Common use of Renewal Option Clause in Contracts

Renewal Option. (a) Subject to the terms of this Section 10, Tenant shall have one (1) option (“Second Renewal Option”) to extend the Term of this Lease for a consecutive period of sixty (60) months beyond the expiration of the Renewal Term (“Second Renewal Term”). The Second Renewal Option is personal to Tenant and may not be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty (180) days prior to the expiration of the Renewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocable. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as the Lease, as amended, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Term. (b) No later than thirty (30) days prior to the commencement of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expire.

Appears in 3 contracts

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

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Renewal Option. (a) Subject to the terms As long as no Event of this Section 10, Tenant Default shall have one occurred and be continuing hereunder, Landlord shall grant to Tenant the option to renew (1) option (“Second the "Renewal Option") to extend the Term term of this Lease for a consecutive period Two (2) additional periods of sixty five (605) years each (the "Renewal Term(s)"). Tenant shall exercise such Renewal Option by delivering written notice of such election to Landlord at least nine (9) months beyond the expiration of the Renewal Term (“Second Renewal Term”). The Second Renewal Option is personal to Tenant and may not be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty (180) days prior to the expiration of the initial Term or a Renewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocableTerm, as the case may be. The Second Renewal Option and Tenant’s delivery renewal of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term Lease shall be upon the same terms and conditions as the of this Lease, as amended, except that (xa) the annual Base Rent during the Second each Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Termadjusted as set forth in ARTICLE 3; and (yb) Tenant shall have no further renewal options pursuant option to renew this Section 10 or any provision Lease beyond the expiration of the Renewal Terms; (c) Tenant shall not have the right to assign its renewal rights to any sublessee of the Property or a portion thereof or to any assignee of this Lease. Fair Market Rent for , nor may any such sublessee or assignee exercise or enjoy the Second benefit of such renewal rights; (d) the Suite shall be provided in its then-existing condition (on an "as is" basis in the broadest sense of the term) at the time each Renewal Term commences; and, (e) there shall not be any rent abatement period and Tenant shall not be entitled to any cash payment, concessions or allowance of any nature or amount whatsoever. Notwithstanding the foregoing, Tenant shall have no right to exercise such option to renew, and Landlord shall have no obligation to renew this Lease, unless (i) this Lease shall be determined by Landlord with written notice given to Tenant prior to in full force and effect upon the commencement date of the Second Renewal Term. (b) No later than thirty (30) days prior to the commencement exercise of the Second Renewal Option and upon the date of expiration of the Initial Term or the Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with as the Security Deposit, equals case may be; and (ii) on the Monthly Base Rent due for the last month date of exercise of the Second Renewal Term (“Additional Deposit”). Upon Option and on the commencement date of expiration of the Second initial Term or the Renewal Term, as the term “Security Deposit” case may be, no Event of Default shall automatically include the “Additional Deposit” and the Additional Deposit shall have occurred or be held pursuant to the terms of Article 5 hereofcontinuing hereunder. If Tenant fails shall fail to deposit exercise a Renewal Option within the Additional Deposit as time permitted or conditions (i) and when required hereunder(ii) set forth above are not entirely satisfied, Tenant’s exercise of the Second such Renewal Option shall be null automatically terminate and void and this Lease expire at the Renewal Term shall expire naturally expireexpiration of the initial Term.

Appears in 3 contracts

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

Renewal Option. (a) Subject to Section 4.3 of the terms of this Section 10, Lease is hereby deleted in its entirety and replaced with the following: “Tenant shall have one (1) the option (the Second Renewal Option”) to extend the Term of this the Lease for the entire Premises then being leased to Tenant for a consecutive period term of sixty two (602) months beyond years (the expiration of the Renewal Term (Second Renewal Term”). The Second Renewal Term shall commence on the day after the Expiration Date. The Renewal Option is personal to shall be void if a default by Tenant and may not be exercised by any sublessee exists, either at the time of exercise of the Renewal Option or assignee the time of Tenantcommencement of the Renewal Term. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty six (1806) days months prior to the expiration of the Renewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocableTerm. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as the Lease, as amendedoriginal Term, except that (xa) the annual Base Rent payable during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Term. (b) No later than thirty (30) days prior to the commencement of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon original Term, plus $0.05 per square foot of Rentable Area of the Premises, and the Base Rent shall increase by $0.05 per square foot of Rentable Area of the Premises on the first anniversary of the commencement of the Second Renewal Term, (b) Tenant shall not be entitled to any tenant improvement allowance during the term “Security Deposit” shall automatically include Renewal Term; and (c) from and after the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option, (i) all references to “Expiration Date” shall be deemed to refer to the last day of the Renewal Term, and (ii) all references to “Term” shall be deemed to include the Renewal Term. The Renewal Option is personal to Tenant and shall be inapplicable and null and void and if Tenant assigns its interest under the Lease (other than to an affiliate of Tenant).” “In the event Tenant exercises its Renewal Option, Landlord shall have the right to terminate the Lease effective at any time after the twelve (12) month anniversary of the commencement of the Renewal Term shall expire naturally expireupon at least six (6) months prior written notice to Tenant.

Appears in 3 contracts

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

Renewal Option. (a) Subject to the terms of this Section 10, Tenant shall have one option to renew the term of this Lease, as to all, but not part of the Premises on all of the terms and conditions set forth in the Lease, except as set forth below. The renewal option shall be for a term of five (15) option years (the Second Renewal Option”), commencing April 1, 2023 and ending March 31, 2028 (the “Renewal Term”). (a) The Tenant’s right to extend renew the Term term of this Lease for a consecutive period of sixty shall be conditioned on (60i) months this Lease being in full force and effect and no default existing hereunder beyond the expiration of any applicable notice and cure period at the time of the delivery of the Renewal Notice (as defined below) or on the effective date of the Renewal Term and (ii) Tenant simultaneously exercising the Renewal Options under leases for spaces occupied by Tenant in the Building so that Tenant has renewed for a term of five (5) years leases in the Building aggregating no less than eight (8) full floors. Tenant may exercise the Renewal Option by delivering written notice to Landlord, not less than twelve (12) calendar months prior to the Expiration Date, (a Second Renewal TermNotice”). . (b) The Second Renewal Option is personal to the Tenant herein named, and any Permitted Transferees, and may not be exercised by any sublessee severed from this Lease nor separately sold or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice assigned. (“Election Notice”c) from If Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty (180) days prior to the expiration of timely exercises the Renewal Option. Any such Election Notice given by Tenant to Landlord , the term of this Lease shall be irrevocablerenewed for the Renewal Term. The Second Renewal Option and Tenant’s delivery renewal of an Election Notice shall be voidable and of no force or effect at this Lease for the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon on all of the same terms terms, covenants and conditions as set forth herein for the Lease, as amendedextended term, except that during the Renewal Term: (xi) Landlord shall have no obligation to perform any work in the annual Base Premises; (ii) Tenant shall not be entitled to any Landlord work contribution or Landlord construction allowance; (iii) Tenant shall not be entitled to any rent credit, concession or abatement; (d) Fixed Rent during the Second Renewal Term shall be equal to as follows: April 1, 2023 — March 31, 2024 $ 501,784.83 $ 41,815.40 April 1, 2024 — March 31, 2025 $ 514,329.45 $ 42,860.79 April 1, 2025 — March 31, 2026 $ 527,187.69 $ 43,932.31 April 1, 2026 — March 31, 2027 $ 540,367.38 $ 45,030.62 April 1, 2027 — March 31, 2028 $ 553,876.56 $ 46,156.38 plus all other additional rent, including, but not limited to, the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Term.real estate tax escalation; (be) No later than thirty (30) days prior to In the commencement of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” base tax year set forth in paragraph 9 above shall automatically include the “Additional Deposit” and the Additional Deposit shall not be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expirechanged.

Appears in 2 contracts

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

Renewal Option. (a) Subject to the terms of this Section 10, A. Tenant shall have one (1) option (“Second Renewal Option”) the right to extend the Lease Term of this Lease (the "Renewal Option") for a consecutive one additional period of sixty five (605) months beyond years commencing on the expiration day following the Termination Date of the initial Lease Term and ending on the fifth (5th) anniversary of the Termination Date (the "Renewal Term"), if: 1. Landlord receives notice of exercise of the Renewal Term Option (“Second "Initial Renewal Term”). The Second Renewal Option is personal to Tenant and may not be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice") from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty twelve (18012) days full calendar months prior to the expiration of the initial Lease Term and not more than fifteen (15) full calendar months prior to the expiration of the initial Lease Term; and 2. Tenant is not in default under the Lease beyond any applicable cure periods at the time that Tenant delivers its Initial Renewal OptionNotice or at the time Tenant delivers its Binding Notice (as hereinafter defined); and 3. Any such Election No part of the Premises is sublet at the time that Tenant delivers its Initial Renewal Notice given by or at the time Tenant delivers its Binding Notice other than in connection with a Permitted Transfer; and 4. The Lease has not been assigned prior to the date that Tenant delivers its Initial Renewal Notice or prior to the date Tenant delivers its Binding Notice other than in connection with a Permitted Transfer; and 5. Tenant executes and returns the Renewal Amendment (hereinafter defined) within fifteen (15) days after its submission to Tenant. B. The initial Base Rental rate per rentable square foot for the Premises during the Renewal Term shall equal the Prevailing Market (hereinafter defined) rate per rentable square foot for the Premises. C. Tenant shall pay Additional Base Rental (i.e. Basic Costs) for the Premises during the Renewal Term in accordance with Article IV of the Lease. D. Within thirty (30) days after receipt of Tenant's Initial Renewal Notice, Landlord shall be irrevocableadvise Tenant of the applicable Base Rental rate for the Premises for the Renewal Term. The Second Tenant, within fifteen (15) days after the date on which Landlord advises Tenant of the applicable Base Rental rate for the Renewal Option and Tenant’s delivery of an Election Notice Term, shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if either (i) an Event give Landlord final binding written notice ("Binding Notice") of Default is occurring under this LeaseTenant's exercise of its option, or (ii) there is any event occurring which if Tenant disagrees with Landlord's determination, provide Landlord with written notice of rejection (the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date"Rejection Notice"). If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as the Lease, as amended, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by provide Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Term. either a Binding Notice or Rejection Notice within such fifteen (b15) No later than thirty (30) days prior to the commencement of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunderday period, Tenant’s exercise of the Second 's Renewal Option shall be null and void and of no further force and effect. If Tenant provides Landlord with a Binding Notice, Landlord and Tenant shall enter into the Renewal Term Amendment upon the terms and conditions set forth herein. If Tenant provides Landlord with a Rejection Notice, Landlord and Tenant shall expire naturally expirework together in good faith to agree upon the Prevailing Market Base Rental rate for the Premises during the Renewal Term. Upon agreement Tenant shall provide Landlord with Binding Notice and Landlord and Tenant shall enter into the Renewal Amendment in accordance with the terms and conditions hereof. Notwithstanding the foregoing, if Landlord and Tenant are unable to agree upon the Prevailing Market Base Rental rate for the Premises within thirty (30) days after the date on which Tenant provides Landlord with a Rejection Notice, Tenant may elect to either rescind its intention to renew, or subject the process to binding arbitration. Tenant's election to cause the disagreement to be resolved by arbitration shall be deemed to be its Binding Notice. If Tenant fails to require arbitration by notice (the "Arbitration Notice") within three (3) days of the expiration of the thirty (30) day period set forth above, Tenant's right to extend the Lease shall be null and void and of no further force and effect. If Tenant provide Landlord with an Arbitration Notice as set forth above, Landlord and Tenant, within ten (10) days after the date of the Arbitration Notice, shall each simultaneously submit to the other, in a sealed envelope, its good faith estimate of the Prevailing Market Base Rental rate (collectively referred to as the "Estimates"). If the higher of such Estimates is not more than one hundred five percent (105%) of the lower of such Estimates, then Prevailing Market Base Rental rate shall be the average of the two (2) Estimates. If the Prevailing Market Base Rental rate is not resolved by the exchange of Estimates, Landlord and Tenant, within seven (7) days of the exchange of Estimates, shall select as an arbitrator a mutually acceptable licensed real estate broker with experience in commercial activities, including at least ten (10) years experience in leasing high-rise office space in the Pasadena, California area. If the parties cannot agree on an arbitrator, then within a second period of seven (7) days, each shall select an independent licensed real estate broker meeting the aforementioned criteria and within a third period of seven (7) days, the two appointed licensed real estate brokers shall select a third licensed real estate broker meeting the aforementioned criteria, and the third licensed real estate broker shall determine the Prevailing Market Base Rental rate. If one party shall fail to make such an appointment within said second seven (7) day period, then the licensed real estate broker chosen by the other party shall be the sole arbitrator. Once the arbitrator has been selected as provided for above, then, as soon thereafter as practicable but in any case within fourteen (14) days, the arbitrator shall select one of the two (2) Estimates of the Prevailing Market Base Rental rate submitted by the Landlord and Tenant, which must be the one that is closer to the Prevailing Market Base Rental rate as determined by the arbitrator. The selection of the arbitrator shall be rendered in writing to both Landlord and Tenant and shall be final and binding upon them. If the arbitrator believes that expert advice would materially assist him, he may retain one or more qualified persons to provide such expert advice. Landlord and Tenant shall each pay one half (1/2) of the costs of the arbitrator and of any experts retained by the arbitrator. Any fees of any counsel or experts engaged directly by Landlord or Tenant, however, shall be borne by the party retaining such counsel or expert. E. If Tenant is entitled to and properly exercises its Renewal Option, Landlord shall prepare an amendment (the "Renewal Amendment") to reflect changes in the Base Rental, Lease Term, Termination Date and other appropriate terms. The Renewal Amendment shall be: 1. sent to Tenant within a reasonable time after receipt of the Binding Notice; and 2. executed by Tenant and returned to Landlord in accordance with paragraph A.5. above. An otherwise valid exercise of the Renewal Option shall, at Landlord's option, be fully effective whether or not the Renewal Amendment is executed. F. For purpose hereof, "Prevailing Market" shall mean the arms length fair market annual rental rate per rentable square foot under renewal leases and amendments entered into on or about the date on which the Prevailing Market is being determined hereunder for space comparable to the Premises in the Building. The determination of Prevailing Market shall take into account any material economic differences between the terms of this Lease and any comparison lease, such as rent abatements, construction costs and other concessions and the manner, if any, in which the Landlord under any such lease is reimbursed for operating expenses and taxes. The determination of Prevailing Market shall also take into consideration any reasonably anticipated changes in the Prevailing Market rate from the time such Prevailing Market rate is being determined and the time such Prevailing Market rate will become effective under this Lease.

Appears in 2 contracts

Samples: Office Lease (Acacia Research Corp), Sublease (Acacia Research Corp)

Renewal Option. (a) Subject to the terms of this Section 10, Tenant shall have one two (12) option options (the Second Renewal OptionOptions”) to extend the Term of this Lease for a consecutive period of sixty five (605) months beyond years (each, a “Renewal Term”, and respectively the expiration of “First Renewal Term” and the Renewal Term (“Second Renewal Term”). The Second Each Renewal Term (i) must be exercised, if at all, as to the entire Premises subject to this Lease as of the Commencement Date (unless reduced pursuant to condemnation) and (ii) will be void if this Lease has previously expired or terminated with respect to any part of the Premises leased by Tenant hereunder as of the Commencement Date (other than as a result of condemnation), or if the Premises then leased by Tenant hereunder shall be less than 100% of the Premises as of the Commencement Date such that a portion of the Buildings shall be available to Landlord to lease to others. Each Renewal Option is personal to shall be void if an Event of Default by Tenant and may not be exercised by any sublessee exists, either at the time of exercise of the applicable Renewal Option or assignee the time of Tenantcommencement of the applicable Renewal Term. The Second Each Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty twelve (18012) days months prior to the expiration of the Renewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocable. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at Term (in the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery case of the Election Notice or at any time from First Renewal Term), and not less than twelve (12) months prior to the date expiration of delivery of such Election Notice through the time of commencement First Renewal Term (in the case of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in Term). For the financial condition avoidance of the Tenantdoubt, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then Term shall be void unless the Second First Renewal Option shall be void and of no force or effecttimely exercised by Tenant. The validly exercised Second Each Renewal Term shall be upon the same terms and conditions as the Lease, as amendedoriginal Term, except that (x) the annual Base Rent during applicable to the Second relevant Renewal Term shall be equal to the Fair greater of (i) Base Rent payable under this Lease for the full year immediately preceding the effectiveness of that Renewal Term or (ii) Prevailing Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Term. (b) No later than thirty (30) days prior to the commencement of the Second that Renewal Term, as determined pursuant to Exhibit C. As a condition to the exercise and the effectiveness of the Renewal Option, Tenant shall deposit with Landlord an amount, be required to modify the Letter of Credit so that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month Letter of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant Credit will have a face amount equal to the terms Required Amount and otherwise meet the requirements of Article 5 hereof. If Tenant fails Section 4.7 with respect to deposit the Additional Deposit Term as and when required hereunder, extended by Tenant’s exercise of the Second Renewal Option. The Renewal Option is personal to Tenant and shall be inapplicable and null and void and the Renewal Term shall expire naturally expireif Tenant assigns its interest under this Lease (including an “Assignment” as defined in Section 15.1 but excluding short-term Subleases contemplated by Section 15.5).

Appears in 2 contracts

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

Renewal Option. (a) Subject to the terms of this Section 10, Tenant shall have one (1) the right, at its option (referred to herein as the Second Renewal Option”) ), to extend renew the Term of this Lease Lease, for the entire Leased Property, for up to three consecutive renewal terms, each for a consecutive period of sixty five (605) months beyond the expiration of the Renewal Term years (each, a Second Renewal Term”), which shall commence on the day following the scheduled Termination Date as it may have previously been extended (the “Renewal Term Commencement Date”) and expire on the fifth (5th) anniversary of the Termination Date (the “Renewal Term Expiration Date”). The Second To exercise the Renewal Option is personal to Option, Tenant and may not be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by give written notice (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty (180) days 6 months, and no more than 18 months, prior to the expiration of the then current Term of its intention to exercise the Renewal Option for the Renewal Term, which notice shall be irrevocable (the “Renewal Notice”). The failure of Tenant to timely deliver the Renewal Notice in accordance with this Section III.B shall be deemed a permanent waiver of Tenant’s right to renew the Term of this Lease beyond the then current Termination Date. Except for the Renewal Option, Tenant shall have no other right to extend or renew the Term of the Lease. Any such Election Notice given by Tenant shall have no right to Landlord shall be irrevocable. The Second exercise the Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an a Tenant Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from exists on the date of delivery of such Election the Renewal Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of on the Renewal Term Commencement Date. If Tenant fails to exercise Upon exercising the Second Renewal Option in a timely manneraccordance with the terms hereof, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon deemed to be extended without the same execution of any further instrument. All terms and conditions as the of this Lease, as amended, except that (x) the annual including periodic adjustments to Base Rent and the Minimum Charity Care Amount, shall apply during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second a Renewal Term. (b) No later than thirty (30) days prior to the commencement of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expire.

Appears in 2 contracts

Samples: Hospital Facility Lease Agreement, Hospital Facility Lease Agreement

Renewal Option. (a) Subject to the terms of this Section 10, Tenant shall have one two (12) option options (each, a Second Renewal Option”) to extend the Term of this the Lease for the entire Premises then being leased to Tenant for terms of five (5) years each (each, a consecutive period of sixty (60) months beyond the expiration of the Renewal Term (Second Renewal Term”). The Second If the first Renewal Option is personal to exercised, the first Renewal Term shall commence on the day after the Expiration Date. If the second renewal term is exercised, the second Renewal Term shall commence on the day after the Expiration Date of the first Renewal Term. Each Renewal Option shall be void if an Event of Default by Tenant and may not be exercised by any sublessee exists, either at the time of exercise of such Renewal Option or assignee the time of Tenantcommencement of such Renewal Term. The Second second Renewal Term shall be void if Tenant fails to exercise the first Renewal Option. Each Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy eighteen (27018) days months and not less than one hundred eighty twelve (18012) days months prior to the expiration of the Renewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocable. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretionTerm (as previously extended, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Dateapplicable). If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Each Renewal Term shall be upon the same terms and conditions as the Lease, as amendedoriginal Term, except that (xa) the annual Base Rent during the Second payable pursuant to Section 6.1 with respect to each Renewal Term shall be equal to ninety-five percent (95%) of the Fair Prevailing Market Rent as of the commencement of the Second Renewal Term, as determined pursuant to Exhibit C, (b) Tenant shall not be entitled to any Tenant Improvement Allowance during the Renewal Term, (c) the L-C Amount shall remain as the amount determined in accordance with Section 6.5(a) below; and (yd) Tenant from and after the exercise of a Renewal Option, (i) all references to “Expiration Date” shall have no further renewal options pursuant be deemed to this Section 10 or any provision refer to the last day of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Term. (b) No later than thirty (30) days prior to the commencement of the Second Renewal Term, Tenant and (ii) all references to “Term” shall deposit with Landlord an amount, that when taken together with be deemed to include the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” . The Renewal Options are personal to Tenant and the Additional Deposit shall be held pursuant inapplicable and null and void if Tenant assigns its interest under this Lease to the terms of Article 5 hereofany Transferee other than a Permitted Transferee. If Tenant fails Landlord shall not be responsible for any commissions or fees related to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expireOption.

Appears in 2 contracts

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

Renewal Option. (a) Subject to the terms of this Section 10, Tenant shall have one (1) the option (“Second Renewal Option”) to extend the Term of this the Lease for all of the then leased Premises for two (2) additional periods (each a consecutive “Renewal Option”), under and subject to the following terms and conditions: (a) The first renewal term (“First Renewal Term”) shall be for a five (5)-year period of sixty (60) months beyond commencing on the day immediately following the expiration date of the Renewal initial Term of the Lease and expiring on the day immediately preceding the fifth (5th) anniversary thereof. The second renewal term (“Second Renewal Term”)) shall be for a three (3)-year period commencing on the day immediately following the expiration date of the First Renewal Term of the Lease and expiring on the day immediately preceding the third (3rd) anniversary thereof. The Collectively, the First Renewal Term and the Second Renewal Option is personal Term are referred to as the “Renewal Terms”. (b) Tenant and may not be exercised by any sublessee or assignee of Tenant. The Second must exercise the Renewal Option must be exercisedfor the First Renewal Term, if at all, by written notice (“Election Notice”) from Tenant to Landlord given not more than two delivered at least three hundred seventy sixty five (270) days and not less than one hundred eighty (180365) days prior to the expiration date of the Renewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocable. The Second Renewal Option and Tenant’s delivery initial Term of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery being of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Dateessence. If Tenant fails to exercise the Second Renewal Option in a timely mannerfor the First Renewal Term, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as the Lease, as amended, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to void and of no further force and effect. Tenant prior to must exercise the commencement of Renewal Option for the Second Renewal Term. , if at all, by written notice to Landlord delivered at least three hundred sixty five (b) No later than thirty (30365) days prior to the commencement expiration date of the Second First Renewal Term, time being of the essence. (c) As a condition to Tenant’s exercise of either of the Renewal Options, at the time Tenant delivers its notice of election to exercise such Renewal Option to Landlord, there shall be no Event of Default, this Lease shall be in full force and effect, and Tenant shall deposit with Landlord not have assigned this Lease or sublet the Premises, except pursuant to an amount, that when taken together with the Security Deposit, equals the Monthly Base assignment or sublet to an Affiliate as permitted hereunder. (d) The Minimum Annual Rent due for the last month first year of each of the First Renewal Term and Second Renewal Term shall be the then current Fair Market Rental (as defined below) for renewals for comparable space in similar buildings in the Great Valley Corporate Center/Malvern office market. The subsequent years of Minimum Annual Rent during the First Renewal Term and the Second Renewal Term (“Additional Deposit”). Upon the commencement shall increase consistent with market annual escalations which shall be determined as part of the Second Renewal Termdetermination of the Fair Market Rental. (e) Except as set forth in this Section 29, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit there shall be held pursuant no further options to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expireextend.

Appears in 2 contracts

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

Renewal Option. (a) Subject to the terms of this Section 10, Tenant shall have one option to renew the term of this Lease, as to all, but not part of each individual floor comprising the Premises on all of the terms and conditions set forth in the Lease, except as set forth below. The renewal option shall be for a term of five (15) option years (the Second Renewal Option”), commencing April 1, 2023 and ending March 31, 2028 (the “Renewal Term”). (a) The Tenant’s right to extend renew the Term term of this Lease for a consecutive period of sixty shall be conditioned on (60i) months this Lease being in full force and effect and no default existing hereunder beyond the expiration of any applicable notice and cure period at the time of the delivery of the Renewal Notice (as defined below) or on the effective date of the Renewal Term and (ii) Tenant simultaneously exercising the Renewal Options under leases for spaces occupied by Tenant in the Building, so that Tenant has renewed for a term of five (5) years, leases in the Building aggregating no less than eight (8) full floors. Tenant may exercise the Renewal Option by delivering written notice to Landlord, not less than twelve (12) calendar months prior to the Expiration Date, (a Second Renewal TermNotice”). . (b) The Second Renewal Option is personal to the Tenant herein named and may not be exercised by any sublessee severed from this Lease nor separately sold or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice assigned. (“Election Notice”c) from If Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty (180) days prior to the expiration of timely exercises the Renewal Option. Any such Election Notice given by Tenant to Landlord , the term of this Lease shall be irrevocablerenewed for the Renewal Term. The Second Renewal Option and Tenant’s delivery renewal of an Election Notice shall be voidable and of no force or effect at this Lease for the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon on all of the same terms terms, covenants and conditions as set forth herein for the Lease, as amendedextended term, except that during the Renewal Term: (xi) Landlord shall have no obligation to perform any work in the annual Base Premises; (ii) Tenant shall not be entitled to any Landlord work contribution or Landlord construction allowance; (iii) Tenant shall not be entitled to any rent credit, concession or abatement; (d) Fixed Rent during the Second Renewal Term shall be equal to as follows: April 1, 2023 — March 31, 2024 $ 1,003,569.67 $ 83,630.81 April 1, 2024 — March 31, 2025 $ 1,028,658.91 $ 85,721.58 April 1, 2025 — March 31, 2026 $ 1,054,375.38 $ 87,864.62 April 1, 2026 — March 31, 2027 $ 1,080,734.77 $ 90,061.23 April 1, 2027 — March 31, 2028 $ 1,107,753.14 $ 92,312.76 plus all other additional rent, including, but not limited to, the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Term.real estate tax escalation; (be) No later than thirty (30) days prior to In the commencement of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” base tax year set forth in paragraph 9 above shall automatically include the “Additional Deposit” and the Additional Deposit shall not be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expirechanged.

Appears in 2 contracts

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

Renewal Option. (a) Subject to Landlord agrees that as long as Tenant is not in monetary default under the terms of this Section 10the Lease beyond any applicable notice and cure period, Tenant shall have one (1) the option (“Second Renewal Option”) to extend renew the Term of this Lease for either a consecutive period renewal term of sixty ten (6010) months beyond years or a renewal term of five (5) years, at Tenant’s option (“Renewal Term”), to commence at the expiration of the Renewal initial Term of the Lease and to expire on the fifth (“Second Renewal Term”)5th) anniversary or tenth (10th) anniversary thereof, as applicable. The Second Renewal Option is personal In the event Tenant elects to renew for a term of five (5) years, Tenant and may not be exercised shall have the right to renew this Lease for additional five (5) years at the end of the initial renewal Term of this Lease. Tenant shall exercise its option to renew the Term of the Lease by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by delivering written notice of such election specifying whether Tenant elects to renew the term of the Lease for five (“Election Notice”5) from Tenant years or ten (10) years, to Landlord given not more than two hundred seventy at least twelve (27012) days and not less than one hundred eighty (180) days months prior to the expiration of the Renewal Optioninitial Term. Any Except as set forth in the next paragraph, Tenant’s exercise of such Election Notice given by Tenant to Landlord option shall be irrevocable. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of Any such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term renewal shall be upon the same terms and conditions of the Lease as the Lease, as it may have been amended, except that (xa) the annual Base Rent Rental during the Second Renewal Term shall be equal to at the Fair prevailing Market Rent as Base Rental Rate at the beginning of the commencement of the Second applicable Renewal Term; , and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Term. (b) No later the exercise of any renewal option if at all, shall be as to all of the Leased Premises, and there shall be no right to exercise a renewal option for less than thirty (30) days prior all of the Leased Premises. Notwithstanding anything contained in this Exhibit F to the commencement of the Second Renewal Termcontrary, all rights provided to Tenant shall deposit with Landlord an amountin this Lease, that when taken together with the Security Depositincluding but not limited to, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Termrenewal rights, the term “Security Deposit” shall automatically include the “Additional Deposit” signage rights and the Additional Deposit shall be held pursuant other similar rights are assignable to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expireany assignee.

Appears in 2 contracts

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

Renewal Option. Lessor hereby grants Lessee (abut no assignee or subtenant) Subject two (2) options to the terms of renew this Section 10Lease, Tenant shall have one (1) each option (“Second Renewal Option”) to extend the Term of this Lease be for a consecutive period of sixty sixty(60) months, for a total of one hundred twenty (60120) months beyond in the expiration of the Renewal Term (“Second Renewal Term”)event both renewal options are exercised. The Second Renewal Option is personal to Tenant and may not Each said renewal option shall be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given Lessee notifying Lessor thereof in writing not more than two hundred seventy (270) days and not less than one at least two hundred eighty ten (180210) days prior to the expiration of the Renewal Optionthen current lease or renewal term, as the case may be. Any In the event a renewal agreement has not been executed at least one hundred twenty (120) days prior to the expiration date of the current lease or renewal term, the option shall automatically become null and void. Each such Election Notice given by Tenant to Landlord renewal shall be irrevocablesubject to all of the terms and conditions of this Lease except that (i) the rentals payable during each renewal term shall be as set forth below and (ii) no further renewal option shall exist during the second renewal term. It shall be a condition to Lessee's exercising any renewal option herein granted that (y) Lessee not be then in default under this Lease and (z) Lessee shall have previously exercised the immediately preceding renewal option, if any, so that the second renewal option may not be exercised if Lessee has failed to exercise the first renewal option. The Second Renewal Option Base Rent for each renewal term shall be based on not less than 95% of the then prevailing rental rates for properties of equivalent quality, size, utility and Tenant’s delivery location in the Dallas/Forth Worth market, with the length of the lease term and the creditworthiness of the Lessee taken into account; provided, however, that in no event shall the Base Rent in any renewal period be less than the Base Rent for the last month immediately preceding said renewal period. Upon notification from Lessee of its intent to exercise each renewal option, Lessor shall, within fifteen (15) days thereafter, notify Lessee in writing of the Base Rent for the applicable renewal term; Lessee shall, within fifteen (15) days following receipt of same, notify Lessor in writing of the acceptance or rejection of the proposed Base Rent. In the event of rejection by Lessee, Lessee may rescind the exercise of such renewal option by written notice to Lessor within such fifteen (15) day period for acceptance or rejection. If Lessee does not so rescind such exercise, the Base Rent for the applicable renewal term shall be determined as follows: (a) Within fifteen (15) days following notification of rejection, Lessor and Lessee shall each select an Election arbitrator who shall be a Licensed Texas real estate broker having a minimum of five (5) years experience in leasing office space and being a member of the North Chapter of the Texas Society of Office and Industrial Realtors (or its successor organization). Notice shall be voidable and given to the other party of no force the name of the arbitrator selected. If either Lessor or effect at Lessee fails to appoint such an arbitrator within the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of allocated time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery arbitrator appointed by the other party shall make the determination of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option Base Rent and this determination shall be void final and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as the Lease, as amended, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Termbinding on both parties. (b) No later than If both Lessor and Lessee appoint an arbitrator in accordance with the provisions above and the two arbitrators cannot agree upon a Base Rent for the renewal term within thirty (30) days prior following their appointment, the two arbitrators shall forthwith select a third disinterested and qualified arbitrator having like qualifications and each of the original arbitrators will immediately submit his or her judgment as to the commencement appropriate Base Rent in writing to the third arbitrator. Within ten (10) days after such submittal, the third arbitrator shall make the determination of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for such renewal period and the last month determination of the Second Renewal Term third arbitrator shall be final and binding on both parties. In the event the two arbitrators appointed by the Lessee and Lessor cannot agree upon a third arbitrator, then the third arbitrator shall be appointed by the then President of the North Chapter of the Texas Society of Office and Industrial Realtors (“Additional Deposit”or its successor organization). Upon The Base Rent agreed to by the commencement of the Second Renewal Termtwo appointed arbitrators or, if applicable, the term “Security Deposit” Base Rent determined by the third arbitrator shall automatically include be final and binding upon the “Additional Deposit” parties hereto. Lessor and Lessee shall each bear the expense of their arbitrator and the Additional Deposit expense of a third arbitrator, if needed, shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expireshared equally by both parties.

Appears in 2 contracts

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

Renewal Option. (a) Subject to the terms of this Section 10, Tenant shall have the right and option to extend the term of this Lease for two (2) consecutive renewal terms, the first of which shall be of a duration of between three (3) and seven (7) years, as determined by Tenant and as stated in Tenant’s notice of its exercise of its renewal option, and the second of which shall be of a duration equal to ten (10) years reduced by the number of years in the first renewal term as elected by Tenant. The first renewal term, if exercised, shall commence on the day immediately following the expiration of the initial Term hereof, and the second renewal term, if exercised, shall commence on the date immediately following the expiration of the first renewal term. The option to extend, as well as the commencement of each renewal term, shall be conditioned on no uncured Events of Default by Tenant then existing. (b) Tenant shall exercise each renewal option only by delivering written notice of same to Landlord not later than one (1) option (“Second Renewal Option”) to extend the Term of this Lease for a consecutive period of sixty (60) months beyond the expiration of the Renewal Term (“Second Renewal Term”). The Second Renewal Option is personal to Tenant and may not be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty (180) days year prior to the expiration of the Renewal Optionthen current term. Any such Election Notice given by Tenant Tenant’s failure to Landlord timely exercise an option shall be irrevocable. The Second Renewal Option and Tenant’s delivery deemed a waiver of an Election Notice all rights under this Section, in which event this Lease shall terminate upon expiration or earlier termination of the then current term. (c) Each renewal term, if exercised, shall be voidable upon all of the terms and conditions of no force or effect at this Lease, except for provisions which, by their nature, are limited to the election of Landlord, exercised Initial Term and for the change in Landlord’s sole and absolute discretion, if Minimum Annual Rent which (i) an Event for the first renewal term, if exercised, shall be the greater of Default is occurring under this Leasethe rate per rentable square foot during the final year of the initial Term, or the FMRV determined in accordance with subsection (d) below and (ii) there is any event occurring which with for the giving second renewal term, if exercised, shall be the greater of notice the rate per rentable square foot during the final year of the first renewal term, or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or FMRV determined in accordance with subsection (iiid) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as the Lease, as amended, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Termbelow. (b) No later than thirty (30) days prior to the commencement of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expire.

Appears in 1 contract

Samples: Lease Agreement (Viropharma Inc)

Renewal Option. (a) Subject to Tenant shall, provided the Lease is in full force and effect and Tenant is not in default under any of the other terms and conditions of this Section 10the Lease at the time of notification or commencement, Tenant shall have one (1) option (“Second Renewal Option”) to extend the Term of renew this Lease for a consecutive period of sixty term five (605) months beyond years, for the expiration of the Renewal Term entire portion (“Second Renewal Term”). The Second Renewal Option is personal to Tenant and may not be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy (270) days and but not less than one hundred eighty the entirety) 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 the date which is no later than the date which is nine (1809) days months prior to the expiration of the Renewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocable. The Second Renewal Option and Tenant’s delivery then current term of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely mannerprovide such notice, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as the Lease, as amended, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant or additional right to this Section 10 extend or any provision renew the term of the Lease. Fair Market Rent . 40.2 Landlord will make available to Tenant, for the Second Renewal Term renewal term, an improvement allowance in the amount of $5.00 per rentable square foot. The use and disbursement of such allowance shall be determined governed by Landlord with written notice given to Tenant prior to the commencement terms and conditions of Exhibit B hereto. If the allowance is not utilized within the first six (6) months of the Second Renewal Term. (b) No later renewal term, other than thirty (30) days prior to the commencement by fault of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunderLandlord, Tenant’s exercise entitlement to said allowance will be forfeited. 40.3 On the commencement date of the Second Renewal Option renewal term and on each anniversary thereof during the renewal term, the Annual Rent and Monthly Installment shall be null increased by three percent (3%) over the amounts thereof payable immediately prior to such increase date, as set forth in the Rent Schedule (Article 42). 40.4 This option is not transferable; the parties hereto acknowledge and void agree that they intend that the aforesaid option to renew this 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 Renewal Term shall expire naturally expireaforesaid option to renew.

Appears in 1 contract

Samples: Lease Agreement (PBSJ Corp /Fl/)

Renewal Option. 40.01 (a) Subject to the terms of this Section 10, Tenant shall have one (1) the option (the Second Renewal Option”) to extend renew the initial Term (but not the Renewal Term) for the Renewal Premises (as hereinafter defined), subject to the terms below, for one renewal term of this Lease for a consecutive period of sixty five (605) months beyond years (the “Renewal Term”) commencing on the day after the expiration of the initial Term (the “Renewal Term (“Second Renewal Term”). The Second Renewal Option is personal to Tenant and may not be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election NoticeCommencement Date”) from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty (180) days prior to the expiration of the Renewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocable. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from ending on the date of delivery of such Election Notice through (the time of commencement of the Second Renewal Term or Expiration Date”) immediately preceding the fifth (iii5th) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as anniversary of the Renewal Term Commencement DateDate or on such earlier date upon which the Renewal Term may expire or be cancelled or terminated pursuant to any of the conditions or covenants of this Sublease or pursuant to any Legal Requirement. If Tenant fails to shall have, and may exercise, the Renewal Option, and the Renewal Term shall commence, only if (i) Tenant notifies Landlord (the “Exercise Notice”) of Tenant’s exercise of the Second Renewal Option not later than July 31, 2021, (ii) this Sublease shall be in a timely mannerfull force and effect on the date that Tenant exercises the Renewal Option, as provided for above, then (iii) at the Second time of the exercise of the Renewal Option no Event of Default based on a monetary default or a material non-monetary default shall have occurred and be continuing hereunder, (iv) the Named Tenant, its “Affiliates” (as such term is defined in the Existing Superior Lease) or its successor by merger, consolidation or sale of assets, on the date Tenant exercises the Renewal Option and on the Renewal Term Commencement Date, occupies two or more full Base Floors, or the equivalent RSF of space in the Building above the ground floor thereof, excluding the Storage Space (but, in either case, this requirement shall be void deemed met if the occupancy is less by not more than 25,000 RSF), (v) on the date that Tenant exercises the Renewal Option, no portion of the Building is subject to a sublease or other occupancy agreement pursuant to which any portion of the Renewal Premises will be sublet or otherwise occupied by a third-party (other than to [JetBlue Tenants], Affiliated Persons and/or pursuant to Sections 2.12(b) and/or 9.19 hereof) during any portion of the Renewal Term, and [(vi) all of no force or effectthe conditions set forth in the Third Amendment of the Existing Superior Lease with respect to the renewal of the term thereof are satisfied. TIME IS OF THE ESSENCE with respect to the giving of the Exercise Notice. The validly exercised Second Renewal Term shall be upon all of the same terms agreements, terms, covenants and conditions as the Lease, as amendedof this Sublease, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (yv) Tenant shall have no further renewal options right to renew the Term, (w) there shall be no [***], (x) there shall be no Tenant Allowance, (y) Tenant shall accept the Renewal Premises in its As Is-Where Is condition, except that for any portion of the Renewal Premises that is not a part of the Premises on the last day of the initial Term, such portion(s) of the Renewal Premises shall also be delivered to Tenant on the Renewal Term Commencement Date vacant, free of tenancies and in broom clean condition, and (z) the Base Rent and Additional Rent, on a per RSF basis, payable for the Renewal Premises for the Renewal Term will [***]. Landlord shall permit Tenant to participate in any rent and any other negotiation with the Existing Lessor or its representatives under the Existing Superior Lease which relates to the Renewal Term. If the Renewal Premises constitutes a majority of the RSF being renewed pursuant to this Section 10 the Existing Superior Lease, then Landlord shall not agree to the “Base Rent” and “Additional Rent” payable under the Existing Superior Lease for the Renewal Term that are subject to dispute or any provision the agreement of the Lease. Fair Market Rent parties pursuant to the Existing Superior Lease without Tenant’s prior written approval and if Tenant does not approve the proposed “Base Rent” and “Additional Rent” payable under the Existing Superior Lease for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Term. (b) No later than thirty (30) days prior to the commencement of the Second Renewal Term, Tenant Landlord shall deposit arbitrate same, with Landlord an amountTenant’s participation, that when taken together with in accordance with, and subject to, the Security Deposit, equals the Monthly Base Rent due for the last month applicable provisions of the Second Existing Superior Lease. Also if the Renewal Term (“Additional Deposit”). Upon the commencement Premises constitutes a majority of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held RSF being renewed pursuant to the terms Existing Superior Lease, Landlord shall not reach any settlement of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, matters being arbitrated without Tenant’s exercise prior written approval, it being understood and agreed that with respect to any matters that Landlord, as the tenant under the Existing Superior Lease, is not permitted to dispute (including the determination by the arbitrator(s) of the Second Renewal Option “Base Rent” and “Additional Rent” payable under the Existing Superior Lease), Tenant shall be null have no right of approval and void and the Renewal Term shall expire naturally expireno right to dispute.

Appears in 1 contract

Samples: Sublease (Jetblue Airways Corp)

Renewal Option. (a) Subject to the terms of this Section 10, Tenant shall have one (1) option (“Second Renewal Option”) the right to renew and extend the Term of this Lease with respect to the entire Premises then subject to this Lease for a consecutive period the Renewal Term (herein so called) upon and subject to the following terms and conditions: 1. Tenant may extend this Lease for two (2) Renewal Terms of sixty five (605) years each by giving written notice thereof to Landlord no later than (i) twelve (12) months beyond prior to the expiration of the original Term with respect to the first Renewal Term and (“Second ii) twelve (12) months prior to the expiration of the first Renewal Term with respect to the second Renewal Term”). Landlord, at its sole option, shall have the right to shorten the notice period required for Tenant's exercise of its renewal options hereunder from twelve (12) months to some shorter period of time by providing written notice to Tenant of Landlord's consent to the shorter notice period; however, consent to a shorter notice period with respect to the first Renewal Term shall not be deemed consent by Landlord to a shorter notice period with respect to the second Renewal Term. The Second first Renewal Option is personal Term shall commence immediately upon the expiration of the original Term and the second Renewal Term shall commence immediately upon the expiration of the first Renewal Term. Upon exercise by Tenant of its right to a Renewal Term, the Expiration Date of the Term shall automatically become the last day of the Renewal Term. If Tenant does not exercise its rights to a Renewal Term in a timely manner, Tenant's failure shall conclusively be deemed a waiver of its rights to such Renewal Term and may not be exercised by any sublessee or assignee of Tenantall future Renewal Terms. 2. The Second exercise by Tenant of its rights to a Renewal Option Term must be exercisedmade, if at all, by written notice (“Election Notice”) from executed by Tenant and delivered to Landlord given on or before the date set forth above. Once Tenant shall exercise its rights to a Renewal Term, Tenant may not more than two hundred seventy thereafter revoke such exercise. Tenant shall not have the right to exercise a Renewal Term if Tenant is in monetary or material non-monetary Default under this Lease, either at the time Tenant gives notice of its election or immediately prior to the commencement of the Renewal Term. 3. Tenant shall take the Premises "as is" for the Renewal Term and Landlord shall have no obligation to make any improvements or alterations to the Premises. 4. Base Rent per square foot of Rentable Area of the Premises for the first year of the Renewal Term shall be the sum of the following: (270i) days and not less than one hundred eighty (180) days the adjusted Net Base Rent in effect immediately prior to the expiration of the original Term, with respect to the first Renewal Option. Any such Election Notice given by Tenant Term, and the expiration of the first Renewal Term, with respect to Landlord the second Renewal Term, shall be irrevocable. The Second Renewal Option multiplied by the Adjustment Factor and Tenant’s delivery of an Election Notice the amount computed shall be voidable added to the adjusted Net Base Rent in effect immediately prior to the expiration of the original Term, with respect to the first Renewal Term, and the expiration of no force or effect at the election of Landlordfirst Renewal Term, exercised in Landlord’s sole with respect to the second Renewal Term and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which the total commissions paid with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of respect to Tenant’s delivery 's lease of the Election Notice or Premises during the Renewal Term(s) amortized over the respective Renewal Term(s) at any time from the date of delivery of such Election Notice through the time of commencement nine and one-half percent (9.5%) per annum. During each year of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in Renewal(s), Base Rent shall be increased annually on the financial condition anniversary of the TenantCommencement Date by the Adjustment Factor. 5. Subject to SUBPARAGRAPH 4 above, as the leasing of the Renewal Term Commencement Date. If Tenant fails to exercise Premises for the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as are applicable for the original Term, and shall be upon and subject to all of the provisions of this Lease, including, without limitation, the obligation of Tenant to pay Tenant's Additional Rent under the Lease, as amended, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Term. (b) No later than thirty (30) days prior to the commencement of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expire.

Appears in 1 contract

Samples: Office Lease Agreement (Pec Solutions Inc)

Renewal Option. (a) Subject to the terms of this Section 10, Tenant shall have one (1) the option (“Second Renewal Option”) to extend the Term for three (3) separate, consecutive renewal periods (each, a "Renewal Option"), under and subject to the following terms and conditions: (a) The first renewal term (the "First Renewal Term") shall be for a five (5) year period commencing on the day immediately following the expiration date of the original Term of this Lease for a consecutive period of sixty and expiring at midnight on the day immediately preceding the fifth (605th) months beyond anniversary thereof. The second renewal term (the expiration of the Renewal Term (“"Second Renewal Term”)") shall be for a five (5) year period commencing on the day immediately following the expiration date of the First Renewal Term and expiring at midnight on the day immediately preceding the fifth (5th) anniversary thereof. The Second third renewal term (the "Third Renewal Option is personal to Tenant and may not Term") shall be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice for a four (“Election Notice”4) from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty (180) days prior to year period commencing on the day immediately following the expiration of the Renewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocable. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or and expiring at midnight on the day immediately preceding the fourth (iii4th) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Dateanniversary thereof. If Tenant fails to exercise the Second any Renewal Option in a timely mannerOption, as provided for above, then the Second all subsequent Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as the Lease, as amended, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Term. (b) No later than thirty (30) days prior to the commencement of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option Options shall be null and void and of no further force and effect. (b) Tenant must exercise each Renewal Option, if at all, upon at least 180 days' written notice to Landlord prior to the expiration date of the then current Term of this Lease, time being of the essence. (c) At the time Tenant delivers its notice of election to exercise the applicable Renewal Option to Landlord, this Lease shall be in full force and effect, Tenant shall not have assigned this Lease or sublet the Demised Premises, and Tenant shall not be in default in the performance of any of its obligation hereunder. (d) Each Renewal Term shall be on the same terms and conditions contained in this Lease, except that (i) subject to the last two sentences of this subparagraph (d), the Annual Base Rent shall be ninety-five percent (95%) of the then current "Fair Market Rental Rate" for the Demised Premises, but in no event more than one hundred fifteen percent (115%) of the Annual Base Rent payable during the final year of the then current Term, and (ii) Tenant shall not be entitled to any allowances or other concessions with respect to the Renewal Terms. Notwithstanding the foregoing, in the event that Tenant shall have assigned this Lease or sublet all or any portion of the Demised Premises, then the Annual Base Rent for the applicable Renewal Term (and each Renewal Term thereafter) shall be the greater of (i) ninety-five (95%) of the then current "Fair Market Rental Rate", and (ii) the Annual Base Rent payable during the final year of the then current Term. If Tenant shall assign this Lease or sublet all or any portion of the Demised Premises during any Renewal Term, then the Annual Base Rent shall automatically increase to the greater of (i) ninety-five (95%) of the then current "Fair Market Rental Rate", and (ii) the Annual Base Rent payable during the final year of the immediately preceding Term, which adjustment shall be made as of the effective date of the assignment or sublease. (e) As used herein, the term "Fair Market Rental Rate" shall mean the average of the annual rental rates then being charged by Landlord for office space in the Complex for leases commencing on or about the commencement of the Renewal Term (or, if there are not at least two (2) leases for tenants in the Complex that commence on or about the commencement of the Renewal Term, then the annual rental rates then being charged for Class "A" office space in the Conshohocken, Pennsylvania market), taking into consideration the use, location and floor level of the applicable building, leasehold improvements or allowances provided, rental concessions, the term of the lease under consideration, the extent of services provided thereunder, the creditworthiness of Tenant, annual escalations and other adjustments to the base rental and any other relevant term or condition in making such evaluation. Landlord shall expire naturally expiredetermine the Fair Market Rental Rate using its good faith judgment and shall provide written notice of such rate within fifteen (15) days after Tenant's exercise notice pursuant to this Section. Tenant shall thereupon have the following options: (i) to accept such proposed "Fair Market Rental Rate", (ii) to rescind its exercise of the renewal option, or (iii) to notify Landlord in writing that Tenant objects to the proposed rental rate. Tenant must provide Landlord with written notification of its election within fifteen (15) days after Tenant's receipt of Landlord's notice, otherwise Tenant shall be deemed to have elected clause (i) above and to have accepted Landlord's proposed "Fair Market Rental Rate." If Tenant objects to Landlord's proposed "Fair Market Rental Rate" in accordance with clause (iii) above, Landlord and Tenant shall attempt to negotiate a mutually acceptable rental rate within fifteen (15) days following notification by Tenant, and if such negotiations have not been concluded within such fifteen (15) day period, either party may require determination of the Fair Market Rental Rate for the Renewal Term by giving written notice to the other no later than ten (10) days after the expiration of such fifteen (15) day period, which notice shall designate a MAI real estate appraiser or real estate broker with at least five (5) years experience in office leasing in the suburban Philadelphia market. Within ten (10) days after receipt of such notice, the other party to this Lease shall select a real estate appraiser/broker meeting the aforesaid requirements and give written notice of such selection to the initiating party. If the two (2) real estate appraisers/brokers fail to agree upon the Fair Market Rental Rate within ten (10) days after selection of the second appraiser/broker, the two (2) appraisers/brokers shall select a third (3rd) real estate appraiser/broker meeting the foregoing requirements to determine the Fair Market Rental Rate within ten (10) days after the appointment of the third (3rd) appraiser/broker. The Fair Market Rental Rate applicable to the applicable Renewal Term shall equal the arithmetic average of such three (3) determinations; provided, however, that if one (1) appraiser's/broker's determination deviates more than five percent (5%) from the median of the three (3) determinations, the Fair Market Rental Rate shall be an amount equal to the average of the other two (2) determinations. The determination of Fair Market Rental Rate shall be final, binding and conclusive on Landlord and Tenant

Appears in 1 contract

Samples: Lease Agreement (Quaker Chemical Corp)

Renewal Option. Section 29.1 Tenant shall have the right, at its option (the “First Renewal Option”), to renew the initial term of this Lease, for the entire Premises, for an initial renewal term (the “First Renewal Term”) commencing on the day following the Expiration Date (the “First Renewal Term Commencement Date”) and expiring on the third (3rd) anniversary of the Expiration Date (the “First Renewal Term Expiration Date”). Tenant shall have no right to exercise the First Renewal Option unless all of the following conditions have been satisfied on the date of the First Renewal Notice (as defined below) and on the First Renewal Term Commencement Date: (a) Subject to the terms No Event of this Section 10, Tenant Default shall have one occurred and be continuing under this Lease; (1b) option The named Tenant hereunder (“Second Renewal Option”) or a permitted assignee, successor or transferee pursuant to extend the Term of this Lease for a consecutive period of sixty (60) months beyond the expiration of the Renewal Term (“Second Renewal Term”Sections 14.8 or 14.9, but not any other assignee or successor tenant). The Second Renewal Option is personal to Tenant , and may not be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy (270) days and its Affiliates shall occupy not less than one hundred eighty seventy-five percent (18075%) days prior to the expiration of the Renewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocable. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if then-existing Premises Area; and (i) an Event of Default is occurring under this Lease, or (iic) there is shall not have occurred any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially material adverse change in the financial condition of Tenant from the Tenant, as of condition described in the Renewal Term Commencement Date. financial statements submitted by Tenant to Landlord in connection with this Lease. Section 29.2 If Tenant fails elects to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as the Lease, as amended, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to renew this Section 10 or any provision of the Lease. Fair Market Rent Lease for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Term. (b) No later than thirty (30) days prior to the commencement of the Second First Renewal Term, Tenant shall deposit with give Landlord an amountnotice thereof (the “First Renewal Notice”) not more than eighteen (18) months and not less than nine (9) months prior to the Expiration Date, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month and time shall be of the Second Renewal Term (“Additional Deposit”). Upon essence with respect to the commencement giving of the Second First Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereofNotice. If Tenant fails to deposit shall send the Additional Deposit as First Renewal Notice within the time and when required hereunderin the manner herein provided, Tenant’s exercise of the Second Renewal Option this Lease shall be null and void and deemed renewed for the First Renewal Term shall expire naturally expireupon the terms, covenants and conditions in this Lease contained, with the exception of Fixed Rent.

Appears in 1 contract

Samples: Lease Agreement (Rackspace Inc)

Renewal Option. (aA) Subject to the terms of this Section 10Article 19, Tenant shall have the option (the "Renewal Option") to extend the term of this Lease for the Renewal Premises for, at Tenant's election, either (I) one (1) option additional period of five (“Second 5) years, or (II) one (1) additional period of ten (10) years (such period of either five (5) years or ten (10) years, as designated by Tenant, being referred to herein as the "Renewal Term"), which Renewal Term shall commence on the day immediately succeeding the Fixed Expiration Date and end on the day that is five (5) years after the Fixed Expiration Date (if Tenant designates a Renewal Term of five (5) years), or ten (10) years after the Fixed Expiration Date (if Tenant designates a Renewal Term of ten (10) years), provided that, as of the date that Tenant gives Landlord notice (the "Renewal Notice") of Tenant's election to exercise the Renewal Option, (a) this Lease has not been previously terminated, (b) no monetary or material non-monetary Event of Default has occurred and is continuing, (c) the Minimum Occupancy Requirement is satisfied, (d) the Minimum Demise Requirement is satisfied (except that for purposes of this Section 19.1(A), each reference in the definition of Minimum Demise Requirement to extend "eighty-nine thousand (89,000)" shall be deemed to be deleted and a reference to "fifty-nine thousand five hundred ninety-one (59,591)" shall be substituted therefor) and (e) the Initial Tenant Requirement is satisfied. (B) The Renewal Option shall be exercisable only by Tenant's delivering the Renewal Notice to Landlord not later than eighteen (18) months prior to the Fixed Expiration Date (as to which date time shall be of the essence). Landlord shall have the right to declare Tenant's exercise of the Renewal Option ineffective if, as of the Fixed Expiration Date, (a) a monetary or material non-monetary Event of Default has occurred and is continuing, (b) the Minimum Occupancy Requirement is not satisfied, (c) the Initial Tenant Requirement is not satisfied, or (d) the Minimum Demise Requirement is not satisfied (except that for purposes of this Section 19.1(B), each reference in the definition of Minimum Demise Requirement to "eighty-nine thousand (89,000)" shall be deemed to be deleted and a reference to "fifty-nine thousand five hundred ninety-one (59,591)" shall be substituted therefor), in each case by giving notice thereof to Tenant during the period commencing on the Fixed Expiration Date and ending on the date that is fifteen (15) days after the Fixed Expiration Date (it being understood that (x) if Landlord so declares Tenant's exercise of the Renewal Option ineffective, then the Term shall terminate on the fifteenth (15th) day after the date that Landlord gives Tenant notice of this Lease for a consecutive period of sixty such declaration (60) months beyond in which case Tenant shall pay the expiration Rental due hereunder in respect of the Renewal Term (“Second Renewal Term”). The Second Renewal Option is personal to Tenant and may not be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty (180) days prior to the expiration of extent accruing during the Renewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocable. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at period commencing on the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as first day of the Renewal Term Commencement Date. If Tenant fails to exercise and ending on the Second Renewal Option in a timely mannerdate that the Term so terminates), as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as the Lease, as amended, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) nothing contained in this Section 19.1(B) limits Landlord's other rights or remedies after the occurrence of an Event of Default). Tenant shall be deemed to have no further renewal options pursuant to this Section 10 or any provision of exercised the Lease. Fair Market Rent Renewal Option for the Second a Renewal Term shall be determined by Landlord with written notice given to of five (5) years unless Tenant prior to specifies in the commencement of Renewal Notice that Tenant is exercising the Second Renewal Term. (b) No later than thirty (30) days prior to the commencement of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due Option for the last month of the Second a Renewal Term of ten (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expire10) years.

Appears in 1 contract

Samples: Lease (Clear Secure, Inc.)

Renewal Option. Lessor hereby grants Lessee (abut no assignee or subtenant) Subject two (2) options to the terms of renew this Section 10Lease, Tenant shall have one (1) each option (“Second Renewal Option”) to extend the Term of this Lease be for a consecutive period of sixty (60) months, for a total of one hundred twenty (120) months beyond in the expiration of the Renewal Term (“Second Renewal Term”)event both renewal options are exercised. The Second Renewal Option is personal to Tenant and may not Each said renewal option shall be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given Lessee notifying Lessor thereof in writing not more than two hundred seventy (270) days and not less than one at least two hundred eighty ten (180210) days prior to the expiration of the Renewal Optionthen current lease or renewal term, as the case may be. Any In the event a renewal agreement has not been executed at least one hundred twenty (120) days prior to the expiration date of the current lease or renewal term, the option shall automatically become null and void. Each such Election Notice given by Tenant to Landlord renewal shall be irrevocablesubject to all of the terms and conditions of this Lease except that (i) the rentals payable during each renewal term shall be as set forth below and (ii) no further renewal option shall exist during the second renewal term. It shall be a condition to Lessee's exercising any renewal option herein granted that (y) Lessee not be then in default under this Lease and (z) Lessee shall have previously exercised the immediately preceding renewal option, if any, so that the second renewal option may not be exercised if Lessee has failed to exercise the first renewal option. The Second Renewal Option Base Rent for each renewal term shall be based on not less than 95% of the then prevailing rental rates for properties of equivalent quality, size, utility and Tenant’s delivery location in the Dallas/Forth Worth market, with the length of the lease term and the creditworthiness of the Lessee taken into account; provided, however, that in no event shall the Base Rent in any renewal period be less than the Base Rent for the last month immediately preceding said renewal period. Upon notification from Lessee of its intent to exercise each renewal option, Lessor shall, within fifteen (15) days thereafter, notify Lessee in writing of the Base Rent for the applicable renewal term; Lessee shall, within fifteen (15) days following receipt of same, notify Lessor in writing of the acceptance or rejection of the proposed Base Rent. In the event of rejection by Lessee, Lessee may rescind the exercise of such renewal option by written notice to Lessor within such fifteen (15) day period for acceptance or rejection. If Lessee does not so rescind such exercise, the Base Rent for the applicable renewal term shall be determined as follows: (a) Within fifteen (15) days following notification of rejection, Lessor and Lessee shall each select an Election arbitrator who shall be a Licensed Texas real estate broker having a minimum of five (5) years experience in leasing office space and being a member of the North Chapter of the Texas Society of Office and Industrial Realtors (or its successor organization). Notice shall be voidable and given to the other party of no force the name of the arbitrator selected. If either Lessor or effect at Lessee fails to appoint such an arbitrator within the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of allocated time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery arbitrator appointed by the other party shall make the determination of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option Base Rent and this determination shall be void final and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as the Lease, as amended, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Termbinding on both parties. (b) No later than If both Lessor and Lessee appoint an arbitrator in accordance with the provisions above and the two arbitrators cannot agree upon a Base Rent for the renewal term within thirty (30) days prior following their appointment, the two arbitrators shall forthwith select a third disinterested and qualified arbitrator having like qualifications and each of the original arbitrators will immediately submit his or her judgment as to the commencement appropriate Base Rent in writing to the third arbitrator. Within ten (10) days after such submittal, the third arbitrator shall make the determination of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for such renewal period and the last month determination of the Second Renewal Term third arbitrator shall be final and binding on both parties. In the event the two arbitrators appointed by the Lessee and Lessor cannot agree upon a third arbitrator, then the third arbitrator shall be appointed by the then President of the North Chapter of the Texas Society of Office and Industrial Realtors (“Additional Deposit”or its successor organization). Upon The Base Rent agreed to by the commencement of the Second Renewal Termtwo appointed arbitrators or, if applicable, the term “Security Deposit” Base Rent determined by the third arbitrator shall automatically include be final and binding upon the “Additional Deposit” parties hereto. Lessor and Lessee shall each bear the expense of their arbitrator and the Additional Deposit expense of a third arbitrator, if needed, shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expireshared equally by both parties.

Appears in 1 contract

Samples: Office Lease (Exe Technologies Inc)

Renewal Option. Lessor hereby grants Lessee (abut no assignee or subtenant) Subject two (2) options to the terms of renew this Section 10Lease, Tenant shall have one (1) each option (“Second Renewal Option”) to extend the Term of this Lease be for a consecutive period of sixty sixty(60) months, for a total of one hundred twenty (60120) months beyond in the expiration of the Renewal Term (“Second Renewal Term”)event both renewal options are exercised. The Second Renewal Option is personal to Tenant and may not Each said renewal option shall be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given Lessee notifying Lessor thereof in writing not more than two hundred seventy (270) days and not less than one at least two hundred eighty ten (180210) days prior to the expiration of the Renewal Optionthen current lease or renewal term, as the case may be. Any In the event a renewal agreement has not been executed at least one hundred twenty (120) days prior to the expiration date of the current lease or renewal term, the option shall automatically become null and void. Each such Election Notice given by Tenant to Landlord renewal shall be irrevocablesubject to all of the terms and conditions of this Lease except that (i) the rentals payable during each renewal term shall be as set forth below and (ii) no further renewal option shall exist during the second renewal term. It shall be a condition to Lessee's exercising any renewal option herein granted that (y) Lessee not be then in default under this Lease and (z) Lessee shall have previously exercised the immediately preceding renewal option, if any, so that the second renewal option may not be exercised if Lessee has failed to exercise the first renewal option. The Second Renewal Option Base Rent for each renewal term shall be based on not less than 95% of the then prevailing net rental rates for properties of equivalent quality, size, utility and Tenant’s delivery location in the Dallas/Forth Worth market, with the length of the lease term and the creditworthiness of the Lessee taken into account; provided, however, that in no event shall the Base Rent in any renewal period be less than the Base Rent for the last month immediately preceding said renewal period. Upon notification from Lessee of its intent to exercise each renewal option, Lessor shall, within fifteen (15) days thereafter, notify Lessee in writing of the Base Rent for the applicable renewal term; Lessee shall, within fifteen (15) days following receipt of same, notify Lessor in writing of the acceptance or rejection of the proposed Base Rent. In the event of rejection by Lessee, Lessee may rescind the exercise of such renewal option by written notice to Lessor within such fifteen (15) day period for acceptance or rejection. If Lessee does not so rescind such exercise, the Base Rent for the applicable renewal term shall be determined as follows: (a) Within fifteen (15) days following notification of rejection, Lessor and Lessee shall each select an Election arbitrator who shall be a Licensed Texas real estate broker having a minimum of five (5) years experience in leasing office space and being a member of the North Chapter of the Texas Society of Office and Industrial Realtors (or its successor organization). Notice shall be voidable and given to the other party of no force the name of the arbitrator selected. If either Lessor or effect at Lessee fails to appoint such an arbitrator within the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of allocated time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery arbitrator appointed by the other party shall make the determination of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option Base Rent and this determination shall be void final and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as the Lease, as amended, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Termbinding on both parties. (b) No later than If both Lessor and Lessee appoint an arbitrator in accordance with the provisions above and the two arbitrators cannot agree upon a Base Rent for the renewal term within thirty (30) days prior following their appointment, the two arbitrators shall forthwith select a third disinterested and qualified arbitrator having like qualifications and each of the original arbitrators will immediately submit his or her judgment as to the commencement appropriate Base Rent in writing to the third arbitrator. Within ten (10) days after such submittal, the third arbitrator shall make the determination of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for such renewal period and the last month determination of the Second Renewal Term third arbitrator shall be final and binding on both parties. In the event the two arbitrators appointed by the Lessee and Lessor cannot agree upon a third arbitrator, then the third arbitrator shall be appointed by the then President of the North Chapter of the Texas Society of Office and Industrial Realtors (“Additional Deposit”or its successor organization). Upon The Base Rent agreed to by the commencement of the Second Renewal Termtwo appointed arbitrators or, if applicable, the term “Security Deposit” Base Rent determined by the third arbitrator shall automatically include be final and binding upon the “Additional Deposit” parties hereto. Lessor and Lessee shall each bear the expense of their arbitrator and the Additional Deposit expense of a third arbitrator, if needed, shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expireshared equally by both parties.

Appears in 1 contract

Samples: Office Lease (Exe Technologies Inc)

Renewal Option. (a) Subject Provided Tenant has not terminated the Lease pursuant to the terms paragraph 4 of this Section 10Seventh Amendment to Agreement of Lease, Tenant shall have the right and option to extend the term of the Lease for the Building #3 Space only for two (2) consecutive terms of one (1) option year each (“Second the "Sixth Renewal Option”) Term" and the "Seventh Renewal Term," respectively). The Sixth Renewal Term shall commence immediately following expiration of the Fifth Renewal Term, and the Seventh Renewal Term shall commence immediately following expiration of the Sixth Renewal Term, if applicable. So long as Tenant is not in default of the Lease, Tenant may exercise the right to extend the Term term of this the Lease for a consecutive period the Sixth Renewal Term and Seventh Renewal Term only by delivering to Landlord written notice of sixty Tenant's exercise of such right no less than three (603) months beyond the expiration of the Renewal Term (“Second Renewal Term”). The Second Renewal Option is personal to Tenant and may not be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty (180) days prior to the expiration of the extant renewal term, time being of the essence. The terms and conditions of the Fifth Renewal Option. Any such Election Notice given by Tenant to Landlord Term shall continue in full force and effect for the Sixth Renewal Term and the Seventh Renewal Term, if applicable, except that the monthly rental for the Leased Premises during the Sixth Renewal Term and the Seventh Renewal Term, if applicable, shall be irrevocable$42,259.50. The Second Notwithstanding the above, if Tenant, itself or its affiliate or subsidiary is in default under the Lease or is not in full possession of the Building #3 Space continuously during the last three (3) months of the Fifth Renewal Option Term or the Sixth Renewal Term, whichever is applicable, and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in applicable renewal term, Landlord may, at its option, terminate the financial condition of Lease as to the TenantBuilding #3 Space only, as of the last day of the Fifth Renewal Term Commencement Date. If Tenant fails to exercise or the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as the Lease, as amended, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Term. (b) No later than thirty (30) days prior to the commencement of the Second Sixth Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expirewhichever is applicable.

Appears in 1 contract

Samples: Agreement of Lease (Haemonetics Corp)

Renewal Option. (a) Subject If the Lease is not in default at the time each option is exercised or at the time the renewal term is to the terms of this Section 10commence, Tenant shall have one the option to renew this Lease for THREE (3) successive terms of FIVE (5) YEARS each, as follows: (1) option (“Second Renewal Option”) to extend Each of the Term of this Lease for a consecutive period of sixty (60) months beyond renewal terms shall commence on the day following expiration of the Renewal Term preceding term. (“Second Renewal Term”). 2) The Second Renewal Option is personal to Tenant and option may not be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy (270) days and not less than 180 days prior to the last day of the expiring 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 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) days prior to the expiration of the Renewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocable. The Second Renewal Option and day time limit, Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails right to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option its option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as the Lease, as amended, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Term. (b) No later than nevertheless continue until thirty (30) days prior after Landlord shall have given Tenant notice of Landlord’s election to terminate such option, and Tenant may exercise such option at any time until the commencement expiration of said thirty (30) day period. It is the intention of the Second Renewal Termparties to avoid 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. During any extension of the term all Sections of this Lease will be effective, Tenant and references to term will incorporate the extensions. (3) The terms and conditions of the Lease for each renewal term shall deposit with Landlord an amount, that when taken together be identical with the Security Deposit, equals original term except for rent and except that Tenant will no longer have any option to renew this Lease after the Monthly Base third successive renewal option has been exercised. Rent due for a renewal term shall be the rental during the last month year of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the preceding original or renewal term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit adjusted as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expireprovided herein.

Appears in 1 contract

Samples: Commercial Lease (Mendocino Brewing Co Inc)

Renewal Option. (a) Subject Landlord hereby grants to Tenant the terms of this Section 10, Tenant shall have one (1) option (“Second Renewal Option”) to extend the Term of renew this Lease for a consecutive period one additional term of sixty twelve (6012) months beyond the expiration of the Renewal Term (“Second Renewal Term”). The Second If this option is exercised, references in the Lease to the Term shall include the Renewal Option is personal Term. Tenant must exercise the option to Tenant and may not be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercisedrenew, if at all, by giving Landlord written notice of such exercise not less than ninety (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy (27090) days and not less more than one hundred eighty and twenty (180120) days prior to the expiration of the Renewal Optionthen current Term. Any such Election Notice given Upon exercise of the option to renew or an agreement by Landlord and Tenant to Landlord renew the Term, the Term shall be irrevocable. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice extended through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as expiration date of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon on the same terms and conditions as the Lease, as amendedcontained herein, except that there shall be no further right to renew the Term beyond the one (x1) Renewal Term. (b) for the annual Renewal Term, the monthly Base Rent during the Second Renewal Term shall be equal the same as during the original Term of this Lease and Landlord shall not have the right to increase the Fair Market Base Rent as of during the commencement of the Second Renewal Term; . If Tenant exercises the option to renew this Lease Landlord and (y) Tenant shall have no further renewal options pursuant execute and deliver an amendment to this Section 10 or any provision Lease setting forth such fact, the amount of the Lease. Fair Market Base Rent for the Second Renewal Term and all other matters consistent with the foregoing. Upon any assignment of this Lease or any sublease or recapture of all or part of the Premises, the right to exercise the option to renew shall be determined terminate. The right to exercise the option to renew shall also terminate upon any Event of Default by Landlord Tenant or the termination of this Lease or of Tenant’s right of possession; provided, if the option to renew is exercised or the Term is otherwise renewed upon mutual agreement by the parties and this Lease or Tenant’s right of possession is terminated due to an Event of Default, Landlord’s damages shall include damages with written notice given to Tenant prior respect to the commencement of the Second Renewal Term. (b) No later than thirty (30) days prior to the commencement of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expire.

Appears in 1 contract

Samples: Purchase and Sale Agreement

Renewal Option. (a) Subject to the terms of this Section 10, Tenant shall have one (1) option (“Second Renewal Option”) the right to renew and extend the Term of this Lease with respect to the entire Premises then subject to this Lease for a consecutive period the Renewal Term (herein so called) upon and subject to the following terms and conditions: 1. Tenant may extend this Lease for one (1) Renewal Term of sixty five (605) years by giving written notice thereof to Landlord no later than (i) twelve (12) months beyond prior to the expiration of the original Term. Landlord, at its sole option, shall have the right to shorten the notice period required for Tenant's exercise of its renewal option hereunder from twelve (12) months to some shorter period of time by providing written notice to Tenant of Landlord's consent to the shorter notice period. The Renewal Term (“Second shall commence immediately upon the expiration of the original Term. Upon exercise by Tenant of its right to a Renewal Term”), the Expiration Date of the Term shall automatically become the last day of the Renewal Term. If Tenant does not exercise its rights to a Renewal Term in a timely manner, Tenant's failure shall conclusively be deemed a waiver of its rights to such Renewal Term. 2. The Second exercise by Tenant of its rights to a Renewal Option is personal to Tenant and may not be exercised by any sublessee or assignee of Tenant. The Second Renewal Option Term must be exercisedmade, if at all, by written notice (“Election Notice”) from executed by Tenant and delivered to Landlord given on or before the date set forth above. Once Tenant shall exercise its rights to a Renewal Term, Tenant may not more than two hundred seventy thereafter revoke such exercise. Tenant shall not have the right to exercise a Renewal Term if Tenant is in monetary or material non-monetary Default under this Lease, either at the time Tenant gives notice of its election or immediately prior to the commencement of the Renewal Term. 3. Tenant shall take the Premises "as is" for the Renewal Term and Landlord shall have no obligation to make any improvements or alterations to the Premises. 4. Base Rent per square foot of Rentable Area of the Premises for the first year of the Renewal Term shall be the sum of the following: (270i) days and not less than one hundred eighty (180) days the adjusted Net Base Rent in effect immediately prior to the expiration of the Renewal Option. Any such Election Notice given by Tenant to Landlord original Term, shall be irrevocable. The Second Renewal Option multiplied by the Adjustment Factor and Tenant’s delivery of an Election Notice the amount computed shall be voidable added to the adjusted Net Base Rent in effect immediately prior to the expiration of the original Term and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which the total commissions paid with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of respect to Tenant’s delivery 's lease of the Election Notice or Premises during the Renewal Term(s) amortized over the respective Renewal Term(s) at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or nine and one-half percent (iii9.5%) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as per annum. During each year of the Renewal Term Term, Base Rent shall be increased annually on the anniversary of the Commencement DateDate by the Adjustment Factor. 5. If Tenant fails Subject to exercise the Second Renewal Option in a timely manner, as provided for SUBPARAGRAPH 4 above, then the Second Renewal Option shall be void and leasing of no force or effect. The validly exercised Second the Premises for the Renewal Term shall be upon the same terms and conditions as are applicable for the original Term, and shall be upon and subject to all of the provisions of this Lease, including, without limitation, the obligation of Tenant to pay Tenant's Additional Rent under the Lease, as amended, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Term. (b) No later than thirty (30) days prior to the commencement of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expire.

Appears in 1 contract

Samples: Office Lease Agreement (Pec Solutions Inc)

Renewal Option. (a) Subject to the terms of this Section 10provisions hereinafter set forth, Landlord hereby grants to Tenant shall have one (1) an option (“Second Renewal Option”) to extend renew the Term of this Lease on the same terms, conditions and provisions as contained in this Lease, except as otherwise provided herein, for a consecutive one period of sixty five (605) months beyond years (the “Renewal Period”) after the expiration of the initial Term, which Renewal Term Period shall commence on the day after the Expiration Date (the Second Renewal TermPeriod Commencement Date”) and end on the day before the fifth (5th) anniversary of the Renewal Period Commencement Date (the “Renewal Period Expiration Date”). The Second Renewal Option is personal to Tenant and may not . a. Said option shall be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, exercisable by written notice (“Election Notice”) from Tenant to Landlord of Tenant’s election to exercise said option given not more later than two hundred seventy the date which is nine (2709) days and not less than one hundred eighty (180) days months prior to the expiration Renewal Period Commencement Date, time being of the Renewal Optionessence. Any such Election Notice given by If Tenant’s option is not so exercised, said option shall thereupon expire. b. Tenant to Landlord may exercise said option, and an exercise thereof shall be irrevocable. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlordeffective, exercised in Landlord’s sole and absolute discretion, only if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery exercise of said option, and on the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or Period Commencement Date: (i) this Lease is in full force and effect, (ii) Tenant is not in Default under this Lease, and (iii) if: the entire Premises are occupied by the original Tenant named herein (xor an Affiliate) there and said Tenant has been not assigned this Lease or sublet all or any materially adverse change portion of the Premises (other than to an Affiliate). Without limitation of the foregoing, no assignee and no sublessee, other than an Affiliate, shall be entitled to exercise the renewal option under this Section. c. It shall be a condition to the effectiveness of an exercise of said option that Tenant shall submit current audited and certified financial statements of Tenant (unless Tenant’s financial statements are not audited, in which case reviewed statements shall be acceptable) to Landlord concurrently with Tenant’s notice exercising said option. d. During the Renewal Period, Tenant shall continue to pay Tenant's Pro Rata Share of Excess Operating Costs as set forth in the financial condition of Lease, and Tenant’s Base Rent per RSF, with respect to all space included in the Tenant, Premises as of the Renewal Term Period Commencement Date. , shall be as follows: e. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The has validly exercised Second Renewal Term shall be upon the same terms and conditions as the Leasesaid option, as amended, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Term. (b) No later than within thirty (30) days prior after request by either party hereto Landlord and Tenant shall enter into a written amendment to this Lease confirming the terms, conditions and provisions applicable to the commencement of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit Period as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expiredetermined in accordance herewith.

Appears in 1 contract

Samples: Lease Agreement (Ultimate Software Group Inc)

Renewal Option. (a) Subject to the terms of this Section 10, Tenant shall have one option to renew the term of this Lease, as to each individual floor of the Premises on all of the terms and conditions set forth in the Lease, except as set forth below. The renewal option shall be for a term of five (15) option years (the Second Renewal Option”), commencing April 1, 2023 and ending March 31, 2028 (the “Renewal Term”). (a) The Tenant’s right to extend renew the Term term of this Lease for a consecutive period of sixty shall be conditioned on (60i) months this Lease being in full force and effect and no default existing hereunder beyond the expiration of any applicable notice and cure period at the time of the delivery of the Renewal Notice (as defined below) or on the effective date of the Renewal Term and (ii) Tenant simultaneously exercising the Renewal Options under leases for spaces occupied by Tenant in the Building so that Tenant has renewed for a term of five (5) years leases in the Building aggregating no less than eight (8) full floors. Tenant may exercise the Renewal Option by delivering written notice to Landlord, not less than twelve (12) calendar months prior to the Expiration Date, (a Second Renewal TermNotice”). . (b) The Second Renewal Option is personal to the Tenant herein named and any Permitted Transferees of Tenant and may not be exercised by any sublessee severed from this Lease nor separately sold or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice assigned. (“Election Notice”c) from If Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty (180) days prior to the expiration of timely exercises the Renewal Option. Any such Election Notice given by Tenant , the term of this Lease with respect to Landlord those floors for which the Renewal Option was exercised shall be irrevocablerenewed for the Renewal Term. The Second Renewal Option and Tenant’s delivery renewal of an Election Notice shall be voidable and of no force or effect at this Lease for the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon on all of the same terms terms, covenants and conditions as set forth herein for the Lease, as amendedExtension Term, except that during the Renewal Term: (xi) Landlord shall have no obligation to perform any work in the annual Base Premises; (ii) Tenant shall not be entitled to any Landlord work contribution or Landlord construction allowance; (iii) Tenant shall not be entitled to any rent credit, concession or abatement; (d) Fixed Rent during the Second Renewal Term shall be equal to as follows: April 1, 2023 — March 31, 2024 $ 501,784.83 $ 41,815.40 April 1, 2024 — March 31, 2025 $ 514,329.45 $ 42,860.79 April 1, 2025 — March 31, 2026 $ 527,187.69 $ 43,932.31 April 1, 2026 — March 31, 2027 $ 540,367.38 $ 45,030.62 April 1, 2027 — March 31, 2028 $ 553,876.57 $ 46,156.38 April 1, 2023 — March 31, 2024 $ 563,831.25 $ 46,985.94 April 1, 2024 — March 31, 2025 $ 577,927.04 $ 48,160.59 April 1, 2025 — March 31, 2026 $ 592,375.21 $ 49,364.60 April 1, 2026 — March 31, 2027 $ 607,184.59 $ 50,598.72 April 1, 2027 — March 31, 2028 $ 622,364.21 $ 51,863.68 April 1, 2023 — March 31, 2024 $ 1,092,586.34 $ 91,048.86 April 1, 2024 — March 31, 2025 $ 1,119,901.00 $ 93,325.08 April 1, 2025 — March 31, 2026 $ 1,147,898.52 $ 95,658.21 April 1, 2026 — March 31, 2027 $ 1,176,595.98 $ 98,049.67 April 1, 2027 — March 31, 2028 $ 1,206,010.88 $ 100,500.91 April 1, 2023 — March 31, 2024 $ 572,301.24 $ 47,691.77 April 1, 2024 — March 31, 2025 $ 586,608.77 $ 48,884.06 April 1, 2025 — March 31, 2026 $ 601,273.99 $ 50,106.17 April 1, 2026 — March 31, 2027 $ 616,305.84 $ 51,358.82 April 1, 2027 — March 31, 2028 $ 631,713.49 $ 52,642.79 plus all other additional rent, including, but not limited to, the Fair Market Rent as of the commencement of the Second Renewal Term; real estate tax escalation, and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Term.electricity charges and water and sewer charges; (be) No later than thirty (30) days prior to In the commencement of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” base tax year set forth in paragraph 9 above shall automatically include the “Additional Deposit” and the Additional Deposit shall not be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expirechanged.

Appears in 1 contract

Samples: Lease (G Iii Apparel Group LTD /De/)

Renewal Option. (a) Subject All rights or options to renew or extend the terms of this Section 10, Lease Term previously granted to Tenant shall have are hereby deleted in their entirety. Tenant is hereby granted one (1) option (“Second Renewal Option”) to extend the Extension Term of this Lease for a consecutive the Premises for an additional period of sixty two (602) months beyond 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, 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) additional term of two (2) years (such additional term is hereinafter called the “Second Extension Term”) commencing on the day following the expiration of the Renewal Extension Term (hereinafter referred to as the Commencement Date of the Second Renewal Extension Term”). Tenant shall give Landlord written notice (hereinafter called the “Extension Notice”) of its election to extend the Lease Term 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 Renewal Option is personal Extension Term shall be the greater of (i) one hundred three percent (103%) of the Base Rent applicable to Tenant the last year of the Extension Term and may not be exercised by any sublessee or assignee (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 Renewal Option must be exercised, if Extension Amendment (defined below) at all, by written notice least five (“Election Notice”5) from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty (180) days months prior to the expiration of the Renewal Option. Any such Election Notice given by Tenant to Landlord Extension Term, then Tenant’s exercise of this renewal option shall be irrevocable. deemed withdrawn and the Lease shall terminate on its current expiration date. c. The Second Renewal Option and determination of Base Rent does not reduce the Tenant’s delivery of an Election Notice shall be voidable obligation to pay or reimburse Landlord for Additional Rent and of no force or effect at other reimbursable items as set forth in the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is and Tenant shall reimburse and pay Landlord as set forth in the Lease with respect to such Additional Rent and other items with respect to the Premises during the Second Extension Term without regard to any event occurring which with cap on such expenses set forth in the giving of notice or Lease. d. Except for the passage of timeBase Rent as determined above, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery occupancy of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of Premises during the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Extension Term shall be upon on the same terms and conditions as the Lease, as amended, except that (x) the annual Base Rent during the Second Renewal Term shall be equal are in effect immediately prior to the Fair Market Rent as expiration of the commencement of the Second Renewal Extension Term; and (y) provided, however, Tenant shall have no further renewal right to any allowances, credits or abatements or any options to expand, contract, terminate, renew or extend the Lease. e. If Tenant does not give the Extension Notice within the period set forth in Paragraph (a) above, Tenant’s right to extend the Lease Term shall automatically terminate. Time is of the 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 shall execute an amendment to the Lease confirming the extension of the Lease Term and the other provisions applicable thereto (the “Second Extension Amendment”). a. If Tenant exercises its right to extend the Lease Term for the Second Extension Term pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Term. (b) No later than thirty (30) days prior to the commencement of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal TermFourth Amendment, the term “Security DepositLease Termshall automatically include as used in the “Additional Deposit” and the Additional Deposit Lease, shall be held pursuant construed to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and include, when required hereunderpracticable, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Extension Term shall expire naturally expireexcept as provided in Paragraph (d) above.

Appears in 1 contract

Samples: Lease Agreement (Blucora, Inc.)

Renewal Option. (a) Subject to Section 30.1 Provided Tenant is not in default under this Lease and has not assigned its interest in this Lease or sublet the terms of this Section 10Demised Premises, or any part thereof, Tenant shall (provided that this Lease shall not have been theretofore earlier terminated) have one (1) option (the Second Renewal Option”) to extend the Term term of this Lease for a consecutive two (2) year renewal period of sixty (60the “Renewal Term”) months beyond upon the terms and conditions set forth herein. (a) The Renewal Term shall commence on the expiration of the last lease year of the term of the Lease and shall expire on the second (2nd) anniversary thereof (the “Renewal Term (“Second Renewal TermExpiration Date”). , or such earlier date upon which this Lease may be terminated as herein provided. (b) The Second Renewal Option is personal to Tenant and may not be exercised only by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by Tenant giving Landlord written notice (the Election Renewal Notice”) from Tenant to Landlord given not more than two hundred seventy of such exercise at least six (2706) days and not less than one hundred eighty (180) days months prior to the expiration date of the last lease year of the term of the Lease, provided, however, that the Renewal Notice shall be validly and effectively given only if, on the date that Tenant shall exercise the Renewal Option (the “Exercise Date”) the requirements of Section 30.1 have been satisfied. Time shall be of the essence with respect to the giving of the Renewal Option. Any such Election Notice given by Tenant to Landlord Landlord. (c) Notwithstanding anything to the contrary contained in this Section 3.02, if, on the commencement of the Renewal Term, there shall be irrevocable. The Second Renewal Option an uncured default by Tenant beyond any applicable notice and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of cure period, then Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event may elect, by written notice to Tenant, to void Tenant’s exercise of Default is occurring under the Renewal Option, in which case Tenant’s exercise of the Renewal Option shall be of no force or effect and this Lease shall terminate on the last day of last year of the term of the Lease, unless sooner canceled or terminated pursuant to the provisions of this Lease or by law. (iid) there is any event occurring which If Tenant shall validly exercise the Renewal Option in accordance with the giving provisions of notice this Section 30.2, then this Lease shall be extended for the Renewal Term upon all of the same terms, covenants and conditions contained in this Lease (other than for any provisions relating to Landlord’s obligation to do any construction or other work in the passage Demised Premises, prior to the Commencement Date or to give an allowance for any such construction or other work in the Demised Premises prior to the Commencement Date, except that during the Renewal Term, the Basic Rent shall be as computed in accordance with Section 30.3, and from and after the Exercise Date but subject to the provisions of timeSection 30.2(c) all references in this Lease to the expiration or termination of this Lease shall be deemed to refer to the last date of the Renewal Term and all references in this Lese to the “term” shall be deemed to include the Renewal Term. Section 30.3 The Basic Rent payable during the Renewal Term shall be computed as follows: (a) The annual Basic Rent shall be increased annually on the first day of the Renewal Term and on the first day of each subsequent lease year of the Renewal Term by an amount equal to 5.0% of the Basic Rent payable during the preceding lease year (i.e., or both, would constitute an Event Basic Rent payable during the preceding lease year multiplied by 1.05). Time shall be of Default hereunder, either at the time of essence with regard to Tenant’s delivery of the Election Renewal Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of for the Renewal Term Commencement DateTerm. If Tenant fails shall fail to exercise deliver to Landlord the Second Renewal Option in a timely mannerNotice exactly as and when required under this Article, as provided for above, then the Second Renewal Option shall be void terminate immediately and of shall have no further force or effect. The validly exercised Second parties acknowledge that they have fully negotiated the terms and provisions of this Article. Tenant acknowledges and agrees that Landlord has granted Tenant the Renewal Term Option in consideration for Tenant’s agreement that the same shall be upon strictly construed and enforced and that in the same terms and conditions event the Renewal Option shall terminate as the Lease, as amended, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Term. (b) No later than thirty (30) days prior to the commencement of the Second Renewal Termprovided above, Tenant shall deposit with Landlord an amountnot be entitled to any grace, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”)notice or cure periods otherwise provided under this Lease. Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second This Renewal Option is personal to CAIS ACQUISITION LLC and shall not be null and void and assigned to any other entity regardless if the Renewal Term shall expire naturally expireLandlord herein has consented to any assignment.

Appears in 1 contract

Samples: Lease Agreement (Inphonic Inc)

Renewal Option. (aA) Subject So long as this Lease is in full force and effect and Tenant shall not be in default hereunder at the time of the exercise of the Renewal Option (defined below and at the time of commencement of the Renewal Term (defined below), and further provided that the original named Tenant or Tenant’s permitted assignee is in occupancy of not less than one hundred percent (100%) of the Premises prior to the terms of this Section 10date Tenant exercises the applicable Renewal Option, Tenant shall have one (1) the option (“Second Renewal Option”) to extend the Term term of this Lease for a consecutive one (1) additional period of sixty five (605) months years (the “Renewal Term”), commencing, on the day immediately following the expiration date of the initial Term of this Lease, upon all of the same terms, covenants and conditions of this Lease (including, without limitation, continued payment of additional rent in accordance with Paragraphs 4.B. through 4.I. of this Lease), except that: (i) Tenant shall have no further option to extend the term of this Lease beyond the expiration of the Renewal Term, and (ii) the Base Rent to be paid during each Renewal Term shall be as set forth in subparagraph B below, and (iii) Tenant shall accept the Premises Second Renewal Term”)as-is” and Landlord shall not be required to perform any work to the Premises or provide any contribution or allowance or any other concessions therefor or with respect thereto. The Second Tenant may only exercise the Renewal Option by giving Landlord written notice, which notice is personal to Tenant and may not be exercised received by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty twelve (18012) days months nor more than fifteen (15) months prior to the expiration of the initial Term, TIME BEING OF THE ESSENCE as to Tenant’s obligation to deliver said notice within said specified period. If Tenant effectively exercises the Renewal Option. Any such Election Notice given by Tenant to Landlord Option as herein provided, the term of this Lease shall be irrevocable. The Second automatically extended for the applicable Renewal Option and Tenant’s delivery Term without necessity for execution of an Election Notice shall be voidable and extension or renewal Lease; and, in such event, the phrases “the term of no force this Lease”, “the term hereof” or effect at the election of Landlord, exercised Term” as used in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with shall include the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as the Lease, as amended, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Term. (b) No later than thirty (30) days prior to the commencement of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expire.

Appears in 1 contract

Samples: Lease Agreement (BioXcel Therapeutics, Inc.)

Renewal Option. Landlord hereby grants Tenant (abut no assignee or subtenant) Subject two (2) options to the terms of renew this Section 10Lease, Tenant shall have one (1) each option (“Second Renewal Option”) to extend the Term of this Lease be for a consecutive period of sixty (60) months, for a total of one hundred twenty (120) months beyond in the expiration of the Renewal Term (“Second Renewal Term”)event both renewal options are exercised. The Second Renewal Option is personal to Tenant and may not Each said renewal option shall be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to notifying Landlord given thereof in writing not more than two hundred seventy sen (270210) days and not less than as least one hundred eighty (180) days prior to the expiration of the Renewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocable. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force then current lease or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenantrenewal term, as of the Renewal Term Commencement Datecase may be. If Tenant fails to exercise In the Second Renewal Option in event a timely manner, renewal agreement has not been executed as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as the Lease, as amended, except that least one hundred twenty (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Term. (b) No later than thirty (30120) days prior to the commencement expiration date of the Second Renewal Termcurrent lease or renewal term, the option shall automatically become null and void. Each such renewal shall be subject to all of the terms and conditions of this Lease except that (i) the rentals payable during each renewal term shall be as set forth below and (ii) no further renewal option shall exist during the second renewal term. It shall be a condition to Tenant's exercising any renewal option herein granted that (y) Tenant not be then in default under this Lease and (z) Tenant shall deposit have previously exercised the immediately preceding renewal option, if any, so that the second renewal option may not be exercised if Tenant has failed to exercise the first renewal option. The Basic Rental for each renewal term shall be based on the then prevailing rental rates for properties of equivalent quality, size, utility and location in the Dallas/Forth Worth market, with Landlord an amountthe length of the lease term and the creditworthiness of the Tenant taken into account; provided, however, that when taken together with in no event shall the Security Deposit, equals Basic Rental in any renewal period be less than the Monthly Base Rent due Basic Rental for the last 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 Second Renewal Term Basic Rental for the applicable renewal term; Tenant shall, within fifteen (“Additional Deposit”). Upon the commencement 15) days following receipt of same, notify Landlord in writing of the Second Renewal Termacceptance or rejection of the proposed Basic Rental. In the event of rejection by Tenant, the Basic Rental for the applicable renewal term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit determined as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expire.follows:

Appears in 1 contract

Samples: Industrial Lease Agreement (Mohawk Industries Inc)

Renewal Option. So long as no Default or Event of Default shall have occurred and be continuing on the last day of the Primary Term, Tenant may elect to extend and renew the Term of this Lease with respect to all but not less than all of the Premises for the Initial Renewal Term. Tenant shall make such election by irrevocable written notice to Landlord on or before June 30, 2009 (a) Subject the "Initial Renewal Option Notice Date"). So long as no Default or Event of Default shall have occurred and be continuing on the last day of the Initial Renewal Term, Tenant may elect to extend and renew the Term of this Lease with respect to all but not less than all of the Premises for the Second Renewal Term. Tenant shall make such election by irrevocable written notice to Landlord on or before June 30, 2014 (the "Second Renewal Option Notice Date"). Either party, upon the request of other, shall execute and acknowledge, in form suitable for recording, an instrument confirming any such renewal. Time is of the essence with respect to the terms giving of this Section 10, notice by Tenant shall have one (1) option (“Second Renewal Option”) of its election to extend the Term of this Lease for a consecutive period of sixty (60) months beyond the expiration of the Renewal Term (“Second Renewal Term”)Terms. The Second Renewal Option is personal to Tenant and may not be exercised by Fixed Rent payable during any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty (180) days prior to the expiration of the Renewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocable. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon at then market rates, not to exceed $13.00 per rentable square foot for the same terms and conditions as the Lease, as amended, except that (x) the annual Base Rent during the Second Initial Renewal Term shall be equal to the Fair Market Rent as of the commencement of and $15.00 per rentable square foot for the Second Renewal Term; the base year for the Initial Renewal Term will be 2009 and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent base year for the Second Renewal Term shall will be determined by Landlord with written notice given to Tenant prior to the commencement 2014. The leasing of the Second Renewal Term. (b) No later than thirty (30) days prior to the commencement of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Premises during any Renewal Term shall expire naturally expirebe otherwise on the terms and conditions set forth in this Lease.

Appears in 1 contract

Samples: Lease Agreement (Corporate Realty Income Fund I L P)

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Renewal Option. (ai) Subject to the terms of this Section 10, Tenant shall have one (1) the option (the Second Renewal Option”) to extend renew the Term term of this the Lease for a consecutive period ten-year renewal term (the “Renewal Term”) commencing on the day immediately following the Expiration Date (as modified pursuant to the opening paragraph of sixty this Section 2) (60the “Renewal Term Commencement Date”) months beyond and expiring on the expiration day preceding the tenth (10th) anniversary of the Renewal Term Commencement Date (the Second Renewal TermTerm Expiration Date”). The Second Tenant shall have no right to exercise the Renewal Option is personal to Tenant and may not be exercised by any sublessee or assignee unless all of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty (180) days prior to the expiration following conditions have been satisfied as of the date of the Renewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocable. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as the Lease, as amended, except that : (x) the annual Base Rent during the Second Renewal Term Lease shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Termin full force and effect; and (y) Tenant shall have no further renewal options not be in default (beyond the expiration of applicable notice and cure periods) under the Lease. The Renewal Option shall be exercised with respect to the entire Renewal Premises only and shall be exercisable by Tenant giving written notice to Landlord (the “Renewal Notice”) not earlier than twenty-four (24) months and not later than fifteen (15) months prior to the Expiration Date (as modified pursuant to the opening paragraph of this Section 10 or any provision 2). Time shall be of the essence with respect to the giving of the Renewal Notice. Tenant’s failure to timely deliver the Renewal Notice shall constitute Tenant’s irrevocable and unconditional waiver of the Renewal Option. (ii) If Tenant shall deliver the Renewal Notice within the time and in the manner herein provided, the term of the Lease shall be deemed renewed for the Renewal Term on the terms and provisions of the Lease. Fair Market , except that: (w) Fixed Rent for the Second Renewal Term shall be determined by Landlord with written notice given as set forth below; (x) the term “Base Taxes” shall mean “an amount equal to Tenant the Taxes payable for the Tax Year commencing on the July 1st prior to the commencement of Renewal Term Commencement Date”; (y) the Second Renewal Term. (b) No later than thirty (30) days term “Comparison Year” shall mean “any Tax Year commencing subsequent to the Tax Year commencing on the July 1st prior to the commencement of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term Commencement Date”, and (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” z) Landlord shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant have no obligation to the terms of Article 5 hereof. If perform any work or grant to Tenant fails to deposit the Additional Deposit as and when required hereunder, any work allowance in connection with Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expireOption.

Appears in 1 contract

Samples: Lease (Abovenet Inc)

Renewal Option. A. Provided and upon the condition that, at the time Tenant delivers the Renewal Notice (aas hereinafter defined) Subject and on the commencement of the Renewal Term (as hereinafter defined), (i) this Lease is in full force and effect, (ii) Tenant shall not be in default hereunder beyond any applicable notice and cure period, and (iii) the entity that first executed and delivered this Lease as Tenant, its Affiliate (as hereinafter defined) or its assignee pursuant to the terms Section 15Q or 15R of this Section 10Lease is in possession of and conducting business in (1) at least eighty-five percent (85%) of the Demised Premises if the Renewal Demised Premises (as hereinafter defined) is the entire Demised Premises, or (2) the subject full floor(s) being renewed if the Renewal Demised Premises is less than the entire Demised Premises as provided in clause (y) of this sentence, as applicable, for the Permitted Use (the “Renewal Conditions”), Tenant shall have one (1) option (the Second Renewal Option”) to extend the Term of this Lease from the Expiration Date for a consecutive period of sixty five (605) months beyond years, with respect to either (x) the expiration entire the Demised Premises or (y) on a full floor basis for such floors constituting the Demised Premises, commencing on the date following the Expiration Date through and including the day immediately preceding the date on which the fifth (5th) anniversary of the commencement of the Renewal Term shall occur (the Second Renewal Term”), unless the Renewal Term shall sooner end pursuant to the terms of this Lease or pursuant to law. The Second If Tenant exercises the Renewal Option for less than the entire Demised Premises, then (x) if the Renewal Option is personal to Tenant for two (2) floors of the Demised Premises, then such floors must be contiguous, and may not be exercised by any sublessee or assignee (y) if the renewal Option is for one (1) floor of Tenant. The Second the Demised Premises, then the Renewal Option must be exercised, if at all, shall only apply to the eighth (8th) or eleventh (11th) floor of the Building. Tenant may exercise the Renewal Option only by delivery of written notice to Landlord (the Election Renewal Notice”) from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty twelve (18012) days months prior to the expiration Expiration Date, time being of the essence, of Tenant’s election to so exercise the Renewal Option, which Renewal Notice shall set forth the Demised Premises, or portion thereof, for which the Renewal Option applies (the “Renewal Demised Premises”). Tenant shall forever waive its right to exercise the Renewal Option if Tenant shall, for any reason whatsoever, fail to give such notice to Landlord within the time and in the manner provided for the giving of such notice, whether such failure is inadvertent or intentional, or if the Renewal Conditions are violated either at the time Tenant delivers the Renewal Notice or on the commencement of the Renewal Term; provided, however, that Landlord may elect, in its sole and absolute discretion, to waive any failure of the Renewal Conditions, which waiver shall not constitute a waiver of any underlying default under this Lease but only with respect to the effectiveness of Tenant’s exercise of the Renewal Option. If Tenant shall effectively exercise such Renewal Option, then, with respect to the Renewal Demised Premises, (x) the Term shall be automatically extended for the Renewal Term without the execution of an extension or renewal lease, with the same force and effect as if the Renewal Term had originally been included in the Term, and (y) all of the terms, covenants and conditions of this Lease as are in effect immediately preceding the commencement of the Renewal Term shall continue in full force and effect during the Renewal Term, including all items of Additional Rent, which shall remain payable on the terms herein set forth, except that (a) the Fixed Annual Rent shall be an amount equal to the FMV Amount (as hereinafter defined), (b) if Tenant elected to extend the Term for less than the entire Demised Premises, the Percentage (as hereinafter defined) shall be reduced to reflect the then portion of the Demised Premises for which the Term is extended and (c) following the exercise of Renewal Option, Tenant shall have no further rights to extend the Term pursuant to the provisions of this Article. Any such Election Notice given termination, expiration, cancellation or surrender of this Lease on or prior to the Expiration Date pursuant to the terms of this Lease or by operation of law shall terminate the Renewal Option. The Renewal Option may not be severed from this Lease nor separately sold, assigned nor otherwise transferred. B. For purposes of this Article 3, “FMV Amount” shall be defined as the fair market annual rental value of the Renewal Demised Premises as of the commencement date of the Renewal Term that a willing landlord and tenant, neither of whom is under duress, would agree upon for a term equal to the Renewal Term (provided that the comparable properties shall be for a term of five (5) years), based on comparable space in the Building and comparable space in office buildings of comparable age and quality located in the vicinity of the Building (“Comparable Buildings”), with (i) the Renewal Demised Premises considered in “as-is” condition existing on the commencement date of the Renewal Term, (ii) the Tax Base Year (as hereinafter defined) being the fiscal year of the City of New York commencing on the July lst of the calendar year in which the commencement date of the Renewal Term occurs and (iii) taking into account all relevant factors. The initial determination of the FMV Amount shall be made by Landlord. Landlord shall give notice (a “Rent Notice”) to Tenant to of Landlord’s good faith determination of the proposed FMV Amount on or before the date which is thirty (30) days of Landlord’s receipt of the Renewal Notice. The FMV Amount so determined by Landlord shall be irrevocable. The Second Renewal Option deemed conclusive and Tenant’s delivery of an Election binding upon Tenant unless on or before the date (the “Determination Date”) which is thirty (30) days after Landlord gives to Tenant the Rent Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event Tenant gives to Landlord notice (the “Dispute Notice”) that Tenant disputes the FMV Amount so determined by Landlord, which Dispute Notice shall set forth Tenant’s good faith determination of Default is occurring under this Leasethe proposed FMV Amount, or (ii) there is any event occurring Landlord and Tenant agree in writing (which with agreement (an “FMV Agreement”) shall be duly executed and delivered by Landlord and Tenant) upon the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of Fixed Annual Rent for the Renewal Term Commencement DateTerm. If Tenant fails sends to exercise Landlord a Dispute Notice within the Second time and in the manner hereinbefore provided, and if Landlord and Tenant fail to so agree upon the Fixed Annual Rent for the Renewal Option in a timely manner, as provided for aboveTerm, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as the Lease, as amended, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent FMV Amount for the Second Renewal Term shall be determined by Landlord with written notice given arbitration pursuant to Tenant prior to the commencement of the Second Renewal Term. Section 3C below, which may be commenced by either party not earlier than two hundred forty (b) No later than thirty (30240) days prior to the commencement of the Second Renewal Term. The parties agree to cooperate throughout the arbitration proceeding and to pursue an expeditious resolution thereof. C. If Tenant gives to Landlord a Dispute Notice in respect of the FMV Amount so determined by Landlord as provided in Section 3B above, and Landlord and Tenant fail to execute and deliver an FMV Agreement on or before the Determination Date, then the FMV Amount for the Renewal Term shall be determined by arbitration in New York City by a panel of three (3) arbitrators, as set forth in this Section 3C, each of whom shall be a licensed commercial real estate broker having at least ten years of experience representing owners or tenants in commercial leasing transactions in Manhattan below 57th Street. (i) Each party shall give notice to the other party of its designated arbitrator within five (5) business days of the election to arbitrate. If either party fails to timely appoint its arbitrator, the other party may request the AAA to appoint an arbitrator on that party’s behalf. Such two (2) arbitrators shall have fifteen (15) days to appoint a third arbitrator who shall be impartial (the “Arbiter”). If such arbitrators fail to do so, then either Landlord or Tenant may request the AAA to appoint an impartial arbitrator within fifteen (15) days after such request and both parties shall be bound by any appointment so made within such fifteen (15) day period. If no such third arbitrator shall have been appointed within such fifteen (15) day period, then either Landlord or Tenant may apply to the Supreme Court, New York County to make such appointment. The third arbitrator only shall subscribe and swear to an oath fairly and impartially to determine such dispute. (ii) Within seven (7) business days after each of their arbitrators have been selected, Landlord and Tenant shall each submit their respective determination of the FMV Amount. The third impartial Arbiter shall conduct such investigations as he or she may deem appropriate and the parties may provide such other information that may be relevant in connection with the Arbiter’s determination. The Arbiter shall not have the power to add to, modify or change any of the provisions of this Lease. Within ten (10) business days of the Arbiter’s receipt of each of Landlord’s and Tenant’s determination of the FMV Amount, the Arbiter shall render his or her determination of the FMV Amount in writing (and shall provide notice to Landlord and Tenant of such determination), which determination shall be equal to either Landlord’s determination or Tenant’s determination, whichever the Arbiter believes to be closest to the FMV Amount. The determination of the Arbiter shall be final and binding upon the parties and judgment upon the decision may be entered in any court having jurisdiction. The fees and expenses of any arbitration shall be borne by the parties equally, but each party shall bear the expense of its own arbitrator, attorneys and consultants. D. If Tenant gives to Landlord a Dispute Notice in respect of the FMV Amount so determined by Landlord as provided in Section 3B and the Fixed Annual Rent for the Renewal Term shall not be finally determined pursuant to the terms of Section 3B or 3C hereof on or before the commencement date of the Renewal Term, then: (i) the Fixed Annual Rent payable by Tenant during the Renewal Term until the Fixed Annual Rent for the Renewal Term shall deposit with be so finally determined shall, subject to adjustment as herein provided, be equal to the Fixed Annual Rent in effect on the last day of the initial Term (the “Renewal Interim Rent”); and (ii) once the Fixed Annual Rent for the Renewal Term shall be finally determined pursuant to the terms of Section 3C hereof, then (a) the Fixed Annual Rent payable by Tenant for the balance of the Renewal Term shall be and become the Fixed Annual Rent as so finally determined, and (b) (1) if the Fixed Annual Rent payable by Tenant for the balance of the Renewal Term shall be greater than the Renewal Interim Rent, then Tenant shall, within twenty (20) days after Landlord’s demand therefor, pay to Landlord an amount, amount equal to the difference between (x) the sum of the actual Fixed Annual Rent payments paid to Landlord during the Renewal Term before such determination and (y) the sum of the Fixed Annual Rent payments that when taken together with would have been payable by Tenant if the Security Deposit, equals the Monthly Base Fixed Annual Rent due for the last month Renewal Term had been finally determined prior to the commencement date of the Second Renewal Term, or (2) if the Fixed Annual Rent payable by Tenant for the balance of the Renewal Term shall be less than the Renewal Interim Rent, then Landlord shall provide to Tenant with a credit against the next monthly installment(s) of Fixed Annual Rent payable by Tenant during the Renewal Term in an amount equal to the difference between (“Additional Deposit”). Upon x) the sum of the actual Fixed Annual Rent payments paid to Landlord during the Renewal Term before such final determination and (y) the sum of the Fixed Annual Rent payments that would have been payable by Tenant if the Fixed Annual Rent for the Renewal Term had been finally determined prior to the commencement date of the Second Renewal Term. E. If, in accordance with and subject to, all of the terms, covenants and conditions contained in this Article, the Term is extended for the Renewal Term, then the term “Expiration Date”, as such term is used in this Lease, shall mean the expiration of the Renewal Term, the term “Security DepositTerm” shall automatically include mean the “Additional Deposit” initial Term, as extended by the Renewal Term, and if the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and Term is extended for the Renewal Term for less than the entire Demised Premises, then the term “Demised Premises”, as such term is used in this Lease, shall expire naturally expiremean that portion of the Demised Premises that Tenant so elected to extend the Term.

Appears in 1 contract

Samples: Lease Agreement (RedBall Acquisition Corp.)

Renewal Option. (a) Subject to the terms of this Section 10, Tenant shall have one two (12) option options (the Second Renewal OptionOptions”) to extend the Term of this Lease for a consecutive period of sixty five (605) months beyond years (each, a “Renewal Term”, and respectively the expiration of “First Renewal Term” and the Renewal Term (“Second Renewal Term”). The Second Each Renewal Term (i) must be exercised, if at all, as to the entire Premises subject to this Lease as of the Commencement Date (unless reduced pursuant to condemnation) and (ii) will be void if this Lease has previously expired or terminated with respect to any part of the Premises leased by Tenant hereunder as of the Commencement Date (other than as a result of condemnation), or if the Premises then leased by Tenant hereunder shall be less than 100% of the Building. Each Renewal Option is personal to shall be void if an Event of Default by Tenant and may not be exercised by any sublessee exists, either at the time of exercise of the applicable Renewal Option or assignee the time of Tenantcommencement of the applicable Renewal Term. The Second Each Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty twelve (18012) days months prior to the expiration of the Renewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocable. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at Term (in the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery case of the Election Notice or at any time from First Renewal Term), and not less than twelve (12) months prior to the date expiration of delivery of such Election Notice through the time of commencement First Renewal Term (in the case of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in Term). For the financial condition avoidance of the Tenantdoubt, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then Term shall be void unless the Second First Renewal Option shall be void and of no force or effecttimely exercised by Tenant. The validly exercised Second Each Renewal Term shall be upon the same terms and conditions as the Lease, as amendedoriginal Term, except that (x) the annual Base Rent during applicable to the Second relevant Renewal Term shall be equal to the Fair greater of (i) Base Rent payable under this Lease for the full year immediately preceding the effectiveness of that Renewal Term or (ii) Prevailing Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Term. (b) No later than thirty (30) days prior to the commencement of the Second that Renewal Term, as determined pursuant to Exhibit C. As a condition to the exercise and the effectiveness of the Renewal Option, Tenant shall deposit with Landlord an amount, be required to modify the Letter of Credit so that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month Letter of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant Credit will have a face amount equal to the terms Required Amount and otherwise meet the requirements of Article 5 hereof. If Tenant fails Section 4.7 with respect to deposit the Additional Deposit Term as and when required hereunder, extended by Tenant’s exercise of the Second Renewal Option. The Renewal Option is personal to Tenant and shall be inapplicable and null and void and the Renewal Term shall expire naturally expireif Tenant assigns its interest under this Lease (including an “Assignment” as defined in Section 15.1 but excluding short-term Subleases contemplated by Section 15.11).

Appears in 1 contract

Samples: Lease Agreement (Silicon Graphics Inc)

Renewal Option. (a) Subject to the terms of this Section 10, Tenant shall have one option to renew the term of this Lease, as to each individual floor of the Premises on all of the terms and conditions set forth in the Lease, except as set forth below. The renewal option shall be for a term of five (15) option years (the Second Renewal Option”), commencing April 1, 2023 and ending March 31, 2028 (the “Renewal Term”). (a) The Tenant’s right to extend renew the Term term of this Lease for a consecutive period of sixty shall be conditioned on (60i) months this Lease being in full force and effect and no default existing hereunder beyond the expiration of any applicable notice and cure period at the time of the delivery of the Renewal Notice (as defined below) or on the effective date of the Renewal Term and (ii) Tenant simultaneously exercising the Renewal Options under leases for spaces occupied by Tenant in the Building so that Tenant has renewed for a term of five (5) years leases in the Building aggregating no less than eight (8) full floors. Tenant may exercise the Renewal Option by delivering written notice to Landlord, not less than twelve (12) calendar months prior to the Expiration Date, (a Second Renewal TermNotice”). . (b) The Second Renewal Option is personal to the Tenant herein named and any Permitted Transferees of Tenant and may not be exercised by any sublessee severed from this Lease nor separately sold or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice assigned. (“Election Notice”c) from If Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty (180) days prior to the expiration of timely exercises the Renewal Option. Any such Election Notice given by Tenant , the term of this Lease with respect to Landlord those floors for which the Renewal Option was exercised shall be irrevocablerenewed for the Renewal Term. The Second Renewal Option and Tenant’s delivery renewal of an Election Notice shall be voidable and of no force or effect at this Lease for the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon on all of the same terms terms, covenants and conditions as set forth herein for the Lease, as amendedExtension Term, except that during the Renewal Term: (xi) Landlord shall have no obligation to perform any work in the annual Base Premises; (ii) Tenant shall not be entitled to any Landlord work contribution or Landlord construction allowance; (iii) Tenant shall not be entitled to any rent credit, concession or abatement; (d) Fixed Rent during the Second Renewal Term shall be equal to as follows: Time Period Fixed Rent Per Annum Fixed Rent Per Month April 1, 2023 — March 31, 2024 $ 501,784.83 $ 41,815.40 April 1, 2024 — March 31, 2025 $ 514,329.45 $ 42,860.79 April 1, 2025 — March 31, 2026 $ 527,187.69 $ 43,932.31 April 1, 2026 — March 31, 2027 $ 540,367.38 $ 45,030.62 April 1, 2027 — March 31, 2028 $ 553,876.57 $ 46,156.38 Time Period Fixed Rent Per Annum Fixed Rent Per Month April 1, 2023 — March 31, 2024 $ 563,831.25 $ 46,985.94 April 1, 2024 — March 31, 2025 $ 577,927.04 $ 48,160.59 April 1, 2025 — March 31, 2026 $ 592,375.21 $ 49,364.60 April 1, 2026 — March 31, 2027 $ 607,184.59 $ 50,598.72 April 1, 2027 — March 31, 2028 $ 622,364.21 $ 51,863.68 Time Period Fixed Rent Per Annum Fixed Rent Per Month April 1, 2023 — March 31, 2024 $ 1,092,586.34 $ 91,048.86 April 1, 2024 — March 31, 2025 $ 1,119,901.00 $ 93,325.08 April 1, 2025 — March 31, 2026 $ 1,147,898.52 $ 95,658.21 April 1, 2026 — March 31, 2027 $ 1,176,595.98 $ 98,049.67 April 1, 2027 — March 31, 2028 $ 1,206,010.88 $ 100,500.91 Time Period Fixed Rent Per Annum Fixed Rent Per Month April 1, 2023 — March 31, 2024 $ 572,301.24 $ 47,691.77 April 1, 2024 — March 31, 2025 $ 586,608.77 $ 48,884.06 April 1, 2025 — March 31, 2026 $ 601,273.99 $ 50,106.17 April 1, 2026 — March 31, 2027 $ 616,305.84 $ 51,358.82 April 1, 2027 — March 31, 2028 $ 631,713.49 $ 52,642.79 plus all other additional rent, including, but not limited to, the Fair Market Rent as of the commencement of the Second Renewal Term; real estate tax escalation, and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Term.electricity charges and water and sewer charges; (be) No later than thirty (30) days prior to In the commencement of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” base tax year set forth in paragraph 9 above shall automatically include the “Additional Deposit” and the Additional Deposit shall not be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expirechanged.

Appears in 1 contract

Samples: Lease (G Iii Apparel Group LTD /De/)

Renewal Option. (a) Subject A. Provided that this Lease is in full force and effect immediately prior to the terms of this Section 10date Tenant delivers to Landlord the First Renewal Election Notice, Tenant shall have the option to renew the Initial Term (the “First Renewal Option”) with respect to all of the then Demised Premises (except as otherwise expressly provided below) for one (1) additional (i) ten (10) year term (the “Ten-Year Renewal Option”) or (ii) a five (5) year term (the “Five-Year Renewal Option”) (as irrevocably selected by Tenant in the First Renewal Election Notice, the “First Renewal Term”) commencing on the day (the “First Renewal Term Commencement Date”) immediately following the Stated Expiration Date and ending on the last day of the month preceding the month in which occurs the tenth (10th) (or fifth (5th), as the case may be) anniversary of the First Renewal Term Commencement Date (the “Stated First Renewal Term Expiration Date”), which applicable date shall thereupon be and become the Expiration Date of this Lease. The First Renewal Option shall be exercised by notice to Landlord (the “First Renewal Election Notice”) delivered no later than the date which is eighteen (18) months prior to the Stated Expiration Date. Except as provided in Section 39.03 hereof, the annual Fixed Rent for the First Renewal Term shall be equal to 100% of the fair market rental value of the Renewal Premises determined pursuant to the provisions of Sections 39.04B and 39.05 hereof except as provided in Section 39.03 hereof as it relates to Tenant’s Roof Top Space if the same is included in the Renewal Premises. B. Provided that (i) Tenant validly exercises the Five-Year Renewal Option (as opposed to the Ten-Year Renewal Option, it being agreed that if Tenant has exercised the Ten-Year Renewal Option, then Tenant shall have no right to renew the First Renewal Term and this Section 39.01B shall be null and void) in accordance with the terms hereof and (ii) this Lease is in full force and effect immediately prior to the date Tenant delivers to Landlord the Second Renewal Election Notice, Tenant shall have the option to renew the First Renewal Term (the “Second Renewal Option”) with respect to extend the Term of this Lease for a consecutive period of sixty (60) months beyond the expiration all of the Renewal Term then Demised Premises (except as otherwise expressly provided below) for one (1) additional five (5) year term (the “Second Renewal Term”) commencing on the day (the “Second Renewal Term Commencement Date”) immediately following the Stated First Renewal Term Expiration Date and ending on the last day of the month preceding the month in which occurs the fifth (5th) anniversary of the Second Renewal Term Commencement Date (the “Stated Second Renewal Term Expiration Date”), which date shall thereupon be and become the Expiration Date of this Lease. The Second Renewal Option shall be exercised by written notice to Landlord (the “Second Renewal Election Notice”) delivered no later than the date which is personal eighteen (18) months prior to the Stated First Renewal Term Expiration Date. The annual Fixed Rent for the Second Renewal Term shall be equal to 100% of the fair market rental value of the Renewal Premises determined pursuant to the provisions of Section 39.04B and 39.05 hereof, except as provided in Section 39.03 hereof as it relates to the Tenant’s Roof Top Space if the same is included in the Renewal Premises. C. At Tenant’s option, in lieu of exercising the First Renewal Option (and, to the extent applicable, the Second Renewal Option) with respect to the then entire Premises, Tenant may exercise the Renewal Option with respect to a portion of the then Premises consisting of three (3) or more full floors of the Demised Premises in one (1) contiguous block (from the lowermost floor upward or vice versa, as determined by Tenant and as is specified in the applicable Renewal Election Notice). If the Premises does not then consist of one (1) contiguous block of full floors, Tenant may exercise the Renewal Option with respect to a portion of the then Premises consisting of three (3) or more full floors of the Demised Premises in one (1) or more contiguous blocks (from the lowermost floor upward or vice versa with respect to each such block, as determined by Tenant and as specified in the applicable Renewal Election Notice), it being agreed that Tenant shall designate all of the floors in any contiguous block then comprising the Premises before designating floors from any other contiguous block then comprising the Premises. Subject to the foregoing restrictions, if the Demised Premises includes any partial floors, Tenant may exercise such Renewal Option with respect to the entirety of each such partial floor only. To the extent the then Premises shall include any satellite non-contiguous floors (each, a “Satellite Floor”), Tenant may elect to include such Satellite Floors within the Renewal Premises, provided that, in addition to any Satellite Floor, the Renewal Premises consists of at least three (3) full floors of the Demised Premises. Each Renewal Election Notice shall, in accordance with the applicable terms hereof, set forth (i) the number of full floors and partial floors with respect to which Tenant shall elect to exercise the Renewal Option and any Satellite Floors to be included therein and (ii) the full floors that shall comprise the Renewal Premises (including any Satellite Floors to be included therein). The portion of the Demised Premises with respect to which Tenant shall exercise the Renewal Option (which may include the then entire Premises at the election of Tenant) shall be referred to herein collectively as the “Renewal Premises.” The space with respect to which Tenant shall not exercise the Renewal Option shall be referred to herein collectively as the “Returned Space.” If Tenant desires to include the Storage Space in the Renewal Premises (it being agreed that Tenant may not include only the Storage Space or a portion thereof in the Renewal Premises), Tenant must Occupy at least three (3) full floors of Office Space at the time of delivery of the Renewal Election Notice. If Tenant elects to include Tenant’s Roof Top Space or the 50th floor of the Building in the Renewal Premises, then the Renewal Premises must include such 50th Floor or Tenant’s Roof Top Space, as the case may, together with, in either instance, if leased by Tenant hereunder, the 51st Floor Space. 39.02 The Renewal Option may not be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if Tenant unless at all, by written notice (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty (180) days prior to the expiration time of the delivery by Tenant of any Renewal Option. Any such Election Notice given (unless waived by Tenant to Landlord in its sole discretion), all of the applicable Threshold Conditions are satisfied. If all of the applicable Threshold Conditions shall not be irrevocable. The Second satisfied, then (a) such Renewal Option and Tenant’s delivery of an Election Notice shall be voidable null and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second , (b) Tenant shall be deemed to have irrevocably waived any rights pursuant to this Article 39 that Tenant may have had to renew the applicable Term of this Lease, (c) this Article 39 shall immediately be null and void and of no further force or effect and (d) Tenant agrees upon request of Landlord to confirm such non-exercise in writing, but failure to do so by Tenant shall not operate to revive any rights of Tenant under this Article 39. 39.03 This Lease, as so extended during the Renewal Term Term, shall be upon the same terms and conditions as the contained in this Lease, as amended, except that (xa) the annual Base Fixed Rent during for the Second applicable Renewal Term shall be a sum equal to 100% of the Fair Market Rent then fair market rental value of the Renewal Premises (which may include periodic increases to the extent consistent with the then current market terms for such space) determined as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second applicable Renewal Term shall be determined by Landlord with written notice given to Tenant prior to Commencement Date except, if included in the commencement of the Second Renewal Term. (b) No later than thirty (30) days prior to the commencement of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal TermPremises, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and Fixed Rent during the Renewal Term for Tenant’s Roof Top Space (i.e., the RTS Fixed Rent) shall expire naturally expire.be as provided in

Appears in 1 contract

Samples: Lease Agreement (Legg Mason Inc)

Renewal Option. (a) Subject to the terms of this Section 10, Tenant shall have one (1) the option (“Second Renewal Option”) to extend the Lease Term of this Lease for a consecutive period of sixty five (605) months beyond additional years ("Extension Term"), to commence at the expiration of the Renewal Term (“Second Renewal initial Lease Term”). The Second Renewal Option is personal to Tenant and This option may not be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, only by written notice (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy (270) days and not less than at least one hundred eighty (180) days prior to the expiration end of the Renewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocable. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as the Lease, as amended, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal initial Lease Term. (b) No later If Tenant has exercised its option in subsection (a) above, Tenant shall have the option to extend the Lease Term for a period of five (5) additional years ("Second Extension Term"), to commence at the expiration of the Extension Term. This option may be exercised only by written notice to Landlord at least one hundred eighty (180) days prior to the end of the Extension Term. (c) The terms and conditions of this Lease shall govern the Extension Term and the Second Extension Term, as the case may be, except (i) Base Rent shall be increased as set forth in subparagraph (d) hereinbelow, (ii) Tenant shall have no option to renew this Lease beyond the expiration of the Second Extension Term, (iii) the leasehold improvements will be provided in their then-existing condition (on an "as-is" basis) at the commencement of the Extension Term or the Second Extension Term, as the case may be. Provided, however, Tenant may exercise the foregoing options to renew only if (1) the financial condition of Tenant is the same or better than it is on the date of this Lease, as evidenced by Tenant's financial statement not more than one year old, and (2) on both the date Tenant exercises this option and upon the expiration of the prior term of this Lease, (a) this Lease is in full force and effect and (b) Tenant is not in default under this Lease beyond any applicable grace or cure period. If Tenant shall fail to exercise this option to extend or conditions (1) and (2) are not entirely satisfied, this Lease shall expire at the expiration of the prior terms of this Lease and Tenant shall have no further right to extend this Lease. (d) Within thirty (30) days after Tenant has exercised an option to extend the Lease, Landlord shall notify Tenant of the then current market rate for a lease of similar length and at similar premises to the Premises, and the rental rate for the Extension Term or the Second Extension Term, as the case may be, shall based on such market rate. At least ninety (90) days prior to the commencement end of the Second Renewal Termprior term of the Lease, Landlord and Tenant shall deposit with Landlord an amounthave agreed, that when taken together with in writing, on the Security Deposit, equals the Monthly Base Rent due rental rate for the last month applicable extension, and if no such agreement is reached, then Tenant's exercise of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit this extension option shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term Lease term shall expire naturally expireend upon the expiration of the then current term of this Lease.

Appears in 1 contract

Samples: Commercial Lease (Towne Services Inc)

Renewal Option. (a) Subject to the terms of this Section 10, A. Tenant shall have one (1) the right and option (“Second Renewal Option”) to extend the Term term of this Lease for a consecutive period the number of sixty (60) months beyond renewal periods and years set forth in the expiration Basic Lease Data section for either the entire Premises then being leased by Tenant or for any single contiguous full floor or partial floor portion of the Renewal Term Premises as elected by Tenant upon the following additional terms and conditions: (“Second Renewal Term”). The Second Renewal Option i) No monetary or other material event of Default by Tenant has occurred under this Lease and is personal to Tenant and may not be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be continuing at the time the applicable renewal option is exercised, if or is continuing at all, by the time of the commencement of the renewal period. (ii) Tenant shall give to Landlord written notice (“Election Notice”) from Tenant to Landlord given of the exercise of the applicable renewal option not more less than two hundred seventy (270) days and not less nor more than one three hundred eighty sixty (180360) days prior to the expiration of the Renewal Optionterm that immediately precedes such renewal term that Tenant has elected to renew this Lease at the end of the lease term then in effect. Any such Election Notice given by Tenant to If Landlord shall be irrevocable. The Second Renewal Option and does not receive Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as the Lease, as amended, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Term. at least two hundred seventy (b) No later than thirty (30270) days prior to the commencement of the Second Renewal Terma renewal period, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month be deemed to have waived all remaining renewal options to renew this Lease. Time is of the Second Renewal Term essence with respect to exercise of each renewal option, and Landlord may treat the renewal option as lapsed and rent all or any part of the Premises to other persons for all or any part of that period (“Additional Deposit”). Upon and later periods) if the Landlord has not received Tenant’s written renewal notice at least two hundred seventy (270) days prior to commencement of the renewal term. (iii) This Lease must be in full force and effect as of the commencement of the Second Renewal Termrenewal period, as all renewal options automatically terminate upon any termination of this Lease. (iv) As long as the condition in Subsection A.(iii) above has been met, Tenant’s right to renew this Lease shall not be limited by 1.) any future creditworthiness test, 2.) or any prior Defaults that have been cured and which did not result in a termination of this Lease or 3.) any prior subleasing or assignments by Tenant provided they were done in compliance with the requirements of the Lease. B. All provisions of this Lease shall apply to Tenant’s leasing of the Premises during each renewal term, except the Base Rent payable by Tenant to Landlord during each renewal period shall be ninety-five (95%) of the then “Fair Market Rental Rate” as determined in the manner set forth in Subsection C below (the new rental rate which is 95% of the Fair Market Rental Rate is referred to as the “New Rental Rate”). The calculation of the Fair Market Rental Rate shall include a new base year for Operating Expenses, Taxes and Insurance Expenses. C. As used in this Lease, the term “Security DepositFair Market Rental Rate” shall automatically include mean the “Additional Deposit” and the Additional Deposit shall be held Base Rent determined pursuant to the terms procedure set forth in this Subsection C. The determination of Article 5 hereofthe Fair Market Rental Rate for the Premises under this Lease shall be based upon the effective base rentals having been agreed to by arms length landlords and tenants for comparable office buildings (i.e. similar age, location, and type) and with respect to leases having executed within the twelve (12) months preceding the calculation of the Fair Market Rental Rate in (i) the area from the WingHaven development east to Interstate 270, including Class A suburban office buildings along the Highway 64/40 corridor, and (ii) the area from Highway 270 south to Manchester Road. Other considerations to be taken into account in determining the Fair Market Rental Rate for the Premises shall include the following considerations if they are relevant under the circumstances, including, but expressly limited to: (i) the term of this Lease, (ii) the size of the applicable space, (iii) the pass through obligations under this Lease compared with the pass through obligations at comparable properties, (iv) the amenities offered by the WingHaven® development, (v) the location of the WingHaven® development, (vi) then prevalent market conditions, including those relating to leasing inducements being offered or not being offered at that time, including rental abatements, lease assumptions, tenant improvement allowance funding, (vii) the potential absence of real estate brokerage fees, all for office buildings of comparable size, age, quality and location. If Tenant fails the Fair Market Rental Rate is to deposit be determined by Qualified Brokers (defined below) pursuant to the Additional Deposit as and when required hereunderprovisions of this Subsection C., then the Qualified Brokers shall be entitled to only take into consideration the factors set forth in this Subsection C in determining the Fair Market Rental Rate. Within thirty (30) days of the receipt of Tenant’s notice of its exercise of its renewal option, Landlord shall notify Tenant of its determination of the Second Renewal Option Fair Market Rental Rate having been determined in good faith based on the criteria set forth herein. For a period of thirty (30) days following Landlord’s disclosure of its determination of the Fair Market Rental Rate, Landlord and Tenant shall exercise good faith efforts to agree upon the Fair Market Rental Rate for the space in question, applying the foregoing standards. If Landlord and Tenant are able to agree in writing upon such New Rental Rate, then such agreed upon Fair Market Rental Rate shall represent the new base rent for the renewal term in question. If, however, Landlord and Tenant are unable to agree in writing upon such Fair Market Rental Rate within the foregoing thirty (30)-day period, then, at the election of Tenant, a.) unless Tenant delivers a written notice to Landlord of its election to enter into binding arbitration not later than forty (40) days after the date of Landlord’s initial determination of the Fair Market Rental Rate, Tenant will be null and void deemed to have rescinded its renewal option exercise and the Renewal applicable Lease Term shall expire naturally expire.as if Tenant has not exercised said renewal option or b.) if Tenant delivers a written notice to Landlord of its election to enter into binding arbitration not later than forty (40) days after Landlord’s initial determination of the Fair Market Rental Rate, Landlord and Tenant will proceed into binding arbitration to determine the Fair Market Rental Rate as follows::

Appears in 1 contract

Samples: Full Service Lease Agreement (Time Warner Telecom Inc)

Renewal Option. (a) Subject A. Provided that the Lease is in full force and effect, without the occurrence of an event of default hereunder or any defaults or breaches under any of the terms, covenants or conditions in tie Lease on Tenant’s part to observe or perform on the terms date that Tenant exercises the option granted herein or on the expiration date of this Section 10the Lease, Tenant shall have the option (the ‘Extension Option”), to extend the term of the Lease for one (1) option extension term (the Second Renewal OptionExtension term”) of three (3) years commencing on the day (the “Extension Term Commencement Date”) next succeeding the expiration date of the term and ending on the day which shall be the anniversary of said expiration date, both dates inclusive, in accordance with and subject to the arms, covenants and conditions hereinafter set forth. Tenant shall exercise the Extension Option ay sending a written notice thereof (the “Extension Notice”) to Tenant by certified mail, return which is 180 days prior to said expiration date, time being of the essence. If Tenant shall fail to »end the Extension Notice receipt requested, within the time and in the manner hereinabove provided, the Extension Option shall cease and terminate, and Tenant shall have no further option to extend the Term of this Lease for a consecutive period of sixty term. If Tenant sends the Extension Notice within the time and in the manner as hereinabove provided (60) months beyond the expiration of the Renewal Term (“Second Renewal Term”). The Second Renewal Option is personal to Tenant and may not be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred and eighty (180) days prior to the expiration end of the Renewal Option. Any such Election Notice given by Tenant to Landlord initial term expiration), the term of the Lease shall be irrevocable. deemed extended for the Extension Term subject to the terms, covenants and conditions as herein below. B. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Extension Term shall be upon upon, and subject to, all of the same terms terms, covenants and conditions as provided in the LeaseLease for the term hereof, as amendedwithout any further right of extension, except that: (a) Any terms, covenants, or conditions in the Lease (as hereby amended) that are expressly or by their nature inapplicable to the Extension Term (xincluding, without limitation, this Paragraph) the annual Base Rent shall not apply during the Second Renewal Extension Term; (b) The Base Rental rent payable by Tenant during the Extension Term (the “Extension Rent”) shall be an amount equal to the Fair Market Rent Rental Value of the Premises as mutually agreeable to Landlord and Tenant to be prevailing as of the commencement Extension Term Commencement Date on the basis of a new three year renewal of the Second Renewal TermPremises; and (c) The base year for expenses shall be changed to reflect the new term. (d) The Fair Market Rental shall take into account the total rent that a comparable tenant would pay for the comparable space in a building of substantially equivalent quality, size, condition, and (y) Tenant location, considering rental rates and concessions then prevalent in the marketplace, the remaining lease term, the expected vacancy, and any other relevant factors C. If the term of the Lease is extended as herein before expressly provided, then Landlord shall have no further renewal options pursuant obligations or duties to this Section 10 paint or otherwise prepare or repair the Premises, or perform any provision of work or make any installations, in connection with the Extension Term, except as required by the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement When used in subsections A and B of the Second Renewal Term. (b) No later than thirty (30) days prior to the commencement of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Termthis Paragraph, the term “Security DepositTenant” shall automatically include mean only the named Tenant in this Agreement and no assignee, subtenant or successor thereof. Lots Three (3) and Four (4), Block Two (2), SHADOW MOUNTAIN II, a Subdivision of the NE/4 of Sxxxxxx 0, Xxxxxxxx 00 Xxxxx, Xxxxx 00 Xxxx, Xxxx of Tulsa, Tulsa County, State of Oklahoma, according to the Recorded Plat thereof. Landlord will agree to provide the layout attached in Exhibit Additional DepositB” and re-carpet and re-paint the Additional Deposit entire Premises at Landlord’s sole cost. Tenant agrees to pay all other expenses incurred in connection with the Tenant Improvements in the Premises. 1. Sidewalks, doorways, vestibules, halls, stairways, and similar areas shall not be obstructed nor shall refuse, furniture, boxes or other items be placed therein by Tenant or its officers, agents, servants, and employees, or used for any purpose other than ingress and egress to and from the leased premises or for going from one part of the Building to another part of the Building. Canvassing, soliciting, and peddling in the Building are prohibited. 2. Plumbing fixtures and appliances shall be held pursuant to used only for the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as purposes for which constructed, and when required hereunder, Tenant’s exercise of the Second Renewal Option no unsuitable material shall be null placed therein. Tenant shall pay damage resulting to any such fixtures or appliances from misuse by Tenant, and void and the Renewal Term Landlord shall expire naturally expirenot in any case be responsible therefore.

Appears in 1 contract

Samples: Lease Agreement (First Trinity Financial CORP)

Renewal Option. (a) Subject Landlord hereby grants to Tenant the terms conditional right, exercisable at Tenant’s option, to renew the term of this Section 10, Tenant shall have the Lease for one (1) option separate but consecutive five (5) year term. If exercised, and if the conditions applicable thereto have been satisfied, the renewal term (the Second Renewal OptionTerm”) shall commence August 1, 2015. The right to extend this option herein granted to Tenant shall be subject to and shall be exercised in accordance with, the following terms and conditions: (a) Tenant shall exercise its right of renewal with respect to the Renewal Term by giving Landlord written notice no later than July 31, 2013 (the “Renewal Notice”). Landlord and Tenant shall have thirty (30) days following Landlord’s receipt of the Renewal Notice to mutually agree to the Renewal Terms. In the event Landlord and Tenant do not reach mutually agreeable terms and conditions for the Renewal Term, Tenant’s option shall expire and become null and void. (b) If the Renewal Notice is not given timely, then Tenant’s rights of renewal pursuant to this Section shall lapse and be of no further force or effect. (c) If Tenant has defaulted under this Lease for a consecutive period on the date the Renewal Notice is given to Landlord or at any time prior to the commencement of sixty (60) months beyond the Renewal Term, then, at Landlord’s option, the Renewal Term shall not commence and the term of the Lease shall expire at the expiration of the Renewal Term initial term of this Lease. (“Second Renewal Term”). The Second Renewal Option is personal d) If at any time any portion of the Premises has been subleased or assigned, then Tenant’s rights pursuant to this Section shall lapse and be of no further force or effect. (e) Tenant’s right of renewal under this Section may be exercised by Tenant only and may not be exercised by any other transferee, sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty (180) days prior to the expiration of the Renewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocable. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as the Lease, as amended, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Terma Permitted Transferee. (b) No later than thirty (30) days prior to the commencement of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expire.

Appears in 1 contract

Samples: Lease Agreement (Harris Interactive Inc)

Renewal Option. (a) Subject to the terms of this Section 10, Provided Tenant shall have one (1) option (“Second Renewal Option”) to extend has not been in default during the Term of this Lease for a consecutive period and is not in default under the terms of sixty (60) months beyond this Lease at the expiration time of exercise or commencement of this option, Tenant shall have the Renewal Term (“Second Renewal Term”). The Second Renewal Option is personal to Tenant and may not be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercisedright, if at all, by written notice (“Election Notice”) from Tenant to Landlord given exercisable not more than two hundred seventy twelve (27012) days months and not less than one hundred eighty six (1806) days months prior to the expiration of the Renewal Option. Any such Election Notice given by Tenant initial Lease Term, to provide notice to Landlord shall be irrevocable. The Second (the “Renewal Option and Tenant’s delivery Notice”) of an Election Notice shall be voidable and its intent to renew this Lease for a period of no force or effect at five (5) years beginning on the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with first day following the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery last day of the Election Notice or at any time from initial Lease Term and ending on the date of delivery of such Election Notice through the time of commencement last day of the Second fifth anniversary thereof (the “First Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the TenantPeriod”), as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as herein, except: the Lease, as amended, except that (x) the annual total Base Rent payable during the Second First Renewal Term Period shall be equal subject to an adjustment of no more than eight percent (8%) over the Fair Market Base Rent as at the end of the commencement initial Lease Term, plus annual adjustments of three percent (3%), annually after the first Lease Year of the Second First Renewal Term; and (y) Tenant Period. Upon receipt of the Renewal Notice, Landlord shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Term. (b) No later than thirty (30) days to approve or reject Tenant’s renewal option. Provided Tenant has not been in default during the First Renewal Period and is not in default under the terms of this Lease at the time of exercise or commencement of this option, Tenant shall have the right, exercisable not more than twelve (12) months and less than six (6) months prior to the commencement expiration of the First Renewal Period, to provide a Renewal Notice to Landlord of its intent to renew this Lease for an additional period of five (5) years beginning on the 1st day following the last day of the First Renewal Period and ending on the last day of the fifth anniversary thereof (the “Second Renewal Period”), upon the same terms and conditions herein, except: the total Base Rent payable during the Second Renewal Period shall be subject to an adjustment of no more than eight percent (8%) over the Base Rent at the end of the First Renewal Period, plus annual adjustments of three percent (3%), annually after the first Lease Year of the Second Renewal TermPeriod. Upon receipt of the Renewal Notice, Landlord shall have thirty (30) days to approve or reject Tenant’s renewal option. Provided Tenant has not been in default during the Second Renewal Period and is not in default under the terms of this Lease at the time of exercise or commencement of this option, Tenant shall deposit with Landlord an amounthave the right, that when taken together with exercisable not more than twelve (12) months and less than six (6) months prior to the Security Deposit, equals the Monthly Base Rent due for the last month expiration of the Second Renewal Term Period, to provide a Renewal Notice to Landlord of its intent to renew this Lease for an additional period of five (“Additional Deposit”). Upon 5) years beginning on the commencement 1st day following the last day of the Second Renewal Term, Period and ending on the term “Security Deposit” shall automatically include last day of the fifth anniversary thereof (the “Additional Deposit” Third Renewal Period”), upon the same terms and conditions herein, except: the Additional Deposit total Base Rent payable during the Third Renewal Period shall be held pursuant subject to an adjustment of no more than eight percent (8%) over the terms of Article 5 hereof. If Tenant fails to deposit Base Rent at the Additional Deposit as and when required hereunder, Tenant’s exercise end of the Second Renewal Option shall be null and void and Period, plus annual adjustments of three percent (3%), annually after the first Lease Year of the Second Renewal Period. Upon receipt of the Renewal Term Notice, Landlord shall expire naturally expirehave thirty (30) days to approve or reject Tenant’s renewal option.

Appears in 1 contract

Samples: Retail Lease Agreement

Renewal Option. Section 42.01. Provided that Tenant is not then in default beyond the expiration of any applicable notice and cure periods (aand the named Tenant is in occupancy of the entire Demised Premises), both at the time that the Tenant exercises the Renewal Option (as hereinafter defined) Subject and at the commencement of the Renewal Term (as hereinafter defined) under any of the terms, covenants and conditions hereunder on the part of Tenant to the terms of this Section 10be performed, Tenant shall have one (1) the option (the Second Renewal Option”) to extend the Term term of this Lease for a consecutive one (1) additional period of sixty five (605) months beyond years (the expiration "Renewal Term"), provided that the Tenant gives Landlord notice of its exercise of the exercise of the Renewal Term Option at least twelve (“Second Renewal Term”). The Second Renewal Option is personal to Tenant and may not be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”12) from Tenant to Landlord given months but not more than two hundred seventy eighteen (27018) days and not less than one hundred eighty (180) days months prior to the expiration of the Renewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocableinitial term hereof. Section 42.02. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon all of the same terms terms, covenants and conditions as the are contained in this Lease, except as amended, except that follows: (xa) Tenant shall have no further right to extend the annual Base Rent during term of this Lease. (b) Landlord shall not be required to do any work in the Second Demised Premises or obligated to pay any commission and there shall be no rent abatement. (i) The minimum rent for the Renewal Term shall be an amount equal to the Fair Market Rent fair market annual rental value of the Demised Premises as of the commencement of the Second Renewal Term; and Term (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision inclusive of the Leaseadditional rent under Article 22 which shall continue to be payable as provided in said Article), but in no event less than the amount of the minimum rent and additional rent then payable during the last year of the initial term of this Lease ("Renewal Rental Value"). Fair Market Rent for In the Second event that the parties fail to agree on the Renewal Term Rental Value within three (3) months prior to the Expiration Date of the initial term hereof, then the Renewal Rental Value shall be determined by Landlord with written notice given to Tenant arbitration in the manner as provided in Article 43, and the results of such arbitration shall be conclusive and binding on the parties. (ii) If for any reason the Renewal Rental Value for the Renewal Term shall not be determined prior to the commencement of the Second Renewal Term. , Tenant, in the meantime, shall pay the monthly installments of minimum rent at an amount equal to one hundred ten percent (b110%) No later of the then rate as provided in this Lease, including the additional rent then payable under Article 22. If the Renewal Rental Value as determined by arbitration shall be greater than thirty the amount of the annual minimum rent(inclusive of additional rent under Article 22) then being payable, then within twenty (3020) days prior to after the arbitrators decision, the difference between the monthly installments for minimum rent and additional rent actually paid and the monthly installments for minimum rent and additional rent which should have been paid from the commencement of the Second Renewal Term, Term shall be determined and paid by Tenant to Landlord and thereafter Tenant shall deposit with Landlord an amount, that when taken together with pay the Security Deposit, equals monthly installments of minimum rent at the Monthly Base Rent due for new rate. Section 42.03. Following the last month determination of the Second minimum rent, Landlord and Tenant shall execute an agreement amending this Lease to reflect the foregoing, but the provisions of this Article shall be effective with respect to the Renewal Term (“Additional Deposit”). Upon from the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expirewhether or not such an amendment is executed.

Appears in 1 contract

Samples: Lease Agreement (Jesup & Lamont, Inc.)

Renewal Option. A. By written notice delivered to Landlord on or before the date which is one year prior to the Expiration Date (a) Subject to the "Exercise Date"), time being of the essence, expressly provided that Tenant is not in default in any respect under the terms of this Section 10the Lease beyond any applicable notice and grace period on (i) the Exercise Date and (ii) the Expiration Date, Tenant shall have one (1) the option (“Second Renewal Option”) to extend the Term term of this the Lease for a consecutive period term of sixty approximately six (606) years (6) months beyond commencing on the expiration of first day following the Renewal Term Expiration Date and ending April 30, 2017 (“Second Renewal Term”). The Second Renewal Option is personal to Tenant and may not be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”hereinafter called the "first renewal term") from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty (180) days prior to the expiration of the Renewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocable. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as hereof [including but not limited to an annual three (3%) percent increase in annual base rent over the Lease, as amended, annual base rent in effect for the immediately preceding year] except that (i) there shall be no free rent period and (ii) the basic annual rental rate to be paid by Tenant for the first year of the renewal term shall be the higher of (x) the then annual Base Rent during base rent on the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; Expiration Date and (y) the highest annual base rental rate the in effect for similar size arcade space in the Building. B. By written notice delivered to Landlord not later than April 30, 201 6, time being of the essence, expressly provided that Tenant is not in default in any respect under the terms of the Lease beyond any applicable notice and grace period on (i) the date of delivery of said notice or (ii) April 30, 201 7, Tenant shall have no further renewal options pursuant the option to this Section 10 or any provision again extend the term of the Lease. Fair Market Rent Lease for an additional period of five (5) years (the "second renewal term") to and including April 30, 2022 upon the same terms and conditions hereof for the Second Renewal Term shall be determined first renewal term. Similarly, by Landlord with written notice given delivered to Tenant prior to the commencement Landlord not later than April 30, 2021, time being of the Second Renewal Term. (b) No later than thirty (30) days prior to essence, expressly provided that Tenant is not in default in any respect under the commencement terms of the Second Renewal TermLease beyond any applicable notice and grace period on (i) April 30, 2021 or (ii) April 30, 2022, Tenant shall deposit with Landlord have the option to again extend the term of the Lease for an amountadditional period of five (5) years (the "third renewal term") to and including April 30, that when taken together with 2027 upon the Security Deposit, equals the Monthly Base Rent due same terms and conditions hereof for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” first and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expiresecond renewal term.

Appears in 1 contract

Samples: Lease Agreement (Credit Suisse First Boston Usa Inc)

Renewal Option. 39.1 Provided (a) Subject to no Event of Default has occurred and remained uncured as of the terms date Tenant exercised its renewal option and (b) Tenant has not assigned this Lease or sublet all of this Section 10the Premises, then Tenant shall have the right to extend the Term for one (1) option (“Second Renewal Option”) to extend the Term of this Lease for a consecutive additional period of sixty five (605) months beyond years (the expiration of the Renewal Term (“Second Renewal Term”). The Second Renewal "First Option is personal to Tenant and may not be exercised Period") by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant given to Landlord given not more than two hundred seventy (270) days one year and not less than one hundred and eighty (180) days prior to the expiration fifth (5/th/) anniversary of the Renewal OptionCommencement Date (time being of the essence with respect to the giving of such notice). Any such Election Notice given by If Tenant exercises its renewal option for a second five year term, all terms and conditions of this Lease shall remain in effect during the First Option Period, except that the Minimum Rent shall be computed in the manner set forth in Exhibit "F". Prior to commencement of the First Option Period, ----------- Landlord shall not be irrevocable. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of obligated to perform any work to the Premises. 39.2 Provided (a) no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, occurred and remained uncured as of the Renewal Term Commencement Date. If date Tenant fails to exercise exercised its renewal option and (b) Tenant has not assigned this Lease or sublet all of the Second Renewal Option in a timely manner, as provided for abovePremises, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as the Lease, as amended, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant the right to this Section 10 or any provision extend the Term for one (1) additional period of five (5) years (the Lease. Fair Market Rent for the "Second Renewal Term shall be determined Option Period") by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Term. Landlord not more than one year and less than one hundred and eighty (b) No later than thirty (30180) days prior to the tenth (10/th/) anniversary of the Commencement Date (time being of the essence with respect to the giving of such notice). If Tenant exercises its renewal option during the First Option Period, all terms and conditions of this Lease shall remain in effect during the Second Option Period, except that the Minimum Rent shall be computed in the manner set forth in Exhibit "F". Prior to the commencement of ----------- the Second Option Period, Landlord shall not be obligated to perform any work to the Premises, and Tenant shall not be allowed to extend the Term beyond the expiration of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expirePeriod.

Appears in 1 contract

Samples: Lease Agreement (Medarex Inc)

Renewal Option. (a) Subject to the terms of this Section 10, Tenant shall have one (1) option (“Second Renewal Option”) to extend the Term for the Primary Space plus such additional space as may be available and of interest to Tenant for a period of five years (the “Renewal Option”; the term of the Renewal Option shall be referred to as the “Renewal Term”), upon the terms and conditions contained herein, including without limitation the payment of Additional Charges determined on the same basis as set forth in this Lease except that the Base Rent for a consecutive period the Renewal Term shall be at the then-fair market rental value, as reasonably determined by Landlord in its reasonable discretion. A. Tenant shall provide notice to Landlord (“Renewal Notice”) of sixty Tenant’s exercise of the Renewal Option no later than June 30, 2010. Landlord will then, within 30 days of receipt of the Renewal Notice, provide Tenant with Landlord’s determination of the fair market rental value applicable to the Renewal Term. Within 10 days after receiving such determination (60the “Tenant’s Review Period”), Tenant shall irrevocably elect, in writing, to do one of the following: (i) months beyond accept Landlord’s determination, or (ii) rescind Tenant’s exercise of the expiration Renewal Option. If Tenant fails to respond in such 10 day period, Tenant shall be deemed to have elected clause (i) of the previous sentence. B. Tenant may not exercise the Renewal Option if on the date Tenant attempts to exercise the Renewal Option or as of the beginning of the Renewal Term (“Second Renewal Term”). The Second Renewal Option is personal to Tenant and may not be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty (180) days prior to the expiration of the Renewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocable. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default Tenant is occurring under this Leasein default beyond any applicable notice and cure periods, or (ii) there is any event occurring which with the giving of notice this Lease or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery right of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term possession has been terminated, or (iii) if: this Lease is not in full force and effect, or (xiv) there has been any materially adverse change other than in the financial condition connection with a Permitted Transfer, Tenant has assigned this Lease, sublet all or any portion of the Tenant, as Leased Premises or is in possession of less than all of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as the Lease, as amended, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal TermLeased Premises. (b) No later than thirty (30) days prior to the commencement of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expire.

Appears in 1 contract

Samples: Lease Agreement (Stockeryale Inc)

Renewal Option. (a) Subject to the terms of this Section 10, 52.01 Tenant shall have one (1) the option (the Second Renewal Option”) to extend the Term term of this Lease for a consecutive period one (l) renewal term of sixty five (605) months beyond years (the “Renewal Term”) which shall commence on the date immediately succeeding the expiration of the Term, provided that on the Renewal Notice Date (as hereinafter defined) and on the commencement date of the Renewal Term (“Second Renewal Term”i) this Lease shall be in full force and effect; and (ii) Tenant shall not be in default of this Lease after notice (in which event Tenant’s rights under this Article shall be suspended until the earlier of (a) Tenant’s timely and full cure of the default alleged in such notice, at which time Tenant’s obligations hereunder shall be reinstated, and (b) the expiration of Tenant’s time in which to cure such default, at which time Tenant’s rights hereunder shall be extinguished). The Second Renewal Option is personal to Tenant and may not be exercised with respect to the entire Premises only and shall be exercisable by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written the Tenant delivering to Landlord a notice (the Election Renewal Notice”) from Tenant to Landlord given not more no later than two hundred seventy the date (270the “Renewal Notice Date”) days and not less than that is one hundred eighty (180) days prior to the expiration of the Term. In the event that Tenant fails to give the Renewal Notice by the Renewal Notice Date, the Named Tenant shall be deemed to have waived its Renewal Option. Any such Election Notice given by Tenant Time is of the essence with respect to Landlord shall be irrevocable. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice the Renewal Notice. Landlord shall have the right, in its sole discretion, to waive any or all of the passage of time, or both, would constitute an Event of Default hereunder, either at the time of foregoing conditions to Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as exercise of the Renewal Term Commencement DateOption. If Tenant fails to exercise Upon the Second giving of the Renewal Option Notice or in a timely manner, as provided for above, then the Second event that the Renewal Option shall be void and waived, or deemed waived pursuant to the terms hereof, the Tenant shall have no further right or option to extend or renew the term of no force or effect. The validly exercised Second this Lease. 52.02 If Tenant exercises the Renewal Option, the Renewal Term shall be upon the same terms terms, covenants and conditions as the those contained in this Lease, as amended, except that (xi) the annual Base Fixed Annual Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given pursuant to Tenant prior to Section 52.03 hereof, (ii) the commencement Base Tax Year as set forth in Article 32 shall mean the New York City Real Estate Tax Year during which occurs the first day of the Second Renewal Term, and (iii) the Base Year as set forth in Article 50 shall mean the calendar year during which occurs the first day of the Renewal Term, and (iv) the provisions of Articles 22, 52, 54, and 55 shall not be applicable during the Renewal Term. (b) No later than thirty (30) days prior to the commencement of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expire.

Appears in 1 contract

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

Renewal Option. A. Provided that (ai) Subject both at the time of the exercise of the option hereinafter set forth and at the time of commencement of the Renewal Term (as hereinafter defined) this Lease is in full force and effect, and provided further that Tenant is not then in default beyond applicable notice and grace periods, hereunder and (ii) Tenant has neither assigned its interest under this Lease or subleased more than 15% of the Premises nor offered to so assign this Lease or sublease more than 15% of the terms Premises, and (iii) Tenant is in occupancy of this Section 10the entire Premises for the purpose of conducting its own business, Tenant shall have one (1) is hereby granted the option (“Second Renewal Option”) to extend renew the Term of this Lease for a consecutive one (1) period of sixty (60) months beyond (the "RENEWAL TERM"). The Renewal Term is to commence immediately upon the expiration of the initial Term. Once Tenant has served a Renewal Notice (as hereinafter defined) upon Landlord, Tenant shall be bound for the entire applicable Renewal Term (“Second Renewal Term”)by the terms and conditions of this Lease, as the same is modified pursuant to this Article 40. The Second Renewal Option is personal Tenant shall exercise the option to Tenant and may not be exercised renew only by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by delivering irrevocable written notice of such election (“Election Notice”a "RENEWAL NOTICE") from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one three hundred eighty sixty-five (180365) days nor more than six hundred (600) days prior to the expiration of the initial Term. In the event that Landlord does not receive the Renewal Option. Any Notice within such Election Notice given by Tenant 245-day notice period (time being of the essence with respect thereto), then such option to Landlord shall renew the Term shall, upon the expiration of such time period, become null and void and be irrevocable. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no further force or effect and Tenant shall, at the election request of Landlord, exercised execute an instrument in Landlord’s sole form and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of substance reasonably acceptable to Landlord confirming such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. facts. B. The validly exercised Second Renewal Term shall be upon the same terms and conditions as the of this Lease, as amended, except that (xa) the annual Base Rent during the Second Renewal Term shall be payable at an annual rate per rentable square foot equal to the Fair Market Rent as greater of (1) ninety-five (95%) percent of the commencement annual fair market rental rate for the Premises for the Renewal Term ("FMR"), as such FMR is determined (x) by agreement between Landlord and Tenant on or before the date (the "FMR AGREEMENT DATE") which is sixty (60) days prior to the end of the Second initial Term or (y) in the absence of such agreement, by the Three Appraiser Method set forth in Section C of this Article 40, or (2) the Rent in effect during the last year of the initial Term; (b) Tenant shall have no option to renew this Lease beyond the expiration of the Renewal Term; and (yc) the Premises shall be delivered in their existing condition (on an "as is" basis) at the time the Renewal Term commences. Landlord and Tenant shall have no further renewal options pursuant attempt to this Section 10 or any provision negotiate in good faith a mutually acceptable determination of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant FMR prior to the commencement of the Second Renewal TermFMR Determination Date. (b) No later than thirty (30) days prior to the commencement of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expire.

Appears in 1 contract

Samples: Lease Agreement (Viatel Inc)

Renewal Option. (a) Subject to the terms of this Section 10, Tenant shall have one (1) option (“Second Renewal Option”) the right to renew and extend the Term of this Lease with respect to the entire Premises then subject to this Lease for a consecutive period the Renewal Term (herein so called) upon and subject to the following terms and conditions: 1. Tenant may extend this Lease for two (2) Renewal Terms of sixty five (605) years each by giving written notice thereof to Landlord no later than (i) twelve (12) months beyond prior to the expiration of the original Term with respect to the first Renewal Term and (“Second ii) twelve (12) months prior to the expiration of the first Renewal Term with respect to the second Renewal Term”). Landlord, at its sole option, shall have the right to shorten the notice period required for Tenant's exercise of its renewal options hereunder from twelve (12) months to some shorter period of time by providing written notice to Tenant of Landlord's consent to the shorter notice period; however, consent to a shorter notice period with respect to the first Renewal Term shall not be deemed consent by Landlord to a shorter notice period with respect to the second Renewal Term. The Second first Renewal Option is personal Term shall commence immediately upon the expiration of the original Term and the second Renewal Term shall commence immediately upon the expiration of the first Renewal Term. Upon exercise by Tenant of its right to a Renewal Term, the Expiration Date of the Term shall automatically become the last day of the Renewal Term. If Tenant does not exercise its rights to a Renewal Term in a timely manner, Tenant's failure shall conclusively be deemed a waiver of its rights to such Renewal Term and may not be exercised by any sublessee or assignee of Tenantall future Renewal Terms. 2. The Second exercise by Tenant of its rights to a Renewal Option Term must be exercisedmade, if at all, by written notice (“Election Notice”) from executed by Tenant and delivered to Landlord given on or before the date set forth above. Once Tenant shall exercise its rights to a Renewal Term, Tenant may not more than two hundred seventy (270) days and thereafter revoke such exercise. Tenant shall not less than one hundred eighty (180) days prior have the right to the expiration of the exercise a Renewal Option. Any such Election Notice given by Term if Tenant to Landlord shall be irrevocable. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force is in monetary or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of material non-monetary Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time Tenant gives notice of Tenant’s delivery of the Election Notice its election or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as the Lease, as amended, except that (x) the annual Base Rent during the Second Renewal Term shall be equal to the Fair Market Rent as of the commencement of the Second Renewal Term; and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant immediately prior to the commencement of the Second Renewal Term. (b) No later than thirty (30) days prior to the commencement of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expire.

Appears in 1 contract

Samples: Office Lease Agreement (Pec Solutions Inc)

Renewal Option. (a) Subject to Article 44 of the terms of this Section 10, Lease shall be deemed deleted in its entirety an substituted in lieu thereof shall be the following: 44.1 Tenant shall have one (1) option (the Second Renewal Option”) to renew or extend the Term of this Lease for a consecutive period one (1) additional term of sixty five (605) months beyond years, provided that at the expiration time of the Renewal Term (“Second Renewal Term”). The Second Renewal Option is personal to Tenant and may not be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty (180) days prior to the expiration exercise of the Renewal Option, this Lease is in full force and effect and no monetary default exists hereunder beyond applicable cure, grace and notice periods. Any such Election Notice given Tenant may exercise the Renewal Option by Tenant giving written notice (the “Renewal Notice”) to Landlord shall be irrevocable. not less than nine (9) months prior to the Extended Expiration Date. 44.2 The Second Renewal Option may not be severed from this Lease nor separately sold or assigned. 44.3 If Tenant timely exercises the Renewal Option, the term of this Lease will be extended for one (1) additional period of five (5) years commencing on the day immediately following the Extended Expiration Date PAGE 6 and Tenant’s delivery expiring on the day immediately preceding the fifth (5th) anniversary of an Election Notice shall be voidable the Extended Expiration Date (the “Renewal Period”), on all of the same terms, covenants and of no force or effect at conditions as set forth in this Lease, except that during the election of Landlord, exercised in Landlord’s sole and absolute discretion, if Renewal Period: (i) an Event of Default is occurring under this Lease, or Tenant shall be entitled to no further Renewal Option; (ii) there is Landlord shall have no obligation to perform Landlord’s Work or any event occurring which with other work in the giving of notice or the passage of timePremises to ready same for continued occupancy, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: Tenant shall not be entitled to an additional credit against Fixed Rental, and (xiv) there has been any materially adverse change in the financial condition of the Tenant, as of Fixed Rental during the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option Period shall be void and the greater of no force or effect. The validly exercised Second Renewal Term shall be upon the same terms and conditions as the Lease, as amended, except that (x) the annual Base Rent during Fixed Rental rate per rentable square foot for the Second Renewal Term shall be equal to one (1) year period ending on the Fair Market Rent as of the commencement of the Second Renewal Term; Extended Expiration Date, and (y) Tenant shall have no further renewal options pursuant to this Section 10 or any provision ninety-five percent (95%) of the Lease. then current Fair Market Rent Rental Rate (as defined and computed below) for the Second Premises. The Fixed Rental during each year of the Renewal Term Period following the first year of such Renewal Period shall be determined equal the Fixed Rental for the immediately preceding year multiplied by Landlord with written notice given to Tenant 102.75%. 44.4 As used herein, the term “Fair Market Rental Rate” shall mean the annual fair market rental value for the Premises prevailing as of six months prior to the commencement of the Second Renewal Term. (b) No later than thirty (30) days prior to Period, for the commencement balance of the Second Renewal Termlease term, Tenant shall deposit with taking into account all relevant factors (whether favorable to Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”or Tenant). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expire.

Appears in 1 contract

Samples: Lease Modification Agreement (Martha Stewart Living Omnimedia Inc)

Renewal Option. (a) Subject In the event Tenant exits its existing Chapter 11 bankruptcy while this Lease Agreement is in full force and effect and so long as Tenant continues to occupy the terms of this Section 10entire Leased Premises, Tenant shall have one (1) have, and is hereby granted, the option (the Second Renewal Option”) to extend the Term of this Lease Agreement for a consecutive one (1) additional period of sixty five (605) months beyond years (the expiration of the Renewal Term (Second Renewal First Extended Term”). ) upon and subject to the following terms, conditions and provisions: A. The Second Renewal Option is personal to Tenant and may not only be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by Tenant giving irrevocable written notice (“Election Notice”) from Tenant thereof to Landlord given not more no earlier than two hundred seventy twelve (27012) days and not less months, nor later than one hundred eighty nine (1809) days months prior to the expiration of the Renewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocable. The Second Renewal Option and Tenant’s delivery Term of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement DateLease Agreement. If Tenant fails to give Landlord such written notice of exercise of the Second Renewal Option in a timely mannerwithin such specified time period, as provided for aboveTenant shall be deemed to have elected not to exercise, then and to have waived, the Second Renewal Option and the Renewal Option shall automatically terminate and expire and be void and of no further force or and effect. The validly It is expressly agreed that Tenant shall not have the option to extend the Term of this Lease Agreement beyond the First Extended Term. If Tenant exercises the Renewal Option, the First Extended Term shall commence immediately upon the expiration of the Term of this Lease Agreement (the “First Extended Term Commencement Date”). B. If Tenant shall have exercised Second the Renewal Option (in accordance with and subject to the provisions of this Section 54), the First Extended Term shall be upon upon, and subject to, all of the same terms terms, covenants and conditions as provided in this Lease Agreement except for any terms, covenants and conditions that are expressly or by their nature inapplicable to the LeaseFirst Extended Term (including, as amendedwithout limitation, the right to renew the Term of this Lease Agreement beyond the First Extended Term) and except that (xi) the annual Base Rent and other economic considerations during the Second Renewal First Extended Term shall be equal the Prevailing Market Rental Rate (as defined in Section 54.D below) at the time Tenant exercises the Renewal Option, but in no event less than the Base Rent applicable for the previous year, and (ii) the Leased Premises and all leasehold improvements relating thereto will be provided in the condition they exist (i.e., “AS IS” and “WITH ALL FAULTS”) on the First Extended Term Commencement Date, and this Lease Agreement shall be deemed to have been automatically amended as of the First Extended Term Commencement Date in accordance with this Section 54. Tenant and Landlord shall promptly (but in no event longer than fifteen (15) days after Landlord’s submission of the amendment to Tenant) execute and deliver an appropriate amendment of this Lease Agreement to evidence such terms following commencement of the First Extended Term. C. Notwithstanding any provision herein to the Fair contrary, Tenant shall not have the right to extend the Term of this Lease Agreement pursuant to this Section 54 and such right shall automatically terminate and be of no further force and effect if, at the time Tenant exercises such Renewal Option or on the First Extended Term Commencement Date: (i) Tenant is in default under this Lease Agreement beyond any applicable notice and cure period, (ii) there has been a material adverse change in Tenant’s financial condition from the Effective Date of this Lease Agreement, (iii) Tenant has sublet or assigned any portion of the Leased Premises. Tenant shall not have the right to assign the Renewal Option to any sublessee or assignee of the Leased Premises of Tenant, nor may any such sublessee or assignee exercise the Renewal Option or (iv) Tenant has not exited its existing Chapter 11 bankruptcy. D. As used in this Lease Agreement, the term “Prevailing Market Rent Rental Rate” means, as to any space subject to this Lease Agreement for which it is being determined (the “Subject Premises”), the annual amount of “gross” rental that a willing tenant would pay in a similar type transaction (i.e., renewal) and a willing landlord would accept in arm’s length, bona fide negotiations for lease of the Subject Premises to be executed at the time of determination and to commence on the commencement of the Second Renewal Term; subject lease term, based upon other lease transactions made in the Building and other comparable office buildings in the Katy Freeway West area of Houston, Texas, taking into consideration all relevant terms and conditions of any comparable leasing transactions, including, without limitation: (yi) Tenant shall have no further renewal options pursuant to this Section 10 or any provision location, quality and age of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement building (taking into consideration renovations); (ii) use and size of the Second Renewal Term. space in question; (biii) No later than thirty location and/or floor level within the building; (30iv) days prior to extent of leasehold improvement allowances (considering existing improvements); (v) the commencement amount of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month any abatement of the Second Renewal Term rental or other charges; (“Additional Deposit”). Upon the commencement vi) parking charges or inclusion of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expire.same in rental; (vii) lease takeovers/assumptions; (viii) club memberships; (ix) relocation allowances;

Appears in 1 contract

Samples: Lease Agreement

Renewal Option. (a) Subject to Provided Tenant is not in default of any of its obligations under the terms Lease and is in possession of this Section 10the Premises, Tenant shall have be entitled to renew the Lease for one (1) option additional term of five (“Second Renewal Option”5) to extend the Term of this Lease for a consecutive period of sixty (60) months beyond years, commencing immediately following the expiration of the Renewal Term (“Second Renewal Term”). The Second Renewal Option is personal to Tenant and may not be exercised by any sublessee or assignee of Tenant. The Second Renewal Option must be exercised, if at all, by written notice (“Election Notice”) from Tenant to Landlord given not more than two hundred seventy (270) days and not less than one hundred eighty (180) days prior to the expiration of the Renewal Option. Any such Election Notice given by Tenant to Landlord shall be irrevocable. The Second Renewal Option and Tenant’s delivery of an Election Notice shall be voidable and of no force or effect at the election of Landlord, exercised in Landlord’s sole and absolute discretion, if (i) an Event of Default is occurring under this Lease, or (ii) there is any event occurring which with the giving of notice or the passage of time, or both, would constitute an Event of Default hereunder, either at the time of Tenant’s delivery of the Election Notice or at any time from the date of delivery of such Election Notice through the time of commencement of the Second Renewal Term or (iii) if: (x) there has been any materially adverse change in the financial condition of the Tenant, as of the Renewal Term Commencement Date. If Tenant fails to exercise the Second Renewal Option in a timely manner, as provided for above, then the Second Renewal Option shall be void and of no force or effect. The validly exercised Second Renewal Term shall be upon on the same terms and conditions as of the Lease, with the following conditions: 92.1. Tenant will give written notification to Landlord not later than nine (9) full calendar months prior to the scheduled termination date of the Term of its intention to elect to renew the Lease. 92.2. For the first Lease Year of the renewal Term, the Basic Rent shall be increased, and the amount of such increase shall equal five percent (5%) of the amount of Basic Rent paid on an annual basis during the immediately preceding Lease Year. Thereafter, for each successive Lease Year of the renewal term, the Basic Rent shall be increased, and the amount of the increase in each Lease Year shall equal three percent (3.00%) of the amount of Basic Rent paid on an annual basis during the immediately preceding Lease Year. Consecutive monthly installments of Basic Rent shall be increased accordingly. 92.3. If Tenant elects to lease the Premises for the renewal term above set forth pursuant to the renewal right granted in this Section then Tenant shall execute a Lease Amendment extending the Term and confirming the new Basic Rent within ten (10) days of receipt of an instrument of amendment from Landlord. 92.4. Time shall be of the essence with respect to each of the provisions of this Section; if Tenant fails or refuses to provide notices or to take action as amendedprovided in this Section within the times herein set forth then the renewal right and option herein granted shall lapse and terminate. 92.5. No additional rights or options to renew shall be deemed to be granted. 92.6. The right and option set forth in this Section is personal to the party originally named as Tenant under the Lease and shall lapse and terminate upon any assignment or sublease of the Premises, except that in the event of (xi) the annual Base Rent during the Second Renewal Term shall be equal a Transfer pursuant to the Fair Market Rent as Section 7 of the commencement Lease for which Landlord has granted consent and which Transfer consists of an assignment of the Second Renewal Term; and entirety of the Premises for the remainder of the Term or (yii) Tenant shall have no further renewal options a Transfer pursuant to this Section 10 or any provision 7.3 of the Lease. Fair Market Rent for the Second Renewal Term shall be determined by Landlord with written notice given to Tenant prior to the commencement of the Second Renewal Term. (b) No later than thirty (30) days prior to the commencement of the Second Renewal Term, Tenant shall deposit with Landlord an amount, that when taken together with the Security Deposit, equals the Monthly Base Rent due for the last month of the Second Renewal Term (“Additional Deposit”). Upon the commencement of the Second Renewal Term, the term “Security Deposit” shall automatically include the “Additional Deposit” and the Additional Deposit shall be held pursuant to the terms of Article 5 hereof. If Tenant fails to deposit the Additional Deposit as and when required hereunder, Tenant’s exercise of the Second Renewal Option shall be null and void and the Renewal Term shall expire naturally expire.

Appears in 1 contract

Samples: Office Lease Agreement (Costar Group Inc)

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