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

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

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

Renewal Option. Landlord (a) Tenant is hereby grants granted two (2) options to Tenant, and Tenant shall have, the right and option to extend the Term of renew this Lease for one (1) period an additional term of five (5) years each, subject to the terms of this Paragraph 24. In the event that Tenant desires to renew the Lease it shall give notice in writing to Landlord of its intention to renew the Lease at least twelve (12) months prior the Expiration Date. All of the terms and conditions of this Lease shall remain in effect during the Renewal Term, except that the annual Fixed Rent payable during the Renewal Term shall be the annual fair market rental value of the Demised Premises based on renewal lease for Class “A” office space in the Liberty Corner/I-78 area of Somerset County (the “Fair Market Value”) as of the date which is sixty (60) days prior to the commencement date of such Renewal Term”), but in no event shall the annual Fixed Rent be less than the annual Rent payable during the year preceding the first year of the Renewal Term. (b) The Fair Market Value of the Demised Premises for purposes of Subparagraph (a) of this Paragraph 24 shall take into account the provisions of this Lease and shall be set forth by Landlord in a notice to Tenant at least sixty (60) days prior to the commencement of the applicable renewal term. The Renewal Term Fair Market Value set forth in such notice shall commence be binding upon the day next following the last day of the initial Term. both parties unless Tenant shall notify Landlord of its objection within twenty (20) days after receipt of such notice. In the event of such an objection which is not resolved within twenty (20) days thereafter, Tenant, at its own expense, shall designate an MAI appraiser in the Bernards Township/Bedminster area of Somerset County. Tenant’s designated appraiser shall then determine and promptly report to both parties in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration Fair Market Value of the initial TermDemised Premises, time being of the essence with respect to such notification. Notice thereof which report shall be deemed sufficient if given in the manner hereinafter providedbinding upon both parties unless Landlord shall object to same within twenty (20) days after receipt of said report. If Landlord does shall so object, both parties shall jointly appoint a separate MAI appraiser who shall determine the Fair Market Value. The costs of such appraisal shall be shared equally by Landlord and Tenant. If Landlord and Tenant cannot receive agree on an independent appraiser acceptable to both, either party may request the American Arbitration Association of Somerset, New Jersey to appoint such written notice as independent appraiser who shall be a member of MAI familiar with office buildings in the Somerset County, New Jersey area and when required herein, in such event the Renewal Term shall terminate and be judgment of no further force or effect, and this Lease shall expire as a majority of the then-scheduled expiration date. The Renewal Term two appraisers and Landlord shall be final and binding upon all the parties. (c) It shall be a condition 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 exercise of the initial Term by a ratiooption set forth in this Paragraph 24, that at 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 time of the United States Department exercise 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 foregoingsaid option, 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 not be in default hereunder beyond any applicable grace or cure periodunder this Lease.

Appears in 3 contracts

Sources: Lease Agreement (Reliant Pharmaceuticals, Inc.), Lease Agreement (Reliant Pharmaceuticals, Inc.), Lease Agreement (Reliant Pharmaceuticals, 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 hereunder on more than two (2) occasions during the Term, Sublessee physically occupies the entire Premises, and Tenant Sublessee has not assigned or further sublet the Premises, 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 Term of this Lease for one (1) period of five (5) years (Sublease through the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day expiration date of the initial Term. Tenant shall notify Landlord in writing Term of its election the Master Lease at a Base Rent equal to extend this Lease for the Renewal Term Fair Market Rent (as defined below), but not less than six the Base Rent payable under the Sublease as of the last month of the then-current Term. The “Fair Market Rent” shall be the rental rate, including all escalations, at which tenants, as of the commencement of the option Term, are leasing office and laboratory space comparable in size, location and quality to the Premises for a term comparable to the option term, which comparable space is located in comparable office/lab buildings in the ▇▇▇▇▇▇ ▇▇▇▇▇ submarket of San Diego County. (6A) The option contained in this Section shall be exercised by Sublessee, if at all, only in the following manner: (i) Sublessee shall deliver written notice (“Interest Notice”) to Sublessor no later than twelve (12) months prior to the expiration of the initial then current Term, time being stating that Sublessee is interested in exercising its option; (ii) Sublessor, after receipt of the essence with respect Interest Notice, shall deliver notice (the “Option Rent Notice”) to Sublessee setting forth Sublessor’s determination of the Fair Market Rent; and (iii) if Sublessee wishes to exercise such notificationoption, Sublessee shall, within thirty (30) days after Sublessee’s receipt of the Option Rent Notice, exercise the option by delivering the Option Notice to Sublessor and upon, and concurrent with, such exercise, Sublessee may, at its option, object to the Option Rent determined by Sublessor. If Sublessee exercises the option to extend but objects to the Fair Market Rent contained in the Option Rent Notice, then the Fair Market Rent shall be determined as set forth in Section (B) below. Failure of Sublessee to deliver the Interest Notice thereof to Sublessor on or before the date specified in (i) above or to deliver the Option Notice to Sublessor on or before the date specified in (iii) above shall be deemed sufficient if given in the manner hereinafter providedto constitute Sublessee’s failure to exercise its option to extend. 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 effectTerm, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term subject to Section (B) below, shall be extended for the upon all of the terms, covenants terms and conditions of set forth in this LeaseSublease, except that the Fixed Base Rent shall be increased by adding as indicated in the CPI Adjustment Amount Option Rent Notice or as determined in accordance with Section (defined below) B), as applicable, and all references herein to the then-current Fixed Term shall include the option term. (B) In the event Sublessee exercises its option to extend but objects to Sublessor’s determination of the Fair Market Rent concurrently with its exercise of the option to extend, Sublessor and Sublessee shall attempt to agree in good faith upon the Fair Market Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year If Sublessor and Sublessee fail to reach agreement within twenty (20) days following Sublessee’s delivery 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 Option Notice (the “IndexOutside Agreement Date) on the date nearest the commencement date ), Sublessee’s exercise of the Renewal Termoption to extend shall be rescinded and the Term shall not be extended. (C) The exercise of the option is expressly contingent upon the receipt of Lessor’s consent to the extension of the Term of this Sublease pursuant to the terms of the Master Lease. (D) Except for the option specifically set forth above, nothing herein shall be construed as permitting Sublessee to exercise any extension or renewal rights or to exercise any right of first refusal or expansion, if any such rights exist, and in no event shall Sublessor be obligated to extend the denominator of which is the Index as term of the first day Master Lease for any reason. In addition, in the event the Master Lease allows Sublessor the option to terminate the Master Lease early, Sublessor’s exercise 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 that option shall not be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew a default under 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 periodSublease.

Appears in 3 contracts

Sources: Sublease, Sublease (Gossamer Bio, Inc.), Sublease (Gossamer Bio, 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

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

Renewal Option. Landlord hereby grants to Tenant, and (a) Tenant shall have, have the right and option to extend the Term term of this Lease for one (1) period renewal term, of five (5) years (the “Renewal Term”)duration. The Renewal Term renewal term, if exercised, shall commence upon on the day next immediately following the last day expiration of the initial TermTerm hereof, April 1, 2013. The option to extend, as well as the commencement of the renewal term, shall be conditioned on no uncured events of default by Tenant then existing. (b) Tenant shall notify exercise its renewal option only by delivering written notice of same to Landlord in writing of its election to extend this Lease for the Renewal Term not less later than six one (61) months year prior to the expiration of the initial Termthen current term, which notice shall be due on or before March 31, 2012, time being of the essence with respect essence. Tenant’s failure to such notification. Notice thereof timely exercise an option shall be deemed sufficient if given a waiver of all rights under this Section, 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 which event this Lease shall expire as terminate upon expiration or earlier termination of the then-scheduled expiration date. then current term. (c) The Renewal Term renewal term, if exercised, shall be upon all of the terms, covenants terms and conditions of this Lease, except that for the Fixed change in Minimum Annual Rent which, if exercised, shall be increased by adding calculated as follows: For 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 initial year of the initial Term by a ratiorenewal term, the numerator Base Index shall be the CPI U for March, 2012, and for each subsequent year, the Base Index shall be the CPI U for the month of which is March one year prior to the Consumer Price Comparison Index. The Base Rent for Adjustment Purposes shall mean, for the each year of the renewal term, the Minimum Annual Rent under this Lease in effect for the immediately preceding year. The Base Index and Comparison 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 each year of the Renewal Term, and the denominator of which is the Index as Term shall be: 4/1/13-3/31/14 March 2012 March 2013 4/1/14-3/31/15 March 2013 March 2014 4/1/15-3/31/16 March 2014 March 2015 4/1/16-3/31/17 March 2015 March 2016 4/1/17-3/31/18 March 2016 March 2017 During each year of the first day renewal term, Minimum Annual Rent shall increase to a sum equal to the Base Rent for Adjustment Purposes, increased by one half the CPI Adjustment, but in no event shall such Minimum Annual Rent be less than the Base Rent for Adjustment Purposes for such year. Upon the commencement of the third Lease Year. Ifrenewal term, 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 Landlord shall notify Tenant of the Index shall be used Minimum Annual Rent in determining effect for such year; in the amount event of any such adjustment. Notwithstanding delay in calculation because of a delay in publication of the foregoingapplicable Comparison Index, 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 pay rent on account based upon the commencement date of Minimum Annual Rent previously in effect, to be adjusted when the Renewal Term, Tenant Comparison Index is in default hereunder beyond any applicable grace or cure periodpublished.

Appears in 3 contracts

Sources: Lease Agreement (Castle Creek Biosciences, Inc.), Lease Agreement (Castle Creek Biosciences, Inc.), Lease Agreement (Isolagen Inc)

Renewal Option. Landlord hereby grants to Tenant, and (a) Tenant shall have, the right and option have two successive options to extend the Term of renew this Lease (each a “Renewal Option”) with respect to the entirety of the Premises for one (1) period the term of five (5) years each (the each a “Renewal Term”). The Renewal Term shall commence , commencing 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 or if the first Renewal Option is exercised, upon the expiration of the essence with respect to such notificationfirst Renewal Term. Notice thereof shall Each Renewal Option must be deemed sufficient exercised, if given in the manner hereinafter provided. If Landlord does not receive such at all, by 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 given by Tenant to Landlord not earlier than twelve (12) months nor later than nine (9) months prior to 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 (or the first Renewal Term, as applicable). If Tenant properly exercises a ratioRenewal Option, then references in the numerator of which is Lease to 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 Term shall be deemed to include 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 The Renewal Option shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, null and void and Tenant shall have no right to renew this Lease if, either at 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 (i) a Default beyond the applicable cure period shall have occurred and be continuing hereunder, or (ii) Tenant (A) is then subletting more than fifty percent (50%) of the rentable square footage of the Premises other than in connection with a Permitted Transfer (as defined in Section 10.1(e) below) or (B) has assigned this Lease other than in connection with a Permitted Transfer. (b) If Tenant properly exercises the Renewal Option, then during the Renewal Term all of the terms and conditions set forth in this Lease as applicable to the Premises during the initial Term shall apply during the Renewal Term, including without limitation the obligation to pay Rent Adjustments, except that (i) Tenant is shall accept the Premises in default hereunder beyond their then “as-is” state and condition and Landlord shall have no obligation to make or pay for any improvements to the Premises (except as determined as part of the Fair Market Rent), and (ii) during the Renewal Term the Monthly Base Rent payable by Tenant shall be ninety-five percent (95%) of the Fair Market Rent during the Renewal Term as hereinafter set forth, except that in no event shall Monthly Base Rent during the Renewal Term be less than ninety-five percent (95%) of the Monthly Base Rent in effect during the last month of the initial Term, or first Renewal Term, as applicable, and shall increase by an annually compounded three percent (3%) during each year of the Renewal Term. (c) For purposes of this Section, the term “Fair Market Rent” shall mean the rental rate, additional rent adjustment and other charges and increases, if any, for space comparable in size, location and quality of the Premises under primary lease (and not sublease) to new or renewing tenants, for a comparable term with a tenant improvement allowance, if applicable grace and taking into consideration any concessions and such amenities as existing improvements, parking ratio, view, floor on which the Premises are situated and the like, situated in comparable buildings in Berkeley and Emeryville. The Fair Market Rent shall not take into account any Tenant Alterations or cure periodother improvements paid for by Tenant.

Appears in 3 contracts

Sources: Office Lease (XOMA Corp), Lease Agreement (XOMA Corp), Lease Agreement (XOMA Corp)

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 3 contracts

Sources: Office Lease Agreement, Office Lease Agreement (Xeris Pharmaceuticals Inc), Office Lease Agreement (Xeris Pharmaceuticals 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 grace or cure period (x) when Landlord receives the Renewal Notice, or (y) upon the expiration of the Term of the Lease prior to the commencement 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 notifies in its reasonable judgment determines that Landlord’s proposed Renewal Rent does not accurately reflect the then current fair market rent rate, Tenant shall provide Landlord written notice of its election objection to extend 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 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 Expiration Date, or (ii) to submit the Renewal Rent to determination in accordance with the following procedures (the “Appraisal Election”): (I) If the Appraisal Election is timely chosen, Landlord and Tenant, within ten (10) days after the date of the Appraisal Election, shall each submit to the other, in a sealed envelope, its good faith estimate of the Renewal Rent (collectively referred to as the “Estimates”). If the higher of such Estimates is not more than one hundred five percent (105%) of the lower of such Estimates, then the Renewal Rent shall be the average of the two Estimates. If the Renewal Rent is not resolved by the Estimates as set forth in the preceding sentence, Landlord and Tenant, within seven (7) days after the exchange of Estimates, shall each select an appraiser to determine which of the two Estimates most closely reflects the Renewal Rent. Each appraiser so selected shall be certified as an MAI appraiser or an ASA appraiser, shall have had at least five (5) years experience within the previous ten (10) years as a real estate appraiser working in Coral Gables, Florida, with working knowledge of current rental rates and practices for office space, and shall not have been retained by the party selecting such appraiser during the prior five (5) year period. For purposes of this Lease Lease, an “MAI” appraiser means an individual who holds an MAI designation conferred by, and is an independent member of, the American Institute of Real Estate Appraisers (or its successor organization, or in the event there is no successor organization, the organization and designation most similar), and an “ASA” appraiser means an individual who holds the Senior Member designation conferred by, and is an independent member of, the American Society of Appraisers (or its successor organization, or, in the event there is no successor organization, the organization and designation most similar). Upon selection, Landlord’s and Tenant’s appraisers shall work together in good faith to agree upon which of the two Estimates most closely reflects the Renewal Rent. The Estimate chosen by such appraisers shall be binding on both Landlord and Tenant as the Base Rent for the Premises during the Renewal Term. If either Landlord or Tenant fails to appoint an appraiser within the seven (7) day period referred to above, the appraiser appointed by the other party shall be the sole appraiser for the purposes of determining the Base Rent during the Renewal Term. (II) If the two appraisers cannot agree upon which of the two Estimates most closely reflects the Renewal Rent within twenty (20) days after their appointment, then, within ten (10) days after the expiration of such twenty (20) day period, the two (2) appraisers shall select a third appraiser meeting the aforementioned criteria for appraisers. Once the third appraiser has been selected as provided for above, then, as soon thereafter as practicable, but in any case within fourteen (14) days, such third appraiser shall make his determination of the Renewal Rent, provided, however, that such third appraiser’s determination shall not be below the lowest of the two Estimates or higher than the highest of the two Estimates, and such third appraiser’s determination shall be binding on both Landlord and Tenant as the Base Rent for the Premises during the Renewal Term. If the appraiser believes that expert advice would materially assist him, he may retain one or more qualified persons, to provide such expert advice. The parties shall share equally in the costs of the appraisers and of any experts retained by such appraisers. In the event that the Renewal Rent has not been determined by the commencement date of the Renewal Term, Tenant shall in addition to all other payments due under this Lease, pay Base Rent at the initial Renewal Rent determined by Landlord, until such time as the Renewal Rent has been finally determined. Upon such determination, the Base Rent for the Premises shall be retroactively adjusted (if necessary) to the commencement of the Renewal Term. If such adjustment results in 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 overpayment has been credited against Base Rent. If within such ten (10) day period, Tenant fails to provide written notice of its election of either (i) or (ii) above, then Tenant shall be deemed to have accepted Landlord’s initial determination of Renewal Rent for the Renewal Term, and shall have no further right to object to same. In the event Tenant properly exercises the Renewal Term and the Renewal Rent is determined, the terms of the Lease, as extended, shall be on the same terms, covenants, and conditions as set forth in default hereunder beyond any applicable grace or cure periodthe Lease, except (a) as modified by the Renewal Rent (which shall be incorporated into the Lease), (b) the Base Year for purposes of determining Tenant’s Proportionate Share of Increased Operating Costs shall be modified to the then current base year then being offered to prospective tenants of the Building, and (c) Tenant shall have no further right to extend the Term of the Lease. Additionally, Tenant shall, within twenty (20) days after Landlord’s request, execute and deliver an amendment to the Lease, prepared by and acceptable to Landlord, memorializing such exercise of the Renewal Term and the Renewal Rent.

Appears in 2 contracts

Sources: Lease (Catalyst Pharmaceuticals, Inc.), Lease (Catalyst Pharmaceutical Partners, Inc.)

Renewal Option. Landlord hereby grants to Tenant, and 43.1 Tenant shall have, have the right and option to extend the Term of this Lease for one (1) period time right to renew the term of this Lease, for all of the Premises for a renewal term (the “Renewal Term”) of five (5) years by written notice (the “Renewal TermNotice) given to Landlord not less than eighteen (18) months prior to the Expiration Date; provided, however, that Tenant shall be current in the payment of rent and additional rent and not then be in default under any of the other terms, covenants or conditions of this Lease after written notice and beyond the expiration of any applicable notice and cure periods, on Tenant’s part to observe or perform either on the date of the giving of the Renewal Notice or on the Renewal Term Commencement Date (as hereinafter defined). Upon the giving of such notice this Lease shall thereupon be deemed renewed for the Renewal Term with the same force and effect as if the Renewal Term had originally been included in the term of this Lease, subject, however, to the provisions of Section 43.3. The Renewal Term shall commence upon (the “Renewal Term Commencement Date”) on the day next following after the last day Expiration Date and shall terminate on the fifth (5th) anniversary of the initial TermExpiration Date. 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 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 date. The Renewal Term shall be upon all Notice. 43.2 All 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 continue in full force and effect during the Renewal Term, and except that (i) the denominator Rent for the Renewal Term shall be the greater of which is (x) the Index then Rent (as escalated); or (y) an amount equal to the fair market rental value (“FMV”) of the first day Premises taking into account all relevant factors, including the then condition of the third Lease Year. IfPremises, 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 foregoingrent concessions and work and expenses incurred in connection with similar leases, and (ii) Tenant shall have no further right to renew the Term of this Lease. Any termination, cancellation or surrender of the entire interest of Tenant under this Lease if, either at any time during the time Term hereof shall terminate any right of renewal of 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 periodhereunder.

Appears in 2 contracts

Sources: Lease Agreement (Panacea Acquisition Corp), Lease Agreement (Panacea Acquisition Corp)

Renewal Option. Landlord hereby grants to TenantTenant shall, provided the Lease is in full force and effect and Tenant shall haveis not then in default under any of the other terms and conditions of the Lease at the time of notification or commencement, the right and option to extend the Term of this Lease for have one (1) period option to renew this Lease for a term of five (5) years (years, 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: 39.1 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 date which is fifteen (615) months prior to the expiration of the initial Term, time being then current term of the essence with respect Lease but no later than the date which is nine (9) months 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 then current term 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. 39.2 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 thirty (30) 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. If Tenant and Landlord are unable to agree on a mutually acceptable rental rate not later than sixty (60) days prior to the expiration of the then current term, then Landlord and Tenant shall each appoint a qualified MAI appraiser doing business in the area, in turn those two independent MAI appraisers shall appoint a third MAI appraiser and the majority shall decide upon the fair market rental for the Premises as of the expiration of the then current term. Landlord and Tenant shall equally share in the expense of this appraisal except that in the event the Annual Rent and Monthly Installment is found to be within fifteen percent (15%) of the original rate quoted by Landlord, then Tenant shall bear the full cost of all the appraisal process. In no event shall the Annual Rent and Monthly Installment for any option period be less than the Annual Rent and Monthly Installment in the preceding period. 39.3 This option is not transferable; the parties hereto acknowledge and agree that they intend that the aforesaid option to renew this Lease if, either at shall be “personal” to Tenant as set forth above and that in no event will any assignee or sublessee have any rights to exercise the time Tenant notifies Landlord of its election aforesaid 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

Sources: Lease Agreement (Aspen Aerogels Inc), Lease (Aspen Aerogels Inc)

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

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

Renewal Option. Landlord hereby grants Exhibit F attached to Tenant, the Lease is deleted and Tenant shall have, the right and option not be entitled to extend the Term of the Lease except as expressly set forth in this Paragraph 10. Tenant shall, provided the Lease for is in full force and effect and Tenant is not in default under any of the other terms and conditions of the Lease at the time of notification or commencement beyond all applicable notice and cure periods, have one (1) period option to renew the Lease for a term of five (5) years commencing as of November 1, 2013, for all or a portion (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 but not less than six fifty percent (650%) months of the Premises as leased by this Amendment, namely, not less than 10,550 square feet) 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: (a) If Tenant elects to exercise said option, then Tenant shall provide Landlord with written notice no earlier than November 1, 2012 and no later than April 1, 2013. If Tenant fails to provide such written notice, Tenant shall have no further or additional right to extend or renew the term of the Lease. Time shall be of the essence. (b) The Annual Rent and Monthly Installment of Rent in effect at the expiration of the then Term of the Lease shall be adjusted to reflect the current fair market rental for new leases in 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 except as amended by this Paragraph 10. Landlord shall advise Tenant of the new Annual Rent and Monthly Installment of Rent for the Premises no later than forty-five (45) 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 10. If Tenant and Landlord are unable to agree on a mutually acceptable rental rate not later than sixty (60) days prior to the expiration of the initial Termthen current term, time being of the essence then Landlord and Tenant shall each appoint a qualified MA1 appraiser or real estate broker with respect to such notification. Notice thereof shall be deemed sufficient if given at least ten (10) years experience doing business in the manner hereinafter provided. If Landlord does not receive such written notice as area, in turn those two independent MA1 appraisers shall appoint a third MA1 appraiser or real estate broker and when required herein, the Renewal Term majority shall terminate and be of no further force or effect, and this Lease shall expire decide upon the fair market rental for the Premises as of the then-scheduled expiration dateof the then current Term. The Renewal Term Landlord and Tenant shall equally share in the expense of this appraisal except that in the event the Annual Rent and Monthly Installment is found to be within ten percent (10%) of the original rate quoted by Landlord, then Tenant shall bear the full cost of all the appraisal process. (c) This option is not transferable; the parties hereto acknowledge and agree that they intend that the aforesaid option to renew the Lease shall be upon all of “personal” to Reata Pharmaceuticals, Inc. and that in no event will any assignee or sublessee have any rights to exercise the terms, covenants and conditions of this Lease, except that aforesaid option to renew. (d) Once the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” renewal option provided for above 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 foregoingexercised, Tenant shall have no further right to renew this Lease if, either at extend the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date term of the Renewal TermLease, Tenant is unless agreed to in default hereunder beyond any applicable grace or cure periodwriting by Landlord in its sole discretion.

Appears in 2 contracts

Sources: Lease Agreement (Reata Pharmaceuticals Inc), Lease (Reata Pharmaceuticals Inc)

Renewal Option. Landlord hereby grants If the Lessee is not in default in regard to Tenantthe terms and provisions of this Real Estate Lease Agreement at the time the option is exercised or at the time the renewal term is to commence, and Tenant Lessee shall have, have the right and option to extend renew this Real Estate Lease Agreement subject to all the Term terms and provisions as follows: (a) For TWO (2) Successive term(s) of this Lease for one (1) period of five FIVE (5) years year(s) each with each renewal term commencing on the day following the expiration of the preceding term. (b) The first renewal term shall commence on the “Renewal Term”)1st day of September 2019. The Renewal Term option regarding a renewal term shall commence upon be exercised by written notice sent by Lessee to Lessor not less than one hundred twenty (120) days prior to September 1, 2019 in regard to the day next following first renewal term. The giving of such notice shall be sufficient to make the Lease binding for the renewal term provided that each of the parties shall promptly execute prior to the last day of the initial Term. Tenant preceding term a further written amendment to the Lease in which the parties agree to extend the lease term, provided that under all circumstances the rent for any renewal term shall notify Landlord in writing continue to increase at the rate of 2% per year commencing on the lst of September of each year of each renewal term; and therefore, the base monthly rent for the first year of the first renewal term shall be $7 955.00 per month. (d) In the event Lessee exercises either or both of its election conditional options to extend this renew the Real Estate Lease Agreement for one or two additional renewal terms, then as a condition thereto, the Renewal Term Personal Guaranties of Lessee(s), if any shall be attached hereto as continuing Guaranties and said Guaranties shall not less than six (6) months prior terminate until such time as Lessee has fully performed all of its duties and obligations, and made all payments to Lessor pursuant 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 terms 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 Real Estate 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 periodAgreement without exception.

Appears in 2 contracts

Sources: Lease Agreement, Real Estate Lease Agreement (Diego Pellicer Worldwide, Inc)

Renewal Option. Landlord hereby grants to Tenant, and a. Tenant shall have, the right and option to extend the Term of this Lease for have one (1) personal and non-transferable option to renew the term of the Lease for a period of five (5) years (the “Renewal Term”)years. The Renewal Term renewal term shall commence upon the day next following the last day of the initial Termbegin June 15, 2012. Tenant shall notify have the right to exercise the renewal option conferred herein by giving Landlord in writing of its election to extend this Lease for the Renewal Term notice at least one hundred eighty (180) days, but not less more than six two hundred seventy (6270) months days, prior to the expiration of the initial TermExtension Period; 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 date. commencement of the renewal term (i) no default has occurred; and (ii) Tenant has not sublet any portion of the Premises or assigned all or any portion of the Lease. b. The Renewal Term renewal option shall be upon subject to all of the terms, covenants terms and conditions of this contained in the Lease, except that rent during each renewal term shall be Market Rent. “Market Rent” shall be the Fixed 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 effect for new 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. In no event shall the Market Rent be less than the rent in effect for the immediately preceding term. 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, except Landlord shall provide a refurbishment allowance of $5.00 per rentable square foot. In the event that Tenant shall exercise an option to renew the Lease, then the Market Rent shall be increased by adding agreed upon in a meeting of the CPI Adjustment Amount parties hereto held at least ninety (defined below90) days 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, Extension Period. If the numerator parties are able to agree on an amount of which rent that 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 Indexmutually satisfactory, then such other index or standard as will most nearly accomplish agreements shall be placed in writing and shall be signed by the aim or purpose parties hereto and shall thereupon become a part 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 2 contracts

Sources: Lease (Eschelon Telecom Inc), Lease (Eschelon Telecom 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

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

Renewal Option. Landlord hereby grants to TenantTenant shall, provided the Lease is in full force and effect and Tenant shall haveis not in monetary default under the terms and conditions of the Lease at the time of notification or commencement beyond applicable notice and cure periods, the right and option to extend the Term of this Lease for have one (1) period option to renew this Lease for a term of five (5) years on the same terms and conditions set forth in the Lease, except as modified by the terms, covenants and conditions as set forth below: (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. a) 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 date which is fifteen (615) months prior to the expiration of the initial Term, time being then current term of the essence with respect Lease but no later than the date which is ten (10) months 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 then current term 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. (b) The Fixed Rent and Monthly Fixed Rent in effect at the expiration of the then current term of the Lease shall be adjusted to reflect the fair market rental for comparable space in similar buildings in the same rental market as of the date the renewal term is to commence, taking into account concessions then being provided for renewals by landlords of such similar buildings (including without limitation rent abatement and tenant improvement allowances) as well as the specific provisions of the Lease which will remain constant. Landlord shall advise Tenant of the new Fixed Rent and Monthly Fixed Rent for the Demised Premises no later than thirty (30) 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 Section 24.17. Said notification of the new Fixed 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. If Tenant and Landlord are unable to agree on a mutually acceptable rental rate not later than four (4) months prior to the expiration of the then current term, Landlord and Tenant shall each appoint a qualified MAI appraiser doing business in the area, in turn those two independent MAI appraisers shall appoint a third MAI appraiser and the majority shall decide upon the fair market rental for the Demised Premises as of the expiration of the then current term. Landlord and Tenant shall equally share in the expense of this appraisal. Tenant may elect to rescind its exercise of the renewal option within three (3) business days after Tenant is advised of the MAI appraisal determination, provided that Tenant pays for the entire MAI appraisal cost. This option is not transferable except to an Affiliate or entity which acquires all or substantially all of Tenant’s assets, or involved with a merger with Tenant (collectively, Permitted Transferees”); the parties hereto acknowledge and agree that they 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, either at except a Permitted Transferee, have any rights to exercise the time Tenant notifies Landlord aforesaid option to renew. However, in the event there is any other transfer in the control of its election Tenant, the option shall be transferable to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodnew controlling entity.

Appears in 2 contracts

Sources: Lease Agreement (G Iii Apparel Group LTD /De/), Lease Agreement (G Iii Apparel Group LTD /De/)

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 ▇▇▇▇▇▇. 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 ▇▇▇▇ INTENTIONALLY LEFT BLANK] !4 Date signed: Date signed: Attest: Landlord and ▇▇▇▇▇▇ 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

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

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

Sources: Lease Agreement (Biolife Solutions Inc), Lease Agreement (Biolife Solutions Inc)

Renewal Option. 27.1 Landlord hereby grants to Tenant the conditional right exercisable at Tenant's option, and Tenant shall have, to renew the right and option to extend the Term term of this Lease for one (1) period term of five (5) years years. If exercised, and if the conditions applicable thereto have been satisfied, the renewal term (the "Renewal Term”). The Renewal Term ") shall commence upon the day next immediately following the last day end of the initial Lease Term. The rights of renewal herein granted to Tenant shall notify Landlord be subject to, and shall be exercised in writing accordance with, the following terms and conditions: (a) Tenant shall exercise its right of its election renewal with respect to extend this Lease for the Renewal Term by giving Landlord written notice thereof not less earlier than six three hundred ninety (6390) months days nor later than three hundred sixty (360) days prior to the expiration of the initial Term, time being of Lease Term (the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided"Renewal Notice"). If Landlord does not receive Tenant timely provides such written notice as Renewal Notice, the base rent, escalation factor, parking charge and when required herein, additional rent for the Renewal Term shall terminate be the Market Rate (as hereinafter defined), provided the parties agree on the same after negotiating in good faith. For thirty (30) days after Landlord's timely receipt of the Renewal Notice, the parties shall negotiate in good faith on the existing "market rate" base rent, escalation factor, parking charge and additional rent (collectively, the "Market Rent"). Among the factors to be considered by the parties during such negotiations shall be the general office rental market in the Reston/Herndon, Virginia, area, and the rental rates then being offered by Landlord to comparable tenants for comparable space in the Building. If, based upon the above factors, Landlord and Tenant are able to agree on the Market Rent, then the base rent, escalation factor, parking charge and additional rent which shall be payable during the Renewal Term shall be such Market Rent. In no event, however, shall Landlord be under any obligation to agree to a base rent, escalation factor, parking charge or additional rent for the Renewal Term which is less than the Base Rent, escalation factor, parking charge or additional rent in effect under this Lease during the Lease Year immediately preceding the commencement of the Renewal Term. If during such thirty (30) day period the parties agree on such base rent, escalation factor, parking charge and additional rent payable during each year of such Renewal Term, and all other terms and conditions, then they shall promptly execute an amendment to this Lease stating the rent and charges and other terms and conditions so agreed upon. If during such thirty (30) day period the parties are unable after negotiating in good faith as required above, for any reason whatsoever, to agree on such base rent, escalation factor, parking charge and additional rent payable and all other terms and conditions, then Tenant's rights with respect to the Renewal Term shall lapse and be of no further force or effect. (b) If the Renewal Notice is not given timely, then Tenant's rights of renewal pursuant to this Section 27.1 shall lapse and be of no further force or effect. (c) If more than three (3) Events of Default have occurred during the Lease Term, or there exists an Event of Default under 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 Renewal Notice is given to Landlord, or at any time thereafter prior to commencement date of the Renewal Term, or there has been a material adverse change in Tenant's financial condition or liquidity, then, at Landlord's option, the Renewal Term shall not commence and the denominator term of which is this Lease shall expire at the Index as expiration of the first day initial Lease Term. (d) If at any time fifty percent (50%) or more of the third Lease Year. IfPremises has been terminated pursuant to Section 7.4 above, during the Lease Term the Bureau of Labor Statistics ceases subleased or assigned (other than an assignment or sublease to maintain the Indexa Permitted Transferee, or a sublease to a Client), then Tenant's rights pursuant to this Section 27.1 shall lapse and be of no further force or effect. (e) Tenant's right of renewal under this Section 27.1 may be exercised only by Netrix Corporation, any assignee that is a Permitted Transferee, and any other assignee of Netrix Corporation approved by Landlord pursuant to Article VII for which Landlord expressly approved the right of such assignee to exercise this renewal right, and may not be exercised by any other index transferee, sublessee or standard as will most nearly accomplish the aim or purpose assignee 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

Sources: Office Lease Agreement (Netrix Corp)

Renewal Option. Landlord hereby grants to TenantProvided Tenant is not in default of any of its obligations hereunder and is in possession of the Premises, and Tenant shall have, the right and option be entitled to extend the Term of renew this Lease for one (1) period of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon 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 Term not less than six (6) months prior to the expiration of the initial original or previous Term on the same terms, conditions, and provisions as are set forth in this Lease with the same force and effect as though this Lease had originally provided for a nine (9) year, four (4) month, Term, time being of with 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 following conditions: (a) Tenant will give 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) notification to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying Landlord no later than ninety (90) days prior to 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 termination date of the Renewal Term, original Term of his election to renew this Lease. (b) Beginning with and the denominator of which is the Index as of the first day of the third Lease Year. Ifrenewal Term, the Basic Rent and each monthly installment thereof payable during the Lease renewal Term shall be adjusted and modified according to the following formula: If the Consumer Price Index for all Urban Consumers (the "Index") for ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ (▇▇▇▇ - 100), as determined and published by the United States Department of Labor, Bureau of Labor Statistics ceases Statistics, based on all items, for the month preceding the commencement of the renewal term shall exceed said Index in effect as of the original Term of the Lease, then, in lieu of the Basic Rent as set forth in Section 1.6 respecting the original Term of the Lease, the Basic Rent for each year of the renewal Term shall be an amount equal to maintain the IndexBasic Rent as set forth in Section 1.6 multiplied by a fraction, then such other the numerator of which shall be the Index for the month preceding the commencement of the renewal Term and denominator of which shall be the Index in effect as of the commencement of the original Term of the Lease, provided, however, that in no event shall the Basic Rent be less than that set forth in Subsection 1.6. The index or standard as will most nearly accomplish be adjusted in the aim or purpose of event that said Index shall be converted and, if the Index shall cease to be published, an Index as nearly comparable as possible shall be used in determining by the amount of any such adjustmentparties. Notwithstanding In witness whereof the foregoing, Tenant shall parties 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 hereto set their hands and seals as of the Renewal Termday and year first above written. LANDLORD: WHITE ▇▇▇▇▇ BUSINESS CENTER LIMITED PARTNERSHIP, Tenant is in default hereunder beyond any applicable grace or cure period.a Maryland limited partnership by its General Partner,

Appears in 1 contract

Sources: Lease Agreement (Imtek Office Solutions Inc)

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

Sources: Lease Agreement (Xplore Technologies Corp)

Renewal Option. Landlord hereby grants Subject to Tenantthe Government regulation and lease restriction, and Tenant if there 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 at the expiration of the initial relevant Term be any arrears of rent or other payments or any subsisting breach by the Tenant of any of the terms or conditions of the Lease the Tenant shall have an option to renew the Lease [*] further terms of [*] each such options to be exercised by the Tenant by giving to the Landlord at least six calendar months' previous notice in writing prior to the end of the respective terms and the Landlord shall grant to the Tenant a lease for the further term of [*] subject in all other respects to the same stipulations as are contained in the Lease except the rent payable and the clause for renewal. The Tenant shall on the renewal of the Lease pay to the Landlord an additional sum to make up the deposit to be equivalent to 3 months' rent payable during the renewal term ("the Renewal Term"). If the Tenant shall fail to serve the notice to renew as aforesaid the Lease shall terminate and the Tenant shall deliver up vacant possession of the said Premises to the Landlord in accordance with the provisions of the Lease at the expiration of the Term. The Open Market Rent shall be agreed between Landlord and the Tenant at least three months before the new rent shall become payable and failing agreement as aforesaid, the question shall be referred to the decision of a single valuer to be appointed jointly by the parties, failing agreement on the appointment of the valuer, the valuer shall be appointed by the President for the time being of the essence with respect to such notificationHong Kong Institute of Surveyors. Notice thereof The valuer shall act as an expert but not an arbitrator whose decision shall be deemed sufficient if given final and binding Provided Always that in making its decisions the valuer shall take into account of the Cost Formula agreed between the parties and the provisions of facilities by the Landlord in the manner hereinafter providedFinal Agreed Technical Schedule. If Landlord does not receive Prior to the decision of such written notice as and when required hereinvaluer, the Renewal Term Tenant shall terminate and be of no further force or effectcontinue to pay monthly, and this Lease shall expire as on account of the then-scheduled expiration date. The Renewal Term shall rent to 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 ratiodecided, 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”) same rent as payable on the date nearest the commencement expiration date of the Renewal Term, and term immediately preceding the denominator of which is the Index as commencement of the first day relevant renewal term and adjustment on the rent (if applicable) shall be made upon the market rent having been determined as aforesaid. The costs 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 valuer shall be used borne by the parties hereto 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 periodequal shares.

Appears in 1 contract

Sources: Letter of Intent (Iasiaworks 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 the Lease for one (1) period of the entire Premises then being leased to Tenant. The Renewal Option shall be for a five (5) years year term (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 beyond any applicable notice and cure period by Tenant exists, either at the time of exercise of the initial Renewal Option or the time of commencement of a 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 twelve (12) months and not less than six nine (69) 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 pursuant to Section 4.1 with respect to the Renewal Term shall be increased by adding the CPI Adjustment Amount (defined below) equal to the then-current Fixed Rent. The Prevailing Market Rent as of the commencement of the Renewal Term, as determined pursuant to Exhibit C; from and after the exercise of the Renewal Option escalating annually thereafter by three percent (3%) per annum, (i) all references to CPI Adjustment AmountExpiration Dateis calculated by multiplying the Fixed Rent payable for shall be deemed to refer to 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 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, . The Renewal Option is personal to Tenant and any Permitted Transferee and shall be inapplicable and null and void if Tenant assigns or sublets any of its interest under this Lease (other than to a Permitted Transferee) or if the Tenant or any Permitted Transferee is in default hereunder beyond any applicable grace or cure periodnot occupying the Premises.

Appears in 1 contract

Sources: Office Lease (Innoviva, Inc.)

Renewal Option. Landlord hereby grants to If no uncured default by exists either at the time of giving Tenant’s renewal notice or upon commencement of the renewal term, and Tenant shall have, have the right and option to extend renew the Term term of this the Lease for one (1) additional period of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following same terms, conditions and provisions applicable to the last day then current term of the initial TermLease (unless otherwise expressly provided herein), except that the annual Base Rent for the additional term of five (5) years shall be the product of (i) the number of square feet of Rentable Area then contained in the Premises multiplied by (ii) an amount equal to the then prevailing market base rent rate per rentable square foot per annum charged for comparable office space in the Building and other comparable buildings in the vicinity of the Building. Tenant shall evidence its intent to exercise its right of renewal by delivering to Landlord written notice (“Tenant’s Notice”) of Tenant’s desire to renew the Term of this Lease as aforesaid no later than January 1, 2010. Landlord shall deliver to Tenant a written notice (“Landlord’s Notice”) specifying the Base Rent rate per square foot of Rentable Area per annum for the additional term of five (5) years. Tenant shall have thirty (30) days following delivery of Landlord’s Notice in which to notify Landlord in writing of Tenant’s exercise of its election rights to extend this Lease for renew the Renewal Term not less than six (6) months prior hereof. Failure to the expiration of the initial Termnotify Landlord within such period or to timely deliver Tenant’s Notice shall automatically extinguish Tenant’s right to renew, time being of the essence with respect to such notificationTenant’s exercise thereof. 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 Term of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodLease following the expiration of the renewal term of five (5) years detailed herein.

Appears in 1 contract

Sources: Lease Agreement (Hallmark Financial Services Inc)

Renewal Option. Landlord hereby grants to Tenant(a) Provided Tenant is not then in default under this Lease beyond any applicable notice and cure period and is current in all payments due hereunder, and Tenant shall have, have the right and option to extend the Term term of this Lease ("Renewal Option") for one (1) additional four (4) year period, by written -------------- notice to Landlord given no later than eight (8) months prior to the Expiration Date, under the same terms and conditions as set forth in this Lease, except that the Base Rent payable by Tenant during such option term shall be ninety percent (90%) of the then prevailing Fair Market Rate as determined in accordance with Section 2.5(b) below. When the rent for the said option term has been determined, the parties shall execute a modification of this Lease setting forth the Base Rent for such option term. This Renewal Option is not personal to Catellus Development Corporation, the Tenant herein named, and may be exercised by any assignee of the Lease permitted under the terms of the Lease. However, no such Renewal Option is assignable separate and apart from the Lease. (b) For the purposes of this Section 2.5, the term "Fair Market Rate" ---------------- shall mean the annual amount per RSF that Landlord has accepted in current transactions between non affiliated parties from new, non-expansion, non-renewal and non-equity tenants of comparable credit-worthiness, for comparable space, for a comparable use for a comparable period of five time (5"Comparable Transactions") years ----------------------- in the Building, or if there are not a sufficient number of Comparable Transactions in the Building, what a comparable landlord of a Comparable Building (as defined in Section 6.6(b)) with comparable vacancy factors would accept in Comparable Transactions. In any determination of Comparable Transactions appropriate consideration shall be given to the “Renewal Term”annual rental rates per rentable square foot, the standard of measurement by which the rentable square footage is measured, the ratio of rentable square feet to usable square feet, the type of escalation clause (e.g., whether increases in additional rent are determined on a net or gross basis, and if gross, whether such increases are determined according to a base year or a base dollar amount expense stop), the extent of Tenant's liability under the Lease, abatement provisions reflecting free rent and/or no rent during the period of construction or subsequent to the commencement date as to the space in question, brokerage commissions, if any, which would be payable by Landlord in similar transactions, length of the lease term, size and location of premises being leased, building standard work letter and/or tenant improvement allowances, if any, and other generally applicable conditions of tenancy for such Comparable Transactions. The Renewal Term intent is that Tenant will obtain the same rent and other economic benefits that Landlord would otherwise give in Comparable Transactions and that Landlord will make, and receive the same economic payments and concessions that Landlord would otherwise make, and receive in Comparable Transactions. Landlord shall commence upon determine the day next following Fair Market Rate by using its good faith judgment. Landlord shall provide written notice of such amount within fifteen (15) days (but in no event later than twenty (20) days) after Tenant provides the last day notice to Landlord exercising Tenant's option rights which require a calculation of the initial TermFair Market Rate. Tenant shall notify have fifteen (15) days ("Tenant's Review Period") after receipt of Landlord's ---------------------- notice of the new rental within which to accept such rental or to reasonably object thereto in writing. In the event Tenant objects, Landlord in writing of its election and Tenant shall attempt to extend this Lease for the Renewal Term not less than agree upon such Fair Market Rate, using their best good faith efforts. If Landlord and Tenant fail to reach agreement by that date which is six (6) months prior to the expiration Expiration Date ("Outside ------- Agreement Date"), then each party shall place in separate envelope their -------------- final proposal as to Fair Market Rate and shall exchange such envelopes. Tenant may, within three (3) business days after such exchange, rescind its option to extend by written notice to Landlord within such three (3) business day period. If Tenant does not so rescind its option within such three (3) business day period, then Tenant's exercise of its option to extend will be irrevocable and the determination of Fair Market Rate shall be submitted to arbitration in accordance with subsections (i) through (v) below. Failure of Tenant to so accept such rental in writing within Tenant's Review Period shall conclusively be deemed its disapproval of the Fair Market-Rate determined by Landlord. In the event that Landlord fails to timely generate the initial Term, time being written notice of Landlord's opinion of the essence with respect Fair Market Rate which triggers the negotiation period of this Section 2.5(b), then Tenant may commence such negotiations by providing the initial notice, in which event Landlord shall have fifteen (15) days ("Landlord's Review Period") after receipt of ------------------------ Tenant's notice of the new rental within which to accept such notificationrental. Notice thereof In the event Landlord fails to accept in writing such rental proposed by Tenant, then such proposal shall be be-deemed sufficient if given rejected, and Landlord and Tenant shall attempt in the manner hereinafter providedgood faith to agree upon such Fair Market Rate, using their best good faith efforts. If Landlord and Tenant fail to reach agreement by the Outside Agreement Date, then each party shall place in a separate sealed envelope their final proposal as to Fair Market Rate and shall exchange such envelopes. Tenant may, within three (3) business days after such exchange, rescind its option to extend by written notice to Landlord within such three (3) business day period. If Tenant does not receive so rescind its option within such written notice as three (3) business day period, then Tenant's exercise of its option to,extend will be irrevocable and when required herein, the Renewal Term determination of Fair Market Rate shall terminate be submitted to arbitration in accordance with subsections (i) through (v) below. (i) Landlord and be of no further force or effect, and this Lease Tenant shall expire as meet with each other within five (5) business days of the then-scheduled expiration dateOutside Agreement Date and exchange the sealed envelopes and then open such envelopes in each other's presence. The Renewal Term shall be If Landlord and Tenant do not mutually agree upon all the Fair Market Rate within one (1) business day of the termsexchange and opening of envelopes, covenants and conditions of this Leasethen, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount within ten (defined below10) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year business days of the initial Term exchange and opening of envelopes Landlord and Tenant shall agree upon and jointly appoint a single arbitrator who shall by profession be a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Clevelandreal estate lawyer or broker who shall have been active over the-Akron, All Items five (1982-1984=1005) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) year period ending on the date nearest of such appointment in the commencement date leasing of comparable commercial properties in the vicinity of the Renewal TermBuilding. Neither Landlord nor Tenant shall consult with such broker or lawyer as to his or her opinion as to Fair Market Rate prior to the appointment. The determination of the arbitrator shall be limited solely to the issue of whether Landlord's or Tenant's submitted Fair Market Rate for the Premises is the closer to the actual Fair Market Rate for the Premises as determined by the arbitrator, taking into account the requirements of this Section 2.5(b). Such arbitrator may hold such hearings and require such briefs as the arbitrator, in his or her sole discretion, determines is necessary. In addition, Landlord or Tenant may submit to the arbitrator with a copy to the other party within five (5) business days after the appointment of the arbitrator any market data and additional information that such party deems-relevant to the determination of Fair Market Rate ("FMR Data") and -------- the other party may submit a reply in writing within five (5) business days after receipt of such FMR Data. (ii) The arbitrator shall, within thirty (30) days of his or her appointment, reach a decision as to whether the parties shall use Landlord's or Tenant's submitted Fair Market-Rate, and the denominator shall notify Landlord and Tenant of which is the Index as such determination. (iii) The decision of the first day arbitrator shall be binding upon Landlord and Tenant, and shall be treated the same as the decision of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases Arbitration Panel as provided in Section 4(d) below. (iv) If Landlord and Tenant fail to maintain the Indexagree upon and appoint an arbitrator, then such other index or standard as will most nearly accomplish the aim or purpose appointment of the Index arbitrator shall be used in determining made by 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 Presiding Judge of the Renewal TermSuperior Court, or, if he or she refuses to act, by any judge having jurisdiction over the parties. (v) The cost of arbitration shall be paid by Landlord and Tenant is in default hereunder beyond any applicable grace or cure periodequally.

Appears in 1 contract

Sources: Office Lease (Catellus Development Corp)

Renewal Option. Landlord hereby grants to Tenant, and If Tenant shall have, the right duly 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 faithfully perform all of the terms, covenants and conditions of this Lease and so long as Tenant has not notified Landlord of its desire to assign the Lease or sublet all or any portion of the Premises, Tenant shall have the right exercisable by giving written notice to Landlord not later than October 31, 1998, to extent the Term of this Lease for the five year period of February 1, 1999, to January 31, 2004, upon the same terms and conditions as contained in the Lease, except that the Fixed Base Rent for the Premises shall be at 95% of the then prevailing market rate for comparable space in the Building as determined by the Landlord, the Additional Rent shall be increased the same as then being offered by adding the CPI Adjustment Amount Landlord for comparable space in the Building (defined below) to without any limitation on the then-current Fixed RentOperating Expense Escalation Amount). The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year If Tenant shall duly and faithfully perform all of the initial terms, covenants and conditions of this Lease and has exercised its option to extend the 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 Lease to January 31, 2004, and so long as Tenant has not notified the Landlord of Labor (its desire to assign the “Index”) on the date nearest the commencement date Lease or sublet all or any portion 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 foregoingPremises, Tenant shall have no the right exercisable by giving written notice to renew this Lease ifLandlord not later than October 31, either at the time Tenant notifies Landlord of its election 2003, to extend this the Term of the Lease or for the five year period of February 1, 2004 to January 31, 2009, upon the commencement date same terms and conditions contained in the Lease, except that the Base Rent for the Premises shall be at 95% of the Renewal Termthen prevailing market rate for comparable space in the Building as determined by Landlord, Tenant is the Additional Rent shall be the same as then being offered by Landlord for comparable space in default hereunder beyond the Building (without any applicable grace or cure periodlimitation on the Operating Expense Escalation Amount).

Appears in 1 contract

Sources: Lease Amendment Agreement (Mobius Management Systems Inc)

Renewal Option. Landlord hereby grants Provided that, as of the date of the exercise of the foregoing option to Tenantrenew and as of the commencement of the Renewal Term (as hereinafter defined) (i) this Lease is in full force and effect, and (ii) Tenant shall havenot then be in default beyond the applicable period pursuant to the terms of the Lease, Tenant shall have the right and option to extend the Term of renew this Lease for one four (14) period additional renewal terms (each, the “Renewal Term”) of five (5) years each, commencing on the first day after the Expiration Date or any previous Renewal Term Expiration Date and ending at midnight on the date which is five (5) years thereafter (the “Renewal TermTerm Expiration Date) (or until such term shall sooner cease and expire as hereinafter provided). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify , by giving to Landlord in writing written notice of its election to extend so exercise said option to renew no later than six (6) months prior to the Expiration Date (or in the event Tenant has already elected to renew this Lease for the Renewal Term not less than Lease, six (6) months prior to the expiration of the initial Term, time being of the essence Renewal Term Expiration Date) (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 Tenant’s notice as and when required herein, the Renewal Term shall terminate and be of no further force or effectto renew), and this Lease shall expire as of the then-scheduled expiration date. The further provided, that such Renewal Term shall be substantially upon all the same terms, provisions, covenants, and conditions as are contained in this Lease, except as for the duration of the termsterm hereof, covenants and conditions the absence of any further right to renew the Term of this Lease, except that and the Fixed Rent shall be increased rental rate and such provisions in this Lease which by adding the CPI Adjustment Amount (defined below) its terms are only applicable 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 adjustmentLease. Notwithstanding the foregoing, any Renewal Term to be granted by the Landlord shall be subject to Tenant shall have no right paying its pro-rata share of any real property taxes (however denominated) attributable 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 periodPremises.

Appears in 1 contract

Sources: Lease (GTJ REIT, Inc.)

Renewal Option. Landlord All rights or options to renew or extend the Lease Term previously granted to Tenant are hereby grants to Tenant, and deleted in their entirety. Tenant shall have, the right and is hereby granted one (1) option to extend the Extension Term for the Premises for an additional period of this three (3) years in accordance with the provisions set forth below: a. Provided that as of the time of the giving of the Extension Notice and the Commencement Date of the Second Extension Term, (i) Tenant is the Tenant originally named herein, (ii) Tenant actually occupies all of the Premises initially demised under the Lease and any space added to the Premises, and (iii) no Default exists or would exist but for the passage of time or the giving of notice, or both; then Tenant shall have the right to extend the Extension Term for one (1) period additional term of five three (53) years (such additional term is hereinafter called the “Renewal "Second Extension Term”). The Renewal Term shall commence upon ") commencing on the day next following the last day expiration of the initial Extension Term (hereinafter referred to as the "Commencement Date of the Second Extension Term"). Tenant shall notify give Landlord in writing written notice (hereinafter called the "Extension Notice") of its election to extend this the Lease for the Renewal Term not less than at least six (6) months, but not more than nine (9) months, prior to the scheduled expiration date of the Extension Term. b. The Base Rent payable by Tenant to Landlord during the Second Extension Term shall be the greater of (i) the Base Rent applicable to the last year of the Extension Term and (ii) the then prevailing market rate for comparable space in the Property and comparable buildings in the vicinity of the Property taking into account the size of the Lease, the length of the renewal term, market escalations and the credit of Tenant. The Base Rent shall not be reduced by reason of any costs or expenses saved by Landlord by reason of Landlord's not having to find a new tenant for such Premises (including, without limitation, brokerage commissions, costs of improvements, rent concessions or lost rental income during any vacancy period). In the event Landlord and Tenant fail to reach an agreement on such rental rate and execute the Second Extension Amendment (defined below) at least five (5) months prior to the expiration of the initial Extension Term, time being then Tenant's exercise of this renewal option shall be deemed withdrawn and the essence Lease shall terminate on its current expiration date. c. The determination of Base Rent does not reduce the Tenant's obligation to pay or reimburse Landlord for Additional Rent and other reimbursable items as set forth in the Lease, and Tenant shall reimburse and pay Landlord as set forth in the Lease with respect to such notification. Notice thereof shall be deemed sufficient if given Additional Rent and other items with respect to the Premises during the Second Extension Term without regard to any cap on such expenses set forth in the manner hereinafter provided. If Landlord does not receive such written notice Lease. d. Except for the Base 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 Tenant's occupancy of the then-scheduled expiration date. The Renewal Premises during the Second Extension Term shall be upon all on the same terms and conditions as are in effect immediately prior to the expiration of the termsExtension Term; provided, 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 foregoinghowever, Tenant shall have no further right to any allowances, credits or abatements or any options to expand, contract, terminate, renew this Lease ifor extend the Lease. e. If Tenant does not give the Extension Notice within the period set forth in Paragraph (a) above, either at the time Tenant notifies Landlord of its election Tenant's right to extend this the Lease or upon the commencement date Term shall automatically terminate. Time is of the Renewal essence as to the giving of the Extension Notice. f. Landlord shall have no obligation to refurbish or otherwise improve the Premises for the Second Extension Term. The Premises shall be tendered on the Commencement Date of the Second Extension Term in "as-is" condition. g. If the Lease is extended for the Second Extension Term, then Landlord shall prepare and Tenant is shall execute an amendment to the Lease confirming the extension of the Lease Term and the other provisions applicable thereto (the "Second Extension Amendment"). h. If Tenant exercises its right to extend the Lease Term for the Second Extension Term pursuant to this Fourth Amendment, the term "Lease Term" as used in default hereunder beyond any applicable grace or cure periodthe Lease, shall be construed to include, when practicable, the Second Extension Term except as provided in Paragraph (d) above.

Appears in 1 contract

Sources: Lease (HealthWarehouse.com, Inc.)

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

Sources: Credit and Security Agreement (General Communication Inc)

Renewal Option. Landlord hereby grants to TenantTenant shall, provided the Lease is in full force and effect and Tenant shall have, is not in default under any of the right other terms and option to extend conditions of the Term Lease at the time of this Lease for notification or commencement have one (1) period of five (5successive option(s) 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 renew this Lease for a term of one(1) year each , for the Renewal Term not less portion of the 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: a. If the Tenant elects to exercise said option, then Tenant shall provide Landlord with written notice no earlier than six the date which is one hundred eighty (6180) months days prior to the expiration of the initial Term, time being then current term of the essence with respect Lease but no later than the date which is ninety (90) 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 then current term 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. b. The Annual Rent and Monthly Installments 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 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 for any option period be less than the Annual Rent and Monthly Installment in the preceding period. c. This option is not transferable; the parties hereto acknowledge and agree that they intend that the aforesaid option to renew this Lease ifshall be "personal" to the Tenant as set forth above and that in no event will any assignee or subleasee have any rights to exercise the aforesaid option to renew. d. 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

Sources: Lease (Sk Technologies Corp)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have the right and option to extend the Term initial term of this the Lease for one (1) period additional term 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 Termterm. Tenant shall notify Landlord in writing of its election to extend this Lease may exercise the right for the Renewal Term not only by delivering to Landlord written notice of Tenant's exercise of such right no less than six one (61) months year prior to the expiration of the initial term. The terms and conditions of this Lease shall continue in full force and effect for the Renewal Term, time being of except that 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, monthly rental for the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as determined pursuant to the following formula: Monthly Rental = $19,499.67 X CPI in effect on the for the Renewal expiration date of the then-scheduled expiration date. The Term initial term Divided by __________________________ CPI on October 1, 1997 Notwithstanding the result of the above calculation, the monthly rental for the Renewal Term shall not 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 Rentless than $20,718.40 per month. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratioCPI, the numerator of which is as referred to herein, means the Consumer Price Index for All all Urban ConsumersConsumers 1984=100 relating to the Pittsburgh Metropolitan area, 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 functions thereof or in the absence of the publication of such conversion factor, such formula or table as the parties shall mutually designate. The foregoing option and right to extend the term of this Lease for the Renewal Term as herein provided is subject to (i) Tenant's timely exercise of this option as herein provided, (ii) WESCO Distribution, Inc., or its subsidiary or affiliate themselves being in full possession of the “Index”Leased Premises one (1) on year prior to the expiration date nearest of the Extended Term and at the commencement date of the Renewal Term and (iii) Tenant not being in material default at the time of the exercise of such option or at the commencement of the Renewal Term. If Tenant does not satisfy conditions (ii) and (iii) above, 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 Landlord at its option may terminate this Lease if, either at effective on the time Tenant notifies Landlord of its election to extend this Lease or upon day preceding the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.

Appears in 1 contract

Sources: Lease Agreement (CDW Holding Corp)

Renewal Option. Landlord hereby grants to TenantProvided Tenant is not in default, and beyond the expiration of any applicable notice or grace period, at the time the option described in this Section 4.03 is exercised, 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 Term") to commence immediately upon expiration of the original Term of this Lease. Tenant may exercise the Renewal Option only by delivering written notice to Landlord not later than nine (9) months, nor earlier than twelve (12) months, prior to the expiration of the original Term of this Lease. Such notice shall be given to Landlord in accordance with Section 18.01 hereof. If Tenant timely exercises the Renewal Option and is not in default, beyond the expiration of any applicable notice or grace period, at the expiration of the original Term of this Lease (unless such default is waived by Landlord at Landlord's sole discretion; such default may not be used by Tenant as a means of negating the effectiveness of an earlier exercise by Tenant of the Renewal Option), this Lease shall continue during the Renewal Term upon the same covenants, terms and conditions applicable to the original Term of this Lease, except for provisions which (i) relate to the construction or payment for construction of improvements in the Premises at the commencement of this Lease, (ii) grant to Tenant any credit or concession in the payment of Rent, or (iii) otherwise by their nature are applicable only to the original Term of this Lease. The Notwithstanding the foregoing, however, upon the commencement of the Renewal Term, the Base Year, for purposes of the Renewal Term, shall mean the calendar year in which the Renewal Term commences. Notwithstanding the foregoing, (i) annual Base Rent payable during the Renewal Term shall commence equal the annual fair market rental value of the Premises for the Renewal Term, as determined in accordance with this paragraph (to be based upon renewal rentals for comparable space in comparable first-class office buildings in the day next following greater suburban Philadelphia office market, taking into account the resetting of the Base Year as set forth herein, and assuming such space is being leased in its then-current "as is" condition for a five (5) year term, with no concessions or contributions toward improvements by the landlord), but not less than the sum of (A) $32.00 times the number of rentable square feet of floor area in the Premises (as determined by Landlord), plus (B) total Escalation Amounts payable by Tenant per square foot of the Premises with respect to the twelve (12) calendar months immediately preceding the last day date on which Tenant shall have been entitled to exercise the Renewal Option times the number of rentable square feet of floor area in the initial TermPremises (such sum of (A) plus (B) being hereinafter referred to as the "Minimum Renewal Base Rent"), and (ii) the Base Year for the Renewal Term shall be the calendar year in which the Renewal Term commences. Provided Tenant shall have properly and timely exercised the Renewal Option, Landlord shall notify Tenant of Landlord's determination of annual Base Rent for the Renewal Term ("Landlord's Determination") no later than thirty (30) days following Landlord's receipt of Tenant's notice. No later than thirty (30) days following Tenant's receipt of Landlord's Determination, Tenant shall notify Landlord in writing that Tenant: (a) rescinds its exercise of its election the Renewal Option, (b) accepts Landlord's Determination, or (c) is not satisfied with Landlord's Determination and desires to extend this Lease have Base Rent for the Renewal Term determined in the manner set forth below (Tenant's failure to so deliver such written notice within such thirty (30) day period shall constitute Tenant's recission of its exercise of the Renewal Option). If Tenant has so notified Landlord that Tenant is not less satisfied with Landlord's Determination, Tenant shall promptly engage an MAI appraiser ("Tenant's Appraiser") with experience appraising first-class office space in the greater suburban Philadelphia office market to determine the annual fair market rental value of the Premises for the Renewal Term in accordance with this paragraph ("Tenant's Determination", and together with Landlord's Determination, the "Determinations"), which Tenant's Determination shall be delivered to Landlord no later than six five (65) months prior to the expiration of the initial Term, time being original Term of this Lease. Tenant shall pay the cost of Tenant's Appraiser. In the event the greater of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in Determinations is not more than 110% times the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinlesser of the Determinations, then the annual Base Rent for the Renewal Term shall terminate and be the greater of no further force or effect, and this Lease shall expire as (i) the average of the thenDeterminations or (ii) the Minimum Renewal Base Rent. In the event the greater of the Determinations (I) is more than 110% times the lesser of the Determinations and (II) is more than the Minimum Renewal Base Rent, then Landlord and Tenant's Appraiser together shall select a second (2nd) MAI appraiser (the "Final Appraiser") with experience appraising first-scheduled expiration dateclass office space in the greater suburban Philadelphia office market. The Final Appraiser shall select which of the Determinations is closest to what the Final Appraiser would have itself determined to be the annual fair market rental value of the Premises for the Renewal Term in accordance with this paragraph. If the Final Appraiser so selects Landlord's Determination, then the annual Base Rent for the Renewal Term shall be upon all the greater of (i) the termsamount set forth in Landlord's Determination or (ii) the Minimum Renewal Base Rent, covenants and conditions of this Leaseif the Final Appraiser so selects Tenant's Determination, except that then the Fixed annual Base Rent for the Renewal Term shall be increased by adding the CPI Adjustment Amount greater of (defined belowI) to the then-current Fixed amount set forth in Tenant's Determination or (II) the Minimum Renewal Base Rent. The “CPI Adjustment Amount” is calculated by multiplying Final Appraiser's selection shall be binding upon Landlord and Tenant. Landlord and Tenant each shall pay one-half (1/2) of the Fixed Rent payable cost of the Final Appraiser. Each determination of the annual fair market rental value of the Premises for the last year Renewal Term to be made under this paragraph shall determine a fixed amount of annual Base Rent for 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 entire 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

Sources: Lease (Sedona Corp)

Renewal Option. Landlord hereby grants to Tenant, and (a) Tenant shall have, have one (1) option (the right and option "Renewal Option") to extend the Term of this Lease with for one (1) a period of five three (53) years and ten (10) months beyond the New 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 (the "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 nine (9) months nor less than six seven (67) months prior to the expiration of the initial TermExtension Period. Except as hereinafter provided in this Paragraph 6(a), any such notice given by Tenant to Landlord shall be irrevocable. If Tenant fails to exercise the Renewal Option in a timely manner as provided for above, the Renewal Option shall be void (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, essence) and this Lease shall expire as automatically terminate on the New Expiration Date without the necessity of notice from either party to the then-scheduled expiration dateother. The Renewal Term shall be upon all of the terms, covenants same terms and conditions of this Leaseas the Extension Period, except that 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 prevailing market rate for space in similarly situated buildings in the Fixed Rent payable for the last year vicinity of the initial Term by a ratioBuilding comparable to the Premises in location, the numerator of which is the Consumer Price Index for All Urban Consumerssize, Cleveland-Akroncondition, 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 quality and type at the commencement date of the Renewal Term; provided however that in no event shall the Base Rent for the Renewal Term be less than the Base Rent for the last month of the Term. 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, any tenant improvement allowances, leasing commissions and other monetary concessions offered hereunder and under such other leases, and the denominator relative creditworthiness of which is Tenant and such other tenants. Landlord shall notify Tenant in writing (such notice being hereinafter referred to as the Index as "Renewal Rate Notice") of the first day prevailing market rate for the Renewal Term within thirty (30) days after Landlord's receipt of the third Lease YearElection Notice. IfTenant shall have sixty (60) days after receipt of the Renewal Rate Notice (the "Response Period") to advise Landlord whether or not Tenant agrees with Landlord's determination of the prevailing market rate and, if Tenant disagrees with such determination, to discuss and negotiate such rate with Landlord. If Tenant agrees with Landlord's determination, or if during the Lease Term Response Period the Bureau of Labor Statistics ceases to maintain the Indexparties agree in writing on a different rental rate, then Landlord and Tenant shall promptly enter into an amendment to this Lease providing for the lease of the Premises by Tenant during the Renewal Term upon the terms stated in the Renewal Rate Notice or such other index or standard terms as will most nearly accomplish may be agreed to by the aim or purpose parties during the Response Period, each in the exercise of its sole and absolute discretion. If Tenant disputes Landlord's determination of the Index shall be used prevailing market rate and if the parties fail to agree in determining writing on a different rental rate prior to the amount expiration of any such adjustment. Notwithstanding the foregoingResponse Period, Tenant shall have no the right to renew rescind its Election Notice in writing within the Response Period and neither party shall have any further rights or obligations under this Lease if, either at Paragraph 6(a). If Tenant fails to provide Landlord with written notice of rescission prior to the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date expiration of the Renewal TermResponse Period, then Tenant shall be deemed to have accepted Landlord's determination of the prevailing market rate (except to the extent that Landlord and Tenant have agreed in writing on a different rental rate as provided in this Paragraph 6(a)). (b) Except as expressly provided in Paragraph 6(a) above Tenant shall have no further options, rights of negotiation or rights to renew or extend the Term of the Lease. Without limiting the foregoing, Addendum Two to the Lease is hereby deleted in default hereunder beyond any applicable grace or cure periodits entirety.

Appears in 1 contract

Sources: Industrial Lease Agreement (Centigram Communications Corp)

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 the Lease for one (1) period of five (5) years the entire Premises then being leased to Tenant. The Renewal Option shall be for a five-year term (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 an Event of 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 more than twelve (12) months and not less than six nine (69) 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 pursuant to Section 4.1 with respect to 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 Prevailing Market Rent as of the Fixed Rent payable for commencement of the last Renewal Term, assuming that the first year of the initial Renewal Term by a ratiowill be the new Base Year, as determined pursuant to Exhibit C; (b) the numerator of which is Base Rent shall escalate over the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published Renewal Term annually thereafter by the Bureau of Labor Statistics then prevailing increase rate (at least 3% per annum); (c) Tenant shall not be entitled to any tenant improvement allowance during the Renewal Term,; and (d) from and after the exercise of the United States Department of Labor Renewal Option, (i) all references to “Expiration Date” shall be deemed to refer to the “Index”) on the date nearest the commencement date last 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 Option is personal to Tenant and shall have no right to renew this Lease if, either be inapplicable and null and void if Tenant assigns or sublets at the time Tenant notifies Landlord least 50% of its election to extend interest under this Lease or upon if the commencement date Tenant is not occupying at least 50% of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodPremises.

Appears in 1 contract

Sources: Office Lease (Hyperion Therapeutics 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 for one (1) renewal period of five two (52) years (the “Renewal Term”). The Renewal Term shall commence with such renewal period commencing on MM DD, YYYY, upon the day next following the last day conditions: (a) The option must be exercised, if at all, by written notice of the initial Term. Tenant shall notify to Landlord in writing of its election to extend this Lease for the Renewal Term given not less later than six (6) 18 months prior to the expiration of the initial TermTermination Date, time being of the essence with respect essence. The failure of Tenant to furnish such notification. Notice thereof notice to Landlord in a timely manner as provided in this subsection shall be deemed sufficient if given in constitute a waiver by Tenant of Tenant's option to renew the manner hereinafter provided. If Term hereof and shall release Landlord does not receive from any obligation to extend the Term. (b) At the time of exercise of such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effectoption, and as of the date of commencement of such renewal period, this Lease shall expire be in force and there shall exist no default by Tenant that remains uncured beyond any applicable grace period. (c) If the foregoing option is effectively exercised, all the terms and conditions contained in this Lease shall continue to apply during the renewal period except that the Base Rent payable during the renewal period shall be in the amount stated in Section 1.08 above as increased by the Index as provided in subparagraph (d) below. (d) The Base Rent during the renewal period shall be increased as of the then-scheduled expiration date. The Renewal Term shall be upon all commencement of the termsrenewal period (the "Rent Adjustment Date"), covenants and conditions on any anniversary thereof, in accordance with the increase in the United States Department of this LeaseLabor, 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 Bureau of the initial Term by a ratioLabor Statistics, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items Consumers (all items for the geographical Statistical Area in which the Property is located on the basis of 1982-1984=1001984 – 100) (the "Index") as follows: (i) The Base Rent (the "Comparison Base Rent") in effect immediately before the Rent Adjustment Date as defined by Section 1.11 shall be increased by the percentage that the Index has increased from the date (the "Comparison Date") on which payment of the Comparison Base Rent began through the month in which the Rent Adjustment Date occurs. The Base Rent shall not be reduced by reason of such computation. Landlord shall notify Tenant of each increase by a written statement which shall include the Index for the applicable Comparison Date, the Index for the Rent Adjustment Date, the percentage increase between those two Indices, and the new Base Rent. (ii) Tenant shall pay the new Base Rent from the applicable Rent Adjustment Date until the next Rent Adjustment Date (the anniversary of the original Rent Adjustment Date). Landlord's notice may be given after the applicable Rent Adjustment Date of the increase, and Tenant shall pay Landlord the accrued rental adjustment of the months elapsed between the effective date of the increase and Landlord's notice of such increase within ten (10) days after Landlord's notice but in no event prior to the applicable Rent Adjustment Date. If the format or components of the Index are materially changed after the Commencement Date, Landlord shall substitute an index which is published by the Bureau of Labor Statistics of or similar agency and which is most nearly equivalent to the United States Department of Labor (the “Index”) Index in effect 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 Commencement Date. (e) The option to renew this Lease if, either at the time Tenant notifies Landlord of its election granted to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond personal to Tenant and may not be exercised or assigned, voluntarily or involuntarily, by or to any applicable grace other person or cure periodentity other than Tenant.

Appears in 1 contract

Sources: Lease Agreement

Renewal Option. Landlord hereby grants to Tenant, 39.1 Provided that Tenant has not been in default beyond any cure period of any of the terms and Tenant shall have, the right and option to extend the Term conditions of this Lease for one (1) period of five (5) years (in the “Renewal Term”). The Renewal Term shall commence upon twelve months before the day next following date Tenant gives written notice as provided below and thereafter through the last day commencement date of the initial Term. extended term, and further provided that Tenant shall notify gives written notice 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 Termon or before November 1, 2010, time being of the essence with respect essence, Tenant shall have the right to such notificationextend the term of this Lease for a further term of Five (5) years from November 1, 2011 to October 31, 2016. Notice thereof Such extension 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 under the terms, covenants and conditions conditions, including a new Base Year for Additional Rent of this Lease2010, except that the Fixed Rent fair market value base annual rent then in effect as of the commencement of the extended lease term, and an agreed-upon formula for additional rent, all of which shall be increased agreed to by adding the CPI Adjustment Amount parties. Tenant's rights under this Section shall be contingent on Tenant occupying a substantial portion (defined below51% or more) 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”) Demised Premises on the date nearest Tenant gives written notice as provided above and on the commencement date of the Renewal Termextended term. 39.2 If Landlord and Tenant fail to agree on such new terms, covenants and conditions, including the denominator of which is fair market value base annual rent and a formula for additional rent for the Index as extended term, by November 30, 2010, each shall appoint, at its own expense, a member of the first day Washington D.C. Association of Realtors who is knowledgeable in office rentals. These appointees shall appoint a third person with the same qualifications. The cost of the third Lease Yearappointee shall be borne equally by Landlord and Tenant. If, during Each appointee shall determine the Lease Term fair market value base annual rent for the Bureau of Labor Statistics ceases to maintain Demised Premises for the Index, then such other index or standard as will most nearly accomplish the aim or purpose extended Term. The average of the Index three figures arrived at by the appointees for the fair market value base annual rent for the extended Term shall be used as the base annual rent for the extended term. The appointees shall also agree upon a formula for calculating additional rent payable during the extended term. If they cannot agree on a formula by the time the base annual rent for the extended term is determined, the formula for Additional Rent in this Lease for the initial Lease Term shall be used. 39.3 For the purposes of determining the amount base annual rent rate and additional rent rate for the Renewal Option and Right of any such adjustment. Notwithstanding First Offering in Sections 39 and 65, respectively, "fair market value" shall be defined as the foregoing, Tenant shall have no right rent stipulated in leases signed within twelve (12) months prior to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date beginning of the Renewal Termrenewal term (or, as applicable, the lease period for the additional space), for a term comparable to that of the renewal term (or, as applicable, the lease period for the additional space), for space of a size close to that of the Demised Premises (or, as applicable, the additional space), with comparable finish and quality, in buildings of comparable size, quality, age, and location in the Tysons Corner, Virginia submarket. "Fair market value" shall reflect any landlord concessions such as rent waivers, annual escalations, pass-throughs, limitations on escalations and pass-throughs, cash contributions and brokerage commissions. In determining the "fair market value", it shall be assumed that such concessions are to be provided to Tenant is in default hereunder beyond any applicable grace or cure perioda manner consistent with the then-prevailing practices in buildings managed by Landlord's Agent.

Appears in 1 contract

Sources: Office Building Lease (Net2000 Communications Inc)

Renewal Option. Landlord Article 44 of the Lease is hereby grants to Tenant, deleted in its entirety and the following is inserted in its place: "Tenant shall havehave the right, the right and option to be exercised as hereinafter provided, to extend the Term term of this Lease lease for one (1) period of five (5) years (hereinafter referred to as the "Renewal Term”). The Renewal Term shall commence ") upon the day next following terms and conditions: (A) That at the last day time of the initial exercise of such right and at the commencement of the Renewal Term. , Tenant shall not be in default in the performance of any of the terms, covenants or conditions which Tenant is required to perform under this lease beyond any applicable notice and cure period provided herein for the cure hereof. (B) That Tenant shall notify Landlord in writing of its Tenant's election to extend this Lease for exercise its option with respect to the Renewal Term not less than six at least one (61) months year prior to the expiration of the initial Term, time being term of this lease. (C) That 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, covenants and conditions of as in this Leaselease provided, except that (a) there shall be no further option to extend this lease beyond the Fixed Renewal Term referred to above; (b) the Premises shall be delivered at the beginning of the Renewal Term in its then "as is" condition; and (c) the Rent to be paid by Tenant during the Renewal Term shall be as follows: During the first year of the Renewal Term, the Rent shall be ninety (90%) percent of the then fair market annual minimum rent being received by Landlord for comparable size space in the Building, but in no event less than the Rent payable under this lease for the Lease Year immediately preceding the Renewal Term. The Rent applicable to the first year of the Renewal Term shall be payable in equal monthly installments. During each of the second through fifth years of the Renewal Term, the Rent shall be increased by adding three (3%) percent per year over 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 Yearprior 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 Said sums shall be used payable 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 periodequal monthly installments.

Appears in 1 contract

Sources: Lease Agreement (American Home Mortgage Holdings 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

Sources: Commercial Lease (Syconet Com Inc)

Renewal Option. Landlord hereby grants (a) If the term of this Lease shall then be in full force and effect and Lessee has complied fully with its obligations hereunder, Lessee shall have the option to Tenantextend the term of this Lease for two (2) successive periods of five (5) years each (the first five (5) year period being hereafter referred to as the “First Renewal Term” and the second five (5) year period being hereafter referred to as the “Second Renewal Term”) commencing on the day immediately following the Expiration Date of the initial Term or First Renewal Term, as the case may be, provided however that Lessee shall give Lessor notice of its election to extend the term no earlier than twenty-one (21) months prior to the applicable Expiration Date nor later than fifteen (15) months prior to the applicable Expiration Date, TIME BEING OF THE ESSENCE in connection with the exercise of each of Lessee’s options pursuant to this Article. (b) Such extension of the term of this Lease shall be upon the same covenants and conditions, as herein set forth except for the Fixed Basic Rent (which shall be determined in the manner set forth below), and Tenant except that Lessee shall havehave no further right to extend the term of this Lease after the exercise of the second option described in paragraph (a) of this Section. If Lessee shall duly give notice of its election to extend the term of this Lease, the right First Renewal Term or the Second Renewal Term, as the case may be, shall be added to and become a part of the Term of this Lease (but shall not be considered a part of the initial Term), and any reference in this Lease to the “Term of this Lease”, the “Term hereof”, or any similar expression shall be deemed to include such renewal term, and, in addition, the term “Expiration Date” shall thereafter mean the last day of the applicable renewal term. During the First Renewal Term or the Second Renewal Term, Lessor shall have no obligation to perform any alteration or preparatory or other work in and to the Premises and Lessee shall continue possession thereof in its “as is” condition. (c) If Lessee exercises its option for the either renewal term, the Fixed Basic Rent during the First Renewal Term or the Second Renewal Term, as the case may be, shall be ninety-five percent (95%) of the fair market rent for the Premises, as hereinafter defined. (d) Lessor and Lessee shall use their best efforts, within thirty (30) days after Lessor receives Lessee’s notice of its election to extend the Term of this Lease (“Negotiation Period”), to agree upon the Fixed Basic Rent to be paid by Lessee during the First Renewal Term or Second Renewal Term, as the case may be. If Lessor and Lessee shall agree upon the Fixed Basic Rent for one the applicable renewal term, the parties shall promptly execute an amendment to this Lease stating the Fixed Basic Rent for the applicable renewal term. (1e) period If the parties are unable to agree on the Fixed Basic Rent during the Negotiation Period, then within fifteen (15) days after notice from the other party, given after expiration of the Negotiation Period, each party, at its cost and upon notice to the other party, shall appoint a person to act as an appraiser hereunder, to determine the fair market rent for the Premises. Each such person shall be a real estate broker or appraiser with at least ten years’ active commercial real estate appraisal or brokerage experience (involving the leasing of office space as agent for both landlords and lessees) in the County of Monmouth. If a party does not appoint a person to act as an appraiser within said fifteen (15) day period; the person appointed by the other party shall be the sole appraiser and shall determine the aforesaid fair market rent. Each notice containing the name of a person to act as appraiser shall contain also the person’s address. Before proceeding to establish the fair market rent, the appraisers shall subscribe and swear to an oath fairly and impartially to determine such rent. If the two appraisers are appointed by the parties as stated in the immediately preceding paragraph, they shall meet promptly and attempt to determine the fair market rent. If they are unable to agree within forty-five (545) years days after the appointment of the second appraiser, they shall attempt to select a third person meeting the qualifications stated in the immediately preceding paragraph within fifteen (15) days after the last day the two appraisers are given to determine the fair market rent. If they are unable to agree on the third person to act as appraiser within said fifteen (15) day period, the third person shall be appointed by the American Arbitration Association (the “Renewal TermAssociation”), upon the application of Lessor or Lessee to the office of the Association nearest the Building. The person appointed to act as appraiser by the Association shall be required to meet the qualifications stated in the immediately preceding paragraph. Each of the parties shall bear fifty percent (50%) of the cost of appointing the third person and of paying the third person’s fees. The third person, however selected, shall be required to take an oath similar to that described above. The third appraiser shall conduct such hearing and investigations as he may deem appropriate and shall, within thirty (30) days after the date of his appointment, determine the fair market rent by selecting the fair market rent determined by either the appraiser selected by Lessor or the appraiser selected by Lessee. The third appraiser shall have no discretion other than to choose the fair market rent determined by one of the other two appraisers by the process commonly known as “baseball arbitration”. Notwithstanding the foregoing, in no event shall (i) the Fixed Basic Rent during the First Renewal Term shall commence upon be less than the day next following Fixed Basic Rent during the last day year of the initial Term. Tenant shall notify Landlord in writing Term of its election to extend this Lease and (ii) the Fixed Basic Rent during the Second Renewal Term be less than the Fixed Basic Rent during the last year of the First Renewal Term. (f) After the fair market rent has been determined by the appraiser or appraisers and the appraiser or appraisers shall have notified the parties, at the request of either party, both parties shall execute and deliver to each other an amendment of this Lease stating the Fixed Basic Rent for the First Renewal Term or the Second Renewal Term, as the case may be. (g) If the Fixed Basic Rent for the First Renewal Term has not less than six (6) months been agreed to or established prior to the expiration commencement of the initial First Renewal Term, time being of the essence with respect then Lessee shall pay 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 Lessor an annual rent (“Temporary Rent”) which Temporary Rent shall be increased by adding the CPI Adjustment Amount equal to one hundred percent (defined below100%) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying of the Fixed Basic Rent payable by Lessee for the last year of the initial Term. If the Fixed Basic Rent for the Second 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 has not been agreed to or established prior to the commencement date of the Second Renewal Term, then Lessee shall pay to Lessor an annual rent (“Temporary Rent”) which Temporary Rent shall be equal to one hundred percent (100%) of the Fixed Basic Rent payable by Lessee for the last year of the First Renewal Term. Thereafter, if the parties shall agree upon a Fixed Basic Rent, or the Fixed Basic Rent shall be established upon the determination of the fair market rent by the appraiser or appraisers, at a rate at variance with the Temporary Rent (i) if such Fixed Basic Rent is greater than the Temporary Rent, Lessee shall promptly pay to Lessor the difference between the Fixed Basic Rent determined by agreement or the appraisal process and the denominator Temporary Rent, or (ii) if such Fixed Basic Rent is less than the Temporary Rent, Lessor shall promptly pay to Lessee to Lessee’s subsequent monthly installments of Fixed Basic Rent the difference between the Temporary Rent and the Fixed Basic Rent determined by agreement or the appraisal process. (h) In describing the fair market rent, the appraiser or appraisers shall be required to take into account the rentals at which is the Index leases are then being concluded (as of the first last day of the third Lease Yearinitial Term for the First Renewal Term and as of the last day of the First Renewal Term for the Second Renewal Term) (for five (5) year leases without renewal options with the lessor and lessee each acting prudently, with knowledge and for self-interest, and assuming that neither is under undue duress) for comparable space in the Building and in comparable office buildings in the County of Monmouth. (i) The option granted to Lessee under this Article 54 may be exercised only by Lessee, its affiliates, permitted successors and assigns, and not by any subtenant or any successor to the interest of Lessee by reason of any action under the Bankruptcy Code, or by any public officer, custodian, receiver, United States Trustee, trustee or liquidator of Lessee or substantially all of Lessee’s property. If, during Lessee shall have no right to exercise this option subsequent to the date Lessor shall have the right to give the notice of termination referred to in Article 13 of the Lease Term unless Lessee cures the Bureau of Labor Statistics ceases to maintain default within 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 adjustmentapplicable grace period. Notwithstanding the foregoing, Tenant Lessee shall have no right to renew this Lease extend the term if, either at the time Tenant notifies Landlord it gives notice of its election to extend this Lease or upon the commencement date (i) Lessee shall not be in occupancy of at least seventy-five percent (75%) of the Renewal Term, Tenant is in default hereunder beyond any applicable grace Building or cure period(ii) more than twenty-five percent (25%) of the Building shall be the subject of a sublease.

Appears in 1 contract

Sources: Lease Agreement (Vonage Holdings Corp)

Renewal Option. Landlord hereby grants to Tenant, and (a) Tenant shall have, the right and option to extend the Term of this Lease for have one (1) option (the “Renewal Option”) to extend the New Premises Term for a period of five two (52) years beyond the New Premises Expiration Date (the “Renewal Term”). The Renewal Term Option shall commence upon be effective only if Tenant is not in Default under the day next following Lease, nor has any event occurred which with the last day giving of notice or the passage of time, or both, would constitute a Default thereunder, 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 (the “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 nine (9) months nor less than six (6) months prior to the expiration of the initial New Premises Term. Except as hereinafter provided in this Paragraph 6, any such notice given by Tenant to Landlord shall be irrevocable. If Tenant fails to exercise the Renewal Option in a timely manner as provided for above, the Renewal Option shall be void (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, essence) and this Lease Agreement shall expire as automatically terminate on the New Premises Expiration Date without the necessity of notice from either party to the other. Tenant’s lease of the then-scheduled expiration date. The New Premises during the Renewal Term shall be upon all of the terms, covenants same terms and conditions of this Leaseas during the New Premises Term, except that 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 prevailing market rate for space in similarly situated buildings in the Fixed Rent payable for the last year vicinity of the initial Term by a ratioBuilding comparable to the New Premises in location, the numerator of which is the Consumer Price Index for All Urban Consumerssize, Cleveland-Akroncondition, 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 quality and type at the commencement date of the Renewal Term, and ; provided however that in no event shall the denominator of which is Base Rent for the Index as Renewal Term be less than the Base Rent for the last month of the first day New Premises Term. 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. Landlord shall notify Tenant in writing (such notice being hereinafter referred to as the “Renewal Rate Notice”) of the third prevailing market rate for the Renewal Term within sixty (60) days after Landlord’s receipt of the Election Notice. Tenant shall have ten (10) days after receipt of the Renewal Rate Notice (the “Response Period”) to advise Landlord whether or not Tenant agrees with Landlord’s determination of the prevailing market rate. If Tenant agrees with Landlord’s determination, then Landlord and Tenant shall promptly enter into an amendment to the Lease Year. If, providing for the lease of the New Premises by Tenant during the Lease Renewal Term upon the Bureau terms stated in the Renewal Rate Notice. If Tenant disputes Landlord’s determination of Labor Statistics ceases the prevailing market rate, Tenant shall have the right to maintain rescind its Election Notice in writing within the IndexResponse Period and neither party shall have any further rights or obligations under this Paragraph 6(a). If Tenant fails to provide Landlord with written notice of rescission prior to the expiration of the Response Period, then such other index or standard as will most nearly accomplish the aim or purpose Tenant shall be deemed to have accepted Landlord’s determination of the Index shall be used prevailing market rate. (b) Except as expressly provided in determining Paragraph 6(a) above with respect to the amount of any such adjustment. Notwithstanding the foregoingNew Premises, Tenant shall have no right options or rights to renew this Lease if, either at or extend the time Tenant notifies Landlord of its election 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

Sources: Lease Agreement (Financial Engines, 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 to extend the Term of this Lease for have 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 term of three (3) years, for the Renewal Term not less portion of the 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: 40.1 If Tenant elects to exercise said option, then Tenant shall provide Landlord with written notice no earlier than six (6) months the date which is 365 days prior to the expiration of the initial Term, time being then current term of the essence with respect Lease but no later than the date which 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 then current term 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. 40.2 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 and, unless it is not the case, taking into account that there will be no free rent and no tenant improvement allowances or other concessions. Landlord shall advise Tenant of the new Annual Rent and Monthly Installment for the Premises no later than thirty (30) 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. If Tenant and Landlord are unable to agree on a mutually acceptable rental rate not later than one hundred eighty (180) days prior to the expiration of the then current term, then either (i) Tenant may, by providing written notice to Landlord on or before the date which is one hundred seventy (170) days prior to the expiration of the then current term, rescind its notice of exercise of the renewal option, or (ii) Landlord and Tenant shall each appoint a qualified MAI appraiser doing business in the area, in turn those two independent MAI appraisers shall appoint a third MAI appraiser and the majority shall decide upon the fair market rental for the Premises as of the expiration of the then current term. Landlord and Tenant shall equally share in the expense of this appraisal except that in the event the Annual Rent and Monthly Installment is found to be within fifteen percent (15%) of the original rate quoted by Landlord, then Tenant shall bear the full cost of all the appraisal process. In no event shall the Annual Rent and Monthly Installment for any option period be less than the Annual Rent and Monthly Installment in the preceding period. 40.3 Except with respect to Permitted Transfers and transfers to Affiliated Parties and Corporate Successors which are approved by Landlord at the time of such transfer in accordance with Article 9 of this Lease, this option is not transferable; the parties hereto acknowledge and agree that they 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 have any rights to exercise the aforesaid option to renew. 40.4 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

Sources: Lease (SCM Microsystems 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

Sources: Lease Agreement (Network Engines Inc)

Renewal Option. Landlord hereby grants to TenantProvided Tenant is not and has not been in default under this Lease beyond any applicable notice and cure period, and subject to the terms and conditions of this Section 2.13, 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 sixty (60) months following the scheduled expiration date of the initial Lease Term (such sixty (60) month period, the “Option Term”). The Renewal Term shall commence upon If the day next Option to Renew is exercised during any applicable cure period following an event, which with the last day passage of time or the initial Term. Tenant shall notify Landlord in writing giving of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration notice, or both, would constitute an Event of the initial TermDefault, time being of the essence with respect to then such notification. Notice thereof exercise shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as void and when required herein, the Renewal Term shall terminate and be of no further force or effect, and . Except as set forth in this Section 2.13 or otherwise stated as being applicable only to the initial Lease shall expire as Term (or any prior portion of the then-scheduled expiration date. The Renewal Term shall be upon Lease Term), all of the terms, covenants terms and conditions of this Lease, except that Lease shall remain the Fixed same during the Option Term. Monthly Base Rent during the Option Term shall be increased the then Fair Market Rental Rate. “Fair Market Rental Rate” shall mean the net effective market rental (plus any escalations thereof) then being offered and accepted by adding the CPI Adjustment Amount (defined below) tenants for space comparable to the then-current Fixed RentPremises in size, quality, utility and location in the Project and in the Westlake Village market area, taking into account the credit worthiness of the tenant, the length of the term, the base year, allowances and concessions and the quality of the existing tenant improvements. The “CPI Adjustment Amountnet effective market rentalis calculated by multiplying shall equal the Fixed Rent payable for the last year arithmetic average of the initial Term by a ratiorental rate over the term of such comparable lease, provided that 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 value of the United States Department of Labor (then existing improvements in the “Index”) on the date nearest the commencement date of the Renewal TermPremises shall be taken into account in determining what improvements are granted by landlords under similar circumstances, and the denominator of which is the Index as value of the first day of the third free parking under 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 also 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

Sources: Office Lease (Mannkind Corp)

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 have one option to extend the Term of renew this Lease for one (1) period a term of five (5) years (years, 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: a. 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 date which is two hundred seventy (6270) months days prior to the expiration of the initial Term, time being then current term of the essence with respect Lease but no later than the date which is one hundred eighty (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 then current term 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. b. The Annual Rent and Monthly Installment in effect at the expiration of the then current term of the Lease shall be increased to reflect 95% of 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 thirty (30) 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. If Tenant and Landlord are unable to agree on a mutually acceptable rental rate not later than sixty (60) days prior to the expiration of the then current term, then Landlord and Tenant shall each appoint a qualified MAI appraiser doing business in the area, in turn those two independent MAI appraisers shall appoint a third MAI appraiser and the majority shall decide upon the fair market rental for the Premises as of the expiration of the then current term. Landlord and Tenant shall equally share in the expense of this appraisal except that in the event the Annual Rent and Monthly Installment is found to be within ten percent (10%) of the original rate quoted by Landlord, then Tenant shall bear the full cost of all the appraisal process. In no event shall the Annual Rent and Monthly Installment for any option period be less than the Annual Rent and Monthly Installment in the preceding period. c. This option is not transferable; the parties hereto acknowledge and agree that they intend that the aforesaid option to renew this Lease if, either at shall be "personal" to Tenant as set forth above and that in no event will any assignee or sublessee have any rights to exercise the time Tenant notifies Landlord of its election aforesaid 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 1 contract

Sources: Office Lease (Biotel Inc.)

Renewal Option. Landlord hereby grants to Tenant, Provided that this Lease is in full force and effect and Tenant is not in default of its monetary obligations hereunder and is not in default of its non-monetary obligations beyond any applicable cure period 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 (1) period of five (5) years (the “Renewal Term”"Extension Period"). If exercised in accordance herewith, the Extension Period shall commence on the first (1st) day after such scheduled Lease Expiration Date and the rental rate shall be at the then prevailing market base rent for comparable quality space in similar 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 "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 nine (69) months prior to the expiration Expiration Date, Tenant shall, by written notice to Landlord (the "Notice"), notify Landlord of Tenant's 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 TermNotice, time being Landlord will notify Tenant of the essence with respect to such notificationPrevailing Market rate as reasonably determined by Landlord. 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.Absent

Appears in 1 contract

Sources: Standard Office Lease (Ebs Building LLC)

Renewal Option. Landlord hereby grants to Tenant, So long as the Lease is in full force and effect and Tenant shall have, either at the right and time of exercising this option to extend renew or at the Term time of the commencement of the following described Option Period: (i) is occupying and doing business from the Demised Premises at the time the election is exercised; and (ii) is not in default under the Lease either at the time the election or at the time of commencement of the following described Option Period; and (iii) has maintained a history or payments within the applicable grace period, if any, provided under the Lease; Tenant is hereby granted two successive options to renew this Lease (each an "Option to Renew") each for one a term of three (1) period of five (53) years (the “Renewal Term”each an "Option Period"). The Renewal Term shall commence , each commencing upon the day next following the last day expiration of the initial Termcurrent lease term. Tenant shall notify Landlord in writing The terms of its election to extend this Lease for during the Renewal Term not Option Periods shall be the same as during the current Lease term, except as provided below and except that there are no other Options to Renew other than as provided here. Each Option must be exercised no less than six one hundred eighty (6180) months days prior to the expiration of the initial Termcurrent lease term, time being of or the essence with respect Option Period, as the case may be, by written notice to such notificationLandlord. Notice thereof shall be deemed sufficient if given In the event Tenant fails to notify Landlord, in the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinherein specified, the Renewal Term this clause shall terminate and be of no further force or and effect, and this Lease . The Basic Rental during each Option Period shall expire as be the greater of the then-scheduled expiration date. The Renewal Term shall be upon all rate for the Demised Premises for the immediately preceding year, or 95% of the terms, covenants and conditions of this Lease, except that then current market rate for space in the Fixed Rent Building. Tenant shall be increased by adding the CPI Adjustment Amount (defined below) increase its security deposit prior to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year beginning 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 each Option Period 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 an amount proportionate to the amount of the rental increase. Landlord's determination of the market rate shall be conclusive on Tenant. Unless expressly set forth herein, any such adjustmenttenant concessions initially provided for in the Lease shall not be deemed applicable to the Option Period. Notwithstanding In no event shall the foregoing, Basic Rental during each Option Period decrease below the Basic Rental then paid by 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 expiration of the Renewal current Lease Term, Tenant . This Option to Renew is in default hereunder beyond transferrable to any applicable grace assignee or cure periodpurchaser of CMSI. This Option to Renew may not be assigned or transferred to any sublessee of CMSI.

Appears in 1 contract

Sources: Office Building Lease (Credit Management Solutions Inc)

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

Sources: Office Lease (Merit Holding Corp /Ga)

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 may renew this Lease License for one (1additional period(s) period of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day one year, 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 six (6) 12 months prior to nor later than nine months before the expiration of the initial Termterm or the applicable renewal term. On or before the commencement date of the extended term in question, Licensor and Licensee shall execute an amendment to this License extending the term on the same terms provided in this License, except as follows: (a) The Monthly License Fee payable for each month during such extended term shall be the higher of the current market rates being charged or the last amount payable hereunder for the month immediately preceding the commencement date of the extended term in question multiplied by 103%, beginning on the commencement date of the extended term in question and adjusted annually on each subsequent anniversary thereof as provided in this License; (b) Tenant shall have no further renewal option unless expressly granted by Licensor in writing; (c) During such renewal period, Licensor shall lease to Licensee the Premises in their then-current condition, and Licensor shall not provide to Licensee any allowances (e.g., moving allowance, construction allowance, and the like) or other tenant inducements; and Licensee's rights under this section shall terminate if (1) this License or Licensee's right to possession of the Equipment Space is terminated, (2) Licensee assigns any of its interest in this License, or Licensee is subletting any portion of the Equipment Space at the time of the exercise of a renewal option or upon the commencement date of the extended term in question, other than to an Affiliate as may be permitted by this License, or (3) Licensee fails to timely exercise its option under this section, 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 periodLicensee's exercise thereof.

Appears in 1 contract

Sources: License Agreement (Sequiam Corp)

Renewal Option. Landlord hereby grants In addition to Tenantthe extension of the term provided in this Amendment, and Tenant shall have, the right and have one five (5) year option to extend the Term term of the Lease for the Remaining Premises as hereinafter set forth. Tenant acknowledges that Article Twenty-Two of the Original Lease was deleted by the Second Amendment, and that Tenant has no further right to extend the term of the Lease except as provided in this Section. Tenant shall have the right and option, which said option and right shall not be severed from this Lease or separately assigned, mortgaged or transferred, to extend the term for one (1) additional period of five (5) years (hereinafter referred to as the “Renewal TermExtension Period”). The Renewal Term shall commence upon the day next following the last day of the initial Term. , provided that (a) Tenant shall notify give Landlord in writing notice of its election to extend this Lease for the Renewal Term not less than six Tenant’s exercise of such option at least twelve (612) full calendar months prior to the expiration of the initial Term, term as extended by this Amendment and (b) no default shall exist at the time being of giving each applicable notice and the commencement of the essence with respect Extension Period and (c) the original Tenant named in this Amendment, or its successor by acquisition or merger, is occupying the Premises both at the time of giving the each applicable notice and at the time of commencement of such Extension Period. Except for the amount of fixed annual base rent (which is to such notification. Notice thereof be determined as hereinafter provided), all the terms, covenants, conditions, provisions and agreements in the Lease contained shall be deemed sufficient if given applicable to the additional period through which the term of the Lease shall be extended as aforesaid, except that there shall be no further options to extend the term nor shall Landlord be obligated to make or pay for any improvements to the Premises nor pay any inducement payments of any kind or nature unless hereafter expressly agreed to by the parties in writing. If Tenant shall give notice of its exercise of each such option to extend in the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinwithin the time period provided aforesaid, the Renewal Term shall terminate and be term of no further force or effect, and this Lease shall expire as be extended upon the giving of each such notice without the requirement of any further attention on the part of either Landlord or Tenant If Tenant shall fail to give timely notice 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 exercise of any such adjustment. Notwithstanding the foregoingoption as aforesaid, Tenant shall have no right to renew extend the Term of this Lease ifLease, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date being of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodessence of the foregoing provisions.

Appears in 1 contract

Sources: Lease (Lionbridge Technologies Inc /De/)

Renewal Option. Landlord hereby grants to TenantLessee shall, provided the Lease is in full force and Tenant shall haveeffect and Lessee is 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 to extend the Term of this Lease for have one (1) period successive option to renew this Lease for a term of five (5) years (years, for the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day portion of the initial Term. Tenant leased premises being leased by Lessee 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: (a) If Lessee elects to exercise said option, then Lessee shall notify Landlord in writing of its election to extend this Lease for provide Lessor with written notice no earlier than the Renewal Term not less than six (6) months date which is 360 days prior to the expiration of the initial Term, time being then current term of the essence with respect Lease but no later than the date which is 120 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 current term 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 Annual Rent and Monthly Installment in effect at the expiration of which is the Index as then current term of the Lease shall he increased, commencing oil the first day of the third Lease Yearnew renewal term, to reflect the adjusted rental rate as calculated below. IfIf Lessee falls to provide such notice, 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 Lessee shall have no further or additional right to extend or renew the term of the Lease. The notice shall be given in the manner provided in the Lease for the giving of notices to Lessor. (b) The option period rental rate ("Adjusted Rental Rate") shall be the first year rental rate of $43,657.00 multiplied times 95* of the factor which has as its denominator the CPI Index (Los Angeles/Anaheim/ Riverside, All Urban Consumers) ("Index") for September, 1992 and has as its numerator the Index for September, 2002. The Adjusted Rental Rate will be increased three and one-half (3.5%) percent per annum in Years 2-5 of the option term. In no event shall the Adjusted Rental Rate be less than the rental rate in effect at the expiration of the initial lease term. (c) This option is not transferable; the parties hereto acknowledge and agree that they intend that the aforesaid option to renew this Lease if, either at shall be "personal" to Lessee as set forth above and that in no event will any assignee or sublessee have any rights to exercise the time Tenant notifies Landlord of its election aforesaid option to extend this Lease or upon the commencement date renew. Section 6.1 of the Renewal Term, Tenant Lease entitled Use is deleted in default hereunder beyond any applicable grace or cure period.its entirety and replaced with the following:

Appears in 1 contract

Sources: Lease (Power Ten)

Renewal Option. Landlord hereby grants to Tenant, and Tenant Borrower shall have, have the right and option to extend the Term maturity of this Lease for one (1) period of five (5) years the Loan (the "Renewal Term”)Option") from the Original Maturity Date to the Extended Maturity Date. The Renewal Term shall commence upon the day next following the last day Option is exercisable only as provided below and subject to satisfaction of the initial Term. Tenant following conditions: (a) Lender shall notify Landlord in writing have received written notice of its election to extend this Lease for the exercise of the Renewal Term Option at least thirty (30) days, but not less more than six ninety (690) months days, prior to the expiration Original Maturity Date; (b) At the time 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 from Borrower and when required hereinat the commencement of each such extension, (i) the maturity of the Loan has not been accelerated and there is under the Loan Documents no Default or potential default which has occurred and is continuing, (ii) no Material Adverse Effect has occurred, (iii) none of Borrower nor any Guarantor shall be party to any litigation against Lender or any Affiliate of Lender and (iv) Lender shall be reasonably satisfied with the financial condition of Borrower and each Guarantor; (c) The outstanding principal balance of, and all other amounts owed with respect to, the Renewal Term Loan, including, without limitation, any amounts which have been expended by Lender pursuant to Section 8.3 or any other similar provision of any Loan Document which has not been repaid by Borrower shall terminate not exceed 70% of the then appraised value of the Property as determined pursuant to an appraisal in form acceptable to Lender and be prepared by a third party appraiser selected by Lender; (d) Prior to the commencement of no further force or effectsuch extension, (i) Borrower shall pay to Lender a fee in an amount equal to one-fourth of one percent (.25%) of the then outstanding balance of the Loan, and all costs and expenses incurred by Lender in connection therewith, including without limitation the fees of Lender's counsel, (ii) if requested by Lender, Borrower and each Guarantor shall execute, deliver and record a renewal, extension and modification agreement containing terms and provisions consistent with this Lease Section 2.4 and satisfactory to Lender in form, substance and content, and (iii) if requested by Lender, Borrower shall expire as cause to be delivered to Lender at Borrower's expense any endorsements to the Title Insurance requested by Lender insuring the continuing first priority of the thenMortgage subject only to such exceptions as Lender has approved in writing; and (e) Prior to such extension, (i) the Project shall have achieved at a minimum the Required Debt Service Coverage for the twelve-scheduled expiration date. The Renewal Term month period ending on the Original Maturity Date, or (ii) the outstanding principal balance of, and all other amounts owed with respect to, the Loan including, without limitation, any amounts which have been expended by Lender pursuant to Section 8.3 or any other similar provision of any Loan Document which has not been repaid by Borrower, shall be upon all reduced to an amount which would permit the Project to have achieved the Required Debt Service Coverage if such reduction had been made at the commencement of the twelve-month period; and (f) Such extension shall be governed by the same terms, covenants and conditions contained in the Loan Documents which remain in effect, including but not limited to monthly principal amortization pursuant to Section 2.2 and monthly payments of this Leaseaccrued interest, except that with 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 unpaid principal due and 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 full 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 periodExtended Maturity Date.

Appears in 1 contract

Sources: Term Loan Agreement (Candlewood Hotel Co Inc)

Renewal Option. Landlord hereby grants Subject to the terms and provisions of this Section 27, Tenant, and Tenant shall haveat its option, the right and option to may extend the Term of this Lease for one (1) period of five sixty (560) years (months at the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day end of the initial Term (the "Renewal Term"). To exercise such option, Tenant shall notify must deliver notice of the exercise thereof (the "Renewal Notice") to Landlord in writing of its election to extend this Lease for the Renewal Term not less no earlier than six eighteen (618) months months, and no later than twelve (12) months, prior to the expiration of the initial Term. During the Renewal Term, time being all 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 terms and when required hereinprovisions of this Lease will apply, except that (a) after the Renewal Term shall terminate and there will be of no further force right of renewal; (b) the Base Year will be changed to the calendar year during which the applicable Renewal Term will commence; and (c) the Base Rent during the Renewal Term will be payable at a rate per square foot of rentable area of the Premises per year equal to ninety-five percent (95%) of the prevailing market rate then offered for comparable non-sublease, non-equity space in comparable buildings in the Costa Mesa area and for a comparable term taking into consideration any tenant improvement allowances, commissions and other concessions Landlord is then offering (or effectthe lack thereof) contained in such comparable transaction (the "Renewal Rental Rate"). During the thirty (30) days after Tenant delivers its Renewal Notice, the parties shall negotiate in good faith the Renewal Rental Rate at which Base Rent will be payable during the Renewal Term ("Negotiation Period") and if the parties cannot agree on a Renewal Rental Rate during the Negotiation Period, then the Renewal Rental Rate shall be determined pursuant to Section 27.2 below; provided that in no event shall the Renewal Rental Rate be less than the Rent in effect under 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) immediately prior 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

Sources: Lease Agreement (Tickets Com Inc)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have the right and option to extend renew ("Renewal Option") the Term term of this the Lease for one (1) period additional term of five (5) years (the “"Renewal Term"). The Renewal Term shall commence , commencing 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 Termterm of this lease, on the condition that Tenant is not in material default of any of its monetary obligations or other material obligations under this Lease at the time being Tenant gives notice of exercise of its Renewal Option or at the time of commencement of the essence with respect to such notificationRenewal Term. 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 on all of the terms, covenants and conditions of this Lease, except that except: (i) Tenant shall not have any right to further renewal beyond such additional five-year term; and (ii) the Fixed annual Base Rent for the Leased Premises for the Renewal Term shall be increased by adding at the CPI Adjustment Amount (defined below) prevailing market rates for office space in the Building comparable to the then-current Fixed RentPremises at the time the renewal term begins. The “CPI Adjustment Amount” is calculated by multiplying In no event shall the Fixed Base Rent payable for the last year of Renewal Term be less than 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 Base Rent payable under this Lease immediately prior to the commencement date of the Renewal Term. Tenant's Renewal Option shall be exercised only by Tenant giving Landlord written notice of Tenant's election to renew at least six (6) months prior to the end of the initial term of this Lease, time being of the essence with respect to such notice. As of the date the Renewal Term begins, this Lease shall be deemed modified in the manner set forth above, without the necessity of any further agreement or document; provided, however, that either party to this Lease shall, upon request of the other party, execute, acknowledge, and the denominator deliver an instrument evidencing such renewal and modification 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 periodLease.

Appears in 1 contract

Sources: Lease Agreement (Rocky Mountain Internet Inc)

Renewal Option. Landlord hereby grants to TenantTenant shall, provided the Lease is in full force and Tenant shall haveeffect and there is no uncured Event of Default under any of the other terms and conditions of the Lease at the time of notification or commencement, the right and option to extend the Term of this Lease for have 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 successive option to extend renew this Lease for a term of three (3) years each, for the Renewal Term not less portion of the 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: 40.1 If Tenant elects to exercise said option, then Tenant shall provide Landlord with written notice no earlier than six the date which is twelve (612) months prior to the expiration of the initial Term, time being then current term of the essence with respect Lease but no later than the date which is nine (9) months 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 then current term 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. 40.2 The Annual Rent and Monthly Installment in effect at the expiration of the then current term of the Lease shall be adjusted to reflect 95% of 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 thirty (30) 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. If Tenant and Landlord are unable to agree on a mutually acceptable rental rate not later than sixty (60) days prior to the expiration of the then current term, then Landlord and Tenant shall each appoint a qualified MAI appraiser doing business in the area, in turn those two independent MAI appraisers shall appoint a third MAI appraiser and the majority shall decide upon the fair market rental for the Premises as of the expiration of the then current term. Landlord and Tenant shall equally share in the expense of this appraisal. 40.3 This option is not transferable, except to an Affiliate; the parties hereto acknowledge and agree that they 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, either at except an Affiliate, have any rights to exercise the time Tenant notifies Landlord of its election aforesaid 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 1 contract

Sources: Lease (Ore Pharmaceuticals Inc.)

Renewal Option. Landlord hereby grants Provided Lessee is not in default under any of the provisions contained in this lease, Lessee is granted the automatic option to Tenantrenew this lease for one 10-year option period and followed by one 5-year option period. Should Lessee exercise the option, the parties hereto do mutually agree that the Consumer Price Index as published by the Bureau of Labor Statistics, U. S. Dept. of Labor (as calculated by the “All Items” feature in Table 1 thereof) or its successor publication shall be adopted by Lessors and Lessee as the scale for determining the rentals to be paid during the option period, and Tenant the method to be employed in establishing the said rental shall havebe as follows: a) A reading of the “All Items” table for the month in which the lease begins shall be taken. b) A reading of the “All Items” table for the last available month of the expiring year shall be taken. c) The reading obtained in item (a) above shall be subtracted from the reading in item (b) above, and the right difference thus arrived at as a result of said subtraction shall be calculated as to the percentage change over the beginning period. Such percentage increase shall be added to the expiring rent, and said resulting amount shall be paid for the option period. d) In no case will the monthly rent for the renewal periods be at a rate of less than $1,200.00 per month regardless of the calculation reached by use of the aforesaid method for calculating the rent for the option period. This option to extend the Term of this Lease for one (1) period of five (5) years (the “Renewal Term”). The Renewal Term shall commence renew will occur automatically upon the day next following the last day expiration of the initial Term. Tenant shall notify Landlord in writing primary term unless Lessee notifies Lessors of its election Lessee’s intention to extend this cancel or terminate the Lease for the Renewal Term not less than six at least thirty (630) months days prior to the expiration of the initial Termprimary lease term. The Lessee shall confirm the renewal by recording written notice of said option in the Conveyance Records of Vermilion Parish, time being of and deposit a certified copy thereof, addressed to the essence with respect to such notificationLessors. Notice thereof All notices 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 sent by adding the CPI Adjustment Amount (defined below) certified mail 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 Lessors at the time Tenant notifies Landlord of its election to extend address provided for within this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodlease agreement.

Appears in 1 contract

Sources: Lease Agreement (Omega Protein Corp)

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

Sources: Lease Agreement (LogMeIn, 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 to extend the Term of this Lease for have 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 than six a term of sixty (660) months for the Premises 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: a. If Tenant elects to exercise said option, then Tenant shall provide Landlord with written notice no later than the date which is eight (8) months (290 days) 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 then current term 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. b. The Base Rent and Additional Rent in effect at the expiration of the then current term of the Lease shall be adjusted to reflect the current fair market lease terms and conditions for comparable spaces for non-renewing tenants in the Building and in other similar quality Downtown San Diego 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 and other terms for the Premises no later than 15 days after the receipt of Tenant's written request therefore. 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 Base Rent may include a provision for its escalation to provide for a change in the fair market rental between the time of notification and the commencement of the renewal term. In no event shall the Rent for any period be less than the Rent in the proceeding period. Tenant and Landlord shall mutually agree on terms on or before four (4) months prior to the initial lease term expiration. c. This option is not transferable; the parties hereto acknowledge and agree that they intend that the aforesaid option to renew this Lease if, either at shall be "personal" to Tenant as set forth above and that in no event will any assignee or sublessee have any rights to exercise the time Tenant notifies Landlord of its election aforesaid 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 1 contract

Sources: Office Lease (Cardionet Inc)

Renewal Option. Provided that Landlord hereby grants to Tenanthas not given Tenant notice of default more than two (2) times preceding the Expiration Date, that there then exists no event of default by Tenant under this lease nor any event that with the giving of notice and/or the passage of time would constitute a default, and that Tenant is the sole occupant of the Premises, Tenant shall have, have the right and option to extend the Term of this Lease for one (1) additional period of five (5) years years, exercisable by giving Landlord prior written notice, at least twelve (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day 12) months in advance of the initial Term. Tenant shall notify Landlord in writing Expiration Date, of its Tenant's election to extend the Term; it being agreed that time is of the essence and that this Lease option is personal to Tenant and is non-transferable to any assignee or sublessee (regardless of whether any such assignment or sublease was made with or without Landlord's consent) or other party. Such extension shall be under the same terms and conditions as provided in this lease except as follows: (a) the additional period shall begin on the Expiration Date and thereafter the Expiration Date shall be deemed to be extended by five years; (b) all references to the Term in this lease shall be deemed to mean the Term as extended pursuant to this Section; (c) there shall be no further options to extend; and (d) the Minimum Annual Rent payable by Tenant for the Renewal Term not additional period shall be computed based upon the then "Fair Market Rental Rate" of the Premises, based upon the rental rate then being quoted for comparable office space in similar office buildings located in the Great Valley, Pennsylvania market area, taking into account among other factors rental rate, lease term, and tenant improvements offered to renewal tenants but in no event shall the new rent be less than six the Minimum Annual Rent payable at the end of the immediately preceding Term of the Lease. Within one (61) months prior month after Landlord receivers Tenant's notice of the exercise of this option, Landlord will notify Tenant to the expiration "Fair Market Rental Rate" which shall be Landlord's good faith determination of the initial Termrental rate applicable at such time for office space in similar buildings located in the Malvern, Pennsylvania Market Area ("Landlord's Rental Notice"). If Tenant objects to the Fair Market Rental Rate as so established, Tenant may rescind its exercise of this option to extend term, providing Tenant gives notice of such recision to Landlord on or before two (2) weeks after Tenant receives Landlord's Rental Notice, time being of the essence with respect essence. If Tenant so rescinds its exercise, Tenant's option to such notification. Notice thereof extend term shall be deemed sufficient if given in the manner hereinafter providedboth unexercised and extinguished. If Landlord Tenant does not receive such written notice as and when required hereinso rescind its exercise, the Renewal Term shall terminate and be term of no further force or effect, and this Lease shall expire be extended as of provided before, with 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 Minimum Annual Rent shall be increased by adding the CPI Adjustment Amount (defined below) applicable 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 additional period being computed based upon the commencement date of Fair Market Rental Rate as stated in the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodLandlord's Rental Notice.

Appears in 1 contract

Sources: Lease Agreement (Verticalnet Inc)

Renewal Option. Landlord hereby grants to Tenant(a) As long as Tenant is not in default in the performance of its covenants under this Lease, and Tenant Lessor shall have, grant Lessee the right and option to extend renew (the Term "Renewal Option") the term of this Lease for one (1) a period of five thirty-six (536) years additional months (the "Renewal Term"). The Lessee shall exercise the Renewal Term shall commence upon the day next following the last day Option by delivering written notice of the initial Term. Tenant shall notify Landlord in writing of its such election to extend this Lease for the Renewal Term not less than Landlord at least six (6) 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 a Market-Base Rental Rate, (ii) Lessee 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 (iii) Lessee shall not have the denominator of which is the Index as right to assign its renewal rights to any sublessee of the first day Leased Premises or EASTPARK any portion thereof or to any 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 adjustmentsublessee or assignee exercise or enjoy the benefit of such renewal rights. Notwithstanding the foregoing, Tenant Lessee shall have no right to exercise such option to renew, and Lessor shall have no obligation to renew this Lease ifLease, either at the time Tenant notifies Landlord of its election to extend unless (A) this Lease or shall be in full force and effect upon the commencement date of the exercise of the Renewal TermOption and upon the date of the expiration of the original term, Tenant is in and (B) on the date of the exercise of the Renewal Option and on the date of the expiration or the original term there shall exist no default hereunder beyond any applicable grace or cure periodon the part of Lessee under this Lease.

Appears in 1 contract

Sources: Lease Agreement (Windy Hill Pet Food Co 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 1 contract

Sources: Lease Agreement (Biolife Solutions Inc)

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 periodthe 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.

Appears in 1 contract

Sources: Office Lease (Icon PLC /Adr/)

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 12 months nor later than nine 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 "Prevailing Rental Rate"), at the commencement of such extended Term”). The Renewal Term shall commence upon , for renewals of space in the day next following Building 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 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 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

Sources: Lease Agreement (Alco Stores Inc)

Renewal Option. Landlord hereby grants The renewal option in Paragraph 2, Renewal Option, of the Fourth Amendment to TenantLease shall be deleted and replaced as follows: Lessee shall, provided the Lease is in full force and Tenant shall haveeffect and Lessee is 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 to extend the Term of this Lease for have 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 term of two (2)months, for the Renewal Term not less portion of the Premises being leased by Lessee 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: a. If Lessee elects to exercise said option, then Lessee shall provide Lessor with written notice no earlier than the date which is nine (9) months prior to the expiration of the then current term of the Lease but no later than the date which is 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 then current term of this Lease. If Lessee fails to provide such 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 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 Lessee shall have no further or additional right to extend or renew the term of the Lease. b. The Annual Rent and Monthly Installment shall remain as follows: c. This option is not transferable; the parties hereto acknowledge and agree that they intend that the aforesaid option to renew this Lease ifshall be “personal” to Lessee as set forth above and that in no event will any assignee or sublessee have any rights to exercise the aforesaid option to renew. d. As each renewal option provided for above is exercised, either at the time Tenant notifies Landlord number of its election renewal options remaining to be exercised is reduced by one and upon exercise of the last remaining renewal option Lessee 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

Sources: Lease (Skechers Usa 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

Sources: Industrial Lease Agreement (Mohawk Industries Inc)

Renewal Option. Landlord hereby grants to TenantThe parties acknowledge that Tenant has exercised the Option set forth in Section 2.3 of the Lease. So long as Tenant is not then in default, and Tenant shall havehave another option (the "Second Option") to renew this Lease (but only as to that portion of the Premises not subleased to GTE Intelligent Network Services Incorporated ("GTE"), in the right event and only in the event GTE exercises its option to extend lease its subleased space directly from Landlord) for a five (5) year term, beginning on the expiration of the Term of this Lease as extended in Paragraph 1 above, and continuing 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 thereafter, by notifying 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 end of such Term of this Lease. Such renewal shall be on all of the initial Term, time being terms and conditions of this Lease in effect in the last month of the essence with respect to such notification. Notice thereof extended term of this Lease which are not inconsistent herewith, except that the Total Monthly Rental shall be deemed sufficient if given at a market rental rate as determined by Landlord in the manner hereinafter providedits reasonable judgment. If Landlord does not receive such shall give written notice as and when required herein, (the Renewal Term shall terminate and "Rental Notice") to Tenant of the Total Monthly Rental to be in effect during such renewal term within thirty (30) days after receipt of no further force or effectTenant's notice exercising the Second Option, and Tenant shall have a right during the thirty (30) day period after receipt of the Rental Notice within which to revoke the exercise of the Second Option by giving written notice of revocation to Landlord within such thirty (30) day period, in which event the Term of this Lease shall expire as on May 31, 2008. If Tenant does not revoke its exercise of the then-scheduled expiration date. The Renewal Term Second Option within such thirty (30) day period, then the Total Monthly Rental specified by Landlord the Rental Notice 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, in effect 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 renewal period.

Appears in 1 contract

Sources: Lease Agreement (Micro Media Solutions Inc)

Renewal Option. Landlord hereby grants to Tenant, and Section 31.01. Tenant shall have, have an option (the right and option "Renewal Option") to extend renew the initial term with respect to all (but not less than all) of the Premises demised under or pursuant to this lease as of the expiration date of the Term of this Lease for one additional tetm (1the Renewal Term.) period of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon years, commencing 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 Term not less than six (6) months prior to the expiration date of the initial Term, time being under the following terms and conditions and subject to credit approval by Landlord: (1) Tenant gives Landlord written notice of its election to exercise the Renewal Option no later than the date which is Tree hundred sixty-five (365) days prior to the expiration date of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given Initial Term; (2) Tenant is not 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 breach or effect, and default under 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”) either on the date nearest Tenant exercises the Renewal Option or at any time through and including the proposed commencement date of the Renewal Term. Section 31.02. If Tenant timely and properly exercises the Renewal Option in accordance with the provisions of Section 31.01: (1) The Fixed Rent payable for the applicable Renewal Term shall be based on ninety five (95%) percent of the then prevailing rent for similar space in this property, but in no event shall the rental rate be less than the adjusted rental rate payable under this Lease on the expiration date of the initial Term. For purposes of the preceding sentence, "prevailing rental rate shall mean the total rental then being quoted by landlord to third party tenants for reasonably comparable space in the Building for leases approximately as long, and commencing at approximately the denominator of which is same time, as the Index as applicable Renewal Term, subject to reasonable adjustment for the desirability of the first day applicable Door or area of the third Lease YearBuilding. IfIf Landlord is not then quoting rental rates for comparable space, during the Lease Term the Bureau rates used for purposes 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 this provision shall be those rates Landlord would have used in determining the amount of any if Landlord had quoted such adjustmentrates. Notwithstanding the foregoing, Landlord shall endeavor to notify Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election determination of prevailing rental rate (-PRR-) no later than ten (10) months prior to extend this Lease or upon the commencement date of the Renewal Term. In any event, Landlord must notify Tenant of Landlords PRR within fifteen (15) days of Landlords receipt of a notice from Tenant (which notice cannot be delivered by Tenant earlier than twelve (12) months prior to the commencement of the Renewal Term) stating that (a) Landlord has failed to provide Tenant with Landlord's PRR and Tenant hereby requests the' Landlord notify Tenant of Landlords PRR within fifteen (15) days of Landlord's receipt of such notice. Except provided for herein, Landlords good faith determination of PRR shall be conclusive and binding as to the Landlord and the Tenant. Tenant shall have fifteen (15) days after Landlord's delivery of notice to Tenant of Landlord's PRR to deliver notice to Landlord objecting thereto and setting forth Tenant's determination of Prevailing Rental Rate (Tenants PRR) and, if Tenant fails to deliver such notice within this fifteen (15) day period, Tenant is shall be deemed to have accepted Landlords PRR. Within fifteen (15) days after receipt by Landlord of the notice specifying Tenants PRR, Landlord and Tenant shall mutually select an umpire in default hereunder beyond any applicable grace or cure period.this matter (the "PRR Umpire"

Appears in 1 contract

Sources: Lease (New Horizons Worldwide 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 to extend the Term of this Lease for have one (1) period option to renew this Lease for a term of five (5) 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: 38.1 If Tenant elects to exercise said option, then Tenant shall notify provide Landlord in writing with written notice no earlier than the date which is one (1) year prior to the expiration of its election to extend this the then current term of the Lease for but no later than the Renewal Term not less than six date which is nine (69) 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 then current term 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. 38.2 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 thirty (30) 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. If Tenant and Landlord are unable to agree on a mutually acceptable rental rate not later than one hundred eighty (180) days prior to the expiration of the then current term, then Landlord or Tenant may terminate negotiations and said renewal option shall be cancelled; provided that if such option is cancelled, the Term of the Lease shall automatically be extended to the date which is nine (9) months after the date of such cancellation, on the same rent and terms payable at the originally scheduled Termination Date. 38.3 This option is not transferable; the parties hereto acknowledge and agree that they intend that the aforesaid option to renew this Lease if, either at shall be “personal” to Tenant (or its related company) as set forth above and that in no event will any assignee or sublessee have any rights to exercise the time Tenant notifies Landlord of its election aforesaid 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 1 contract

Sources: Lease Agreement (Power Solutions International, Inc.)

Renewal Option. Landlord hereby grants to TenantSection 41.1 Provided no Event of Default shall have occurred and then be continuing under this Lease, and as of the date of the giving of the “Renewal Notice” (as such term is hereinafter defined), Tenant shall have, the right and have one option to extend the Term of this the Lease for one a renewal term (1the “Renewal Term”) period of five (5) years commencing on the day after the originally scheduled Expiration Date and ending on the last day of the month in which the fifth (5th) anniversary of the originally scheduled Expiration Date shall occur. Such option to renew shall be exercisable by written notice (the “Renewal TermNotice)) to Landlord given not later than twelve (12) months prior to the originally scheduled Expiration Date. The Renewal Term shall commence upon the day next following the last day constitute a further extension 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 Lease 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 said 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 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 or provide any credit or allowance to Tenant, and Landlord shall not be required to reimburse Tenant for any Alterations made or to be made by Tenant, (iii) the denominator Fixed Rent for the Renewal Term shall be payable at a rate per annum equal to ninety-five percent (95%) of which is the Index fair market rental value (as hereinafter defined) of the Premises as of the first day of the third Lease Year. IfRenewal Term, during determined in accordance with the Lease Term provisions of this Article 41; (iv) 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 Base Year for Taxes shall be used the New York City fiscal year commencing 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 calendar year in which the commencement date of the Renewal TermTerm shall occur, Tenant is and (v) the Base Year for Operating Expenses shall be the calendar year in default hereunder beyond any applicable grace or cure periodwhich the commencement of the Renewal Term shall occur. In this Article 41, the term “fair market rental value” shall mean the annual fixed rental rate at which landlords are leasing office space comparable to the Premises for a five (5) year lease term in buildings (“Comparable Buildings”)comparable to the Building and located in the area in Manhattan bounded by 2▇▇▇ ▇▇▇▇▇▇ to the South, 4▇▇▇ ▇▇▇▇▇▇ to the North, Third Avenue to the East and Sixth Avenue to the West, with appropriate adjustments to take account of variations in location, size and all other relevant factors.

Appears in 1 contract

Sources: Lease Agreement (Coty Inc /)

Renewal Option. Landlord hereby grants to Tenant, and 2.4.1 Tenant shall have, have the right and option to extend the Term of renew this Lease for one (1) period additional extension term of five three (53) years (the “Renewal Term”)years. The Renewal Term shall commence upon the day next following the last day of the initial Term. Such renewal 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 later than six (6) months and not more than twelve (12) months prior to the expiration of the initial Lease Term, time being . Timely delivery of notice of exercise of this renewal option shall act to automatically extend the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in Lease Term for three years upon 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 as 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 adjustmentBase Rent, which shall be calculated pursuant to this Section and confirmed by a subsequent document executed by Landlord and Tenant. Notwithstanding the foregoing, this renewal option shall be null and void and Tenant shall have no right to renew this Lease if, either at if (i) on the time date Tenant notifies Landlord exercises such renewal option or as of its election to extend this Lease or upon the date immediately preceding the commencement date of the Renewal Termrenewal period, Tenant is in default hereunder beyond applicable notice and cure periods of any applicable grace of its obligations under this Lease; and (ii) at no time prior to the expiration of the initial Lease Term shall there have been any assignment or cure subletting of the Premises that shall remain in effect after the expiration of the initial Lease Term, except for Permitted Transfers (as defined below). 2.4.2 If Tenant exercises this renewal option, then during the renewal period the Base Rent payable by Tenant shall be the then Fair Market Rent for the Premises. For purposes of this paragraph, the term “Fair Market Rent” shall mean the rental rate for comparable space for a renewal term with an existing tenant, situated in comparable office and light warehouse buildings in comparable business parks in the Hayward, California market area, taking into account tenant improvement packages and any other customary concessions for renewals with existing tenants. Fair Market Rent shall include the periodic rental increases, if any, that would be included for space leased for the renewal period. The Fair Market Rent shall be negotiated by Landlord and Tenant within the sixty (60) calendar day period commencing upon Landlord’s receipt of Tenant’s notice exercising the renewal option.

Appears in 1 contract

Sources: Lease (Anthera Pharmaceuticals 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

Sources: Lease (Netcentives Inc)

Renewal Option. Landlord hereby grants to Tenant, and (a) Tenant shall have, have one (1) option (the right and option “Renewal Option”) to extend the Term of this Lease for one (1) a period of five three (53) years beyond the Expiration Date (the “Renewal Term”). The Renewal Term Option is personal to RAE Systems, Inc. and may not be exercised by any sublessee or assignee, or by any other successor or assign of RAE Systems, Inc. The Renewal 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 (“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 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 Rent (i) no further Renewal Option shall be increased by adding available to Tenant at 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 (ii) the denominator Base Rent during the Renewal Term (the “Renewal Rate”) shall be equal to the higher of which is (A) the Index as “prevailing market rate” for space in similarly situated buildings in the vicinity of the first day Project comparable to the Building in location, condition, quality and type at the commencement of the third Lease Year. IfRenewal Term (the “Prevailing Rate”), or (B) the Base Rent due hereunder during the Lease Term last month of the Bureau Term. The term “prevailing market rate” shall mean the base 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 Labor Statistics ceases such comparable space. The Prevailing Rate shall be determined in accordance with Paragraph 4 of the Lease. (b) Within thirty (30) days after Landlord’s receipt of the Election Notice or as soon thereafter as is reasonably practicable, Landlord shall notify Tenant in writing (the “Renewal Rate Notice”) of the Renewal Rate. Tenant shall have fifteen (15) days (the “Response Period”) after receipt of the Renewal Rate Notice to maintain advise Landlord whether or not Tenant agrees with Landlord’s determination of the IndexRenewal Rate. If Tenant does not respond to Landlord in writing within the Response Period, then Tenant shall be deemed to have accepted the Renewal Rate specified by Landlord in the Renewal Rate Notice. If Tenant agrees or is deemed to have agreed with Landlord’s determination of the Renewal Rate, then such other index or standard as will most nearly accomplish the aim or purpose of the Index determination shall be used in determining final and binding on the amount of any such adjustmentparties. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time If Tenant notifies Landlord of its election to extend this Lease or upon in writing during the commencement date Response Period that Tenant disagrees with Landlord’s determination of the Renewal Rate, then within fifteen (15) days after Landlord’s receipt of Tenant’s written notice, Landlord and Tenant shall each retain a licensed commercial real estate broker with at least five (5) years’ experience negotiating commercial lease transactions in Sunnyvale, California. If only one broker is appointed by the parties during such fifteen (15) day period, then such broker shall, within twenty (20) days after his or her appointment, determine the Prevailing Rate, and the Renewal Rate shall be the higher of (i) the Prevailing Rate so determined by such broker, or (ii) the Base Rent due hereunder during the last month of the Term. If Landlord and Tenant each appoint a broker during such fifteen (15) day period as contemplated hereunder, Tenant is in default hereunder beyond any applicable grace or cure period.then the brokers shall

Appears in 1 contract

Sources: Lease Agreement (Rae Systems Inc)

Renewal Option. Landlord Article 44 of the Lease is hereby grants to Tenant, deleted in its entirety and the following is inserted in its place: "Tenant shall havehave the right, the right and option to be exercised as hereinafter provided, to extend the Term term of this Lease lease for one (1) period of five (5) years (hereinafter referred to as the "Renewal Term”). The Renewal Term shall commence ") upon the day next following terms and conditions: (A) That at the last day time of the initial exercise of such right and at the commencement of the Renewal Term. , Tenant shall not be in default in the performance of any of the terms, covenants or conditions, which Tenant is required to perform under this lease beyond any applicable notice and cure period provided herein for the cure hereof. (B) That Tenant shall notify Landlord in writing of its Tenant's election to extend this Lease for exercise its option with respect to the Renewal Term not less than six at least one (61) months year prior to the expiration of the initial Term, time being term of this lease. (C) That 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, covenants and conditions of as in this Leaselease provided, except that (a) there shall be no further option to extend this lease beyond the Fixed Renewal Term referred to above; (b) the Premises shall be delivered at the beginning of the Renewal Term in its then "as is" condition; and (c) the Rent to be paid by Tenant during the Renewal Term shall be as follows: During the first year of the Renewal Term, the Rent shall be ninety (90%) percent of the then fair market annual minimum rent being received by Landlord for comparable size space in the Building, but in no event less than the Rent payable under this lease for the Lease Year immediately preceding the Renewal Term. The Rent applicable to the first year of the Renewal Term shall be payable in equal monthly installments. During each of the second through fifth years of the Renewal Term, the Rent shall be increased by adding three (3%) percent per year over 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 Yearprior 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 Said sums shall be used payable 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 periodequal monthly installments.

Appears in 1 contract

Sources: Lease Agreement (American Home Mortgage Holdings Inc)

Renewal Option. Landlord hereby grants to Tenant, and A. Tenant shall have, have the right and option to extend the Term Expiration Date (“Renewal Option”) from September 30, 2006 to September 30, 2011, if: 1. Landlord receives notice of exercise (“Renewal Notice”) on or before September 30, 2005 (which notice shall be irrevocable on Tenant’s part, but Tenant’s rights shall be subject to the provisions of this Section 3); and 2. at the time Landlord receives the Renewal Notice: a. a Default under this Lease has not occurred and is then continuing; and b. the original named Tenant herein or its Affiliates continues to occupy at least one full floor of the Building pursuant to this Lease; and 3. the Premises is for one the intended use of Tenant and its Affiliates only during the entire Extension (1as hereinafter defined); and 4. Tenant executes and returns the “Renewal Amendment” (as hereinafter defined) period extending the Term accordingly pursuant to the exercise of this Renewal Option within ten (10) days of its submission to Tenant, subject to a good faith reasonable dispute by Tenant with Landlord as to whether the business terms embodied therein properly reflect the terms hereof. B. The monthly Base Rent rate for the Premises during the Extension shall equal ninety-five percent (595%) years of the Prevailing Market (as hereinafter defined). C. Except as expressly modified by this Section 3, all of the provisions, terms and conditions of the Lease shall apply to the Premises during the Extension, including, but not limited to Article 4 of the Lease, except that no allowances, credits, abatements or other rent limitations (if any) set forth in the Lease shall apply to the Premises during the Extension (except only to the extent included in the Prevailing Market determination). D. If Tenant is able to and properly exercises its Renewal Option, Landlord shall prepare an amendment (the “Renewal TermAmendment). 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 reflect the then-current Fixed changes in Base Rent, installments of Base Rent, Expiration Date and other appropriate terms. 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 A copy of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease YearAmendment shall be: 1. If, during the Lease Term the Bureau of Labor Statistics ceases sent 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 within a reasonable time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date after receipt of the Renewal TermNotice; and 2. executed by Tenant and returned to Landlord in accordance with subsection A.4. hereof. E. For purposes hereof, Tenant is in default hereunder beyond any applicable grace or cure period.the following terms shall have the following meanings:

Appears in 1 contract

Sources: Lease (FSP 303 East Wacker Drive Corp.)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have the right and option to extend renew ("Renewal Option") the Term of this Lease for one (1) period additional term of five (5) years (the “"Renewal Term”). The Renewal Term shall commence ") commencing 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 Termscheduled Term of this Lease under Section 2 (and as extended pursuant to the terms of either Section 30 or Section 31 hereof), on the condition that Tenant is not in default under this Lease at the time being Tenant gives notice of exercise of its Renewal Option or at the time of commencement of the essence with respect to such notificationRenewal Term. 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 on all of the terms, covenants and conditions of this Lease, except that except: (i) Tenant shall not have any right to further renewal beyond such additional five-year term; and (ii) the Fixed annual Basic Rent for the Premises for the renewal term shall be increased by adding at the CPI Adjustment Amount (defined below) prevailing market rates for office space in the Building comparable to the then-current Fixed RentPremises at the time the Renewal Term begins. The “CPI Adjustment Amount” is calculated by multiplying In no event shall the Fixed Basic Rent payable for during the last year Renewal Term be less than the Basic Rent payable under this Lease immediately prior to the commencement of the Renewal Term. Tenant's Renewal Option shall be exercised only by Tenant giving Landlord written notice of Tenant's election to renew not less than nine (9) months prior to the expiration of the initial Term by a ratioof this Lease, 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 time being of the United States Department essence with respect to such notice. As of Labor (the “Index”) on the date nearest the commencement date Renewal Term begins, this Lease shall be deemed modified in the manner set forth above, without the necessity of any further agreement or document; provided, however, that either party to this Lease shall, upon request of the Renewal Termother party, execute, acknowledge, and the denominator deliver an instrument evidencing such renewal and modification of which is the Index as this Lease. All of the first day terms and provisions of the third Lease Year. IfLease, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Indexas herein amended and supplemented, then such other index or standard as will most nearly accomplish the aim or purpose of the Index are hereby ratified and confirmed, and shall be used remain 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 periodfull force and effect.

Appears in 1 contract

Sources: Lease Agreement (Multi Link Telecommunications Inc)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, Unless CITY has notified 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 LESSEE in writing of its election to extend this Lease for the Renewal Term not less than six at least one hundred twenty (6120) months days prior to the expiration of the initial TermBase Term or the previously renewed term a Renewal Term that it elects not to renew or extend this Agreement, time being LESSEE and CITY agree, that upon the prior mutual agreement of land rental rates, that LESSEE may be granted an OPTION TO RENEW THIS AGREEMENT ON A YEAR-TO-YEAR BI- ANNUAL BASIS, which shall hereinafter be referred to as the essence with respect to such notification“Renewal Option”. Notice thereof The term of each Renewal Option shall be deemed sufficient if given two years in the manner hereinafter providedlength and referred to as a “Renewal Term”. If Landlord does not receive such written notice as and when required herein, the Each Renewal Term shall terminate will commence on February 1 and be end two years later on January 31. Rent for each year of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The a Renewal Term shall be upon all set annually by the City Council in their annual resolution establishing the rates, fees, and charges pertaining to the Minot International Airport (hereinafter “City Council Resolution”). Rent for the Premises shall be as established in the City Council Resolution for the “West Side General Aviation Lots – Improved Area”, and any rental rate changes shall be effective February 1 of each The parties must mutually agree to the land rental rate and execute the Renewal Option a minimum of ninety (90) days prior to the expiration of the termsBase Term or prior Renewal option. In the event that the Renewal Option is not executed in the timeframe identified, covenants the Renewal Option provision will be cancelled and the Agreement will expire at the end of the Base Term, or present Renewal Term, under the terms and conditions identified herein unless agreed to otherwise by the parties in writing. FURTHERMORE, the CITY and LESSEE agree that this Amendment shall apply retroactively to the latest Renewal Option, that the next Renewal Term shall begin on February 1, 2023 and end on January 31, 2025; and that the rent for each year of the next Renewal Term shall be set annually by the City Council in their annual resolution establishing the rates, fees, and charges pertaining to the Minot International Airport (hereinafter “City Council Resolution”). This Amendment shall be governed by and construed in accordance with the terms and conditions of the Agreement, all other terms and conditions of the Agreement shall remain in full force and effect. From and after the date of this LeaseAmendment, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) all references to the then-current Fixed Rentterm “Agreement” in this Amendment or the original Agreement shall include the terms contained in this Amendment. The “CPI Adjustment Amount” If there is calculated by multiplying a conflict between the Fixed Rent payable for terms of this Amendment and the last year of the initial Term by a ratioAgreement, the numerator terms 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 this Amendment 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 periodprevail.

Appears in 1 contract

Sources: Concurrent Use Ground Agreement

Renewal Option. Landlord hereby grants Provided that as of the time of the giving of the Extension Notice (as defined below) and the Commencement Date of the Extension Term, (as defined below) (a) Tenant (or a successor entity permitted hereunder) is the Tenant orginally named herein, (b) Tenant actually occupies all of the Premises initially demised under this Lease and any space added to Tenantthe Demised Premises, and (c) no Event of Default exists or would exist but for the passage of time or the giving of notice, or both; then Tenant shall have, will have the right and option to extend the Lease Term of this Lease two (2) times for one (1) period an additional term of five (5) years each (each an "Extension Term") commencing on the day following the expiration of the Lease Term (the “Renewal "Commencement Date of the Extension Term"). The Renewal Term shall commence upon Tenant will give Landlord notice (the day next following the last day of the initial Term. Tenant shall notify Landlord in writing "Extension Notice") of its election to extend this the term of the Lease for the Renewal Term not less than at least six (6) months, but not more than nine (9) months, prior to the scheduled expiration date of the Lease Term or extended Lease term, as applicable (the "Notice Period"). If Tenant does not give the Extension Notice during the Notice Period, Tenant's right to extend the Lease Term will automatically terminate. Time is of the essence as to the giving of the Extension Notice. The Base Rent payable by Tenant to Landlord during each of the Extension Terms will be the then prevailing market rate for comparable space at the Property and comparable buildings in the vicinity of the Property, taking into account the size of the Lease, the length of the Extension Term, market escalations and the credit of Tenant. The Base Rent will not be reduced by reason of any costs or expenses saved by Landlord by reason of Landlord's not having to find a new tenant for such premises (including, without limitation, brokerage commissions, costs of improvements, rent concessions or lost rental income during any vacancy period). In the event Landlord and Tenant fail to reach an agreement on such rental rate and execute the Extension Amendment (defined below) at least 6 months prior to the expiration of the initial TermLease, time being then Tenant's exercise of the essence with respect to such notification. Notice thereof shall extension option will be deemed sufficient if given withdrawn, and the Lease will expire at the end of the Lease Term. Except for the Base Rent as determined above, Tenant's occupancy of the Demised Premises during the Extension Term will be on the same terms and conditions (including the payment of Additional Rent) as are in effect immediately prior to the manner hereinafter expiration of the initial Lease Term; provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of however, Tenant will have no further force right to any allowances, credits or effectabatements or any options to expand, and this Lease shall expire as of contract, renew or extend the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that as specifically provided herein. Landlord will have no obligation to refurbish or otherwise improve the Fixed Rent shall Demised Premises for the Extension Term. The Demised Premises will be increased by adding tendered on the CPI Adjustment Amount (defined below) Commencement Date of the Extension Term in "as-is" condition. If the Lease is extended for the Extension Term, Landlord will prepare, and both parties will execute, an amendment to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying Lease confirming the Fixed Rent payable for the last year extension 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 and the Bureau of Labor Statistics ceases to maintain other provisions applicable thereto (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"Extension Amendment").

Appears in 1 contract

Sources: Lease Agreement (Heelys, Inc.)

Renewal Option. Landlord hereby grants (a) Subject to TenantLessee not being in default hereunder beyond the expiration of any applicable notice, grace and Tenant shall havecure period, the right Term of this Lease shall be automatically extended for three (3) renewal terms of ten (10) years each (each, a “Renewal Term”), unless, with respect to any Renewal Term, Lessee provides irrevocable written notice to Lessor electing not to exercise the renewal option (herein, a “Renewal Option”) applicable to such Renewal Term in accordance with the provisions of this Section 6. The Renewal Option applicable to each Renewal Term shall be automatically elected for such Renewal Term only if (x) Lessee is not in default hereunder on the date of automatic exercise of the Renewal Term or on the date that such Renewal Term commences and option (y) Lessee shall have exercised all prior Renewal Options under this Lease. Furthermore, in no event shall any Renewal Option be effective for any Renewal Term for less than all of the Sites then comprising the Premises covered by this Lease. Further, once Lessee provides irrevocable written notice to Lessor electing not to exercise the Renewal Option for any particular Renewal Term, then Lessee shall no longer be permitted or entitled to exercise a Renewal Option for any other then remaining Renewal Term. (b) The Fixed Annual Rent to be paid by Lessee during each of the Renewal Terms shall be as described in Section 3 of this Lease, subject to escalations described in Section 3 of this Lease. (c) Lessee shall notify Lessor in writing of its election not 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 Terms at least eighteen (618) months prior to the date of expiration of the initial TermInitial Term or the Renewal Term then in effect, time being of the essence with respect to and such notification. Notice thereof notice 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 Under no circumstances shall terminate and Lessee 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 entitled to renew this Lease if, either at for less than all Sites comprising the time Tenant notifies Landlord Premises as set forth on Schedule “A” attached hereto and by this reference made a part hereof. Time shall be of its election the essence as to extend the giving of notices under this Section 6. (d) If Lessee elects not to renew this Lease by providing irrevocable written notice to Lessor pursuant to this Section 6, or if an Event of Default occurs and is continuing, then Lessor will have the right during the remainder of the Term then in effect and, in any event, Lessor will have the right during the last eighteen (18) months of the Term, to (i) advertise the availability of the Premises for sale or reletting and to erect upon the commencement date of Premises signs indicating such availability and (ii) show the Renewal Term, Tenant is in default hereunder beyond any applicable grace Premises to prospective purchasers or cure periodtenants or their agents at such reasonable times as Lessor may select.

Appears in 1 contract

Sources: Unitary Net Lease Agreement (Getty Realty Corp /Md/)

Renewal Option. Landlord Section 2 of Exhibit C of the Lease is hereby grants to Tenant, ---------------- deleted and is restated in its entirety as follows: Tenant shall have, the right and may at its option to extend the Term of this Lease for the Demised Premises for one (1) additional period of five (5) years ("Extension Term") upon the “Renewal same terms contained in this Lease, except for the amount of the Monthly Base Rent Installment and any tenant improvement allowance payable during the Extension Term”). . (a) The Renewal Monthly Base Rent Installment during the Extension Term shall commence upon be the day next following then prevailing market rate for equivalent properties of an equivalent size in the last vicinity of the DFW sub-market commencing on the first day of the Extension Term. (b) To exercise its option, Tenant must deliver an initial Term. Tenant shall notify non-binding notice to Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months and no more than twelve (12) months prior to the expiration proposed commencement of the initial Extension Term. At some point between six (6) and nine (9) months prior to the proposed commencement of the Extension Term, time being Landlord shall calculate and inform Tenant of the essence with respect to such notificationMonthly Base Rent Installment for the Demised Premises. Notice thereof Such calculation shall be deemed sufficient final and shall not be recalculated at the actual commencement of the Extension Term if given in any. Tenant shall give Landlord final binding notice of intent to exercise its option to extend within fifteen (15) days after receiving Landlord's calculation of the manner hereinafter providedMonthly Base Rent Installment. If Landlord does not receive such written Tenant fails to give either its initial nonbinding notice as and when required hereinor its final binding notice timely, the Renewal Term shall terminate and Tenant will be of no further force or effect, and deemed to have waived its option to extend. (c) Tenant's option to extend 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) is subject 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 conditions that: (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”i) on the date nearest the commencement date that Tenant delivers its final binding notice exercising its option to extend, there is no Event of Default by Tenant under this Lease, and (ii) Tenant shall not have assigned this Lease, or sublet any portion of the Renewal Term, and the denominator of Demised Premises under a sublease which is the Index as of the first day of the third Lease Year. If, in effect at any time during the Lease Term final 12 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 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 Extension Term, Tenant is in default hereunder beyond any applicable grace or cure period.

Appears in 1 contract

Sources: Industrial Lease Agreement (Rockwell Medical Technologies 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 terms of this Section, then Tenant shall be a Tenant holding over as provided in this Lease. (b) Whenever used in this First Renewal Option, the term "Market Base Rental Rate" shall mean the then fair market rental of the Demised Premises as of the date of commencement of the First Renewal Term, determined in accordance with the provisions set forth below. The fair market rental of the Demised Premises shall mean the rental that would be agreed to by a landlord and renewing tenant, each of whom is willing, but neither of whom is compelled, to enter into the lease transaction. The fair market rental shall be determined on the basis of the assumptions that (1) the Base Year shall be updated to the first year under the First Renewal Term, and (2) the fair market rental shall begin on the commencement date of the First Renewal Term. The fair market rental to be determined shall take into account any existing tenant improvements and any special uses or rights afforded to the Tenant under this Lease in connection with the Demised Premises and the following factors: (i) rental for renewing tenants for comparable premises in comparable Class "A" office buildings in comparable submarkets of Atlanta, Tenant is in default hereunder beyond Georgia (taking into consideration, but not limited to, use, location and/or floor level within the applicable building, definition of rental area, quality, age and location of the applicable office buildings); (ii) the rentable area of the premises being leased; (iii) the length of the pertinent rental term; (iv) any applicable grace tenant improvement allowance, rent credit, moving allowance, space planning allowance or cure periodother similar inducements given to renewing tenants or lack thereof; (v) the quality and credit worthiness of the tenant; (vi) the expense pass-through provisions provided to such renewing tenants; and (vii) commissions payable to brokers or lack thereof.

Appears in 1 contract

Sources: Lease Agreement (Focal Communications Corp)

Renewal Option. Landlord Tenant is hereby grants to Tenant, and Tenant shall have, the right and granted a single option to extend the Term of this Lease Lease, with respect to all of the Premises as then constituted, in "as-is" condition, for one (1) consecutive additional period of five (5) years commencing on the day following the Termination Date (the "Renewal Term"). The , on the following terms and conditions: (i) No Event of Default shall have occurred and remain uncured during the Term of this Lease, either prior to Tenant's giving of its renewal notice to Landlord or at or prior to the commencement of the Renewal Term (unless Landlord elects, in its sole discretion, to waive such condition); (ii) Landlord shall commence upon the day next following the last day have made a good faith determination that Tenant remains creditworthy; (iii) Tenant shall not have previously assigned this Lease or sublet all or any portion of the initial Term. Premises; (iv) Tenant shall notify have delivered to Landlord in writing written notice of its Tenant's election to extend exercise this Lease option not less than 270 days prior to the Termination Date; (v) all lease terms for the Renewal Term not less than six (6) months prior to shall be the expiration of same as specified for 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 (a) there shall be increased no further option to renew or extend the Term of this Lease, (b) there shall be no allowances or inducements payable 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 Landlord during the Renewal Term, and (c) Minimum Rent payable during the denominator Renewal Term shall be the greater of which is (1) the Index as escalating fair market value rent then being charged or quoted by Landlord for leases of comparable space in the Building or in comparable buildings owned by Landlord in the vicinity of the first day Building for comparable terms commencing at or about the commencement of the third Lease Year. IfRenewal Term (or that would be charged or quoted by Landlord if no such leases then exist or are about to commence), or (2) the annual rate of Minimum Rent payable by Tenant 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 portion 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 seventh (7th) Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon Year preceding the commencement date of the Renewal Term; and (vi) at Landlord's election, Landlord and Tenant is shall promptly execute and deliver to one another an amendment to this Lease, in default reasonable form prepared by Landlord, confirming Tenant's exercise of its option hereunder beyond any applicable grace or cure periodand the Minimum Rent payable during the Renewal Term.

Appears in 1 contract

Sources: Office Lease (Quality Systems Inc)

Renewal Option. Landlord (a) Subject to the terms and conditions of this Section 30.1., LESSOR hereby grants to Tenant, and Tenant shall have, LESSEE the right and option to extend the Term original five-year term of this Lease for one period of five years. LESSEE shall exercise the renewal option by delivering written notice thereof at least 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 year prior to the expiration of the initial TermTermination Date, time being of the essence with respect to the delivery of such notificationnotice. (b) In the event LESSEE exercises its renewal right, LESSOR shall deliver to LESSEE, its determination of the Basic Rent for the renewal period within thirty (30) days after the date LESSEE exercises its renewal right. Notice LESSEE shall have thirty (30) days from receipt from LESSOR'S determination of the Basic Rent for the renewal period to revoke its exercise of the renewal option by delivering written notice thereof to LESSOR, time being of the essence with respect to the delivery of such revocation notice. If LESSEE does not timely revoke its exercise of the renewal option, then the Basic Rent for the renewal period shall be deemed sufficient if given the amount determined by LESSOR as set forth in LESSOR'S notice. (c) LESSEE'S right to exercise its renewal option is expressly subject to the manner hereinafter provided. If Landlord does following: (i) LESSEE shall 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 in default 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 LESSEE's notice exercising such renewal option or as of the first day commencement of the third Lease Yearrenewal period; (ii) LESSEE shall be in occupancy of the entire Demised Premises; and (iii) LESSEE shall not have sublet all or any portion of the Demised Premises. If, during If any of the Lease Term the Bureau of Labor Statistics ceases to maintain the Indexforegoing conditions is not accurate, then such other index or standard as will most nearly accomplish LESSEE shall not have 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 and any applicable grace or cure periodnotice exercising such renewal rights shall be deemed automatically null and void.

Appears in 1 contract

Sources: Lease Agreement (All Communications Corp/Nj)

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 Extended Term shall be a sum equal to one hundred percent (100%) of the fair and reasonable annual market rental rate for the demised premises as of the first day of the 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” shall mean the Expenses for the building project for the calendar year during which the commencement date of the 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, shall contain no renewal option. The exercise of such option shall only be effective upon, and in strict compliance with, the following terms and conditions: (a) Written notice of the exercise of such option shall be given by Tenant to Landlord not less later than twelve (12) months prior to the Expiration Date of the initial term of this lease (the “Initial Term”). Time shall be of the essence in connection with any exercise of such option by Tenant hereunder. (1) The fair and reasonable annual market rental rate for the demised premises effective as of the commencement of the Extended Term shall take into account, also, the five (5) year term of the extension, and it shall be determined, as aforesaid, during the last six (6) months prior of the Initial Term. On or before the commencement of such six (6) month period, Landlord shall notify Tenant of Landlord’s determination of such fair and reasonable annual market rental rate for the demised premises. Within thirty (30) days after the later of (x) the commencement of such six (6) month period, or (y) Tenant’s receipt of Landlord’s determination of such fair and reasonable annual market rental rate, Tenant shall respond to Landlord’s notice with Tenant’s determination of the fair and reasonable annual market rental rate for the demised premises. Upon receipt of such notice from Tenant, Landlord and Tenant shall seek to agree as to the expiration amount of such fair and reasonable annual market rental rate for the demised premises. If they shall not agree as to such rate within thirty (30) days after receipt of such notice from Tenant, then and in such event said fair and reasonable annual market rental rate shall be determined by appraisal as hereinafter in this Article provided. (2) If at the commencement date of the initial Extended Term, time being the amount of the essence fixed annual rental rate payable during said term in accordance with respect the foregoing paragraphs of this Article shall not have been determined, then, pending such determination, Tenant shall pay fixed annual rent at a rate equal to such notification. Notice thereof shall be deemed sufficient if given in 100% of (x) 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 fixed annual rental rate payable hereunder as of the then-scheduled expiration datelast month of the Initial Term, plus (y) the sum of the operating expense and real estate tax escalation additional rent payable under paragraphs B and C of Article 2 hereof, respectively, for the last twelve (12) months of the Initial Term (the “Temporary Rate”). The Renewal Term After the determination by appraisal or agreement, as the case may be, of the fair and reasonable annual market rental rate for the demised premises, if the fixed annual rental rate payable pursuant to this Article is greater than the Temporary Rate, Tenant shall pay to Landlord, within thirty (30) days after receipt of Landlord’s invoice, the difference between the rent theretofore paid at the Temporary Rate and the greater rental rate determined after the appraisal or agreement, as the case may be; and the greater fixed annual rental rate so determined after the appraisal or agreement, as the case may be, shall be upon all payable during the Extended Term; however, if the fixed annual rental rate payable pursuant to this Article is less than the Temporary Rate, Landlord shall promptly pay to Tenant the difference between the rent theretofore paid at the Temporary Rate and the lesser rental rate determined after the appraisal or agreement, as the case may be (or, at Landlord’s option, Tenant shall be entitled to a rent credit in such amount, to be applied, until fully depleted, against the next rent due under this lease); and the lesser fixed annual rental rate so determined after the appraisal shall be payable during the Extended Term. (c) Upon determination of the fixed annual rent for the Extended Term, Landlord and Tenant shall execute, acknowledge and deliver to each other an agreement specifying the amount of the fixed annual rental rate for the Extended Term (but any failure to execute such an agreement shall not affect Tenant’s obligation to pay and Landlord’s right to receive such fixed annual rent). (d) Tenant shall not be in default beyond any grace period under any 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 lease at the time Tenant notifies gives written notice to Landlord of its election to extend the term of this Lease or lease. (e) As provided in Article 32A(b), if Landlord and Tenant shall be unable to agree as to the fair and reasonable annual market rental rate by the date hereinabove set forth, then and in such event said fair and reasonable annual market rental rent for the demised premises shall be determined by appraisal as follows: (1) Either party shall give a notice to the other, stating the name and address of an impartial person to act as appraiser hereunder, and within thirty (30) days after the receipt of such notice, the other party shall give notice to the sender of the first-mentioned notice, likewise, stating the name and address of an impartial person to act as appraiser hereunder. (2) The appraisers so specified in such notices shall be licensed real estate brokers doing business in Manhattan, each having not less than fifteen (15) years active experience as real estate brokers specializing in the leasing of office space in said Borough. (3) In making their determinations, the appraisers shall consider and follow the directions set forth in this Article. (4) Before proceeding to determine the fair and reasonable annual market rental rate for the demised premises (the “rate”), as aforedescribed, the appraisers so appointed shall subscribe and swear to an oath fairly and impartially to determine such rate. If, within thirty (30) days following the appointment of the latter of said appraisers, said two appraisers shall be unable to agree upon the commencement date said rate, the said appraisers shall appoint, by an instrument in writing, as third appraiser, an impartial person, similarly qualified, who, within ten (10) days of such appointment, shall find as correct the rate that was determined by either the appraiser specified by Landlord or the appraiser specified by Tenant and render a written decision fixing such rate as the fair and reasonable annual market rental rate for the demised premises, which written decision shall be binding and conclusive on the parties. The third appraiser may not select any rate other than the one specified by the appraiser appointed by Landlord or the one specified by the appraiser appointed by Tenant. The written decision of the Renewal first two appraisers so appointed fixing such rate, or the written finding of such third appraiser fixing such rate, as the case may be, shall be binding and conclusive on the parties. (5) If, after notice of the appointment of an appraiser, the other party shall fail, within the above specified period of thirty (30) days, to appoint an appraiser, such appointment of a similarly qualified appraiser may be made, upon application without notice by the person who shall have been appointed an appraiser, by the then President of the Real Estate Board of New York, Inc., or such successor body hereafter constituted exercising similar functions (or if there be no Real Estate Board or its successor, or if its President will not so act, then such appointment shall be made by a Justice of the Supreme Court, New York County, then presiding in Special Term, Part II thereof, or the equivalent of said Part II). If the two appraisers aforesaid shall be unable to agree, within thirty (30) days following the appointment of the latter of said appraisers, upon such rate and shall fail to appoint in writing a third appraiser within fifteen (15) days thereafter, the necessary appraiser shall be appointed by said President (or by said Justice). If any appraiser appointed as aforesaid by either of the parties, by said President, by said Justice, or by the two appraisers so appointed, shall die, be disqualified or incapacitated or shall fail or refuse to act, before such rate shall have been determined, the necessary appraiser shall be promptly appointed by the person or persons who appointed the appraiser who shall have died, become disqualified or incapacitated, or who shall have failed or refused to act, as aforesaid. (6) Landlord and Tenant is in default shall each pay the fees of the person acting as appraiser hereunder beyond for Landlord and Tenant, respectively, and Landlord and Tenant shall each pay one-half (1/2) of the fees of any applicable grace third appraiser appointed pursuant to the above provisions. B. The exercise of this Renewal Option by Tenant shall be conditioned upon the occupancy of at least seventy-five percent (75%) of the then rentable square foot area of the demised premises by Tenant and/or any Affiliate of Tenant or cure periodDesk Space User.

Appears in 1 contract

Sources: Lease Agreement (Coty Inc /)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, Provided that at the right and option to extend end of the original Term of this Lease, Tenant is not in default in any of the terms, conditions or covenants contained herein, then Tenant (but not any assignee or subtenant except Permitted Transferees) is hereby granted two (2) options to renew this Lease for one (1additional term(s) period of five (5) years (the “Renewal Term”)each. The Renewal Term shall commence upon the day next following the last day of the initial Term. If Tenant elects to renew this Lease for an additional term, Tenant shall notify Landlord Landlord, in writing writing, of its election to extend this renew the Lease for the Renewal Term such renewal term not less than six two hundred seventy (6270) months prior days before the end of the current term. During such renewal term(s), If exercised, this Lease shall be on the same terms and conditions as are contained herein except there shall be no further renewal options after the second option term expires unless expressly granted by Landlord in writing and the annual sum of rent payable in Basic Monthly Rental installments during such renewal term(s) shall be increased by two percent (2.0%) of the Basic Monthly Rental for the immediately preceding lease year, and the Basic Monthly Rental will continue to increase at two percent (2.0%) per annum for each year thereafter. The Tenant Allowance described in Exhibit D attached hereto shall have been fully amortized at 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 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 effect on the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date calculation of the Renewal Termrenewal term Basic Monthly Rental. in addition, if Tenant is exercises its option for the first renewal term, Landlord agrees, at its sole cost and expense, not to exceed $135,000.00, to repaint the walls and resurface the flooring areas (new carpet or floor tile as the case may be) in default hereunder beyond any applicable grace or cure periodthe entire office area (19,856 square feet) located in the Premises.

Appears in 1 contract

Sources: Lease Agreement (Southern Graphic Systems, Inc.)

Renewal Option. Landlord hereby grants (A) As long as Tenant is not in default under any of the provisions of this Lease nor has been in default at any point during the Term of the Lease and as long as this Lease has not been terminated pursuant to Tenantany provision hereof, and then Tenant shall havemay, the right and option to at its option, extend the Term term of this Lease for one two (12) period additional terms of five (5) years (each commencing on the expiration of the then expiring term, hereinafter called the “Renewal Term”Option 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 of its election to extend this Lease for the Renewal Term not less than six may exercise such Option Term(s) by giving Owner written notice at least one hundred eighty (6180) months days prior to the expiration of the initial Termthen expiring term. Upon the giving by Tenant to Owner of such written notice and the compliance by Tenant with the foregoing provisions, time being the term of the essence with respect to such notification. Notice thereof this Lease 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 to be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be extended upon all of the covenants, agreements, terms, covenants provisions and conditions of conditions, excluding rental, set forth in this Lease, except for such terms and conditions as shall be inapplicable during any additional term. If Lessee fails or omits to so give to Owner the written notice referred to above, it shall be deemed, without further notice and without further agreement between the parties hereto, that Tenant elected not to exercise the Fixed Option Terms granted herein. (B) At the beginning of each Option Term the monthly Guaranteed Minimum Rent as set forth in Article 2.0l(a) of the 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 percentage of the initial Term by a ratioincrease, the numerator of which is if any, in the Consumer Price Index for - U.S. Average - All Urban ConsumersItems, Cleveland-Akron, All Items (1982-1984=100) as published by the Bureau of Labor Statistics of the United States Department of Labor’s Bureau of Labor (Statistics. The base period, for purposes of such adjustment, shall be the “Index”) on the date nearest the commencement date month of the Renewal Term, and year in which this Lease is originally executed. The date in which the denominator of which is the Index Option Term commences shall then be used for comparison purposes with any adjustment in Guaranteed Minimum Rent to be effective as of the first day commencement of the third Lease YearOption Term. If, during In no event shall the Lease Guaranteed Minimum Rent for the Option Term be less than the Bureau of Labor Statistics ceases to maintain monthly Guaranteed Minimum Rent for the Index, then such other index or standard as will most nearly accomplish the aim or purpose last month of the Index original term. Should the aforementioned index be discontinued, the parties shall select another similar index which reflects consumer prices and if the parties cannot agree on another index it shall be used selected by binding arbitration, (By way of illustration only, if the September figure in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew which this Lease if, either at is executed is 120 and the time Tenant notifies Landlord September figure following commencement of its election to extend this Lease or upon rentals is 125 then the commencement date of Guaranteed Minimum Rent for the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodensuing calendar year shall be increased by 4.17%).

Appears in 1 contract

Sources: Shopping Center Lease Agreement (Third Coast Bancshares, 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

Sources: Lease Agreement (Residential Healthcare Properties Inc)

Renewal Option. Landlord hereby grants to TenantIf Tenant is not in default under the terms of the Lease beyond the expiration of applicable notice and cure period, and then the Tenant shall have, have the right and option to extend the Term of this Lease term for one (1) period of an additional five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. terms and conditions: (A) The Tenant shall notify Landlord in writing of its election that Tenant intends to extend exercise this Lease for option no earlier than the Renewal Term not less date that is twelve (12) months prior to the Expiration Date and no later than the date that is 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. Expiration Date. (B) The Renewal Term shall be upon all of the same terms, covenants and conditions as in the Lease except that (a) there shall be no further option to extend this Lease beyond the one (1) Renewal Term referred to above: (b) the Demised Premises shall be delivered in its then "as is" condition; and (c) the rent paid by Tenant during the Renewal Term shall be as follows: 1. During the first year of the Renewal Term the rent shall equal the market rate at the time of the expiration of the Lease, but in no event shall it be less than the amount paid during year five (5) of this LeaseLease agreement. 2. During each of the second through fifth years of the Renewal Term, except that the Fixed Rent rent shall be increased by adding CPI plus one (1%) percent per annum over the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent rent payable for the prior year. CPI shall be based upon the CPI at the last year month of the initial Term by a ratio, preceding lease year compared to the numerator first month of which is the preceding lease year. The term "CPI" shall mean the Consumer Price Index for All Urban ConsumersWorkers, ClevelandNew York City-AkronMetropolitan Area, All Items (1982-1984=100) published by the Federal Bureau of Labor Statistics of (or, if no longer published by 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 Federal Bureau of Labor Statistics ceases to maintain the IndexStatistics, then such other index or standard as will most nearly accomplish the aim or purpose of the Index Landlord 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 periodreasonably select).

Appears in 1 contract

Sources: Lease Amendment (Hauppauge Digital Inc)

Renewal Option. Landlord hereby grants to Tenant(a) Provided that Tenant is not THEN in default (BEYOND ANY APPLICABLE CURE PERIOD) of any of the terms, covenants and conditions hereof, and this Lease has not been assigned or the premises (or a part thereof) sublet, Tenant shall have, have the right and option to extend the Term of this original Lease TERM for one RENEWAL PERIOD OF 39 MONTHS (1) period of five (5) years (the “Renewal Term”THE "RENEWAL PERIOD"). The Renewal Term shall commence upon the day next following the last day Such extension of the initial Termoriginal LEASE TERM shall be on the same terms, covenants, and conditions as provided for in the original LEASE TERM except for this paragraph and except that the rental during the extended term shall be at the fair market rental then in effect on equivalent properties, of equivalent size, in equivalent areas. 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 renewal option granted herein not more than twelve (12) months nor less than six (6) months prior to the expiration of the initial Term, time being of original Lease TERM (THE "RENEWAL NOTICE"). In the essence with respect event Tenant fails to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive deliver such written notice as and when required hereinwithin the time period set forth above, Tenant's right to extend the Renewal Term term hereof shall terminate expire and be of no further force or and effect. (b) WITHIN THIRTY (30) DAYS OF THE RENEWAL NOTICE, and this Lease shall expire as of the then-scheduled expiration dateLANDLORD SHALL NOTIFY TENANT OF THE MONTHLY BASE RENT FOR SUCH RENEWAL PERIOD (THE "RENTAL NOTICE"). The Renewal Term shall be upon all of the termsTENANT MAY ACCEPT THE TERMS SET FORTH IN THE RENTAL NOTICE BY WRITTEN NOTICE (THE "ACCEPTANCE NOTICE") TO LANDLORD GIVEN WITHIN THIRTY (30) DAYS AFTER RECEIPT OF THE RENTAL NOTICE. IF TENANT TIMELY DELIVERS THE ACCEPTANCE NOTICE, 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 periodTHE LEASE TERM SHALL BE DEEMED EXTENDED FOR THE RENEWAL PERIOD.

Appears in 1 contract

Sources: Lease Agreement (Interphase Corp)

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 to extend the Term of this Lease for have one (1) period successive option(s) to renew this Lease for a term of five (5) 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: 40.1 If Tenant elects to exercise said option, then Tenant shall notify provide Landlord in writing with written notice no earlier than the date which is eighteen (18) months days prior to the expiration of its election to extend this the then current term of the Lease for but no later than the Renewal Term not less than six date which is nine (69) 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 then current term 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. 40.2 The Annual Rent and Monthly Installment in effect at the expiration of the then current term of the Lease shall be modified 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 thirty (30) days after receipt of Tenant's written request therefor. If Tenant and Landlord are unable to agree on a mutually acceptable rental rate within forty-five (45) days of exercising the renewal option, then Landlord and Tenant shall each appoint a qualified commercial broker with ten (10) years minimum experience as a commercial broker in the Cambridge market, who shall agree on fair market rent for the renewal period within thirty (30) days from the expiration of the aforesaid 45 day period. If the two selected brokers are unable to agree on the fair market rent, then, within fifteen (15) days from the expiration of the aforesaid 30 day period, such two brokers shall appoint a third broker with at least ten (10) years minimum experience as a commercial broker in the Cambridge market. In such event, within fifteen (15) days of the selection of the third broker, the fair market rent for the renewal period shall be the average of the two closest fair market rent determinations for such period of time. Landlord and Tenant shall each pay for their respective broker's service and, if applicable, equally share in the expense of the service provided by the third broker. Within ten (10) days after the brokers' final determination of fair market rent for the renewal period, but no later than nine (9) months prior to the expiration of the Term, Tenant may withdraw its exercise of the renewal option, which option then shall have no further force and effect. 40.3 This option is not transferable, except as hereinafter provided; the parties hereto acknowledge and agree that they 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, either at except to an Affiliate pursuant to Section 9.8 of this Lease, have any rights to exercise the time aforesaid option to renew. 40.4 As each renewal option provided for above is exercised, the 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

Sources: Lease (Art Technology Group Inc)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have the right and option to extend the Term of this the Lease for all of the then leased Premises for one (1) additional period of five (5) years ("Renewal Option"), under and subject to the following terms and conditions: (a) The renewal term ("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 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 TermTerm of the Lease and expiring on the day immediately preceding the fifth (5th) anniversary thereof. Tenant must exercise the Renewal Option, if at all, by written notice to Landlord delivered at least three hundred sixty-five (365) days prior to the expiration date of the initial Term of this Lease, time being of the essence with respect essence. (b) As a condition to such notification. Notice thereof Tenant's exercise of the Renewal Option, at the time Tenant delivers its notice of election to exercise the Renewal Option to Landlord, there shall be deemed sufficient if given no Event of Default, this Lease shall be in full force and effect, and Tenant shall not have assigned this Lease or sublet the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, Premises. (c) The Minimum Annual Rent for the first year of the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as the then current fair market rent for renewals for comparable space in similar buildings within a two (2)-mile radius of the then-scheduled expiration date. The Building, taking into account the size of the Lease, the length of the Renewal Term shall be upon all and the credit of Tenant, but in no event less than the terms, covenants and conditions of this Lease, except that the Fixed Minimum Annual 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 and the subsequent years of Minimum Annual Rent during the Renewal Term shall increase consistent with the then fair market annual escalations ("Fair Market Rental"). Landlord shall determine the Fair Market Rental using its good faith judgment and shall provide written notice of such Fair Market Rental within fifteen (15) days after Tenant's exercise notice pursuant to this Section. Tenant shall thereupon have the following options: (i) to accept such proposed Fair Market Rental or (ii) to notify Landlord in writing that Tenant objects to the proposed rental rate. Tenant must provide Landlord with written notification of its election within fifteen (15) days after Tenant's receipt of Landlord's notice, otherwise Tenant shall be deemed to have elected clause (i) above. If Tenant objects to Landlord's proposed Fair Market Rental in accordance with clause (ii) above, Landlord and Tenant will attempt to negotiate a mutually acceptable rental rate within fifteen (15) days following notification by Tenant, and if such negotiations have not been concluded within such fifteen (15) day-period, either party may require an independent determination of the Fair Market Rental for the Renewal Term by giving written notice to the other party no later than five (5) days after the expiration of the fifteen (15)-day period, which notice shall designate a ratioMAI real estate appraiser or real estate broker with at least ten (10) years' experience in the leasing of similar properties in the Northern New Jersey market area ("Qualified Appraiser"). Within ten (10) days after receipt of such notice, the numerator other party to this Lease shall select a Qualified Appraiser and give written notice of which is such selection to the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items initiating party. If the two (1982-1984=1002) published by Qualified Appraisers fail to agree upon the Bureau of Labor Statistics Fair Market Rental consistent with this Section 30 within ten (10) days after selection of the United States Department of Labor second Qualified Appraiser, the two (2) Qualified Appraisers shall select a third (3rd) Qualified Appraiser to determine the “Index”Fair Market Rental consistent with this Section 29 within ten (10) on day after the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day appointment of the third Lease Year(3rd) Qualified Appraiser. If, during The Fair Market Rental applicable to the Lease Renewal Term shall be equal 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 arithmetic average of the Index three (3) determinations; provided, however, that if one (1) Qualified Appraiser's determination deviates by more than five percent (5%) from the median of the three (3) determinations, the Fair Market Rental shall be used an amount equal to the average of the other two determinations. The determination of the Fair Market Rental in determining accordance with the amount foregoing shall be final, binding and conclusive on Landlord and Tenant. The parties shall each pay the costs and expenses of any such adjustment. Notwithstanding their appointed Qualified Appraiser and shall split evenly the foregoingcosts and expenses of the third (3rd) Qualified Appraiser. (d) Except as set forth in this Section, Tenant there shall have be no right further options to renew the term of the Lease. Landlord and Tenant have executed this Lease ifon the respective date(s) set forth below. a Delaware limited liability company Date signed: By: Name: M▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ Title: Director Date signed: Tenant: ELECTROCORE, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal TermINC., Tenant is in default hereunder beyond any applicable grace or cure period.a Delaware corporation Attest/Witness: By: /s/ G▇▇▇▇ ▇. ▇▇▇▇▇▇▇ Name: Name: G▇▇▇▇ ▇. ▇▇▇▇▇▇▇ Title: Title: Chief Financial Officer

Appears in 1 contract

Sources: Lease Agreement (electroCore, Inc.)

Renewal Option. Provided that no default exists under this Lease beyond applicable notice and cure periods at the time the option to renew which is described below (the “Renewal Option”) is exercised, or at the commencement of the Renewal Period, Tenant shall have the right to extend the Term for one (1) five-year renewal period (the “Renewal Period”) commencing on the Expiration Date, upon the same terms and conditions as are contained in this Lease, except as hereinafter provided: 26.1 The Base Rent for the Renewal Period shall be as set forth below: 26.2 Landlord hereby grants shall have no obligation to make improvements, decorations, repairs, alterations, or additions to the Premises as a condition to Tenant’s obligation to pay Rent for the Renewal Period, and the Base Rent for the Renewal Period shall not be reduced either (aa) by reason of such fact, (bb) to take into account any rental concession whatsoever (including, but not limited to rent abatements, allowances for moving expenses, lease assumptions, or other concessions), or (cc) to take into account the absence of any cost or expense which Landlord would have incurred had the Premises been leased to a person or entity other than Tenant. 26.3 Tenant shall have, the right and option have no further or additional rights to extend the Term of this Lease for one (1) period of five (5) years (the “Renewal Term”). Lease. 26.4 The Renewal Term Option shall commence upon the day next following the last day of the initial Term. Tenant shall notify be exercised, if at all, by written notice to Landlord in writing of its election to extend this Lease for the Renewal Term given not less earlier than six one hundred eighty (6180) months days nor later than one hundred twenty (120) days prior to the expiration of Expiration Date. In the initial Term, time being of event Tenant fails strictly to comply with 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 procedure 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 exercise 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 have no further right to renew extend the Term. 26.5 The renewal option granted pursuant to this Lease if, either at the time Section 26 is personal to Tenant. If Tenant notifies Landlord of its election to extend this Lease or upon the commencement date subleases any portion of the Premises or assigns or otherwise transfers any interest under the Lease to any other person or entity pursuant to, and in accordance with, Section 15 hereof, this Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodOption shall lapse.

Appears in 1 contract

Sources: Lease Agreement (Sonicwall Inc)

Renewal Option. Landlord hereby grants to TenantProvided that Lessee (at the time of the delivery of the Extension Notice and at the end of the initial Lease Term) is not in default of the Lease (beyond all applicable cure periods), and Tenant Lessee shall have, the right and option to extend the Term of this Lease for have one (1) period of five (5) years year renewal option by providing irrevocable notice (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 "Extension Notice") to extend this Lease for the Renewal Term not less than Lessor at least six (6) months prior to the expiration end of the initial Lease Term. Terms and conditions for such renewal term shall be at a continuation of the Base Rental schedule (including escalations in accordance with Paragraph 3 of the Lease). Lessee's renewal option shall be applicable regardless of whether Lessee or an assignee or sublessee of Lessee occupies all or any portion of the Premises. Notwithstanding the previous sentence (and irrespective of the amount of space at the Premises that Lessee subleases at the time it delivers the Extension Notice), if, at the end of the initial Lease Term, time being Lessee is then currently subleasing more than fifty percent (50%) of the essence Premises to a person or entity other than an Affiliated Company (as such term is defined in Special Stipulation X above), Lessee's Renewal Option shall be null and void and of no further force and/or effect and the Lease Term shall terminate at the end of the initial Lease Term. Further, if at any time during the initial Lease Term, Lessee provides Lessor with notice that Lessee intends to assign the Lease and the entire Premises to a person or entity other than an Affiliated Company (and such assignment includes the Renewal Option), Lessor shall have the option (but not the obligation) to recapture the entire Premises (with such recapture to become effective as of the effective date of the proposed assignment), by providing Lessee with written notice (the "Recapture Notice") of Lessor's election to so recapture the entire Premises, on or prior to that date which is five (5) business days following Lessee's notice to Lessor of such proposed assignment. Lessor's failure to timely provide Lessee with the Recapture Notice shall render Lessor's recapture right (as described herein) (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 proposed assignment) null and when required herein, the Renewal Term shall terminate void and be of no further force or and/or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term Option under this Special Stipulation XIII shall be upon all of exercisable only with respect to the terms, covenants and conditions of entire Premises under this Lease, except that including the Fixed Rent shall be increased by adding entire Additional Space (as defined in Special Stipulation XIV) if the CPI Adjustment Amount (defined below) Additional Space has been leased pursuant to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of Special Stipulation XIV during 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 Lease 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

Sources: Lease Agreement (Somera Communications 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) a period of five (5) 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 (the "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 eight (8) months nor less than six (6) months prior to the expiration of the initial Term. Except as hereinafter provided in this Paragraph 51, 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 the CPI Adjustment Amount (defined below) equal to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying prevailing market rate for space in well located, high visibility buildings in Irvine, California comparable to the Fixed Rent payable for the last year of the initial Term by Premises in location, 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 Consumers, Cleveland-Akron, All Items (1982-1984=100tenant improvement dollars) 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. 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. Landlord shall notify Tenant in writing (such notice being hereinafter referred to as the denominator of which is the Index as "Renewal Rate Notice") 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 prevailing market rate for the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.Term within thirty (30) days after Landlord's receipt of the

Appears in 1 contract

Sources: Lease Agreement (Vixel Corp)

Renewal Option. Landlord Section 38.01. Tenant is hereby grants granted two (2) options to renew this Lease upon the following terms and conditions: (A) It is expressly understood and agreed that the Tenant’s option to renew, as hereinafter set forth shall be personal to Tenant, and may not be exercised by any permitted assignee or subtenant hereunder, except an assignee permitted by the terms of Section 14.05. It is understood and agreed that Tenant’s Option to Renew shall be null and void in the event that fifty (50%) percent or more of the Demised Premises have been sublet by the Tenant prior to the date set for the exercise by Tenant of the Renewal Option hereinafter set forth. (B) At the time of the exercise of the option to renew and at the time of the said renewal, the Tenant shall havenot have committed an uncured Event of Default, and shall be in possession of the right and Demised Premises pursuant to this Lease. (C) Notice of the exercise of the option shall be sent to extend the Landlord in writing at least six (6) months before the expiration of the Term of this Lease. (D) Each renewal term shall be for the term of five years, to commence at the expiration of 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 or first renewal 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 terms and conditions of this Lease, except that other than the Fixed Rent, shall apply during any such renewal term. (E) The Fixed Rent to be paid during each year of the renewal term 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 during the last previous year of the initial Term by times a ratio, fraction the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100C.P.I.) published by the Bureau of Labor Statistics December 31st of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, previous year and the denominator of which is the Consumer Price Index as of January 1st of the previous year. In no event shall the Fixed Rent for any year of the renewal term be less that the Fixed Rent for the previous year. The Consumer Price index to be utilized in determining the Fixed Rent for the renewal years shall be the Consumer Price Index for the Northern New Jersey and Greater New York Region. The aforesaid monthly rents shall be payable in advance on the first day of each calendar month, except that a proportionately lesser sum may be paid for the third Lease Year. If, during first month following the Lease Term Expiration Date if said date falls on a date other than 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 first 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 periodmonth.

Appears in 1 contract

Sources: Lease Agreement (Yardville National Bancorp)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, the right and one (1) option to extend -------------- renew the Term term of this Lease for one (1) period an additional term of five (5) years (the “Renewal Term”). The Renewal Term shall commence years, upon the day next following then prevailing fair market value rent terms, provided that Tenant is not in default beyond any applicable cure period specified herein under this Lease at the last day time that the option is exercised, and at any time from Tenant's exercise of the initial Termoption to the commencement date of the renewal term. Tenant shall notify This option must be exercised by written notice to Landlord in writing of its election to extend this Lease for the Renewal Term not less no later than six two hundred seventy (6270) months days prior to the expiration of the initial Termoriginal Lease term. Landlord shall, time being on written request of Tenant, advise Tenant in writing no later than 240 days prior to expiration of the essence with respect to such notificationLease term, of the then prevailing market value and the terms and conditions operative under this paragraph. Notice thereof The option granted in this paragraph shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as terminated and when required herein, the Renewal Term shall terminate and be of no further force and effect if, at any time provided herein for exercise of the option by Tenant, any federal, state, or effectlocal law or regulation invalidates or modifies any provision of the option. The renewal option described in this Section 27 is: conditioned upon Tenant not being in default in the payment of any rent, and additional rent or other sums due under this Lease shall expire as and not committing such a default which remains uncured beyond any applicable cure period specified herein at any time from the time it purports to exercise its right under this paragraph through the commencement of the then-scheduled expiration date. The Renewal Term renewal period; shall be upon all of personal to Tenant and may not be exercised or be assigned voluntarily or involuntarily by or to any person or entity other than the terms, covenants and conditions of original Tenant or in connection with a Permitted Transfer under this Lease, except that the Fixed Rent ; and shall be increased exercisable by adding Tenant only if 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, original Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend under this Lease or upon the commencement date a Permitted Transferee is then in occupancy of the Renewal Term, Tenant Premises described herein and the Lease is then in default hereunder beyond any applicable grace or cure periodfull force and effect.

Appears in 1 contract

Sources: Lease Addendum (Telik 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 beyond any applicable notice or cure period under any of the other terms and conditions of the Lease at the time of notification or commencement, the right and option to extend the Term of this Lease for have one (1) period option to renew this Lease for a term of five (5) years (years, 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: 4325251v1 0 10/31/01 SON Revised 12/05 CH3 1131540.4 / 39926-000061 40.1 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 which is 365 days prior to the expiration of the initial Term, time being then current term of the essence with respect Lease but no later than the date which is 270 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 then current term 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. 40.2 The Annual Rent and Monthly Installment in effect at the expiration of the then current term of the Lease shall 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 and the fact that Tenant is the only tenant in the Building. Landlord shall advise Tenant of the new Annual Rent and Monthly Installment for the Premises no later than thirty (30 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. If Tenant and Landlord are unable to agree on a mutually acceptable rental rate not later than sixty (60) days prior to the expiration of the then current term, then Landlord and Tenant shall each appoint a qualified MAI appraiser doing business in the area, in turn those two independent MAI appraisers shall appoint a third MAI appraiser and the majority shall decide upon the fair market rental for the Premises as of the expiration of the then current term. Landlord and Tenant shall equally share in the expense of this appraisal except that in the event the Annual Rent and Monthly Installment is found to be within seven and one-half percent (7.5%) of the original rate quoted by Landlord, then Tenant shall bear the full cost of all the appraisal process. In no event shall the Annual Rent and Monthly Installment for any option period be less than the Annual Rent and Monthly Installment in the preceding period. 40.3 This option is not transferable except to Affiliates (as defined in Article 9); the parties hereto acknowledge and agree that they intend that the aforesaid option to renew this Lease if, either at shall be “personal” to Tenant as set forth above and that in no event will any assignee or sublessee other than Affiliates have any rights to exercise the time Tenant notifies Landlord of its election aforesaid 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 1 contract

Sources: Lease (Soapstone Networks Inc.)

Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have the right and option to extend the Term of this Lease (the “Renewal Option”) for one (1) period of five (5) years commencing on the day following the Expiration Date and ending the fifth anniversary of the Expiration Date (such period, the “Renewal Term”). The Renewal Term shall commence upon Option must be exercised, if at all, by written notice by Tenant to Landlord (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 Notice”) not less later than six two hundred seventy (6270) months days prior to the expiration of Expiration Date. Notwithstanding 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 hereinforegoing, 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 Option shall be upon all of null and void and Tenant shall have no right to extend 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”) if on the date nearest Tenant exercises the Renewal Option or on the date immediately preceding 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, : (a) Tenant is in default hereunder under this Lease beyond the expiration of any applicable notice and/or grace period; or cure (b) Tenant shall not be creditworthy in the reasonable judgment of Landlord (Tenant being deemed creditworthy if its financial condition is the same or better than its financial condition as of the Commencement Date as evidenced by Tenant’s financial statements then available), or (c) Tenant shall have previously assigned this Lease or sublet all or any portion of the Premises for the remainder of the Term unless such assignment or sublet was an Approved Transferee. During the Renewal Term all of the terms and conditions set forth in this Lease applicable to the Premises during the initial Term shall apply except that the Fixed Rent payable by Tenant for the Premises during the Renewal Term shall be the then Current Market Rent (as hereinafter defined). For purposes of this Article 39 the term “Current Market Rent” shall be the then rental rate for comparable space in Chesterbrook Corporate Center® and in Comparable Buildings, inclusive of tenant improvement allowances, concessions, current base years and the like, provided, however, notwithstanding anything contained in this Article 39 to the contrary, in no event shall the Fixed Rent during the Renewal Term be less than the Fixed Rent in effect during the final lease year of the initial Term. Landlord and Tenant shall endeavor in good faith to mutually agree upon the Current Market Rate within thirty (30) days after Landlord’s receipt of the Renewal Notice. If Landlord and Tenant are unable to agree upon the Current Market Rate within such thirty (30) day period, Tenant may withdraw it Renewal Notice in which event the Term shall expire on the Expiration Date and the terms and conditions of this Article 39 shall be null and void and of no further force and effect. In the event that Tenant does not withdraw its Renewal Notice Tenant shall be deemed to have agreed to Landlord’s proposed Current Market Rent.

Appears in 1 contract

Sources: Lease Agreement (Ym Biosciences Inc)

Renewal Option. Landlord hereby grants to Tenant, and SECTION 30.1 Tenant shall havehave the right, at its option (the right and option "Renewal Option"), to extend renew the Term initial term of this Lease Lease, for one (1) period of five (5) years the entire Premises, for a renewal term (the "Renewal Term”). The ") commencing on the day following the 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 TermExpiration Date (the "Extended Expiration Date"). Tenant shall notify Landlord in writing have no right to exercise the Renewal Option unless all of the following conditions have been satisfied on the date of the Renewal Notice (as defined below) and on the Renewal Term Commencement Date: (a) No Event of Default shall have occurred and be continuing under this Lease; and (b) The named Tenant hereunder (or a permitted assignee, sublessee, successor or transferee pursuant to Section 13.11, but not any other assignee or successor tenant), its election subsidiaries or affiliates shall occupy not less than seventy-five percent (75%) of the then-existing Premises Area. SECTION 30.2 If Tenant elects to extend renew this Lease for the Renewal Term Term, Tenant shall exercise such option by sending to Landlord written notice thereof (the "Renewal Notice"), by certified mail, return receipt requested, not less than six twelve (612) months prior to the expiration of the initial TermExpiration Date, and time being shall be of the essence with respect to such notificationthe giving of the Renewal Notice. If Tenant shall send the Renewal Notice thereof within the time and in the manner herein provided, this Lease shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, renewed for 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 contained in this Lease, except that with the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current exception of 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

Sources: Lease Agreement (Abovenet Communications Inc)

Renewal Option. Landlord Lessee is hereby grants granted an option to Tenantrenew this Lease upon the following terms and conditions: (A) At the time of the exercise of the option to renew and at the time of the said renewal, the Lessee shall not be in default in accordance with the terms and provisions of this Lease, 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 be in possession of the initial Term. Tenant Premises pursuant to this Lease. (B) Notice of the exercise of the option shall notify Landlord be sent to the Lessor in writing of its election to extend this Lease for the Renewal Term not less than at least six (6) months prior to before the expiration of the initial TermTerm of this Lease. TIME HEREBY BEING MADE OF THE ESSENCE. (C) The renewal term shall be for the term of 5 years, time being to commence at the expiration 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 effectthis Lease, 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 other than the Basic Rent, shall apply during any such renewal term. (D) The annual basic rent to be paid during the renewal term shall not be less than 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 paid for the last Premises during the lease year of the initial Term by a ratiooriginal term of the Lease (without regard to any temporary abatement of rent then in effect pursuant to the Lease provisions). However, if the fair rental value per square foot at the commencement of the renewal term shall exceed the rent as established in the preceding sentence, the numerator of which is Lessee shall pay such fair rental value. In determining the Consumer Price Index for All Urban Consumersfair rental value, Cleveland-Akron, All Items the Lessor shall notify Lessee at least thirty (1982-1984=10030) published by days prior to the Bureau of Labor Statistics notice period above of the United States Department fair rental value as established by Lessor. Should Lessee dispute Lessor's determination, then the Lessee shall be free to, at the Lessee's sole cost and exercise, employ the services of Labor (an appraiser familiar with office buildings located within the “Index”) Teaneck, New Jersey area comparable to the Building, who shall be a member of MIA and who shall render an appraisal. If the Lessor and the Lessee's appraiser cannot agree on the date nearest fair rental value, or in such case, on an independent appraiser acceptable to both, either party may request the commencement date American Arbitration Association of Somerset, New Jersey to appoint such independent appraiser who shall be a member of MIA familiar with office buildings in the area of the Renewal Term, Building and in such event the denominator judgment of which is the Index as a majority 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 two appraisers and Lessor 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 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 Pending resolution of the Renewal Termissue of fair rental value, Tenant is in default hereunder beyond any applicable grace or cure periodthe Lessee shall pay Lessor as of commencement of the renewal term, the basic RENT as established by Lessor, subject to retroactive ADJUSTMENT upon final determination of this issue.

Appears in 1 contract

Sources: Lease (Robocom Systems Inc)

Renewal Option. Landlord hereby grants to Tenant, and Provided Tenant is not in default of its obligations under this Lease beyond the expiration or any applicable cure period. Tenant shall havehave two (2) options, the right and option to extend the Term of this Lease each for one (1) period a 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 in writing of its election years, to extend this Lease at fair market rent for comparable space in terms of location identity, tenant improvements (specifically excluding the value of the improvements made by Tenant), age and condition in the Hayward area. In no event will the monthly rental for the Renewal Term not renewal period be less than six the rental for the last month of the previous term. Tenant shall give landlord written notice of its intent to exercise its option at least two hundred forty (6240) months days prior to the expiration of the initial Termthen current lease term. Within fifteen (15) days after Tenant exercises its option to renew, time being Landlord will provide Tenant with the fair market rent, as determined by Landlord. Tenant shall have fifteen (15) clays from notification by Landlord of proposed rent to accept or reject Landlord’s market rent. If Tenant does not accept Landlord’s rental figure within the essence with respect fifteen (15) day period, the parties shall attempt to such notification. Notice thereof determine the rent as follows: Within ten (10) days after Tenant’s rejection of Landlord’s rent determination, each party hereto shall appoint one representative who shall be deemed sufficient if given a licensed real estate broker with at least ten (10) years experience in leasing R&D/ Manufacturing space in the manner hereinafter provided. If Landlord does not receive such written notice County of Alameda to act 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 datean arbitrator. The Renewal Term two (2) arbitrators so appointed shall be attempt in good faith to agree upon all of the terms, covenants then current rental value for the subsequent five (5) nears for the use to which Tenant is then utilizing the leased Premises pursuant to the terms and conditions of this Lease, except . In the event that the Fixed Rent arbitrators are unable to reach agreement upon the rent to be paid for the Premises during any extended term within sixty (60) days from notification by Landlord to Tenant or Landlord’s rental determination for such extended term either party shall be increased by adding thereafter have the CPI Adjustment Amount (defined below) right to terminate discussions with respect 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 Termextension option at any time prior to any such agreement, 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 neither purls shall thereafter have any obligation or liability with respect 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 periodextension option.

Appears in 1 contract

Sources: Landlord Consent to Assignment and Assumption of Lease (Kosan Biosciences Inc)