Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, the right and option to extend the Term of this Lease for one (1) period of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.
Appears in 5 contracts
Samples: Lease (ViewRay, Inc.), Lease (ViewRay, Inc.), Lease (ViewRay, Inc.)
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 Xxxxxx Xxxxx 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
Samples: 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 notices under the Other Leases and shall haveupon the renewal of the Units hereunder concurrently renew the Other Units under the Other Leases and Lessee has not exercised its option to purchase the Units pursuant to Section 22.3, Lessee shall have the right and, upon the giving of a notice under this Section 22.4 as below provided, the right obligation to lease pursuant to this Lease all (but not less than all) of the Units at the expiration of the Basic Term or any applicable Renewal Term. Lessee may exercise this renewal option by giving Lessor written notice not less than 90 days and option not more than 360 days prior to the end of the Basic Term (or, in the circumstances described below the then Renewal Term) that Lessee elects to renew this Lease with respect to all, but not less than all, of the Lease Agreement (TRLI 2001-1C) Units then leased hereunder at a rental payment calculated by reference to the then fair market rental value (a "Fair Market Renewal") or a fixed rental (a "Fixed Rate Renewal"). At Lessee's option, such renewal may, in the case of a Fair Market Renewal, be for a renewal term of one or more years or, in the case of a Fixed Rate Renewal, be for an initial renewal term of three years (but not to extend beyond the Outside Renewal Date) and in connection with any renewal term following the initial renewal term, a term of one year or more expiring not later than the Outside Renewal Date, in each case as Lessee shall specify in such notice, which notice shall be irrevocable. The Basic Rent for each Unit during any Renewal Term of this Lease for one (1) period of five (5) years (the “"Renewal Rent") shall (a) in the case of any Fixed Rate Renewal, be 1/12th of 100% of the average annual Basic Rent allocated over the period from the end of the Basic Rent Holiday through the Basic Term Expiration Date, payable monthly in arrears and (b) in the case of any Fair Market Renewal, be 100% of the Fair Market Rental Value determined as of the commencement of the applicable Renewal Term”; provided, however, that in the case of the first two years of the Fair Market Renewal period(s) that immediately follow the Basic Term Expiration Date (whether under Section 22.4 or Section 6.1), be 105% of the Fair Market Rental Value determined as of the commencement of the applicable Renewal Term; provided further, however, that the preceding proviso shall not apply in the event that the Lessee provides the Lessor, at the Lessee's sole cost and expense, with an opinion of independent tax counsel selected by Lessor (which counsel shall be selected by Lessor from among four nationally recognized law firms proposed by Lessee, each of which must be experienced in leveraged leasing transactions similar to the transactions contemplated herein) to the effect that applicable Treasury Regulations (or other administrative pronouncements upon which taxpayers may rely for Federal income tax purposes) will permit rent for such Renewal Term at a rate equal to 100% of the fair market rent determined as of the time of such Renewal Term without resulting in any adverse Federal income tax consequences to the Owner Participant Parent (within the meaning of the Tax Indemnity Agreement) under Code Section 467 or any successor provision thereto. The Each Renewal Term shall commence immediately upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being of Basic Term or the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the preceding Renewal Term, and as the denominator of which is case may be. Lessee shall not be entitled to enter any Fixed Rate Renewal following the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount expiry of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodFair Market Renewal.
Appears in 3 contracts
Samples: Equipment Lease Agreement (Trinity Industries Inc), 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
Samples: Lease Agreement (Reliant Pharmaceuticals, Inc.), Lease Agreement (Reliant Pharmaceuticals, Inc.), Lease Agreement (Reliant Pharmaceuticals, Inc.)
Renewal Option. Landlord hereby grants to TenantProvided no Event of Default shall have occurred and be continuing and Lessee shall have duly given the notice required by Section 22.2, and Tenant the corresponding notice under the Other Lease and shall haveupon the renewal of the Units hereunder concurrently renew the units under the Other Lease and Lessee has not exercised its option to purchase the Units pursuant to Section 22.3, Lessee shall have the right and, upon the giving of a notice under this Section 22.4 as below provided, the right obligation to lease pursuant to this Lease all (but not less than all) of the Units at the expiration of the Basic Term or any applicable Renewal Term. Lessee may exercise this renewal option by giving Lessor written notice not less than 90 days and option not more than 360 days prior to the end of the Basic Term (or, in the circumstances described below the then Renewal Term) that Lessee elects to renew this Lease with respect to all, but not less than all, of the Units then leased hereunder at a rental payment calculated by reference to the then fair market rental value (a "Fair Market Renewal") or a fixed rental (a "Fixed Rate Renewal"). At Lessee's option, such renewal may, in the case of a Fair Market Renewal, be for a renewal term of one or more years or, in the case of a Fixed Rate Renewal, be for an initial renewal term of three years (but not to extend beyond the Outside Renewal Date) and in connection with any renewal term following the initial renewal term, a term of one year or more expiring not later than the Outside Renewal Date, in each case as Lessee shall specify in such notice, which notice shall be irrevocable. The Basic Rent for each Unit during any Renewal Term of this Lease for one (1) period of five (5) years (the “"Renewal Rent") shall (a) in the case of any Fixed Rate Renewal, be 1/12th of 100% of the average annual Basic Rent allocated over the period from the end of the Basic Rent Holiday through the Basic Term Expiration Date, payable monthly in arrears and (b) in the case of any Fair Market Renewal, be 100% of the Fair Market Rental Value determined as of the commencement of the applicable Renewal Term”; provided, however, that in the case of the first two years of the Fair Market Renewal period(s) that immediately follow the Basic Term Expiration Date (whether under Section 22.4 or Section 6.1), be 105% of the Fair Market Rental Value determined as of the commencement of the applicable Renewal Term; provided further, however, that the preceding proviso shall not apply in the event that the Lessee provides the Lessor, at the Lessee's sole cost and expense, with an opinion of independent tax counsel selected by Lessor (which counsel shall be selected by Lessor from among four nationally recognized law firms proposed by Lessee, each of which must be experienced in leveraged leasing transactions similar to the transactions contemplated herein) to the effect that applicable Treasury Regulations (or other administrative pronouncements upon which taxpayers may rely for Federal income tax purposes) will permit rent for such Renewal Term at a rate equal to 100% of the fair market rent determined as of the time of such Renewal Term without resulting in any adverse Federal income tax consequences to the Owner Participant Parent (within the meaning of the Tax Indemnity Agreement) under Code Section 467 or any successor provision thereto. The Each Renewal Term shall commence immediately upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being of Basic Term or the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the preceding Renewal Term, and as the denominator of which is case may be. Lessee shall not be entitled to enter any Fixed Rate Renewal following the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount expiry of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodFair Market Renewal.
Appears in 3 contracts
Samples: Equipment Lease Agreement (Trinity Industries Inc), Equipment Lease Agreement (Trinity Industries Inc), Equipment Lease Agreement (Trinity Industries Inc)
Renewal Option. 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
Samples: Lease Agreement (XOMA Corp), Office Lease (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 Rate” means 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
Samples: Office Lease Agreement, Office Lease Agreement (Xeris Pharmaceuticals Inc), Office Lease Agreement (Xeris Pharmaceuticals 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
Samples: Lease Agreement (Castle Creek Biosciences, Inc.), Lease Agreement (Castle Creek Biosciences, Inc.), Lease Agreement (Isolagen Inc)
Renewal Option. Landlord hereby grants Lessee may renew this Lease as provided in the following clause (i) and subject to Tenantthe following clause (ii): -107- 109 (i) Exercise of Renewal Option. Provided that this Lease has not been previously terminated and that no Default or Event of Default shall have occurred and be continuing at the time of the giving of irrevocable notice hereinafter referred to in this clause (i) or at the time of the commencement of the Renewal Term, and Tenant shall haveLessee, the right and option to extend the Term of at its option, may renew this Lease for one (1) Renewal Term consisting of a period of equal to five (5) years (the “Renewal Term”)years. The right to renew this Lease for such Renewal Term pursuant to this clause (i) shall commence be exercised upon the day next following irrevocable notice from Lessee received by Lessor of Lessee's election to so renew this Lease not less than twelve (12) months and not more than twenty-four (24) months prior to the last day of the initial Basic Term. Tenant The Renewal Rent for the Renewal Term shall notify Landlord be the "fair market rental value" of the Aircraft for such Renewal Term (the "renewal fair market rental value") as determined in writing accordance with the Appraisal Procedure. For purposes of this paragraph (i), the Appraisal Procedure shall be initiated by Lessee no earlier than nine (9) months prior to the end of the Basic Term. If Lessee shall fail to exercise its election option to extend the term of this Lease for the Renewal Term not less than six (6) months prior in accordance with the provisions of this paragraph, all of Lessee's rights to extend the expiration of the initial Term, time being of the essence with respect to Term for such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate expire. Lessee shall pay all reasonable costs and be of no further force or effectexpenses, including, without limitation, reasonable legal fees and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the termsexpenses, covenants and conditions of this Leaseincurred by Lessor, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, Owner Participant and the denominator Indenture Trustee in connection with the exercise of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodoption.
Appears in 3 contracts
Samples: Aircraft Lease Agreement (America West Airlines Inc), Aircraft Lease Agreement (America West Airlines Inc), Aircraft Lease Agreement (America West Airlines Inc)
Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, the right have a personal and non-transferable option to extend renew the Term term of this Lease for one (1J) period term of five (5) years (years. Such renewal tenn shall begin the “Renewal Term”). The Renewal Term shall commence upon the first day next following the last day expiration of the initial immediately preceding Term. Tenant shall notify have the right to exercise the renewal option confe1Tcd herein by giving Landlord in writing of its election to extend this Lease for the Renewal Term not less than six notice at least two hundred seventy (6270) months days prior to the expiration of the initial then current Term; provided that, at the time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as exercise and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration datecommencement of the renewal tenn (a) no Event of Default has occWTed and remains uncured beyond the applicable cure period; and (b) Tenant has not sublet or assigned any portion of the Premises. The Renewal Term renewal option shall be upon subject to all of the terms, covenants terms and conditions contained in this I.ease, except that Minimum Annual Rent during the renewal term shall be at 95% of Market Rent, but in no event less than the Minimum Annual Rent in effect immediately preceding the renewal tem1. "Market Rent" shall be the anticipated rate in effect for the Premises as of the commencement of the renewal term, together with any market rate increases during the renewal term, based upon the rents generally in e!Tect for renewed leases of space in the area in which the Building is located of equivalent quality, size, utility and location, and taking into account the length of the renewal term and the credit standing of Tenant. Landlord shall lease the Premises to Tenant in their then-current condition, and Landlord shall not provide to Tenant any allowances (e.g., moving allowance, construction allowance, free rent or the like) or other tenant inducements. In the event that Tenant shall exercise an option to renew this Lease, then the Market Rent shall be agreed upon in a meeting of the parties hereto held at least ninety (90) days prior to the expiration of the then current Term. If the parties are able to agree on an amount of Market Rent that is mutually satisfactory, then such agreements shall be placed in writing and shall be signed by the parties hereto and shall thereupon become a part of this Lease. If the parties hereto arc unable to agree upon the Market Rent at least thirty (30) days prior to the commencement of any renewal term, except that then the Fixed disagreement shall be promptly submitted to arbitration. In such event, each party shall select an arbitrator having not less than ten (I 0) years' actual experience in the commercial real estate brokerage business, and the arbitrators so selected shall immediately meet for the purpose of hearing and deciding the dispute and fixing the relevant rate of rent. ff the two arbitrators selected agree on Market Rent, their decision shall be binding on both parties. If the two arbitrators selected cannot agree on the Market Rent within ten (10) business days after appointment (the "Initial Review Period"), but the rates differ by less than five percent (5%), the Market Rent shall be increased the average of the two rates. If the rates differ by adding more than five percent (5%), no later than five (5) business days following the CPI Adjustment Amount (defined belowexpiration of the Jnitial Review Period, tht,; two arbitrators shall select a third arbitrator with qualifications similar to their own. Within ten ( 10) to business days following appointment, the then-current Fixed third arbitrator shall select one of the two rental rates promulgated by the first two arbitrators as the Market Rent. The “CPI Adjustment Amount” is calculated by multiplying If the Fixed Rent payable for arbitrators cannot agree on the last year third arbitrator, they shall petition the presiding judge of the initial Term local state court having jurisdiction to appoint such arbitrator to act as an umpire between the arbitrators selected by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics Landlord and Xxxxxx. The decision of the United States Department of Labor (third arbitrator or presiding judge, as the “Index”) case may be, shall be binding on both parties. Landlord and Tenant shall each be responsible to pay their respective arbitrators and will share equally the date nearest the commencement date cost of the Renewal Termthird arbitrator. Failure of Tenant properly to exercise the option herein granted shall be construed as a waiver of such option, and the denominator of which is Lease shall then terminate at the Index as expiration of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall current Tenn. [REMAINDER OF XXXX INTENTIONALLY LEFT BLANK] !4 Date signed: Date signed: Attest: Landlord and Xxxxxx have no right to renew executed this Lease ifon the respective date(s) set forth below. Landlord: LSOP 3 MD 3, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.LLC By: ~ . -=-- - - / Name:- 8a~:f:..Mttf.6ws.£l,,\\ ll\e l\tx\ Title: Senior Vice Prcsicfent '1 Tenant: ASCEl'iD ONE CORPORATION 15
Appears in 2 contracts
Samples: Lease Agreement (Nava Health Md, LLC), Lease Agreement (Nava Health Md, LLC)
Renewal Option. Landlord hereby grants to TenantProvided no Event of Default shall have occurred and be continuing and Lessee shall have duly given the notice required by Section 22.2, and Tenant the corresponding notice under the Other Lease and shall haveupon the renewal of the Units hereunder concurrently renew the units under the Other Lease and Lessee has not exercised its option to purchase the Units pursuant to Section 22.3, Lessee shall have the right and, upon the giving of a notice under this Section 22.4 as below provided, the right obligation to lease pursuant to this Lease all (but not less than all) of the Units at the expiration of the Basic Term or any applicable Renewal Term. Lessee may exercise this renewal option by giving Lessor written notice not less than 90 days and option not more than 360 days prior to the end of the Basic Term (or, in the circumstances described below the then Renewal Term) that Lessee elects to renew this Lease with respect to all, but not less than all, of the Units then leased hereunder at a rental payment calculated by reference to the then fair market rental value (a "Fair Market Renewal") or a fixed rental (a "Fixed Rate Renewal"). At Lessee's option, such renewal may, in the case of a Fair Market Renewal, be for a Lease Agreement (TRLI 2001-1B) renewal term of one or more years or, in the case of a Fixed Rate Renewal, be for an initial renewal term of three years (but not to extend beyond the Outside Renewal Date) and in connection with any renewal term following the initial renewal term, a term of one year or more expiring not later than the Outside Renewal Date, in each case as Lessee shall specify in such notice, which notice shall be irrevocable. The Basic Rent for each Unit during any Renewal Term of this Lease for one (1) period of five (5) years (the “"Renewal Rent") shall (a) in the case of any Fixed Rate Renewal, be 1/12th of 100% of the average annual Basic Rent allocated over the period from the end of the Basic Rent Holiday through the Basic Term Expiration Date, payable monthly in arrears and (b) in the case of any Fair Market Renewal, be 100% of the Fair Market Rental Value determined as of the commencement of the applicable Renewal Term”; provided, however, that in the case of the first two years of the Fair Market Renewal period(s) that immediately follow the Basic Term Expiration Date (whether under Section 22.4 or Section 6.1), be 105% of the Fair Market Rental Value determined as of the commencement of the applicable Renewal Term; provided further, however, that the preceding proviso shall not apply in the event that the Lessee provides the Lessor, at the Lessee's sole cost and expense, with an opinion of independent tax counsel selected by Lessor (which counsel shall be selected by Lessor from among four nationally recognized law firms proposed by Lessee, each of which must be experienced in leveraged leasing transactions similar to the transactions contemplated herein) to the effect that applicable Treasury Regulations (or other administrative pronouncements upon which taxpayers may rely for Federal income tax purposes) will permit rent for such Renewal Term at a rate equal to 100% of the fair market rent determined as of the time of such Renewal Term without resulting in any adverse Federal income tax consequences to the Owner Participant Parent (within the meaning of the Tax Indemnity Agreement) under Code Section 467 or any successor provision thereto. The Each Renewal Term shall commence immediately upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration of the initial Term, time being of Basic Term or the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the preceding Renewal Term, and as the denominator of which is case may be. Lessee shall not be entitled to enter any Fixed Rate Renewal following the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount expiry of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodFair Market Renewal.
Appears in 2 contracts
Samples: 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 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
Samples: Lease Agreement (Aspen Aerogels Inc), Lease (Aspen Aerogels 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
Samples: Lease Agreement (G Iii Apparel Group LTD /De/), Lease Agreement (G Iii Apparel Group LTD /De/)
Renewal Option. Landlord hereby grants to Tenant(a) Provided Tenant is not in default hereunder beyond the giving of notice and expiration of applicable grace periods expressly provided for in this Lease and this Lease shall be in full force and effect, and Tenant shall have, have the right and option to extend renew the Term term of this the Lease (the “Renewal Option”) for one (1) period of an additional five (5) years year term (the “Renewal Term”) provided that Tenant shall have given written notice to Landlord in accordance with Article 26 (the “Intent Letter”), which Intent Letter shall have been received by Landlord not less than nine (9) months prior to the Expiration Date. Time shall be of the essence as to the giving of the Intent Letter. If Tenant shall fail to exercise its Renewal Option by delivering the Intent Letter, in strict conformance with the terms of this Article, this provision shall be deemed deleted from this Lease and of no further force and effect and Tenant shall have no option to renew or extend the term of this Lease.
(b) If Tenant shall exercise the Renewal Option in accordance with the provisions of this Article, subject to subparagraphs, (c) and (d), this Lease shall be renewed for such renewal term upon all the terms, covenants, and conditions contained in the Lease, except that (i) the Base Rent shall be the fair annual market rental value (the “Fair Market Value”) of the Premises on the last day of the Term of this Lease, determined as provided in accordance with subparagraphs (c) and (d) of this Article (and subject to annual market escalations), but in no event less than the Base Rent is effect as of the last Lease Year of the Term, and (ii) the Expiration Date shall be deemed extended accordingly. Tenant shall have no further right or option to renew this Lease or the term hereof.
(c) If Tenant has fully complied with subparagraph (a) of this Article, Landlord shall furnish Tenant with its initial determination of the Fair Market Value, within forty-five (45) days of Landlord’s receipt of the Intent Letter from Tenant.
(d) If Tenant shall dispute the Fair Market Value proposed by Landlord, Tenant shall give notice of such dispute within thirty (30) days after receipt of Landlord’s proposal, and if such dispute is not resolved between the parties within fifteen (15) days thereafter, Tenant shall have the right, upon written notice to Landlord delivered within the ten (10) business day period immediately following such fifteen (15) day period, to rescind its exercise of the Renewal Option and the Expiration Date and all other terms, covenants and conditions contained in the Lease shall remain unchanged. Provided Tenant shall not have rescinded the Renewal Option exercise as aforesaid, such dispute shall be settled by arbitration in accordance with the rules and regulations then obtaining of the American Arbitration Association or its successor. The cost of such arbitration shall be borne equally by Landlord and Tenant, and, until finally determined, the Base Rent subsequent to the expiration of the term of this Lease or the first Renewal Term Term, as the case may be, shall commence upon be equal to the day next following greater of the Fair Market Value proposed by Landlord or the Base Rent in effect on 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 term 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 or the last year day of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the first Renewal Term, as the case may be. The determination rendered in accordance with the provisions of this subparagraph (d) shall be final and binding in fixing the denominator of which is the Index as of the first day of the third Lease YearFair Market Value. If, during as a result of such determination, there shall have been an overpayment in the Lease Term the Bureau of Labor Statistics ceases to maintain the IndexBase Rent, then such other index or standard as will most nearly accomplish the aim or purpose of the Index Landlord shall be used in determining credit the amount thereof against subsequent payments 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.Base
Appears in 2 contracts
Samples: Lease (Surgiquest Inc), Lease (Surgiquest 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
Samples: Lease Agreement (Reata Pharmaceuticals Inc), Lease (Reata Pharmaceuticals Inc)
Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have the right and option to extend the Term of renew this Lease for one (1) period renewal term of five three (53) years (the “herein referred to individually as a "Renewal Term”)") which shall commence on the day following the expiration of the Term defined in this Lease and end on the third anniversary of the commencement date of the Renewal Term, unless the Renewal Term shall sooner terminate pursuant to the terms of this Lease or otherwise. The Renewal Term shall commence upon the day next following the last day of the initial Term. only if (i) Tenant shall notify have notified Landlord in writing of its election to extend this Lease for the Renewal Term not less than six at least nine (69) months prior to the expiration of the initial then existing Term, time being and (ii) immediately prior to the expiration of the Term, this Lease shall be in full force and effect and no Event of Default shall have occurred and be continuing. Time is of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as giving of the then-scheduled expiration datenotice of Tenant's exercise of a renewal option. The A Renewal Term shall be upon subject to all of the agreements, terms, covenants and conditions of this Leasehereof binding upon Tenant and Landlord, except that the Fixed Rent basic annual rent (as defined in Section 2.1) shall be increased by adding at the CPI Adjustment Amount greater of the current rent under the Lease or the then fair market rent, escalating annually at the then market escalation rate. Upon the commencement of a Renewal Term, (defined belowx) such Renewal Term shall be added to and become part of the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year Term (but shall not be considered part of the initial Term by a ratioTerm, (y) any reference to "this Lease", to the "Term", the numerator "term of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the this Lease" or any similar expression shall be deemed to include such Renewal Term, and (z) the denominator Expiration Date shall become the expiration of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.
Appears in 2 contracts
Samples: Lease Agreement (Biolife Solutions Inc), Lease Agreement (Biolife Solutions 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
Samples: Lease (Eschelon Telecom Inc), Lease (Eschelon Telecom 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
Samples: Lease Agreement, Real Estate Lease Agreement (Diego Pellicer Worldwide, 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
Samples: Lease Agreement (Panacea Acquisition Corp), Lease Agreement (Panacea Acquisition Corp)
Renewal Option. Landlord (a) As long as Lessee is not in uncured default in the performance of its covenants under this lease of which Lessor has given Lessee written notice, Lessee is hereby grants to Tenant, and Tenant shall have, granted the right and option to extend renew the Term term of this Lease lease for one (1) additional period of five three (53) years (years, the “Renewal Term”). The Renewal Term shall ” to commence upon at the day next following the last day expiration of the initial Termterm of this lease. Tenant Lessee shall notify Landlord in writing of exercise its election option to extend this Lease for the Renewal Term renew as follows: Lessee shall deliver written notice to Lessor no greater than 9 months but not less than six (6) months prior to the expiration of the initial Termterm of this lease, time being that Lessee may exercise its renewal option. Within thirty (30) days of Lessor’s receipt of Lessee’s written notice, Lessor shall notify Lessee in writing of the essence with respect to Market Base Rental Rate (hereinafter defined) that Lessee shall pay during such notificationrenewal term. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive Within sixty (60) days after receipt of such written notice as and when required hereinfrom Lessor, Lessee shall, if it elects, deliver written notice to Lessor of its election to exercise its renewal option hereunder. If Lessee does not respond within such sixty (60) day period, Lessee’s right to renew hereunder shall terminate. All terms of this lease shall apply to such renewal option, except (i) the Base Rental (hereinafter defined) during the Renewal Term shall terminate and be of no further force or effectthe then prevailing Market Base Rental Rate at the time Lessee exercises the respective renewal option, and (ii) Lessee shall not have an option to renew this Lease shall expire as of lease beyond the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and (iii) Lessee shall not have the denominator of which is the Index as right to assign its renewal rights to any sublessee or assignee of the first day Premises nor may a sublessee or assignee exercise such renewal right, and (iv) the leasehold improvements will be provided in their then existing condition (i.e. on an “as-is” basis) at the time the Renewal Term commences.
(b) As used in this lease, the term “Market Base Rental Rate” shall mean the net effective rate per square foot of net rentable area at which a willing lessor and a willing lessee would agree to lease comparable space to that for which the Market Base Rental Rate is being determined in comparable office buildings in the West Loop/Galleria area of Houston, Texas, which rate shall take into account all relevant economic and non-economic factors, including but not limited to: the credit-worthiness, reputation and other qualities of such lessee, the quality and reputation 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 management of the Index shall be used building in determining question, the amount of any space being offered for lease, the location within the building of such adjustment. Notwithstanding offered space, whether the foregoingspace being offered is a full floor or a portion of a multi-tenant floor, 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 quality and finish of the Renewal Termoffered space as it then exists, Tenant is in default hereunder beyond any applicable grace the age and quality of such building, the lease term and renewal options, the scheduled or cure periodactual commencement date, add-on factors, basis for paying operating expenses, parking charges and market inducements, such as free rent, moving expenses, and architectural, construction and lease assumption allowances.
Appears in 2 contracts
Samples: Office Lease Agreement (Dexterity Surgical Inc), Office Lease Agreement (Dexterity Surgical 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
Samples: 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
Samples: Lease (HealthWarehouse.com, Inc.)
Renewal Option. Landlord hereby grants to Tenant, Provided no Event of Default exists and Tenant shall haveis occupying the entire Premises at the time of such election, Tenant may renew the right and option to extend the Term of this Lease for one (1) additional period of five (5) years years, by delivering written notice of the exercise thereof to Landlord not earlier than twelve (12) months nor later than nine (9) months before the expiration of the Lease Term. The Base Rent payable for each month during such extended Lease Term shall be the greater of (a) the prevailing rental rate (the “Renewal "Prevailing Rental Rate"), at the commencement of such extended Lease Term”). The Renewal Term shall commence upon , for renewals of space in the day next Building of equivalent quality, size, utility and location, with all improvements, alterations and betterments to the Premises made by or on behalf of Tenant following the last day Effective Date (including all components of the initial Work as defined in the Work Letter), the length of the extended Lease Term, the “AS IS” nature of the renewal, and the credit standing of Tenant to be taken into account, and (b) the then current Base Rent rate. Within thirty (30) days after receipt of Tenant's notice to renew, Landlord shall deliver to Tenant written notice of the Prevailing Rental Rate and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Tenant shall shall, within ten (10) business days after receipt of Landlord's notice, notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration whether Xxxxxx accepts or rejects Xxxxxxxx's determination of the initial Term, time being Prevailing Rental Rate. If Tenant timely notifies Landlord that Xxxxxx 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 Lease Term, Landlord and Tenant shall execute an amendment to the denominator of which is the Index as of the first day of the third Lease Year. If, during extending the Lease Term on the Bureau of Labor Statistics ceases to maintain same terms provided in the IndexLease, then such other index or standard except as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.follows:
Appears in 1 contract
Samples: Lease (Aspen Aerogels Inc)
Renewal Option. Landlord As long as Lessee is not in default in the performance of its covenants under this Lease, Lessee is hereby grants to Tenant, and Tenant shall have, granted the right and option to extend renew the Term of this Lease as to the Premises or a portion thereof (provided no portion shall be less than 50,000 rentable square feet of floor space as of the date of exercise of the renewal option) for one periods of additional years each as described below (1) period each of five (5) years (the “which is a "Renewal Term”"). The Renewal Term shall , to commence upon at the day next following the last day expiration of the initial term of this Lease, or applicable Renewal Term. Tenant Lessee shall notify Landlord in writing exercise each option to renew by delivering written notice of its such election to extend this Lease for the Renewal Term not less than six Lessor at least nine (69) months prior to the expiration of the initial Term, time being Term of the essence with respect to such notificationthis Lease. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be The renewal of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants same terms and conditions of this Lease, except that except
(a) the Fixed Base Rent during the Renewal Term shall be increased by adding the CPI Adjustment Amount prevailing market Base Rent rate (as defined below) to at the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial time each Renewal Term by a ratiocommences, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100b) 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 right option to renew this Lease ifbeyond the Renewal Terms set out herein, either at (c) Lessee shall not have the time Tenant notifies Landlord of right to assign its election renewal rights to extend this Lease or upon the commencement date any sublessee of the Premises or assignee of the Lease, except to an Affiliate as described in Section 33 of the Lease and, at Lessor's discretion, and (d) the "Term" as defined in the Lease, shall include any Renewal TermTerm that has been duly exercised by Lessee. The number of Renewal Terms and period of additional years each shall be determined by the number of rentable square feet of floor space covered by the renewal. If the floor space covered by the requested renewal is between 50,000 and 69,670 rentable square feet, Tenant Lessee shall have the option to renew the Term of the Lease for two (2) periods of five (5) additional years each. If the floor space covered by the requested renewal is in default hereunder beyond any applicable grace equal to or cure periodmore than 69,670 rentable square feet of floor space, Lessee shall have the option to renew the Term of the Lease for two (2) periods of five (5) additional years each or one (1) period of ten (10) years.
Appears in 1 contract
Samples: Lease Agreement (Telxon Corp)
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
Samples: Lease Agreement (Tickets Com 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
Samples: Lease Agreement
Renewal Option. Landlord hereby grants to Tenant, and 49.01 Tenant shall have, have the right and option to extend and renew the Term term of this Lease with respect to the then existing demised premises, in its then "as is" condition, for one (1) additional period of five (5) years (commencing on the “Renewal Term”). The Renewal Term shall commence upon first day of the day next following eighth lease year and expiring on the last day of the initial Term. Tenant shall notify Landlord twelfth lease year, upon the same terms and conditions as contained in writing of its election to extend this Lease (unless changed or modified by mutual agreement in writing), except that: (i) the fixed annual rental rate (without electricity and subject to escalation additional rents pursuant to Articles 5 and 6 hereof) for the Renewal Term not less than six (6) months prior extended term shall be a sum equal to the expiration fair and reasonable annual market rental value 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 demised premises as of the first day of the third eighth lease year, 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, (ii) there shall be no Landlord's Work, rent credits or contributions toward Tenant work, and the provisions of Article 33 and Exhibit D dealing therewith shall not be applicable; (iii) for the extended term, the Term "Tax Base Factor" for Article 5 Tax Escalation and the term "comparative year" under such Article shall remain unchanged and the term "Expenses Base Factor" for Article 6 Expense Escalation and the term "comparative year" under such Article shall remain unchanged; and (iv) this Lease, as extended, shall not contain the renewal option provided in this Article. The exercise of such option shall only be effective upon, and in strict compliance with, the following terms and conditions:
(a) Written notice of such election shall be given by Tenant to Landlord not later than twelve (12) months prior to the expiration date of the initial term of this Lease Year(the "Initial Term"). IfTime shall be of the essence in connection with the exercise of any election of Tenant hereunder.
(b) The fair and reasonable annual market rental value of 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 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 last twelve (12) months of the Index Initial Term. Landlord and Tenant shall be used in determining seek to agree as to the amount of any such adjustmentfair and reasonable annual market rental value for the demised premises. If they shall not agree as to such value by the start of the last eleven (11) months of the Initial Term, then and in such event said fair and reasonable annual market rental value shall be determined by appraisal as hereinafter in this Article provided. Notwithstanding the foregoing, Tenant and any appraisal as hereinafter provided, the parties understand and agree that in no event shall have no right to renew this Lease ifthe fixed annual rental rate (without electricity) for the extended term be less than the aggregate of the fixed annual rental rate (without electricity) payable as of the last month of the Initial Term, either plus the sum of the real estate tax escalation and operating expense escalation additional rents payable under Articles 5 and 6, respectively, for the last twelve (12) months of the Initial Term. If at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Termextended term, the amount of the fixed annual rental rate payable during said term in accordance with 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 105% of the fixed annual rental rate payable hereunder as of the last month of the initial term of this Lease (the "Temporary Rate"). After the determination by appraisal of the fair and reasonable annual market rental value of the demised premises, if the fixed annual rental rate payable pursuant to this Article is greater than "the Temporary Rate", Tenant shall promptly pay to Landlord the difference between the rent theretofore paid at "the Temporary Rate" and the greater rental rate determined after the appraisal; and the greater fixed annual rental rate so determined after the appraisal shall be payable during the extended term.
(c) Upon computation 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 rent for such 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 under any of the terms, covenants or conditions of this Lease beyond any grace period hereunder (i) at the time Tenant gives written notice of its election or (ii) on the commencement date of the extended term.
(e) 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 value for the demised premises shall be determined as follows: 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. The appraisers so specified in such notices shall be licensed real estate brokers doing business in Fairfield County, Connecticut, each having not less than fifteen (15) years active experience as real estate brokers in said County. In making their determinations, the appraisers shall consider and follow the directions set forth in this Article. Before proceeding to determine the fair and reasonable annual market rental value of the demised premises ("the value"), as aforedescribed, the appraisers so appointed shall subscribe and swear to an oath fairly and impartially to determine such value. If, within thirty (30) days following the appointment of the latter of said appraisers, said two appraisers shall be unable to agree upon the said value, the said appraisers shall appoint, by an instrument in writing, as third appraiser, an impartial person, similarly qualified, who upon taking a similar oath, shall proceed with the two appraisers first appointed to determine the said value. The written decision of any two of the appraisers so appointed, fixing such value, shall be binding and conclusive on the parties. If, within forty-five (45) days following the appointment of the third appraiser, any two of the appraisers have not by written decision fixed such value then the third appraiser shall find as correct the value that was determined by either the appraiser specified by Landlord or the appraiser specified by Tenant and render a written decision fixing such value as the fair and reasonable annual market rental value for the demised premises, which written decision shall be binding and conclusive on the parties. 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 highest ranking employee in the Fairfield County, Connecticut office of the American Arbitration Association, or such successor body hereafter constituted exercising similar functions (or if there be no American Arbitration Association or its successor, or if such employee will not so act, then such appointment shall be made by a Justice of the highest ranking trial court in Fairfield County, Connecticut). 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 value and shall fail to appoint in writing a third appraiser within fifteen (15) days thereafter, the necessary appraiser shall be appointed by said employee (or by said Justice). If any appraiser appointed as aforesaid by either of the parties, by said employee, 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 value 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. Landlord and Tenant shall each pay the fees of the person acting as appraiser hereunder for Landlord and Tenant, respectively, and Landlord and Tenant shall each pay one-half (1/2) of the fees of any third appraiser appointed pursuant to the provisions of the preceding paragraph.
49.02 The renewal option set forth in this Article is personal to Gantos, Inc. and may only be exercised by Gantos, Inc. if and so long as it is the Tenant under this Lease and is in default hereunder beyond occupancy of the entire demised premises (including any applicable grace or cure periodExpansion Space theretofore added to the demised premises under Article 51 hereof).
Appears in 1 contract
Samples: Lease Agreement (Gantos 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
Samples: Lease (Sk Technologies Corp)
Renewal Option. Landlord hereby grants As long as the Tenant continues to Tenantcomply with all the requirements of this Lease, and the Tenant shall have, the right and option to extend the Term of this Lease for be granted one (1) period of option to renew the Lease for a further five (5) years year term (the “"Renewal Term”). The Renewal Term shall commence upon ") commencing on the 1st day next following the last day expiration of the initial Term. Term of the Lease, provided that the Tenant shall notify give to the Landlord in writing of its election to extend this Lease for the Renewal Term not more than twelve (12) months, and not less than six (6) months prior to the expiration of the initial Term of the Lease, written notice of the Tenant's exercise of its right to renew for such Renewal Term. The Renewal Term shall be on the same terms, covenants and conditions as contained in this Lease (as amended from time to time), except for the right to any further renewal beyond the Renewal Term, time being except for such provisions of the essence with respect Lease as are pertinent only to such notificationthe original Term, and except for the Basis Rent. 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 Basic Rent for the Renewal Term will be as agreed between the Landlord and the Tenant, but shall terminate not be less than the prevailing market rates at a date which is six (6) months prior to the commencement of the Renewal Term for comparable fully improved space, used for the same or similar use, with the same or similar sales volumes, in the same or similar area of the City and in any event the Basic Rent shall not be less than the Basic Rent actually payable by the Tenant pursuant to the provisions of this Lease during the last year of the Term of this Lease. In the event that the Landlord and the Tenant are unable to agree on the Basic Rent to be paid by the Tenant during the Renewal Term by a day which is three (3) months prior to the expiry of the Term, then this option to renew shall be null and void and of no further force or effect, and this Lease the Tenant shall expire as surrender the Leased Premises to the Landlord upon the expiry 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
Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, the right and option to extend the Term of this Lease for one (1a) period of five (5) years (the “Renewal Term”). The Each applicable Renewal Term with respect to the Premises 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 Initial Term or the expiration of the first Renewal Term, time being if applicable. The renewal of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants same terms and conditions of this Lease, except that (i) the Fixed Rent for the Renewal Terms shall be increased by adding the CPI Adjustment Amount as hereinafter set forth, (defined belowii) 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 option to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon Term beyond the commencement date of the second Renewal Term, (iii) Landlord shall have no obligation to contribute a Tenant Improvement Allowance, and (iv) Landlord shall have no obligation to improve the Premises (Tenant accepting the Premises at the commencement of the applicable Renewal Term in its “As-Is” condition; provided that nothing in this subsection (iv) shall be deemed to limit Landlord’s continuing obligations expressly set forth in this Lease). The option to renew shall be exercised only by delivery of written notice to Landlord no later than 365 days prior to the last day of the Initial Term or 365 days prior to the last day of the first Renewal Term, as applicable. The Base Annual Rent for the Renewal Terms shall be the then fair market rental (“Market Rate”) applicable to the Premises; provided, however, notwithstanding anything else to the contrary contained herein, the monthly Base Annual Rent for the first lease year in the Renewal Term shall not be less than one hundred percent (100%) of the monthly Base Annual Rent for the final Lease Year (or portion of a Lease Year) of the previous portion of Term..
(b) As used in this Section 3.01, the term “Market Rate” shall mean the annual amount per rentable square foot that comparable landlords and tenants of comparable buildings have agreed to in then- current transactions between non-affiliated parties from non-expansion, non-renewal (unless the lease involved a procedure invoked by landlord and tenant for a 100% determination of “fair market rental”) and non-equity tenants of comparable credit-worthiness, for comparable space, for a comparable use, for a comparable period of time in the West Raleigh (North Carolina) submarket (“Comparable Transactions”). In any determination of Comparable Transactions appropriate consideration shall be given to the annual rental rates per rentable square foot, the standard of measurement by which the rentable square footage is in default hereunder beyond measured, the ratio of rentable square feet to usable square feet, the type of escalation clause implemented, the extent of tenant’s liability under the lease, parking considerations, length of the lease term, size and location of premises being leased, building standard work letter and/or tenant improvement allowances, if any, or any other tenant concessions and other generally applicable grace or cure periodconditions of tenancy for such Comparable Transactions.
Appears in 1 contract
Renewal Option. Landlord hereby grants Lessee shall have options to Tenantrenew and extend the term of this lease for up to a total of 7 years, which Lessee may exercise for periods of no less than one year at a time, but for as many years as Lessee may desire at a time, as long as the total number of years does not exceed 7 (each period of time selected by Lessee shall be referred to as a "Renewal Term"). During each Renewal Term, the same terms and conditions as are contained in this lease shall apply (unless changed or modified by mutual agreement) except that (a) the base rent shall be as hereinafter set forth, and Tenant (b) the Base Year shall have, the right and option to extend the Term of this Lease for one (1) period of five (5) years (the “Renewal Term”)be as hereinafter defined. The Renewal Term exercise of such options shall commence only be effective upon strict compliance with the day next following the last day terms and conditions:
(i) Written notice of the initial Term. Tenant exercise of each such option shall notify Landlord in writing of its election be given by Lessee to extend this Lease for the Renewal Term not less Lessor no later than six (6) 6 months prior to the expiration date of the initial Termprevious term of this lease.
(ii) If Lessee extends the term of this lease, time being of the essence with respect to such notification. Notice thereof base rent 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”) adjusted on the date nearest anniversary of the commencement date of the Renewal Terminitial term of this lease and, and if applicable, on the denominator tenth anniversary 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 Terminitial term of this lease (each, Tenant an "Adjustment Date"), as follows: The base rent payable shall be adjusted to 90% of the fair market rental value of the Premises as of the Adjustment Date, taking into account the then-current 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, the provisions of this paragraph, and no other provisions of this lease. Lessor and Lessee shall seek to agree upon such fair market rental value. If Lessor and Lessee cannot agree upon such fair market rental value by the date that is 30 days before the Adjustment Date, such value shall be determined by arbitration, initiated by either Lessor or Lessee and conducted in default Seattle, Washington by a 3-member panel composed of licensed real estate brokers doing business in Seattle, Washington and having not less than 15 years' active experience as real estate brokers in Seattle, Washington, in accordance with the rules of the American Arbitration Association then obtaining. The determination by the arbitrators shall be conclusive and binding on Lessor and Lessee. If, by an Adjustment Date, the amount of the base rent payable shall not have been determined, then pending such determination, Lessee shall continue to pay base rent at the rate payable immediately prior to the Adjustment Date and within 30-days after the determination by the arbitrators, Lessee shall pay to Lessor, for the period after the Adjustment Date during which such determination was pending, the amount, if any, by which the base rent for such period at the rate determined by the arbitrators exceeds the base rent for such period at the rate theretofore paid, or Lessor shall pay to Lessee, for the period after the Adjustment Date during which the determination was pending, the amount, if any, by which the base rent for such period at the rate theretofore paid by Lessee exceeds the base rent for such period at the rate determined by the arbitrators.
(iii) Upon determination of the adjusted base rent, Lessor and Lessee shall execute, acknowledge and deliver to each other an agreement specifying the amount of the adjusted base rent. However, failure of either party to do so shall not affect the validity or binding nature of such determination.
(iv) Effective as of each Adjustment Date, the Base Year for purposes of determining the expense escalation hereunder beyond any applicable grace or cure periodshall be adjusted to be the calendar year in which the Adjustment Date occurs. If an Adjustment Date is not the first day of a calendar year, then the additional rent due hereunder shall be prorated on an actual per them basis.
Appears in 1 contract
Samples: Office Lease (Immunex Corp /De/)
Renewal Option. Provided Tenant is not in default of the Terms and Conditions of this Lease, Landlord hereby grants to Tenant, and Tenant shall have, the right and option to extend the Term of extending this Lease for one (1) period an additional Term of five (5) years (years. Said extension of Lease shall contain the same agreements, conditions, covenants, and provisions set forth in this Lease, except those agreements, conditions, covenants and provisions which, by their terms, have no relevance beyond the original Term hereby demised, and except further that the Basic Rent per year for the renewal term shall be in an amount equal to the Average Basic Rent payable at the end of the original term exclusive of any concessions given for the original term payable under this lease multiplied by a fraction, the numerator of which is the “Renewal Term”). The Renewal Term shall commence upon Consumer Price Index” (all items, 1982-1984=100) for the day next following Philadelphia area, as published by the last day U.S. Bureau of Labor Statistics, for the eighth month preceding the end of the initial Termterm of this lease and the denominator of which is the same Index for the eighth month prior to the month during which the term commenced. In the event that the Bureau of Labor Statistics shall change the base period used in computing the aforesaid Index, adjustments shall be made to reflect the intent of the parties as aforesaid. If for any reason the aforesaid publication shall be discontinued, then another appropriate financial index published by a federal government agency or a financial institution shall be used. In no event shall the rental paid during the option period be less than the rental paid during the first five (5) years of the original lease term. Tenant shall notify Landlord may exercise said option only by giving notice to the Landlord, in writing of its election to extend this Lease for the Renewal Term writing, not less later than six (6) months prior to the expiration date of the initial Termoriginal Term of this Lease and if said notice is not given, time being of the essence with respect to such notification. Notice thereof Tenant shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as to have waived and when required herein, the Renewal Term shall terminate and be forfeited all rights to said extension of no further force or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.
Appears in 1 contract
Samples: Lease Agreement (Sielox Inc)
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
Samples: Office Building Lease (Credit Management Solutions Inc)
Renewal Option. (a) Provided this Lease is then in full force and effect without any existing uncured default of Tenant hereunder of which Tenant has received notice in accordance with this Lease, Landlord hereby grants to Tenant, and unto Tenant shall have, the right and option to extend and renew the Lease Term of this Lease for one (1) period of either three (3) or five (5) years (the “Renewal Term”). The Renewal Term shall years, at Tenant's election, with such renewal term to commence upon on the day next following the last day expiration date of the initial Lease Term. In order to exercise such renewal option, Tenant shall notify Landlord in writing no later than March 31, 2002, of Tenant's desire to so extend and renew the Lease Term, and the period of time for which Tenant desires to renew the Lease Term. If Tenant exercises its election option to extend renew this Lease for five (5) years, the Renewal Term not less than six (6) months prior to Base Rental Rate for the expiration first year of the initial Termfive (5) year period shall be at Nineteen and No/100 Dollars ($19.00) per annum per square foot of Rentable Floor Area within the Demised Premises. If Tenant exercises its opinion to renew this Lease for three (3) years, time being the Base Rental Rate for the first year of the essence with respect to three (3) year period shall be at Twenty and No/100 Dollars ($20.00) per annum per square foot of Rentable Floor Area within the Demised Premises. If Tenant does not exercise such notification. Notice thereof renewal option on or before March 31, 2002, the renewal option shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive terminated.
(b) During such written notice as and when required hereinrenewal term, 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 conditions and conditions provisions of this LeaseLease shall remain in effect; provided, except that the Fixed Rent however, there 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, no allowances granted 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, renewal period.
(c) If Tenant shall have no right exercises its option to renew this Lease ifas provided herein, either at the time Tenant notifies Landlord of its election to extend this Lease or upon Base Rental Rate for the commencement date second and each succeeding year of the Renewal Term, Tenant is renewal term shall increase to an amount equal to one hundred three percent (103%) of the Base Rental Rate in default hereunder beyond any applicable grace or cure periodeffect for the preceding year of such renewal term. Such increase shall take place on January 1 of each such year during the renewal term.
Appears in 1 contract
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
Samples: Lease Agreement (Coty Inc /)
Renewal Option. Landlord hereby grants to Tenant, Lessor and Tenant shall have, Lessee agree that the right and option to extend the Term term of this Lease may, at the option of Lessee, be extended for one (1) period additional term of five (5) years (the “"Renewal Term”"). The Renewal Term shall commence upon ; provided that, (i) this Lease is in full force and effect and no condition or event of default exists uncured at the day next following the last day time of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for and at the commencement of the Renewal Term Term; (ii) Lessee gives written notice to Lessor, not more than eight (8) months nor less than six (6) months prior to the expiration end of the initial TermTerm of this Lease advising Lessor of Lessee's conditional election to extend the Term of this Lease; (iii) within fifteen (15) days of receipt of Lessee's conditional exercise of its option to extend the term of this Lease, Lessor shall advise Lessee of what it determines to be the then prevailing market Base Rent Rate for comparable space in the Building at the time being the Renewal Term commences and failure of the essence with respect Lessor to such notification. Notice respond within ten (1) business days after receipt thereof shall be deemed sufficient if given a response that there is no increase in the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, Base Rent Rate for the Renewal Term Term; and (iv) within fifteen (15) days of receipt of Lessor's determination of the prevailing market Base Rent Rate ("as is" with no broker commission payable space), Lessee shall terminate and either (a) rescind its election, or (b) confirm its election--failure of Tenant to respond shall be a rescission of no further force or effect, and its election. The renewal of this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants same terms and conditions of this Lease, except that 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.except
Appears in 1 contract
Samples: Lease Agreement (Exult Inc)
Renewal Option. Landlord hereby grants to Tenant, Provided that this Lease shall be in good standing and in full force and effect and shall not theretofore have been terminated and that Tenant shall havenot be in default under any of the terms or conditions of this Lease, Tenant shall have the right and option to extend the Term of renew this Lease for one three (13) period additional terms of five (5) years (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day each by notifying Landlord of the initial Term. Tenant shall notify Landlord in writing of its Tenant's election to extend this Lease for the Renewal Term not less than six one hundred eighty (6180) months prior to days before the expiration of the initial Termtwenty- five (25) year term of this Lease or the immediately preceding renewal term, time being of as the essence with respect to case may be. Each such notification. Notice thereof renewal shall be deemed sufficient if given in on 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 set forth in this Lease, except (a) that the Fixed Rent annual rent payable during the first renewal term of this Lease shall be increased by adding the CPI Adjustment Amount sum of Ninety-four thousand three hundred forty-six Dollars (defined below$94,346.00 ) 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 multiplied by a ratio, fraction the numerator of which is shall be the 1978 Revised Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items Wage Earners and Clerical Workers (1982-1984=1001967=100) published issued by the Bureau of Labor Statistics of the United States Department of Labor (or the “most nearly comparable successor index) (the "Index”") on the date nearest the commencement date as of the Renewal Term, last day of the initial twenty-five (25) year term and the denominator of which is shall be the Index as of the date of this Lease, and (b) that the annual rent payable during the second renewal term of this Lease shall be the amount of annual rent calculated in subsection 2.2(a) multiplied by a fraction the numerator of which shall be the Index as of the last day of the first renewal term and the denominator of which shall be the Index as of the first day of the third Lease Yearfirst renewal term. If, during the Lease Term the Bureau Rent shall be payable in monthly installments of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose one-twelfth (1/12th) of the Index annual rent, in advance, on the first day of each and every month during such extended Term. The annual rent shall not be used in determining the amount of any such adjustment. Notwithstanding the foregoingadjusted, Tenant shall have no right to renew this Lease ifhowever, below Ninety-four thousand three hundred forty-six -- Dollars ($94,346.00) for 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
Samples: Lease Agreement (Stoneridge Inc)
Renewal Option. If Landlord hereby grants to Tenant, and Tenant are unable to reach agreement as to the Market Rate within thirty (30) days after Landlord's receipt of Tenant's notice of exercise of Tenant's Renewal Option, then either party may demand an appraisal by giving written notice to the other party, which demand must state the name, address and qualifications of an appraiser selected by the party demanding an appraisal (the "Notifying Party"). The Market Rate shall havethen be determined as follows:
(a) Within ten (10) business days following the Notifying Party's appraisal demand, the right other party (the "Non-Notifying Party") shall either approve the appraiser selected by the Notifying Party or select a second properly qualified appraiser by giving written notice of the name, address and option qualifications of such other appraiser to extend the Term Notifying Party. If the Non-Notifying Party fails to select an appraiser within such ten (10) business day period, then the Notifying Party's appraiser shall be deemed selected by both parties and no other appraiser shall be selected. If two appraisers are selected, such two appraisers shall select a third qualified appraiser within ten (10) business days following selection of this the second appraiser. If the two appraisers fail to select a third qualified appraiser, then the third appraiser shall be appointed by the then presiding judge of the Superior Court of Santa Clarx Xxxnty upon application by either party.
(b) If only one appraiser is selected, then that appraiser shall notify the parties in simple letter form of its determination of the Market Rate within fifteen (15) business days following his/her selection, which appraisal shall be conclusive and binding on the parties as the Market Rate. If multiple appraisers are selected, the appraisers shall meet not later than fifteen (15) business days following the selection of the last appraiser. At such meeting, the appraisers shall attempt to determine the Market Rate as of the termination date of the Lease for one by agreement of at least two (12) period of the appraisers. If two (2) or more of the appraisers agree on the Market Rate at the initial meeting, such agreement shall be determinative and binding upon the parties and the agreeing appraisers shall, in simple letter form executed by the agreeing appraisers, forthwith notify both Lessor and Lessee of the amount set by such agreement. If multiple appraisers are selected and two (2) appraisers are unable to agree on the Market Rate, then all appraisers shall submit to Lessor and Lessee an independent appraisal of the Market Rate within twenty (20) business days following appointment of the final appraiser. The parties shall then determine the Market Rate by averaging the appraisals, provided that any high or low appraisal, differing from the middle appraisal by more than ten percent (10%) of the middle appraisal, shall be disregarded.
(c) All appraisers shall be members of the American Institute of Real Estate Appraisers and shall have at least five (5) years experience appraising properties comparable to, and in the vicinity of, the Premises. If only one appraiser is selected, then each party shall pay one-half (the “Renewal Term”). The Renewal Term shall commence upon the day next following the last day 1/2) of the initial Termfees of that appraiser. Tenant If three appraisers are selected, each party shall notify Landlord bear the fees of the appraiser that it selected and one-half (1/2) of the fees of the third appraiser.
(d) Notwithstanding the foregoing, in writing of its election to extend this Lease for no event shall the Renewal Term not Market Rate be less than six eighty-five percent (685%) 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 Base 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, Market Rate shall be increased three percent (3%) per year during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Option Term, Tenant is in default hereunder beyond any applicable grace or cure period.
Appears in 1 contract
Samples: NNN Lease (Skystream Networks Inc)
Renewal Option. Landlord hereby grants to TenantIf Tenant has not committed an Event of Default at any time during the Term, and Tenant shall haveis occupying the entire Premises at the time of such election, the right and option to extend the Term of Tenant may renew this Lease for one (1) additional period of five (5) years years, by delivering written notice of the exercise thereof to Landlord not later than nine (9) months before the expiration of the Term. The Base Rent payable for each month during such extended Term shall be the prevailing market rental rate for comparable Class A buildings in the immediate marketplace, including current and future phases of the rest of the Complex of which the Building is a part (the “Renewal TermPrevailing Rental Rate”). The Renewal Term shall commence upon , at the day next following commencement of such extended Term, of equivalent quality, size, utility and location, with the last day length of the initial Termextended Term and the credit standing of Tenant to be taken into account. Within thirty (30) days after receipt of Tenant’s notice to renew, Landlord shall deliver to Tenant written notice of the Prevailing Rental Rate and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Tenant shall shall, within ten (10) days after receipt of Landlord’s notice, notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration whether Tenant accepts or rejects Landlord’s determination of the initial Term, time being Prevailing Rental Rate. If Tenant timely notifies Landlord that Tenant accepts Landlord’s determination of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinPrevailing Rental Rate, the Renewal Term shall terminate and be of no further force then, on or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest before the commencement date of the Renewal extended Term, Landlord and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right execute an amendment to renew this Lease ifextending the Term on the same terms provided in this Lease, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.except as follows:
Appears in 1 contract
Renewal Option. Landlord The renewal option set forth in the Addendum to the Lease is hereby grants to Tenantdeleted in its entirety. In lieu thereof, and Tenant shall have, at its option (the “Renewal Option”), the right to renew and option to extend the Term of this Lease for one (1) period term of five (5) years (the “Renewal Term”). The Renewal Term shall commence immediately upon the day next following the last day expiration of the initial Term. Tenant shall notify Extended Term by Tenant’s giving written notice thereof to Landlord in writing of its election to extend this Lease for the Renewal Term not less no earlier than six twelve (612) months months, and no later than nine (9) months, prior to the expiration of the initial Extended Term. Once Tenant shall exercise the Renewal Option, Tenant may not thereafter revoke such exercise, except as expressly set forth below. Tenant shall not have the right to exercise the Renewal Option at a time being that an event of default (or an event which with notice and/or lapse of time could become an event of default) under this Lease has occurred. Tenant’s failure to exercise timely the essence with respect to such notification. Notice thereof Renewal Option for any reason whatsoever shall conclusively be deemed sufficient if given in a waiver thereof. At Landlord’s option, Landlord may adjust the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, Base Rent for the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire at an annual rate equal to the Fair Market Value Rate (as hereinafter defined) for the Renewal Term as of the then-scheduled expiration date. The commencement of the Renewal Term for comparable tenants taking comparable space in comparable conditions under comparable terms (including any rental concessions and/or tenant improvements or allowance therefor which are being provided) in comparable buildings in the same rental market (hereinafter called “Comparable Buildings”); provided, however, that in no event shall the Base Rent for the Renewal Term be upon all less than the Base Rent for the last twelve (12) months of the termsExtended Term. It is also agreed and understood that the Fair Market Value Rate shall include: (a) rent; and (b) rental operating expenses, covenants property tax, and utility and expense adjustments that are being included as part of the terms and conditions of this Lease, except that industrial tenant leases for comparable tenants in Comparable Buildings as of the Fixed Rent time of determination of the Fair Market Value Rate. Landlord shall advise Tenant within twenty (20) days after Tenant exercises the Renewal Option of the Fair Market Value Rate which shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year in effect as of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term. Tenant shall then have fifteen (15) days to notify Landlord of its acceptance or rejection of the Fair Market Value Rate for the Renewal Term. In the event Tenant fails to so notify Landlord within such fifteen (15) day period, Tenant shall be deemed to have accepted the Fair Market Value Rate proposed by Landlord. Notwithstanding the prohibition on Tenant’s right to revoke its exercise of the Renewal Option, in the event Tenant and Landlord are unable to agree on the Fair Market Value Rate for the Renewal Term within sixty (60) days after Tenant exercises the Renewal Option, Tenant shall be deemed to have revoked the Renewal Option, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index Renewal Option shall be used in determining the amount deemed null and void and of any such adjustmentno further force or effect. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at take the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of Leased Premises “as is” for the Renewal Term, and Landlord shall have no obligation to make any improvements or alterations to the Leased Premises. Except as set forth in this paragraph, the leasing of the Premises for the Renewal Term shall be upon the same terms and conditions as the leasing of the Premises for the Extended Term and shall be upon and subject to all of the provisions of this Lease. Any Renewal Option granted to Tenant is under this Paragraph shall be personal to Tenant and shall not be transferred, encumbered, or assigned by Tenant or in default hereunder beyond any applicable grace manner transferred to, or cure period.exercised by, any subtenant of Tenant. 5
Appears in 1 contract
Renewal Option. Landlord Lessee is hereby grants to Tenantgranted the Renewal Options for the Renewal Terms, both as defined in the Preamble, upon the following terms and conditions:
a. At the time of the exercise of the Renewal Option 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, be in possession of the right and option Premises pursuant to extend this Lease.
b. Notice of the exercise of a Renewal Option shall be sent to the Lessor in writing at least nine (9) months before the expiration of the then current Term of this Lease the Lease.
c. The renewal Term shall be for one (1) period the term 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 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 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 that other than the Fixed Basic Rent and Additional Rent, shall apply during any such renewal term.
d. The annual Basic Rent to be increased by adding paid during the CPI Adjustment Amount (defined below) to Renewal Term shall not be less than that paid for the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for Premises during the last year of the initial prior term of the Lease. However, if the fair rental value of the Premises at the commencement of the Renewal Term by a ratioshall exceed the rent as established in the preceding sentence, the numerator Lessee shall pay 95% of which is such fair rental value. In determining the Consumer Price Index for All Urban Consumersfair rental value, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics Lessor shall notify Lessee 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 expense, employ, the services of Labor (an appraiser familiar with office buildings located within the “Index”) Paramus, New Jersey area comparable to the Building, who shall be a member of MAI 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 local office of the American Arbitration Association to appoint such independent appraiser who shall be a member of MAI familiar with office buildings in the area of the Building and in such event the judgment of a majority of the two appraisers and Lessor shall be final and binding upon the parties. The parties shall share equally in the cost of any such independent appraiser. Pending resolution of the issue of fair rental value, the Lessee shall pay the Lessor as of commencement date of the Renewal Term, and the denominator Fixed Basic Rent as established by Lessor, subject to retroactive adjustment upon final determination 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 periodissue.
Appears in 1 contract
Samples: Lease Agreement (Silicom Ltd.)
Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have one (1) option (the right and option "Renewal Option") to extend the Term of this Lease for one (1) an additional period of either three (3) or five (5) years years, as selected by Tenant, beyond the Expiration Date (the “"Renewal Term”"). The Renewal Term Option shall commence upon be effective only if Tenant is not in default under this Lease, nor has any event occurred which with the day next following giving of notice or the last day passage of time, or both, would constitute a default hereunder, either at the time of exercise of the initial Renewal Option or the time of commencement of the Renewal Term. The Renewal Option must be exercised, if at all, by written notice from Tenant shall notify to Landlord in writing of its election to extend this Lease for the Renewal Term given not more than nine (9) months nor less than six (6) months prior to the expiration of the initial Term, time being which notice shall specify the desired length of the essence with respect Renewal Term (i.e., three (3) or five (5) years). 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 Rent during the Renewal Term shall be increased by adding the CPI Adjustment Amount (defined below) equal to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying higher of (i) the Fixed Rent payable prevailing market rate for space comparable to the last year of the initial Term by a ratioPremises in size, the numerator of which is the Consumer Price Index for All Urban Consumerslocation, 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, or (ii) the Rent payable hereunder immediately prior to the expiration of the initial 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. If Tenant disputes Landlord's determination of the prevailing market rate, Tenant shall so notify the Landlord within ten (10) days following Landlord's notice to Tenant of the prevailing market rate and such dispute shall be resolved as follows:
(a) Within thirty (30) days following Tenant's notice to Landlord of Tenant's dispute of Landlord's determination of the prevailing market rate, Landlord and Tenant shall meet no less than two (2) times, at a mutually agreeable time and place, to attempt to resolve any such disagreement.
(b) If within this thirty (30) day period Landlord and Tenant cannot reach agreement as to the prevailing market rate, they shall each select one appraiser to determine the prevailing market rate. Each such appraiser shall arrive at a determination of the prevailing market rate and submit his conclusions to Landlord and Tenant within thirty (30) days of the expiration of the thirty (30) day consultation period described in paragraph (a) above.
(c) If only one appraisal is submitted within the requisite time period, it shall be deemed to be the prevailing market rate. If both appraisals are submitted within such time period, and if the two appraisals so submitted differ by less than ten (10) percent of the higher of the two, the average of the two shall be the prevailing market rate. If the two appraisals differ by more than ten (10) percent of the higher of the two, then the two appraisers shall immediately select a third appraiser who will within thirty (30) days of his selection make a determination of the prevailing market rate and submit such determination to Landlord and Tenant. This third appraisal will then be averaged with the closer of the two previous appraisals and the denominator result shall be the prevailing market rate.
(d) All appraisers specified pursuant hereto shall be licensed real estate brokers in the State of which is California with not less than five (5) years' experience appraising commercial properties in the Index as County of Santa Clarx. Xxch party shall pay the cost of the first day appraiser selected by such party and one-half (1/2) of the cost of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount appraiser plus one-half (1/2) of any such adjustment. Notwithstanding other costs incurred in connection with 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 periodappraisal.
Appears in 1 contract
Samples: Lease Agreement (PLX Technology Inc)
Renewal Option. Landlord hereby grants If the lease is not in default at the time each option is exercised or at the time the renewal term is to Tenantcommence, and Tenant shall have, have the right and option to extend the Term of renew this Lease lease for one (1) period two successive terms of five (5) years (each, as follows:
A. Each of the “Renewal Term”). The Renewal Term renewal terms shall commence upon on the day next following expiration of the preceding term.
B. The option may be exercised by written notice to Landlord given not less than 180 days prior to the last day of the initial Termexpiring term. The giving of such notice shall be sufficient to make the lease binding for the renewal term without further act of the parties. Landlord and Tenant shall notify Landlord then be bound to take the steps required in writing connection with the determination of its rent as specified below.
C. The terms and conditions of the lease for each renewal term shall be identical with the original term except for rent and except that Tenant will no longer have any option to renew this lease that has been exercised. Rent for a renewal term shall be the fair market rental value of the Premises. As used herein, the "fair market rental rate" shall be the monthly rent (triple net) then being obtained for five year fixed rate leases of comparable terms for premises on property within the same geographical area, of similar types and identity, quality and location as the Premises.
D. If the parties do not agree on the rent within 30 days after notice of election to extend this Lease for renew, the Renewal Term rent shall be determined by a qualified, independent real property appraiser familiar with commercial rental values in the area and not less affiliated in any way with Landlord or Tenant. The appraiser shall be chosen by Tenant from a list of not fewer than six (6) months prior to five such individuals submitted by Landlord. If Tenant does not make the expiration choice within five days after submission of the initial Termlist, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter providedLandlord may do so. If Landlord does not receive submit such a list within 10 days after written notice request from Tenant xx.xx so, Tenant may name as and when required hereinan appraiser any individual with such qualifications. Within 30 days after appointment, the Renewal Term appraiser shall terminate return a decision; which shall be final and be of no further force or effect, and this Lease shall expire as binding upon both parties. The cost of the then-scheduled expiration date. The Renewal Term appraisal shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased borne equally 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 periodboth parties.
Appears in 1 contract
Renewal Option. Landlord hereby grants to Tenant17.1 Lessee may, and Tenant shall haveat its option, the right and option 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 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 all but not less than six all the Equipment by giving Lessor written notice not less than ninety (690) months prior days before the Maturity Date or any renewal term subsequent thereof for a term then agreed upon by the Lessee and the Lessor in writing, and paying to Lessor the expiration “fair market rental value” of the initial TermEquipment for such renewal term, time being of provided, that such renewal option shall not be exercisable if Lessee is in default under this Lease. Upon such notification and payment, such annual renewal rental as agreed between Lessor and Lessee in writing, but 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 other provisions and conditions of this LeaseLease shall continue unchanged and in full force and effect. If “fair market rental value” cannot be agreed upon by Lessee and Lessor, except that the Fixed Rent it shall be increased determined by adding averaging the CPI Adjustment Amount (defined below) to the then-current Fixed Rentappraisals obtained from three independent appraisers, which shall include one appraiser selected by Lessee, one appraiser selected by Lessor, and a third appraiser selected by both Lessee and Lessor. The “CPI Adjustment Amount” is calculated fees and expenses of all such appraisers shall be paid by multiplying Lessee.
17.2 If Lessee does not exercise its renewal option or purchase option as aforesaid and fails to return the Fixed Rent payable for Equipment at the last year end of the initial Term by a ratio, 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 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 any renewal term(s), then, unless and until the Equipment is returned to Lessor in accordance herewith (which Lessor may insist upon at any time), this Lease shall automatically be renewed from month to month with rent payable monthly in advance equal to the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period“fair market rental value” as determined by Lessor.
Appears in 1 contract
Samples: Equipment Lease Agreement (Integrated Silicon Solution Inc)
Renewal Option. Subject to the provisions hereinafter set forth, Landlord hereby grants to Tenant, and Tenant shall have, the right and an option to extend the Term of this Lease on the same terms, conditions and provisions as contained in this Lease, except as otherwise provided herein, for one (1) period of five (5) years (the “Renewal TermPeriod”). 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 after the expiration of the initial Term, which Renewal Period shall commence on February 1, 2018 (the “Renewal Period Commencement Date”) and end on January 31, 2023.
(a) Said option shall be exercisable by written notice from Tenant to Landlord of Tenant’s election to exercise said option given not later than February 1, 2017 (herein, the “Latest Renewal Exercise Date”), time being of the essence essence. If Tenant’s option is not so exercised, said option shall thereupon expire.
(b) Unless Landlord otherwise agrees (at its discretion), Tenant may only exercise said option, and an exercise thereof shall only be effective, if at the time of Tenant’s exercise of said option and on the Renewal Period Commencement Date, this Lease is in full force and effect and Tenant is not in monetary default under this Lease, or in non-monetary default beyond applicable cure periods under this Lease, and (inasmuch as said option is intended only for the benefit of the original Tenant named in this Lease and/or a permitted Tenant Affiliate assignee), as of the time of Tenant’s exercise of such right and as of the pertinent Renewal Period Commencement Date, not less than fifty percent (50%) of the rentable area of the Demised Premises are occupied by the original Tenant named herein and/or one or more permitted Tenant Affiliates, and said Tenant has not assigned this Lease (other than to a permitted Tenant Affiliate) or sublet greater than fifty percent (50%) of the rentable area of the Demised Premises (other than to one or more permitted Tenant Affiliates), pursuant to one or more assignments and/or subleases in effect as of either such date. Without limitation of the foregoing, no sublessee or assignee (other than an assignee which is a Tenant Affiliate) shall be entitled to exercise said option under this Article 29, and no exercise of said option by the original Tenant named herein or by a Tenant Affiliate assignee shall be effective, in the event said Tenant or Tenant Affiliate has assigned this Lease (other than to a permitted Tenant Affiliate) or has subleased greater than fifty percent (50%) of the rentable area of the Demised Premises (other than to one or more permitted Tenant Affiliates) pursuant to one or more assignments and/or subleases in effect as of the time of Tenant’s exercise of said right or as of the Renewal Period Commencement Date. In the event of an assignment to a Tenant Affiliate assignee permitted hereunder as of the time of Tenant’s exercise of its renewal rights under this Article 29 or as of the Renewal Period Commencement Date, then, at Landlord’s election, any exercise of the renewal option under this Article 29 and the corresponding lease amendment under Section 29(d) below must be signed by both the original named Tenant and each such successor Tenant Affiliate assignee in order to be effective (unless, however, the original named Tenant no longer exists as a separate and distinct legal entity as a direct result of the transaction giving rise to the assignment to such permitted assignee, such as in the case of a merger, in which case only the permitted assignee shall be obligated to execute the renewal option exercise notice and corresponding lease amendment hereunder). Notwithstanding anything herein to the contrary, Landlord shall have the right, at its election, to waive any of the conditions precedent to Tenant’s valid exercise of its renewal rights under this Article 29, as such conditions are described in this Section 29(b), whereupon Tenant’s prior exercise of such renewal rights shall be valid and in full force and effect in all respects. Any such waiver by Landlord must be in writing in order to be effective for purposes of the preceding sentence.
(c) Rent per square foot of rentable area of the Demised Premises payable during the Renewal Period with respect to such notification. Notice thereof shall be deemed sufficient if given all space included 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 Demised Premises as of the then-scheduled expiration date. The Renewal Term Period Commencement Date and all other concessions shall be upon all equal to or otherwise governed by the Market Rental Rate (as defined in Article 30 below) for the Demised Premises. Landlord shall give Tenant written notice of the Market Rental Rate within thirty (30) days following written request by Tenant, which request shall be made no earlier than fifteen (15) months prior to the Renewal Period Commencement Date.
(d) If Tenant has validly exercised said option, within thirty (30) days after request by either party hereto and determination of the Market Rental Rate, Landlord and Tenant shall enter into a mutually acceptable written amendment to this Lease, confirming the terms, covenants conditions and conditions provisions applicable to the Renewal Period as determined in accordance herewith, with such revisions to the rental provisions of this Lease, except that the Fixed Rent shall Lease as may be increased by adding the CPI Adjustment Amount (defined below) necessary to conform such provisions 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 Market Rental Rate.
(1982-1984=100e) 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 extend the Term of this Lease if, either at beyond the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date expiration of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodPeriod.
Appears in 1 contract
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
Samples: Industrial Lease Agreement (Centigram Communications Corp)
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 55 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 1 contract
Renewal Option. Landlord The Term of the Lease currently ends on April 15, 2017, which date represents the end of the last remaining Renewal Option contained in the Lease. Therefore, the following language is added to the Lease as a renewal option; all previous references to any renewal options (including Exhibit H) are hereby grants to Tenant, deleted and replaced by the following: Tenant shall have, have one (1) additional option (the right and option "Renewal Option") to extend the Term of this Lease for one all (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 but not less than six (6all) months prior of the Premises which are demised under this Lease as of the date of this 2016 Amendment, subject 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 following terms and conditions:
(a) This Lease is in the manner hereinafter provided. If Landlord does not receive such written notice as full force and when required herein, the Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as Tenant is neither in Default at the time Tenant exercises the Renewal Option nor at the commencement of the thenRenewal Term, but Landlord shall have the right at its sole discretion to waive the non-scheduled expiration date. default condition herein;
(b) The Renewal Term shall be upon all of the same terms, covenants and conditions of this as provided in the Lease, except that that: (i) Tenant may not again exercise the Fixed Rent shall be increased by adding Renewal Option during the CPI Adjustment Amount Renewal Term so as to further extend the Term beyond the Expiration Date of the Renewal Term; and (defined belowii) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Base Rent payable for the last year Renewal Term shall be:
(c) Tenant shall exercise the aforementioned Renewal Option by providing Landlord with written notice thereof on or before the date that is nine (9) months prior to the end of the initial current Term by a ratio, the numerator ("Notice"). The execution of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published this 2016 Amendment by the Bureau Tenant shall constitute the Tenant's official notice to Landlord of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date Tenant's intent to 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 Option.
(d) The Renewal Option shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease void if, on either at the time date upon which Tenant notifies Landlord of its election to extend this Lease exercises such Renewal Option or upon the commencement date of the Renewal Term, there shall exist any sublease of the Premises, or any part thereof, by Tenant (other than to a Permitted Transferee, as such is defined in default hereunder beyond any applicable grace or cure periodthe Lease).
Appears in 1 contract
Samples: Lease (Ufp Technologies 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
Renewal Option. Landlord Section 2.7 of the Lease (as set forth in Section 6 of the Third Amendment) is hereby grants deleted and replaced with the following: Lessee is hereby granted two (2) options to Tenantrenew this Lease upon the following terms and conditions:
(a) At the time of the exercise of each of the options to renew and at the time of each of said renewals, no Event of Default shall exist, and Tenant the Lessee, shall havenot have sublet, except to any subsidiary, parent or affiliate or successor by way of merger or consolidation or permitted assignee or subtenant for which no Lessor consent is required, more than fifty percent (50%) of the right and Existing Premises.
(b) Notice of the exercise of the first option shall be sent to extend the Term Lessor in writing by January 31, 2016. Notice of this Lease the exercise of the second option shall be sent to the Lessor in writing by January 31, 2021, TIME HEREBY BEING MADE OF THE ESSENCE in each case.
(c) The renewal terms shall be for one (1) period the term of five (5) years (each, the “First Renewal Term”). The Renewal Term shall , to commence upon the day next following the last day of the initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six (6) months prior to at the expiration of the initial Second Extended Term of this Lease and the Second Renewal Term to commence at the expiration of the First Renewal 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 other than the Fixed Base Rent, shall apply during each such Renewal Term.
(d) The Annual Base Rent to be paid during the First Renewal Term (November 1, 2016 through October 31, 2021) shall be increased fair rental value per square foot at the commencement of the First Renewal Term multiplied by adding the CPI Adjustment Amount square footage of the Premises. The Annual Base Rent to be paid during the Second Renewal Term (defined belowNovember 1, 2021 through October 31, 2026) shall be the fair rental value per square foot at the commencement of the Second Renewal Term multiplied by the square footage of the Premises. In determining the fair rental value, the Lessor shall notify Lessee of the 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 expense, employ the services of (i) a real estate appraiser familiar with office buildings located within the Chesxxx Xxxnty, Pennsylvania area comparable to the then-current Fixed Rent. Building, who shall be a member of The “CPI Adjustment Amount” Appraisal Institute who is calculated by multiplying unaffiliated with Lessor or Lessee, or (ii) a licensed, commercial real estate broker with a minimum of ten (10) years experience with office buildings located within the Fixed Rent payable for Chesxxx Xxxnty, Pennsylvania area comparable to the last year of the initial Term by a ratio, the numerator of which Building who 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 unaffiliated with Lessor or Lessee (the “IndexAppraiser”) ), 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 to appoint such independent Appraiser who shall be familiar with office buildings in the area of the Building and in such event the judgment of a majority of the two Appraisers and Lessor shall be final and binding upon the parties. The parties shall share equally in the cost of any such independent appraiser. Pending resolution of the issue of fair rental value, the Lessee shall pay Lessor as of commencement of the First or Second Renewal Term, and as the denominator case may be, the Annual Base Rent as established by Lessor, subject to retroactive adjustment upon final determination 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 adjustmentthis issue. Notwithstanding anything to the contrary above, once the fair rental value for the Renewal Term has been determined pursuant to the foregoing, Tenant Lessee shall have no right fifteen (15) days thereafter to advise Lessor whether Lessee elects to renew this the Lease iffor the Renewal Term at such fair rental value, either at the time Tenant notifies Landlord of or to rescind its election to extend this Lease or upon the commencement date exercise of the option to renew. In the event that Lessee rescinds its option to renew, Lessee shall be entitled to remain in the Premises for the greater of (i) ninety (90) days following the determination of the fair rental value or (ii) the expiration of the Term or the First Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.effect prior to the exercise of the option to
Appears in 1 contract
Samples: Lease Agreement (Ing Usa Annuity & Life Insurance Co)
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
Renewal Option. Landlord hereby grants to Tenant(A) Upon expiration of the term of this lease for the Demised Premises, provided that the same is then in full force and effect and Tenant shall haveis not in default hereunder, the right beyond notice and option to cure periods, Tenant may extend the Term such term for a renewal term of this Lease for one (1) period of five (5) 5 years (the “Renewal Term”)by giving Landlord written notice that it desires such extension. 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 Such notice must be given not less than six nine months before the term expires. The renewal term shall be upon the same terms, provisions, covenants, and conditions as are contained in this Lease, except as to the annual rent rate, and any other provision herein which by its terms is applicable only to the initial term. The annual rental rate during the renewal term shall be the greater of the rent last payable in the initial term or the "Prevailing Rate" as defined below.
(6B) months Tenant shall have no further option to renew this Lease beyond the expiration of the renewal period created by this section.
(C) The term "prevailing rate," as used in this Section, means the fair market rental rate then being charged for like space similarly situated in office buildings similar to and reasonably proximate to the Building in the same city and/or geographical area. In the event the parties cannot reach an agreement as to the prevailing rate, the same shall be determined by appraisal in accordance with the following provisions. If, by the day that is one hundred fifty (150) 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 original term of this Lease, except that the Fixed Rent parties are unable to agree in writing on the prevailing rate, then the prevailing rate shall be increased established by adding appraisers chosen and who shall act in the CPI Adjustment Amount (defined below) following manner: Landlord and Tenant shall each nominate one appraiser deemed by them, respectively, to be fit, reputable and impartial, to appraise and determine the prevailing rate for the renewal term of this Lease. The nomination must be in writing and must be given by each party to the then-current Fixed Rentother within one hundred twenty (120) days prior to the expiration of the original term of the Lease. The “CPI Adjustment Amount” If only one party shall so nominate an appraiser, then that appraiser shall have the power to act alone, and that appraiser's decision as to the prevailing rate made in accordance with the provisions hereof shall be binding upon both parties. If the two appraisers nominated and appointed as appraisers by the parties shall differ in judgment as to such prevailing rate, then they shall appoint a third appraiser who is calculated a fit, reputable and impartial person. However, if they cannot agree upon such person, then the Westchester County Board of Realtors shall appoint a fit, reputable and impartial person to act as the third appraiser. If the two appraisers agree in writing upon such prevailing rate, then that determination shall be binding on the parties, but if they are unable to agree within thirty (30) days after second of the two has been appointed, then the selection of the third appraiser shall be made, as above provided for, within ten (10) days thereafter, and the three appraisers then named shall act with promptness, and the decision of a majority of such appraisers shall be the expense of its own appraiser, but the fees of third appraiser shall be shared equally. No person shall be qualified for appointment as an appraiser hereunder unless he or she is a licensed real estate broker or agent with at least ten (10) years of experience in leasing office space. Any appraiser may be removed by multiplying the Fixed Rent payable parties or other persons who appointed that appraiser, as the case may be, for failure to perform his or her duties expeditiously, and a successor appraiser shall be promptly appointed by such parties or person(s), as the case may be. If the prevailing rate has not been determined and evidence by an appropriate amendment to this Lease prior to the expiration of the original term of this Lease, then Tenant shall pay as the annual rental rate an amount equal to the annual rental rate for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index 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 periodoriginal term.
Appears in 1 contract
Samples: Office Lease (Candies Inc)
Renewal Option. Landlord hereby grants to Tenant, and Tenant shall have, have the right and option to extend the Second Extended Term of this the Lease for one (1) period the Leased Premises, excluding the Building #3 Space, for two additional terms of five (5) years (the each an “Additional Renewal Term”)) to commence immediately following the expiration of the Second Extended Term, or first Additional Renewal Term, whichever is applicable. The Tenant may exercise the right to extend the term of the Lease for an Additional Renewal Term shall commence upon the day next following the last day only by delivering to Landlord written notice of the initial Term. Tenant shall notify Landlord in writing Tenant’s exercise of its election to extend this Lease for the Renewal Term not such right no less than six nine (69) months prior to the expiration date of the initial Second Extended Term or the first Additional Renewal Term, if applicable, time being of the essence with respect to such notificationessence. Notice thereof The terms and conditions of the Lease shall be deemed sufficient if given continue in the manner hereinafter provided. If Landlord does not receive such written notice as full force and when required herein, the effect for each Additional Renewal Term shall terminate and be of no further force or effect, and this Lease shall expire as of except that the then-scheduled expiration date. The monthly rental for each Additional Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) calculated pursuant to the then-current Fixed Rent. following formula: The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable monthly rental for the last year of the initial Additional Renewal Term for which this calculation is made shall equal $31,997.49 multiplied by a ratiofraction, the numerator of which is the CPI in effect on the expiration of the Second Extended Term or the first Additional Renewal Term, whichever is applicable, and the denominator of which is the CPI in effect for June 2011. Notwithstanding the result of the above calculation, the monthly rental for each applicable Additional Renewal Term shall not be less that the monthly rental in effect for the preceding term. The CPI, as referred to herein, means the Consumer Price Index for All all Urban ConsumersConsumers 1984=100 relating to the United States City Average, Cleveland-Akron, All Items (1982-1984=100) published as issued by the Bureau of Labor Statistics of the United States Department of Labor, or any successor to the function thereof. In the event of the conversion of the CPI to a different standard reference base or any other revision thereof, the determination hereunder shall be made with the use of such Bureau of Labor (Statistics or successor to the “Index”) on functions thereof or in the date nearest absence of the publication of such conversion factor, such formula or table as the parties shall mutually designate. As a condition precedent to the commencement date of the first Additional Renewal Term, or the second Additional Renewal Term, whichever is applicable, Tenant shall not be in default of the Lease, and Haemonetics Corporation, itself or its affiliate, shall be in full possession of the Leased Premises continually during the Second Extended Term and at the commencement of the first Additional Renewal Term, or during the first Additional Renewal Term, and at the denominator commencement of which the Second Additional Renewal Term, whichever is applicable. If the Index conditions precedent are not met, Landlord may, at its option, terminate the Lease as of the first last day of the third Lease Year. IfSecond Extended Term or first Additional Term, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Indexwhichever is applicable, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodLease.
Appears in 1 contract
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
Samples: 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
Samples: Landlord Consent to Assignment and Assumption of Lease (Kosan Biosciences Inc)
Renewal Option. Landlord hereby grants to Tenant, Provided no Event of Default exists and Tenant shall haveis occupying not less than 80% of the entire Premises initially leased at the time of such election, the right and option to extend the Term of Tenant may renew this Lease for one (1) additional period of five (5) years by delivering written notice of the exercise thereof to Landlord not earlier than 18 months nor later than 12 months before the expiration of the Term. The Basic Rent payable for each month during such extended Term shall be the greater of (i) the then-current Basic Rent, or (ii) the prevailing rental rate at the commencement of such extended Term, for leases of space in the Building of equivalent quality, size, utility and location, with the length of the extended Term to be taken into account ("Market Rate") (the “greater of [i] and [ii] is the "Renewal Term”Rental Rate"). The Renewal Term Within 30 days after receipt of Tenant's notice to renew, Landlord shall commence upon the day next following the last day deliver to Tenant written notice of the initial TermRenewal Rental Rate and shall advise Tenant of the required adjustment to Basic Rent, if any, and the other terms and conditions offered. Tenant shall shall, within ten days after receipt of Landlord's notice, notify Landlord in writing whether Tenant accepts or rejects Landlord's determination of its election to extend this Lease for the Renewal Term not less than six (6) months prior to the expiration Rental Rate. If Tenant timely notifies Landlord that Tenant accepts Landlord's determination of the initial TermRenewal Rental Rate, time being of the essence with respect to such notification. Notice thereof shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinthen, the Renewal Term shall terminate and be of no further force on or effect, and this Lease shall expire as of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest before the commencement date of the Renewal extended Term, Landlord and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right execute an amendment to renew this Lease ifextending the Term on the same terms provided in this Lease, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period.except as follows:
Appears in 1 contract
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
Samples: Lease Agreement (Multi Link Telecommunications Inc)
Renewal Option. Landlord hereby grants If the lease is not in default at the time each option is exercised or at the time the renewal term is to Tenantcommence, and Tenant shall have, have the right and option to extend the Term of renew this Lease lease for one three (13) period successive terms of five (5) years each, as follows:
(1) Each of the “Renewal Term”). The Renewal Term renewal terms shall commence upon on the day next following expiration of the preceding term.
(2) The option may be exercised by written notice to Landlord given not less than 180 days prior to the last day of the initial Termexpiring term. The giving of such notice shall be sufficient to make the lease binding for the renewal term without further act of the parties. Landlord and Tenant shall notify then be bound to take the steps required in connection with the determination of rent as specified below. If Tenant shall fail to give any such notice within such one hundred eighty (180) day time limit, Tenant's right to exercise its option shall nevertheless continue until thirty (30) days after Landlord in writing shall have given Tenant notice of its Landlord's election to extend this Lease for the Renewal Term not less than six (6) months prior to terminate such option, and Tenant may exercise such option at any time until the expiration of said thirty (30) day period. It is the initial Term, time being intention of the essence with respect parties to such notificationavoid forfeiture of Tenant's rights to extend the term of this Lease under any of the options set forth in this Section 1.3 through inadvertent failure to give notice thereof within the time limits prescribed. Notice thereof shall During any extension of the term all Sections of this Lease will 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 effecteffective, and this Lease shall expire as of references to term will incorporate the then-scheduled expiration date. extensions.
(3) The Renewal Term shall be upon all of the terms, covenants terms and conditions of this Lease, the lease for each renewal term shall be identical with the original term except for rent and except that the Fixed Tenant will no longer have any option to renew this lease that has been exercised. Rent for a 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 rental during the last year of the initial Term by a ratiopreceding original or renewal term adjusted as provided herein. XXXXXXXXX, the numerator of which is the Consumer Price Index for All Urban ConsumersXXXXXX, ClevelandTWEET, XXXXXXXX, XXXXX & XXXXX XX XXX 000 XXXXX, XX 00000 (000) 000-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.0000
Appears in 1 contract
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
Samples: Lease Agreement (American Home Mortgage Holdings Inc)
Renewal Option. Landlord hereby grants to Tenant17.1 Lessee may, and Tenant shall haveat its option, the right and option 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 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 all but not less than six all the Equipment by giving Lessor written notice not less than ninety (690) months prior days before the Maturity Date or any renewal term subsequent thereof for a term then agreed upon by the Lessee and the Lessor in writing, and paying to Lessor the expiration “fair market rental value” of the initial TermEquipment for such renewal term, time being of provided, that such renewal option shall not be exercisable if Lessee is in default under this Lease. Upon such notification and payment, such annual renewal rental as agreed between Lessor and Lessee in writing, but 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 other provisions and conditions of this LeaseLease shall continue unchanged and in full force and effect. If “fair market rental value” cannot be agreed upon by Lessee and Lessor, except that the Fixed Rent it shall be increased determined by adding averaging the CPI Adjustment Amount (defined below) to the then-current Fixed Rentappraisals obtained from three independent appraisers, which shall include one appraiser selected by Lessee, one appraiser selected by Lessor, and a third appraiser selected by both Lessee and Lessor. The “CPI Adjustment Amount” is calculated fees and expenses of all such appraisers shall be paid by multiplying Lessee.
17.2 If Lessee does not exercise its renewal option or purchase option as aforesaid and fails to return the Fixed Rent payable for Equipment at the last year end of the initial Term by a ratio, 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 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 any renewal term(s), then, unless and until the Equipment is returned to Lessor in accordance herewith (which Lessor may insist upon at any time) , this Lease shall automatically be renewed from month to month with rent payable monthly in advance equal to the commencement date of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure period“fair market rental value” as determined by Lessor.
Appears in 1 contract
Samples: Equipment Lease Agreement (Integrated Silicon Solution Inc)
Renewal Option. Landlord Provided
(i) Lessee is not in default in the performance of its covenants under this Lease and (ii) Lessee provides to Lessor a current statement of Lessee's financial condition acceptable to Lessor at the time this renewal option is exercised, Lessee 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) period additional term of five (5) years (the “"Renewal Term”"). The Renewal Term shall , to commence upon at the day next following the last day expiration of the initial Termterm of this Lease. Tenant Lessee shall notify Landlord in writing exercise this option to renew by delivering written notice of its such election to extend this Lease for the Renewal Term not less than Lessor 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 (a) the Fixed Base Rent during the Renewal Term shall be increased the same rate and conditions as that being offered by adding the CPI Adjustment Amount Lessor for new leases in the Building; (defined belowb) the Operating Cost Allowance shall be the amount being offered by the Lessor for new leases in the Building; (c) Lessee shall have no option to renew this Lease beyond the thenRenewal Term set out above; (d) Lessee shall not have the right to assign its renewal rights to any non-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year affiliate sublessee of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, ClevelandPremises or non-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics affiliate assignee of the United States Department Lease; (e) the leasehold improvements will be provided in their then existing condition (on an "as is" basis) at the time the Renewal Term commences, provided that Lessor agrees to reimburse Lessee up to a maximum amount of Labor Three and 00/100 Dollars ($3.00) per net rentable square feet of floor space then included in the “Index”Premises, for any costs to refurbish the Premises incurred by Lessee within six (6) on the date nearest months from the commencement date of the Renewal Term, and (f) the denominator of which is "Term" as defined in the Index as of the first day of the third Lease Year. IfLease, during the Lease shall include any Renewal 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 periodthat has been duly exercised by Lessee.
Appears in 1 contract
Renewal Option. 24.1. Subject to the provisions hereinafter set forth in this Article XXIV, Landlord hereby grants to Tenant, and Tenant shall have, the right and option to extend the Term of this Lease on the same terms, conditions and provisions as contained herein, except as otherwise provided herein, for one two (12) period periods of five (5) years each (the “"First Renewal Term”" and the "Second Renewal Term", as applicable; collectively, the "Renewal Terms"). The First Renewal Term shall commence upon on the day next following the last day of the initial TermTerm and shall expire on the last day of the sixtieth (60th) complete calendar month thereafter. The Second Renewal Term shall commence on the day following the last day of the First Renewal Term and shall expire on the last day of the sixtieth (60th) complete calendar month thereafter.
24.2. Said options to renew shall be exercisable by written notice from Tenant shall notify to Landlord in writing of its Tenant's election to extend this Lease for the Renewal Term exercise same, given not less later than six twelve (612) months prior to the expiration of the initial original Term or the First Renewal Term, time being as applicable. If Tenant fails to exercise its option to renew for the First Renewal Term in a timely manner, Tenant's rights under this Article XXIV shall cease and terminate and its rights to occupy and possess the Premises shall expire on the last day of the essence with respect original Term; if Tenant fails to such notificationexercise its option to renew for the Second Renewal Term in a timely manner, Tenant's rights under this Article XXIV shall cease and terminate and its right to occupy and possess the Premises shall expire on the last day of the First Renewal Term.
24.3. Notice Tenant may only exercise said options to renew, and an exercise thereof shall only be deemed sufficient if given in effective if, at the manner hereinafter provided. If Landlord does not receive such written notice as and when required herein, the Renewal Term shall terminate and be time of no further force or effect, and this Lease shall expire as Tenant's exercise of the then-scheduled expiration date. The Renewal Term shall be upon all of the terms, covenants option and conditions of this Lease, except that the Fixed Rent shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the applicable Renewal Term, this Lease is in full force and effect and no event which, with the denominator passage of which time or giving of notice, or both, would constitute an Event of Default, is the Index as of the first day of the third Lease Year. Ifthen outstanding; provided, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Indexhowever, 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, that Tenant shall have no the right to renew exercise said option if Tenant is prosecuting the curing of a default in accordance with the applicable provisions of this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date of Lease.
(a) Base Rent during the Renewal Term, Tenant is Terms shall be equal to the greater of (i) the Base Rent in default hereunder beyond any applicable grace or cure period.effect during the month immediately preceding the
Appears in 1 contract
Samples: Lease (California Microwave Inc)
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
Samples: 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
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
Samples: Office Lease Agreement (Netrix Corp)
Renewal Option. Landlord hereby grants (a) Subject to Tenantthe provisions set forth below, and Tenant shall have, have the right and option to extend the Term of renew this Lease lease for one two (12) period additional terms of five (5) years each (the “"Renewal Term”Term(s)"). The First Renewal Term shall commence upon the day next following the last day expiration of the initial original Term of this lease (the "Initial Term. Tenant shall notify Landlord in writing of its election to extend this Lease for ") and the Second Renewal Term not less than six (6) months prior to shall commence on the expiration of the initial First Renewal 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 All of the terms, covenants and conditions of this Leaselease shall govern the Renewal Terms, except that as otherwise specifically set forth hereinafter or if inapplicable thereto.
(b) The Fixed Rent during the initial Lease Year of the First Renewal Term shall be equal to the sum of: (i) 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 Initial Term by a ratio, (hereinafter called the numerator "Last Year Rent"); and (ii) the product of which is (x) the Last Year Rent and (y) fifty (50%) percent of the percentage increase in the Index (as hereinafter defined) between the Index for the month one (1) year immediately prior to the commencement of the Initial Term and the Index for the first month of the last Lease Year of the Initial Term.
(c) The Fixed Rent during each Lease Year of the First Renewal Term and for each Lease Year of the Second Renewal Term shall be equal to the sum of (i) the Fixed Rent for the prior Lease Year; and (ii) the product of (x) the Fixed Rent for the prior Lease Year and (y) the percentage increase in the Index between the Index for the first month of the prior Lease Year and the Index for the first month of the then current Lease Year.
(d) The term Index shall mean the Consumer Price Index for All Urban ConsumersWage Earners and Clerical Workers, ClevelandNew York-AkronNortheastern New Jersey, All Items (revised 1982-1984=100) 1984 equal 100, published by the Bureau of Labor Statistics of the United States Statistics, U.S. Department of Labor (herein referred to as the “"Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is "). If the Index as of (or a successor or substitute index) becomes unavailable, a reliable governmental or other non-partisan publication evaluating 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 information theretofore used in determining the Index shall be used in determining lieu of such Index. If the amount Index is not known as of any the applicable month of calculation, Tenant shall pay a monthly Fixed Rent equal to that which was paid for the last month prior to the Lease Year in which a rent adjustment occurs until the Index is known and the necessary computation can be made by Landlord to determine the increase in the Fixed Rent, if any, at which time Tenant shall pay all arrearages based upon such adjustment. Notwithstanding increased Fixed Rent within ten (10) days of Landlord's rendition to Tenant of its invoice for same.
(e) Tenant's option to renew, as provided in subparagraph (a) above, shall be conditioned upon and subject to each of the foregoingfollowing:
(i) Tenant shall notify Landlord in writing of its exercise of its option to renew at least nine (9) months prior to the expiration of the Initial Term or the First Renewal Term, whichever shall be applicable;
(ii) At the time Landlord receives Tenant's notice as provided in (i) above and at the date of commencement of the applicable Renewal Term, Tenant shall not be in default under the terms or provisions of this lease or have acted or failed to act in such manner as with the passage of time, would constitute a default hereunder;
(iii) Tenant shall have no right further renewal option beyond the two (2) renewal options set forth herein;
(iv) This option to renew this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date shall be deemed part of the lease and may not be assigned or transferred, other than as part of an assignment of this lease in accordance with the provisions of this lease;
(v) Landlord shall have no obligation to do any work or perform any services for the Renewal Term(s) with respect to the Premises, and Tenant agrees to accept same in its then "as is" condition; and
(vi) In no event shall the Fixed Rent during any Lease Year of any Renewal Term be less than the Fixed Rent for the immediately preceding Lease Year.
(f) The Tenant shall deposit with Landlord as Security on or before the Commencement Date of the First Renewal Term, Tenant is in default hereunder beyond any applicable grace an amount equal to three (3) months' Fixed Rent and on or cure periodbefore the commencement of each subsequent Lease Year shall deposit with Landlord, such additional monies as may be necessary so as to provide Landlord with Security equal to three (3) months', Fixed Rent.
Appears in 1 contract
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
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
Samples: Unitary Net Lease Agreement (Getty Realty Corp /Md/)
Renewal Option. Landlord hereby grants to Tenant, and A. Tenant shall have, have the right and option to extend the Term of this Lease for one (1) period of five (5) years (hereinafter called the “Renewal "Extended Term”"). The Renewal Term shall commence upon the day next following the last day of the initial Term. , provided Tenant shall notify Landlord in writing of its election to extend this Lease for the Renewal Term not less than six nine (69) months prior to the Expiration Date that Tenant elects to extend the term of this Lease and provided further that if Tenant is in default (after the expiration of any applicable grace period) on the initial Term, time being date of giving the essence with respect to such notification. Notice thereof option notice the option notice shall be deemed sufficient ineffective or if given Tenant is in default (after the manner hereinafter provided. If Landlord does not receive such written notice as and when required hereinexpiration of any applicable grace period) on the date the Extended Term is to commence, the Renewal Extended Term shall terminate and be of no further force or effectnot Page 4 ------------------------------------------------------------------ commence, and this Lease shall expire as at the end of the then-scheduled expiration datethen current term. The Renewal Term If the lease term is extended as aforesaid this Lease, as extended, shall be upon all of the same terms, covenants and conditions of this Lease, as are set forth therein except that the Fixed that: (i) Base Rent shall be increased by adding payable at the CPI Adjustment Amount rate set forth in paragraph B below plus applicable sales tax; (defined belowii) the Base Year during the Extended Term shall be calendar year 2002; (iii) Landlord shall have no obligation to contribute to or make or pay for any alterations or improvements to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying the Fixed Rent payable for the last year of the initial Term by a ratio, the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items Premises; (1982-1984=100iv) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest the commencement date of the Renewal Term, and the denominator of which is the Index as of the first day of the third Lease Year. If, during the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index shall be used in determining the amount of any such adjustment. Notwithstanding the foregoing, Tenant shall have no right further option to renew or extend the term; and (v) Tenant's Lobby Share shall be payable during the Extended Term. Failure to comply with the provisions of this Lease if, either at the time Tenant notifies Landlord of its election to extend this Lease or upon the commencement date Paragraph A shall be deemed a complete waiver of the Renewal Term, Tenant is in default hereunder beyond any applicable grace or cure periodoption set forth herein.
Appears in 1 contract
Samples: Lease Agreement (Capital Bancorp/Fl)
Renewal Option. Landlord hereby grants to TenantA. Provided that no default is existing under this Lease at the time the Renewal Option (as hereinafter defined) is exercised, or at the commencement of the Renewal Period (as hereinafter defined), and subject to the right of Tenant to nullify the exercise of the Renewal Option as hereinafter provided, Tenant shall have, have the right and option (the "RENEWAL OPTION") to extend the Term of this Lease for one (1) five year period of five (5) years (the “"RENEWAL PERIOD") commencing on the expiration of the Term.
B. Tenant's right to exercise the Renewal Term”). Option shall be conditioned upon Landlord's receipt, concurrently with Tenant's exercise of the Renewal Option, of current financial statements of Tenant, certified by an authorized representative of Tenant.
C. 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 eighteen (618) months nor later than twelve (12) months prior to the expiration of the initial Term, time being . In the event Tenant fails strictly to comply with the procedure for exercise of the essence with respect Renewal Option, Tenant shall have no further right to such notification. Notice thereof shall be deemed sufficient if given in extend the manner hereinafter provided. If Landlord does not receive such written notice as Term.
D. Landlord's and when required herein, Tenant's rights and obligations 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 Period shall be upon all of the terms, covenants same terms and conditions of as are contained in this Lease, except that as hereinafter provided:
(i) The annual Base Rent (described below) during the Fixed Rent Renewal Period shall be increased by adding at the CPI Adjustment Amount (defined below) rate per annum per square foot of rentable area in the Leased Premises, equal to the then-current Fixed Rent. The “CPI Adjustment Amount” is calculated by multiplying Market Rental Rate (as hereinafter defined) per annum, but in no event shall the Fixed Base Rent payable for any year in the applicable Renewal Period be less than the Base Rent in effect for the last year of the initial Term by Term. The Market Rental Rate shall be the rate for the leasing of comparable space in the Oak Brook area for a ratio, term equal to the numerator of which is the Consumer Price Index for All Urban Consumers, Cleveland-Akron, All Items (1982-1984=100) published by the Bureau of Labor Statistics of the United States Department of Labor (the “Index”) on the date nearest Renewal Period and commencing at approximately the commencement date of the Renewal TermPeriod taking into account rent abatement, tenant construction allowance, and other concessions given to other tenants of similar space for similar lease terms.
(ii) At any time in the denominator of period during which is the Index as Tenant may exercise the Renewal Option, the Tenant may request Landlord's good faith determination of the first day Base Rent for the Renewal Period. Landlord shall provide Tenant with such determination within thirty (30) days after such request. The Landlord's good faith determination of the third Lease Year. If, during Base Rent for the Lease Term the Bureau of Labor Statistics ceases to maintain the Index, then such other index or standard as will most nearly accomplish the aim or purpose of the Index Renewal Period shall be used binding upon Tenant and Landlord in determining the amount of any such adjustment. Notwithstanding event that Tenant thereafter exercises the foregoingRenewal Option as herein provided.
(iii) Landlord shall have no obligation to make improvements, decorations, repairs, alterations, or additions to the Leased Premises as a condition to Tenant's obligation to pay Base Rent or Additional Charges for the Renewal Period.
E. Except as specified herein, Tenant shall have no further right to renew this Lease ifextend the Term.
F. Notwithstanding anything herein to the contrary, either at in the time event of any assignment, sublet or transfer by Tenant notifies Landlord of its election to extend this Lease or upon any interest under it, or in the commencement date of event Tenant vacates the Renewal TermLeased Premises, Tenant is in default hereunder beyond any applicable grace or cure periodshall have no rights under this Paragraph 31.
Appears in 1 contract
Samples: Lease Agreement (Privatebancorp Inc)
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
Samples: Office Lease (Quality Systems Inc)
Renewal Option. Landlord hereby grants If the lease is not in default at the time each option is exercised or at the time the renewal term is to Tenantcommence, and Tenant shall have, have the right and option to extend the Term of renew this Lease lease for one three (13) period successive terms of five (5) years each, as follows:
(1) Each of the “Renewal Term”). The Renewal Term renewal terms shall commence upon on the day next following expiration of the preceding term.
(2) The option may be exercised by written notice to Landlord given not less than 180 days prior to the last day of the initial Termexpiring term. The giving of such notice shall be sufficient to make the lease binding for the renewal term without further act of the parties. Landlord and Tenant shall notify then be bound to take the steps required in connection with the determination of rent as specified below. If Tenant shall fail to give any such notice within such one hundred eighty (180) day time limit, Tenant's right to exercise its option shall nevertheless continue until thirty (30) days after Landlord in writing shall have given Tenant notice of its Landlord's election to extend this Lease for the Renewal Term not less than six (6) months prior to terminate such option, and Tenant may exercise such option at any time until the expiration of said thirty (30) day period. It is the initial Term, time being intention of the essence with respect parties to such notificationavoid forfeiture of Tenant's rights to extend the term of this Lease under any of the options set forth in this Section 1.2 through inadvertent failure to give notice thereof within the time limits prescribed. Notice thereof shall During any extension of the term all Sections of this Lease will 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 effecteffective, and this Lease shall expire as of references to term will incorporate the then-scheduled expiration date. extensions.
(3) The Renewal Term shall be upon all of the terms, covenants terms and conditions of this Lease, the lease for each renewal term shall be identical with the original term except for rent and except that the Fixed Tenant will no longer have any option to renew this lease that has been exercised. Rent for a 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 rental 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 Term, and the denominator of which is the Index preceding original or renewal term adjusted 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 periodprovided herein.
Appears in 1 contract
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
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
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 Date” is 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
Samples: Office Lease (Innoviva, 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 20xx Xxxxxx to the South, 40xx Xxxxxx 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
Samples: 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
Samples: 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
Samples: 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
Samples: Lease Agreement (Rae Systems Inc)
Renewal Option. Landlord Lessor hereby grants to Tenant, and Tenant shall have, Lessee the right and option to renew and extend the Term term of this Lease for one thirty-six (136) period of five (5) years months (the “"Renewal Term”Period"). In the event Lessee elects to exercise the option described herein, all terms and conditions of this Lease shall continue in full force and effect, except that (i) terms, covenants and condition that are expressly or by their nature inapplicable to the Renewal Period, including, without limitation, this Renewal Option shall not apply, and (ii) the monthly rent shall be adjusted in the following manner: The monthly rent to be paid during the Renewal Term Period shall commence be at the then current prevailing market rate. This market rental shall be based upon the day next following then prevailing rental rates for properties of equivalent quality, size, utility, and location, with the last day length of the initial Termlease term, lease structure (gross, net, etc.), amount of leasehold improvements to be provided and credit standing of the lessee to be taken into account. Tenant shall notify Landlord Notice of Lessee's intention to exercise the option must be given to Lessor in writing of its election to extend this Lease for the Renewal Term not less than four (4) months nor more than six (6) months prior to the expiration of the initial Termprimary or immediately preceding term of this Lease, and Lessee must not be in default under, nor shall there be any event or condition which with the passage of time being could constitute a default under this Lease at either the time that this option must be exercised or the commencement of the essence with respect Renewal Period; otherwise, this Renewal Option shall be null and void and of no further force or effect. Lessee's failure to such notification. Notice thereof give notice of exercise of the Renewal Option shall be deemed sufficient if given in the manner hereinafter provided. If Landlord does not receive a waiver of such written notice as option and when required herein, the Renewal Term shall terminate and such option will then be of no further force or effect, effects. Lessee shall promptly execute and this Lease shall expire as deliver an amendment of the then-scheduled expiration date. The Renewal Term shall be upon all of Lease in form and substance satisfactory to Lessor to evidence the terms, covenants and conditions exercise 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, Option and the denominator effect thereof. In the event the Premises are sublet or assigned, this renewal option will be null and void and 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 periodfurther effect.
Appears in 1 contract
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
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
Samples: Lease Agreement (Vixel Corp)
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
Samples: Lease Agreement (Ym Biosciences Inc)
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
Samples: Lease Amendment Agreement (Mobius Management Systems Inc)
Renewal Option. Landlord hereby grants Subject to Tenantthe terms and conditions set forth below in this Section 25, and Tenant shall have, the right and option to extend the Term of this Lease for one (1) period of five (5) years may be extended at Tenant's option (the “"Renewal Option") once for a five-year period with an annual 3% escalation in Base Rent and Additional Rent. Such period is called 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 same terms, covenants and conditions contained in this Lease (excluding this Section 25 and Section 26). Any reference in this Lease to the "Term" shall be deemed to include the Renewal Term if and when exercised, unless it is expressly provided otherwise. Any termination of this Lease, except that the Fixed Rent Lease or of Tenant's right to possession shall be increased by adding the CPI Adjustment Amount (defined below) to the then-current Fixed Rentterminate all of Tenant's rights under this Section 25. 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 Tenant may exercise the Renewal Term, and the denominator of which is the Index as of Option only by delivering written notice thereof to Landlord not less than nine (9) months prior to the first day of the third Lease YearRenewal Term. IfIf Tenant fails to deliver any such notice within the time period set forth in the immediately preceding sentence, 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 Tenant shall be used in determining deemed to have irrevocably waived its right to exercise the amount of any such adjustmentRenewal Option. Notwithstanding the foregoing, if Tenant shall have no fails to deliver the renewal notice within the time herein provided, such right to renew this Lease if, either at the time shall not be deemed waived unless and until Tenant notifies receives written notice from Landlord that it has failed to exercise its right to renew and Tenant fails to exercise such right within sixty (60) days after receipt of its election to extend this Lease or upon the commencement date of such notice from Landlord. If Tenant delivers written notice exercising the Renewal TermOption, Tenant is in default hereunder beyond any applicable grace or cure periodsuch notice shall be irrevocable.
Appears in 1 contract
Renewal Option. Landlord hereby grants to Tenant(a) Provided that this Lease is not previously cancelled or terminated, and Tenant shall haveprovided that Lessee is not in default hereunder beyond the expiration of any applicable notice, grace and cure period, the right Term of this Lease shall be automatically extended for three (3) consecutive 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 beyond the expiration of any applicable notice, grace and option cure period, on the date of automatic exercise of the Renewal Term and on the date that such Renewal Term commences and (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, and shall be deemed to have waived, 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. For example, if Lessee exercises the first Renewal Option, the Fixed Annual Rent shall increase on the first day of the first Renewal Term, and each third (3rd) anniversary thereof, as provided in Section 3(b).
(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 Premises as set forth on Schedule “A” attached hereto and by this reference made a part hereof (as same may be amended from time Tenant notifies Landlord to time pursuant to the terms of its election this Lease). Time shall be of the essence as to extend the giving of notices under this Section 6.
(d) If Lessee elects not to renew this Lease by providing 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
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
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
Samples: Lease (Ore Pharmaceuticals Inc.)
Renewal Option. Landlord hereby grants to TenantTenant shall, provided the Lease is in full force and Tenant shall haveeffect and there is no existing 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 option to renew this Lease for a term of five (5) years (the “Renewal Term”). The ) for the 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:
31.1 If Tenant elects to exercise said option, then Tenant shall commence upon provide Landlord with written notice no earlier than the day next following date which is twelve (12) months prior to the last day expiration of the initial then current term of the Lease but no later than the date which is nine (9) months prior to the expiration of the then current term of this Lease. If Tenant fails to provide such notice, Tenant shall have no further or additional right to extend or renew the term of the Lease.
31.2 The Annual Rent and Monthly Installment in effect at the expiration of the then current term of the Lease shall be adjusted to reflect 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 tenant improvements and market inducements and concessions for renewing tenants and 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 exercise its option for the Renewal Term. Tenant shall notify Landlord in writing of its election any objection to extend this Lease Landlord’s determination of the new of the Annual Rent and Monthly Installment for the Renewal Term within fifteen (15) days after Tenant’s receipt of Landlord’s notice. If Tenant timely objects, Landlord and Tenant shall promptly commence negotiations in good faith to attempt to agree upon the fair market rent within thirty (30) days after Landlord’s receipt of Tenant’s written objection notice. If the parties cannot less than six agree, each acting in good faith but without any obligation to agree, then Tenant shall by written notice given within fifteen (615) months prior to days after the expiration end of such thirty (30) day period either (i) accept Landlord’s determination of fair market rent constituting the initial Annual Rent and Monthly Installment for the Premises for the Renewal Term, time being of (ii) rescind Tenant’s election to exercise 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, renewal option afforded herein for the Renewal Term shall terminate and be of no further force or effect, and this Lease shall elect to allow the Term to expire as of the then-scheduled expiration date. The Renewal Term shall be upon all date of the termsTerm, covenants and conditions of this Lease, except that or (iii) elect to determine 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 fair market rental (the “IndexPrevailing Market Rate”) pursuant to and in accordance with the procedures set forth below in Section 31.3 below. If Tenant fails to so notify Landlord within said fifteen (15) day period, then Tenant shall be deemed to have elected option (iii) and the Prevailing Market Rate for the Premises for the renewal term shall be determined pursuant to and in accordance with the procedures set forth below in Section 31.3 below.
31.3 In the event that Tenant notifies Landlord that Tenant elects to determine the Prevailing Market Rate, then Tenant shall specify, in such notice to Landlord, Tenant’s selection of a real estate appraiser who shall act on Tenant’s behalf in determining the date nearest Prevailing Market Rate for the commencement date Renewal Term. Within twenty (20) days after Landlord’s receipt of Tenant’s selection of a real estate appraiser, Landlord, by written notice to Tenant, shall designate a real estate appraiser, who shall act on Landlord’s behalf in the determination of the Prevailing Market Rate for the Renewal Term. Within twenty (20) days of the selection of Landlord’s appraiser, the two (2) appraisers shall render a joint written determination of the Prevailing Market Rate for the Renewal Term, which determination shall take into account tenant improvements and market inducements and concessions for renewing tenants and the denominator of which is the Index as specific provisions of the first Lease which will remain constant. If the two (2) appraisers are unable to agree upon a joint written determination within said twenty (20) day period, then, within ten (10) days after the expiration of such twenty (20) day period, the two appraisers shall select a third appraiser. Within twenty (20) days after the appointment of the third Lease Year. Ifappraiser, 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 third appraiser shall render a written determination of the Index Prevailing Market Rate by selecting, without change, the determination of one (1) of the original appraisers as to the Prevailing Market Rate and such determination shall be used final, conclusive and binding. All appraisers selected in determining accordance with this subparagraph shall have at least ten (10) years prior experience in the amount commercial leasing market in the metropolitan area in which the Building is located and shall be members of any such adjustmentthe American Institute of Real Estate Appraisers or similar professional organization. Notwithstanding If either Landlord or Tenant fails or refuses to select an appraiser, the foregoing, other appraiser shall alone determine the Prevailing Market Rate. Landlord and Tenant agree that they shall be bound by the determination of Prevailing Market Rate pursuant to this subsection. Landlord shall bear the fee and expenses of its appraiser; Tenant shall have no right bear the fee and expenses of its appraiser; and Landlord and Tenant shall share equally the fee and expenses of the third appraiser, if any.
31.4 This renewal 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 (other than (i) an assignee pursuant to a Permitted Transfer made in accordance with Section 9.8 above, either at or (ii) an assignee which is an entity controlled by Xxxxxx X. Xxxxxx) 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
Samples: Lease (Appgate, 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
Samples: 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
Samples: Lease Agreement (Heelys, Inc.)
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
Samples: 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
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 the 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:
(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 ten (6210) 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 this Lease if, either 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 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 Tenant notifies Landlord of its election to extend this Lease or upon notification and the commencement date of the Renewal Term, Tenant is 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 default hereunder beyond any applicable grace or cure the preceding period.
(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 “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.
Appears in 1 contract
Samples: Lease (Quality Systems Inc)
Renewal Option. Landlord hereby grants A. Provided that Tenant is not in default with respect to Tenantthe performance of any of its material obligations hereunder beyond the expiration of applicable notice and cure periods, and Tenant shall have, have the right and option to extend the Term term of this Lease for one two (12) period successive periods of five (5) years (the each, a “Renewal Term”). The Tenant's right to extend the Lease for a Renewal Term shall commence be exercised, if at all, by Tenant's delivery of written notice of its election to do so no less than twelve (12) nor more than fifteen (15) months prior to the Termination Date, as the same may have been extended by the first Renewal Term. The Base Rent due during the first year of each Renewal Term shall be the fair market rent for the Premises as reasonably determined by Landlord, which shall be based on the value that would be agreed upon between a landlord and a tenant entering into a new lease on or about the day next following date on which the last day Renewal Term is to begin for a comparable term and for space comparable to the Premises in the Building and buildings comparable to the Building in the market area. Such determination of fair market rent shall take into account all relevant factors, including but not limited to any material economic differences between the terms of this Lease and any comparison lease. Thereafter, the Base Rent during each Renewal Term shall increase two and one-half percent (2.5%) annually. Except as expressly provided in this Section 33, all other provisions of this Lease shall apply to the Renewal Terms, provided, however, that in no event shall Landlord be obligated to perform any additional improvements to the Premises and provided further that Tenant shall not be entitled to any additional renewal terms.
B. Landlord shall provide written notice to Tenant of its proposed determination of the initial Term. Tenant shall notify Landlord in writing fair market rent for the applicable Renewal Term within thirty (30) days of Landlord’s receipt of Tenant’s notice of its election to extend the term of this Lease for Lease. Tenant shall have thirty (30) days from the Renewal Term receipt of Landlord's determination of the fair market rent to object to such determination by delivering written notice of its objection to Landlord, which notice shall include Tenant's determination of the fair market rent. If Landlord and Tenant cannot less than six agree upon the fair market rent within twenty (620) months prior to days of delivery of Tenant’s written objection, the following process shall be utilized (which process shall commence on the first day following the expiration of the initial Term, time being immediately preceding twenty (20) day period): A senior officer of a recognized greater New Haven leasing brokerage firm (the essence with respect to such notification. Notice thereof "Baseball Arbitrator") shall be deemed sufficient if given in the manner hereinafter providedselected jointly by Landlord and Tenant. If Landlord does and Tenant are unable to agree upon the Baseball Arbitrator within ten (10) days, then the same shall be designated by the American Arbitration Association ("AAA"). The Baseball Arbitrator selected by the parties or designated by the AAA shall not receive such written notice as have been employed by Landlord or Tenant during the previous five (5) year period and when required hereinshall have at least ten (10) years' experience in the leasing of office space in downtown Hartford. Within ten (10) days of the designation of the Baseball Arbitrator, Landlord and Tenant shall each submit to the other and to the Baseball Arbitrator, their respective final determinations of the fair market rent applicable to the Renewal Term. The Baseball Arbitrator shall determine which of the two determinations more closely represents the fair market rent. The Baseball Arbitrator may not select any amount other than the determinations submitted by Landlord and Tenant, respectively. Within ten (10) days of the Baseball Arbitrator's receipt of Landlord's and Tenant's final determinations of the fair market rent, the Baseball Arbitrator shall issue his or her decision, which shall be the fair market rent applicable to the Renewal Term. Landlord and Tenant shall each pay one-half of the cost of the Baseball Arbitrator. Within 30 days after determination of the final fair market rent for a Renewal Term, Landlord shall provide to Tenant an amendment to this Lease, setting forth the applicable Base Rent for such Renewal Term shall terminate and be of no further force or effectany other applicable terms mutually agreed to by the parties.
C. In the event that the parties pursue the process set forth under Section 33.B. above, and this Lease the Baseball Arbitrator has not yet established the fair market rent for the Renewal Term, Tenant’s Base Rent shall expire as be the Base Rent paid in the last month of the then-scheduled expiration date. The preceding Term, or Renewal Term shall be upon all of as applicable. Upon the termsfair market determination by the Baseball Arbitrator, covenants and conditions of this Lease, except that the Fixed Base Rent shall then be increased by adding adjusted in accordance with 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.process set forth under Section 33.B.
Appears in 1 contract
Samples: Lease Agreement (Quantum-Si Inc)
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
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
Samples: 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
Samples: Commercial Lease (Syconet Com Inc)
Renewal Option. Landlord hereby grants to Tenant40.01 Provided that this Lease shall be in full force and effect on the Expiration Date without default on the part of Tenant hereunder beyond the expiration of any applicable notice and cure period, and Tenant shall have, have the right and option (hereinafter referred to extend as the Term of "Renewal Option") to renew this Lease for one a renewal term (1hereinafter referred to as the "Renewal Term") period of five (5) years years, to commence on the Expiration Date (hereinafter referred to as the “Renewal Term”). The "Renewal Term shall commence upon Commencement Date") and to expire five (5) years thereafter (herein referred to as the day next following the last day of the initial Term"Renewal Term Expiration Date"). Tenant shall notify Landlord in writing of its election to extend this Lease for exercise the Renewal Term Option by sending a written notice thereof (which notice is hereinafter referred to as the "Renewal Notice") to Landlord by certified mail, return receipt requested, not less than six nine (69) months prior to the expiration of Expiration Date. If Tenant shall send the initial TermRenewal Notice within the time and in the manner hereinbefore provided, time being of the essence with respect to such notification. Notice thereof this Lease shall be deemed sufficient if given in renewed for the manner Renewal Term upon the terms, covenants and conditions hereinafter providedcontained. If Landlord does not receive such written notice as Tenant shall fail to send the Renewal Notice within the time and when required hereinin a manner hereinbefore provided, the Renewal Term Option shall terminate cease and be of terminate, and Tenant shall have no further force option to renew this Lease. If this Lease has been assigned of all or effectportion of the Demised Premises has been sublet, this Renewal Option shall be deemed null and void and neither Tenant nor any assignee or subtenant shall have the right to exercise such option during the term of such assignment or sublease.
40.02 The Renewal Term, if any, shall be upon, 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 and conditions of provided in this LeaseLease for the original term hereof, except that:
(a) any terms, covenants, or conditions hereof that are expressly or by their nature inapplicable to the Fixed Renewal Term (including, without limitation, Articles 3, 4, and 40 hereof) shall not apply during such Renewal Term;
(b) the annual fixed rent payable by Tenant during the Renewal Term (hereinafter referred to as the "Renewal Rent"), subject to adjustment as otherwise in this Lease provided, shall be an amount equal to the fair market rental value of the Demised Premises, to be determined as provided in Section 40.03 hereof and to be calculated as the Renewal Term Commencement Date on the basis of a new five (5) year lease of the Demised Premises;
(c) effective upon the Renewal Term Commencement Date, (i) the Base Tax Year shall be deemed to be the year set forth in Section 5.01(b), and (ii) the Base Operating Expenses shall be deemed to be the amount set forth in Section 5.07(c).
40.03 In the event that Tenant shall exercise the Renewal Option as provided in Section 40.01 hereof, the Renewal Rent shall be increased determined jointly by adding the CPI Adjustment Amount Landlord and Tenant, and such determination shall be confirmed in a writing (defined belowhereinafter referred to as a "Rental Agreement") to be executed in recordable form by Landlord and Tenant not later than the then-current Fixed Rentday (hereinafter referred to as the "Determination Date") which shall be two hundred and forty (240) days next preceding the Expiration Date. The “CPI Adjustment Amount” In the event that Landlord and Tenant shall have failed to join in executing a Rental Agreement on or before the Determination Date because of their failure to agree, Tenant may rescind the Renewal Notice by sending written notice thereof (the "Rescission Notice") to Landlord by registered or certified mail, return receipt requested, on or before the day which is calculated by multiplying ten (10) days following the Fixed Rent payable for the last year of the initial Term by a ratioDetermination Date and, in such event, the numerator Renewal Option shall be null and void. If Tenant does not elect to send the Rescission Notice as aforesaid, then the Renewal Rent shall be determined by arbitration as follows:
(a) Landlord and Tenant shall each appoint an arbitrator by written notice given to the other party hereto not later than thirty (30) days after the Determination Date. If either Landlord or Tenant shall have failed to appoint an arbitrator within such period of time and thereafter shall have failed to do so by written notice given within a period of five (5) days after notice by the other party requesting the appointment of such arbitrator, then such arbitrator shall be appointed by the American Arbitration Association or its successor (the branch office of which is located in or closest to the Consumer Price Index Borough of Fort Xxx, County of Bergen), upon request of either Landlord or Tenant, as the case may be;
(b) the two (2) arbitrators appointed as above provided shall appoint a third (3rd) arbitrator by written notice given to both Landlord and Tenant, and, if they fail to do so by written notice given within thirty (30) days after their appointment, such third (3rd) arbitrator shall be appointed as above provided for All Urban Consumersthe appointment of an arbitrator in the event either party fails to do so;
(c) all of such arbitrators shall be real estate appraisers having not less than ten (10) years experience in appraising the fair market rental value of real estate similar to the Building located within or adjacent to the Borough of Fort Xxx, Cleveland-AkronCounty of Bergen and whose appraisals are acceptable to savings banks or life insurance companies doing business in the State of New Jersey;
(d) the three (3) arbitrators, All Items (1982-1984=100) published by selected as aforesaid, forthwith shall convene and render their decision in accordance with the Bureau of Labor Statistics then applicable rules of the United States Department of Labor (the “Index”) on the date nearest the commencement date American Arbitration Association or its successor, which decision shall be strictly limited to a determination of the Renewal TermRent as the case may be, and within twenty (20) days after the denominator of which is the Index as of the first day appointment of the third Lease Year(3rd) arbitrator. If, during The decision of such arbitrators shall be in writing and 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 vote of the Index majority of them shall be used in determining the amount decision of any such adjustment. Notwithstanding all and, insofar as 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 same is in default hereunder beyond any applicable grace or cure period.compliance with the provisions and conditions of this Section 40.03 and of Section 40.04 hereof shall be binding upon Landlord and Tenant. Duplicate original counterparts of such decision shall be sent forthwith by the arbitrators by certified mail, return receipt requested, to both
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Samples: Lease Modification and Extension (Empire Resources Inc /New/)
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.
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