparable to the Building located in the Market Area. Landlord and Tenant shall endeavor to mutually agree upon the Fair Market Rent within the forty-five (45) day period commencing on Landlord’s...
Renewal Option. The Owner has the option to renew this Agreement terms for two (2) successive twelve (12) month periods upon written notice to the Services Provider at least sixty (60) days prior to the expiration of the initial or any subsequent term.
Renewal Option. At the Expiration Date of the initial term, Enrolled Affiliate can renew Products by renewing this Enrollment for one additional 36-month term or by signing a new Enrollment. Microsoft must receive a Renewal Form, Product Selection Form, and renewal order prior to or at the Expiration Date. Microsoft will not unreasonably reject any renewal.
Renewal Option. If the Lessor is willing to renew this lease with the Lessee, then select the second checkbox statement. This also requires the number of times the Lessor will be willing to renew and the period of time that makes up each of these renewal terms.