Common use of Renewal Option Clause in Contracts

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.

Appears in 5 contracts

Samples: Lease (ViewRay, Inc.), Lease (ViewRay, Inc.), Lease (ViewRay, Inc.)

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Renewal Option. Landlord hereby grants Lessee may renew this Lease as provided in the following clause (i) and subject to Tenantthe following clause (ii): -107- 109 (i) Exercise of Renewal Option. Provided that this Lease has not been previously terminated and that no Default or Event of Default shall have occurred and be continuing at the time of the giving of irrevocable notice hereinafter referred to in this clause (i) or at the time of the commencement of the Renewal Term, and Tenant shall haveLessee, the right and option to extend the Term of at its option, may renew this Lease for one (1) Renewal Term consisting of a period of equal to five (5) years (the “Renewal Term”)years. The right to renew this Lease for such Renewal Term pursuant to this clause (i) shall commence be exercised upon the day next following irrevocable notice from Lessee received by Lessor of Lessee's election to so renew this Lease not less than twelve (12) months and not more than twenty-four (24) months prior to the last day of the initial Basic Term. Tenant The Renewal Rent for the Renewal Term shall notify Landlord be the "fair market rental value" of the Aircraft for such Renewal Term (the "renewal fair market rental value") as determined in writing accordance with the Appraisal Procedure. For purposes of this paragraph (i), the Appraisal Procedure shall be initiated by Lessee no earlier than nine (9) months prior to the end of the Basic Term. If Lessee shall fail to exercise its election option to extend the term of this Lease for the Renewal Term not less than six (6) months prior in accordance with the provisions of this paragraph, all of Lessee's rights to extend the expiration of the initial Term, time being of the essence with respect to Term for 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 expire. Lessee shall pay all reasonable costs and be of no further force or effectexpenses, including, without limitation, reasonable legal fees and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the termsexpenses, covenants and conditions of this Leaseincurred by Lessor, 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, Owner Participant and the denominator Indenture Trustee in connection with the exercise 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 periodoption.

Appears in 3 contracts

Samples: Aircraft Lease Agreement (America West Airlines Inc), Aircraft Lease Agreement (America West Airlines Inc), Aircraft Lease Agreement (America West Airlines Inc)

Renewal Option. Landlord Section 4.3 of the Lease is hereby grants to Tenant, deleted in its entirety and replaced with the following: “Tenant shall have, have the right and option (the “Renewal Option”) to extend the Term of this the Lease for one the entire Premises then being leased to Tenant for a term of two (1) period of five (52) years (the “Renewal Term”). The Renewal Term shall commence upon on the day next following after the last day Expiration Date. The Renewal Option shall be void if a default by Tenant exists, either at the time of exercise of the initial 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 shall notify to Landlord in writing of its election to extend this Lease for the Renewal Term given 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 same terms and conditions of this Leaseas the original Term, except that (a) the Fixed Base Rent payable during the Renewal Term shall be increased by adding the CPI Adjustment Amount (defined below) equal to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Base Rent payable for the last year month of the initial Term by a ratiooriginal Term, the numerator plus $0.05 per square foot 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 Rentable Area of the United States Department Premises, and the Base Rent shall increase by $0.05 per square foot of Labor (Rentable Area of the “Index”) Premises on the date nearest first anniversary of the commencement date 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 denominator 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 which is Tenant).” “In the Index as 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 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 periodTerm upon at least six (6) months prior written notice to Tenant.

Appears in 3 contracts

Samples: Lease, Lease (Silver Spring Networks Inc), Lease (Silver Spring Networks Inc)

Renewal Option. Landlord hereby grants to TenantProvided no Event of Default shall have occurred and be continuing and Lessee shall have duly given the notice required by Section 22.2, and Tenant the corresponding notices under the Other Leases and shall haveupon the renewal of the Units hereunder concurrently renew the Other Units under the Other Leases and Lessee has not exercised its option to purchase the Units pursuant to Section 22.3, Lessee shall have the right and, upon the giving of a notice under this Section 22.4 as below provided, the right obligation to lease pursuant to this Lease all (but not less than all) of the Units at the expiration of the Basic Term or any applicable Renewal Term. Lessee may exercise this renewal option by giving Lessor written notice not less than 90 days and option not more than 360 days prior to the end of the Basic Term (or, in the circumstances described below the then Renewal Term) that Lessee elects to renew this Lease with respect to all, but not less than all, of the Lease Agreement (TRLI 2001-1C) Units then leased hereunder at a rental payment calculated by reference to the then fair market rental value (a "Fair Market Renewal") or a fixed rental (a "Fixed Rate Renewal"). At Lessee's option, such renewal may, in the case of a Fair Market Renewal, be for a renewal term of one or more years or, in the case of a Fixed Rate Renewal, be for an initial renewal term of three years (but not to extend beyond the Outside Renewal Date) and in connection with any renewal term following the initial renewal term, a term of one year or more expiring not later than the Outside Renewal Date, in each case as Lessee shall specify in such notice, which notice shall be irrevocable. The Basic Rent for each Unit during any Renewal Term of this Lease for one (1) period of five (5) years (the "Renewal Rent") shall (a) in the case of any Fixed Rate Renewal, be 1/12th of 100% of the average annual Basic Rent allocated over the period from the end of the Basic Rent Holiday through the Basic Term Expiration Date, payable monthly in arrears and (b) in the case of any Fair Market Renewal, be 100% of the Fair Market Rental Value determined as of the commencement of the applicable Renewal Term; provided, however, that in the case of the first two years of the Fair Market Renewal period(s) that immediately follow the Basic Term Expiration Date (whether under Section 22.4 or Section 6.1), be 105% of the Fair Market Rental Value determined as of the commencement of the applicable Renewal Term; provided further, however, that the preceding proviso shall not apply in the event that the Lessee provides the Lessor, at the Lessee's sole cost and expense, with an opinion of independent tax counsel selected by Lessor (which counsel shall be selected by Lessor from among four nationally recognized law firms proposed by Lessee, each of which must be experienced in leveraged leasing transactions similar to the transactions contemplated herein) to the effect that applicable Treasury Regulations (or other administrative pronouncements upon which taxpayers may rely for Federal income tax purposes) will permit rent for such Renewal Term at a rate equal to 100% of the fair market rent determined as of the time of such Renewal Term without resulting in any adverse Federal income tax consequences to the Owner Participant Parent (within the meaning of the Tax Indemnity Agreement) under Code Section 467 or any successor provision thereto. The Each Renewal Term shall commence immediately 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 Basic Term or 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 preceding Renewal Term, and as the denominator of which is case may be. Lessee shall not be entitled to enter any Fixed Rate Renewal following 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 expiry 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 periodFair Market Renewal.

Appears in 3 contracts

Samples: Equipment Lease Agreement (Trinity Industries Inc), Lease Agreement (Trinity Industries Inc), Lease Agreement (Trinity Industries Inc)

Renewal Option. Landlord hereby grants (a) Subject to Tenantthe terms of this Section 10, and Tenant shall have, the right and have one (1) option (“Second Renewal Option”) to extend the Term of this Lease for one (1) a consecutive period of five sixty (560) years months beyond the expiration of the Renewal Term (the Second Renewal Term”). The Second Renewal Term shall commence upon the day next following the last day Option is personal to Tenant and may not be exercised by any sublessee or assignee of the initial TermTenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant shall notify to Landlord in writing of its election to extend this Lease for the Renewal Term given not more than two hundred seventy (270) days and not less than six one hundred eighty (6180) months days prior to the expiration of the initial TermRenewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocable. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time being of Tenant’s delivery of the essence with respect to Election Notice or at any time from the date of delivery of such notification. Election Notice thereof shall be deemed sufficient if given through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the manner hereinafter provided. If Landlord does not receive such written notice financial condition of the Tenant, as and when required herein, of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall terminate be void and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The validly exercised Second Renewal Term shall be upon all of the terms, covenants same terms and conditions of this as the Lease, as amended, except that (x) the Fixed annual Base Rent during the Second Renewal Term shall be increased by adding the CPI Adjustment Amount (defined below) equal to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Fair Market 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 commencement 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, Second Renewal Term; and (y) Tenant shall have no right further renewal options pursuant to renew this Lease if, either at Section 10 or any provision of the time Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant notifies Landlord of its election prior to extend this Lease or upon the commencement date of the Second Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.

Appears in 3 contracts

Samples: Office Building Lease (GP Investments Acquisition Corp.), Office Building Lease (Rimini Street, Inc.), Office Building Lease (Rimini Street, Inc.)

Renewal Option. Landlord hereby grants to TenantProvided no Event of Default shall have occurred and be continuing and Lessee shall have duly given the notice required by Section 22.2, and Tenant the corresponding notice under the Other Lease and shall haveupon the renewal of the Units hereunder concurrently renew the units under the Other Lease and Lessee has not exercised its option to purchase the Units pursuant to Section 22.3, Lessee shall have the right and, upon the giving of a notice under this Section 22.4 as below provided, the right obligation to lease pursuant to this Lease all (but not less than all) of the Units at the expiration of the Basic Term or any applicable Renewal Term. Lessee may exercise this renewal option by giving Lessor written notice not less than 90 days and option not more than 360 days prior to the end of the Basic Term (or, in the circumstances described below the then Renewal Term) that Lessee elects to renew this Lease with respect to all, but not less than all, of the Units then leased hereunder at a rental payment calculated by reference to the then fair market rental value (a "Fair Market Renewal") or a fixed rental (a "Fixed Rate Renewal"). At Lessee's option, such renewal may, in the case of a Fair Market Renewal, be for a renewal term of one or more years or, in the case of a Fixed Rate Renewal, be for an initial renewal term of three years (but not to extend beyond the Outside Renewal Date) and in connection with any renewal term following the initial renewal term, a term of one year or more expiring not later than the Outside Renewal Date, in each case as Lessee shall specify in such notice, which notice shall be irrevocable. The Basic Rent for each Unit during any Renewal Term of this Lease for one (1) period of five (5) years (the "Renewal Rent") shall (a) in the case of any Fixed Rate Renewal, be 1/12th of 100% of the average annual Basic Rent allocated over the period from the end of the Basic Rent Holiday through the Basic Term Expiration Date, payable monthly in arrears and (b) in the case of any Fair Market Renewal, be 100% of the Fair Market Rental Value determined as of the commencement of the applicable Renewal Term; provided, however, that in the case of the first two years of the Fair Market Renewal period(s) that immediately follow the Basic Term Expiration Date (whether under Section 22.4 or Section 6.1), be 105% of the Fair Market Rental Value determined as of the commencement of the applicable Renewal Term; provided further, however, that the preceding proviso shall not apply in the event that the Lessee provides the Lessor, at the Lessee's sole cost and expense, with an opinion of independent tax counsel selected by Lessor (which counsel shall be selected by Lessor from among four nationally recognized law firms proposed by Lessee, each of which must be experienced in leveraged leasing transactions similar to the transactions contemplated herein) to the effect that applicable Treasury Regulations (or other administrative pronouncements upon which taxpayers may rely for Federal income tax purposes) will permit rent for such Renewal Term at a rate equal to 100% of the fair market rent determined as of the time of such Renewal Term without resulting in any adverse Federal income tax consequences to the Owner Participant Parent (within the meaning of the Tax Indemnity Agreement) under Code Section 467 or any successor provision thereto. The Each Renewal Term shall commence immediately 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 Basic Term or 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 preceding Renewal Term, and as the denominator of which is case may be. Lessee shall not be entitled to enter any Fixed Rate Renewal following 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 expiry 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 periodFair Market Renewal.

Appears in 3 contracts

Samples: Equipment Lease Agreement (Trinity Industries Inc), Equipment Lease Agreement (Trinity Industries Inc), Equipment Lease Agreement (Trinity Industries Inc)

Renewal Option. As long as no Event of Default shall have occurred and be continuing hereunder, Landlord hereby grants shall grant to Tenant, and Tenant shall have, the right and option to extend renew (the Term "Renewal Option") the term of this Lease for one Two (12) period additional periods of five (5) years each (the "Renewal Term”Term(s). The Renewal Term shall commence upon the day next following the last day of the initial Term"). Tenant shall notify Landlord in writing exercise such Renewal Option by delivering written notice of its such election to extend this Lease for the Renewal Term not less than six Landlord at least nine (69) months prior to the expiration of the initial Term or a Renewal Term, time being as the case may be. The renewal 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 same terms and conditions of this Lease, except that (a) the Fixed Base Rent during each Renewal Term shall be increased by adding as adjusted as set forth in ARTICLE 3; (b) Tenant shall have no option to renew this Lease beyond 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 expiration of the Renewal Term, and Terms; (c) Tenant shall not have the denominator of which is the Index as right to assign its renewal rights to any sublessee of the first day Property or a portion thereof or to any assignee of this Lease, nor may any such sublessee or assignee exercise or enjoy the benefit of such renewal rights; (d) the Suite shall be provided in its then-existing condition (on an "as is" basis in the broadest sense of the third Lease Year. Ifterm) at the time each Renewal Term commences; and, during the Lease Term the Bureau of Labor Statistics ceases (e) there shall not be any rent abatement period and Tenant shall not be entitled to maintain the Indexany cash payment, then such other index concessions or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount allowance of any such adjustmentnature or amount whatsoever. Notwithstanding the foregoing, Tenant shall have no right to exercise such option to renew, and Landlord shall have no obligation to renew this Lease ifLease, either at the time Tenant notifies Landlord of its election to extend unless (i) this Lease or shall be in full force and effect upon the commencement date of the exercise of the Renewal Option and upon the date of expiration of the Initial Term or the Renewal Term, as the case may be; and (ii) on the date of exercise of the Renewal Option and on the date of expiration of the initial Term or the Renewal Term, as the case may be, no Event of Default shall have occurred or be continuing hereunder. If Tenant is in default hereunder beyond any applicable grace shall fail to exercise a Renewal Option within the time permitted or cure periodconditions (i) and (ii) set forth above are not entirely satisfied, such Renewal Option shall automatically terminate and this Lease expire at the expiration of the initial Term.

Appears in 3 contracts

Samples: Lease Agreement (Windrose Medical Properties Trust), Lease Agreement (Windrose Medical Properties Trust), Lease Agreement (Windrose Medical Properties Trust)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall havehave the right, at its option (referred to herein as the right and option “Renewal Option”), to extend renew the Term of this Lease Lease, for one (1) the entire Leased Property, for up to three consecutive renewal terms, each for a period of five (5) years (the each, a “Renewal Term”). The , which shall commence on the day following the scheduled Termination Date as it may have previously been extended (the “Renewal Term shall commence upon Commencement Date”) and expire on the day next following the last day fifth (5th) anniversary of the initial TermTermination Date (the “Renewal Term Expiration Date”). Tenant shall notify Landlord in writing of its election to extend this Lease for To exercise the Renewal Term Option, Tenant must give written notice to Landlord not less than six (6) months 6 months, and no more than 18 months, prior to the expiration of the initial Term, time being then current Term of the essence with respect its intention 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, exercise 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 Option 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 which notice shall be irrevocable (the denominator “Renewal Notice”). The failure of which is Tenant to timely deliver the Index as Renewal Notice in accordance with this Section III.B shall be deemed a permanent waiver of Tenant’s right to renew the Term of this Lease beyond the then current Termination Date. Except for the Renewal Option, Tenant shall have no other right to extend or renew the Term of the first day of the third Lease YearLease. 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 exercise the time Renewal Option if a Tenant notifies Landlord Event of its election to extend this Lease or upon Default exists on the commencement date of the Renewal Notice or on the Renewal Term Commencement Date. Upon exercising the Renewal Option in accordance with the terms hereof, the Term shall be deemed to be extended without the execution of any further instrument. All terms of this Lease, including periodic adjustments to Base Rent and the Minimum Charity Care Amount, shall apply during a Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.

Appears in 2 contracts

Samples: Hospital Facility Lease Agreement, Hospital Facility Lease Agreement

Renewal Option. Landlord hereby grants (a) Provided that all the following have not occurred at the time of Tenant’s exercise of the Renewal Option: (1) Tenant is not in default of any of the terms, covenants and conditions hereof beyond any applicable notice and/or cure periods, (2) Tenant’s right to Tenantpossession of the Premises has not been terminated, and (3) Tenant has not assigned any of its interest in this Lease or sublet any portion of the Premises, other than in connection with a Permitted Transfer, then Tenant shall have, have the right and option to extend the Lease Term of this Lease (the “Renewal Option”) for one (1) further sixty (60) month period of five (5) years (hereinafter the “Renewal Term”). The Such extension of the Lease Term shall be on the same terms, covenants and conditions as provided for in the Lease Term, except as set forth in this Section, and, except that the Base Rent during the Renewal Term shall commence upon be at fair market base rent then in effect on equivalent properties, of equivalent size, in equivalent areas, with the day next following the last day length of the initial TermRenewal Term and the credit standing of Tenant to be taken into account and otherwise based on the factors listed below, (the “Fair Market Base Rent”). Tenant shall notify deliver written notice to Landlord in writing of its election Tenant’s intent to extend this Lease for exercise the Renewal Term Option granted herein (the “Renewal Request Notice”) not more than twelve (12) months nor less than six nine (69) months prior to the expiration of the initial Term, time being Lease Term of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter providedthis Lease. If Landlord does not receive such written notice as and when required hereinTenant mutually agree, using their respective good faith efforts, in writing upon the base rent for the Renewal Term within thirty (30) days after written exercise by Tenant of this Renewal Option, Landlord shall terminate and be of no further force or effectlease the Premises to Tenant during the Renewal Term in their then-current, “AS IS, WHERE IS” with all faults condition, and this Lease Landlord shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the termsnot provide to Tenant any allowances (e.g. moving allowance, 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 Termconstruction allowance, and the denominator of which is like) or other tenant inducements, except to the Index as extent determined appropriate in connection with the determination of the first day of the third Lease YearFair Market Base Rent. 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 further renewal options unless expressly granted by Landlord in writing. Fair Market Base Rent will take into account all relevant factors, including, without limitation: (1) the location, quality, size, condition, and age of the Building and the level of LEED® certification of the Building then in effect; (2) the use, location, size, and/or floor levels of the space in question, including view, elevator, lobby exposure, etc.; (3) definition of “rentable” area; (4) the extent of leasehold improvements in the space in question or to renew this Lease ifbe provided (other than any improvements already installed in the Premises), either at and/or any allowance for same; (5) abatements (including base rental, operating expenses and real estate taxes, and parking charges); (6) the parking rates set forth in Landlord’s rent proposal, the parking rates charged for comparable parking for tenants in comparable buildings and inclusion and/or exclusion of parking charges in rental; (7) lease takeovers and assumptions; (8) programming/space planning/interior architecture and engineering allowances; (9) relocation allowances; (10) tenant improvement allowances or refurbishment allowances, including those set forth in Landlord’s rent proposal; (11) distinction between “gross” and “net” leases; (12) base year or dollar amounts for escalation purposes (both ad valorem/real estate taxes and other operating expenses); (13) any other adjustments (including, for example, indices) to base rental; (14) credit standing and financial stature of Tenant (or the applicable transferee pursuant to a Permitted Transfer) and any applicable tenants; (15) term or length of lease; (16) the time Tenant notifies Landlord the particular rental rate under consideration was agreed upon or is to become effective and the period of its election time from the date such rate is determined to extend this Lease the date it will be effective; (17) the extent of services provided or upon to be provided; (18) inclusions and exclusions for operating expenses; (19) the commencement date total amount of space in the Renewal TermBuilding leased to Tenant; (20) presence, Tenant absence or amount of leasing commissions to the extent applicable; and (21) any other concession or inducement and/or relevant terms or conditions that a reasonable and knowledgeable real estate professional would include in making such fair value rental rate determination. The determination of Fair Market Base Rent will not take into account any transaction that is in default hereunder beyond not a typical market-driven transaction, such as a sale-leaseback or any applicable grace or cure periodfinancing type lease transaction.

Appears in 2 contracts

Samples: Lease Agreement (Sunnova Energy International Inc.), Lease Agreement (Sunnova Energy International Inc.)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have the right and option to extend the Term of renew this Lease for one (1) period renewal term of five three (53) years (the “herein referred to individually as a "Renewal Term”)") which shall commence on the day following the expiration of the Term defined in this Lease and end on the third anniversary of the commencement date of the Renewal Term, unless the Renewal Term shall sooner terminate pursuant to the terms of this Lease or otherwise. The Renewal Term shall commence upon the day next following the last day of the initial Term. only if (i) Tenant shall notify have notified Landlord in writing of its election to extend this Lease for the Renewal Term not less than six at least nine (69) months prior to the expiration of the initial then existing Term, time being and (ii) immediately prior to the expiration of the Term, this Lease shall be in full force and effect and no Event of Default shall have occurred and be continuing. Time is 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 giving of the then-scheduled expiration datenotice of Tenant's exercise of a renewal option. The A Renewal Term shall be upon subject to all of the agreements, terms, covenants and conditions of this Leasehereof binding upon Tenant and Landlord, except that the Fixed Rent basic annual rent (as defined in Section 2.1) shall be increased by adding at the CPI Adjustment Amount greater of the current rent under the Lease or the then fair market rent, escalating annually at the then market escalation rate. Upon the commencement of a Renewal Term, (defined belowx) such Renewal Term shall be added to and become part of the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year Term (but shall not be considered part of the initial Term by a ratioTerm, (y) any reference to "this Lease", to the "Term", the numerator "term 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 this Lease" or any similar expression shall be deemed to include such Renewal Term, and (z) the denominator Expiration Date shall become the expiration 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.

Appears in 2 contracts

Samples: Lease (Biolife Solutions Inc), Lease (Biolife Solutions Inc)

Renewal Option. Landlord hereby grants to 50.01 Provided that: (i) the tenant named on the first page of this Lease or a Successor Entity, as defined in Section 4.13, above (collectively, “Named Tenant”) is not in default under this Lease on the Extension Notice Date (as defined below) and on the Extension Term Commencement Date (as defined below) after notice (in which event Named Tenant’s rights under this Article shall be suspended until the earlier of (i) Named Tenant’s timely and full cure of the default alleged in such notice, at which time Named Tenant’s rights hereunder shall be reinstated, and (ii) the expiration of Named Tenant’s time in which to cure such default, at which time Named Tenant’s rights hereunder shall be extinguished); and (ii) Named Tenant shall have, occupy no less than ninety (90%) percent of the Premises for the conduct of its business on the Extension Notice Date and on the Expiration Date; then the Named Tenant shall have the one-time right and option (the “Extension Right”) to extend the Term of this Lease with respect to the entire Premises for one (1) period of five (5) years (the “Renewal Extension Term”). The Renewal Extension Term shall commence upon on the day next immediately following the last Expiration Date (the “Extension Term Commencement Date”) and shall expire on the day immediately preceding the fifth (5th) anniversary of the initial Term. Tenant Extension Term Commencement Date (the “Extension Term Expiration Date”), unless the Extension Term shall notify Landlord in writing sooner end pursuant to any of its election to extend the terms, covenants or conditions of this Lease for or pursuant to law. The Extension Right may be exercised with respect to the Renewal Term not less entire Premises only and shall be exercisable by Named Tenant delivering to Landlord a notice (the “Extension Notice”) no later than six the date (6the “Extension Notice Date”) months that is three hundred sixty-five (365) days prior to the expiration Expiration Date, as to which date time is of the initial Termessence, time being and upon the giving of such notice, subject to the essence with respect to such notification. Notice thereof shall be deemed sufficient if given provisions set forth below in the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinthis Article, 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 extended for the period of the Extension Term without execution or delivery of any other or further document, with the same force and effect as if the Extension Term had originally been included in the Term. All of the terms, covenants and conditions of this LeaseLease shall continue in full force and effect during the Extension Term, except including items of Additional Rent and escalation which shall remain payable on the terms herein set forth. In the event that the Fixed Rent Named Tenant shall fail to give the Extension Notice to Landlord on or prior to the Extension Notice Date, the Named Tenant shall be increased by adding deemed to have waived its Extension Right hereunder. Landlord shall have the CPI Adjustment Amount (defined below) right, in its sole discretion, to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year waive any or all of the initial Term by a ratioforegoing conditions to Tenant’s exercise of its Extension Right. Upon the giving of the Extension Notice, 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, Named Tenant shall have no further right to renew this Lease if, either at the time Tenant notifies Landlord of its election or option to extend this Lease or upon renew the commencement date Term. Tenant’s failure to timely exercise its Extension Right in compliance with all of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodrequirements of this Article shall be deemed a waiver of Tenant’s Extension Right hereunder.

Appears in 2 contracts

Samples: Agreement (Schrodinger, Inc.), Agreement (Schrodinger, Inc.)

Renewal Option. Landlord Lessor hereby grants Lessee (but no assignee or subtenant) two (2) options to Tenantrenew this Lease, and Tenant shall have, the right and each option to extend the Term of this Lease be for one (1) a period of five sixty(60) months, for a total of one hundred twenty (5120) years (months in the “Renewal Term”)event both renewal options are exercised. The Renewal Term Each said renewal option shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord be exercised by Lessee notifying Lessor thereof in writing of its election to extend this Lease for the Renewal Term not less more than six two hundred seventy (6270) months and at least two hundred ten (210) days prior to the expiration of the initial Termthen current lease or renewal term, time being as the case may be. In the event a renewal agreement has not been executed at least one hundred twenty (120) days prior to the expiration date of the essence with respect to current lease or renewal term, the option shall automatically become null and void. Each such notification. Notice thereof renewal 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 subject to all of the terms, covenants terms and conditions of this Lease, Lease except that (i) the Fixed Rent rentals payable during each renewal term shall be increased by adding as set forth below and (ii) no further renewal option shall exist during the CPI Adjustment Amount second renewal term. It shall be a condition to Lessee's exercising any renewal option herein granted that (defined belowy) Lessee not be then in default under this Lease and (z) Lessee shall have previously exercised the immediately preceding renewal option, if any, so that the second renewal option may not be exercised if Lessee has failed to exercise the then-current Fixed Rentfirst renewal option. The “CPI Adjustment Amount” is calculated by multiplying Base Rent for each renewal term shall be based on not less than 95% of the Fixed then prevailing rental rates for properties of equivalent quality, size, utility and location in the Dallas/Forth Worth market, with the length of the lease term and the creditworthiness of the Lessee taken into account; provided, however, that in no event shall the Base Rent payable in any renewal period be less than the Base Rent for the last year month immediately preceding said renewal period. Upon notification from Lessee of its intent to exercise each renewal option, Lessor shall, within fifteen (15) days thereafter, notify Lessee in writing of the initial Term Base Rent for the applicable renewal term; Lessee shall, within fifteen (15) days following receipt of same, notify Lessor in writing of the acceptance or rejection of the proposed Base Rent. In the event of rejection by a ratioLessee, Lessee may rescind the exercise of such renewal option by written notice to Lessor within such fifteen (15) day period for acceptance or rejection. If Lessee does not so rescind such exercise, the numerator of which is Base Rent for 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 applicable renewal term 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.determined as follows:

Appears in 2 contracts

Samples: Office Lease (Exe Technologies Inc), Office Lease (Exe Technologies Inc)

Renewal Option. Landlord hereby grants to TenantSo long as Sublessee is not in default after any applicable notice and cure period and has not been in default after any applicable notice and cure period under the Sublease on more than two (2) occasions during the Expansion Space Term, Sublessee physically occupies the entire Expansion Space, and Tenant Sublessee has not assigned or further sublet the Expansion Space (except in the event of a Permitted Assignment under the Master Lease which has been consented to by Lessor to the extent required by the Master Lease), then subject to the terms of the Master Lease and the receipt of any consent required from Lessor, Sublessee shall have, the right and have one (1) option to extend the Expansion Space Term as to the Expansion Space only through the expiration date of this Lease for one the Original Sublease as to the Existing Premises (1i.e., through January 31, 2025) period at a Base Rent equal to three percent (3%) over the Base Rent payable immediately preceding the commencement of five such option term (5) years which Base Rent will thereafter increase on each anniversary of the commencement date of such option term by three percent (the “Renewal Term”3%)). The Renewal Term option contained in this Section 12 shall commence upon the day next following the last day be exercised by Sublessee, if at all, only by delivery of the initial Term. Tenant shall notify Landlord in writing of its election written notice (“Option Notice”) to extend this Lease for the Renewal Term not less Sublessor no later than six nine (69) months prior to the expiration of the initial Expansion Space Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter providedstating that Sublessee is exercising its option. If Landlord does not receive such written notice as Sublessee timely and when required hereinproperly exercises its option to extend, 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 Expansion Space Term shall be extended upon all of the terms, covenants terms and conditions of this Leaseset forth in the Sublease, as amended, except that the Fixed Base Rent for the Expansion Space shall be increased by adding as indicated above. The exercise of this option is expressly contingent upon the CPI Adjustment Amount (defined below) receipt of Lessor’s consent to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year extension of the initial Expansion Space Term by a ratio, pursuant to 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 terms 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 periodMaster Lease.

Appears in 2 contracts

Samples: Gossamer Bio, Inc., Gossamer Bio, Inc.

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, an option (the right and option "Option") to extend the Term term of this Lease for one (1) additional period of five (5) years (the "Renewal Term”). The Renewal Term shall commence upon ") under the day next following the last day of the initial Termterms set forth below. Tenant shall notify Landlord in writing not be entitled to exercise the Option unless each of the following conditions shall be fully satisfied at the time of its election exercise: (i) the Lease shall be in full force and effect; (ii) the Tenant originally named in this Lease, or its permitted assignees, shall be in possession of the entire Premises; and (iii) Tenant shall not then be in default under any of the material terms, provisions, covenants or conditions of the Lease beyond any applicable notice and cure periods. In order to extend this Lease for exercise the Renewal Term Option, Tenant must first give written request to Landlord, not less than six twelve (612) months prior to the expiration Expiration Date of the initial TermInitial Lease Term for delivery of Landlord's determination of Market Rent, time being of the essence with respect to such notificationas defined below. 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 Base Rent for each 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) equal to the then-current Fixed Market Rent, as determined in accordance with this section ("Market Rent"). The “CPI Adjustment Amount” is calculated by multiplying the Fixed Within thirty (30) days following its receipt of Tenant's request, Landlord shall advise Tenant of Market Rent payable for the last each year of the initial Term by a ratio, the numerator of which is the Consumer Price Index respective Renewal Term. Market Rent (including escalations 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 successive years of the Renewal Term, and the denominator of which is the Index as ) shall be determined by Landlord in its reasonable judgment. Landlord's determination 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 Market Rent shall be used based, as Landlord reasonably deems appropriate, upon then current and projected rents for space in determining the Building, adjusted for any special conditions applicable to such space and leases, for location, length of term, amount of any such adjustmentspace and other factors Landlord deems relevant in computing rents for space in the Building, including adjustments for anticipated inflation. Notwithstanding Tenant may exercise its option by notifying Landlord, within 30 days from the foregoing, date on which Tenant shall have no right to renew this Lease if, either at the time Tenant notifies was first advised by Landlord of its election determination of Market Rent, that Tenant has elected to extend this exercise the Option at the Market Rent determined by Landlord or proceed as provided below. If Tenant exercises the Option as provided, the Expiration Date of the Lease or upon shall be extended for the commencement date length of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.Term and Base Rent shall be adjusted to

Appears in 2 contracts

Samples: Letter Agreement (1997 Corp), Andrx Corp

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, the right have a personal and non-transferable option to extend renew the Term term of this Lease for one (1J) period term of five (5) years (years. Such renewal tenn shall begin the “Renewal Term”). The Renewal Term shall commence upon the first day next following the last day expiration of the initial immediately preceding Term. Tenant shall notify have the right to exercise the renewal option confe1Tcd herein by giving Landlord in writing of its election to extend this Lease for the Renewal Term not less than six notice at least two hundred seventy (6270) months days prior to the expiration of the initial then current Term; provided that, at the 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 exercise 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 datecommencement of the renewal tenn (a) no Event of Default has occWTed and remains uncured beyond the applicable cure period; and (b) Tenant has not sublet or assigned any portion of the Premises. The Renewal Term renewal option shall be upon subject to all of the terms, covenants terms and conditions contained in this I.ease, except that Minimum Annual Rent during the renewal term shall be at 95% of Market Rent, but in no event less than the Minimum Annual Rent in effect immediately preceding the renewal tem1. "Market Rent" shall be the anticipated rate in effect for the Premises as of the commencement of the renewal term, together with any market rate increases during the renewal term, based upon the rents generally in e!Tect for renewed leases of space in the area in which the Building is located of equivalent quality, size, utility and location, and taking into account the length of the renewal term and the credit standing of Tenant. Landlord shall lease the Premises to Tenant in their then-current condition, and Landlord shall not provide to Tenant any allowances (e.g., moving allowance, construction allowance, free rent or the like) or other tenant inducements. In the event that Tenant shall exercise an option to renew this Lease, then the Market Rent shall be agreed upon in a meeting of the parties hereto held at least ninety (90) days prior to the expiration of the then current Term. If the parties are able to agree on an amount of Market Rent that is mutually satisfactory, then such agreements shall be placed in writing and shall be signed by the parties hereto and shall thereupon become a part of this Lease. If the parties hereto arc unable to agree upon the Market Rent at least thirty (30) days prior to the commencement of any renewal term, except that then the Fixed disagreement shall be promptly submitted to arbitration. In such event, each party shall select an arbitrator having not less than ten (I 0) years' actual experience in the commercial real estate brokerage business, and the arbitrators so selected shall immediately meet for the purpose of hearing and deciding the dispute and fixing the relevant rate of rent. ff the two arbitrators selected agree on Market Rent, their decision shall be binding on both parties. If the two arbitrators selected cannot agree on the Market Rent within ten (10) business days after appointment (the "Initial Review Period"), but the rates differ by less than five percent (5%), the Market Rent shall be increased the average of the two rates. If the rates differ by adding more than five percent (5%), no later than five (5) business days following the CPI Adjustment Amount (defined belowexpiration of the Jnitial Review Period, tht,; two arbitrators shall select a third arbitrator with qualifications similar to their own. Within ten ( 10) to business days following appointment, the then-current Fixed third arbitrator shall select one of the two rental rates promulgated by the first two arbitrators as the Market Rent. The “CPI Adjustment Amount” is calculated by multiplying If the Fixed Rent payable for arbitrators cannot agree on the last year third arbitrator, they shall petition the presiding judge of the initial Term local state court having jurisdiction to appoint such arbitrator to act as an umpire between the arbitrators selected 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 Landlord and Xxxxxx. The decision of the United States Department of Labor (third arbitrator or presiding judge, as the “Index”) case may be, shall be binding on both parties. Landlord and Tenant shall each be responsible to pay their respective arbitrators and will share equally the date nearest the commencement date cost of the Renewal Termthird arbitrator. Failure of Tenant properly to exercise the option herein granted shall be construed as a waiver of such option, and the denominator of which is Lease shall then terminate at the Index as expiration 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 current Tenn. [REMAINDER OF XXXX INTENTIONALLY LEFT BLANK] !4 Date signed: Date signed: Attest: Landlord and Xxxxxx have no right to renew executed this Lease ifon the respective date(s) set forth below. Landlord: LSOP 3 MD 3, 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.LLC By: ~ . -=-- - - / Name:- 8a~:f:..Mttf.6ws.£l,,\\ ll\e l\tx\ Title: Senior Vice Prcsicfent '1 Tenant: ASCEl'iD ONE CORPORATION 15

Appears in 2 contracts

Samples: Lease Agreement (Nava Health Md, LLC), Lease Agreement (Nava Health Md, LLC)

Renewal Option. Landlord hereby grants to TenantProvided that no Event of Default shall be continuing at the time of the exercise of the option herein provided and at the time of the commencement of the Renewal Term (as hereinafter defined), and Tenant shall havehave the right, the right and option at its option, to extend the original Lease Term of this Lease (“Original Term”), for one a renewal term (1“Renewal Term”) period of five (5) years (the “Renewal Term”). The Renewal Term shall to commence upon the day next immediately following the last day expiration of the initial Original Term. Tenant shall notify , by giving notice to Landlord in writing of its election to extend this Lease for the Renewal Term not less than six nine (69) nor more than eighteen (18) months prior to the expiration Expiration Date of this Lease and, upon the initial giving of such notice, this Lease, subject to the provisions hereof, shall be automatically extended for the Renewal Term with the same force and effect as if the Renewal Term had been originally included in the Lease Term, time being . Time shall be 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 exercise by Tenant of the then-scheduled expiration dateoption. The Renewal Term shall be upon all All of the terms, covenants and conditions of this Lease, Lease shall continue in full force and effect during the Renewal Term except that (a) the Fixed Basic Rent shall be increased by adding as hereinafter set forth, (b) the CPI Adjustment Amount Base Tax Factor shall be the fiscal tax year and the Base Operating Factor shall be the calendar year during which the Renewal Term Commences; (defined belowc) the terms of this Lease relating to the then-current Fixed RentWork Letter and the performance of Landlord’s Work and Tenant’s Work shall not be applicable to the Renewal Term and (d) there shall be no further privilege of extension of this Lease beyond the Renewal Term. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Basic Rent payable for by Tenant during the last first year of the initial Renewal Term shall be the fair market basic rent prevailing at the commencement of the Renewal Term for rental of space comparable in size to the Premises in privately owned multi-tenanted office buildings owned by a ratioother than governmental entities comparable in age, size, quality and location to the Building, as determined in the first instance by Landlord, based upon then current leases for such space, taking into account tenant improvement allowances. No less than thirty (30) days following Landlord’s receipt of Tenant’s notice to extend the Lease for the Renewal Term, Landlord shall notify Tenant in writing of its determination of the Basic Rent for the first year of the Renewal Term as set forth above. In the event Tenant disagrees with such determination Landlord and Tenant shall attempt in good faith to agree on such Basic Rent. In the event Landlord and Tenant fail to reach an agreement on such rental rate at least four (4) months prior to the expiration of the then current term, the numerator of which is dispute as to Basic Rent shall be arbitrated pursuant to the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics provisions of the United States Department Article XXII, and Tenant shall pay Basic Rent as determined by Landlord pending the outcome of Labor (such arbitration subject to the “Index”) on adjustment by reason thereof. After final determination of the date nearest Basic Rent for the commencement date first year of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, same shall increase 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 each subsequent year of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodTerm two and one-half (2.5%) percent over the Basic Rent for the prior year.

Appears in 2 contracts

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

Renewal Option. Landlord hereby grants to TenantTenant the option ("Renewal Option") to renew and extend the term of this Lease, provided that at the time the Renewal Option is exercised, this Lease shall be in full force and effect and Tenant shall have, the right and option to extend the Term of this Lease for one not be in default beyond any applicable cure period hereunder. The renewal term (1) period of five (5) years (the “"Renewal Term”)") shall be sixty (60) months commencing upon the expiration of the original term of the Lease. The Renewal Term Option shall commence upon the day next following the last day be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of the initial Term. Tenant shall notify exercise to Landlord in writing of its election to extend this Lease for the Renewal Term not less later than six Two Hundred Seventy (6270) months days prior to the expiration of the initial Term, time being original term of the essence with respect to such notificationLease. Notice thereof shall be deemed sufficient if given in Any renewal and extension of the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, Lease for the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as at 95% of the then-scheduled expiration datethen current market terms and conditions. The Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Term shall be upon all Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before thirty (30) days after the delivery of the terms, covenants renewal Notice Landlord and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) Tenant cannot agree in writing 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 market terms and conditions" to be applicable during 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, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the denominator of which is Landlord, one by the Index as Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the first day State of Texas as applied to the facts found by him, her or them. The cost 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 appraisers shall be used paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in determining writing to the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right "current market terms and conditions" 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 be applicable during the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodmay terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Option.

Appears in 2 contracts

Samples: Lease Agreement (Pervasive Software Inc), Lease Agreement (Pervasive Software Inc)

Renewal Option. Landlord hereby grants to TenantProvided no Event of Default shall have occurred and be continuing and Lessee shall have duly given the notice required by Section 22.2, and Tenant the corresponding notice under the Other Lease and shall haveupon the renewal of the Units hereunder concurrently renew the units under the Other Lease and Lessee has not exercised its option to purchase the Units pursuant to Section 22.3, Lessee shall have the right and, upon the giving of a notice under this Section 22.4 as below provided, the right obligation to lease pursuant to this Lease all (but not less than all) of the Units at the expiration of the Basic Term or any applicable Renewal Term. Lessee may exercise this renewal option by giving Lessor written notice not less than 90 days and option not more than 360 days prior to the end of the Basic Term (or, in the circumstances described below the then Renewal Term) that Lessee elects to renew this Lease with respect to all, but not less than all, of the Units then leased hereunder at a rental payment calculated by reference to the then fair market rental value (a "Fair Market Renewal") or a fixed rental (a "Fixed Rate Renewal"). At Lessee's option, such renewal may, in the case of a Fair Market Renewal, be for a Lease Agreement (TRLI 2001-1B) renewal term of one or more years or, in the case of a Fixed Rate Renewal, be for an initial renewal term of three years (but not to extend beyond the Outside Renewal Date) and in connection with any renewal term following the initial renewal term, a term of one year or more expiring not later than the Outside Renewal Date, in each case as Lessee shall specify in such notice, which notice shall be irrevocable. The Basic Rent for each Unit during any Renewal Term of this Lease for one (1) period of five (5) years (the "Renewal Rent") shall (a) in the case of any Fixed Rate Renewal, be 1/12th of 100% of the average annual Basic Rent allocated over the period from the end of the Basic Rent Holiday through the Basic Term Expiration Date, payable monthly in arrears and (b) in the case of any Fair Market Renewal, be 100% of the Fair Market Rental Value determined as of the commencement of the applicable Renewal Term; provided, however, that in the case of the first two years of the Fair Market Renewal period(s) that immediately follow the Basic Term Expiration Date (whether under Section 22.4 or Section 6.1), be 105% of the Fair Market Rental Value determined as of the commencement of the applicable Renewal Term; provided further, however, that the preceding proviso shall not apply in the event that the Lessee provides the Lessor, at the Lessee's sole cost and expense, with an opinion of independent tax counsel selected by Lessor (which counsel shall be selected by Lessor from among four nationally recognized law firms proposed by Lessee, each of which must be experienced in leveraged leasing transactions similar to the transactions contemplated herein) to the effect that applicable Treasury Regulations (or other administrative pronouncements upon which taxpayers may rely for Federal income tax purposes) will permit rent for such Renewal Term at a rate equal to 100% of the fair market rent determined as of the time of such Renewal Term without resulting in any adverse Federal income tax consequences to the Owner Participant Parent (within the meaning of the Tax Indemnity Agreement) under Code Section 467 or any successor provision thereto. The Each Renewal Term shall commence immediately 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 Basic Term or 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 preceding Renewal Term, and as the denominator of which is case may be. Lessee shall not be entitled to enter any Fixed Rate Renewal following 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 expiry 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 periodFair Market Renewal.

Appears in 2 contracts

Samples: Lease Agreement (Trinity Industries Inc), Lease Agreement (Trinity Industries Inc)

Renewal Option. Landlord hereby grants to Tenantagrees that as long as Tenant is not in monetary default under the terms of the Lease beyond any applicable notice and cure period, and Tenant shall have, have the right and option to extend renew the Term of this Lease for one either a renewal term of ten (110) period years or a renewal term of five (5) years years, at Tenant’s option (the “Renewal Term”). The Renewal Term shall , to commence upon at the day next following the last day expiration of the initial TermTerm of the Lease and to expire on the fifth (5th) anniversary or tenth (10th) anniversary thereof, as applicable. In the event Tenant elects to renew for a term of five (5) years, Tenant shall have the right to renew this Lease for additional five (5) years at the end of the initial renewal Term of this Lease. Tenant shall notify Landlord in writing exercise its option to renew the Term of its the Lease by delivering written notice of such election specifying whether Tenant elects to extend this renew the term of the Lease for the Renewal Term not less than six five (65) years or ten (10) years, to Landlord at least twelve (12) months prior to the expiration of the initial Term. Except as set forth in the next paragraph, time being Tenant’s exercise of such option shall be irrevocable. Any such renewal shall be upon the same terms and conditions of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in Lease as it may have been amended, except (a) the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, Base Rental during the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as at the prevailing Market Base Rental Rate at the beginning 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 applicable Renewal Term, and (b) the denominator exercise of which is the Index any renewal option if at all, shall be as to all of the first day of the third Lease Year. IfLeased Premises, 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 and there 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 exercise a renewal option for less than all of the Renewal TermLeased Premises. Notwithstanding anything contained in this Exhibit F to the contrary, all rights provided to Tenant is in default hereunder beyond this Lease, including but not limited to, renewal rights, signage rights and other similar rights are assignable to any applicable grace or cure periodassignee.

Appears in 2 contracts

Samples: Office Lease Agreement (Exterran Energy Solutions, L.P.), Office Lease Agreement (Exterran Holdings Inc.)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have two (2) options (the right and option “Renewal Options”) to extend the Term of this Lease for one (1) a period of five (5) years (each, a “Renewal Term”, and respectively the “First Renewal Term” and the “Second Renewal Term”). The Each Renewal Term shall commence upon (i) must be exercised, if at all, as to the day next following the last day entire Premises subject to this Lease as of the initial Commencement Date (unless reduced pursuant to condemnation) and (ii) will be void if this Lease has previously expired or terminated with respect to any part of the Premises leased by Tenant hereunder as of the Commencement Date (other than as a result of condemnation), or if the Premises then leased by Tenant hereunder shall be less than 100% of the Premises as of the Commencement Date such that a portion of the Buildings shall be available to Landlord to lease to others. Each Renewal Option shall be void if an Event of Default by Tenant exists, either at the time of exercise of the applicable Renewal Option or the time of commencement of the applicable Renewal Term. Each Renewal Option must be exercised, if at all, by written notice from Tenant shall notify to Landlord in writing of its election to extend this Lease for the Renewal Term given not less than six twelve (612) months prior to the expiration of the initial Term, time being Term (in the case of the essence with respect First Renewal Term), and not less than twelve (12) months prior to such notification. Notice thereof shall be deemed sufficient if given the expiration of the First Renewal Term (in the manner hereinafter providedcase of the Second Renewal Term). If Landlord does not receive such written notice as and when required hereinFor the avoidance of doubt, the Second Renewal Term shall terminate and be of no further force or effect, and this Lease void unless the First Renewal Option shall expire as of the then-scheduled expiration datebe timely exercised by Tenant. The Each Renewal Term shall be upon all of the terms, covenants same terms and conditions of this Leaseas the original Term, except that the Fixed Base Rent applicable to the relevant Renewal Term shall be increased by adding the CPI Adjustment Amount (defined below) equal to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed greater of (i) Base Rent payable under this Lease for the last full year immediately preceding the effectiveness of that Renewal Term or (ii) Prevailing Market Rent as of the initial Term by commencement of that Renewal Term, as determined pursuant to Exhibit C. As a ratio, condition to the numerator of which is exercise and 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 effectiveness 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 foregoingOption, Tenant shall be required to modify the Letter of Credit so that the Letter of Credit will have no right a face amount equal to renew this Lease if, either at the time Tenant notifies Landlord Required Amount and otherwise meet the requirements of its election Section 4.7 with respect to extend this Lease or upon the commencement date Term as extended by Tenant’s exercise of the Renewal Term, Option. The Renewal Option is personal to Tenant is and shall be inapplicable and null and void if Tenant assigns its interest under this Lease (including an “Assignment” as defined in default hereunder beyond any applicable grace or cure periodSection 15.1 but excluding short-term Subleases contemplated by Section 15.5).

Appears in 2 contracts

Samples: Lease (Silicon Graphics Inc), Lease (Google Inc.)

Renewal Option. Landlord Tenant is hereby grants to Tenant, and Tenant shall have, the right and option to extend the Term of this Lease for granted one (1) period option (“Extension Option”) to extend the term of the Lease for the entire Premises then under Lease for five (5) years (the Renewal Extension Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Extension Option may be exercised only by giving Landlord in writing of its election to extend this Lease for the Renewal Term not less irrevocable and unconditional written notice thereof no earlier than six fifteen (615) months and no later than twelve (12) months prior to the commencement of the Extension Term. Tenant may not exercise the Extension Option if Tenant is in Monetary Default under the Lease beyond the expiration of any applicable cure period either at the initial Term, time being date of said notice or at the commencement of the essence with respect Extension Term. Upon exercise of the Extension Option, all references in the Lease to such notification. Notice thereof the Term shall be deemed sufficient if given in to be references to the manner hereinafter provided. If Landlord does not receive such written notice Term as and when required herein, extended pursuant to the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration dateExtension Option. The Renewal Extension Term shall be upon all of on the same terms, covenants and conditions of this as are contained in the Lease, except that the Fixed Rent (i) no additional extension option shall be increased conferred by adding the CPI Adjustment Amount exercise of the Extension Option, (defined belowii) Base Rent applicable to the thenPremises for the Extension Term shall be determined as provided below, (iii) any rent abatement, concession or allowance (including, without limitation, the Construction Allowance) which are in the nature of economic concessions or inducements contained in the Lease shall not be again applicable to any Extension Term because new concessions shall be determined in connection with determination of the Current Market Rate, and (iv) Tenant shall accept the Premises in its “as-current Fixed is, where is” condition. In addition to Base Rent, Tenant shall pay Additional Rent and other Rent during the Extension Term as provided in this Lease. Base Rent per annum per rentable square foot of the Premises for the Extension Term shall be one hundred percent (100%) of the Current Market Rate for lease terms commencing on or about the date of commencement of the Extension Term. The term CPI Adjustment AmountCurrent Market Ratemeans the prevailing rental rate per rentable square foot and concession package for comparable renewals recently executed for comparable space in the Building and in buildings of comparable age and quality in the Building’s submarket for renewing tenants of similar size, credit quality and stature. The determination of Current Market Rate shall take into consideration net versus gross lease; differing base years if applicable; any differences in the size of space being leased, the location of space in the applicable building and the length of lease terms; the use of the applicable premises; any differences in definitions of rentable square feet or rentable area with respect to which rental rates are computed; the value of rent abatements, allowances (for demolition, space planning, architectural and engineering fees, construction, moving expenses, commissions, or other purposes), leasing commissions, the creditworthiness of Tenant; the location and condition of the building, the location and condition of the applicable premises within the applicable building, and other pertinent factors. The Current Market Rate may include an escalation of a fixed base rental rate (based on a fixed step or index) then prevailing in the market. Within thirty (30) days after receipt of Tenant’s notice to extend Landlord shall deliver to Tenant written notice of the Current Market Rate and shall advise Tenant of the required adjustment to Base Rent, if any. Tenant shall, within thirty (30) days after receipt of Landlord’s notice, notify Landlord in writing whether Tenant (a) accepts Landlord’s determination of the Current Market Rate; or (b) requests that the Current Market Rate be determined by brokers (“Arbitration Request”). If Tenant requests that the Current Market Rate be determined by brokers, Landlord and Tenant, within ten (10) days after the date of the Arbitration Request, shall each simultaneously submit to the other, in a sealed envelope, its good faith estimate of the Current Market Rate (collectively referred to as the “Estimates”). If the higher of such Estimates is calculated not more than one hundred five percent (105%) of the lower of such Estimates, then Current Market Rate shall be the average of the two Estimates. If the Current Market Rate is not resolved by multiplying the Fixed Rent payable exchange of Estimates, Landlord and Tenant, within seven (7) days after the exchange of Estimates, shall each select a commercial real estate broker to determine which of the two Estimates most closely reflects the Current Market Rate. Each commercial real estate broker selected pursuant hereto shall (a) be a licensed commercial real estate broker in good standing, (b) have had at least ten (10) years’ experience within the previous fifteen (15) years as a commercial real estate broker working in the Building’s particular marketplace, (c) have working knowledge of current office rental rates and practices, and (d) not be affiliated with either Landlord or Tenant. Upon selection, Landlord’s and Tenant’s brokers shall work together in good faith to agree upon which of the two Estimates most closely reflects the Current Market Rate. The Estimate chosen by such brokers shall be binding on both Landlord and Tenant as the Current Market Rate. If either Landlord or Tenant fails to appoint a broker within the seven day period referred to above, the broker appointed by the other party shall be the sole broker for the last year purposes hereof. If the two brokers cannot agree upon which of the initial Term by a ratiotwo Estimates most closely reflects the Current Market Rate within the twenty (20) days after their appointment, then, within ten (10) days after the expiration of such twenty (20) day period, the numerator two (2) brokers shall select a third broker meeting the aforementioned criteria. Once the third broker has been selected as provided for above, then, as soon thereafter as practicable but in any case within fourteen (14) days, the third broker shall make his determination of which is of the Consumer Price Index for All Urban Consumerstwo Estimates most closely reflects the Current Market Rate and such Estimate shall be binding on both Landlord and Tenant as the Current Market Rate. The parties shall share equally in the costs of the third broker. Any fees of any broker, Cleveland-Akroncounsel or experts engaged directly by Landlord or Tenant, All Items (1982-1984=100) published however, shall be borne by the Bureau of Labor Statistics of party retaining such broker, counsel or expert. In the United States Department of Labor (event that the “Index”) on the date nearest Current Market Rate has not been determined by the commencement date of the Renewal TermExtension Term at issue, and Tenant shall pay the denominator of which is the Index as of the first day of the third Lease Year. If, during most recent Base Rent set forth in the Lease Term until such time as the Bureau of Labor Statistics ceases to maintain the IndexCurrent Market Rate has been determined. Upon such determination, then such other index or standard as will most nearly accomplish the aim or purpose of the Index Base Rent shall be used retroactively adjusted. If such adjustment results in determining an underpayment of Base Rent by Tenant, Tenant shall pay Landlord the amount of such underpayment within thirty (30) days after the determination thereof. If such adjustment results in an overpayment of Base Rent by Tenant, Landlord shall credit such overpayment against the next installment of Base Rent due under the Lease and, to the extent necessary, any subsequent installments until the entire amount of such adjustmentoverpayment has been credited against Base Rent. Notwithstanding Tenant must timely exercise the foregoingExtension Option or the Extension Option shall terminate. Tenant’s exercise of the Extension Option shall not operate to cure any default by Tenant of any of the terms or provisions in the Lease, nor to extinguish or impair any rights or remedies of Landlord arising by virtue of such default. If the Lease or Tenant’s right to possession of the Premises shall terminate in any manner whatsoever before Tenant shall exercise the Extension Option, or if Tenant shall have no right subleased (other than to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date an Affiliate) more than twenty five percent (25%) of the Renewal TermPremises, then immediately upon such termination or sublease of more than 25%, the Extension Option shall simultaneously terminate and become null and void. The Extension Option is personal to Tenant, Tenant’s Affiliates, and any successor Tenant is after any Business Transfer in default hereunder beyond any applicable grace or cure periodaccordance with Section 11.04 of the Lease.

Appears in 2 contracts

Samples: Office Lease Agreement, Office Lease Agreement (Xeris Pharmaceuticals Inc)

Renewal Option. 1. If, and only if, on the Expiration Date and the date Tenant notifies Landlord hereby grants of its intention to renew the term of this Lease (as provided below), (i) Tenant is not in default under this Lease, (ii) Tenant then occupies and the Premises then consist of at least all the original Premises and (iii) this Lease is in full force and effect, then Tenant, but not any assignee or subtenant of Tenant, shall have and Tenant shall have, the right and may exercise an option to extend the Term of renew this Lease for one (1) period additional term 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 same terms and conditions contained in writing of its election to extend this Lease with the exceptions that (x) this Lease shall not be further available for renewal and (y) the rental for the Renewal Term not shall be the "Renewal Rental Rate", but in no event will the Base Annual Rent be less than six the Base Annual Rent for the last twelve (612) calendar months prior to the expiration of the initial Term, time being term 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 dateLease. The Renewal Term shall be upon all of Rental Rate is hereby defined to mean the termsthen prevailing rents (including, covenants and conditions of this Leasewithout limitation, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) those similar to the then-current Fixed Basic Annual Rent and Additional Rent. The “CPI Adjustment Amount” is calculated ) payable by multiplying renewal tenants having a credit standing substantially similar to that of Tenant, for properties of equivalent quality, size, utility and location as the Fixed Rent payable Premises, including any additions thereto, located within the area described below and leased 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 renewal term approximately equal to the Renewal Term, and . The Renewal Rental Rate will take into consideration the denominator of which is tenant inducements offered in 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 renewal transactions considered by Landlord in determining the amount of any such adjustmentRenewal Rental Rate. 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 periodTHE TENANT'S OPERATING EXPENSE STOP AND TENANT'S REAL ESTATE TAXES STOP SHALL BE ADJUSTED TO BE THE ACTUAL SUCH EXPENSES FOR THE YEAR THE RENEWAL OCCURS.

Appears in 2 contracts

Samples: Lease Agreement (Networks Associates Inc/), Lease Agreement (McAfee Associates Inc)

Renewal Option. Landlord hereby grants to TenantA. If Tenant is not in default under any term or condition of the Lease, as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant shall havenamed herein is occupying the entire Leased Premises at the time of such election, Tenant may renew the right and option to extend Lease for all or a portion of the Term of this Lease Leased Premises (but no less than one floor) for one (1) additional period of five (5) years (the “Renewal Term”), by delivering written notice (the “Renewal Notice”) of the exercise thereof to Landlord not earlier than twelve (12) months nor later than nine (9) months before the expiration of the then current Term. The Base Rent payable for each month during the Renewal Term shall commence upon be the day next following the last day Fair Market Rent (as defined below) as of the initial commencement date of the Renewal Term. Within thirty (30) days after receipt of Tenant’s Renewal Notice, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then Xxxxxx’s written notice shall include Tenant’s determination of its election the Fair Market Rent. If Tenant does not deliver Xxxxxx’s written determination of Fair Market Rent to extend this Lease for Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Renewal Term not less than Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If by that date which is six (6) months prior to the expiration commencement 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 “IndexTrigger Date) on ), Landlord and Tenant have not agreed in writing as to 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 IndexFair Market Rent, then such other index or standard as will most nearly accomplish within ten (10) business days following the aim or purpose of Trigger Date (the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing“Withdrawal Deadline”), Tenant shall have no the one time right to renew this withdraw its Renewal Notice, and the Lease ifshall expire upon the expiration of the then current Term. If Tenant does not withdraw its Renewal Notice by the Withdrawal Deadline, either at the time Tenant notifies Landlord parties shall proceed to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. In all events, Xxxxxx’s exercise of its election renewal option right hereunder shall be binding upon Tenant and not subject to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodrescission except as provided herein.

Appears in 2 contracts

Samples: Office Building Lease (Marqeta, Inc.), Office Building Lease (Marqeta, Inc.)

Renewal Option. Landlord hereby grants to Tenant (but not any assignee or subtenant of Tenant, and Tenant shall haveeven if Landlord's consent is obtained as required in the Lease), is granted the right and option to extend the Term term of this Lease for one two extended terms of sixty (160) period months each, provided (a) Tenant is not in default at the time of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day exercise of the initial Termoption, and (b) Tenant gives written notice of its exercise of the option at least two hundred ten (210) days prior to the expiration of the original term, or the first extended term, of the Lease, as applicable. Landlord shall, within fifteen (15) days of its receipt of Tenant's notice, notify Tenant in writing of its opinion concerning the proposed renewal rate, which shall be the fair market rental value described in the immediately succeeding paragraph, and the Tenant shall, within thirty (30) days of its receipt of Landlord's notice of the renewal rate, during which time Landlord and Tenant shall confer and attempt to reach an agreement regarding the reasonableness of the proposed renewal rate, 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 acceptance or rejection 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 providedproposed rental rate. If Landlord does not receive and Tenant are unable to mutually agree on the renewal rate within such written notice as and when required hereinthirty (30) day period, then the Renewal Term renewal options described in this paragraph shall automatically terminate and be of no without further force or effect, and this Lease shall expire as of the then-scheduled expiration datenotice. The Renewal Term Each such extension term shall be upon all of the same terms, covenants conditions, and conditions of this Leaserentals, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined belowi) 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 further right of renewal after the last extension term prescribed above, and (ii) the Rent amount shall be increased to renew this Lease if, either fair market rental value of the Premises at the time Tenant notifies Landlord of exercises its election to extend this Lease or upon the commencement date election. Fair market rental value of the Renewal TermPremises for each extension term will be determined by the parties, Tenant is in default hereunder beyond any applicable grace or cure period.their reasonable discretion and upon their combined good faith efforts, considering the rental market for comparable land and improvements in substantially the same condition, in comparable locations, used for similar purposes, and under terms similar to those set forth in this Lease. 24 EXHIBIT "C-2" RENT

Appears in 2 contracts

Samples: Lease Agreement (H R Window Supply Inc), Lease Agreement (H R Window Supply Inc)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall havehave two (2) options (each, the right and option a “Renewal Option”) to extend the Term of this the Lease for one (1) period the entire Premises then being leased to Tenant for terms of five (5) years each (the each, a “Renewal Term”). The If the first Renewal Option is exercised, the first Renewal Term shall commence upon on the day next following after the last Expiration Date. If the second renewal term is exercised, the second Renewal Term shall commence on the day after the Expiration Date of the initial first Renewal Term. Each Renewal Option shall be void if an Event of Default by Tenant shall notify Landlord in writing exists, either at the time of its election to extend this Lease for exercise of such Renewal Option or the time of commencement of such Renewal Term. The second Renewal Term shall be void if Tenant fails to exercise the first Renewal Option. Each Renewal Option must be exercised, if at all, by written notice from Tenant to Landlord given not more than eighteen (18) months and not less than six twelve (612) months prior to the expiration of the initial TermTerm (as previously extended, time being of the essence with respect to such notificationif applicable). 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 Each Renewal Term shall be upon all of the terms, covenants same terms and conditions of this Leaseas the original Term, except that (a) the Fixed Base Rent payable pursuant to Section 6.1 with respect to each Renewal Term shall be increased by adding equal to ninety-five percent (95%) of the CPI Adjustment Prevailing Market Rent as of the commencement of the Renewal Term, as determined pursuant to Exhibit C, (b) Tenant shall not be entitled to any Tenant Improvement Allowance during the Renewal Term, (c) the L-C Amount shall remain as the amount determined in accordance with Section 6.5(a) below; and (defined belowd) from and after the exercise of a Renewal Option, (i) all references to “Expiration Date” shall be deemed to refer 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 day 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 (ii) all references to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index “Term” shall be used in determining deemed to include the amount of any such adjustmentRenewal Term. Notwithstanding the foregoing, The Renewal Options are personal to Tenant and shall have no right to renew be inapplicable and null and void if Tenant assigns its interest under this Lease if, either at the time Tenant notifies to any Transferee other than a Permitted Transferee. Landlord of its election shall not be responsible for any commissions or fees related to extend this Lease or upon the commencement date Tenant’s exercise of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodOption.

Appears in 2 contracts

Samples: Commercial Lease (Jazz Pharmaceuticals PLC), Commercial Lease (Jazz Pharmaceuticals PLC)

Renewal Option. Provided Tenant is not in default under any of the terms and provisions herein contained and further provided Tenant is occupying the Demised Premises at the time the option is exercised, Landlord hereby grants to Tenant, and Tenant shall have, the right and one (1) option to extend the Term of renew this Lease for one (1) period of five (5) years (years, commencing on the “Renewal day following the expiration of the existing Lease Term”). The Renewal renewal term shall be upon all the terms and conditions as the existing Lease Term with the sole exception that the Base Annual Rent shall commence upon be adjusted to reflect the day next following then fair market rental value. Fair market rental value shall mean the last day then prevailing rent for premises comparable in size and use to the Demised Premises, located in buildings comparable in size and use to, and in the general vicinity of, the Building, leased on terms comparable to the terms contained in this Lease, taking into consideration all allowances for tenant improvements, moving expenses, landlord expenses, rent abatement, brokerage expenses, tenant benefits, parking charges or any other market concessions which may be commonly available at the time in question. Landlord shall provide Tenant with its estimate of the initial TermFair Market Rental Value within thirty (30) days from Tenant’s notice to Landlord of its intent to exercise the renewal option. In the event Tenant disagrees as to Landlord’s estimate of the Fair Market Rental Value, it shall notify Landlord in writing of its election such disagreement within twenty (20) days from receipt of Landlord’s notice of Fair Market Rental Value and shall provide Landlord with Tenant’s commercially reasonable estimate of the Fair Market Rental Value. In the event Landlord disagrees with Tenant’s proposed amount, the parties hereby agree to extend this Lease for appoint a mutually acceptable unrelated independent arbitrator to resolve the Renewal Term dispute and agree to be bound by the decision of such arbitrator. Tenant and Landlord shall equally split the cost of the independent arbitrator. The foregoing option to renew shall be exercised by written notice to Landlord given not less than six three hundred sixty-five (6365) months days prior to the expiration of the initial Term, time being existing Term of this Lease. Time is 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 Tenant’s exercise of its election option to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodrenew.

Appears in 2 contracts

Samples: Lease (Bankrate, Inc.), Lease (Bankrate Inc)

Renewal Option. Landlord (a) As long as Lessee is not in uncured default in the performance of its covenants under this lease of which Lessor has given Lessee written notice, Lessee is hereby grants to Tenant, and Tenant shall have, granted the right and option to extend renew the Term term of this Lease lease for one (1) additional period of five three (53) years (years, the “Renewal Term”). The Renewal Term shall ” to commence upon at the day next following the last day expiration of the initial Termterm of this lease. Tenant Lessee shall notify Landlord in writing of exercise its election option to extend this Lease for the Renewal Term renew as follows: Lessee shall deliver written notice to Lessor no greater than 9 months but not less than six (6) months prior to the expiration of the initial Termterm of this lease, time being that Lessee may exercise its renewal option. Within thirty (30) days of Lessor’s receipt of Lessee’s written notice, Lessor shall notify Lessee in writing of the essence with respect to Market Base Rental Rate (hereinafter defined) that Lessee shall pay during such notificationrenewal term. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive Within sixty (60) days after receipt of such written notice as and when required hereinfrom Lessor, Lessee shall, if it elects, deliver written notice to Lessor of its election to exercise its renewal option hereunder. If Lessee does not respond within such sixty (60) day period, Lessee’s right to renew hereunder shall terminate. All terms of this lease shall apply to such renewal option, except (i) the Base Rental (hereinafter defined) during the Renewal Term shall terminate and be of no further force or effectthe then prevailing Market Base Rental Rate at the time Lessee exercises the respective renewal option, and (ii) Lessee shall not have an option to renew this Lease shall expire as of lease beyond 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 (iii) Lessee shall not have the denominator of which is the Index as right to assign its renewal rights to any sublessee or assignee of the first day of Premises nor may a sublessee or assignee exercise such renewal right, and (iv) the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, leasehold improvements will be provided in their 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 existing condition (i.e. on an “as-is” basis) 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 periodTerm commences.

Appears in 2 contracts

Samples: Lease Agreement (Dexterity Surgical Inc), Lease Agreement (Dexterity Surgical Inc)

Renewal Option. Landlord hereby grants Tenant acknowledges and agrees that Tenant has no further rights of renewal or similar rights in or to the Premises or the Building, except as follows: Subject to the conditions herein, provided that (a) Tenant has not assigned the Lease or sublet any portion of the Premises other than to an entity controlling, controlled by or under common control with Tenant, or to any successor of Tenant resulting from a merger or consolidation of Tenant, and (b) Tenant is not in default under the Lease beyond any applicable notice, grace or cure period, Tenant shall havehave the right, the right and option at Tenant’s option, to elect to extend the Term of this the Lease for one (1) period of five (5) years (the “Renewal Term”). The Renewal Term Term, if properly exercised in accordance herewith, shall commence upon on December 1, 2022, or on the first day next following the last day any subsequent extension of the initial Term. Tenant shall notify Landlord in writing Term under Section 13 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 dateAmendment. The Renewal Term shall be upon all exercised by Tenant giving written notice of the termsexercise thereof (the “Renewal Notice”) to Landlord on or before the day that is nine (9) months, covenants and conditions but not more than twelve (12) months, prior to the then applicable Expiration Date 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 extend the Term of the Lease, and the Renewal Notice shall not be effective, if (i) Tenant fails to timely give its Renewal Notice as provided herein, or (ii) a default by Tenant exists under the Lease ifbeyond any applicable notice, either at grace or cure period (x) when Landlord receives the time Tenant notifies Landlord of its election to extend this Lease Renewal Notice, or (y) upon the expiration of the Term of the Lease prior to the commencement date of the Renewal Term. In the event Tenant properly exercises the Renewal Term, within ten (10) days of receipt of such Renewal Notice, Landlord shall provide the annual Base Rent at which Landlord is willing to lease the Premises to Tenant for the Renewal Term (the “Renewal Rent”), which Renewal Rent shall be based on the “then current fair market rent rate” for buildings of comparable size, type and class located in the same area of Coral Gables, Florida, under leases and renewal amendments being negotiated and entered into at or about the time the Renewal Rent is being determined, giving appropriate consideration to tenant creditworthiness, tenant concessions, length of the term, landlord or building services provided to a tenant, brokerage commissions, tenant improvement allowances and similar factors. If Tenant in its reasonable judgment determines that Landlord’s proposed Renewal Rent does not accurately reflect the then current fair market rent rate, Tenant is shall provide Landlord written notice of its objection to Landlord’s determination of the Renewal Rent within ten (10) days after Tenant’s receipt of Landlord’s determination of Renewal Rent. If Tenant timely delivers notice of its objection to Landlord’s determination of Renewal Rent as set forth above, then for a period of thirty (30) days after the date of Tenant’s notice (the “Negotiation Period”), Landlord and Tenant shall work together in default hereunder beyond any good faith to agree upon the Renewal Rent. If Landlord and Tenant fail to agree on the Renewal Rent within such Negotiation Period, Tenant shall, within ten (10) days after expiration of the Negotiation Period, by written notice to Landlord, elect either (i) to withdraw its Renewal Notice, in which event the Lease shall expire on the then applicable grace Expiration Date, or cure period.(ii) to submit the Renewal Rent to determination in accordance with the following procedures (the “Appraisal Election”):

Appears in 2 contracts

Samples: Confidential Treatment (Catalyst Pharmaceuticals, Inc.), Confidential Treatment (Catalyst Pharmaceutical Partners, Inc.)

Renewal Option. Landlord hereby grants to Tenant(a) So long as the Lease is in full force and effect, and Tenant shall haveis not in default in the performance of any of the covenants or terms and conditions of the Lease, either at the right and time of exercise of the option set forth herein or at the commencement of the renewal term set forth herein, Tenant is hereby granted the one-time option to extend renew the Term term of this Ninth Amendment to Lease (the "Renewal Option") for one (1) a period of five three (53) additional years (the "Renewal Term"). The Renewal Term shall , to 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 at the expiration of the initial Term, time being term of the essence with respect to such notificationthis Ninth Amendment. 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 The renewal 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 same terms and conditions of this Lease, except that except: (1) the Fixed Base Rent during the Renewal Term shall be increased by adding calculated as set forth below based on the CPI Adjustment Amount prevailing "Market Annual Base Rental Rate" (as defined below), but shall in no event be less than the Base Rent that Tenant is then paying under the terms of this Ninth Amendment; (2) Tenant shall have no option to renew this Ninth Amendment beyond 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 expiration of the Renewal Term, and ; (3) Tenant shall not have the denominator of which is the Index as right to assign its renewal rights to any subtenant of the first day Premises or assignee of the third Lease Year. IfLease, 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 nor may any such adjustment. Notwithstanding subtenant or assignee exercise or enjoy the foregoing, Tenant shall have no right to renew this Lease if, either benefit of such renewal rights: and (4) the leasehold improvements in the Premises will be provided in their then-existing condition (on an "as is" basis) at the time Tenant notifies the Renewal Term commences; provided however, that Landlord may provide an allowance for improvements as part of its election to extend this Lease or upon the commencement date Landlord's determination of the Renewal TermMarket Annual Base Rental Rate. LANDLORD AGREES TO NEGOTIATE, Tenant is in default hereunder beyond any applicable grace or cure periodIN GOOD FAITH, A TENANT IMPROVEMENT ALLOWANCE.

Appears in 1 contract

Samples: Lease (Telemate Net Software Inc)

Renewal Option. Landlord hereby grants to TenantProvided that Tenant is not in default hereunder, and Tenant (but not any assignee or sublessee) shall have, 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 Option") to extend renew this Lease for the Renewal Term not less Lease, by written notice delivered to Landlord, no earlier than six twelve (612) months and no later than three months prior to the expiration of the initial Lease Term, time being for an additional term (the "Renewal Term") of sixty (60) months under the essence with respect to such notification. Notice thereof shall be deemed sufficient if given same terms, conditions and covenants contained 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 (a) no abatements or other concessions, if any, applicable to the Fixed Rent initial Lease Term shall apply to the Renewal Term; (b) the Base Rental shall be increased by adding equal to the CPI Adjustment Amount "Fair Market Value Rental" (defined belowherein, (c) Tenant shall have no option to renew this Lease beyond 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 expiration of the Renewal Term; and (d) all leasehold improvements within the Premises shall be provided in their then existing condition (on an "As Is" basis) at the time the Renewal Term commences. Failure by Tenant to timely give Landlord notice in writing of Tenant's election to exercise the Renewal Option herein granted shall constitute a waiver of such Renewal Option. In the event Tenant elects to exercise the Renewal Option as set forth above, Landlord shall, within 15 days thereafter, notify Tenant in writing of the proposed Base Rental, CAM Charges, Taxes and Insurance, water charges and any signage rental for the Renewal Tenn (the "Proposed Renewal Rental"). Tenant shall within 10 days following delivery of the Proposed Renewal Rental by Landlord notify Landlord in writing of the acceptance or rejection of the Proposed Renewal Rental. If Tenant accepts Landlord's proposal, then the Proposed Renewal Rental shall be the rental rate in effect during the Renewal Term. Failure of Tenant to respond in writing during the aforementioned 10 day period shall be deemed a rejection by Tenant of the Proposed Renewal Rental. Should Tenant reject Landlord's Proposed Renewal Rental during such ( I0 day period, then Landlord and Tenant shall negotiate during the 10 day period commencing upon Tenant's rejection of Landlord's Proposed Renewal Rental to determine the rental for the Renewal Term. In the event Landlord and Tenant are unable to agree to a rental for the Renewal Term during said 10 day period, then the Renewal Option shall terminate and the denominator of which is Lease shall, pursuant to its terms and provisions, terminate at the Index as end of the first day original Lease Term. Upon exercise of the third Renewal Option by Tenant and subject to the conditions set forth hereinabove, the Lease Yearshall be extended for the period of such Renewal Term without the necessity of the execution of any further instrument or document, although if requested by either party, Landlord and Tenant shall enter into a written agreement modifying and supplementing the Lease in accordance with the provisions hereof. IfUnless Tenant and Landlord have previously agreed to extend the Lease Term, during the Lease Term last three months prior to 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 expiration of the Index original term, in addition to the other rights of Landlord as set forth herein, Landlord reserves the right to show the Premises to prospective tenants during normal business hours. "Fair Market Value Rental Rate" shall be used that rate charged for space of comparable size and condition in determining comparable office buildings within a five (5) mile radius of the amount area immediately surrounding the building, taking into consideration the location, quality and age of any such adjustment. Notwithstanding the foregoingbuilding, Tenant shall have no right floor level, extent of leasehold improvements, rental abatements lease takeovers/ assumptions, moving expenses and other concessions, term of lease, extent of services to renew this Lease ifbe provided, either at distinction between "gross" and "net lease" base year or other amounts allowed for escalation purposes (expense stop), the time Tenant notifies Landlord of its election the particular rental rate under consideration became or is to extend this Lease become effective, or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace other relevant tem or cure periodcondition.

Appears in 1 contract

Samples: Office Lease Agreement (Zion Oil & Gas Inc)

Renewal Option. Landlord hereby grants to Tenant, Provided no Event of Default exists and Tenant shall haveis occupying more than 50% of the Premises at the time of such election, the right and option to extend the Term of Tenant may renew this Lease for one (1) period two additional periods of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day each, by delivering written notice of the initial Term. Tenant shall notify exercise thereof to Landlord in writing of its election to extend this Lease for the Renewal Term not more than 12 months nor less than six (6) 9 months prior to before the expiration of the initial Term. The Basic Rent payable for each month during the applicable extended Term shall be the prevailing rental rate (the “Prevailing Rental Rate”), at the commencement of such extended Term, time being for renewals of space in the Complex or in comparable buildings in the vicinity of the essence Complex of equivalent quality, size, utility and location, with respect the length of the extended Term and the credit standing of Tenant to be taken into account, provided however, in no event shall the Prevailing Rental Rate be less than the Basic Rent payable during the month immediately preceding the commencement of the applicable extended Term. Within 30 days after receipt of Tenant’s notice to renew, Landlord shall deliver to Tenant written notice of the Prevailing Rental Rate and shall advise Tenant of the required adjustment to Basic Rent, if any, and the other terms and conditions offered. If Tenant disagrees with Landlord’s determination of the Prevailing Rental Rate, then Tenant may, but only within 15 days after receipt of Landlord’s notice, require by written notice to Landlord that the determination of the Prevailing Rental Rate be made by brokers, taking into account the requirements of this Section 26; provided that Tenant’s failure to deliver such notification. Notice thereof notice within such 15-day period shall be deemed sufficient if given to be Tenant’s acceptance of Landlord’s determination of the Prevailing Rental Rate. If Tenant timely delivers such notice, then, within 15 days after such delivery, each party shall select one qualified commercial real estate broker with at least 10 years experience in appraising property and buildings in the manner hereinafter providedcity or submarket in which the Premises are located. If Landlord does or Tenant fails to select its broker within such 15-day period, then Landlord or Tenant may petition the then presiding judge of the Superior Court of the State of California for Santa Cxxxx County to appoint such broker, subject to the criteria set forth in this Section 26, or if he or she refuses to act, either party may petition any judge having jurisdiction over Landlord and Tenant to appoint such broker. Each broker shall deliver its written determination of the Prevailing Rental Rate, taking into account the requirements of this Section 26, to the other broker within 20 days after such broker’s retention. In the event the determinations of the two brokers differ and, after good faith efforts over the succeeding 20 day period, they cannot receive such written notice as and when required hereinmutually agree, the Renewal Term brokers shall, within 10 days thereafter, appoint a neutral third broker with the qualifications specified above and deliver their respective determinations to such third broker. If the two brokers fail to select the third broker within such 10-day period, then Landlord or Tenant may petition the then presiding judge of the Superior Court of the State of California for Santa Cxxxx County to appoint such broker subject to the criteria set forth in this Section 26, or if he or she refuses to act, either party may petition any judge having jurisdiction over the Landlord and Tenant to appoint such broker. Within 5 days after its appointment, the third broker shall terminate choose either the determination of Landlord’s broker or Tenant’s broker and such choice of the third broker shall be final and binding on Landlord and Tenant. Each party shall pay the costs of no further force or effectits real estate broker. The parties shall equally share the costs of any third broker. Following the determination of the Prevailing Rental Rate, Landlord and Tenant shall execute an amendment to this Lease shall expire as of extending the then-scheduled expiration date. The Renewal Term shall be upon all of on the terms, covenants and conditions of same terms provided in 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.follows:

Appears in 1 contract

Samples: Lease Agreement (Ariba Inc)

Renewal Option. Landlord hereby grants to TenantTenant may, and at its option, renew this Lease for two (2) additional five (5) year terms. Tenant shall have, the may exercise its right and option to extend the Lease for the first additional five-year term ("First Renewal Term") by giving written notice to Landlord of Tenant's election, not later than sixty (60) calendar days prior to the date of termination of the Initial Term. If the Tenant fails to exercise its right to extend for the First Renewal Term within the time provided herein, all of Tenant's rights to extend this Lease shall automatically terminate. If Tenant elects to extend the Lease for one (1) the First Renewal Term, the First Renewal Term shall commence on the fifth anniversary of the Commencement Date and continue for a period of five (5) years thereafter, unless sooner terminated in accordance with the terms of this Lease. Tenant may exercise its right to extend the Lease for the second additional five-year term (the “"Second Renewal Term”)") by giving written notice to Landlord of Tenant's election, not later than sixty (60) calendar days prior to the date of termination of the First Renewal Term. The If the Tenant fails to exercise its right to extend for the Second Renewal Term within the time provided herein, all of Tenant's rights to extend this Lease shall automatically terminate. If Tenant elects to extend the Lease for the Second Renewal Term, the Second Renewal Term shall commence upon on the day next following the last day tenth (10th) anniversary of the initial TermCommencement Date and continue for a period of five (5) years thereafter, unless sooner terminated in accordance with the terms of this Lease. Tenant shall notify Landlord in writing of its election to extend this Lease for the The First Renewal Term not less than six (6) months prior to and 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 Second Renewal Term shall be upon all of the terms, covenants same terms and conditions of this Leaseas the Initial Term, 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 periodotherwise specifically set forth herein.

Appears in 1 contract

Samples: Commercial Lease (Syconet Com Inc)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have the right and option to extend the Term of this Lease for the Premises for one (1) additional period of five (5) years (the "Renewal Option"), under and subject to the following terms and conditions: (a) The renewal term (the "Renewal Term”). The Renewal Term ") shall commence upon be for a five (5)-year period commencing on the day next immediately following the last day Expiration Date of the initial TermTerm and expiring at midnight on the day immediately preceding the fifth (5th) anniversary thereof. (b) Tenant shall notify Landlord in writing of its election to extend this Lease for must exercise the Renewal Term not less than six Option, if at all, by written notice to Landlord delivered at least nine (69) months prior to the expiration of the initial TermExpiration Date, time being of the essence with respect essence. (c) At the time Tenant delivers its notice of election to such notification. Notice thereof exercise the Renewal Option to Landlord, there is no Event of Default, this Lease shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as full force and when required herein, the Renewal Term shall terminate and be of no further force or effect, and Tenant shall not have assigned this Lease shall expire as of or sublet the then-scheduled expiration datePremises, excluding any assignment or sublease permitted under Section 18(b) hereof. (d) The Renewal Term shall be upon all of on the terms, covenants same terms and conditions of contained in this Lease, except that (i) the Fixed Minimum Annual Rent shall be increased by adding the CPI Adjustment Amount Fair Market Rental Rate for the Premises, and (defined belowii) Tenant shall not be entitled to any allowances or other concessions with respect to the then-current Fixed RentRenewal Term. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable (e) Except for the last year specific Renewal Term set forth above, there shall be no further privilege of renewal. (f) Within thirty (30) days following Landlord's receipt of Tenant's notice of its exercise of the initial Term by a ratioRenewal Option, the numerator Landlord shall advise Tenant 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 Landlord's determination of the United States Department of Labor (the “Index”) on the date nearest the commencement date of Fair Market Rental Rate for the Renewal Term, and which shall include a reasonably detailed basis for such determination. In the denominator of which is the Index as event Tenant disagrees with Landlord's determination 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 foregoingFair Market Rental Rate, Tenant shall have no right provide to renew this Lease if, either at Landlord its determination of the time Fair Market Rental Rate for the Renewal Term within fifteen (15) days after receipt of Landlord's determination. If Tenant notifies and Landlord of its election cannot mutually agree to extend this Lease or upon the commencement date of Fair Market Rental Rate for the Renewal Term, Tenant shall, but only within ten (10) days after delivery of Tenant's determination of the Fair Market Rental Rate, either (I) rescind by written notice to Landlord its exercise of the Renewal Option or (II) require by written notice to Landlord that the determination of the Fair Market Rental Rate be made by a panel of three (3) independent real estate appraisers or real estate brokers with at least ten (10) years experience in commercial leasing in the Mt. Laurel, New Jersey area ("Qualified Appraiser"), one Qualified Appraiser to be selected by Tenant, the second Qualified Appraiser to be selected by Landlord, and the third Qualified Appraiser to be selected by joint agreement of the two appointed appraisers (the "Panel of Appraisers"). The determination of the Panel of Appraisers shall be final and binding upon the parties. Within fifteen (15) days following Tenant's written notice that it will require that the determination of the Fair Market Rental Rate be made by Qualified Appraisers, each of Landlord and Tenant shall, by written notice to the other, designate its respective Qualified Appraiser. Within ten (10) days following the appointment of the second of such Qualified Appraisers, the two Qualified Appraisers so designated shall select a third Qualified Appraiser In the event that the two Qualified Appraisers are unable to agree upon the third Qualified Appraiser within such ten (10) day period, then Landlord and Tenant shall attempt to agree upon the third Qualified Appraiser within five (5) days thereafter, and if they fail to do so the third Qualified Appraiser shall be a Qualified Appraiser appointed under the commercial arbitration rules of the American Arbitration Association relating to appointment of arbitrators. The Panel of Appraisers so chosen shall render their decision as to the Fair Market Rental Rate, which must be either Landlord's determination or Tenant's determination and no sum in between, within ten (10) days following the appointment of the third Qualified Appraiser. In rendering their decision, the Panel of Appraisers shall be required to determine the Fair Market Rental Rate as such term is in default hereunder beyond herein defined. The party whose determination is not selected by the Panel of Appraisers as the Fair Market Rental Rate shall bear the costs of all of the Panel of Appraisers and for any applicable grace or cure periodgeneral arbitration costs. 31.

Appears in 1 contract

Samples: Lease Agreement (Intest Corp)

Renewal Option. Landlord Tenant is hereby grants granted two (2) options to Tenantrenew this Lease upon the following terms and conditions: At the time of the exercise of each option to renew and at the time of the said renewal, the Tenant shall not be in default in. accordance with the terms and provisions of this Lease, and Tenant shall have, be in possession of the right and Premises pursuant to this Lease. Notice of the exercise of the option shall be sent to extend the Term Landlord in writing at least nine (9) .months but not more than twelve (12) months before the expiration of the current term of this Lease Lease. Each renewal term shall be for one (1) a period of five (5) years (the “Renewal Term”). The Renewal Term shall years, to 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 at the expiration of the initial TermTerm of this Lease, time being of or 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 first renewal term, as and when required herein, the Renewal Term shall terminate and be of no further force or effectapplicable, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants terms and conditions of this Lease, except that other than the Fixed Rent Basic Rent, shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rentapply during any such renewal term. The “CPI Adjustment Amount” is calculated by multiplying annual Fixed Basic Rent to be paid during each renewal term shall not be less than that paid for the Fixed Rent payable for Premises during 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 original term of the United States Department of Labor (Lease, or the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as last year of the first day renewal term, as applicable. However, if the fair rental value per square foot at the commencement of the third Lease Yearrenewal term shall exceed the rent as established in the preceding sentence, the Tenant shall pay such fair rental value. IfIn determining the fair rental value, during the Lease Term Landlord shall notify Tenant of the Bureau of Labor Statistics ceases to maintain the Indexfair rental value as established by Landlord. Should Tenant dispute Landlord’s determination, then the Tenant shall be free to, at the Tenant’s sole cost and expense, employ the services of an appraiser familiar with office buildings located within the North Wales, Pennsylvania area comparable to the Building, who shall be a member of MAI and who shall render an appraisal. If the Landlord and the Tenant’s appraiser cannot agree on the fair rental value, or in such other index or standard as will most nearly accomplish case, on an independent appraiser acceptable to both, either party may request the aim or purpose American Arbitration Association to appoint such independent appraiser who shall be a member of MAI familiar with office buildings in the area of the Index Building who shall render an appraisal, and in such event the judgment of a majority of the three appraisers shall be used final and binding upon the parties. The parties shall share equally in determining the amount cost of any such adjustmentindependent appraiser. Notwithstanding Pending resolution of the foregoingissue of fair rental value, the Tenant shall have no right to renew this Lease if, either at pay the time Tenant notifies Landlord as of its election to extend this Lease or upon the commencement date of the Renewal Termrenewal term, Tenant is in default hereunder beyond any applicable grace or cure period.the Fixed Basic Rent as established by Landlord, subject to retroactive adjustment upon final determination of this issue. Any payments which are required as a result of a retroactive adjustment shall be made by the party required to make a payment within fifteen (15) days of such determination. EXHIBIT A (BUILDING) EXHIBIT B RULES AND REGULATIONS

Appears in 1 contract

Samples: Office Lease (Icon PLC /Adr/)

Renewal Option. Landlord hereby grants Provided Tenant is not in default under this Lease at the time of Tenant’s exercise of the Option to TenantRenew (as defined below) or any time thereafter up to the commencement of the Option Term (as defined below) beyond any applicable notice and cure periods and subject to the terms and conditions of this Section 2.10, and Tenant shall have, the right and option to extend the Term of this Lease for have one (1) period of five (5) years option to renew (the “Renewal Option to Renew”) the Lease Term with respect to the entire Premises for a period of thirty six (36) months (the “Option Term”). The Renewal Term Except as set forth in this Section 2.10, all terms and conditions of this Lease shall commence upon remain the day next following same during the last day Option Term. Rent during the Option Term, if any, shall be the then Fair Market Rental Rate. “Fair Market Rental Rate” shall mean the rental, including all escalations, Operating Costs, Property Taxes, additional rent and other charges at which tenants, (i) pursuant to leases or related agreement(s) which are executed prior to the commencement of the initial Option Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less , but no more 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 Interest Notice (as defined below), and (ii) which have a term which is reasonably anticipated to commence within nine (9) months immediately preceding, or after, the commencement of the Option Term, for non-equity, non-sublease, non-encumbered, space comparable in size, location and quality to the denominator Premises, in an arms-length transaction of unrelated parties, for a term comparable to the Option Term, which comparable space is located in office buildings comparable to the Index as Project in terms of age, services, quality and location in Westlake Village, California (“Comparable Buildings”), taking into consideration and granting the following concessions: (a) rental abatement concessions, if any, being granted such tenants in connection with such comparable space, (b) tenant improvements or allowances to be provided for such comparable space, (c) a new 2018 base year, and (d) all other concessions, if any, being granted such tenants in connection with such comparable space, provided that the value of the first day then existing tenant improvements in each space shall be taken into account in determining what improvements are granted by landlords under similar circumstances. In addition, other material economic differences between this Lease and any comparison lease or amendment such as length of term, the manner in which the landlord under any comparison lease or amendment is reimbursed for taxes and operating expenses (including the applicable “base year” used to calculate pass through charges, if any), the value of parking ratios and parking locations at each space (considering the certainty of parking rights and how parking rights are structured), the value, if any, of signage availability, exposure and visibility at each space, the divisibility of the third Lease Year. Iffloor plate of each space, during the Lease Term the Bureau relative load factor of Labor Statistics ceases to maintain the Index, then such each space and all other index or standard as will most nearly accomplish the aim or purpose relevant factors (positive and negative) of the Index each space shall be used taken into account 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 periodFair Market Rental Rate.

Appears in 1 contract

Samples: Office Lease (Kythera Biopharmaceuticals Inc)

Renewal Option. Landlord hereby grants to TenantIf an Event of Default does not exist at the time of exercise or at the commencement of the Renewal Term (as hereinafter defined), and Tenant shall haveis occupying the entire Premises at the time of such election, Tenant may renew the right and option to extend the Term of Lease as amended by this Lease Amendment for one (1) additional period of five Three (53) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day , by delivering written notice of the initial Term. Tenant shall notify exercise thereof to Landlord in writing of its election to extend this Lease for the Renewal Term not less earlier than twelve (12) months nor later than six (6) months prior to before the expiration of the initial Extension Term. The Minimum Monthly Rent payable for each month during such Renewal Term shall be the prevailing rental rate (the “Prevailing Rental Rate”), at the commencement of such Renewal Term, for renewals of space in the Northwest Denver submarket for Class A Buildings, if applicable, of equivalent quality, size, utility and location, with the length of the extended Term, concessions and the credit standing of Tenant to be taken into account. Within thirty (30) days after receipt of Tenant’s notice to renew, Landlord shall deliver to Tenant written notice of the Prevailing Rental Rate and any refurbishment allowance and shall advise Tenant of the required adjustment to Minimum Monthly Rent, if any, and the other terms and conditions offered. Tenant shall, within ten (10) days after receipt of Landlord’s notice, notify Landlord in writing whether Tenant accepts or rejects Landlord’s determination of the Prevailing Rental Rate. If Tenant timely notifies Landlord that Tenant accepts Landlord’s determination of the Prevailing Rental Rate, then, on or before the commencement date of the Renewal Term, Landlord and Tenant shall execute an amendment to the Lease as amended by this Amendment for the Renewal Term on the same terms provided in the Lease as amended by this Amendment, except as follows: (a) Minimum Monthly Rent shall be adjusted to the Prevailing Rental Rate; (b) Tenant shall have no further renewal option unless expressly granted by Landlord in writing. If Tenant rejects Landlord’s determination of the Prevailing Rental Rate, then the Prevailing Market Rate shall be determined as set forth below. If Tenant fails to timely notify Landlord in writing that Tenant accepts or rejects Landlord’s determination of the Prevailing Rental Rate, time being of the essence with respect thereto, Tenant’s rights under this Section 7 shall terminate and Tenant shall have no right to renew the Lease as amended by this Amendment. Tenant’s rights under this Section 7 shall terminate if (1) the Lease as amended by this Amendment or Tenant’s right to possession of the Premises is terminated, (2) Tenant assigns any of its interest in the Lease as amended by this Amendment or sublets any portion of the Premises except in connection with a Permitted Transfer, (3) Tenant fails to timely exercise its option under this Section 7, time being of the essence with respect to such notificationTenant’s exercise thereof, or (4) Landlord determines, in its sole but reasonable discretion, that Tenant’s financial condition or creditworthiness has materially deteriorated since the date of this Amendment. Notice thereof All terms and conditions of the Lease as amended by this Amendment shall be deemed sufficient if given in applicable during the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, Renewal Term except that the amount of Minimum Monthly Rent charged during the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of at 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 then Prevailing Market Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year If within thirty (30) days following delivery of the initial Term by a ratioTenant’s notice, 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”) Landlord and Tenant have not mutually agreed on the date nearest the commencement date of Prevailing Market Rent for the Renewal Term, and then Tenant may elect (A) not to renew the denominator of which is the Index Lease as amended by this Amendment by providing written notice of the first day of the third Lease Year. Ifsame to Landlord, during or (B) Tenant may notify Landlord, that Tenant will be hiring a Disinterested Broker (as hereinafter defined), in which case Tenant shall be obligated to renew 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.amended by this

Appears in 1 contract

Samples: Office Lease Agreement (ARCA Biopharma, Inc.)

Renewal Option. Landlord hereby grants to TenantIf Tenant has not committed an Event of Default at any time during the Term, and Tenant shall haveis occupying the entire Premises at the time of such election, the right and option to extend the Term of Tenant may renew this Lease for one (1) additional period of five (5) years years, by delivering written notice of the exercise thereof to Landlord not later than nine (9) months before the expiration of the Term. The Base Rent payable for each month during such extended Term shall be the prevailing market rental rate for comparable Class A buildings in the immediate marketplace, including current and future phases of the rest of the Complex of which the Building is a part (the “Renewal TermPrevailing Rental Rate”). The Renewal Term shall commence upon , at the day next following commencement of such extended Term, of equivalent quality, size, utility and location, with the last day length of the initial Termextended Term and the credit standing of Tenant to be taken into account. Within thirty (30) days after receipt of Tenant’s notice to renew, Landlord shall deliver to Tenant written notice of the Prevailing Rental Rate and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Tenant shall shall, within ten (10) days after receipt of Landlord’s notice, 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 whether Tenant accepts or rejects Landlord’s determination of the initial Term, time being Prevailing Rental Rate. If Tenant timely notifies Landlord that Tenant accepts Landlord’s determination 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 hereinPrevailing Rental Rate, the Renewal Term shall terminate and be of no further force then, on 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 before the commencement date of the Renewal extended Term, Landlord 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 execute an amendment to renew this Lease ifextending the Term on the same terms provided in this Lease, 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.except as follows:

Appears in 1 contract

Samples: Office Lease Agreement (Triangle Capital CORP)

Renewal Option. Landlord hereby grants to TenantProvided Tenant is in possession of the Premises and is not in default of any term, and covenant or condition of this Lease, Tenant shall have, have the right and option to extend renew the Term term of this Lease for one two (12) period additional periods of five (5) years each (the "Renewal Term(s)") to commence immediately upon the expiration of the initial Lease Term or the expiration of the first Renewal Term”). The , as applicable, upon the same terms, covenants and conditions as contained in this Lease except that (i) the Base Rental for the first five (5) year Renewal Term shall commence upon the day next following the last day be equal to one hundred and four percent (104%) of the initial Base Rental due immediately prior to the first year of the first five (5) year Renewal Term and Base Rental shall increase by four percent (4%) thereafter for each year of the first five (5) year Renewal Term and the Base Rental during the second five (5) year Renewal Term shall be the greater of (a) the Base Rental received under this Lease for the rental year immediately preceding the second five (5) year Renewal Term or (b) the "Prevailing Market Rate"; (ii) there shall be no abatement of rent;(iii) Landlord shall not be obligated to construct, pay for, or grant an allowance with respect to improvements to the premises unless otherwise specifically provided for in this Lease, and (iv) there shall be no further option to renew the Lease Term, except as specifically provided herein. The Prevailing Market Rate shall mean the then current market renewal rental activity for Class A office space in Westshore area of Tampa, Florida. In order to exercise the options granted herein, Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term writing, not less than six twelve (612) months prior to the expiration of the initial Lease Term or the first Renewal Term, time being if applicable, that it is exercising its option to renew the Lease Term. On receipt of such notice for the second five (5) year Renewal Term, Landlord will in writing, not less than thirty (30) days after receipt of a notice from Tenant, notify Tenant what the base rental will be for such Renewal Term. Tenant shall within fifteen (15) days of Landlord of the essence with respect notice of the Base Rental for such Renewal Term notify Landlord if Tenant accepts or disputes such Base Rental. If Tenant notifies Landlord within the aforesaid fifteen (15) day period that Tenant disputes the Base Rental quoted by Landlord, the parties shall during the following thirty (30) days negotiate in good faith to determine the Base Rental for such notificationRenewal Term. Notice thereof If within said thirty (30) day period the parties are unable to agree on the Base Rental, then within ten (10) days thereafter, each party shall select a duly qualified licensed appraiser experienced in appraising commercial property in the vicinity of the Building who will submit appraisals for the Premises within thirty (30) days of their appointment. If the difference between the appraisals is five percent (5%) or less, the Base Rental shall be deemed sufficient if given in determined by the manner hereinafter providedaverage of the two appraisals. If the difference is greater than five percent (5%) then the two appraisers shall select a third qualified appraiser who will submit an appraisal within thirty (30) days following the submission of the first appraisal. The Base Rental shall then be the average of the two closest appraisals. The fees of such appraiser shall be paid by the party appointing the appraiser. The fees of the third appraiser, if any, shall be shared equally by the parties. In the event the Tenant exercises the option, Landlord does not receive such written notice as and when required herein, the Renewal Term Tenant shall terminate and be execute a modification of no further force or effect, and this Lease shall expire as acknowledging said renewal and setting forth the Base Rental. Additionally, provided that Tenant is in possession of the then-scheduled expiration date. The Renewal Term Premises and is not in default of any term, covenant or condition of this Lease, Tenant shall be upon all have the option of extending the term of the terms, covenants Lease for six (6) months (the "6 Month Option") under the same terms and conditions of this Lease, except that the Fixed Rent Base Rental shall be increased by adding the CPI Adjustment Amount equal to One Hundred Twenty-Five Percent (defined below125%) 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, Base Rental immediately due and owing under the numerator of which is Lease at the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics expiration of the United States Department of Labor (Initial Lease term. In order to exercise 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 foregoingoption granted herein, Tenant shall have no right notify Landlord in writing not less than twelve (12) months prior to expiration of the Initial Lease Term that it is exercising the 6 Month Option. In the event Tenant exercises the 6 Month Option and other options to renew the terms of the Lease shall be deemed null and void. The options granted in this Lease if, either Section 2 shall be void if at the time of such option Tenant notifies Landlord is not in possession of its election to extend the Premises or is in default of this Lease or upon Tenant fails to deliver the commencement date of requisite notice thereof within the Renewal Termtime period specified. The options granted herein shall not be severed from the Lease, Tenant is in default hereunder beyond any applicable grace separately sold, assigned or cure periodtransferred.

Appears in 1 contract

Samples: Lease Agreement (Outback Steakhouse Inc)

Renewal Option. Landlord The renewal option set forth in the Addendum to the Lease is hereby grants to Tenantdeleted in its entirety. In lieu thereof, and Tenant shall have, at its option (the “Renewal Option”), the right to renew and option to extend the Term of this Lease for one (1) period term of five (5) years (the “Renewal Term”). The Renewal Term shall commence immediately upon the day next following the last day expiration of the initial Term. Tenant shall notify Extended Term by Tenant’s giving written notice thereof to Landlord in writing of its election to extend this Lease for the Renewal Term not less no earlier than six twelve (612) months months, and no later than nine (9) months, prior to the expiration of the initial Extended Term. Once Tenant shall exercise the Renewal Option, Tenant may not thereafter revoke such exercise, except as expressly set forth below. Tenant shall not have the right to exercise the Renewal Option at a time being that an event of default (or an event which with notice and/or lapse of time could become an event of default) under this Lease has occurred. Tenant’s failure to exercise timely the essence with respect to such notification. Notice thereof Renewal Option for any reason whatsoever shall conclusively be deemed sufficient if given in a waiver thereof. At Landlord’s option, Landlord may adjust the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, Base Rent for the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire at an annual rate equal to the Fair Market Value Rate (as hereinafter defined) for the Renewal Term as of the then-scheduled expiration date. The commencement of the Renewal Term for comparable tenants taking comparable space in comparable conditions under comparable terms (including any rental concessions and/or tenant improvements or allowance therefor which are being provided) in comparable buildings in the same rental market (hereinafter called “Comparable Buildings”); provided, however, that in no event shall the Base Rent for the Renewal Term be upon all less than the Base Rent for the last twelve (12) months of the termsExtended Term. It is also agreed and understood that the Fair Market Value Rate shall include: (a) rent; and (b) rental operating expenses, covenants property tax, and utility and expense adjustments that are being included as part of the terms and conditions of this Lease, except that industrial tenant leases for comparable tenants in Comparable Buildings as of the Fixed Rent time of determination of the Fair Market Value Rate. Landlord shall advise Tenant within twenty (20) days after Tenant exercises the Renewal Option of the Fair Market Value Rate which 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 in effect as 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. Tenant shall then have fifteen (15) days to notify Landlord of its acceptance or rejection of the Fair Market Value Rate for the Renewal Term. In the event Tenant fails to so notify Landlord within such fifteen (15) day period, Tenant shall be deemed to have accepted the Fair Market Value Rate proposed by Landlord. Notwithstanding the prohibition on Tenant’s right to revoke its exercise of the Renewal Option, in the event Tenant and Landlord are unable to agree on the Fair Market Value Rate for the Renewal Term within sixty (60) days after Tenant exercises the Renewal Option, Tenant shall be deemed to have revoked the Renewal Option, 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 Renewal Option shall be used in determining the amount deemed null and void and of any such adjustmentno further force or effect. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at take the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of Leased Premises “as is” for the Renewal Term, and Landlord shall have no obligation to make any improvements or alterations to the Leased Premises. Except as set forth in this paragraph, the leasing of the Premises for the Renewal Term shall be upon the same terms and conditions as the leasing of the Premises for the Extended Term and shall be upon and subject to all of the provisions of this Lease. Any Renewal Option granted to Tenant is under this Paragraph shall be personal to Tenant and shall not be transferred, encumbered, or assigned by Tenant or in default hereunder beyond any applicable grace manner transferred to, or cure period.exercised by, any subtenant of Tenant. 5

Appears in 1 contract

Samples: Commercial Lease Agreement (Adams Golf Inc)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, is granted the right and option to extend the Term term of this Lease (“Renewal Option”) for the entire Premises (including any Expansion Space) for one (1) period of five four (54) years (the “Renewal Term”). The Renewal Term shall commence upon , provided (a) no Event of Default by Tenant exists at the day next following the last day time of exercise of the initial Renewal Option or at the commencement of the Renewal Term. , and (b) Tenant shall notify Landlord in writing gives written notice of its election to extend this Lease for exercise of the Renewal Term not less than six Option at least ten (610) 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 dateessence. The Renewal Term shall be upon all of the same terms, covenants conditions and conditions of this LeaseRent, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined belowi) 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 further right of renewal after the Renewal Term prescribed above; (ii) the Base Rent for the Renewal Term will be the then market rate in comparable office buildings within the Silver Spring, CBD market area (including leasing concessions, leasehold improvements, escalations, base year determination and brokerage fees) (the “Market Rental Rate”), as mutually determined by Landlord and Tenant; and (iii) subject to renew this Lease ifoperation of the parenthetical in the foregoing subitem (ii), either at Tenant shall not be entitled to any payment or credit for, or to have Landlord construct any, tenant improvements or to any abatement of Rent. In the time event that Landlord and Tenant notifies Landlord of its election are unable to extend this Lease or agree upon the commencement date Market Rental Rate applicable to the Renewal Term within thirty (30) days following Landlord’s receipt of Tenant’s notice exercising the Renewal Option (the “Negotiation Period”), the Market Rental Rate shall be determined in accordance with the “Three-Broker Method” which shall utilize the following procedure: Landlord and Tenant shall each appoint one real estate broker, and the two brokers so appointed shall select a third broker. Said real estate brokers shall each be licensed in the State of Maryland, specializing in the field of commercial real estate in the Silver Spring, CBD market area, having no less than ten (10) years experience in such field, unaffiliated with either Landlord or Tenant and recognized as ethical and reputable within their field. Landlord and Tenant agree to make their appointments within ten (10) days after expiration of the Negotiation Period, or sooner if mutually agreed. The two brokers selected by Landlord and Tenant shall promptly select a third broker within ten (10) days after they both have been appointed, and each broker, within (30) days after the third broker is selected, shall submit his or her determination of the prevailing Market Rental Rate. The monthly Base Rent for the first year of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodTerm shall be the mean of the two closest such Base Rent determinations and Base Rent shall escalate at three percent (3%) each Lease Year. Each party shall bear the cost of its appointed broker and shall share equally the cost of the third broker.

Appears in 1 contract

Samples: Agreement of Lease (Lionbridge Technologies Inc /De/)

Renewal Option. Landlord hereby grants to Tenant(a) Provided that no Event of Default has ccurred and is then continuing, and Tenant shall have, have the right and option to extend the Primary Term (as it may have been extended for the Extension Term in accordance with Section 3.1) of this Lease for one three (13) period successive additional periods of five (5) years each (the "First Renewal Term", the "Second Renewal Term" and the "Third Renewal Term", respectively). The option for the First Renewal Term shall commence upon the day next following the last day of the initial Term. may be exercised by Tenant shall notify by written notice given to Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration end of the initial Primary Term, time being . The option for the Second Renewal Term may be exercised by Tenant by written notice given to Landlord not less than six (6) months prior to the end of the essence with respect First Renewal Term; provided, however, that unless Tenant timely exercises its option to such notification. Notice thereof shall be deemed sufficient if given in extend the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Primary 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 First 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 Tenant 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 ifexercise its option for the Second Renewal Term or the Third Renewal Term. The option for the Third Renewal Term may be exercised by Tenant by written notice given to Landlord not less than six (6) months prior to the end of the Second Renewal Term; provided, either at the time however, that unless Tenant notifies Landlord of timely exercises its election option to extend this Lease or upon the commencement date of First Renewal Term for the Second Renewal Term, Tenant is wil have no right to exercise its option for the Third Renewal Term. Subject to the terms of subsection (b) of this Section 4, all of the terms and provisions of this Lease (excluding any allowances provided by Landlord and excluding any construction obligation of Landlord whatsoever, whether relating to the Base Building or the Expansion Improvements) shall govern and be applicable to the First Renewal Term, the Second Renewal Term and the Third Renewal Term in default hereunder beyond any applicable grace or cure periodaccordance with and subject to all the provisions of this subsection (a). The First Renewal Term, the Second Renewal Term and the Third Renewal Term are hereinafter sometimes referred to collectively as the "Renewal Terms".

Appears in 1 contract

Samples: Suit Lease Agreement (Petco Animal Supplies Inc)

Renewal Option. Landlord hereby grants to TenantProvided that Tenant is not in default of its Lease beyond any applicable notice and cure periods, and Tenant shall have, the right and option to extend the Term of this Lease for one (1) period of five (5) years gives written notice (the "Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Notice") to Landlord in writing of its election to extend this Lease for the Renewal Term not less than six nine (69) months prior to the expiration of the initial Extension Term, time being Tenant shall have the right to extend the Extension Term of the essence with respect to such notificationLease (the "Renewal Option") for one (1) additional period of three (3) years (the "Renewal Term"). Notice thereof Such Renewal Term shall be deemed sufficient if given on the same terms and conditions of this Lease except that Base Rental for such Renewal Term, shall be reestablished at the then current market rate (including and taking into account new Base Year and Expense Stop) for buildings of similar class and location as determined by Landlord in the manner hereinafter providedgood faith within thirty (30) days of Tenant's notice. If Landlord the Tenant does not receive such agree with Landlord's determination by written notice as to Landlord within fifteen (15) days of Landlord's notice of Landlord's determination of the current market rate, the parties will agree to negotiate in good faith to determine the current rental market rate; provided, however, if Landlord and when required hereinTenant have not, within thirty (30) days after Tenant' notice of disagreement, (i) agreed upon the current market rate, despite each party's good faith efforts; and (ii) entered into a mutually acceptable lease amendment therefor, then the Renewal Term shall terminate be null and be void and of no further force or and effect, and this the Lease shall expire as at the expiration of the then-scheduled expiration dateExtension Term. The Renewal Term shall be upon all Any termination of the terms, covenants and conditions of this Lease, except that the Fixed Rent Lease 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 also terminate the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease YearOption. 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 other rights to extend this Lease the Extension Term except as stated herein. This Renewal Option is personal to Tenant and shall not apply to any of Tenant's Assignee(s) or upon the commencement date of the Renewal TermSublessee(s), Tenant is in default hereunder beyond any applicable grace or cure periodexcept for a Permitted Transferee.

Appears in 1 contract

Samples: Standard Office Lease (Payment Data Systems Inc)

Renewal Option. Landlord hereby grants to TenantTenant shall, provided the Lease is in full force and effect and Tenant shall haveis not in default under any of the other terms and conditions of the Lease at the time of notification or commencement, the right and option have two (2) successive options to extend the Term of renew this Lease for one a term of three (1) period of five (53) years (each, for the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day portion of the initial Term. Premises being leased by Tenant as of the date the renewal term is to commence, on the same terms and conditions set forth in the Lease, except as modified by the terms, covenants and conditions as set forth below: If Tenant elects to exercise said option, then Tenant shall notify provide Landlord in writing of its election to extend this Lease for with written notice no earlier than the Renewal Term not less than six (6) months date that is 365 days prior to the expiration of the initial Term, time being Term of the essence with respect Lease but no later than the date that is 180 days prior 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 expiration 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) . If Tenant fails 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 provide 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 foregoingnotice, Tenant shall have no further or additional right to extend or renew the term of the Lease. The Annual Rent and Monthly Installment in effect at the expiration of the then current term of the Lease shall be increased to reflect the current fair market rental for comparable space in the Building and in other similar buildings in the same rental market as of the date the renewal term is to commence, taking into account the specific provisions of the Lease which will remain constant. Landlord shall advise Tenant of the new Annual Rent and Monthly Installment for the Premises no later than sixty (60) days after receipt of Tenant’s written request therefor. Said request shall be made no earlier than thirty (30) days prior to the first date on which Tenant may exercise its option under this Paragraph. Said notification of the new Annual Rent may include a provision for its escalation to provide for a change in fair market rental between the time of notification and the commencement of the renewal term. In no event shall the Annual Rent and Monthly Installment be less than the Annual Rent and Monthly Installment in the preceding period. This option is not transferable to any third party that does not acquire all or substantially all of the assets or equity of Tenant, but is transferable by Tenant to any entity acquiring all or substantially all of the assets or equity of Tenant; the parties hereto acknowledge and agree that they otherwise intend that the aforesaid option to renew this Lease ifshall be “personal” to Tenant as set forth above and that in no event will any assignee or sublessee otherwise have any rights to exercise the aforesaid option to renew. As each renewal option provided for above is exercised, either at the time number of renewal options remaining to be exercised is reduced by one and upon exercise of the last remaining renewal option Tenant notifies Landlord of its election shall have no further right to extend this Lease or upon the commencement date term of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodLease.

Appears in 1 contract

Samples: Lease (LogMeIn, Inc.)

Renewal Option. Landlord hereby grants to Tenant, and Section 33.1 Tenant shall havehave the right, at its option (the right and option “Renewal Options”), to extend renew the initial Term of this Lease for (i) one (1) period term of five (5) years (the “First Renewal Term”) commencing on the day following the Expiration Date (the “First Renewal Term Commencement Date”) and expiring on the twentieth (20th) anniversary of the Full Rent Date (the “First Renewal Term Expiration Date”) and (ii) one additional term of five (5) years (the “Second Renewal Term”, and together with the First Renewal Term, each a “Renewal Term”). The , commencing on the day immediately succeeding the First 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 Expiration Date (the “IndexSecond Renewal Term Commencement Date” and, together with the First Renewal Term Commencement Date, each a “Renewal Term Commencement Date”) and expiring on the date nearest the commencement date twenty-fifth (25th) anniversary of the Full Rent Date (the “Second Renewal TermTerm Expiration Date” and, and together with the denominator of which is the Index as First Renewal Term Expiration Date, each a “Renewal Term Expiration Date”), consisting of the first day entire Premises or, at Tenant’s option, a portion thereof consisting of a Renewable Portion, together with, at Tenant’s option, the third Lease Yearentire Fourth Floor Space. 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 exercise or consummate any Renewal Option unless on the date Tenant gives Landlord the applicable Renewal Notice, this Lease ifshall be in full force and effect and no monetary Event of Default or material non-monetary Event of Default shall have occurred and be continuing under this Lease, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date and unless each of the following conditions have been satisfied on the date Tenant gives Landlord the applicable Renewal Term, Tenant is in default hereunder beyond any Notice and on the applicable grace or cure period.Renewal Term Commencement Date:

Appears in 1 contract

Samples: Agreement of Lease (Taylor Ann Stores Corp)

Renewal Option. Landlord hereby grants to TenantProvided Lessee shall have duly given the -------------- notice required by Section 22.2, and Tenant the corresponding notice under the Other Leases and shall haveupon the renewal of the Units hereunder concurrently renew the units under the Other Leases and Lessee has not exercised its option to purchase the Units pursuant to Section 22.3, Lessee shall have the right and, upon the giving of a notice under this Section 22.4 as below provided, the right obligation to lease pursuant to this Lease all (but not less than all) of the Units at the expiration of the Basic Term or any applicable Renewal Term. Lessee may exercise this renewal option by giving Lessor written notice not less than 90 days and option not more than 360 days prior to the end of the Basic Term (or, in the circumstances described below the then Renewal Term) that Lessee elects to renew this Lease with respect to all, but not less than all, of the Units then leased hereunder at a rental payment equal to the then fair market rental value (a "Fair Market Renewal") or a fixed rental (a "Fixed Rate Renewal"). At Lessee's option, such renewal may, in the case of a Fair Market Renewal, be for a renewal term of one or more years or, in the case of a Fixed Rate Renewal, be for an initial renewal term of three years (but not to extend beyond the Outside Renewal Date) and in connection with any renewal term following the initial renewal term, a term of one year or more expiring not later than the Outside Renewal Date, in each case as Lessee shall specify in such notice, which notice shall be irrevocable. The Basic Rent for each Unit during any Renewal Term of this Lease for one (1) period of five (5) years (the "Renewal Rent") shall (a) in the case of any Fixed Rate Renewal, be 50% of the average of the monthly Basic Rent installments payable hereunder for such Unit during the Basic Term, payable monthly in arrears, and (b) in the case of any Fair Market Renewal, be the Fair Market Rental Value determined at the commencement of the applicable Renewal Term”), payable monthly in arrears. The Each Renewal Term shall commence immediately 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 Basic Term or 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 preceding Renewal Term, and as the denominator of which is case may be. Lessee shall not be entitled to enter any Fixed Rate Renewal following 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 expiry 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 periodFair Market Renewal.

Appears in 1 contract

Samples: Equipment Lease Agreement (General American Railcar Corp Ii)

Renewal Option. Landlord hereby grants Provided that as of the time of the giving of the Extension Notice and the Commencement Date of the Extension Term, (i) Sublessee is either the Sublessee originally named herein or a Permitted Transferee (as defined in Section 13 below), (ii) Sublessee actually occupies all of the Premises initially demised under this Lease and any space added to Tenantthe Premises, (iii) no event of default (past applicable notice and cure periods) under this Sublease shall exist, and Tenant (iv) Sublessor, in its sole and absolute discretion, has elected not to utilize the Premises following the expiration of the initial Term of this Sublease; then Sublessee shall have, have the right and option to extend the Term of this Sublease for an additional term that will extend through the date that is sixty (60) days prior to the date that the Initial Term of the Primary Term is scheduled to expire as set forth in Section 1.5 of the Primary Lease for one (1) period of five (5) years (such additional term is hereinafter called the “Renewal Extension Term”) commencing on the day following the expiration of the original Term of this Sublease (hereinafter referred to as the “Commencement Date of the Extension Term”). The Renewal Term Sublessee shall commence upon give Sublessor notice (hereinafter called the day next following the last day of the initial Term. Tenant shall notify Landlord in writing “Extension Notice”) of its election to extend the Term of the Sublease at least eighteen (18) months, but not more than twenty-four (24) months, prior to the scheduled expiration date of the original Term of the Sublease. Notwithstanding the foregoing to the contrary, Sublessor shall have the right at any time prior to Sublessee’s delivery of the Extension Notice or within sixty (60) days following Sublessee’s delivery of the Extension Notice in which to provide Sublessee with written notice (the “Renewal Option Void Notice”) to advise Sublessee that Sublessor has elected, in its sole discretion, to commence to utilize the Premises following the expiration of the initial Term of this Lease Sublease. In the event Sublessor delivers a Renewal Option Void Notice, then this Section 2(D) shall thereafter be deemed null and void and of no further force or effect and, if Sublessee had previously delivered an Extension Notice, then such Extension Notice shall be deemed withdrawn and of no further force or effect such that the Term of the Sublease shall expire as of the Term originally contemplated in Section 2(A) of this Sublease. Notwithstanding the foregoing to the contrary, Sublessee’s renewal option set forth herein is subject to Sublessor’s termination right set forth in the immediately preceding subparagraph C. The Sublease Rent payable by Sublessee to Sublessor during the Extension Term shall be the then prevailing market rate for comparable laboratory/office space in the Renewal Term Cambridge, MA area and comparable buildings in the vicinity of the Building, taking into account the size of the Premises, the length of the renewal term, market escalations and the credit of Sublessee. The Sublease Rent shall not less than six be reduced by reason of any costs or expenses saved by Sublessor by reason of Sublessor’s not having to find a new subtenant for such premises (6including, without limitation, brokerage commissions, costs of improvements, rent concessions or lost rental income during any vacancy period). In the event Sublessor and Sublessee fail to reach an agreement on such rental rate and execute the Amendment (defined below) at least twelve (12) months prior to the expiration of the initial TermSublease, time being then Sublessee’s exercise of this renewal option shall be deemed withdrawn and the essence Lease shall terminate on its original expiration date. The determination of Sublease Rent does not reduce the Sublessee’s obligation to pay or reimburse Sublessor for Additional Rent and other reimbursable items as set forth in the Sublease, and Sublessee shall reimburse and pay Sublessor as set forth in the Sublease with respect to such notificationAdditional Rent and other items with respect to the Premises during the Extension Term. Notice thereof shall be deemed sufficient if given in Except for the manner hereinafter provided. If Landlord does not receive such written notice Sublease Rent as and when required hereindetermined above, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as Sublessee’s occupancy of the then-scheduled expiration date. The Renewal Premises during the Extension Term shall be upon all of on the terms, covenants same terms and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) as are in effect immediately prior to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year expiration 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 Sublease; provided, however, Sublessee shall have no further right to any allowances, credits or abatements or any options to expand, contract, terminate, renew or extend the Lease. If Sublessee does not give the Extension Notice within the period set forth above, Sublessee’s right to extend the Term shall automatically terminate. Time is of Labor the essence as to the giving of the Extension Notice. Sublessor shall have no obligation to refurbish or otherwise improve the Premises for the Extension Term. The Premises shall be tendered on the Commencement Date of the Extension Term in “as-is” condition. If the Lease is extended for the Extension Term, then Sublessor shall prepare and Sublessee shall execute an amendment to the Lease confirming the extension of the Lease Term and the other provisions applicable thereto (the “IndexAmendment) on ). If Sublessee exercises its right to extend the date nearest the commencement date term of the Renewal Lease for the Extension Term pursuant to this Section 2(D), the term “Term” as used in the Sublease, 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 construed to include, when practicable, 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 Extension Term, Tenant is in default hereunder beyond any applicable grace or cure period.

Appears in 1 contract

Samples: Sublease Agreement (Eterna Therapeutics Inc.)

Renewal Option. Landlord hereby grants to Tenant, If Tenant is not then in default of its obligations under this Lease and Tenant shall haveis occupying the entire Premises at the time of such election, the right and option to extend the Term of Tenant may renew this Lease for one two (12) period additional periods of five (5) years each, by delivering written notice of the exercise thereof to Landlord not later than one hundred twenty (120) days before the expiration of the term. The monthly rent installment payable for each month during such extended term shall be the lesser of (i) the prevailing rental rate (the “Renewal TermPrevailing Rental Rate”), at the commencement of such extended term, for renewals of space in the Building, of equivalent quality, size, utility and location, with the length of the extended term and the credit standing of Tenant to be taken into account, or (ii) (A) for the first renewal period, $15.46 per square foot; or (b) for the second renewal period, the price per square foot in effect during the final year of the first renewal period plus 2% (in each case, the “Carryover Rental Rate”). The Renewal Term Within thirty (30) days after receipt of Tenant’s notice to renew, Landlord shall commence upon the day next following the last day deliver to Tenant written notice of the initial TermPrevailing Rental Rate and shall advise Tenant of the required adjustment to the monthly rent installment, if any, and the other terms and conditions offered. Tenant shall shall, within ten (10) days after receipt of Landlord’s notice, 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 whether Tenant accepts or rejects Landlord’s determination of the initial Term, time being Prevailing Rental Rate. If Tenant timely notifies Landlord that Tenant accepts Landlord’s determination 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 hereinPrevailing Rental Rate, the Renewal Term shall terminate and be of no further force then, on 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 before the commencement date of the Renewal Termextended term, Landlord 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 execute an amendment to renew this Lease ifextending the Term on the same terms provided in this Lease, 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.except as follows:

Appears in 1 contract

Samples: Lease Agreement (Inuvo, Inc.)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, the right and option to extend the Term of this Lease for (but no assignee or subtenant) 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 option to extend renew this Lease for the Renewal Term a period of sixty (60) months. The renewal option shall be exercised by Tenant notifying Landlord thereof in writing not less than six two hundred forty (6240) months days prior to the expiration of the initial Termthen current lease term, time being of as the essence with respect to such notificationcase may be. Notice thereof Such renewal 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 subject to all of the terms, covenants terms and conditions of this Lease, Lease except that (i) the Fixed Rent rentals payable during each renewal term shall be increased by adding as set forth below and (ii) no further renewal option shall exist during the CPI Adjustment Amount (defined below) renewal term. It shall be a condition to Tenant's exercising the then-current Fixed Rentrenewal option herein granted that Tenant not be then in default under this Lease beyond any applicable notice and cure period. The “CPI Adjustment Amount” is calculated by multiplying Basic Rental for each renewal term shall be based on the Fixed Rent payable then prevailing rental rates for properties of equivalent quality, size, utility and location in the Dallas/Forth Worth market, with the length of the lease term and the creditworthiness of the Tenant taken into account; provided, however, that in no event shall the Basic Rental in any renewal period be less than the Basic Rental for the last year month immediately preceding said renewal period. Upon notification from Tenant of its intent to exercise each renewal option, Landlord shall, within fifteen (15) days thereafter, notify Tenant in writing of the initial Term Basic Rental for the applicable renewal term; Tenant shall, within fifteen (15) days following receipt of same, notify Landlord in writing of the acceptance or rejection of the proposed Basic Rental. In the event of rejection by a ratioTenant, the numerator of which is Basic Rental for 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 applicable renewal term 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.determined as follows:

Appears in 1 contract

Samples: Industrial Lease Agreement (Mohawk Industries Inc)

Renewal Option. Landlord Sublessor hereby grants agrees, at the request of Sublessee, to Tenant, and Tenant shall have, the right and exercise Sublessor's option to extend renew 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 five-year Renewal Term not less than six (6) months prior to the expiration Option provided by Section 32 of the initial Lease, and in connection therewith to renew the Sublease Term ("Sublease Renewal Option") for a corresponding five-year extended term ("Sublease Extended Term, time being ") subject to and in accordance with the terms of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter providedthis section 14.12. If Landlord does Sublessee desires to exercise the Sublease Renewal Option, Sublessee shall so notify Sublessor in writing 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 later than the first day of the third Lease Year25th month preceding the then current expiration of the Sublease Term; and such notice shall be effective only if: (i) Sublessee is not in default under the terms hereof, (ii) E & Y validly exercises a corresponding renewal option to extend the term of its sublease with Sublessor (or, if E & Y fails to exercise such renewal option, Sublessee commits to sublease E & Y's space for the Sublease Extended Term), and (iii) either the entire 9th floor of the Building is then subleased to Sublessee and/or E & Y, or Sublessee and/or E & Y commit in writing to sublease, effective as of the commencement of the Sublease Extended Term, the balance of the 9th floor not then under sublease to them. If, The Sublease Extended Term shall be on all of the same terms and conditions hereunder as applicable to the initial Sublease Term except that the Base Rent during the Lease Sublease Extended Term shall be the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard "Market Rent" as will most nearly accomplish the aim or purpose determined in accordance with Section 32 of the Index shall be used Lease; and Sublessor and Sublessee agree to cooperate with each other in determining dealing with Lessor with respect to the amount determination of any such adjustmentthe Market Rent pursuant to the terms of the Lease. Notwithstanding If the Sublease Renewal Option is exercised in accordance with the foregoing, Tenant Sublessor and Sublessee shall have no right to renew this Lease if, either enter into a Sublease Amendment incorporating such extension at the same time Tenant notifies Landlord that Sublessor enters into an amendment to the Lease with Lessor for the Extended Term under the Lease. Sublessee shall pay an allocable share based on the ratio of its election to extend this Lease or upon the commencement date space being sublet by Sublessee and E & Y of the Renewal Term, Tenant is any and all reasonable costs and expenses incurred by Sublessor in default hereunder beyond any applicable grace or cure periodconnection with such renewal.

Appears in 1 contract

Samples: Sublease Agreement (SPSS Inc)

Renewal Option. Landlord hereby grants to TenantA. If Tenant has not committed an Event of Default at any time during the Term, and Tenant shall have(or a Permitted Transferee) is occupying the entire Premises at the time of such election, the right and option to extend the Term of Tenant may renew this Lease for one (1) additional period of five (5) years (the “Renewal Term”). The , by delivering written notice (the “Renewal Term shall commence upon the day next following the last day Notice”) of the initial Term. Tenant shall notify exercise thereof to Landlord in writing of its election to extend this Lease for the Renewal Term not less earlier than six twelve (612) months prior to nor later than nine (9) months before 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 Base Rent payable for each month during the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire the Fair Market Rent (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 as 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. Within thirty (30) days after receipt of Tenant’s Renewal Notice, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for the Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant of the required adjustment to Base Rent, if any, and the denominator other terms and conditions offered. Within ten (10) days after receipt 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 foregoingLandlord’s Fair Market Rent Proposal, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then Tenant’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver Tenant’s written determination of Fair Market Rent to Landlord within ten (10) days after receipt of Landlord’s Fair Market Rent Proposal, then Landlord shall provide Tenant with a second notice (the “Second Notice”) that contains the following statement in bold and capital letters: “THIS IS A SECOND REQUEST FOR TENANT’S DETERMINATION OF FAIR MARKET RENT PURSUANT TO EXHIBIT G ATTACHED TO THE LEASE. IF TENANT FAILS TO RESPOND WITHIN FIVE (5) BUSINESS DAYS AFTER RECEIPT OF THIS NOTICE, THEN TENANT SHALL BE DEEMED TO HAVE ACCEPTED LANDLORD’S DETERMINATION OF FAIR MARKET RENT.” If Tenant fails to respond to such Second Notice within five (5) Business Days after receipt by Tenant, then Tenant will be deemed to have no right accepted Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent, then Landlord and Tenant shall attempt in good faith to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or agree upon the Fair Market Rent. If by that date which is five (5) months prior to the commencement date of the Renewal TermTerm (the “Trigger Date”), Landlord and Tenant is have not agreed in default hereunder beyond any applicable grace or cure periodwriting as to the Fair Market Rent, the parties shall determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below.

Appears in 1 contract

Samples: Office Lease Agreement (Guidewire Software, Inc.)

Renewal Option. Landlord hereby grants to TenantProvided the Tenant is not in default beyond ---------- --------------- any applicable grace or cure period hereunder, and Tenant shall have, have the right and option to extend the Term term of this Lease for one (1) period additional term of five (5) years (the “Renewal "Extended Term”). The Renewal Term shall commence ") commencing upon the day next following the last day expiration of the initial Termterm. Tenant shall notify Landlord in writing of its election exercise the right to extend the term of this Lease for the Renewal Term not less than six by written notice to Landlord no later nine (69) months prior to the expiration of the initial Term, time being term. The Rent for the Extended Term shall be the greater of the essence then current Rent or the Market Rent as hereafter defined. The market rent ("Market Rent") shall be determined by Landlord based on leases then currently under negotiation or recently executed for the Property. If no such leases are under negotiation or have been recently executed, then Market Rent shall be reasonably determined by Landlord based on comparable office space in the town or city in which the Premises are located (if any such space exists) taking into account, among other factors, amenities, setting, location and demographics. Landlord shall notify Tenant of the Market Rent within a reasonable period after Tenant notifies Landlord that Tenant is exercising the option to extend, provided Landlord shall not be required to set the Market Rent prior to ten (10) months before the expiration of the Term. If Tenant disagrees with respect Landlord's determination of the Market Rent and the parties are unable to agree upon a Market Rent within thirty (30) days after Landlord's notice thereof, then the Market Rent shall be determined by appraisal made as hereinafter provided by a board of three (3) reputable independent commercial real estate brokers, each of whom shall have at least ten (10) years of experience in the Greater Boston office rental market and each of whom is hereinafter referred to as "appraiser". Tenant and Landlord shall each appoint one such notificationappraiser and the two (2) appraisers so appointed shall appoint the third appraiser. Notice thereof The cost and expenses of each appraiser appointed separately by Tenant and Landlord shall be home by the party who appointed the appraiser. The cost and expenses of the third appraiser shall be shared equally by Tenant and Landlord. Landlord and Tenant shall appoint their respective appraisers at least five (5) months prior to commencement of the period for which Market Rent is to be determined and shall designate the appraisers so appointed by notice to the other party. The two appraisers so appointed and designated shall appoint the third appraiser at least four (4) months prior to the commencement of such period and shall designate such appraiser by notice to Landlord and Tenant. The board of three (3) appraisers shall determine the Market Rent of the space in question as of the commencement of the period to which the Market Rent shall apply and shall notify Landlord and Tenant of their determinations at least sixty (60) days prior to the commencement of such period. If the determinations of the Market Rent of any two (2) or all three (3) appraisers shall be identical in amount, said amount shall be deemed sufficient if given to be the Market Rent of the subject space. If the determinations of all three (3) appraisers shall be different in the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinamount, the Renewal Term average of the two (2) values nearest in amount shall terminate be deemed the Market Rent. The Market Rent of the subject space determined in accordance with the provisions of this Section shall be binding and be conclusive on Tenant and Landlord. All of no further force or effectthe covenants, agreements, terms and conditions contained in 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) apply 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 Extended 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.

Appears in 1 contract

Samples: Lease Agreement (Network Engines Inc)

Renewal Option. Provided that (i) this Lease shall be in full force and effect as of the date of the Renewal Notice (as hereinafter defined) and as of the Expiration Date; (ii) there shall not then be existing a default under this Lease which is continuing after notice by Landlord hereby grants to TenantTenant and the expiration of the applicable cure period, and (iii) Tenant shall havebe in actual occupancy of not less than two (2) full floors of the entire Premises (portions of the premises occupied by other parties pursuant to Section 11.12 shall be deemed to be occupied by Tenant for the purposes of this Section 26.01), the right and then Tenant originally herein named shall have one (1) option to extend the Term of this Lease for one (1) a period of five ten (510) years (the “Renewal Term”)) commencing on the day after the Expiration Date. Such option shall be exercisable by written notice (the “Renewal Notice”) to Landlord given not earlier than twenty four (24) months prior to nor later than fifteen (15) months prior to the Expiration Date. The Renewal Term shall commence upon the day next following the last day constitute an extension of the initial Term. Tenant shall notify Landlord in writing Term 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 same terms and conditions of this Leaseas the initial Term, except that the Fixed Rent (i) there shall be increased by adding no further option to renew 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 Term 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 this Lease in the Renewal Term, (ii) Landlord shall not be required to furnish any materials or perform any work to prepare the Premises for Tenant’s occupancy and Landlord shall not be required to reimburse Tenant for any Alterations made or to be made by Tenant, and (iii) the denominator Base Rent for the Renewal Term shall be payable at a rate per annum equal to the fair market rental value of which is the Index Premises as of the first day of the third Lease Year. IfRenewal Term as determined by Landlord based upon comparable space in the Building (including existing executed leases, during as well as pending transactions pursuant to letters of intent) and in comparable buildings in 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 vicinity of the Index Building, including all of Landlord’s services provided for in this Lease, and with the Premises considered as vacant, and in “as is” condition on the Renewal Term Commencement Date. The calculation of the fair market value shall be used in determining the amount of any such adjustmenttake into account all relevant factors and may include escalations on a fixed or CPI basis. 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 During the Renewal Term, all Additional Rent that Tenant is obligated to pay under this Lease during the initial Term hereof for Real Estate Taxes and Operating Expenses shall continue without interruption, it being the intention of the parties hereto that the Renewal Term shall be deemed a part of and continuation of the initial Term of this Lease. If Tenant shall duly and timely give the Renewal Notice, then not later than twelve (12) months prior to the Expiration Date, Landlord shall respond to Tenant’s Renewal Notice with Landlord’s calculation of fair market value, provided, however, (i) the fact that the base years for Real Estate Taxes and Operating Expenses shall remain unchanged and shall be taken into account in default hereunder beyond any applicable grace or cure perioddetermining fair market value hereunder, and (ii) Landlord shall not be bound by such Landlord’s calculation of fair market value if the parties determine fair market value pursuant to Section 26.02.

Appears in 1 contract

Samples: MF Global Ltd.

Renewal Option. Landlord hereby grants to TenantProvided no Event of Default exists, and Tenant shall have, the right and option to extend the Term of Lessee may renew this Lease with respect to all or a portion of the Premises, provided the same shall be for a minimum of two full floors, for one (1) additional period of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day by delivering written notice of the initial Term. Tenant shall notify Landlord in writing of its election exercise thereof to extend this Lease for the Renewal Term Lessor not less earlier than six twenty-four (624) months prior to nor later than eighteen (18) months before 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 Basic Rent payable for each month during such extended 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 prevailing market rental rate (the “IndexPrevailing Market Rental Rate”) at the commencement of such extended Term for renewals of space in comparable buildings in the Frisco submarket of equivalent quality, size, utility and location, with the length of the extended Term and market concessions for similarly situated renewal tenants to be taken into account. Within thirty (30) days after receipt of Lessee’s notice to renew, Lessor shall deliver to Lessee written notice of the Prevailing Market Rental Rate and shall advise Lessee of the required adjustment to Basic Rent and, if any, and the other terms and conditions offered. Lessee shall, within ten days after receipt of Lessor’s notice, notify Lessor in writing whether Lessee accepts or rejects Lessor’s determination of the Prevailing Market Rental Rate. If Lessee timely notifies Lessor that Lessee accepts Lessor’s determination of the Prevailing Market Rental Rate, then, on the date nearest or before the commencement date of the Renewal extended Term, Lessor 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 Lessee shall execute an amendment 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 ifextending the Term on the same terms provided in this Lease, 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.except as follows:

Appears in 1 contract

Samples: Of Lease Agreement (Comstock Resources Inc)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, an option (the right and option "Option") to extend the Term term of this Lease for one (1) additional period of five (5) years (the "Renewal Term”). The Renewal Term shall commence upon ") under the day next following the last day of the initial Termterms set forth below. Tenant shall notify Landlord in writing not be entitled to exercise the Option unless each of the following conditions shall be fully satisfied at the time of its election exercise: (i) the Lease shall be in full force and effect; (ii) the Tenant originally named in this Lease, or its permitted assignees, shall be in possession of the entire Premises; and (iii) Tenant shall not then be in default under any of the material terms, provisions, covenants or conditions of the Lease beyond any applicable notice and cure periods. In order to extend this Lease for exercise the Renewal Term Option, Tenant must first give written request to Landlord, not less than six twelve (612) months prior to the expiration Expiration Date of the initial TermInitial Lease Term for delivery of Landlord's determination of Market Rent, time being of the essence with respect to such notificationas defined below. 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 Base Rent for each 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) equal to the then-current Fixed Market Rent, as determined in accordance with this section ("Market Rent"). The “CPI Adjustment Amount” is calculated by multiplying the Fixed Within thirty (30) days following its receipt of Tenant's request, Landlord shall advise Tenant of Market Rent payable for the last each year of the initial Term by a ratio, the numerator of which is the Consumer Price Index respective Renewal Term. Market Rent (including escalations 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 successive years of the Renewal Term, and the denominator of which is the Index as ) shall be determined by Landlord in its reasonable judgment. Landlord's determination 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 Market Rent shall be used based, as Landlord reasonably deems appropriate, upon then current and projected rents for space in determining the Building, adjusted for any special conditions applicable to such space and leases, for location, length of term, amount of any such adjustmentspace and other factors Landlord deems relevant in computing rents for space in the Building, including adjustments for anticipated inflation. Notwithstanding Tenant may exercise its option by notifying Landlord; within 30 days from the foregoing, date on which Tenant shall have no right to renew this Lease if, either at the time Tenant notifies was first advised by Landlord of its election determination of Market Rent, that Tenant has elected to extend this exercise the Option at the Market Rent determined by Landlord or proceed as provided below. If Tenant exercises the Option as provided, the Expiration Date of the Lease or upon shall be extended for the commencement date length of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.Term and Base Rent shall be adjusted to

Appears in 1 contract

Samples: Cybear Inc

Renewal Option. (a) As long as an event of default by Tenant has not occurred and is continuing after applicable notice and cure periods, Landlord shall grant and does hereby grants to Tenant, and grant Tenant shall have, the right and option to extend renew (the Term "First Renewal Option") the term of this Lease for one (1) a period of five sixty (560) years additional months (the "First 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 exercise the First Renewal Option by delivering written notice of its such election to extend this Lease for the Renewal Term not less than six Landlord at least twelve (612) months prior to the expiration of the initial Term, time being term of the essence with respect to such notificationthis Lease. 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 The renewal 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 same terms and conditions of this Lease, except that (i) the Fixed Rent Base Rental Rate during the First Renewal Term shall be increased by adding calculated based on the CPI Adjustment Amount prevailing Market Base Rental Rate (defined belowas hereinafter defined) at the time the First Renewal Term commences; (ii) with the exception of the potential assignees and sublessees described in Paragraph 5(b) of this Exhibit "G", Tenant shall not have the right to assign its renewal rights to any sublessee of the Demised Premises or any portion thereof or to any assignee of the Lease, nor may any such sublessee or assignee exercise or enjoy the benefit of such renewal rights; (iii) the leasehold improvements will be provided in their then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying existing condition at the Fixed Rent payable for time the last year of the initial First Renewal 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 Termcommences, and the denominator of which is the Index as of the first day of the third Lease Year. If(iv) there shall not be any rent abatement period and Tenant shall not be entitled to cash payment, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index concessions or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount allowance of any such adjustmentnature or amount whatsoever. Notwithstanding the foregoing, Tenant shall have no right to exercise such option to renew, and Landlord shall have no obligation to renew this Lease, unless (A) this Lease shall be in full force and effect upon the date of the exercise of the First Renewal Option and upon the date of the expiration of the original term, and (B) on the date of the exercise of the First Renewal Option and on the date of the expiration of the original term there shall exist no event of default on the part of Tenant under this Lease for which Landlord has given notice and which remains uncured by Tenant after the expiration of any applicable period of grace or cure. If Tenant shall fail to exercise the First Renewal Option within the time permitted or conditions (A) and (B) set forth above are not entirely satisfied, the First Renewal Option shall automatically terminate, this Lease shall expire at the expiration of the original term and Tenant shall have no further right thereafter to renew this Lease if, either at or to acquire any interest whatsoever in the time Demised Premises. If Tenant notifies shall remain in possession of the Demised Premises after the expiration of the original term without there having been executed between Landlord of its election and Tenant an amendment to extend this Lease or upon as contemplated by the commencement date terms of the Renewal Termthis Section, then Tenant is shall be a Tenant holding over as provided in default hereunder beyond any applicable grace or cure periodthis Lease.

Appears in 1 contract

Samples: Lease Agreement (Focal Communications Corp)

Renewal Option. Landlord Subject to the terms and conditions hereof, Tenant is hereby grants to Tenant, and Tenant shall have, granted one (1) option (the right and option “Renewal Option”) to extend the Term of this Lease for one (1) an additional period of five (5) years (the “Renewal Term”). The , to commence at the expiration of the Initial Term provided Tenant notifies Landlord in writing of its intent to exercise the Renewal Term Option a minimum of nine (9) months prior to the Expiration Date, and further provided that if Tenant is in default on the date of giving such notice, said notice shall commence upon be totally ineffective, or if Tenant is in default beyond the day next following applicable notice and cure period(s) (if any) pursuant to Section 18.02 on the last day of the initial Initial Term, at Landlord’s option the Renewal Term shall not commence and this Lease shall terminate at the end of the Initial Term. Tenant shall notify Landlord It is mutually agreed that all provisions of the Lease, unless otherwise provided, will remain in writing of its election to extend this Lease full force and effect for the Renewal Term (including the pass through of increases in Operating Expenses and Real Estate Taxes which shall continue uninterrupted) and further provided that Base Rent shall be the prevailing fair rental value of the Premises as determined in accordance with this Section 2.05 at the time the Renewal Term is to commence. Landlord shall notify Tenant of its determination of fair rental value within thirty (30) days after Tenant exercises its Renewal Option. If Tenant does not less than six agree with Landlord’s determination of fair rental value, Tenant shall advise Landlord and each party shall designate in writing, within ten (610) months prior to days after the expiration of the initial Termaforementioned thirty (30) day period, time being an MAI or similarly accredited appraiser having at least 10 years experience in the appraisal of commercial real estate in the Metropolitan Washington, D.C. area, for the purpose of determining fair rental value. The appraiser may not be affiliated in any respect with either Landlord or Tenant or their respective affiliates. Within fifteen (15) days after the designation of the essence with respect appraisers, the two appraisers so designated shall designate a third appraiser of the same qualifications. The appraisers so designated, shall within forty-five (45) days after the date the third appraiser is designated, determine the fair rental value of the Premises, taking into consideration all relevant factors (including, but not limited to, that the Tax Base Year and the Operating Expense Base Year are not being updated). If the three appraisers are unable to such notification. Notice thereof agree upon the fair rental value, then the fair rental value of the Premises 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 average 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 periodtwo closest appraisals.

Appears in 1 contract

Samples: License Agreement (Spacehab Inc \Wa\)

Renewal Option. Landlord hereby grants to TenantProvided no Event of Default exists and Lessee is occupying the entire Premises at the time of such election, and Tenant shall have, Lessee may renew the right and option to extend the Term of this Lease for one (1) additional period of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day years, by delivering written notice of the initial Term. Tenant shall notify Landlord in writing of its election exercise thereof to extend this Lease for the Renewal Term Lessor not less earlier than six twelve (612) nor later than nine (9) months prior to before 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 Base Rent payable for each month during such extended Lease Term shall be upon all the prevailing rental rate (the "Prevailing Rental Rate"), at the commencement of such extended Lease Term, for renewals of space in the Building of equivalent quality, size, utility and location, with the length of the termsextended Lease Term, covenants the “AS IS” nature of the renewal, and the credit standing of Lessee to be taken into account. Within 30 days after receipt of Lessee's notice to renew, Lessor shall deliver to Lessee written notice of the Prevailing Rental Rate and shall advise Lessee of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Lessee shall, within ten days after receipt of this LeaseLessor's notice, 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 notify Lessor in writing whether Lessee accepts or rejects Lessor's determination 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 Prevailing Rental Rate. If Lessee timely notifies Lessor that Lessee accepts Lessor's determination of the United States Department of Labor (the “Index”) Prevailing Rental Rate, then, on the date nearest or before the commencement date of the Renewal extended Term, Lessor and the denominator of which is the Index as of the first day of the third Lessee shall execute an amendment to this Lease Year. If, during extending the Lease Term on the Bureau of Labor Statistics ceases to maintain the Indexsame terms provided in this Lease, then such other index or standard except 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.follows:

Appears in 1 contract

Samples: Lease Agreement (Xplore Technologies Corp)

Renewal Option. Landlord hereby grants to TenantLessee may at its option renew the lease of the Facility hereunder (i) at the end of the Primary Term or Fixed Rate Renewal Term for a Renewal Term or Terms that, and Tenant shall havein the aggregate, the right and option to extend the Term consist of this Lease for one not more than three (13) period of five three year renewal periods (5) years (the “each such three year term being herein called a "Fixed Rate Renewal Term"). The , ending not later than December 31, 2024 and (ii) at the end of the Primary Term, any Fixed Rate Renewal Term shall commence upon the day next following the last day or any Fair Market Value Renewal Term, for successive Renewal Terms (each such term being herein called a "Fair Market Value Renewal Term") of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not no less than six two years; provided, however, that (6i) Lessee shall give Lessor notice of each such renewal, which shall be irrevocable, at least twelve months and no more than fifteen months prior to the expiration of, as the case may be, the Primary Term, any of the initial Term, time being Fixed Rate Renewal Terms or any of the essence with respect to Fair Market Value Renewal Terms, (ii) such notification. Notice thereof renewal shall not be deemed sufficient if given prohibited by any Applicable Law, (iii) no Lease Event of Default shall have occurred and be continuing on the day preceding the first day of such Renewal Term and (iv) the final Fair Market Renewal Term 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 end on or before December 31, 2024. All of no further force or effect, and the provisions of this Lease shall expire as of be applicable during such Renewal Term, except that (x) the then-scheduled expiration date. The Rent payable on each Rent Payment Date during each Fixed Rate 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 in an amount determined by multiplying .50 by the Fixed amount of Rent payable for on each Rent Payment Date during 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 Primary Term, and (y) the denominator Rent for each Fair Market Value Renewal Term shall be the Fair Market Rental Value of which is the Index Facility, 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 Fair Market Value Renewal Term, Tenant is for a period equal to such Fair Market Value Renewal Term, and shall be payable in default hereunder beyond any applicable grace or cure periodequal quarterly installments, in arrears, on each Rent Payment Date during such Fair Market Value Renewal Term.

Appears in 1 contract

Samples: Fiber Exchange Agreement (General Communication Inc)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, the right and option to extend may renew the Term of this Lease for one (1) the entire Premises for a period of five (5) years following the expiration of the Term, by delivering written notice of the exercise thereof to Landlord not earlier than January 31, 2019 or later than July 31, 2019. The Basic Rent payable for the entire Premises for each month during such extended Term shall be the prevailing rental rate (the “Renewal TermPrevailing Rental Rate”). The Renewal Term shall commence upon , at the day next following commencement of such extended Term, for renewals of space in the last day Building of equivalent quality, size, utility and location, with the length of the initial Termextended Term and the credit standing of Tenant to be taken into account. Within 30 days after receipt of Tenant’s notice to renew, Landlord shall deliver to Tenant written notice of the Prevailing Rental Rate and shall advise Tenant of the required adjustment to Basic Rent, if any, and the other terms and conditions offered. Tenant shall shall, within ten business days after receipt of Landlord’s notice, 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 whether Tenant accepts or rejects Landlord’s determination of the initial Term, time being Prevailing Rental Rate. If Tenant timely notifies Landlord that Tenant accepts Landlord’s determination 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 hereinPrevailing Rental Rate, the Renewal Term shall terminate and be of no further force then, on 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 before the commencement date of the Renewal extended Term, Landlord and the denominator of which is the Index as of the first day of the third Lease Year. If, during Tenant shall execute an amendment to the Lease extending the Term on the Bureau of Labor Statistics ceases to maintain same terms and conditions provided in the IndexLease, then such other index or standard except 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.follows:

Appears in 1 contract

Samples: RetailMeNot, Inc.

Renewal Option. Landlord hereby grants (a) Subject to Tenantthe terms and conditions of this Paragraph 21, and Tenant shall have, have the right and option to extend renew the Term for all of this Lease the Premises for one (1) period renewal term (the “Renewal Term) of five (5) years years, by notice (the a “Renewal TermNotice). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify ) delivered to Landlord in writing of its election to extend this Lease for the Renewal Term not more than eighteen (18) months and not less than six twelve (612) months prior to the expiration of the initial Term, time being of the essence; provided, however, no Event of Default shall remain outstanding either on the date such Renewal Notice is given or on the Renewal Term Commencement Date (as hereinafter defined. Upon the giving of such Renewal Notice, the Term of this Lease shall be extended for the Renewal Term with the same force and effect as if such Renewal Term had originally been included in the Term. The Renewal Term shall commence on the day following the last day of the initial Term (the “Renewal Term Commencement Date”) and shall terminate on the day immediately preceding the fifth (5th) anniversary of the Renewal Term Commencement Date or such earlier date as this Lease may terminate pursuant to the terms and conditions of this Lease. Time is 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, giving of the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration dateNotice. The Renewal Term shall be upon all of the agreements, terms, covenants and conditions of this Lease, except that (w) the Fixed Base Rent shall be increased by adding the CPI Adjustment Amount Fair Market Value (defined belowas hereinafter defined), (x) after the exercise of the option with respect to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying Renewal Term, Tenant shall have no further right to renew the Fixed Rent payable Term, (y) the Base Year for Real Estate Taxes shall be the last fiscal 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”) commencing on the date nearest July 1st prior to the Renewal Term Commencement Date, and (d) the Base Year for Operating Expenses shall be the calendar year ending on the December 31st immediately preceding the Renewal Term Commencement Date. Upon the commencement date of the Renewal Term, (A) the Renewal Term shall be added to and the denominator of which is the Index as become part of the first day Term, (B) any reference in this Lease to the “Term”, the “term of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index this Lease” or standard as will most nearly accomplish the aim or purpose of the Index any similar expression shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right deemed 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 include the Renewal Term, and (C) the expiration of the Renewal Term shall become the Expiration Date. Any termination, cancellation or surrender of the entire interest of Tenant is in default hereunder beyond under this Lease at any applicable grace or cure periodtime during the Term shall terminate the foregoing right of renewal of Tenant hereunder.

Appears in 1 contract

Samples: Sublease (Karuna Therapeutics, Inc.)

Renewal Option. Landlord hereby grants to TenantProvided that no Event of Default is then outstanding under this Lease, and subject to the terms and conditions set forth below, Tenant shall have, have the right and option ("Renewal Option") to extend the Term term of this Lease for one ONE (1) period of consecutive five (5) years year period (such period is referred to herein as a "Renewal Period") upon the terms and conditions of this Lease except as otherwise set forth to the contrary in this Lease, and except that the Base Rent in effect for the Premises (including any and all expansion space, as hereinafter defined, and other space which may have become part of the Premises) during the Renewal Term”Period shall be at the then Prevailing Market Rate (as hereinafter defined and established). The Renewal Term shall commence upon In the day next following the last day of the initial Term. event Tenant desires to exercise any renewal Option, Tenant shall notify Landlord in writing of its election to extend this Lease for the exercise of said Renewal Term not less than six (6) months Option on or before 180 days prior to the expiration of the initial Term, time being then current term of this Lease. Unless Tenant shall notify Landlord on or before 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 hereindate(s) set forth herein for Tenant's exercise of said Renewal Option, the Renewal Term Period and the Option described herein shall thereupon 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 further rights under this Lease to renew the term hereof. In the event the Renewal Option is exercised properly by Tenant hereunder, the Prevailing Market Rate shall be reasonably determined by Landlord and Tenant by mutual agreement and if Landlord and Tenant cannot agree upon the Prevailing Market Rate within thirty (30) business days of Landlord's receipt of Tenant's notice, the Renewal Option shall lapse and the parties shall continue to be governed by the remaining terms and condition of this Lease during the then term of this Lease and in no event shall Tenant have any further right to renew this Lease ifwith respect to the Premises, either at or any part thereof. Landlord and Tenant do hereby irrevocably waive their respective rights, if any, arising under this Lease, or otherwise, to have the time Tenant notifies Landlord Prevailing Market Rate determined by arbitration, mediation, judicial or other proceeding. "Prevailing Market Rate" shall mean the annual base rental rate per square foot of its election rentable area then being charged for office space in similar buildings in the downtown Atlanta area which are of similar quality to extend this Lease the Premises (taking into consideration, but not limited to, improvements then provided or upon not required to be provided in the commencement date case of a renewal, allowances or concessions such as abatements, lease assumptions, moving allowances, etc., relative operating expenses, and the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodlength of term of lease).

Appears in 1 contract

Samples: Office Lease Agreement (Winsonic Digital Media Group LTD)

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Renewal Option. Landlord hereby grants to TenantProvided that no Event of Default is then existing under this Lease, and Tenant shall have, 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 Option") to renew the day next following the last day Lease with respect to all or any portion of the initial Term. Tenant shall notify Landlord in writing Premises, by delivering written notice of its such election to extend this Lease for the Renewal Term Landlord not less than six twelve (612) months nor more than fifteen (15) months prior to the expiration of the initial Term or any previously exercised Renewal Term, time being . If Tenant exercises any option for less than all of the essence with respect Premises, such space shall (a) comprise no less than two (2) full contiguous floors, (b) any additional space covered by the Renewal Option shall be contiguous space and contiguous to such notification. Notice thereof two (2) full floors, and (c) any partial floor included by Tenant shall be deemed sufficient reasonably configured so as to leave Landlord with space in a reasonably leasable configuration based on customary space planning standards and applicable Legal Requirements. Tenant shall have the right to exercise any Renewal Option in any combination of five (5) year periods of up to a total of twenty (20) years plus a one time option to extend for a one (1) year period (such elected period being the "Renewal Term"). Tenant's notice to Landlord exercising a Renewal Option shall specify the space to be covered thereby (if given less than all of the Premises) and the length of Tenant's proposed Renewal Term. Failure of Tenant to exercise its Renewal Option in the manner hereinafter provided. If Landlord does not receive such written notice as time periods set forth herein shall render all remaining Renewal Options void and when required herein, the Renewal Term shall terminate and be of no further force and effect. Within fifteen (15) days of Landlord's receipt of the notice of the exercise of the Renewal Option, Landlord shall provide Tenant with written notice of its estimation of the prevailing MRR for such Renewal Space. Tenant shall then have fifteen (15) days to notify Landlord in writing that it accepts or effectrejects Landlord's determination of MRR and to provide Landlord with Tenant's estimation of MRR. If the parties cannot agree on a determination of MRR within fifteen (15) days thereafter, and Tenant may (i) withdraw its election to exercise the Renewal Option or (ii) elect that the MRR be determined in accordance with the appraisal provisions contained herein. Once such MRR is determined, within fifteen (15) days thereafter, Tenant may withdraw its election to exercise the Renewal Option. Any such renewal of this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants same terms and conditions of this Lease, except that (i) the Fixed Rent Base Rental during the Renewal Term shall be increased by adding based on ninety-five percent (95%) of the CPI Adjustment Amount MRR at the time of determination of the MRR; (defined belowii) Tenant shall pay the standard rate then being charged for the Parking Permits 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 Garage with respect to all Parking Permits then issued to Tenant; (1982-1984=100iii) 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 option to renew this Lease if, either beyond the expiration of the twenty (20) year renewal period; (iv) the leasehold improvements will be provided to Tenant in their then-existing condition (on an "as is" basis) at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal TermTerm commences, Tenant is and (v) items such as the Landlord's and Tenant's insurance and other non-rental terms shall be adjusted to amounts and terms then standard for comparable leases with comparable tenants in default hereunder beyond any applicable grace or cure periodHouston, Texas.

Appears in 1 contract

Samples: Lease Agreement (Cabot Oil & Gas Corp)

Renewal Option. Landlord Contingent upon Tenant satisfying all of the following conditions, (the "CONDITIONS") Tenant is hereby grants to Tenant, and Tenant shall have, the right and granted an option to extend the Lease Term for an additional term of this Lease for one thirty-six (36) months ("EXTENSION TERM") commencing on September 1, 2000 and expiring on August 31, 2003, the Conditions being that: (i) 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 have fully performed all of its election convenants, duties and obligations hereunder during the Lease Term; and (ii) Tenant shall have given written notice to extend this Lease for the Renewal Term Landlord of Tenants exercise of such option not less than six one hundred eighty (6180) months days prior to the expiration of the initial present Lease Term, time being . Time is 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 exercise of this Renewal Option and should Tenant fail to exercise this option by timely notice as and when required herein, or fail to satisfy the Renewal Term Conditions, this Renewal Option shall terminate lapse and be of no further force or effect, and this Lease shall expire as . In the event that Tenant satisfies all of the then-scheduled expiration date. The Renewal Conditions and effectively exercises such Option, then Landlord and Tenant shall execute an amendment in a form and content satisfactory in all respects to both Landlord and Tenant and the Rental for said Extension Term shall be upon all the Prevailing Market Rate. The "Prevailing Market Rate" shall mean the then prevailing market rate for base rental for Leases comparable to this Lease for comparable space. The Prevailing Market Rate shall be determined by Landlord and Tenant by mutual agreement and, if Landlord and Tenant cannot agree, the Prevailing Market Rate shall be established in the manner as specified in the balance of this subparagraph. Within ten (10) days after receipt of Tenant's exercise of an extension option, but no earlier than one hundred eighty (180) days prior to the expiration of the termsLease Term, covenants and conditions as it may have been extended, Landlord shall advise Tenant of this Leaseits determination of the Prevailing Market Rate, except that on a square foot basis. Within thirty (30) days after receipt of Landlord's determination of the Fixed Rent Prevailing Market Rate, Tenant shall advise Landlord, in writing, as to whether or not Tenant accepts or rejects the Prevailing Market Rate specified by Landlord. Failure to accept or reject the Prevailing Market Rate specified by Landlord shall be increased deemed acceptance by adding Tenant. If Tenant accepts such Prevailing Market Rate, then such rate shall be charged during the CPI Adjustment Amount applicable extension period for Base Rental. If Tenant rejects such Prevailing Market Rate, Tenant shall specify in such notice its selection of a real estate appraiser, who shall act on Tenant's behalf in determining the Prevailing Market Rate. Within ten (defined below10) days after Landlord's receipt of Tenant's rejection of the Landlord's specification of the Prevailing Market Rate and Tenant's selection of the real estate appraiser, Landlord, by written notice to Tenant, shall designate a real estate appraiser, who shall represent Landlord in the then-current Fixed Rentdetermination of the Prevailing Market Rate. The “CPI Adjustment Amount” is calculated Within ten (10) days of the selection of the Landlord's appraiser, the two appraisers shall by multiplying written report, each render their respective determinations of the Fixed Rent payable Prevailing Market Rate for the last year extension period in question. Each appraiser shall consider in determining the Prevailing Market Rate, among other factors, what financial inducements are then being offered to a tenant who is wiling to relocate, such as free rent, tenant improvement allowances, or moving allowances (if such considerations are appropriate for the current market conditions). If the determinations of the initial Term by a ratiotwo appraisers do not agree, the numerator appraisers shall select a third appraiser who shall then select the Prevailing Market Rate within twenty (20) days after the appointment of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published such third appraiser. Landlord and Tenant agree that they shall be bound by the Bureau of Labor Statistics determination of the United States Department appraiser(s). Landlord shall bear the fee and expenses of Labor (its appraiser; Tenant shall bear the “Index”) on fee and expenses of its appraiser; and Landlord and Tenant shall each share the date nearest the commencement date of the Renewal Term, fee and the denominator of which is the Index as of the first day expenses 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 periodappraiser.

Appears in 1 contract

Samples: Office Building Lease Agreement (Texoil Inc /Nv/)

Renewal Option. (a) Provided the Tenant exercises the Four Year Space Option and/or the Five 42 43 Year Space Option, Landlord hereby grants to Tenant, and Tenant shall have, the right and option to extend the Term as to all or a part of the Premises (provided that each such Renewal Option may not be exercised for less than fifty thousand (50,000) rentable square feet, all of which shall be in not more than three reasonably contiguous blocks, and may not be exercised for more than the entire Premises subject to this Lease as of the commencement date of the Renewal Term) for two sequential five (5) year periods (such renewal options are referred to herein individually as the "Renewal Option" and collectively as the "Renewal Options"). The first Renewal Option shall run from the expiration of the first one hundred and twenty (120) months of the Lease Term, for one period of five (15) years and the second Renewal Option shall run from the expiration of the first Renewal Option for a period of five (5) years (individually and collectively the "Renewal Term"). The Each Renewal Term Option shall commence upon be exercised, if at all, by notice (the day next following the last day of the initial Term. Tenant shall notify "Renewal Notice") to Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months at any time prior to the expiration date nine (9) months (twelve (12) months if Tenant then occupies more than 100,000 rentable square feet in the Building) prior to the Expiration Date of the initial then applicable Term, time being of the essence with respect to such notification. Notice thereof which notice shall be deemed sufficient irrevocable by Tenant. Notwithstanding the foregoing, if given in an event of default exists under this Lease and all applicable grace periods have expired at the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, time Tenant exercises the Renewal Term shall terminate and be of no further force Option 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 at the commencement date of the Renewal Term, Landlord shall have, in addition to all of Landlord's other rights and remedies under this Lease, the denominator right to terminate the applicable Renewal Option and to cancel unilaterally Tenant's exercise of such Renewal Option, in which is event the Index as Expiration Date of the first day of the third this 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 and remain the amount of any such adjustment. Notwithstanding the foregoingthen scheduled Expiration Date, and Tenant shall have no right further rights under this Lease to renew or extend the Term. The provisions of this Lease ifSection 28.19 shall be personal to PeopleSoft, either at the time Tenant notifies Landlord of Inc. and 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 periodPermitted Assignees.

Appears in 1 contract

Samples: Office Lease (Peoplesoft Inc)

Renewal Option. Landlord hereby grants to TenantSo long as there is then no uncured Event of Default by Tenant under this Lease and there have not been two or more monetary events of default by Tenant during the Initial Term, and Tenant shall have, have the right and option to extend the Term of renew this Lease (the “Renewal Option”) for one (1) period additional term of five (5) years (the “Renewal TermPeriod). The Renewal Term shall commence upon the day next following the last day ) by delivery of written notice of the initial Term. Tenant shall notify exercise of such Renewal Option to Landlord in writing of its election to extend this Lease for (the Renewal Term not less Notice”) no earlier than six twelve (612) months nor later than nine (9) months prior to the expiration of the initial Initial Term, time being of . In the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord event that Tenant does not receive such written notice as timely and when required hereinproperly exercise Tenant’s Renewal Option, the Renewal Term all rights of renewal set forth in this Section, shall terminate and be of no further force or effect, and this Lease shall expire . Tenant must exercise the Renewal Option as to all of the then-scheduled expiration datethen existing Premises. The Renewal Term Period shall be upon all of on the terms, covenants same terms and conditions of as are provided in this Lease, except that the Fixed Base Rent for the Renewal Period shall be increased by adding equal to the CPI Adjustment Amount Fair Market Value Rental (defined in Section 17.27 below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year as 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 TermFair Market Value Rental Notice, and the denominator of which is the Index as of the first day of the third Lease Yearthere shall be no Improvement Allowance. If, during If the Lease Term the Bureau of Labor Statistics ceases is extended pursuant 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 Tenant’s exercise of the Renewal TermOption, Landlord shall prepare, and Landlord and Tenant is in default hereunder beyond any applicable grace will execute and deliver an amendment to this Lease extending the Term and specifying the new Base Rent as the Fair Market Value Rental; provided, however, that the failure of the parties to enter into such an amendment will not affect the validity of Tenant’s exercise of the Renewal Option or cure periodthe obligations of the parties during the Renewal Period.

Appears in 1 contract

Samples: Lease (Tesco Corp)

Renewal Option. Landlord hereby grants to Tenant, Provided that no event of default or sublease has ever occurred under any term or provision contained in this Lease and Tenant is not in default beyond any applicable grace and cure period pursuant to this Lease, Tenant (but not any assignee or sublessee) shall have, have the right and option to extend the Term of this Lease for one (1) period of five (5) years (the “Renewal TermOption). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify ) to renew this Lease, by written notice delivered to Landlord in writing of its election to extend this Lease for the Renewal Term not less no later than six nine (69) months prior to the expiration of the initial Lease Term, time being for an additional term (the “Renewal Term”) of sixty (60) months under the same terms, conditions and covenants contained in the Lease, except that (a) no abatements or other concessions, if any, applicable to the initial Lease Term shall apply to the Renewal Term; (b) the Base Rental shall be equal to the market rate for comparable office space located in the Building as of the essence with respect end of the initial Lease Term as reasonably determined by Landlord, (c) Tenant shall have no option to renew this Lease beyond the expiration of the Renewal Term; and (d) all leasehold improvements within the Premises shall be provided in their then existing condition (on an “As Is” basis) at the time the Renewal Term commences. Failure by Tenant to notify Landlord in writing of Tenant’s election to exercise the Renewal Option herein granted within the time limits set forth for such notificationexercise shall constitute a waiver of such Renewal Option. Notice thereof In the event Tenant elects to exercise the Renewal Option as set forth above, Landlord shall, within thirty (30) days thereafter, notify Tenant in writing of the proposed rental for the Renewal Term (the “Proposed Renewal Rental”). Tenant shall within thirty (30) days following delivery of the Proposed Renewal Rental by Landlord notify Landlord in writing of the acceptance or rejection of the Proposed Renewal Rental. If Tenant accepts Landlord’s proposal, then the Proposed Renewal Rental shall be the rental rate in effect during the Renewal Term. Failure of Tenant to respond in writing during the aforementioned thirty (30) day period shall be deemed sufficient if given in an acceptance by Tenant of the manner hereinafter providedProposed Renewal Rental. If Should Tenant reject Landlord’s Proposed Renewal Rental during such thirty (30) day period, then Landlord does not receive such written notice as and when required herein, Tenant shall negotiate during the thirty (30) day period commencing upon Tenant’s rejection of Landlord’s Proposed Renewal Rental to determine the rental for the Renewal Term. In the event Landlord and Tenant are unable to agree to a rental for the Renewal Term during said thirty (30) day period, then the Renewal Option shall terminate and be of no further force or effectnull and void and the Lease shall, pursuant to its terms and this Lease shall expire as provisions, terminate at the end of the then-scheduled expiration dateoriginal Lease Term. 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 Upon exercise of the Renewal TermOption by Tenant and subject to the conditions set forth hereinabove, and the denominator Lease shall be extended for the period of which is such Renewal Term without the Index as necessity of the first day execution of any further instrument or document, although if requested by either party, Landlord and Tenant shall enter into a written agreement modifying and supplementing the Lease in accordance with the provisions hereof. Any termination of the third Lease Year. If, during the initial Lease Term shall terminate all renewal rights hereunder. The renewal rights of Tenant hereunder shall not be severable from the Bureau of Labor Statistics ceases to maintain the IndexLease, then nor may such other index rights be assigned or standard as will most nearly accomplish the aim or purpose otherwise conveyed in connection with any permitted assignment of the Index shall be used in determining the amount of Lease. Landlord’s consent to 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 assignment of the Renewal Term, Tenant is in default hereunder beyond Lease shall not be construed as allowing an assignment of such rights to any applicable grace or cure periodassignee.

Appears in 1 contract

Samples: Office Lease Agreement (Quest Resource Corp)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, at its option (each such option being referred to herein as a "Renewal Option"), the right to renew and option to extend the Term of this Lease for one (1) period two consecutive terms of five (5) years each (the “each such renewal term being referred to herein as a "Renewal Term"). The first Renewal Term shall commence immediately upon the day next following the last day expiration of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for Term and the second Renewal Term not less shall commence immediately upon the expiration of the first Renewal Term by Tenant's giving written notice thereof to Landlord no earlier than six twelve (612) months months, and no later than nine (9) months, prior to the expiration of the then existing initial Term or Renewal Term, as the case may be. Once Tenant shall exercise any Renewal Option, Tenant may not thereafter revoke such exercise, except as expressly set forth below. Tenant shall not have the right to exercise any Renewal Option at a time being that an Event of Default (or an event which with notice and/or lapse of time could become an Event of Default) under this Lease has occurred. Tenant's failure to exercise timely a Renewal Option for any reason whatsoever shall conclusively be deemed a waiver of such Renewal Option and any future Renewal Option. At Landlord's option, Landlord may adjust the Annual Rent for any Renewal Term to an annual rate equal to the Fair Market Value Rate (as hereinafter defined) as of the essence with respect commencement of such Renewal Term. As used in this Lease, "Fair Market Value Rate" shall mean the fair market value rental rate per square foot of rentable area per year in effect at the commencement of the applicable Renewal Term for comparable tenants taking comparable space in comparable conditions under comparable terms in comparable buildings in the same rental market (hereinafter called "Comparable Buildings"); provided, however, that in no event shall the Annual Rent for the first Renewal Tenn be less than the Annual Rent for the last twelve (12) months of the initial Term and in no event shall the Annual Rent for the second Renewal Term be less than the Annual Rent for the last twelve (12) months of the immediately preceding Renewal Term. It is also agreed and understood that the Fair Market Value Rate shall include: (a) rent; and (b) rental operating expenses, property tax, and utility and expense adjustments that are being included as part of the terms and conditions of industrial tenant leases for comparable tenants in Comparable Buildings as of the time of determination of the Fair Market Value Rate. Landlord shall advise Tenant within fifteen (15) days after Tenant exercises any Renewal Option of the Fair Market Value Rate which shall be in effect as of the commencement date of the respective Renewal Term. Tenant shall then have fifteen (15) days to notify Landlord of its acceptance or rejection of the Fair Market Value Rate for such notificationRenewal Term. Notice thereof In the event Tenant fails to so notify Landlord within such fifteen (15) day period, Tenant shall be deemed sufficient if given to have accepted the Fair Market Value Rate proposed by Landlord. Notwithstanding the prohibition on Tenant's right to revoke its exercise of the Renewal Option, in the manner hereinafter provided. If event Tenant and Landlord does not receive are unable to agree on the Fair Market Value Rate for any Renewal Term within sixty (60) days after Tenant exercises its Renewal Option for such written notice as and when required hereinRenewal Term, Tenant shall be deemed to have revoked the Renewal Term Option and such Renewal Option, together with any future Renewal Option, shall terminate be deemed null and be void and of no further force or effect. Tenant shall take the Premises "as is" for any Renewal Term and Landlord shall have no obligation to make any improvements or alterations to the Premises. Except as set forth in this Article, and this Lease shall expire as the leasing of the then-scheduled expiration date. The Premises for any Renewal Term shall be upon the same terms and conditions as the leasing of the Premises for the initial Term and shall be upon and subject to all of the terms, covenants and conditions provisions of this Lease, except that the Fixed Rent . Any Renewal Option granted to Tenant under this Article shall be increased personal to Tenant and shall not be transferred, encumbered, or assigned 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 Tenant or in any manner transferred to, or exercised by, any subtenant 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 periodTenant.

Appears in 1 contract

Samples: Lease (Lmi Aerospace Inc)

Renewal Option. Landlord hereby grants to Tenant1. Provided no Event of Default exists, and Tenant shall have, the right and option to extend the Term of may renew this Lease for one two (12) period additional periods of five (5) years (each for all of the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day Premises or a portion thereof not less than 70% of the initial Term. Tenant shall notify Landlord Total Premises Rentable Square Feet (at the time of Lease execution), on the same terms provided in writing of its election to extend this Lease for (except as set forth below), by delivering written notice of the Renewal Term exercise thereof to Landlord not less earlier than six eighteen (618) months prior to and not later than twelve (12) months before the expiration of the initial Term. If Tenant’s written notice indicates that Tenant intends to renew this Lease for less than the entire Premises, time being Tenant’s notice shall also indicate those portions of the essence with respect Premises to such notificationbe surrendered. Notice thereof The configuration and location of that portion of the Premises proposed for surrender shall be deemed sufficient subject to Landlord’s approval, which shall not be unreasonably withheld provided that such surrendered space is: (a) a contiguous whole, (b) easily accessible from the Common Areas, and (c) in a reasonably leasable configuration. Within 30 days after receipt of Tenant’s notice to renew, Landlord shall deliver to Tenant written notice of the Prevailing Rental Rate and shall advise Tenant of the required adjustment to Basic Rental, if given any, and the other terms and conditions offered. Tenant shall, within ten business days after receipt of Landlord’s notice, notify Landlord in writing whether Tenant accepts or rejects Landlord’s determination of the manner hereinafter providedPrevailing Rental Rate. If Tenant timely notifies Landlord does not receive such written notice as that Tenant accepts Landlord’s determination of the Prevailing Rental Rate, then, on or before the commencement of the extended Term, Landlord and when required herein, the Renewal Term Tenant shall terminate and be of no further force or effect, and execute an amendment to this Lease shall expire as of extending the then-scheduled expiration date. The Renewal Term shall be upon all of on the terms, covenants and conditions of same terms provided in 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.follows:

Appears in 1 contract

Samples: Lease Agreement (ReachLocal Inc)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have one (1) option (the right and option "Renewal Option") to extend the Term of this Lease for one (1) an additional period of five three (53) years beyond the Expiration Date (the "Renewal Term"). The Renewal Term Option shall commence upon be effective only if Tenant is not in Default under this Lease, nor has any event occurred which with the day next following giving of notice or the last day passage of time, or both, would constitute a Default hereunder, either at the time of exercise of the initial 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 shall notify to Landlord in writing of its election to extend this Lease for the Renewal Term given not more than nine (9) months nor less than six four (64) months prior to the expiration of the initial Term, time being of the essence with respect . Any such notice given by Tenant to such notification. Notice thereof Landlord shall be deemed sufficient if given in the manner hereinafter providedirrevocable. If Landlord does not receive such written notice Tenant fails to exercise the Renewal Option in a timely manner as and when required hereinprovided for above, the Renewal Term Option shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration datevoid. The Renewal Term shall be upon all of the terms, covenants same terms and conditions of this Leaseas the initial Term, except that (i) the Fixed annual Base Rent during the Renewal Term shall be increased by adding the CPI Adjustment Amount (defined below) equal to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying higher of (A) the Fixed Base Rent payable hereunder immediately prior to the Expiration Date, or (B) the prevailing market rate for space in well located, high visibility buildings in Xxxxxxx Park comparable to the last year of the initial Term by Premises in size, condition, quality and type, and with a ratiocomparable landlord (taking into account, among other things, the numerator availability of which is the Consumer Price Index for All Urban Consumerstenant improvement dollars) (collectively, Cleveland-Akron"Comparable Buildings"), 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 at the commencement date of the Renewal Term, and (ii) Tenant shall pay to Landlord in monthly installments throughout the denominator of which is the Index as Renewal Term Tenant's prorata share 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 HVAC Costs (as will most nearly accomplish the aim or purpose of the Index shall be used defined 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 EXHIBIT B hereto) falling due within the Renewal Term, as calculated under Paragraph 8(f) of said EXHIBIT B. As used herein, the term "prevailing market rate" shall mean the base annual rental for such comparable space, taking into account any additional rental and all other payments and escalations payable hereunder and by tenants under leases of such comparable space. If Tenant is in default hereunder beyond any applicable grace or cure period.disputes Landlord's determination of the prevailing market rate, Tenant shall so notify the Landlord within ten (10) days following Landlord's notice to Tenant of the prevailing market rate and such dispute shall be resolved as follows:

Appears in 1 contract

Samples: Lease Agreement (Hybrid Networks Inc)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have one (1) option (the right and option "Renewal -------------- Option") to extend the Term of this Lease for one an additional three (1) period of five (53) years beyond the Expiration Date (the "Renewal Term"). The Renewal Term Option shall commence upon be effective only if an event of default is not occurring, nor has any event occurred which, with the day next following giving of notice or the last day passage of time, or both, would constitute an event of default under this Lease, either at the time of exercise of the initial 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 shall notify to Landlord in writing of its election to extend this Lease for the Renewal Term given not more than nine (9) months nor less than six (6) months prior to the expiration of the initial Term, time being of the essence with respect . Any such notice given by Tenant to such notification. Notice thereof Landlord shall be deemed sufficient if given in the manner hereinafter providedirrevocable. If Landlord does not receive such written notice Tenant fails to exercise the Renewal Option in a timely manner as and when required hereinprovided for above, the Renewal Term Option shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration datevoid. The Renewal Term shall be upon all of the terms, covenants same terms and conditions of this Leaseas the initial Term, except that the Fixed annual Base Rent during the Renewal Term shall be increased by adding equal to ninety-five percent (95%) of the CPI Adjustment Amount Prevailing Market Rate (as such term is defined below) for space of comparable size and location to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying Premises being offered for rent in comparable office buildings in the Fixed San Francisco Financial District (collectively "Comparable Buildings") at the commencement of the Renewal Term; provided, however, that in no event shall the Base Rent payable for the Renewal Term be less than the Base Rent for the last year of the initial Term by a ratioTerm. As used herein, the numerator term "Prevailing Market Rate" shall mean the base annual rental for such comparable space, taking into account any additional rental and all other payments and escalations payable hereunder and by tenants under leases of which is such comparable space, and any refurbishment allowances or tenant improvement allowances, if any, that are prevalent in lease renewals in the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics market as such times. If Tenant disputes Landlord's determination 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 foregoingPrevailing Market Rate, Tenant shall have no right so notify Landlord within ten (10) days following Landlord's notice 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.Prevailing Market Rate and such dispute shall be resolved as follows:

Appears in 1 contract

Samples: Lease (Netcentives Inc)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, the right and option to extend the Term of this Lease for (but no assignee or subtenant) 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 option to extend renew this Lease for a period extending sixty-four (64) months following the Renewal Term Commencement Date. The renewal option shall be exercised by Tenant notifying Landlord thereof in writing not less than six two hundred forty (6240) months days prior to the expiration of the initial Termthen current lease term, time being of as the essence with respect to such notificationcase may be. Notice thereof Such renewal 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 subject to all of the terms, covenants terms and conditions of this Lease, Lease except that (i) the Fixed Rent rentals payable during each renewal term shall be increased by adding as set forth below and (ii) no further renewal option shall exist daring the CPI Adjustment Amount (defined below) renewal term. It shall be a condition to Tenant's exercising the then-current Fixed Rentrenewal option herein granted that Tenant not be then in default under this Lease beyond any applicable notice and cure period. The “CPI Adjustment Amount” is calculated by multiplying Basic Rental for each renewal term shall be based on the Fixed Rent payable then prevailing rental rates for properties of equivalent quality, size, utility and location in the Dallas/Forth Worth market with the length of the lease term and the creditworthiness of the Tenant taken into account; provided, however, that in no event shall the Basic Rental in any renewal period be less than the Basic Rental for the last year month immediately preceding said renewal period. .Upon notification from Tenant of its intent to exercise each renewal option, Landlord shall, within fifteen (15) days thereafter, notify Tenant in writing of the initial Term by a ratioBasic Rental for the applicable renewal term; Tenant shall, the numerator within fifteen (15) days following receipt of which is the Consumer Price Index for All Urban Consumerssame, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics notify Landlord in writing of the United States Department of Labor (the “Index”) on the date nearest the commencement date acceptance or rejection of the Renewal Term, and proposed Basic Rental. In the denominator event of which is rejection by Tenant the Index as of Basic Rental for 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 applicable renewal term 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.determined as follows:

Appears in 1 contract

Samples: Industrial Lease Agreement (Mohawk Industries Inc)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, the right and option to renew and extend the Term term of this Lease for one (1) period term of five sixty (560) years months (the “Renewal TermPeriod”). In the event Tenant elects to exercise the option described herein, all terms and conditions of this Lease shall continue in full force and effect except as set forth in this Paragraph. The monthly rent to be paid during the Renewal Term Period (the “Renewal Rate”) shall commence upon be the day next following the last day fair market value of the initial Premises as determined by the market rental rate for buildings comparable to the Project, at the commencement of such extended Lease Term, for space of equivalent quality, size, utility and location, with the length of the extended Lease Term and the credit standing of Tenant to be taken into account; provided, however, the Base Rent for the Renewal Period shall not be less than the then-applicable Base Rent for the Premises nor exceed $3.90 per square foot on an annual basis. Initials: /s/ KS /s/ RL Landlord Tenant shall notify Notice of Tenant’s intention to exercise the option must be given to 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 Termprimary term of this Lease, and Tenant must not be in default (after any applicable notice and cure period) under this Lease at either the time being that this option must be exercised or the commencement of the essence with respect Renewal Period; otherwise, this Renewal Option shall be null and void and of no further force or effect. Tenant’s failure to such notification. Notice thereof give notice of exercise of the Renewal Option shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive a waiver of such written notice as option and when required herein, the Renewal Term shall terminate and such option will then be of no further force or effect, and this Lease . Landlord 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 deliver written notice (the “IndexLandlord Notice”) to Tenant, within fifteen (15) days after Landlord’s receipt of a timely Renewal Option notice, which sets forth the Renewal Rate after the Landlord’s reasonable determination of the fair market value of the Premises as set forth in this Paragraph. Landlord and Tenant shall negotiate in good faith to attempt to reach agreement on the date nearest Renewal Rate. If Landlord and Tenant are unable to come to an agreement as to the commencement date Renewal Rate within thirty (30) days 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 IndexLandlord Notice, then such other index or standard as will most nearly accomplish the aim or purpose of the Index this Renewal Option shall be used in determining deemed waived and of no effect. If Landlord and Tenant agree on the amount of any such adjustment. Notwithstanding the foregoingRenewal Rate, 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 promptly execute and deliver an amendment of the Lease in form and substance satisfactory to Landlord and Tenant to evidence the exercise of this Renewal TermOption and the effect thereof. In the event the Premises are sublet or assigned other than to an Affiliate, Tenant is in default hereunder beyond any applicable grace or cure periodthis renewal option shall be null and void and of no effect.

Appears in 1 contract

Samples: Lease Agreement (Ufp Technologies Inc)

Renewal Option. Landlord hereby grants to TenantIf Tenant has not committed an Event of Default at any time during the New Space Term, and Tenant shall haveis occupying the entire Premises at the time of such election, Tenant may renew the right and option to extend the Term of this Lease for one (1) additional period of five (5) years years, by delivering written notice of the exercise thereof to Landlord not later than twelve (12) months before the expiration of the New Space Term. The Minimum Rent payable for each month during such extended Term shall be the prevailing rental rate (the “Renewal TermPrevailing Rental Rate”). The Renewal Term shall commence upon , at the day next following commencement of such extended Term, for renewals of space in comparable buildings in the last day central Scottsdale market, of equivalent quality, size, utility and location, with the length of the initial Termextended Term and the credit standing of Tenant to be taken into account. Within thirty (30) days after receipt of Tenant’s notice to renew, Landlord shall deliver to Tenant written notice of Landlord’s determination of the Prevailing Rental Rate and shall advise Tenant of the required adjustment to Minimum Rent, if any, and the other terms and conditions offered. Tenant shall shall, within ten (10) days after receipt of Landlord’s notice, notify Landlord in writing whether Tenant accepts or rejects Landlord’s determination of the Prevailing Rental Rate. If Tenant timely notifies Landlord that Tenant rejects Landlord’s determination of the Prevailing Rental Rate, then the Prevailing Rental Rate as of commencement of the renewal Term shall be determined as follows: within thirty (30) days after receipt of Landlord’s notice specifying Landlord’s determination of the Prevailing Rental Rate, Tenant, at its election sole cost, shall obtain and deliver in writing to extend this Lease Landlord a determination of the Prevailing Rental Rate for the Renewal Premises for a term equal to the renewal Term from a broker (“Tenant’s Broker”) licensed in the State of Arizona and with not less than six ten (610) months prior to years’ experience in leasing space in comparable buildings in the expiration of central Scottsdale market. If Landlord accepts such determination, the initial Term, time being of Minimum Rent for the essence with respect to such notification. Notice thereof renewal Term shall be deemed sufficient if given in adjusted to an amount based upon the manner hereinafter providedPrevailing Rental Rate determined by Tenant’s Broker. If Landlord does not receive accept such written notice as determination within fifteen (15) days after receipt of the determination by Tenant’s Broker, Landlord shall designate a broker (“Landlord’s Broker”) licensed in the State of Arizona and when required hereinwith not less than ten (10) years’ experience in leasing space in comparable buildings in the central Scottsdale market. If Landlord’s Broker and Tenant’s Broker cannot together agree on the Prevailing Rental Rate, Landlord’s Broker and Tenant’s Broker shall name a third broker, similarly qualified, within five (5) days after the Renewal Term appointment of Landlord’s Broker. Each of said three (3) brokers shall terminate and be of no further force or effect, and this Lease shall expire determine the Prevailing Rental Rate for the Premises as of the then-scheduled expiration datecommencement of the renewal Term for a five (5) year term within fifteen (15) days after the appointment of the third broker. The Renewal Minimum Rent payable by Tenant effective as of the commencement of the renewal Term shall be upon all adjusted to an amount equal to the arithmetic average of such three determinations; provided, however, that if any such broker’s determination deviates more than ten percent (10%) from the median of such determinations, the Minimum Rent payable shall be an amount equal to the average of the termstwo closest determinations. Landlord shall pay the costs and fees of Landlord’s Broker in connection with any determination hereunder, covenants and conditions Tenant shall pay the costs and fees of this Lease, except that the Fixed Rent Tenant’s Broker in connection with such determination. The costs and fees of any third broker shall be increased paid one half ( 1⁄2) by adding Landlord and one half ( 1⁄2) by Tenant. Upon the CPI Adjustment Amount (defined below) to determination of the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Minimum Rent payable for the last year renewal Term as aforesaid, or if Tenant timely notifies Landlord that Tenant accepts Landlord’s determination of the initial Term by a ratioPrevailing Rental Rate, the numerator of which is the Consumer Price Index for All Urban Consumersthen, 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 or before the commencement date of the Renewal renewal Term, Landlord and the denominator of which is the Index as of the first day of the third Lease YearTenant shall execute XXXXXX CENTER II/TPI COMPOSITES, INC. If, during an amendment to the Lease extending the Term on the Bureau of Labor Statistics ceases to maintain same terms provided in the IndexLease (as amended by this Amendment), then such other index or standard except 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.follows:

Appears in 1 contract

Samples: Office Lease Agreement (Tpi Composites, Inc)

Renewal Option. Landlord hereby grants to Tenant, and A. Tenant shall have, have the right and option to extend and renew the Term term of this Lease lease with respect to the then existing demised premises, in its then “as is” condition, for one (1) additional period of five (5) years (years, commencing on the “Renewal Term”). The Renewal Term shall commence upon first day of the day next following sixteenth Lease Year and ending on the last day of the initial twentieth Lease Year (the “Extended Term. Tenant shall notify Landlord ”), upon the same terms and conditions as contained in writing this lease (unless changed or modified by mutual agreement) except that (i) the fixed annual rental rate, without electricity (and subject to operating expense and real estate tax escalation additional rents pursuant to paragraphs B and C of its election to extend this Lease Article 2 hereof, respectively), 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 Extended Term shall be upon all a sum equal to one hundred percent (100%) of the terms, covenants fair 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 reasonable annual market rental rate 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 demised premises as of the first day of the third Lease Extended Term, taking into account the rentals at which leases are being concluded for comparable space in the building and in comparable buildings in the same rental area as the building and all other relevant factors, including the new Base Year and base tax year applicable to the Extended Term, as hereinafter provided; (ii) for the Extended Term: under paragraph B of Article 2, the term “Base Year. If, ” shall mean the Expenses for the building project for the calendar year 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 which the commencement date of the Renewal Extended Term occurs; and the first “comparative year” under said paragraph B of Article 2 shall be the calendar year immediately following such calendar year during which the commencement date of the Extended Term occurs; (iii) for the Extended Term: under paragraph C of Article 2, the term “base tax year” shall mean the real estate taxes assessed against the building project for the New York City real estate tax year during which the commencement date of the Extended Term occurs; and the first “comparative year” under said paragraph C of Article 2 shall be the New York City real estate tax year immediately following such base tax year; and (iv) this lease, as extended for the Extended Term, Tenant is shall contain no renewal option. The exercise of such option shall only be effective upon, and in default hereunder beyond any applicable grace or cure period.strict compliance with, the following terms and conditions:

Appears in 1 contract

Samples: Non Disturbance and Attornment Agreement (Coty Inc /)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, the right and option to extend the Term of renew this Lease for one additional term of twelve (112) period of five months (5) years (the “Renewal Term”). The If this option is exercised, references in the Lease to the Term shall include the Renewal Term. Tenant must exercise the option to renew, if at all, by giving Landlord written notice of such exercise not less than ninety (90) days and not more than one hundred and twenty (120) days prior to expiration of the then current Term. Upon exercise of the option to renew or an agreement by Landlord and Tenant to renew the Term, the Term shall be extended through the expiration date of the Renewal Term on the same terms and conditions as contained herein, except that there shall be no further right to renew the Term beyond the one (1) Renewal Term. (b) for the Renewal Term, the monthly Base Rent during the Renewal Term shall commence upon be the day next following same as during the last day original Term of this Lease and Landlord shall not have the initial right to increase the Base Rent during the Renewal Term. If Tenant exercises the option to renew this Lease Landlord and Tenant shall notify Landlord in writing of its election execute and deliver an amendment to extend this Lease setting forth such fact, the amount of Base Rent for the Renewal Term not less than six (6) months prior to and all other matters consistent with the expiration foregoing. Upon any assignment of this Lease or any sublease or recapture of all or part of the initial TermPremises, time being the right to exercise the option to renew shall terminate. The right to exercise the option to renew shall also terminate upon any Event of Default by Tenant or the essence termination of this Lease or of Tenant’s right of possession; provided, if the option to renew is exercised or the Term is otherwise renewed upon mutual agreement by the parties and this Lease or Tenant’s right of possession is terminated due to an Event of Default, Landlord’s damages shall include damages 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.

Appears in 1 contract

Samples: Purchase and Sale Agreement

Renewal Option. If on the date on which Tenant delivers the Renewal Notice to Landlord hereby grants to Tenant(a) this Lease is in full force and effect, (b) no Event of Default (or any state of facts that, with the giving of notice or the passage of time, would constitute an Event of Default) shall have occurred and then be continuing, and (c) Tenant actually occupies one hundred percent (100%) of the Premises, then Original Tenant shall havehave the right, at its option (the right and option “Renewal Option”), to extend renew the initial Term of this Lease with respect to the entire Premises for one (1) additional period of five (5) years (the “Renewal Term”). The ) commencing on the day immediately succeeding the Initial Expiration Date (the “Renewal Term shall commence upon Commencement Date”) and expiring on the day next following the last day fifth (5th) anniversary of the initial TermRenewal Term Commencement Date or such earlier date upon which the Lease Term may expire or be terminated pursuant to any of the conditions of limitation or other provisions of this Lease or pursuant to law (the “Renewal Term Expiration Date”). Tenant shall notify Landlord in writing of its election to extend this Lease for exercise the Renewal Term not less Option by delivering a written notice (the “Renewal Notice”) to Landlord no later than six twelve (612) months prior to the expiration of the initial TermExpiration Date, time being of the essence with respect to such notificationessence. Notice thereof If Tenant timely exercises the Renewal Option, then the Lease Term shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, extended for the Renewal Term shall terminate and be without the requirement of no any further force or effectinstrument, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the same terms, covenants provisions and conditions of set forth in this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) as otherwise set forth in this Section 3.4. If Tenant fails 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 timely give 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 foregoingNotice, Tenant shall have no further rights under this Section 3.4, and Landlord shall be under no further obligation to offer to renew or extend the Term. There shall be no further right to renew this extend the Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of Term beyond the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.

Appears in 1 contract

Samples: Tenant Lease Agreement (Protara Therapeutics, Inc.)

Renewal Option. Landlord hereby grants to Tenant, and A. Tenant shall have, have the right and option to extend the Term of this Lease for one (1) period of five (5) years (hereinafter called the “Renewal "Extended Term"). The Renewal Term shall commence upon the day next following the last day of the initial Term. , provided Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six nine (69) months prior to the Expiration Date that Tenant elects to extend the term of this Lease and provided further that if Tenant is in default (after the expiration of any applicable grace period) on the initial Term, time being date of giving the essence with respect to such notification. Notice thereof option notice the option notice shall be deemed sufficient ineffective or if given Tenant is in default (after the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinexpiration of any applicable grace period) on the date the Extended Term is to commence, the Renewal Extended Term shall terminate and be of no further force or effectnot Page 4 ------------------------------------------------------------------ commence, and this Lease shall expire as at the end of the then-scheduled expiration datethen current term. The Renewal Term If the lease term is extended as aforesaid this Lease, as extended, shall be upon all of the same terms, covenants and conditions of this Lease, as are set forth therein except that the Fixed that: (i) Base Rent shall be increased by adding payable at the CPI Adjustment Amount rate set forth in paragraph B below plus applicable sales tax; (defined belowii) the Base Year during the Extended Term shall be calendar year 2002; (iii) Landlord shall have no obligation to contribute to or make or pay for any alterations or improvements 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 Premises; (1982-1984=100iv) 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 further option to renew or extend the term; and (v) Tenant's Lobby Share shall be payable during the Extended Term. Failure to comply with the provisions of this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date Paragraph A shall be deemed a complete waiver of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodoption set forth herein.

Appears in 1 contract

Samples: Lease Agreement (Capital Bancorp/Fl)

Renewal Option. Landlord hereby grants to TenantProvided that no event of default or sublease has ever occurred under any term or provision contained in the Lease and no condition exists which with the passage of time or the giving of notice or both would constitute an event of default either on the date Tenant exercises its Renewal Option (as defined herein) or upon the commencement of the Renewal Term (as defined herein), and Tenant shall have, have the right and option (the “Renewal Option”) to extend renew the Term Lease for the entirety of this Lease the Premises for one (1) period of separate, additional five (5) years year period (the “Renewal Term”). The , by written notice (“Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Notice”) delivered to Landlord in writing of its election to extend this Lease for the Renewal Term not less no later than six nine (69) months prior to the expiration of the initial Term, time being of Term under 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 same terms, conditions and covenants and conditions of contained in this Lease, except that (a) no abatements or other concessions, if any, applicable to the Fixed Term shall apply to the Renewal Term; (b) the monthly Basic Rent shall be increased by adding the CPI Adjustment Amount (defined below) equal to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying Fair Net Effective Market Rate for comparable Class A office space being offered in 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 southeast Denver office submarket as of the first day end 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, determined by Landlord and Tenant as set forth hereafter (“Fair Net Effective Market Rate”); (c) Tenant shall have no right to renew this Lease if, either Renewal Option beyond the expiration of Renewal Term; and (d) all leasehold improvements within the Premises shall be provided in their then existing condition (on an “as is” basis) at the time the Renewal Term commences. Failure by Tenant notifies Landlord to provide the Renewal Notice within the time limits set forth herein shall constitute a waiver of such Renewal Option. In the event Tenant delivers its election Renewal Notice as set forth above no later than nine (9) months prior to extend this Lease or upon the commencement date expiration of the Term, Landlord and Tenant, upon written notice from Landlord, shall have a period of sixty (60) days in which to agree on the Fair Net Effective Market Rate. If they agree within that period, they shall immediately execute an amendment to the Lease stating the Monthly Base Rent for the applicable Renewal Term. If after negotiating in good faith Landlord and Tenant shall fail to agree upon such Fair Net Effective Market Rate within the sixty (60) day period, then each party shall, within ten (10) days designate by written notice to the other party one (1) licensed Colorado real estate broker with appropriate experience and of good reputation, having at least five (5) years’ experience in the southeast Denver office submarket (“Broker(s)”). The two Brokers so designated shall together determine whether Landlord’s determination of the Fair Net Effective Market Rate or Tenant’s determination of the Fair Net Effective Market Rate is closest to the Fair Net Effective Market Rate for the space in question. Landlord and Tenant shall each require the Brokers to make such determination and report it in writing to Landlord and Tenant within twenty (20) days after such selection, and each party shall use its best efforts to secure such determination within such time period. If the two selected Brokers agree as to which rate is in default hereunder beyond any applicable grace or cure periodclosest, the rate agreed to shall be deemed the effective rental rate. If the two selected Brokers fail to agree pursuant to this procedure, they shall together immediately select a third Broker who shall then (within ten (10) days of the Brokers’ selection) determine which rate is closest to the Fair Net Effective Market Rate as determined by the third Broker. The third Broker shall notify Landlord and Tenant of the Broker’s determination and the rental rate selected shall be the effective rental rate. Each party will pay the fee of the Broker selected by it and one-half (‘/2) of the fee of the third Broker.

Appears in 1 contract

Samples: Lease Agreement (Interhealth Facility Transport, Inc.)

Renewal Option. Landlord hereby grants to Tenant31.1. So long as an Event of Default has not occurred and is not then continuing past any applicable notice and cure periods, and Tenant shall have, subject to the right and option to extend the Term provisions of this Lease for Section 31, Tenant is hereby granted a one (1) time option (the “Renewal Option”) to renew the Term as to all (but not part) of the Premises (including, any space added to the Premises by agreement of Landlord and Tenant but only to the extent Landlord and Tenant agreed at such time that this Section 31 would be applicable thereto) for a period of five (5) years (the “``Renewal Term”). The ) such Renewal Term shall to commence upon at the day next following the last day expiration of the initial Initial Term. Tenant shall notify Landlord in writing must furnish landlord with written notice of its election intent to extend this Lease for exercise the Renewal Term not less Option no later than six nine (69) months prior to the expiration of the initial TermInitial Term (the “Intent Notice”). If Tenant timely delivers the Intent Notice to Landlord, time being Landlord shall no later than eight (8) months prior to the expiration of the essence with respect Initial Term deliver to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such Tenant written notice as and when required herein, the Renewal Term shall terminate and be make of no further force or effect, and this Lease shall expire as Landlord’s determination 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 Market Rental Rate (defined below) to as of the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying commencement of the Fixed Rent payable Renewal Term and the parking rental for the last year Parking Permits (if applicable pursuant to subsection 31.2.2 below). If Tenant timely furnished the Intent Notice to Landlord as provided above, Tenant may exercise the Renewal Option by delivering written notice 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 such election (the “IndexElection Notice”) on to Landlord no later than thirty (30) days after receipt of Landlord’s notice of the date nearest Market Rental Rate. lf Tenant timely delivers the Intent Notice and the Election Notice to Landlord, but at any time prior to the commencement date of tic Renewal Term an Event of Default has occurred and is then continuing past any applicable notice and cure periods, Landlord, at its solo option during the continuance of such Event of Default, may terminate Tenant’s election to exercise the Renewal TermOption and the Renewal Option shall expire and thereafter shall not be exercisable by Tenant. If Tenant fails to timely exercise the Renewal Option by failing to timely deliver the Intent Notice or the Election Notice as provided above, the Renewal Option shall terminate automatically, 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 waived forever its right to renew this Lease if, either at and extend 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.

Appears in 1 contract

Samples: Lease (Hallmark Financial Services Inc)

Renewal Option. Landlord hereby grants to TenantIn the event the Tenant has performed all of the terms, covenants, and Tenant shall have, the right and option to extend the Term conditions of this Lease for one (1) period which are required of five (5) years (it, then and in that event, 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 is granted an option to extend this Lease for two additional terms of one (1) year beginning immediately upon the Renewal Term not less than expiration of the initial term as defined herein. The option provided for above shall be exercised by the Tenant notifying the Landlord in writing by certified or registered mail at least six (6) months prior to before the expiration of the initial Termoriginal term of this Lease of its intention to exercise such option. If the option is not exercised as herein provided for, time being of then the essence with respect to such notification. Notice thereof option shall be deemed sufficient if given in waived and the manner hereinafter providedLease shall terminate accordingly. If Landlord does not receive such written notice as and when required hereinsaid option is exercised, 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, conditions, and covenants and conditions of this Lease, Lease including provisions for additional rental charges shall prevail and be binding upon the parties for the extended period except that the Fixed Rent annual minimum rental for the extension period shall be increased established as set forth hereafter. The annual minimum rental for the extension period shall be computed by using Four Dollars ($4.00) per square foot per year as the base rate and adding thereto the CPI Adjustment Amount (defined below) amount resulting from a percentage increase of that figure equal to the thenpercentage increase in the consumer price index for all cities from the base year through the expiration point with a cap on such increase of five percent (5%) per year. For the purposes of computing the consumer price index, January 1, 1996 shall be considered as the base month and year. In addition, the rate would be adjusted on a pro-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying rata basis based upon the Fixed Rent payable for the last year total square foot of the initial Term Total Premises for any increase in land rental charges levied by a ratiothe ultimate owner of the real estate of Reading Regional Airport Authority, the numerator all of which is are passed on to the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published Landlord named herein. Both parties understand that such land rental rate increases do not occur until 1998 as the land rental cost levied 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 periodReading Regional Airport Authority remains fixed until that time.

Appears in 1 contract

Samples: Sublease Agreement (Eltrax Systems Inc)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have the right and option to extend the Term term of this Lease for one the respective Extension Term (1hereafter defined) period upon and subject to the following terms and conditions: so long as there has not occurred an Event of Default, Tenant may extend this Lease for two (2) extension terms (each, an "Extension Term") of five (5) years each by Tenant giving written notice thereof (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 an "Extension Notice") to extend this Lease for the Renewal Term not less Landlord, by no later than six nine (69) months prior to the expiration of the initial Term, time being or Extension Term, as the case may be. Within thirty (30) days after the Extension Notice, Landlord shall advise Tenant in writing of Landlord's determination of the essence with respect Fair Market Value Rate (such notice being referred to herein as a "Fair Market Value Notice"). Upon receipt of a Fair Market Value Notice from Landlord, Landlord and Tenant shall endeavor to agree upon the Fair Market Value Rate within thirty (30) days (the "Rate Determination Period") after Tenant's receipt of such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter providedFair Market Value Notice. If Landlord does not receive such written notice as and when required herein, Tenant fail to agree upon the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as Fair Market Value Rate by the expiration 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 foregoingRate Determination Period, Tenant shall have the option to (i) rescind Tenant's Extension Notice, in which event the Lease shall not be extended beyond the current Initial Term or Extended Term, as the case may be, and Tenant shall have no right further renewal rights hereunder, or (ii) accept the Fair Market Value Rate provided by Landlord in the Fair Market Value Notice. Tenant's election must be made within thirty (30) days following expiration of the Rate Determination Period (the "Election Deadline"). In the event Tenant fails to make such election in writing prior to Election Deadline, Tenant shall be deemed to have elected to renew this the Lease if, either at the time Tenant notifies Landlord of its election pursuant 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(ii) above.

Appears in 1 contract

Samples: Suit Lease Agreement (Englobal Corp)

Renewal Option. (a) As long as Tenant is not in default in the performance of its covenants under this Lease, Landlord hereby grants to Tenant, and shall grant Tenant shall have, the right and option to extend renew (the Term “Renewal Option”) the term of this Lease for one (1) a period of five sixty (560) years additional months (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 exercise the Renewal Option by delivering written notice of its such election to extend this Lease for the Renewal Term not less than six Landlord at least twelve (612) months prior to the expiration of the initial Term, time being term of the essence with respect to such notificationthis Lease. 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 The renewal 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 same terms and conditions of this Lease, except that (i) the Fixed Rent Base Rental Rate during the Renewal Term shall be increased by adding calculated based on the CPI Adjustment Amount prevailing Market Base Rental Rate (defined belowas hereinafter defined) to at the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying time the Fixed Rent payable for Renewal Term commences (provided in no event shall the last year Base Rental Rate be less than the then prevailing Base Rental Rate reserved in this Lease at the expiration of the initial Term by a ratioLease Term), (ii) Tenant shall have no option to renew this Lease beyond 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 expiration of the Renewal Term, and (iii) Tenant shall not have the denominator of which is the Index as right to assign its renewal rights to any sublessee of the first day Premises or any portion thereof or to any assignee of the third Lease Year. IfLease, during nor may any such sublessee or assignee exercise or enjoy the Lease Term benefit of such renewal rights, (iv) the Bureau of Labor Statistics ceases to maintain leasehold improvements will be provided in their then-existing condition (on an “as is” basis in the Index, then such other index or standard as will most nearly accomplish the aim or purpose broadest sense of the Index term) at the time the Renewal Term commences, and (v) there shall not be used in determining the amount any rent abatement period and Tenant shall not be entitled to cash payment, concessions or allowance of any such adjustmentnature or amount whatsoever. Notwithstanding the foregoing, Tenant shall have no right to exercise such option to renew, and Landlord shall have no obligation to renew this Lease, unless (A) this Lease shall be in full force and effect upon the date of the exercise of the Renewal Option and upon the date of the expiration of the original term, and (B) on the date of the exercise of the Renewal Option and on the date of the expiration of the original term there shall exist no current default on the part of Tenant under this Lease. If Tenant shall fail to exercise the Renewal Option within the time permitted or conditions (A) and (B) set forth above are not entirely satisfied, the Renewal Option shall automatically terminate, this Lease shall expire at the expiration of the original term and Tenant shall have no further right thereafter to renew this Lease if, either at or to acquire any interest whatsoever in the time Premises. If Tenant notifies shall remain in possession of the Premises after the expiration of the original term without there having been executed between Landlord of its election and Tenant an amendment to extend this Lease or upon as contemplated by the commencement date terms of the Renewal Termthis Section, then Tenant is shall be a Tenant holding over as provided in default hereunder beyond any applicable grace or cure periodthis Lease.

Appears in 1 contract

Samples: Lease Agreement (BioHorizons, Inc.)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have the right to renew and option to extend the term of this Lease for the Renewal Term of (herein so called) upon and subject to the following terms and conditions: Tenant may extend this Lease for one (1) period Renewal Term of five (5) years by Tenant's giving Landlord a Renewal Notice no more than twelve (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 12) months and no less than six nine (69) months prior to the expiration of the initial term. Such Renewal Term shall commence immediately upon the expiration of the initial term and upon exercise of such renewal option the expiration date of the term shall automatically become the last day of the Renewal Term. If Tenant does not renew the Lease in a timely manner for the Renewal Term, time being of the essence then Tenant's rights with respect to such notificationRenewal Term shall expire and be of no further force and effect. Notice thereof shall The exercise by Tenant of the renewal option set forth herein must be deemed sufficient made, if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinat all, by delivery of the Renewal Term Notice to Landlord on or before the dates set forth above. Once Tenant shall exercise such renewal option, Tenant may not thereafter revoke such exercise. At Landlord's election, Tenant's renewal option shall terminate and be of no further force or effecteffect if (i) an Event of Default exists under the Lease at the time Tenant attempts to exercise its renewal option, (ii) Tenant defaults under any provision of the Lease after exercising its renewal option and such default continues beyond any applicable cure period provided in the Lease, (iii) at any time during the Term of the Lease, as extended, Tenant assigns the Lease to a third party, or (iv) at the time Tenant attempts to exercise its renewal option, Tenant has subleased or has demonstrated an intention to sublease more than fifty percent (50%) or more of the Premises to an unrelated third party. Tenant shall take the Premises "as is" for the Renewal Term and, other than as may then be a component of the "Fair Market Rental Rate", Landlord shall have no obligation to make any improvements or alterations to same; provided, however, Landlord shall comply with its repair and maintenance obligations as set forth in this Lease. Annual Base Rent for the Renewal Term shall be the "Fair Market Rental Rate" multiplied by the number of square feet of net rentable area in the Building, but in no event less than the Base Rent for the last Lease Year of the initial term. Within thirty (30) days after the date of Tenant's Renewal Notice, Landlord and Tenant shall endeavor in good faith to agree upon the Fair Market Rental Rate applicable to the Building for each year of the Renewal Term. In the event Landlord and Tenant are unable to agree upon the Fair Market Rental Rate within the aforesaid thirty (30) day period, Landlord and Tenant shall each select a broker to determine the Fair Market Rental Rate within thirty-five (35) days after the date of the Renewal Notice. Each broker shall make an independent determination of the Fair Market Rental Rate of the Building for each year of the Renewal Term. If the two brokers so appointed agree on the Fair Market Rental Rate for each year of the Renewal Term within forty (40) days after the date of the Renewal Notice, the Fair Market Rental Rate shall be the amount determined by them. If the two brokers so appointed do not agree on the Fair Market Rental Rate within forty (40) days after the date of the Renewal Notice, the two brokers shall jointly appoint a third broker on or before the forty-fifth (45th) day after the date of the Renewal Notice. The third broker shall make a valuation within fifty (50) days after the date of the Renewal Notice and the Fair Market Rental Rate for each year of the Renewal Term shall be an amount equal to the quotient obtained by dividing the sum of the Fair Market Rental Rates determined by the two brokers who were closest to each other in amount, by two. Each broker appointed shall be an individual of recognized competence who has a minimum of ten (10) consecutive years' experience in the leasing of office space in the suburban Northern Virginia area immediately preceding such engagement. All valuations of the Fair Market Rental Rate shall be in writing, shall be expressed in terms of an annual rent per square foot of rentable area, and shall take into consideration that the Premises are to be taken in "as is" condition for any renewal period. Each broker shall determine the Fair Market Rental Rate on the basis of all relevant factors affecting Fair Market Rental Rates such as concessions then being offered in the marketplace. The party appointing each broker shall be obligated, promptly after receipt of the valuation report prepared by the broker appointed by such party, to deliver a copy of such valuation report to the other party in the manner provided elsewhere in this Lease for the giving of notices. If a third broker is appointed, the third broker shall expire as be directed, at the time of his appointment, to deliver copies of his valuation report, promptly after its completion, to Landlord and Tenant in the manner provided elsewhere in this Lease for the giving of notices. The expenses of each of the then-scheduled expiration datefirst two brokers appointed shall be borne by the party appointing such broker. The expenses of the third broker appointed shall be paid one-half by Landlord and one-half by Tenant. Tenant shall not be entitled to any rental abatement concessions, additional renewal options or other similar concessions during any Renewal Term, except to the extent they constitute part of the determination of the Fair Market Rental Rate. Except as set forth herein, the leasing of the Premises for the Renewal Term shall be upon the same terms and conditions as are applicable for the initial term and shall be upon and subject to all of the terms, covenants and conditions provisions of this Lease, except that including, without limitation, the Fixed Rent obligation of Tenant to pay any costs or amounts payable by Tenant to Landlord under the Lease. Tenant's rights under this Section 16.32 shall be increased by adding the CPI Adjustment Amount (defined below) personal to Tenant and shall not inure to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year benefit of any assignee or occupant of the initial Term by a ratio, the numerator of Premises other than an assignee which is the Consumer Price Index for All Urban Consumersa successor corporation into which or with which Tenant is merged or consolidated or which acquires substantially all of Tenant's assets and property, Cleveland-Akronor to any subsidiary, All Items (1982-1984=100) published by the Bureau affiliate or parent company of Labor Statistics Tenant, or any subsidiary of the United States Department parent company 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 periodTenant.

Appears in 1 contract

Samples: Stanford Telecommunications Inc

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have the right and option to extend renew the Term for all of this Lease the Premises for one (1) period renewal term of five (5) years (the “Renewal Term”)) which shall commence on the day following the expiration of the initial Term and end on the fifth (5th) anniversary of the Expiration Date, unless such Renewal Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Renewal Term shall commence upon the day next following the last day of the initial Term. only if (a) Tenant shall notify have notified Landlord in writing of its election to extend this Lease for the Renewal Term Tenant’s exercise of such renewal right not more than fifteen (15) months nor less than six twelve (612) months prior to the expiration Expiration Date, (b) at the time of the initial Termexercise of such right and immediately prior to the Expiration Date, no Event of Default shall have occurred and be continuing hereunder, (c) the Tenant named herein (i.e., KX Xxxxxxxx & Company, LLC) shall not have assigned the Lease and shall be in occupancy of one hundred percent (100%) of the rentable area of the Premises at the time being such notice is given, and (d) there shall not have occurred any material adverse change in the financial condition of Tenant from the condition described in the financial statements submitted by Tenant to Landlord in connection with this Lease, Time is 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 giving of the then-scheduled expiration datenotice of Tenant’s exercise of the renewal option. The Renewal Term shall be upon all of the agreements, terms, covenants and conditions of this Leasehereof binding upon Tenant, except that the Fixed Rent shall be increased by adding determined as provided in Section 28.2 and Tenant shall have no further right to renew the CPI Adjustment Amount (defined below) to Term following the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year expiration 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 Renewal Term. Upon the commencement date of the Renewal Term, (A) the Renewal Term shall be added to and the denominator of which is the Index as become part of the first day Term (but shall not be considered part of the third Lease Year. Ifinitial Term), during (B) any reference to “this Lease,” to the Lease Term the Bureau “Term,” and “term of Labor Statistics ceases to maintain the Index, then such other index this Lease” or standard as will most nearly accomplish the aim or purpose of the Index any similar expression shall be used in determining the amount of any deemed to include 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 periodand (C) the expiration of such Renewal Term shall become the Expiration Date.

Appears in 1 contract

Samples: Lease (Affirmative Insurance Holdings Inc)

Renewal Option. Landlord hereby grants Subject to the conditions herein, provided that (a) Tenant has not assigned the Lease or sublet any portion of the Premises other than to an entity controlling, controlled by or under common control with Tenant, or to any successor of Tenant resulting from a merger or consolidation of Tenant, and (b) Tenant is not in default under the Lease beyond any applicable notice, grace or cure period, Tenant shall havehave the right, the right and option at Tenant’s option, to elect to extend the Term of this the Lease for one (1) period of five (5) years (the “Renewal Term”). The Renewal Term Term, if properly exercised in accordance herewith, shall commence upon on the day next immediately following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Extended 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 dateLease. The Renewal Term shall be upon all exercised by Tenant giving written notice 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 exercise thereof (the “IndexRenewal Notice”) to Landlord on or before the date nearest day that is nine (9) months, but not more than twelve (12) months, prior to the commencement date of the Renewal Term, and the denominator of which is the Index as of the first last day of the third Lease Year. If, during the Lease Extended 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 adjustmentLease. Notwithstanding the foregoing, Tenant shall have no right to renew this extend the Term of the Lease, and the Renewal Notice shall not be effective, if (i) Tenant fails to timely give its Renewal Notice as provided herein, or (ii) a default by Tenant exists under the Lease ifbeyond any applicable notice, either at grace or cure period (x) when Landlord receives the time Tenant notifies Landlord of its election to extend this Lease Renewal Notice, or (y) upon the expiration of the Extended Term of the Lease prior to the commencement date of the Renewal Term. In the event Tenant properly exercises the Renewal Term, within ten (10) days of receipt of such Renewal Notice, Landlord shall provide the annual Base Rent at which Landlord is willing to lease the Premises to Tenant for the Renewal Term (the “Renewal Rent”), which Renewal Rent shall be based on the “then current fair market rent rate” for buildings of comparable size, type and class located in the same area of Coral Gables, Florida, under leases and renewal amendments being negotiated and entered into at or about the time the Renewal Rent is being determined, giving appropriate consideration to tenant creditworthiness, tenant concessions, length of the term, landlord or building services provided to a tenant, brokerage commissions, tenant improvement allowances and similar factors. If Tenant in its reasonable judgment determines that Landlord’s proposed Renewal Rent does not accurately reflect the then current fair market rent rate, Tenant is shall provide Landlord written notice of its objection to Landlord’s determination of the Renewal Rent within ten (10) days after Tenant’s receipt of Landlord’s determination of Renewal Rent. If Tenant timely delivers notice of its objection to Landlord’s determination of Renewal Rent as set forth above, then for a period of thirty (30) days after the date of Tenant’s notice (the “Negotiation Period”), Landlord and Tenant shall work together in default hereunder beyond any applicable grace good faith to agree upon the Renewal Rent. If Landlord and Tenant fail to agree on the Renewal Rent within such Negotiation Period, Tenant shall, within ten (10) days after expiration of the Negotiation Period, by written notice to Landlord, elect either (i) to withdraw its Renewal Notice, in which event the Lease shall expire on the Expiration Date of the Extended Term, or cure period.(ii) to submit the Renewal Rent to determination in accordance with the following procedures (the “Appraisal Election”):

Appears in 1 contract

Samples: Lease (Catalyst Pharmaceutical Partners, Inc.)

Renewal Option. Landlord hereby grants to Tenant, Provided no Event of Default exists and Tenant shall haveis occupying not less than 80% of the entire Premises initially leased at the time of such election, the right and option to extend the Term of Tenant may renew this Lease for one (1) additional period of five (5) years by delivering written notice of the exercise thereof to Landlord not earlier than 18 months nor later than 12 months before the expiration of the Term. The Basic Rent payable for each month during such extended Term shall be the greater of (i) the then-current Basic Rent, or (ii) the prevailing rental rate at the commencement of such extended Term, for leases of space in the Building of equivalent quality, size, utility and location, with the length of the extended Term to be taken into account ("Market Rate") (the greater of [i] and [ii] is the "Renewal Term”Rental Rate"). The Renewal Term Within 30 days after receipt of Tenant's notice to renew, Landlord shall commence upon the day next following the last day deliver to Tenant written notice of the initial TermRenewal Rental Rate and shall advise Tenant of the required adjustment to Basic Rent, if any, and the other terms and conditions offered. Tenant shall shall, within ten days after receipt of Landlord's notice, notify Landlord in writing whether Tenant accepts or rejects Landlord's determination of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration Rental Rate. If Tenant timely notifies Landlord that Tenant accepts Landlord's determination of the initial TermRenewal Rental Rate, 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 hereinthen, the Renewal Term shall terminate and be of no further force on 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 before the commencement date of the Renewal extended Term, Landlord 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 execute an amendment to renew this Lease ifextending the Term on the same terms provided in this Lease, 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.except as follows:

Appears in 1 contract

Samples: Lease Agreement (Aeglea BioTherapeutics, Inc.)

Renewal Option. Landlord hereby grants Subject to Tenantthe conditions hereinafter set forth and provided this Lease is then in effect, and Tenant shall have, have the right and option to extend renew the Term term of this Lease for one (1) period renewal term of five (5) years (the "Renewal Term"). The , by delivering written notice (the "Renewal Term shall commence upon Notice") to Landlord of its exercise of such right at least one hundred eighty (180) days before the day next following the last day end of the initial Term. Tenant shall notify Landlord in writing Subject to the terms 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 hereinset forth below, the Renewal Term shall terminate begin upon the expiration of the Term. All of the terms, provisions and be covenants of no further force or effect, and this Lease shall expire as of apply to each Renewal Term except that Rent for the then-scheduled expiration date. The Renewal Term shall be upon all of the termsthen prevailing market rent for similar buildings and space in the north Dallas office market, covenants including prorata charges for common area maintenance taxes and conditions of this Leaseinsurance, except that but in no event less than 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 Annual Rent payable for during the last final 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 exercise any option under this Lease if, either Section if any Event of Default exists at the time of electing a renewal option or at the time the Renewal Term would commence. If Tenant notifies Landlord fails to give timely notice of its election Tenant's intention to extend renew this Lease, the Term of this Lease or upon shall expire on the commencement date scheduled expiration date, and Tenant shall have no further option to renew this Lease. If Tenant does not exercise any such option in a timely manner, then Landlord shall have the right during the remainder of the Renewal Term, Tenant is in default hereunder beyond any applicable grace Term of this Lease to advertise the availability of the Premises for sale or cure period.lease. In this Lease the phrases "term of this Lease," "term hereof," "

Appears in 1 contract

Samples: Lease Agreement (Residential Healthcare Properties Inc)

Renewal Option. Landlord hereby grants to Tenant, Provided that this Lease is in full force and effect and Tenant is not in default hereunder, Tenant shall have, have the right and option to extend the Term of this Lease on the same terms, conditions and provisions as contained in this Lease, except as otherwise expressly provided herein, for one two (12) period periods of five (5) years each (each, an "Extension Period"). If exercised in accordance herewith, the Extension Period shall commence on the first (1st) day after such scheduled Lease Expiration Date or on the first day after the expiration of the first Extension Period, as the case may be (hereinafter referred to in this Section 23.33 as the "Expiration Date") and the rental rate shall be at the then prevailing market base rent for comparable quality space in similar class buildings in the Downtown St. Louis Business District, taking into account all rental terms such as free rent, moving allowances, allowances for tenant improvements, step rent structure, base years for operating expense and tax escalation, and lease commissions, if any (the “Renewal Term”"Prevailing Market"). The Renewal Term shall commence upon renewal option may only be exercised in accordance with the day next following the last day of the initial Termprocedures set forth herein. Tenant shall notify Landlord in writing of its election As a prerequisite to Tenant's right so to extend the Term of this Lease for the Renewal Term Lease, not less than six fifteen (615) months prior to the expiration Expiration Date, Tenant shall, by written notice to Landlord (the "Preliminary Notice"), notify Landlord of Tenant's preliminary intent to exercise such renewal option and request that Landlord determine the Prevailing Market rate for the Premises as it would be during the Extension Period. Within thirty (30) days following Landlord's receipt of the initial TermPreliminary Notice, time being Landlord will notify Tenant of such Prevailing Market rate as reasonably determined by Landlord. Not less than twelve (12) months prior to the Expiration Date, Tenant may, by written notice to Landlord ("Extension Notice"), then elect to exercise Tenant's option to extend the Term of the essence with respect Lease. If Tenant shall fail to give any such notificationExtension Notice, Tenant's right to exercise such option and all subsequent options shall cease and be void. Notice thereof shall be deemed sufficient Additionally, if given the option to extend the Lease Term is not exercised in the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinaforesaid manner, the Renewal Lease Term shall terminate and be of no further force or effect, Tenant's rights hereunder and this Lease its rights to occupy and possess the Premises shall expire as of on 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 Expiration Date (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 ratioi.e., the numerator of which is scheduled Lease Expiration Date or 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 end of the first day Extension Period, as the case may be). In the event Tenant disagrees with Landlord's determination of such Prevailing Market rate, then within no more than fifteen (15) days after Tenant receives Landlord's determination of such rate Tenant shall give Landlord notice of its desire to arbitrate such rate, which notice shall be accompanied by the identity of an arbitrator appointed by Tenant. Thereafter, Landlord shall have fifteen (15) days in which to appoint its arbitrator, and within fifteen (15) days after the appointment of Landlord's arbitrator the two arbitrators theretofore appointed shall appoint a third arbitrator. After such third appointment, the three arbitrators thus elected shall have thirty (30) days in which to establish the Prevailing Market rate as defined above in dispute between Landlord and Tenant, which determination shall be final and binding upon the parties hereto. Each arbitrator appointed hereunder shall be a licensed real estate broker with experience in office space leasing, and no such arbitrator shall have any other existing contractual relationship with either party hereto. Landlord and Tenant shall pay the fees of their respectively appointed arbitrators and the fee 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 arbitrator 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.shared equally by

Appears in 1 contract

Samples: Nondisturbance and Subordination Agreement (Ebs Building LLC)

Renewal Option. Landlord hereby grants to Provided Tenant is not in Default when Tenant delivers such notice, Tenant may renew this Lease for two (2) additional periods of three (3) years each on the same terms provided in this Lease, except that the Base Rent payable for each month shall be the market rate for space of equivalent size, quality and utility taking into account the credit standing of Tenant, and ; Tenant shall have, the right and deliver written notice to Landlord indicating whether or not Tenant elects to preserve its option to extend the Lease Term of this Lease for no later than one hundred twenty (1120) 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 days prior to the expiration of the initial Lease Term, including any extension thereof (“Election Date”). Within thirty (30) days after the Election Date, Landlord shall provide Tenant with a proposed Base Rent Renewal Rate. The proposed Base Rent Renewal Rate shall be determined by Landlord in its reasonable discretion, taking into account the factors described hereinabove. If Tenant shall object to Landlord’s proposed Base Rent Renewal Rate, Landlord and Tenant shall negotiate in good faith to determine a mutually acceptable Base Rent Renewal Rate. If Landlord and Tenant reach mutual agreement on or before the day 90 days prior to the expiration of the Lease Term (the “Renewal Target Date”), such rate shall be the Base Rent Renewal Rate, and Landlord and Tenant shall enter into an agreement confirming Tenant’s exercise of this Renewal Option at such Base Rent Renewal Rate. If Landlord and Tenant fail to reach mutual agreement on or before the Renewal Target Date, Tenant may notify Landlord in writing within ten (10) days after the Renewal Target Date that Tenant invokes the arbitration procedure set forth below to determine the Base Rent Renewal Rate. Notwithstanding anything contained herein to the contrary: (a) if Tenant fails to deliver written notice indicating whether or not it elects to preserve its Renewal Option prior to the Election Date, Tenant shall be deemed to have elected not to extend the Lease Term and the renewal option set forth herein shall automatically terminate, and (b) Tenant’s rights hereunder shall terminate if (i) this Lease expires or is canceled, or because of an event of Default, this Lease or Tenant’s right to possession of the Premises is terminated, or (ii) Tenant fails to timely exercise its renewal option hereunder, time being of the essence with respect to Tenant’s exercise thereof. Upon delivery and receipt of such notification. Notice thereof shall be deemed sufficient if given notice that Tenant rejects Landlord’s proposed Base Rent Renewal Rate, the parties will attempt within seven (7) days thereafter to mutually appoint an appraiser who will select (in the manner hereinafter providedset forth below) the Base Rent Renewal Rate (the “Deciding Appraiser”). The Deciding Appraiser must have at least five (5) years of full-time commercial appraisal experience with projects comparable to the Property and be a member of a reputable national appraisal association. The Deciding Appraiser may not have any material financial or business interest in common with either of the parties. If Landlord and Tenant are not able to agree upon a Deciding Appraiser within such seven (7) day period, each party will within fifteen (15) days thereafter separately select an appraiser meeting the criteria set forth above, which two appraisers will, within seven days of their selection, mutually appoint a third appraiser meeting the criteria set forth above (and who also does not receive have any material financial or business interest in common with either of the two selecting appraisers) to be the Deciding Appraiser. Within twenty (20) days after the appointment (by either method) of the Deciding Appraiser, Landlord and Tenant will submit to the Deciding Appraiser their respective determinations of Base Rent Renewal Rate and any related information. Within twenty-one (21) days after such written notice as and when required hereinappointment of the Deciding Appraiser, the Deciding Appraiser will review each party’s submittal (and such other information as the Deciding Appraiser deems necessary) and will select, in total and without modification, the submittal presented by either Landlord or Tenant as the Base Rent Renewal Term shall terminate and be of no further force or effectRate. Subject to the previous sentence, and this Lease shall expire if the Deciding Appraiser timely receives one party’s submittal, but not both, the Deciding Appraiser must designate the submitted proposal as the Base Rent Renewal Rate for the applicable extension of the then-scheduled expiration dateLease Term. The Any determination of the Base Rent Renewal Term Rate made by the Deciding Appraiser in violation of the provisions of this Rider 2 shall be upon all beyond the scope of authority of the terms, covenants Deciding Appraiser and conditions of this Lease, except that the Fixed Rent shall be increased null and void. If the determination of Base Rent Renewal Rate is made by adding the CPI Adjustment Amount (defined below) a Deciding Appraiser, Landlord and Tenant will each pay, directly to the thenDeciding Appraiser, one-current Fixed Renthalf (1/2) of all fees, costs and expenses of the Deciding Appraiser. The “CPI Adjustment Amount” is calculated by multiplying Landlord and Tenant will each separately pay all costs, fees and expenses of their respective additional appraiser (if any) used to determine the Fixed Rent payable Deciding Appraiser. LANDLORD: Rainier Asset Management Company, LLC, as agent for the last year of the initial Term by a ratioTenant-in-Common Owners Date: TENANT: NEI, 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.Inc. Date: TO INDUSTRIAL REAL ESTATE LEASE

Appears in 1 contract

Samples: Industrial Real Estate Lease (Network Engines Inc)

Renewal Option. Landlord hereby grants to TenantA. If Tenant has not committed an Event of Default more than twice during the Term (as such Term may have previously been extended), and Tenant shall haveis occupying the entire Premises at the time of such election, Tenant may renew the right and option to extend the Term of this Lease for one two (12) period additional periods of five three (53) years (the each, a “Renewal Term”). The Renewal Term shall commence upon the day next following the last day , by delivering written notice of the initial Term. Tenant shall notify exercise thereof (the “Renewal Notice”) to Landlord in writing of its election to extend this Lease for the Renewal Term not less earlier than nine (9) months nor later than six (6) months prior to before the expiration of the initial Extension Term, time being of or the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in first Renewal Term, as 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 datecase may be. The Base Rent payable for each month during each 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 prevailing rental rate (the “IndexPrevailing Rental Rate), at the commencement of the subject Renewal Term, for renewals of space in the Project of equivalent quality, size, utility and location, with the length of the Renewal Term, the credit standing of Tenant and the condition of the improvements to the Premises to be taken into account. Within thirty (30) days after receipt of Tenant’s Renewal Notice for the subject Renewal Term, Landlord shall deliver to Tenant written notice of the Prevailing Rental Rate for the subject Renewal Term and shall advise Tenant of the required adjustment to Rent, if any, and the other terms and conditions offered. Tenant shall, within ten (10) days after receipt of Landlord’s notice, notify Landlord in writing whether Tenant accepts or rejects Landlord’s determination of the Prevailing Rental Rate, and if Tenant rejects Landlord’s determination, Tenant shall indicate whether Tenant desires to determine the Prevailing Rental Rate in accordance with Paragraph B below. If Tenant timely delivers the Renewal Notice to Landlord, and Tenant timely notifies Landlord that Tenant accepts Landlord’s determination of the Prevailing Rental Rate, then, on the date nearest or before the commencement date of the subject Renewal Term, Landlord and the denominator of which is the Index as of the first day of the third Lease Year. If, during Tenant shall execute an amendment to the Lease extending the Term on the Bureau of Labor Statistics ceases to maintain same terms provided in the IndexLease, then such other index or standard except 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.follows:

Appears in 1 contract

Samples: Lease (Qualstar Corp)

Renewal Option. Landlord As long as Tenant is not in default in the performance of its covenants under this Lease, Tenant is hereby grants to Tenant, and Tenant shall have, granted the right and option to extend renew the Term of this Lease for one (1) a period of five (5) three additional years (the “"Renewal Term"). The Renewal Term shall , to commence upon at the day next following the last day expiration of the initial TermTerm of this Lease. Tenant shall notify Landlord in writing exercise its option to renew by delivering written notice of its such election to extend this Lease for the Renewal Term not less than six Landlord at least twelve (612) months prior to the expiration of the initial Term, time being Term of the essence with respect to such notificationthis Lease. Notice thereof The renewal of this Lease shall be deemed sufficient if given in upon the manner hereinafter provided. If Landlord does not receive such written notice as same terms and when required hereinconditions of this Lease, except (a) the Base Rental during the Renewal Term shall terminate be as agreed upon by Landlord and Tenant, (b) Tenant shall have no option to renew this Lease beyond the expiration of the Renewal Term, (c) Tenant shall not have the right to assign its renewal rights to any sublessee of the Premises or assignee of the Lease, nor may any such sublessee or assignee exercise such renewal rights, (d) the leasehold improvements will be provided in their then-existing condition (on an "as is" basis) at the time the Renewal Term commences, and (e) Landlord may require that Tenant pay for parking pursuant to a program to be implemented by Landlord. If Landlord and Tenant cannot agree upon the Base Rental during the Renewal Term within ninety (90) days after Landlord's receipt of Tenant's written notice of its election to renew this Lease, then this renewal option shall immediately expire 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.

Appears in 1 contract

Samples: Acceptance Agreement (Merit Holding Corp /Ga)

Renewal Option. Paragraph 35 of the Lease is hereby deleted in its entirety and is replaced with the following: Landlord hereby grants to Tenant, and Tenant shall have, the right and option to extend the Term term of this Lease for one (1) period term of five three (53) years years, provided (i) Tenant is not currently in default, nor has Tenant materially breached the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day terms of the initial Term. Lease Agreement during the prior term; and (ii) Tenant shall notify gives Landlord in writing written notice of its election his intention to extend this Lease for exercise the Renewal Term not less than six option at least nine (69) months prior to the expiration of the initial Term, time being then current term. Should Tenant exercise its extension option in accordance with the provisions of the essence with respect preceding paragraph, Landlord shall provide to such notification. Notice thereof shall be deemed sufficient if given Tenant, in the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinwriting, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as a statement indicating Landlord’s calculation of the then-scheduled expiration date. The Renewal Term shall be upon all fair market value 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 renewal term within thirty (30) days of receipt of Tenant’s timely notice. In calculating the initial Term by a ratiofair market value for Tenant’s extension option, 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 Landlord shall consider all elements affecting the Lease Term the Bureau of Labor Statistics ceases transaction, including, but not limited to, credit worthiness, Tenant’s need or lack thereof to maintain the Indexrequire an improvement allowance or rental abatement, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall steady and continuous rental income which could be used in determining interrupted due to marketing and/or construction time, the amount of any such adjustmentbrokerage commissions will be those payable upon a lease renewal, and other buildings within the central New Jersey marketplace, particularly the Eatontown Industrial Park. Notwithstanding In the foregoingevent Tenant disputes Landlord’s calculation of the fair market value for the extension option, Tenant shall have no right twenty (20) days from receipt of same to renew this Lease ifprovide written objection to the Landlord. Thereafter, either at the time Tenant notifies parties shall seek to reach a mutually agreeable number and, in the event the parties are unable to reach such mutual agreement within ten (10) business days of receipt by Landlord of its election Tenant’s objection, the parties shall engage the services of a mutually acceptable appraiser to extend this Lease or upon the commencement date determine such fair market value. The cost of the Renewal Termthird party appraiser shall be shared equally by the Landlord and Tenant and shall be binding upon both parties. The Fixed Rent for the first renewal term shall be 95% of the fair market value as determined by the method outlined in the preceding paragraph, Tenant is in default hereunder beyond any applicable grace or cure periodbut not less than the prior year’s rental.

Appears in 1 contract

Samples: Lease Agreement (Qmed Inc)

Renewal Option. Landlord hereby grants to TenantIf an Event of Default does not exist at the time of exercise or at the commencement of the Renewal Term (as hereinafter defined), and Tenant shall haveis occupying the entire Premises at the time of such election, the right and option to extend the Term of Tenant may renew this Lease for one (1) additional period of five Three (53) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day , by delivering written notice of the initial Term. Tenant shall notify exercise thereof to Landlord in writing of its election to extend this Lease for the Renewal Term not less earlier than twelve (12) months nor later than six (6) months prior to before 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 Minimum Monthly Rent payable for each month during such 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 prevailing rental rate (the “IndexPrevailing Rental Rate), at the commencement of such Renewal Term, for renewals of space in the Northwest Denver submarket for Class A Buildings, if applicable, of equivalent quality, size, utility and location, with the length of the extended Term, concessions and the credit standing of Tenant to be taken into account. Within thirty (30) days after receipt of Tenant’s notice to renew, Landlord shall deliver to Tenant written notice of the Prevailing Rental Rate and any refurbishment allowance and shall advise Tenant of the required adjustment to Minimum Monthly Rent, if any, and the other terms and conditions offered. Tenant shall, within ten (10) days after receipt of Landlord’s notice, notify Landlord in writing whether Tenant accepts or rejects Landlord’s determination of the Prevailing Rental Rate. If Tenant timely notifies Landlord that Tenant accepts Landlord’s determination of the Prevailing Rental Rate, then, on the date nearest or before the commencement date of the Renewal Term, Landlord 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 execute an amendment 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 for the Renewal TermTerm on the same terms provided in this Lease, Tenant is in default hereunder beyond any applicable grace or cure period.except as follows:

Appears in 1 contract

Samples: Office Lease Agreement (ARCA Biopharma, Inc.)

Renewal Option. Landlord hereby grants Provided that an uncured Event of Default does not exist at the time of such election and at any time prior to Tenant, the commencement of the extended Term and Tenant shall haveis then occupying not less than fifty percent (50%) of the Premises at the time of such election, the right and option to extend the Term of Tenant may renew this Lease for one two (12) period additional period(s) of five (5) years each, by delivering written notice of the exercise thereof to Landlord not earlier than fifteen (15) months nor later than twelve (12) months before the expiration of the then-current Term (Renewal TermTenant’s Election Notice”). The Renewal Base Rent payable for each month during such extended Term shall commence upon be equal to the day next following prevailing rental rate (the last day “Prevailing Rental Rate”), at the commencement of such extended Term, for renewals of space in the Complex and in comparable buildings located within North San Mateo County, California, of equivalent quality, size, utility and location, with the length of the initial Termextended Term and the credit standing of Tenant, and the tenant improvement allowance and other tenant concessions to be provided (or not provided) to be taken into account. Within fifteen (15) days after receipt of Tenant’s notice to renew, Landlord shall deliver to Tenant written notice of the Prevailing Rental Rate and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Tenant shall shall, within ten (10) days after receipt of Landlord’s notice, 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 whether Tenant accepts or rejects Landlord’s determination of the initial Term, time being Prevailing Rental Rate. If Tenant timely notifies Landlord that Tenant accepts Landlord’s determination 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 hereinPrevailing Rental Rate, the Renewal Term shall terminate and be of no further force then, on 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 before the commencement date of the Renewal extended Term, Landlord 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 execute an amendment to renew this Lease ifextending the Term on the same terms provided in this Lease, 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.except as follows:

Appears in 1 contract

Samples: Lease Agreement (Ultragenyx Pharmaceutical Inc.)

Renewal Option. Landlord hereby grants to TenantIf Tenant has not committed an Event of Default at any time during the Term, and Tenant shall haveis occupying the entire Premises at the time of such election, the right and option to extend the Term of Tenant may renew this Lease for one (1) additional period of five (5) years years, by delivering written notice of the exercise thereof to Landlord not earlier than twelve (12) months nor later than eight (8) months before the expiration of the Term. The Base Rent payable for each month during such extended Term shall be the prevailing market rental rate (the “Renewal TermPrevailing Rental Rate”). The Renewal Term shall commence upon , at the day next following commencement of such extended Term, for renewals of space in the last day Building or Project, if applicable, of equivalent quality, size, utility and location, and also taking into consideration all elements affecting the lease transaction including, but not limited to, typical Tenant improvement advances, typical rent abatements, or other normal and customary tenant concessions and tenant improvement credits, with the length of the initial Termextended Term and the credit standing of Tenant to be taken into account. Within thirty (30) days after receipt of Tenant’s notice to renew, Landlord shall deliver to Tenant written notice of the Prevailing Rental Rate and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Tenant shall shall, within ten (10) days after receipt of Landlord’s notice, 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 whether Tenant accepts or rejects Landlord’s determination of the initial Term, time being Prevailing Rental Rate. If Tenant timely notifies Landlord that Tenant accepts Landlord’s determination 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 hereinPrevailing Rental Rate, the Renewal Term shall terminate and be of no further force then, on 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 before the commencement date of the Renewal extended Term, Landlord 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 execute an amendment to renew this Lease ifextending the Term on the same terms provided in this Lease, 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.except as follows:

Appears in 1 contract

Samples: Office Lease Agreement (Optio Software Inc)

Renewal Option. Landlord hereby grants to Tenant, Provided no Event of Default exists and Tenant shall haveis occupying the entire Premises at the time of such election, the right and option to extend the Term of Tenant may renew this Lease for one (1) additional period of five (5) years years, by delivering written notice of the exercise thereof to Landlord not earlier than 18 months nor later than 12 months before the expiration of the Term. The Basic Rent payable for each month during such extended Term shall be the prevailing rental rate (the “Renewal TermPrevailing Rental Rate”). The Renewal Term shall commence upon , at the day next following commencement of such extended Term, for renewals of space of equivalent quality, size, utility and location in similar-class buildings in the last day submarket in which the Building is located, with the length of the initial extended Term, the availability of covered and uncovered parking spaces and the credit standing of Tenant to be taken into account. Within 30 days after receipt of Tenant’s notice to renew, Landlord shall deliver to Tenant written notice of the Prevailing Rental Rate and shall advise Tenant of the required adjustment to Basic Rent, if any, and the other terms and conditions offered. Tenant shall shall, within 30 days after receipt of Landlord’s notice, 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 whether Tenant accepts or rejects Landlord’s determination of the initial Term, time being Prevailing Rental Rate. If Tenant timely notifies Landlord that Tenant accepts Landlord’s determination 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 hereinPrevailing Rental Rate, the Renewal Term shall terminate and be of no further force then, on 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 before the commencement date of the Renewal extended Term, Landlord 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 execute an amendment to renew this Lease ifextending the Term on the same terms provided in this Lease, 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.except as follows:

Appears in 1 contract

Samples: Lease Agreement (Republic Companies Group, Inc.)

Renewal Option. Landlord (a) Tenant is hereby grants granted three (3) successive options to Tenant, and Tenant shall have, the right and option to extend the Term of renew this Lease for one (1) period of a Renewal Term or five (5) years (each, subject to the “Renewal Term”)term of this Paragraph 24. The Renewal Term In the event that Tenant desires to renew this Lease, it shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord give notice in writing to Landlord of its election intention to extend this renew the Lease for at least fifteen (15) months prior to the Renewal Term not less than six Expiration Date and at least fifteen (615) months prior to the expiration of the initial Term, time being each of the essence with respect to such notificationfirst two (2) Renewal Terms, as the case may be. Notice thereof shall be deemed sufficient if given in All of the manner hereinafter provided. If Landlord does not receive such written notice as terms and when required herein, the Renewal Term shall terminate and be conditions of no further force or effect, and this Lease shall expire as remain in effect during each Renewal Term, except that (i) the Initial Year for purposes of determining Tenant's Proportionate Share of any increase in Expenses shall be adjusted to the year preceding the first year of the then-scheduled expiration date. The applicable Renewal Term, and (ii) the annual Fixed Rent payable during each Renewal Term shall be upon all ninety-five percent (95%) 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 annual fair market rental value of the initial Demised Premises during the applicable Renewal Term by a ratio, based on comparable space in the numerator vicinity of the Demised Premises in comparable condition to that which the Demised Premises will be in after completion of the Tenant Improvements (the "Fair Market Value") as of the date which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items thirteen (1982-1984=10013) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest months prior to the commencement date of the such Renewal Term, and the denominator of which is the Index as . The Fair Market Value of the first day Demised Premises for purposes of subparagraph (a) of this Paragraph 24 shall take into account the adjustment of the third Lease YearInitial Year as provided above and shall otherwise be determined pursuant to the provisions of Paragraph 24(b). If, In no event shall the annual Fixed Rent during any Renewal Term be less than the annual Fixed Rent payable during the Lease Term year preceding the Bureau first year of Labor Statistics ceases to maintain the Index, then each 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.

Appears in 1 contract

Samples: Lease Agreement (Danbury Pharmacal Puerto Rico Inc)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have the right and option to extend renew the Term Lease (as amended hereby) (“Renewal Option”) with respect to the entirety of this Lease the Premises for one (1) period additional term of five (5) years (the “Renewal Term”), commencing upon expiration of the Extended Term. The Renewal Term shall commence upon the day next following the last day of the initial Term. Option must be exercised, if at all, by written notice given by Tenant shall notify to Landlord in writing of its election to extend this Lease for the Renewal Term not less earlier than six twelve (612) months nor later than nine (9) months prior to the expiration of the initial Extended Term. If Tenant exercises the Renewal Option in accordance with the immediately preceding sentence, time being of then references in the essence with respect Lease (as amended hereby) to such notification. Notice thereof the Term shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, to include the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration dateTerm. The Renewal Term Option shall be upon all of the terms, covenants null 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, void 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 the Lease if, either at (as amended hereby) if on the time date Tenant notifies Landlord of its election to extend this Lease exercises the Renewal Option or upon on the date immediately preceding the commencement date of the Renewal Term a Default by Tenant beyond the applicable cure period shall have occurred and be continuing hereunder. If Tenant properly exercises the Renewal Option, then during the Renewal Term all of the terms and conditions set forth in the Lease (as amended hereby, other than the terms of Section 9, which shall not apply to any Renewal Term) as applicable to the Premises 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 repaint, remodel, repair or make or pay for any improvements to the Premises, (ii) during the Renewal Term the Monthly Base Rent payable by Tenant (the “Renewal Rent”) shall be at a Fair Market Rate during the Renewal Term, determined as hereinafter set forth, and (iii) there shall be no further option to renew or extend the Term of the Lease (as amended hereby). If Tenant timely exercises the Renewal Option pursuant to this Section 10, then during the thirty (30) days after Tenant’s exercise of the Renewal Option Landlord and Tenant will work cooperatively and in good faith to agree on the Renewal Rent. If Landlord and Tenant cannot agree on the Renewal Rent within such thirty (30) day period, within five (5) days after the expiration of such thirty (30) day period: a) Landlord shall designate an appraiser or broker licensed in the State of California (“Landlord’s Renewal Broker”) who, in either case, has been engaged in the office markets in Emeryville, California, for at least the immediately preceding five (5) years, and b) Tenant shall designate an appraiser or broker (“Tenant’s Renewal Broker,” and together with Landlord’s Renewal Broker, the “Renewal Brokers,” and each a “Renewal Broker”) possessing the qualifications required of Landlord’s Renewal Broker. Thirty (30) days after the designation of both Landlord’s Renewal Broker and Tenant’s Renewal Broker, each shall simultaneously deliver to each other a sealed envelope with such Renewal Broker’s determination of the Renewal Rent (together the “Renewal Determinations,” each, a “Renewal Determination”). After the simultaneous delivery of each Renewal Broker’s determination of the Renewal Rent as described above, Landlord’s Renewal Broker and Tenant’s Renewal Broker shall name a third broker possessing the qualifications required of each Renewal Broker who is not then or has not previously acted for either party (the “Neutral Renewal Broker”). If Landlord’s Renewal Broker and Tenant’s Renewal Broker cannot agree on the Neutral Renewal Broker, then the presiding judge of the Superior Court of Alameda County will appoint the Neutral Renewal Broker. The Neutral Renewal Broker shall determine the Renewal Rent as of the commencement of the Renewal Term within fifteen (15) days after the appointment of such Neutral Renewal Broker as follows: the Neutral Renewal Broker shall determine the Renewal Rent by choosing the determination of Renewal Rent in default hereunder beyond the Renewal Determination which is closest to its own determination of the Renewal Rent. The decision of the Neutral Renewal Broker shall be binding on Landlord and Tenant. Landlord shall pay the costs and fees of Landlord’s Renewal Broker in connection with any applicable grace determination hereunder, and Tenant shall pay the costs and fees of Tenant’s Renewal Broker in connection with such determination. The costs and fees of Neutral Renewal Broker shall be paid one-half by Landlord and one-half by Tenant. If the Renewal Rent has not been determined pursuant to this Section 10 as of the commencement of the Renewal Term, then Tenant shall continue to pay the Monthly Base Rent in effect during the last month of the initial Term until the Renewal Rent is determined. When such determination is made, Tenant shall pay any deficiency to Landlord upon demand. If Tenant exercises the Renewal Option pursuant to the requirements of this Section 10, upon determination of the Renewal Rent pursuant to this Section 10, Landlord shall prepare an amendment (the “Renewal Amendment”) to reflect changes in the Base Rent, Term, Expiration Date and other appropriate terms. The Renewal Amendment shall be sent to Tenant within a reasonable time after determination of the Renewal Rent and, provided the same accurately reflects the requirements of this Section 10, Tenant shall execute and return the Renewal Amendment to Landlord within ten (10) days after Tenant’s receipt of same, but an otherwise valid exercise of the Renewal Option shall be fully effective whether or cure periodnot the Renewal Amendment is executed.

Appears in 1 contract

Samples: Office Lease (Zogenix, Inc.)

Renewal Option. (a) As long as Tenant is not in default in the performance of its covenants under this Lease, Landlord hereby grants to Tenant, and shall grant Tenant shall have, the right and option to extend renew (the Term "Renewal Option") the term of this Lease for one (1) a period of five sixty (560) years additional months (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 exercise the Renewal Option by delivering written notice of its such election to extend this Lease for the Renewal Term not less than six Landlord at least nine (69) months prior to the expiration of the initial Term, time being term of the essence with respect to such notificationthis Lease. 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 The renewal 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 same terms and conditions of this Lease, except that (i) the Fixed Rent Base Rental Rate during the Renewal Term shall be increased by adding the CPI Adjustment Amount then current market rental rate for renewals of similar Class "A" buildings in the Alpharetta area, taking into account tenant improvements and concessions, (defined belowii) Tenant shall have no option to renew this Lease beyond 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 expiration of the Renewal Term, and (iii) Tenant shall not have the denominator right to assign its renewal rights to any sublessee of which is the Index as fhe Premises or any portion thereof or to any assignee of the first day of the third Lease Year. IfLease, 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 nor may any such adjustmentsublessee or assignee exercise or enjoy the benefit of such renewal rights. Notwithstanding the foregoing, Tenant shall have no right to exercise such option to renew, and Landlord shall have no obligation to renew this Lease, unless (A) this Lease shall be in full force and effect upon the date of the exercise of the Renewal Option and upon the date of the expiration of the original term, and (B) on the date of the exercise of the Renewal Option and on the date of the expiration of the original term there shall exist no current default on the part of Tenant under this Lease. If Tenant shall fail to exercise the Renewal Option within the time permitted or conditions (A) and (B) set forth above are not entirely satisfied, the Renewal Option shall automatically terminate, this Lease shall expire at the expiration of the original term and Tenant shall have no further right thereafter to renew this Lease if, either at or to acquire any interest whatsoever in the time Premises. If Tenant notifies shall remain in possession of the Premises after the expiration of the original term without there having been executed between Landlord of its election and Tenant an amendment to extend this Lease or upon as contemplated by the commencement date terms of the Renewal Termthis Section, then Tenant is shall be a Tenant holding over as provided in default hereunder beyond any applicable grace or cure periodthis Lease.

Appears in 1 contract

Samples: Lease Agreement (Compbenefits Corp)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have the right and option to extend the Second Extended Term of this the Lease for one (1) period the Leased Premises, excluding the Building #3 Space, for two additional terms of five (5) years (the each an Additional Renewal Term”)) to commence immediately following the expiration of the Second Extended Term, or first Additional Renewal Term, whichever is applicable. The Tenant may exercise the right to extend the term of the Lease for an Additional Renewal Term shall commence upon the day next following the last day only by delivering to Landlord written notice of the initial Term. Tenant shall notify Landlord in writing Tenant’s exercise of its election to extend this Lease for the Renewal Term not such right no less than six nine (69) months prior to the expiration date of the initial Second Extended Term or the first Additional Renewal Term, if applicable, time being of the essence with respect to such notificationessence. Notice thereof The terms and conditions of the Lease shall be deemed sufficient if given continue in the manner hereinafter provided. If Landlord does not receive such written notice as full force and when required herein, the effect for each Additional Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of except that the then-scheduled expiration date. The monthly rental for each Additional 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) calculated pursuant to the then-current Fixed Rent. following formula: The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable monthly rental for the last year of the initial Additional Renewal Term for which this calculation is made shall equal $31,997.49 multiplied by a ratiofraction, the numerator of which is the CPI in effect on the expiration of the Second Extended Term or the first Additional Renewal Term, whichever is applicable, and the denominator of which is the CPI in effect for June 2011. Notwithstanding the result of the above calculation, the monthly rental for each applicable Additional Renewal Term shall not be less that the monthly rental in effect for the preceding term. The CPI, as referred to herein, means the Consumer Price Index for All all Urban ConsumersConsumers 1984=100 relating to the United States City Average, Cleveland-Akron, All Items (1982-1984=100) published as issued by the Bureau of Labor Statistics of the United States Department of Labor, or any successor to the function thereof. In the event of the conversion of the CPI to a different standard reference base or any other revision thereof, the determination hereunder shall be made with the use of such Bureau of Labor (Statistics or successor to the “Index”) on functions thereof or in the date nearest absence of the publication of such conversion factor, such formula or table as the parties shall mutually designate. As a condition precedent to the commencement date of the first Additional Renewal Term, or the second Additional Renewal Term, whichever is applicable, Tenant shall not be in default of the Lease, and Haemonetics Corporation, itself or its affiliate, shall be in full possession of the Leased Premises continually during the Second Extended Term and at the commencement of the first Additional Renewal Term, or during the first Additional Renewal Term, and at the denominator commencement of which the Second Additional Renewal Term, whichever is applicable. If the Index conditions precedent are not met, Landlord may, at its option, terminate the Lease as of the first last day of the third Lease Year. IfSecond Extended Term or first Additional Term, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Indexwhichever is applicable, 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 periodLease.

Appears in 1 contract

Samples: Haemonetics Corp

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