Common use of Renewal Option Clause in Contracts

Renewal Option. Landlord hereby grants to Tenant the option ("Renewal Option") to renew and extend the term of this Lease, provided that at the time the Renewal Option is exercised, this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ("Renewal Term") shall be sixty (60) months commencing upon the expiration of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to the expiration of the original term of the Lease. Any renewal and extension of the Lease for the Renewal Term shall be at 95% of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before thirty (30) days after the delivery of the renewal Notice Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Option.

Appears in 2 contracts

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

Renewal Option. Landlord hereby grants to If Tenant is not in default under any term or condition of the option ("Renewal Option") to renew and extend the term of this Lease, provided that as amended by the Amendment, beyond all applicable cure periods, at the time of delivery of the Renewal Option Notice (as defined below), and as of the commencement of the Renewal Term (as defined below), and the original Tenant named herein is exercisedoccupying the entire Leased Premises at the time of such election, this Tenant may renew the Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure for all or a portion of the Leased Premises (but no less than one floor) for one (1) additional period hereunder. The renewal term of five ("5) years (the “Renewal Term"”), by delivering written notice (the “Renewal Notice”) shall be sixty of the exercise thereof to Landlord not earlier than twelve (6012) months commencing upon nor later than nine (9) months before the expiration of the original term of the Leasethen current Term. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to the expiration of the original term of the Lease. Any renewal and extension of the Lease Base Rent payable for each month during the Renewal Term shall be at 95% the Fair Market Rent (as defined below) as of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on commencement date of the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthinessTerm. If on or before Within thirty (30) days after receipt of Tenant’s Renewal Notice, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for the delivery Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant of the renewal Notice required adjustment to Base Rent, if any, and the other terms and conditions offered. Within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then ▇▇▇▇▇▇’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver ▇▇▇▇▇▇’s written determination of Fair Market Rent to Landlord within ten (10) business days after receipt of Landlord’s Fair Market Rent Proposal, Tenant will be deemed to have rejected Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent as evidenced by Landlord’s Fair Market Rent Proposal, then Landlord and Tenant cannot shall attempt in good faith to agree in writing upon the Fair Market Rent. If by that date which is six (6) months prior to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws commencement of the State of Texas as applied to Renewal Term (the facts found by him“Trigger Date”), her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant canhave not agree agreed in writing as to the "current market terms and conditions" to be applicable during Fair Market Rent, then within ten (10) business days following the Renewal TermTrigger Date (the “Withdrawal Deadline”), Tenant may terminate shall have the one time right to withdraw its Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effectNotice, and the Lease shall expire at upon the expiration of the then current Term. If Tenant does not withdraw its original termRenewal Notice by the Withdrawal Deadline, the parties shall proceed to determine the Fair Market Rent in accordance with the procedure set forth in Paragraph C below. Any termination In all events, ▇▇▇▇▇▇’s exercise of the Lease its renewal option right hereunder shall also terminate the Renewal Optionbe binding upon Tenant and not subject to rescission except as provided herein.

Appears in 2 contracts

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

Renewal Option. Landlord Tenant is hereby grants to Tenant the option granted two ("2) options (each a “Renewal Option") to renew this Lease for a period of five (5) years each (each a “Renewal Term”) upon the following terms and conditions: a. Notice of the exercise of a Renewal Option shall be sent to the Landlord in writing at least nine (9) months before the expiration of the Term or in the case of the second Renewal Term, the first Renewal Term. b. The first Renewal Term shall commence at the expiration of the Term. The second Renewal Term shall commence at the expiration of the first Renewal Term. A failure to exercise the Renewal Option for the first Renewal Term shall be deemed a waiver of the right to exercise the Renewal Option for the second Renewal Term. All of the terms and conditions of this Lease, other than the Fixed Basic Rent, shall apply during each Renewal Term. c. If Tenant elects to exercise a Renewal Option to extend the term of this LeaseLease in accordance with this Section 43, provided that at the time the Renewal Option is exercised, this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ("Renewal Term") shall be sixty (60) months commencing upon the expiration of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to the expiration of the original term of the Lease. Any renewal and extension of the Lease Fixed Basic Rent for the applicable Renewal Term shall be at 95% of the fair market rent then current market terms being charged in first class office buildings in suburban Philadelphia which are comparable to the Building, taking into account the length of term, tenant improvements or other concessions, and conditionsall relevant factors (“Market Rent”). If Tenant elects to exercise a Renewal Option, then Landlord, within fifteen (15) days of such election shall not have advise Tenant of the right Fixed Basic Rent it desires to assign its renewal rights to a subtenant under this Leasecharge. "Then current market terms and conditions" shall mean those terms and conditions prevailing During the period (the “Analysis Period”) beginning on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants date of comparable creditworthiness. If on or before Tenant’s receipt of Landlord’s determination of Fixed Basic Rent and ending thirty (30) days after thereafter, Tenant shall have the delivery right to consider the Fixed Basic Rent determined by Landlord and elect by written notice to Landlord one of the renewal Notice Landlord and Tenant canfollowing three alternatives: i. determine not agree to proceed with such renewal; ii. accept Landlord’s determination of the Fixed Basic Rent, in writing to the "current market terms and conditions" which event Landlord’s determination shall be deemed to be applicable during a Renewal Term, then Market Rent; or iii. elect to proceed with such renewal election and submit the question determination of what the "then current market terms and conditions" is shall be settled by arbitration. Such Fixed Basic Rent to binding arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Leasediscussed below. In the event of termination Tenant elects to submit the determination of the rate of Fixed Basic Rent to binding arbitration then Tenant at Tenant’s sole cost and expense, shall employ the services of an appraiser familiar with office buildings located within the metropolitan Philadelphia, Pennsylvania area comparable to the Building, who shall be a member of MAI and who shall render an appraisal of Market Rent for the Premises. If the Landlord and the Tenant’s appraiser cannot agree on the Market Rent, Landlord shall employ the services of an appraiser familiar with office buildings located with the metropolitan Philadelphia, Pennsylvania area comparable to the Building who shall be a member of MAI and who shall render an appraisal of Market Rent for the Premises. If the two appraisers cannot agree on the Market Rent, or in such case, on an independent appraiser acceptable to both, either Landlord or Tenant may request the American Arbitration Association to appoint such independent appraiser who shall be a member of MAI familiar with office buildings in the area of the Building who shall render an appraisal of Market Rent for the Premises, and in such event the judgment of a majority of the three appraisers shall be final and binding upon the parties. The parties shall share equally in the cost of any such independent appraiser. Pending resolution of the issue of Market Rent, Tenant shall pay the Landlord as of commencement of the applicable Renewal OptionTerm, the Renewal Option shall thereafter be null and void and Fixed Basic Rent as established by Landlord, subject to retroactive adjustment upon final determination of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Optionthis issue.

Appears in 2 contracts

Sources: Sublease Agreement, Sublease Agreement (Nabriva Therapeutics AG)

Renewal Option. Provided Tenant is not in default under any of the terms and provisions herein contained and further provided Tenant is occupying the Demised Premises at the time the option is exercised, Landlord hereby grants to Tenant the one (1) option ("Renewal Option") to renew and extend the term of this Lease, provided that at the time the Renewal Option is exercised, this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure for one (1) period hereunderof five (5) years, commencing on the day following the expiration of the existing Lease Term. The renewal term ("Renewal Term") shall be sixty (60) months commencing upon all the expiration terms and conditions as the existing Lease Term with the sole exception that the Base Annual Rent shall be adjusted to reflect the then fair market rental value. Fair market rental value shall mean the then prevailing rent for premises comparable in size and use to the Demised Premises, located in buildings comparable in size and use to, and in the general vicinity of, the Building, leased on terms comparable to the terms contained in this Lease, taking into consideration all allowances for tenant improvements, moving expenses, landlord expenses, rent abatement, brokerage expenses, tenant benefits, parking charges or any other market concessions which may be commonly available at the time in question. Landlord shall provide Tenant with its estimate of the original term Fair Market Rental Value within thirty (30) days from Tenant’s notice to Landlord of its intent to exercise the renewal option. In the event Tenant disagrees as to Landlord’s estimate of the LeaseFair Market Rental Value, it shall notify Landlord of such disagreement within twenty (20) days from receipt of Landlord’s notice of Fair Market Rental Value and shall provide Landlord with Tenant’s commercially reasonable estimate of the Fair Market Rental Value. In the event Landlord disagrees with Tenant’s proposed amount, the parties hereby agree to appoint a mutually acceptable unrelated independent arbitrator to resolve the dispute and agree to be bound by the decision of such arbitrator. Tenant and Landlord shall equally split the cost of the independent arbitrator. The Renewal Option foregoing option to renew shall be null and void if Tenant fails to deliver exercised by written notice ("Renewal Option Deadline Date") of exercise to Landlord given not later less than Two Hundred Seventy three hundred sixty-five (270365) days prior to the expiration of the original term of the Lease. Any renewal and extension of the Lease for the Renewal existing Term shall be at 95% of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before thirty (30) days after the delivery of the renewal Notice Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination Time is of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration essence with respect to Tenant’s exercise of its original term. Any termination of the Lease shall also terminate the Renewal Optionoption to renew.

Appears in 2 contracts

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

Renewal Option. Landlord hereby grants to Tenant the an option (the "Renewal Option") to renew and extend the term of this Lease, provided that Lease for one (1) additional period of five (5) years (the "Renewal Term") under the terms set forth below. Tenant shall not be entitled to exercise the Option unless each of the following conditions shall be fully satisfied at the time of its exercise: (i) the Renewal Option is exercised, this Lease shall be in full force and effect effect; (ii) the Tenant originally named in this Lease, or its permitted assignees, shall be in possession of the entire Premises; and (iii) Tenant shall not then be in default under any of the material terms, provisions, covenants or conditions of the Lease beyond any applicable notice and cure period hereunderperiods. The renewal term In order to exercise the Option, Tenant must first give written request to Landlord, not less than twelve ("Renewal Term") shall be sixty (6012) months commencing upon the expiration of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to the expiration Expiration Date of the original term Initial Lease Term for delivery of the LeaseLandlord's determination of Market Rent, as defined below. Any renewal and extension of the Lease Base Rent for the each Renewal Term shall be at 95% of equal to the then current market terms and conditionsMarket Rent, as determined in accordance with this section ("Market Rent"). Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before Within thirty (30) days after the delivery following its receipt of Tenant's request, Landlord shall advise Tenant of Market Rent for each year of the renewal Notice Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during a respective Renewal Term, then the question . Market Rent (including escalations for successive years of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term) shall be determined by Landlord in its reasonable judgment. Landlord's determination of the Market Rent shall be based, as Landlord reasonably deems appropriate, upon then current and projected rents for space in the Building, adjusted for any special conditions applicable to such space and leases, for location, length of term, amount of space and other factors Landlord deems relevant in computing rents for space in the Building, including adjustments for anticipated inflation. Tenant may terminate exercise its option by notifying Landlord, within 30 days from the Renewal date on which Tenant was first advised by Landlord of its determination of Market Rent, that Tenant has elected to exercise the Option (notwithstanding its earlier exercise) at the Market Rent determined by delivering written notice of such termination to Landlord not later than or proceed as provided below. If Tenant exercises the original termination date of this Lease. In the event of termination of the Renewal OptionOption as provided, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination Expiration Date of the Lease shall also terminate be extended for the length of the Renewal Option.Term and Base Rent shall be adjusted to

Appears in 2 contracts

Sources: Standard Lease (1997 Corp), Standard Lease (Andrx Corp)

Renewal Option. (a) Tenant shall, upon giving Landlord hereby grants at least twelve (12) months prior written notice but no more than fifteen (15) months from the initial Expiration Date of the Lease (“Exercise Notice”), have the option to renew this Lease for an additional term of five (5) years (“Renewal Term”) upon all the same terms and conditions of the Lease, except for (i) the annual Base Rent, which shall be determined in accordance with the then “Prevailing Fair Market Rental Rate” being charged in the Building and other comparable quality office buildings in the Princeton, New Jersey office market for: (i) comparable space in size, quality and condition; (ii) comparable term of lease; and (iii) comparable Building services, amenities and location, and (ii) the Base Year shall be adjusted to the calendar year in which occurs the commencement date of the Renewal Term (which shall be taken into account in determining the Prevailing Fair Market Rental Rate), and take into account all other relevant factors. (b) Within fifteen (15) days after receipt of Tenant’s Exercise Notice, Landlord shall send written notice to Tenant of the Prevailing Fair Market Rental Rate for the Renewal Term. In the event Landlord and Tenant cannot agree upon the annual Base Rent for the Renewal Term within thirty (30) days of Landlord’s notice, then within fifteen (15) days thereafter, each party shall select a qualified commercial real estate appraiser with at least five (5) years’ experience in appraising office properties in the Princeton, New Jersey office market and surrounding areas. The two appraisers shall give their opinion of Prevailing Fair Market Rental Rates within twenty (20) days after their retention. If the opinions of the two appraisers differ by three (3%) percent or less, then the average of the two appraisers shall be used as the Prevailing Fair Market Rental Rate. In the event the opinions of the two appraisers differ by more than three (3%) percent, and after good faith efforts over the succeeding ten (10) day period the parties cannot mutually agree on the Base Rent for the Renewal Term, then the appraisers shall immediately and jointly appoint a third ​ ​ appraiser with the qualifications specified above. This third appraiser shall, within five (5) business days, choose either the determination of Landlord’s appraiser or Tenant’s appraiser and such choice of this third appraiser shall be final and binding on Landlord and Tenant. Each party shall pay its own costs for its real estate appraiser and shall equally share the costs of any third appraiser. As soon as Landlord and Tenant have agreed to the Base Rent for the Renewal Term, the parties shall execute an amendment to the Lease confirming the extension of the Term and the adjusted Base Rent. (c) Tenant’s option ("Renewal Option") to renew shall be conditioned upon and extend subject to each of the term following: (i) Tenant’s timely exercise of this Lease, provided that at option by providing Landlord its Exercise Notice within the time the Renewal Option is exercised, this Lease shall be frame described in full force and effect and paragraph (a) above; (ii) Tenant shall not be in default under the terms and conditions of this Lease beyond any the applicable grace period for the cure period hereunder. The thereof at the time Tenant exercises its option; (iii) Intentionally omitted; (iv) Tenant shall have no further renewal term ("Renewal Term") shall be sixty (60) months commencing upon options other than the expiration of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails option to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to the expiration of the original term of the Lease. Any renewal and extension of the Lease extend for the Renewal Term set forth in paragraph (a) above; and (v) Landlord shall be at 95% of the then current market terms and conditions. Tenant shall not have the right no obligation to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before thirty (30) days after the delivery of the renewal Notice Landlord and Tenant cannot agree in writing do any work with respect to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal OptionDemised Premises.

Appears in 2 contracts

Sources: Lease Agreement (Agile Therapeutics Inc), Lease Agreement (Agile Therapeutics Inc)

Renewal Option. Landlord hereby grants A. Tenant shall have the right to Tenant extend the option Lease Term (the "Renewal Option") to renew for one additional period of five (5) years commencing on the day following the Termination Date of the initial Lease Term and extend ending on the term fifth (5th) anniversary of this Lease, provided that at the time Termination Date (the Renewal Option is exercised, this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ("Renewal Term") shall be sixty (60) months commencing upon the expiration ), if: 1. Landlord receives notice of exercise of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Initial Renewal Option Deadline DateNotice") of exercise to Landlord not later less than Two Hundred Seventy twelve (27012) days full calendar months prior to the expiration of the original term initial Lease Term and not more than fifteen (15) full calendar months prior to the expiration of the Leaseinitial Lease Term; and 2. Any renewal and extension Tenant is not in default under the Lease beyond any applicable cure periods at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Notice (as hereinafter defined); and 3. No part of the Premises is sublet at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Notice other than in connection with a Permitted Transfer; and 4. The Lease has not been assigned prior to the date that Tenant delivers its Initial Renewal Notice or prior to the date Tenant delivers its Binding Notice other than in connection with a Permitted Transfer; and 5. Tenant executes and returns the Renewal Amendment (hereinafter defined) within fifteen (15) days after its submission to Tenant. B. The initial Base Rental rate per rentable square foot for the Premises during the Renewal Term shall be at 95% 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 then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before . D. Within thirty (30) days after the delivery receipt of Tenant's Initial Renewal Notice, Landlord shall advise Tenant of the renewal Notice Landlord and Tenant cannot agree in writing to applicable Base Rental rate for the "current market terms and conditions" to be applicable during a Premises for the Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty within fifteen (3015) days after the Renewal Option Deadline Date, if date on which Landlord and advises Tenant cannot agree in writing to of the "current market terms and conditions" to be applicable during Base Rental rate for the Renewal Term, shall either (i) give Landlord final binding written notice ("Binding Notice") of Tenant's exercise of its option, or (ii) if Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering disagrees with Landlord's determination, provide Landlord with written notice of rejection (the "Rejection Notice"). If Tenant fails to provide Landlord with either a Binding Notice or Rejection Notice within such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Optionfifteen (15) day period, the Tenant's Renewal Option shall thereafter 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 Amendment upon the terms and conditions set forth herein. If Tenant provides Landlord with a Rejection Notice, Landlord and Tenant shall work 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 Lease third licensed real estate broker shall expire at determine the expiration 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 its original termthe 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 termination 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 terminate take into consideration any reasonably anticipated changes in the Renewal OptionPrevailing 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

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

Renewal Option. (a) Tenant shall, upon giving Landlord hereby grants to Tenant at least twelve (12) months prior written notice but no more than fifteen (15) months from the Expiration Date of the Lease ("Exercise Notice"), have the option to renew this Lease for two (2) additional terms of five (5) years each (the "Renewal OptionTerms") to renew ), upon all the same terms and extend the term of this Lease, provided that at the time the Renewal Option is exercised, this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ("Renewal Term") shall be sixty (60) months commencing upon the expiration of the original term conditions of the Lease. The , except for the Annual Base Rent for each Renewal Option Term, which shall be null determined in accordance with the then "Prevailing Fair Market Rental Rate" being charged in the Building and void if Tenant fails to deliver other comparable quality office buildings in the Fairfield, New Jersey office sub-market over the previous four months for: (i) comparable space in size, quality and condition; (ii) comparable term of lease; (iii) comparable Building services, amenities and location; and (iv) and comparable brokerage commissions. Within ten (10) days after receipt of Tenant's Exercise Notice, Landlord shall send written notice ("Renewal Option Deadline Date") to Tenant of exercise to Landlord not later than Two Hundred Seventy (270) days prior the Prevailing Fair Market Rental Rate and shall advise Tenant of the required increase to the expiration of Base Rent, if any, and the original term of the Lease. Any renewal and extension of the Lease for the Renewal Term shall be at 95% of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those other terms and conditions prevailing on offered. In the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before thirty (30) days after the delivery of the renewal Notice event Landlord and Tenant cannot agree upon the annual Base Rent for the Renewal Term within thirty (30) days of Landlord's notice, then within ten (10) days thereafter, each party shall select a qualified commercial real estate appraiser with at lease five (5) years experience in writing to appraising office properties in the "current Paramus office market and surrounding areas. The two appraisers shall give their opinion of Prevailing Fair Market Rental Rates and other terms and conditions" to be applicable during a within twenty (20) days after their retention. In the event the opinions of the two appraisers differ and, after good faith efforts over the succeeding twenty (20) day period the parties cannot mutually agree on the Base Rent for the Renewal Term, then the question appraisers shall immediately and jointly appoint a third appraiser with the qualifications specified above. This third appraiser shall, within five (5) business days, choose either the determination of what the "then current market terms Landlord's appraiser or Tenant's appraiser and conditions" is such choice of this third appraiser shall be settled by arbitrationfinal and binding on Landlord and Tenant. Such arbitration Each party shall be before one disinterested MIA pay its own costs for its real estate appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by and shall equally share the Landlord, one by the Tenant, and one by the two thus chosencosts of any third appraiser. The MIA appraiser or appraisers parties shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during immediately confirm the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) Base Rent and other terms and conditions so determined, in writing by delivering written notice of such termination an amendment to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Option.

Appears in 1 contract

Sources: Lease Agreement (Cover All Technologies Inc)

Renewal Option. Landlord hereby grants to Tenant the option ("Renewal Option") to renew and extend the term Provided that no Event of Default exists or has at anytime existed under this Lease, provided that at Tenant shall have one (1) option to extend the time the Renewal Option is exercised, Term of this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder(each an “Extension Option”). The renewal term ("Renewal Term") shall be sixty (60) months commencing upon the expiration of the original term of the Lease. The Renewal Extension Option shall be null and void if exercised by Tenant fails to deliver giving written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy at least one hundred and eighty (270180) days prior to the expiration of the original term initial Term or the applicable extension period described below (“Extension Period”) of the Lease of its election to exercise such Extension Option. If Tenant fails to timely notify Landlord of its election to extend the Term, or applicable Extension Period of the Lease. Any renewal , all of Tenant’s remaining Extension Options shall automatically terminate and extension of the Lease for the Renewal Term shall be at 95% of the then current market terms and conditions. Tenant shall not have the no other right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on extend the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before thirty (30) days after the delivery of the renewal Notice Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date Term of this Lease. In the event of termination The initial extension period applicable upon due exercise of the Renewal Optionfirst Extension Option (“ Extension Period”) shall commence upon the expiration of the initial Term and shall expire on the date which is one hundred twenty (120) months thereafter. The Rent payable for each month during such Extension Term shall be the prevailing rental rate (the “Prevailing Rental Rate”), at the Renewal Option commencement of such Extension Term, for renewals of space in the Building of equivalent quality, size, utility and location, with the length of the Extension Term and the credit standing of Tenant to be taken into account. Within 30 days after receipt of Tenant’s notice to renew, Landlord shall thereafter be null deliver to Tenant written notice of the Prevailing Rental Rate and void and shall advise Tenant of no further force and effectthe required adjustment to Rent, if any, and the Lease shall expire at the expiration other terms and conditions offered. Tenant shall, within ten days after receipt of its original term. Any termination Landlord’s notice, notify Landlord in writing whether Tenant accepts or rejects Landlord’s determination of the Prevailing Rental Rate. If Tenant timely notifies Landlord that Tenant accepts Landlord’s determination of the Prevailing Rental Rate, then, on or before the commencement date of the extended Term, Landlord and Tenant shall execute an amendment to this Lease shall also terminate extending the Renewal Option.Term on the same terms provided in this Lease, except as follows:

Appears in 1 contract

Sources: Lease Agreement

Renewal Option. 1. If, and only if, on the Expiration Date and the date Tenant notifies Landlord hereby grants to Tenant the option ("Renewal Option") of its intention to renew and extend the term of this Lease (as provided below), (i) Tenant is not in default under this Lease, provided that (ii) Tenant then occupies and the Premises consisting of at least all the time the Renewal Option is exercisedoriginal Premises, and (iii) this Lease shall be is in full force and effect effect, then Tenant, but not any assignee or subtenant of Tenant, shall have and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal may exercise an option to renew this Lease for one (1) additional term of three (3 years (the "Renewal Term") upon the same terms and conditions contained in this Lease with the exceptions that (x) this Lease shall not be further available for renewal, and (y) the rental for the Renewal Term shall be sixty the "Renewal Rental Rate", but in no event will the Base Monthly Rent be less than the Base Monthly Rent for the last twelve (6012) calendar months commencing upon the expiration of the original initial term of the Lease. The Renewal Option shall be null Rental Rate is hereby defined to mean the then prevailing market rent (including, without limitation, those similar to the Base Monthly Rent and void if Additional Rent) for the Building as determined by Landlord. 2. If Tenant fails desires to deliver written notice renew this lease, Tenant must notify Landlord in writing of its intention to renew on or before the date which is at least six ("Renewal Option Deadline Date"6) of exercise to Landlord not later months but no more than Two Hundred Seventy nine (2709) days months prior to the expiration Expiration Date. Landlord shall, within the next sixty (60) days, notify Tenant in writing of Landlord's determination of the original term Renewal Rental Rate and Tenant shall, within the next twenty (20) days following receipt of Landlord's determination of the LeaseRenewal Rental Rate, notify Landlord in writing of Tenant's acceptance or rejection of Landlord's determination of the Renewal Rental Rate. Any renewal If Tenant timely notifies Landlord of Tenant's acceptance of Landlord's determination of the Renewal Rental Rate, this Lease shall be extended as provided herein and Landlord and Tenant shall enter into an amendment to this Lease to reflect the extension of the Lease for the Renewal Term shall be at 95% of the then current market terms term and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space changes in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before thirty (30) days after the delivery of the renewal Notice Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy Rent in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlordthis Rider. If on or before thirty (30x) days after the Renewal Option Deadline Date, if Tenant timely notifies Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date Tenant's rejection of this Lease. In the event of termination Landlord's determination of the Renewal Option, Rental Rate or (y) Tenant does not notify Landlord in writing of Tenant's acceptance or rejection of Landlord's determination of the Renewal Option Rental Rate within such twenty (20) day period, this Lease shall thereafter be null end on the Expiration Date and void and of Landlord shall have no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Optionobligation or liability hereunder.

Appears in 1 contract

Sources: Commercial Lease Agreement (Natural Health Trends Corp)

Renewal Option. Landlord hereby grants to A. Provided Tenant is not in default under this Lease beyond applicable cure or grace periods and no event or condition exists which with notice and the expiration of any grace period would constitute a default under this Lease at the time the option may be exercised, and provided Tenant will be occupying all of the Premises on the commencement date of the applicable Renewal Tenn (as hereinafter defined), Landlord grants Tenant one (1) option (the "Renewal Option") to renew and extend the term of this Lease, provided that at the time the Renewal Option is exercised, this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure with respect to all of the Premises for one (1) additional period hereunder. The renewal term of five (5) years (the "Renewal Term") shall be sixty (60) months commencing upon the expiration of the original term of the Lease). The Renewal Option shall may be null and void if exercised by Tenant fails to deliver delivering written notice ("Renewal Option Deadline Date") of exercise to Landlord not later at least twelve (12) months, but no earlier than Two Hundred Seventy fifteen (27015) days months, prior to the expiration date of the original term Term. Time is of the Lease. Any renewal and extension essence in the exercise of the Lease Renewal Option. B. The Base Rent payable for the Renewal Term shall be at 95% one hundred percent (100%) percent of the then current market terms rental rate being charged by landlords to tenants renewing their leases in similarly dernised and conditionsimproved premises in Class A office buildings of similar size and quality, offering a similar amenity package. Within thirty (30) business days after Tenant's exercise of the Renewal Option, if exercised, Landlord shall notify Tenant in writing of the proposed Base Rent for the Renewal Term (the "Renewal Rental Rate") as determined by the above formula. Tenant shall not have fifteen (15) business days from the right receipt of Landlord's notice to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on either accept or dispute Landlord's determination of the Renewal Option Deadline Date Rental Rate. In the event that Tenant disputes Landlord's determination, Tenant shall so notify Landlord and advise Landlord of Tenant's determination of the Renewal Rental Rate for comparable space the applicable Renewal Term as determined by the above formula. If Landlord and Tenant cannot agree upon the market rental rate within fifty (50) days of Tenant's original notice of its intent to exercise its Renewal Option, the following dispute resolution mechanism shall be utilized: The parties, within ten (10) days after the expiration of said fifty (50) day period, shall jointly appoint as arbitrator, a certified commercial real estate appraiser with a minimum of ten (10) years experience in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthinessapplicable market. If Landlord and Tenant cannot agree on an acceptable arbitrator, Landlord and Tenant shall each choose, within an additional ten (10) days thereafter, its own arbitrator who meets the qualifications described above. The arbitrators shall then jointly select, within an additional ten (10) days, an arbitrator to serve as the arbitrator hereunder. Within fifteen (15) days after appointment, the arbitrator shall choose either Landlord's or before Tenant's determination of market rental rate. The cost of the arbitrator(s) shall bome equally by Landlord and Tenant. C. Landlord and Tenant shall execute an amendment to this Lease within thirty (30) days after the delivery determination of the renewal Notice Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during rental rate for the Renewal Term, Tenant may terminate which amendment shall set forth th& Renewal Term, the annual Base Rent and all other terms and conditions for the Renewal Option (notwithstanding its earlier exercise) by delivering written notice Term. D. Except as set forth above, the Renewal Term shall be subject to all of such termination to Landlord not later than the original termination date terms and conditions of this Lease. In the event of termination of the Renewal Option; provided, the Renewal Option h6wever, that there shall thereafter be null and void and of no further force and effect, and the Lease shall expire extension rights at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Option.Tenn.

Appears in 1 contract

Sources: Lease (Convergent Networks Inc)

Renewal Option. Tenant shall have two (2) options to renew (each, an “Option to Renew”) this Lease for five (5) years (each, a “Renewal Term”). If Tenant desires to exercise its Option to Renew, Tenant shall give Landlord hereby grants written notice (“Renewal Notice”) thereof on or before twelve (12) months prior to expiration of the Lease Term (or the Least Term as extended by a previously exercised Option to Renew). During the thirty (30) day period following Landlord’s receipt of the Renewal Notice, Landlord and Tenant shall use reasonable efforts to negotiate a mutually agreeable Market Base Rent, as defined in 1.1, for the Renewal Term. The Market Base Rent shall be negotiated in light of then current terms for renewing tenants for comparable space, including market rents, term of renewal and operating expense pass-throughs. Within fifteen (15) Business Days after agreement by the Landlord and the Tenant on the Market Base Rent and other terms of the renewal, Landlord shall deliver to Tenant an amendment to this Lease extending this Lease on such terms. If the terms are acceptable to Tenant, then Tenant shall execute and deliver the amendment to Landlord, within twenty (20) Business Days following receipt of such amendment. The foregoing option and rights are ("Renewal Option"i) subject to renew there being no Tenant event of default under this Lease that is not cured within the applicable cure period and extend provided that Landlord has not given Tenant notice of default more than two (2) times during the term immediately preceding twelve (12) months, (ii) personal to Tenant and may not be assigned (except in the case of a permitted assignment or sublease of this Lease as provided in Section 6.4 of this Lease), provided that at the time the Renewal Option is exercised, this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ("Renewal Term"iii) shall be sixty (60) months commencing upon available to and exercisable by the expiration Tenant only when the Tenant is in actual possession and physical occupancy of the original term Leased Premises. Time is of the Leaseessence in the exercise of Tenant’s Option to Renew. The Should Tenant fail to exercise such Option to Renew, execute and deliver any required documents, or perform any of its required obligations under this section, or should the parties be unable to agree on Market Base Rent for the Renewal Term, within the time periods set forth above, then this Option to Renew and any other rights of Tenant under the Lease in the nature of options, shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to the expiration of the original term of the Lease. Any renewal and extension of the Lease for the Renewal Term shall be at 95% of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before thirty (30) days after the delivery of the renewal Notice Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effectvoid, and the Lease shall expire terminate at the expiration of its original term. Any termination end of the then applicable Lease shall also terminate the Term (or any applicable preceding Renewal OptionTerm).

Appears in 1 contract

Sources: Lease (Electronic Arts Inc.)

Renewal Option. Landlord hereby grants to Tenant the option ("Renewal Option") to renew and extend the term of this Leaseshall, provided that at the time the Renewal Option Lease is exercised, this Lease shall be in full force and effect and there is no uncured Event of Default by Tenant at the time of notification or commencement, have two (2) successive options to renew this Lease for a term of five (5) years each, for the portion of the Premises being leased by Tenant as of the date the renewal term is to commence, on the same terms and conditions set forth in the Lease, except as modified by the terms, covenants and conditions as set forth below: 38.1 If Tenant elects to exercise said option, then Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ("Renewal Term") shall be sixty (60) months commencing upon the expiration of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver provide Landlord with written notice ("Renewal Option Deadline Date") of exercise to Landlord not no later than Two Hundred Seventy (270) the date which is 270 days prior to the expiration of the original then current term of this Lease. If Tenant fails to provide such notice, Tenant shall have no further or additional right to extend or renew the term of the Lease. 38.2 The Annual Rent and Monthly Installment in effect at the expiration of the then current term of the Lease shall be increased to reflect the current fair market rental for comparable space in the Building and in other similar buildings in the same rental market as of the date the renewal term is to commence, taking into account the specific provisions of the Lease which will remain constant. Landlord shall advise Tenant of the new Annual Rent and Monthly Installment for the Premises no later than sixty (60) days after receipt of Tenant’s written request therefor. Said request shall be made no earlier than 365 days prior to the expiration of the then current term of the Lease. Any renewal and extension Said notification of the Lease new Annual Rent may include a provision for its escalation to provide for a change in fair market rental between the Renewal Term shall be at 95% time of notification and the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before thirty (30) days after the delivery commencement of the renewal Notice Landlord term. In no event shall the Annual Rent and Monthly Installment for any option period be less than the Annual Rent and Monthly Installment in the preceding period. If Tenant cannot agree has already exercised the option prior to receipt of notification of the new Annual Rent. Tenant, in writing to its sole discretion, may rescind such exercise within twenty (20) days of receipt of such notification. 38.3 As each renewal option provided for above is exercised, the "current market terms and conditions" number of renewal options remaining to be applicable during a Renewal Term, then the question of what the "then current market terms exercised is reduced by one and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws upon exercise of the State of Texas as applied last remaining renewal option Tenant shall have no further right to extend the facts found by him, her or them. The cost term of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Option.

Appears in 1 contract

Sources: Lease Agreement (BigBand Networks, Inc.)

Renewal Option. A. Subject to all of the terms and conditions of this Exhibit D, including, without limitation, Paragraph D below, Landlord hereby grants to Tenant two (2) consecutive options to renew the option Term of this Lease for five (5) years each (the "Renewal OptionTerm") by giving Landlord written notice of Tenant's election to renew at least at least nine (9) months prior to the expiration date of the primary Term or the first Renewal Term, as appropriate. B. If Tenant has properly elected to renew the Term, then on or before the commencement date of the upcoming Renewal Term, Landlord and extend Tenant shall execute an amendment to this Lease extending the term of Term on the same terms provided in this Lease, provided except that at the time Base Rent payable for each month during the Renewal Option is exercisedTerm and the improvement allowance and any other concessions shall be determined in accordance with the prevailing Market Rate as determined below. Within fifteen (15) days after Landlord's receipt of Tenant's renewal notice, Landlord will notify Tenant of Landlord's determination of the prevailing market rental rate (calculated utilizing, as comparables, arm's length renewal tenant transactions for space in comparable buildings for space of equivalent quality, size, utility, and location) and any concessions (including allowances for tenant finish improvements, free rent and other concessions) payable during the renewal term (the "Market Rate"). Thereafter, Tenant shall have thirty (30) days in which to notify Landlord whether Tenant agrees or disagrees with Landlord's determination of the Market Rate. Upon delivery of such notice, if Tenant agrees with Landlord's determination, this Lease shall be in full force extended upon the same terms and effect conditions of this Lease except the Base Rent payable for each renewal term and any concessions shall be the prevailing Market Rate as determined by Landlord, and Landlord and Tenant shall not enter into an amendment of this Lease extending the Term at the prevailing Market Rate as determined by Landlord. If Tenant fails to timely notify Landlord of its agreement or disagreement with Landlord's determination of the prevailing Market Rate, Tenant shall be in default beyond any applicable cure period hereunder. The deemed to have agreed with Landlord's determination and this Lease shall be extended upon the same terms and conditions of this Lease except the Base Rent payable for each renewal term ("Renewal Term") and any concessions shall be the prevailing Market Rate as determined by Landlord, and Landlord and Tenant shall enter into an amendment to evidence such extension. If Tenant timely notifies Landlord that it disputes Landlord's determination of the prevailing Market Rate, Landlord and Tenant agree to negotiate in good faith for a period of sixty (60) months commencing upon days after Landlord's receipt of Tenant's notice disputing Landlord's determination of the prevailing Market Rate. If Landlord and Tenant have not reached an agreement with respect to the prevailing Market Rate within such sixty (60) day period, Tenant shall be entitled to have the prevailing Market Rate determined by real estate brokers as set forth below. If Tenant desires to invoke its right to have the prevailing Market Rate determined by real estate brokers, Tenant must notify Landlord within ten (10) business days after the expiration of the original term of sixty (60) day period referenced above (such notice, the Lease. The Renewal Option "Notification") and the prevailing Market Rate shall be null determined in accordance with the following paragraph. If Tenant does not timely invoke its right to have the prevailing Market Rate determined by real estate brokers as provided above, then this option to renew shall expire and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to this Lease shall terminate at the expiration of the original term primary Term (or the then current Renewal Term, as appropriate) of this Lease. C. If Tenant timely invokes its rights under this Paragraph by providing Landlord the Notification, the following shall apply: (i) Landlord and Tenant shall each appoint a real estate broker (who shall not be required to be a disinterested broker) with at least five (5) years experience who is familiar with rental values for similar properties in the vicinity of the LeaseProject. Any renewal and extension Each party will make the appointment no later than (10) days after Landlord's receipt of the Lease Notification. The agreement of the two brokers as to the prevailing Market Rate for the Renewal Term shall will be at 95% of the then current market terms binding upon Landlord and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthinessTenant. If on or before the two (2) brokers cannot agree upon the prevailing Market Rate within thirty (30) days after following their appointment, they shall within ten (10) days thereafter agree upon a real estate broker (the delivery "Independent Broker"), who must be a disinterested, reputable, qualified real estate broker with at least ten (10) years experience and who is familiar with rental values for similar properties in the vicinity of the renewal Notice Project. Immediately thereafter, each of the brokers will submit his best estimate of the prevailing Market Rate for the Renewal Term (together with a written report supporting such estimate) to the Independent Broker and such broker will choose between the two estimates. The estimate of prevailing Market Rate chosen by the Independent Broker as the closest to the prevailing Market Rate will be binding upon Landlord and Tenant. Notification in writing of this estimate shall be made to Landlord and Tenant canwithin fifteen (15) days following the selection of the Independent Broker. (ii) If either Tenant or Landlord fails to appoint a broker or fails to notify the other party of such appointment within ten (10) days after receipt of notice that the prescribed time for appointing the brokers has passed, then the other party's broker will determine the prevailing Market Rate for the Renewal Term which must be reasonable within the context of the market. (iii) If an Independent Broker must be chosen under the procedure set out above, he will be chosen on the basis of objectivity and competence, not on the basis of his relationship with the brokers or the parties to this Lease, and the brokers will be so advised, although the brokers will be instructed to attempt in good faith to agree upon the broker. (iv) Either Landlord or Tenant may notify the broker selected by the other party to demand the submission of an estimate of the prevailing Market Rate or a choice of the Independent Broker as required under the procedure described above; and if the submission of such an estimate or choice is required but the other party's broker fails to comply with the demand within ten (10) days after receipt of such notice, then the prevailing Market Rate or choice of the Independent Broker, as the case may be, selected by the other broker (i.e., the notifying party's broker) will be binding upon the Landlord and Tenant. (v) Landlord and Tenant shall bear the expense, if any, of the broker appointed by it, and the expense of the Independent Broker will be shared equally by Landlord and Tenant. (vi) At such time as the prevailing Market Rate is determined, Landlord and Tenant shall enter into an amendment to this Lease evidencing the extension of the Lease Term at the prevailing Market Rate determined in writing accordance with the foregoing procedure. If for any reason the prevailing Market Rate has not been determined prior to the "current market terms and conditions" to be applicable during a commencement of the Renewal Term, then during such Renewal Term until the question of what the "then current market terms and conditions" prevailing Market Rate is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy determined in accordance with the arbitration rules and laws procedure described above, Tenant shall pay Base Rent at the holdover rate as set out in Section 17 of this Lease. Later, when the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after prevailing Market Rate for the Renewal Option Deadline DateTerm is determined, if an adjustment will be made between Landlord and Tenant cannot agree in writing to for any overpayment or underpayment of the "current market terms and conditions" to be applicable Base Rent payable during the Renewal Term. Any underpayment of Base Rent for the period prior to such determination will be paid with the installment of Base Rent next due after such determination, and any overpayment of Base Rent shall be applied as an offset by Landlord against Tenant's next maturing installments of Base Rent. D. This renewal option is subject to the conditions that: (i) on the date that Tenant gives Landlord its Notification, no uncured Tenant Event of Default exists; (ii) no more than two monetary Events of Default, or more than four non- monetary performance Events of Default regarding which Landlord has sent Tenant notice, have occurred during the Term; and (iii) with regard to the second renewal, Tenant may terminate not exercise its option to renew for a second Renewal Term unless it has exercised its option for the first Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal OptionTerm.

Appears in 1 contract

Sources: Lease Agreement (Luminex Corp)

Renewal Option. Landlord hereby grants to Tenant shall have the option ("Renewal Option") to renew and extend the term of this LeaseLease with respect to all, but not any lesser portion, of the Premises for one (1) additional period of five (5) years (such additional term is hereinafter called the “Renewal Term”), by delivering written notice of the exercise thereof (“Renewal Notice”) to Landlord not later than nine (9) months before the expiration of the Extension Term, provided that Tenant is not in default and no facts or circumstances then exist that, with the giving of notice or the passage of time, or both, would constitute a default, either as of the date of Tenant’s Renewal Notice or the commencement date of the Renewal Term. The Base Annual Rental payable for each month during such Renewal Term shall be the prevailing rental rate (the “Prevailing Rental Rate”), at the time commencement of the Renewal Option is exercisedTerm, this Lease for renewals of space of equivalent quality, size, utility and location, with the length of the Renewal Term and the credit standing of Tenant to be taken into account, but in no event shall the Base Annual Rental be lower than the Base Annual Rental in effect at the end of the Extended Term, as provided below. Within thirty (30) days after receipt of Tenant’s Renewal Notice, Landlord shall deliver to Tenant written notice of the Prevailing Rental Rate and shall advise Tenant of the required adjustment to Base Annual Rental, if any. Thereafter, Tenant shall have ten (10) days from its receipt of Landlord’s notice to notify Landlord in writing that Tenant does not agree with Landlord’s determination of the Prevailing Rental Rate. If Tenant fails to object as aforesaid, Landlord’s determination shall be in full force and effect deemed to be the Prevailing Rental Rate for the Renewal Term. Upon receipt of Tenant’s objection, however, Landlord and Tenant shall not meet for a period of thirty (30) additional days (the “Negotiation Period”) to negotiate the Prevailing Rental Rate, with each acting in good faith. If such negotiations are successful, the rate so negotiated by the parties will be in default beyond any applicable cure period hereunder. The renewal term ("deemed to be the Prevailing Rental Rate for the Renewal Term". If such negotiations are not successful, the Prevailing Rental Rate will be determined in accordance with the following arbitration procedure: Within five (5) days after the expiration of the Negotiation Period, Tenant shall notify Landlord of Tenant’s selection of a real estate broker who shall act on Tenant’s behalf in determining the Prevailing Rental Rent. After Tenant delivers its notice to Landlord as set forth above, Landlord shall notify Tenant of Landlord’s selection of a real estate broker who shall act on Landlord behalf in determining the Prevailing Rental Rate. Within twenty (20) days after the selection of Tenant’s and Landlord’s broker, the two (2) brokers shall render a joint written determination of the Prevailing Rental Rate, which joint determination shall be sixty final, conclusive and binding for the Renewal Term. If the two (602) months commencing brokers are unable to agree upon a joint written determination within said twenty (20) day period, the two (2) brokers shall select a third broker within such twenty (20) day period and shall each submit a determination of the Prevailing Rental Rate to such third broker. In the event the two (2) brokers cannot agree on a third, Landlord or Tenant may request that the local chapter of the Board of Realtors appoint a party to act as the third broker. Within ten (10) days after the appointment of the third broker, the third broker shall render a written determination of the Prevailing Rental Rate, which must be either the Landlord’s broker’s determination as submitted or the Tenant’s broker’s determination as submitted, but no other amount and no compromise between the two, with the third broker’s determination being final, conclusive and binding on both parties. All brokers selected or appointed in accordance with this subparagraph shall have at least ten (10) years prior experience in the commercial office leasing market of the [northeast Atlanta/Gwinnett County, Georgia suburban office submarket]. If either Landlord or Tenant fails or refuses to select a broker, the other broker shall alone determine the Prevailing Rental Rate. Landlord and Tenant agree that they shall be bound by the determination of Prevailing Rental Rate pursuant to this paragraph. Landlord shall bear the fee and expenses of its broker; Tenant shall bear the fee and expenses of its broker; and Landlord and Tenant shall share equally the fee and expenses of the third broker, if any. Notwithstanding anything to the contrary contained herein, in the event the Prevailing Rental Rate determined in accordance with this Section 3 is less than the rate payable upon the expiration of the original term Extended Term of the Lease, the Prevailing Rental Rate will be automatically adjusted to be the Base Annual Rental in effect during the last year of the Extension Term, subject to the same rate of escalation as was in place during the Extension Term. The Renewal Option Prevailing Rental Rate determined in accordance with this Section 3 shall be null final, binding and void if Tenant fails conclusive upon the parties and such determination shall not be subject to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to dispute or challenge in court or otherwise. Except for the expiration Base Annual Rental, which shall be determined as set forth in above, leasing of the original term of the Lease. Any renewal and extension of the Lease Premises by Tenant for the Renewal Term shall be at 95% subject to all of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those same terms and conditions prevailing on the Renewal Option Deadline Date for comparable space set forth in the Loop 360 corridor project (the "Project") to tenants Lease; provided, however, that any construction provisions, improvement allowances, rent abatements or prospective tenants of comparable creditworthiness. If on or before thirty (30) days after the delivery of the renewal Notice Landlord and Tenant cannot agree in writing other concessions applicable to the "current market terms and conditions" to be applicable Premises during a Renewal Term, then the question of what initial term or the "then current market terms and conditions" is Extension Term shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal TermTerm (unless otherwise mutually acceptable to both Landlord and Tenant in the sole discretion of each at the time Tenant exercises its option to extend), and Tenant shall have no further renewal option unless expressly granted by Landlord in writing. Landlord and Tenant shall enter into an amendment to the Lease to evidence Tenant’s exercise of this extension option. If the Lease is guaranteed now or at any time in the future, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination simultaneously shall deliver to Landlord not later than an original, signed reaffirmation of each guarantor’s guaranty, in form and substance acceptable to Landlord. Tenant’s rights under this Section 3 shall terminate if (a) this Lease or Tenant’s right to possession of the original termination Premises is terminated, (b) Tenant assigns any of its interest in this Lease (except for a permitted assignment), (c) Tenant fails to timely exercise its option under this Section 3, time being of the essence with respect to Tenant’s exercise thereof, or (4) Landlord determines, in its sole but reasonable discretion, that Tenant’s financial condition or creditworthiness has materially deteriorated since the date of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal OptionSecond Amendment.

Appears in 1 contract

Sources: Lease Agreement (Primerica, Inc.)

Renewal Option. Landlord hereby grants to Tenant the option ("Renewal Option") to renew and extend the term of this Lease, provided that at the time the Renewal Option is exercised, Provided this Lease shall be is in full force and effect and Tenant no default by Lessee has occurred hereunder, Lessee shall not be in default beyond any applicable cure period hereunder. The renewal have the right to renew this Lease for one (1) five (5) year term ("Renewal Term") shall be sixty (60) months commencing upon the expiration of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver providing Lessor with written notice one hundred eighty ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270180) days prior to the expiration of current expiration. The renewal term shall be subject to the original term of terms and conditions set forth in this Lease and the Lease. Any renewal and extension of the Lease for the Renewal Term rent shall be at 95% the lesser of the then current escalated rent or the fair market terms value at the time of the renewal. Lessee's rights as to this option are personal to the original Lessee executing the Lease and conditionsmay not be exercised or be assigned, voluntarily, by or to any person or entity other than the original Lessee. Tenant Lessor shall provide written notice of Lessor's determination of the fair market rental rate not have later than ten (10) days after the last day upon which Lessee may timely exercise the right giving rise to assign its renewal rights the necessity for such fair market rental rate determination. Lessee shall have ten (10) days ("Lessee's Review Period") after receipt of Lessor's notice of the fair market rental rate within which to a subtenant under this Leaseaccept such fair market rental rate or to reasonably object thereto in writing. "Then current Failure of Lessee to so object to the fair market terms rental rate submitted by Lessor in writing within Lessee's Review Period shall conclusively be deemed Lessee's approval and conditions" acceptable thereof. In the event Lessee reasonably objects to the fair market rental rate submitted by Lessor within Lessee's Review Period, Lessor and Lessee shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space attempt in the Loop 360 corridor project good faith to agree upon such fair market rental rate within fifteen (15) days following Lessee's Review Period (the "ProjectOutside Agreement Date"). If Lessee and Lessor do no agree upon a fair market rental rate by the Outside Agreement Date, then each party's determination shall be submitted to appraisal in accordance with the provisions that follow. Lessor and Lessee shall, at its own expense, appoint one licensed Virginia real estate broker ("Broker") to tenants or prospective tenants determine market rental rate of comparable creditworthinessthe Premises. If on or before Within thirty (30) days after the delivery of the renewal Notice Landlord and Tenant canOutside Agreement Date, each Broker shall submit its appraisal. If the difference in the two appraisals does not agree exceed ten percent (10%) of the rental rate then in writing to effect, "Fair Market Value" shall be the "current market terms and conditions" to be applicable during a Renewal Termaverage of the two appraisals. If the difference between the two appraisals shall exceed ten percent (10%) of the rental rate then in effect, then the question of what the "then current market terms and conditions" is shall two Brokers shall, within ten (10) days, appoint a third licensed real estate Broker to perform a third appraisal, to be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three performed within fifteen (315) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or themdays thereafter. The cost of the appraisers third appraisal shall be paid 50% shared equally by Tenant the Lessor and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this LeaseLessee. In the event of termination that the third appraisal is neither (i) more than ten percent (10%) greater than the higher of the Renewal Optiontwo previous appraisals, nor (ii) more than ten percent (10%) less than the lower of the two previous appraisals, the Renewal Option third appraisal shall thereafter be null and void and of no further force and effect, and deemed to be "Fair Market Value". In the Lease shall expire at event that the expiration of its original term. Any termination third appraisal is more than ten percent (10%) greater than the higher of the Lease two previous appraisals, then "Fair Market Value" shall also terminate be the Renewal Optionhigher of the two previous appraisals. In the event the third appraisal is more than ten percent (10%) less than the lower of the two previous appraisals, "Fair Market Value" shall be the lower of the two previous appraisals.

Appears in 1 contract

Sources: Office Lease (Portfolio Recovery Associates Inc)

Renewal Option. Landlord hereby grants A. Tenant shall have the right to Tenant extend the option Term (the "Renewal Option") to renew for one additional period of 5 years commencing on the day following the Termination Date of the initial Term and extend ending on the term 5th anniversary of this Lease, provided that at the time Termination Date (the Renewal Option is exercised, this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ("Renewal Term") shall be sixty (60) months commencing upon the expiration ), if: 1. Landlord receives notice of exercise of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Initial Renewal Option Deadline Date"Notice') of exercise to Landlord not later less than Two Hundred Seventy (270) days 12 full calendar months prior to the expiration of the original term initial Term and not more than 15 full calendar months prior to the expiration of the Leaseinitial Term; and 2. Any renewal and extension Tenant is not in default under the Lease beyond any applicable cure periods at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Notice (as hereinafter defined); and 3. No part of the Premises is sublet (other than pursuant to a Permitted Transfer) at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Notice; 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; and 5. Tenant executes and returns the Renewal Amendment (hereinafter defined) within 15 days after its submission to Tenant. B. The initial Base Rent rate per rentable square foot for the Premises during the Renewal Term shall be at 95% equal the Prevailing Market (hereinafter defined) rate per rentable square foot for the Premises. C. Tenant shall pay Additional Rent (i.e. Expenses and Taxes) for the Premises during the Renewal Term in accordance with Article IV of the then current market terms and conditions. Lease. D. Within 30 days after receipt of Tenant's Initial Renewal Notice, Landlord shall advise Tenant shall not have of the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on applicable Base Rent rate for the Premises for the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthinessTerm. If on or before thirty (30) Tenant, within 15 days after the delivery date on which Landlord advises Tenant of the renewal Notice Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during Base Rent rate for the Renewal Term, shall either (i) give Landlord final binding written notice ("Binding Notice") of Tenant's exercise of its option, or (ii) if Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering disagrees with Landlord's determination, provide Landlord with written notice of rejection (the "Rejection Notice"). If Tenant fails to provide Landlord with either a Binding Notice or Rejection Notice within such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option15 day period, the Tenant's Renewal Option shall thereafter 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 Lease Renewal Amendment upon the terms and conditions set forth herein. If Tenant provides Landlord with a Rejection Notice, Landlord and Tenant shall expire at work together in good faith to agree upon the Prevailing Market Base Rent 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 Rent rate for the Premises within 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 3 days of the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Option.the

Appears in 1 contract

Sources: Office Lease Agreement (Commtouch Software LTD)

Renewal Option. Landlord hereby grants to (i) Provided no Event of Default exists and Tenant is occupying the option ("Renewal Option") to renew and extend the term of this Lease, provided that entire Premises at the time of such election, Tenant may renew the Renewal Option is exercisedLease for one (1) additional period of five (5) years, this Lease shall be in full force and effect and Tenant shall by delivering written notice of the exercise thereof to Landlord not be in default beyond any applicable cure period hereunder. The renewal term ("Renewal Term") shall be sixty (60) earlier than 12 months commencing upon nor later than 9 months before the expiration of the original term of Lease Term (the Lease“Option Notification Period”). The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to Base Rent payable for each month during the expiration of the original term of the Lease. Any renewal and extension of the extended Lease for the Renewal Term shall be the prevailing rental rate (the ”Prevailing Rental Rate”), at 95% the commencement of the then current market terms extended Lease Term, for renewals of space similar to the Premises in buildings similar to the Building in the submarket in which the Building is located, and conditionswith the length of the extended Lease Term and the credit standing of Tenant to be taken into account. Within 30 days after receipt of Tenant’s notice to renew, Landlord shall deliver to Tenant written notice of Landlord’s determination of the Prevailing Rental Rate and shall not have advise Tenant of the right required adjustment to assign its renewal rights to a subtenant under this Lease. "Then current market terms Base Rent, if any, and conditions" shall mean those the other terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthinessoffered. If on or before Tenant shall, within thirty (30) days after the delivery receipt of Landlord’s notice, notify Landlord in writing whether Tenant accepts or rejects Landlord’s determination of the renewal Notice Prevailing Rental Rate. If Tenant timely notifies Landlord that Tenant accepts Landlord’s determination of the Prevailing Rental Rate, then, on or before the commencement date of the extended Lease Term, Landlord and Tenant cannot agree in writing shall execute an amendment to the "current market Lease extending the Lease Term on the same terms and conditions" to be applicable during a Renewal Termprovided in the Lease, then the question of what the "then current market terms and conditions" is except as follows: (1) Base Rent shall be settled adjusted to the Prevailing Rental Rate; (2) Tenant shall have no further renewal option unless expressly granted by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three Landlord in writing; and (3) disinterested MIA appraisers, one named by Landlord shall lease to Tenant the Landlord, one by the TenantPremises in their then-current condition, and one by the two thus chosen. The MIA appraiser or appraisers Landlord shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied not provide to the facts found by himTenant any allowances (e.g., her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Datemoving allowance, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effectconstruction allowance, and the like) or other tenant inducements. (ii) If Tenant fails to timely notify Landlord in writing that Tenant accepts or rejects Landlord’s determination of the Prevailing Rental Rate, time being of the essence with respect thereto, Tenant’s rights under this Section shall terminate and Tenant shall have no right to renew the Lease. (iii) Tenant’s rights under this Section shall terminate if (1) the Lease shall expire at or Tenant’s right to possession of the expiration Premises is terminated, (2) Tenant assigns any of its original term. Any termination interest in the Lease or sublets any portion of the Lease shall also terminate Premises (excluding a Tenant Affiliate), or (3) Tenant fails to timely exercise its option under this Section, time being of the Renewal Optionessence with respect to Tenant’s exercise thereof.

Appears in 1 contract

Sources: Lease Agreement (Sleep Number Corp)

Renewal Option. (a) Tenant shall, upon giving Landlord hereby grants to Tenant at least nine (9) months prior written notice but no more than twelve (12) months from the natural Expiration Date of the Lease (“Exercise Notice”), have the option ("Renewal Option") to renew and extend the this Lease for an additional term of this five (5) years (“Renewal Term”) upon all the same terms and conditions of the Lease, provided that except for the (A) annual Base Rent, which shall be determined in accordance with the then “Prevailing Fair Market Rental Rate” being charged in the Building and other comparable quality office buildings in the Florham Park, New Jersey office market for: (i) comparable space in size, quality and condition; (ii) comparable term of lease; and (iii) comparable Building services, amenities and location, and (B) Base Year which shall be adjusted to the then current calendar year. In no event, however, shall the Base Rent for the Renewal Term be less than the current annual rent being paid by Tenant (inclusive of Additional Rent payments pursuant to Sections 5.02 and 5.03 hereof) at the time the Renewal Option is exercisedTerm commences. (b) Within fifteen (15) days after receipt of Tenant’s Exercise Notice, this Lease Landlord shall send written notice to Tenant of the Prevailing Fair Market Rental Rate for the Renewal Term. In the event Landlord and Tenant cannot agree upon the annual Base Rent for the Renewal Term within thirty (30) days of Landlord’s notice, then within fifteen (15) days thereafter, each party shall select a qualified commercial real estate appraiser with at lease five (5) years experience in appraising office properties in the Florham Park, New Jersey office market and surrounding areas. The two appraisers shall give their opinion of Prevailing Fair Market Rental Rates within twenty (20) days after their retention. If the opinions of the two appraisers differ by three (3%) percent or less, then the average of the two appraisers shall be used as the Prevailing Fair Market Rental Rate. In the event the opinions of the two appraisers differ by more than three (3%) percent, and after good faith efforts over the succeeding ten (10) day period the parties cannot mutually agree on the Base Rent for the Renewal Term, then the appraisers shall immediately and jointly appoint a third appraiser with the qualifications specified above. This third appraiser shall, within five (5) business days, choose either the determination of Landlord’s appraiser or Tenant’s appraiser and such choice of this third appraiser shall be final and binding on Landlord and Tenant. Each party shall pay its own costs for its real estate appraiser and shall equally share the costs of any third appraiser. As soon as Landlord and Tenant have agreed to the Base Rent for the Renewal Term, the parties shall execute an amendment to the Lease confirming the extension of the Term and the adjusted Base Rent. (c) Tenant’s option to renew shall be conditioned upon and subject to each of the following: (i) Tenant’s timely exercise of this option by providing Landlord its Exercise Notice within the time frame described in full force and effect and paragraph (a) above; (ii) Tenant shall not be in default under the terms and conditions of this Lease beyond the applicable grace period for the cure thereof at the time Tenant exercises its option; (iii) Tenant shall not have subleased any applicable cure period hereunder. The renewal term ("Renewal Term") portion of the Demised Premises or assigned its interest in this Lease to an unaffiliated company, it being expressly understood that this option to renew shall be sixty deemed personal to Tenant and may not be assigned without Landlord’s prior written consent; (60iv) months commencing upon Tenant shall have no further renewal options other than the expiration of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails option to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to the expiration of the original term of the Lease. Any renewal and extension of the Lease extend for the Renewal Term set forth in paragraph (a) above; and (v) Landlord shall be at 95% of the then current market terms and conditions. Tenant shall not have the right no obligation to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before thirty (30) days after the delivery of the renewal Notice Landlord and Tenant cannot agree in writing do any work with respect to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal OptionDemised Premises.

Appears in 1 contract

Sources: Lease Agreement (Sco Group Inc)

Renewal Option. Landlord hereby grants to If the Tenant is not in default under this Lease or any of the option ("Renewal Option") to renew and provisions hereof, Tenant may extend the term of this Lease, provided Lease for one (1) successive period of five (5) years by providing written notice to Landlord of it's intent to renew lease at least two hundred ten (210) days prior to completion of the original lease term. Such rental shall be under the same terms and conditions set forth within this Lease except that the annual rental for the succeeding lease term shall be ninety five percent (95%) of the prevailing fair market rent for the Property existing at the time end of the Renewal Option is exercised, this Lease initial lease term. Operating costs payable by Tenant for the renewal term shall be in full force equal to Landlord's actual costs, plus twenty percent (20%) for administrative and effect and Tenant shall not be in default beyond any applicable cure period hereunderoverhead costs. The Landlord's determination of fair market rent for the renewal term ("Renewal TermLANDLORD'S RATE") shall be sixty submitted by Landlord to Tenant within thirty (6030) months commencing upon days after Landlord's receipt of Tenant's written notice of it's intent to renew the expiration of the original term of the Leaselease. The Renewal Option shall be null and void if Tenant If Landlord fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to the expiration of the original term of the Lease. Any renewal and extension of the Lease submit Landlord's Rate, then annual rent for the Renewal Term shall be at deemed to be 95% of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space rent payable in the Loop 360 corridor project (last year of the "Project") to tenants or prospective tenants of comparable creditworthinessTerm. If on or before Tenant elects to contest Landlord's Rate, Tenant, at it's sole expense, shall contract for and obtain a third party appraisal to determine the fair market rental rate (inclusive of all improvements provided to the Property) of the Property within thirty (30) days after the delivery Tenant's receipt of the renewal Notice Landlord's Rate ("TENANT'S RATE"). Landlord shall, within fifteen (15) days after receipt of Tenant's Rate, notify Tenant whether Tenant's Rate is acceptable. If Tenant's Rate is unacceptable to Landlord, Landlord and Tenant cannot shall determine within five (5) days whether to continue negotiations if they both agree in writing to do so, then they shall select a mutually agreeable third party appraiser to perform an additional appraisal (inclusive of all improvements to the "current Property) to determine fair market terms and conditions" to be rental rates applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found Property. In such event, said selection must be made by him, her or themboth parties within five (5) business days thereafter. The cost of the appraisers such appraisal shall be paid 50% borne equally by Landlord and Tenant and 50% said appraisal will be binding to both Tenant and Landlord PROVIDED, that if such third appraisal exceeds Landlord's Rate or is less than Tenant's Rate, the average of the three shall be the rental rate for the Renewal Term. Annual rent over the renewal term shall be payable in advance in equal monthly installments subject to the same penalties and conditions set forth for rents due during the original lease period. During the Renewal Term, actual operating costs and expenses (as defined in Section 9 of this Lease) shall be determined by LandlordLandlord and billed no less often than quarterly for such fiscal year as Landlord may adopt for such purpose. If on or before Said billings shall include an itemized listing of costs incurred. Paymen▇▇ ▇▇▇▇▇ be due from Tenant to Landlord within thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, receipt of remittance request from Landlord. Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination elect to audit Landlord's books and records relating to operating costs and expenses. If it is determined from said audit that Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Optionhas incorrectly billed for operating costs and overhead, the Renewal Option shall thereafter Landlord will be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Optionrequired to reimburse Tenant promptly for said incorrect charges.

Appears in 1 contract

Sources: Lease Agreement (Advanced Technical Products Inc)

Renewal Option. Landlord hereby grants to Tenant the option ("Renewal Option") to renew and extend the term If an Event of this Lease, provided that Default does not exist at the time of exercise or at the commencement of the Renewal Option Term (as hereinafter defined), and Tenant is exercisedoccupying the entire Premises at the time of such election, Tenant may renew this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure for one (1) additional period hereunder. The renewal term of Three ("3) years (the “Renewal Term") shall be sixty ”), by delivering written notice of the exercise thereof to Landlord not earlier than twelve (6012) months commencing upon nor later than six (6) months before the expiration of the original term of the LeaseTerm. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to the expiration of the original term of the Lease. Any renewal and extension of the Lease Minimum Monthly Rent payable for the each month during such Renewal Term shall be the prevailing rental rate (the “Prevailing Rental Rate”), at 95% the commencement of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the such Renewal Option Deadline Date Term, for comparable renewals of space in the Loop 360 corridor project (Northwest Denver submarket for Class A Buildings, if applicable, of equivalent quality, size, utility and location, with the "Project") length of the extended Term, concessions and the credit standing of Tenant to tenants or prospective tenants of comparable creditworthinessbe taken into account. If on or before Within thirty (30) days after the delivery receipt of Tenant’s notice to renew, Landlord shall deliver to Tenant written notice of the renewal Notice Prevailing Rental Rate and any refurbishment allowance and shall advise Tenant of the required adjustment to Minimum Monthly Rent, if any, and the other terms and conditions offered. Tenant shall, within ten (10) days after receipt of Landlord’s notice, notify Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the whether Tenant accepts or rejects Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws ’s determination of the State of Texas as applied to the facts found by him, her or themPrevailing Rental Rate. The cost If Tenant timely notifies Landlord that Tenant accepts Landlord’s determination of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If Prevailing Rental Rate, then, on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during commencement date of the Renewal Term, Landlord and Tenant may terminate shall execute an amendment to this Lease for the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than Term on the original termination date of same terms provided in this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Option.except as follows:

Appears in 1 contract

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

Renewal Option. Landlord hereby grants A. Tenant shall have the right to Tenant the option ("Renewal Option") to renew and extend the term Lease Term for one additional period of this Lease, provided that at three (3) years commencing on the time day following the Renewal Option is exercised, this Termination Date of the initial Lease shall be in full force Term and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ending on the third (3rd) anniversary of the Termination Date of the initial Lease Term (the "Renewal Term") shall be sixty (60) months commencing upon the expiration ), if: 1. Landlord receives notice of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice exercise ("Initial Renewal Option Deadline DateNotice") of exercise to Landlord not later than Two Hundred Seventy less then twelve (27012) days full calendar months prior to the expiration of the original term initial Lease Term and not more than fifteen (15) full calendar months prior to the expiration of the Leaseinitial Lease Term; and 2. Any renewal and extension Tenant is not in default under the Lease beyond any applicable cure periods at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Renewal Notice; and 3. No part of the Premises is sublet at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Renewal Notice; 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 Renewal Notice. B. The initial Base Rental rate per rentable square foot for the Premises during the Renewal Term shall be at 95% of equal the then current market terms and conditions. Prevailing Market (hereinafter defined) rate per rentable square foot for the Premises. C. Tenant shall not have pay Additional Base Rental (i.e. Basic Costs) for the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those Premises during the Renewal Term in accordance with the terms and conditions prevailing of the Lease, provided that the eight percent (8%) cap on Controllable Expenses shall not be applicable during the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before Term. D. Within thirty (30) days after the delivery receipt of Tenant's Initial Renewal Notice, Landlord shall advise Tenant of the renewal Notice Landlord and Tenant cannot agree in writing to applicable Base Rental rate for the "current market terms and conditions" to be applicable during a Premises for the Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty within fifteen (3015) days after the Renewal Option Deadline Date, if date on which Landlord and advises Tenant cannot agree in writing to of the "current market terms and conditions" to be applicable during Base Rental rate for the Renewal Term, shall either (i) give Landlord final binding written notice ("Binding Notice") of Tenant's exercise of its option, or (ii) if Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering disagrees with Landlord's determination, provide Landlord with written notice of rejection (the "Rejection Notice"). If Tenant fails to provide Landlord with either a Binding Notice or Rejection Notice within such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Optionfifteen (15) day period, the Tenant's Renewal Option shall thereafter 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 Amendment upon the terms and conditions set forth herein. If Tenant provides Landlord with a Rejection Notice, Landlord and Tenant shall work 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's Renewal Option shall be null and void and of no force and effect. 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 Renewal Notice; and 2. executed by Tenant and returned to Landlord within fifteen (15) days thereafter. F. For purposes 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 and office buildings comparable to the Building in Ann Arbor, Michigan. 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 Lease shall expire at manner, if any, in which the expiration landlord under any such lease is reimbursed for operating expenses and taxes. The determination of its original term. Any termination of the Lease Prevailing Market shall also terminate take into consideration any reasonably anticipated changes in the Renewal OptionPrevailing 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 1 contract

Sources: Lease (First Capital Income Properties LTD Series Xi)

Renewal Option. Landlord hereby grants A. Tenant shall have the right to Tenant extend the option Term ("the “Renewal Option") to renew for one additional period of five (5) years commencing on the day following the Termination Date of the initial Term and extend ending on the term fifth (5th) anniversary of this Lease, provided that at the time Termination Date (the Renewal Option is exercised, this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ("“First Renewal Term") shall be sixty (60) months commencing upon the expiration of the original term of the Leaseif: 1. The Renewal Option shall be null and void if Tenant fails to deliver written Landlord receives notice ("Renewal Option Deadline Date") of exercise to Landlord (“Initial Renewal Notice”) not later less than Two Hundred Seventy twelve (27012) days full calendar months prior to the expiration of the original term initial Term and not more than twenty (20) full calendar months prior to the expiration of the Leaseinitial Term; and 2. Any renewal and extension Tenant is not in default under the Lease beyond any applicable cure periods at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Notice; and 3. No part of the Premises is sublet at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Notice, unless the Premises are sublet to Tenant’s parent, affiliates or any wholly-owned subsidiary; 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, unless the Lease has been assigned to Tenant’s parent, affiliates or any wholly-owned subsidiary. B. The initial Base Rent rate per rentable square foot for the Premises during the Renewal Term shall be at 95% equal the Prevailing Market (hereinafter defined) rate per rentable square foot for the Premises. C. Tenant shall pay Additional Rent (i.e. Tenant’s Pro Rata Share of Taxes and Expenses) for the Premises during the Renewal Term in accordance with Article IV of the then current market terms and conditions. Lease. D. Within thirty (30) days after receipt of Tenant’s Initial Renewal Notice, Landlord shall advise Tenant shall not have of the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on applicable Base Rent rate for the Premises for the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthinessTerm. If on or before Tenant, within thirty (30) days after the delivery date on which Landlord advises Tenant of the renewal Notice Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during Base Rent rate for the Renewal Term, shall either () give Landlord final binding written notice (“Binding Notice”) of Tenant’s exercise of its option, or (ii) if Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering disagrees with Landlord’s determination, provide Landlord with written notice of rejection (the “Rejection Notice”). If Tenant fails to provide Landlord with either a Binding Notice or Rejection Notice within such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Optionfifteen (15) day period, the Tenant’s Renewal Option shall thereafter 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 Amendment upon the terms and conditions set forth herein. If Tenant provides Landlord with a Rejection Notice, Landlord and Tenant shall work together in good faith to agree upon the Prevailing Market 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 rate for the Premises within thirty (30) days after the date on which Tenant provides Landlord with a Rejection Notice, Tenant’s Renewal Option shall be null and void and of no force and effect. 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 Rent, Term, Termination Date and other appropriate terms. The Renewal Amendment shall be sent to Tenant within a reasonable time after receipt of the Binding Notice and Tenant shall execute and return the Renewal Amendment to Landlord within thirty (30) days after Tenant’s receipt of same, but 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 purposes 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 and office buildings comparable to the Building in Central Perimeter Submarket of Atlanta, Georgia. 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 Lease shall expire at manner, if any, in which the expiration landlord under any such lease is reimbursed for operating expenses and taxes. The determination of its original term. Any termination of the Lease Prevailing Market shall also terminate take into consideration any reasonably anticipated changes in the Renewal OptionPrevailing 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 1 contract

Sources: Sublease Agreement (Homebanc Corp)

Renewal Option. Landlord Tenant is hereby grants granted two (2) options to Tenant renew this Lease upon the following terms and conditions: a. At the time of the exercise of the option ("Renewal Option") to renew and extend at the time of the said renewal, there shall not have occurred an Event of Default by Tenant under this Lease which remains uncured. b. Notice of the exercise of the option shall be sent to the Landlord in writing at least twelve (12) months before the expiration of the Term. c. Each renewal term shall be for a period of five (5) years, to commence at the expiration of the preceding Term and all of the terms and conditions of this Lease, provided that other than the Fixed Basic Rent, shall apply during such renewal term. d. The annual Fixed Basic Rent to be paid during the first renewal term shall be the fair rental value per square foot of the Premises at the time commencement of the Renewal Option is exercised, this Lease renewal term. The annual Fixed Basic Rent to be paid during the second renewal term shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunderthe fair rental value per square foot of the Premises at the commencement of the second renewal term. The renewal term ("Renewal Term") shall be Within sixty (60) months commencing days after Tenant's notice of election to renew, the Landlord shall notify Tenant of Landlord's opinion of the fair rental value. Should Tenant dispute Landlord's determination, then the Tenant shall be free to, at the Tenant's sole cost and expense, employ the services of an appraiser familiar with buildings located within the metropolitan Philadelphia, Pennsylvania area comparable to the Building, who shall be a member of MAI and who shall render an appraisal. If the Landlord and the Tenant's appraiser cannot agree on the fair rental value, Landlord shall, at Landlord's sole cost and expense, employ the services of an appraiser familiar with buildings located with the metropolitan Philadelphia, Pennsylvania area comparable to the Building who shall be a member of MAI and who shall render an appraisal. If the two appraisers cannot agree on the fair rental value, or in such case, on an independent appraiser acceptable to both, either Landlord or Tenant may request the American Arbitration Association to appoint such independent appraiser who shall be a member of MAI familiar with comparable buildings in the area of the Building who shall render an appraisal, and in such event the judgment of a majority of the three appraisers shall be final and binding upon the expiration parties. The parties shall share equally in the cost of any third such independent appraiser. Pending resolution of the original term issue of fair rental value, the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to the expiration of the original term of the Lease. Any renewal and extension of the Lease for the Renewal Term shall be at 95% of the then current market terms and conditions. Tenant shall not have pay the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants Landlord as of comparable creditworthiness. If on or before thirty (30) days after the delivery commencement of the renewal Notice Landlord and Tenant cannot agree in writing term, the Fixed Basic Rent for the preceding lease year, subject to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date retroactive adjustment upon final determination of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Optionissue.

Appears in 1 contract

Sources: Lease (Animas Corp)

Renewal Option. Landlord hereby grants to Tenant (a) Provided Subtenant is not in default under this Sublease beyond any applicable grace period at the option ("Renewal Option") to renew and extend the term of this Lease, provided that time any renewal notice is given or at the time the Renewal Option renewal period is exercisedto commence, Subtenant shall have the right to renew this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure Sublease for one (1) two (2) year period hereunder. The renewal term ("the “Renewal Term"”). (b) shall be sixty Subtenant’s right to renew hereunder is expressly subject to Subtenant’s furnishing to Sublandlord written notice of its intention to renew this Sublease at least twelve (6012) months commencing upon the expiration of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to the expiration of the original term term, TIME HEREBY BEING MADE OF THE ESSENCE. (c) All the terms and conditions of this Sublease shall apply to the Lease. Any renewal and extension of period, except that the Lease for Annual Base Rent to be paid during the renewal period shall be adjusted as follows: The Annual Base Rent to be paid during the Renewal Term shall not be at 95% less than that paid for the Subleased Premises during the last year of the original term of this Sublease (without regard to any temporary abatement of rent then current market terms and conditionsin effect pursuant to the Sublease provisions). Tenant shall not have However, if the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on fair rental value per square foot at the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before thirty (30) days after the delivery commencement of the renewal Notice Landlord term shall exceed the rent as established in the preceding sentence, the Subtenant shall pay such fair rental value. In determining the fair rental value, the Sublandlord shall notify the Subtenant of the fair rental value as established by Sublandlord. Should Subtenant dispute Sublandlord’s determination, then the Subtenant shall be free to, at the Subtenant’s sole cost and Tenant expense, employ the services of an appraiser familiar with office buildings located within the Saddle River, New Jersey area comparable to the Building, who shall be a member of The Appraisal Institute (“MAI”) and who shall render an appraisal. If the Sublandlord and the Subtenant’s appraiser cannot agree on the fair rental value, or in writing such case, on an independent appraiser acceptable to both, either party may request the "current market terms and conditions" American Arbitration Association of Somerset, New Jersey to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is appoint such independent appraiser who shall be settled by arbitration. Such arbitration a member of MAI familiar with office buildings in the area of the Building and in such event the judgment of a majority of the two appraisers and Sublandlord shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by final and binding upon the Landlord, one by the Tenant, and one by the two thus chosenparties. The MIA appraiser or appraisers parties shall determine share equally in the controversy in accordance with the arbitration rules and laws cost of any such independent appraiser. Pending resolution of the State issue of Texas fair rental value, the Lessee shall pay Sublandlord as applied to the facts found by him, her or them. The cost of commencement of the appraisers shall be paid 50% renewal term, the Annual Base Rent as established by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline DateSublandlord, if Landlord and Tenant cannot agree in writing subject to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date retroactive adjustment upon final determination of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Optionissue.

Appears in 1 contract

Sources: Sublease Agreement (Pdi Inc)

Renewal Option. Landlord hereby grants to (a) Tenant the option ("Renewal Option") to renew and may extend the Term for two additional five (5) year terms such extended term of this Lease, provided that at to be subject to the time same terms and conditions as are contained in the Renewal Option is exercised, this Lease shall be except the Rent set forth in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ("Renewal Term"Section 1(c) shall be sixty the prevailing Fair Market Rate, as hereinafter defined. Provided that Tenant requests the same no more than eighteen (6018) months commencing upon the expiration of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice no less than seventeen ("Renewal Option Deadline Date"17) of exercise to Landlord not later than Two Hundred Seventy (270) days months prior to the expiration of the original term of then current Lease Term, Landlord, no later than fifteen (15) months prior to the Lease. Any renewal and extension of the Lease for the Renewal Term shall be at 95% expiration of the then current market terms and conditionsLease Term, shall give Tenant written notice of its proposed Fair Market Rate. Tenant shall not have give Landlord written notice if it intends to exercise this option, which notice must be given at least twelve months prior to the right expiration of the initial Term for the first option to assign its renew and twelve months prior to the expiration of the first renewal rights term for the second option to renew; each such notice shall state whether Landlord's proposed Fair Market Rate is acceptable to Tenant. If Landlord's proposed Fair Market Rate is acceptable to Tenant, then this Lease shall be renewed with such proposed Fair Market Rate as the Rent payable pursuant to Section 1(c). The Fair Market Rate as used herein shall mean the fair market rental rate then being charged for like space similarly situated in industrial/manufacturing buildings giving due consideration to all matters as are customarily and appropriately considered by landlords and tenants engaged in leasing similar space of approximately the same size and within a subtenant under 5-mile radius of RiverTech Park as of the time of such determination and the terms of this Lease. "Then current market terms , including, without limitation, age and conditions" shall mean those terms condition of the building, rental and conditions prevailing on other concessions, finish allowances, the Renewal Option Deadline Date creditworthiness and net worth of tenant, offered inducements and the Lease Term which would be offered for comparable space in properties. In the Loop 360 corridor project (event the "Project") parties cannot reach an agreement as to tenants or prospective tenants of comparable creditworthiness. If on or before the prevailing Fair Market Rate within thirty (30) days after of Tenant's notice to renew, then the delivery of Fair Market Value shall be determined by the renewal Notice procedure described below. (b) Landlord and Tenant canshall each appoint an individual professional real estate broker duly licensed by the Commonwealth of Massachusetts who has not agree less than five (5) years experience in writing the sale and/or leasing of industrial/manufacturing building complexes within a 5-mile radius of RiverTech Park, whose clients involve to a substantial extent publicly held corporations, and who has not personally acted as a broker on behalf of either Landlord or Tenant (each such selected person being called a "Broker"). Each Broker so appointed shall be instructed to determine independently the Fair Market Rent as defined herein. Within twenty (20) days after the appointment of the Brokers by Landlord and Tenant, the Brokers shall notify both Landlord and Tenant of each Broker's determination of the Fair Market Rent. If the difference between the amounts determined by the two Brokers does not exceed ten percent (10%) of the lesser of the two amounts, then Fair Market Rent shall be an amount equal to the "current market terms and conditions" to be applicable during a Renewal Termaverage of the two amounts so determined. If the difference between the amounts determined by the two Brokers exceeds ten percent (10%) of the lesser of the two amounts, then the question two Brokers shall appoint a third Broker who satisfies the above qualifications within ten (10) days thereafter. The third Broker shall within twenty (20) days after his or her appointment make his or her determination of what the "then current market terms and conditions" is Fair Market Rent as defined herein. The determination of the Broker which differs most from the determinations of the other two (2) Brokers shall be settled by arbitration. Such arbitration excluded, and the average of the two remaining determinations shall be before one disinterested MIA appraiser the Fair Market Rent. If the initial two Brokers fail to agree upon a third Broker within the time period specified above or if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy such third Broker fails to render his determination in accordance with the arbitration rules and laws provisions of the State of Texas as applied to the facts found by himthis paragraphs, her then a replacement or them. The cost of the appraisers new Broker shall be paid 50% selected jointly by Tenant Landlord and 50% by LandlordTenant. If on or before thirty Landlord and Tenant are unable to agree upon a third Broker within ten (3010) days after the Renewal Option Deadline Datedate such determination is required, if Landlord and Tenant cannot agree then they shall in writing to lieu thereof each select the "current market terms and conditions" names of two (2) willing Brokers qualified to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effectBrokers hereunder, and from the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Option.four

Appears in 1 contract

Sources: Lease Agreement (Mykrolis Corp)

Renewal Option. Landlord hereby grants to Provided that Tenant is not in default hereunder, Tenant (but not any assignee or sublessee) shall have the right and option (the "Renewal Option") to renew and extend the term of this Lease, by written notice delivered to Landlord, no earlier than twelve (12) months and no later than three months prior to the expiration of the initial Lease Term, for an additional term (the "Renewal Term") of sixty (60) months under the same terms, conditions and covenants contained in the Lease, except that (a) no abatements or other concessions, if any, applicable to the initial Lease Term shall apply to the Renewal Term; (b) the Base Rental shall be equal to the "Fair Market Value Rental" (defined herein, (c) Tenant shall have no option to renew this Lease beyond the expiration of the Renewal Term; and (d) all leasehold improvements within the Premises shall be provided that in their then existing condition (on an "As Is" basis) at the time the Renewal Term commences. Failure by Tenant to timely give Landlord notice in writing of Tenant's election to exercise the Renewal Option is exercisedherein granted shall constitute a waiver of such Renewal Option. In the event Tenant elects to exercise the Renewal Option as set forth above, this Landlord shall, within 15 days thereafter, notify Tenant in writing of the proposed Base Rental, CAM Charges, Taxes and Insurance, water charges and any signage rental for the Renewal Tenn (the "Proposed Renewal Rental"). Tenant shall within 10 days following delivery of the Proposed Renewal Rental by Landlord notify Landlord in writing of the acceptance or rejection of the Proposed Renewal Rental. If Tenant accepts Landlord's proposal, then the Proposed Renewal Rental shall be the rental rate in effect during the Renewal Term. Failure of Tenant to respond in writing during the aforementioned 10 day period shall be deemed a rejection by Tenant of the Proposed Renewal Rental. Should Tenant reject Landlord's Proposed Renewal Rental during such ( I0 day period, then Landlord and Tenant shall negotiate during the 10 day period commencing upon Tenant's rejection of Landlord's Proposed Renewal Rental to determine the rental for the Renewal Term. In the event Landlord and Tenant are unable to agree to a rental for the Renewal Term during said 10 day period, then the Renewal Option shall terminate and the Lease shall, pursuant to its terms and provisions, terminate at the end of the original Lease Term. Upon exercise of the Renewal Option by Tenant and subject to the conditions set forth hereinabove, the Lease shall be in full force and effect extended for the period of such Renewal Term without the necessity of the execution of any further instrument or document, although if requested by either party, Landlord and Tenant shall not be enter into a written agreement modifying and supplementing the Lease in default beyond any applicable cure period hereunderaccordance with the provisions hereof. The renewal term ("Renewal Unless Tenant and Landlord have previously agreed to extend the Lease Term") shall be sixty (60) , during the last three months commencing upon the expiration of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to the expiration of the original term term, in addition to the other rights of the Lease. Any renewal and extension of the Lease for the Renewal Term shall be at 95% of the then current market terms and conditions. Tenant shall not have Landlord as set forth herein, Landlord reserves the right to assign its renewal rights show the Premises to a subtenant under this Leaseprospective tenants during normal business hours. "Then current market terms and conditionsFair Market Value Rental Rate" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date be that rate charged for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before thirty size and condition in comparable office buildings within a five (305) days after the delivery mile radius of the renewal Notice Landlord area immediately surrounding the building, taking into consideration the location, quality and Tenant cannot agree in writing to age of the "current market terms building, floor level, extent of leasehold improvements, rental abatements lease takeovers/ assumptions, moving expenses and conditions" other concessions, term of lease, extent of services to be applicable during a Renewal Termprovided, then the question of what the distinction between "then current market terms gross" and conditions"net lease" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three base year or other amounts allowed for escalation purposes (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Optionexpense stop), the Renewal Option shall thereafter be null and void and of no further force and effecttime the particular rental rate under consideration became or is to become effective, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Optionor any other relevant tem or condition.

Appears in 1 contract

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

Renewal Option. Landlord hereby grants A. Tenant shall have the right to Tenant the option ("Renewal Option") to renew and extend the term Lease Term as to all space then leased for one (1) additional period of this Lease, provided that at five (5) years (the time the Renewal Option is exercised, this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ("Renewal Term") shall be sixty (60) months commencing upon the expiration ), if: 1. Landlord receives notice of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice exercise ("Non-Binding Renewal Option Deadline DateNotice") of exercise to Landlord not later less than Two Hundred Seventy nine (2709) days full calendar months prior to the expiration of the original term Extended Lease Term, and Binding Renewal Notice (hereinafter defined) not less than six (6) full calendar months prior to the expiration of the Extended Lease Term; and 2. Tenant is not in default under the Lease at the time that Tenant delivers its Non-Binding Renewal Notice and Binding Renewal Notice; and 3. No part of the Premises is sublet to any party other than Railcar Management, Inc. at the time that Tenant delivers its Non-Binding Renewal Notice and Binding Renewal Notice; and 4. The Lease has not been assigned to any party other than Railcar Management, Inc. pursuant to an assignment requiring Landlord's consent under the Lease on the date that Tenant delivers its Non-Binding Renewal Notice and on the date Tenant delivers its Binding Renewal Notice; 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 Rate (hereinafter defined) per rentable square foot. C. Tenant shall pay Additional Base Rental (i.e. Basic Costs) for the Premises during the Renewal Term in accordance with Exhibit B-2 of the Lease. Any renewal and extension , as amended by paragraph V above. D. Tenant shall be entitled to no less than two (2) unassigned parking spaces per 1,000 useable square feet of office space leased during the Renewal Term at the then current market rate for said spaces. E. Within thirty (30) days after receipt of Tenant's Non-Binding Renewal Notice, Landlord shall advise Tenant of the Lease applicable Base Rental rate for the Premises for the Renewal Term. If Tenant desires to lease the Premises for the Renewal Term at such rate, Tenant shall be at 95% give Landlord final binding written notice ("Binding Renewal Notice") no later than six (6) months prior to the expiration of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project Extended Term (the "ProjectNotification Deadline") to tenants or prospective tenants of comparable creditworthiness). If on or before Tenant disagrees with Landlord s determination of the applicable Base Rental rate, Tenant, within thirty (30) days after the delivery date on which Landlord advises Tenant of the renewal Notice such rate, shall provide Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during with a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination rejection (the "Rejection Notice"). If Tenant fails to provide Landlord not later than with either a Binding Renewal Notice or a Rejection Notice by the original termination date of this Lease. In the event of termination of the Renewal OptionNotification Deadline, the Tenant's Renewal Option shall thereafter be null and void and of no further force and effect. If Tenant provides Landlord with a Binding Renewal Notice, Landlord and Tenant shall enter into the Renewal Amendment upon the terms and conditions set forth therein. If Tenant provides Landlord with a Rejection Notice, Landlord and Tenant shall work together in good faith to agree upon the Prevailing Market Rate for the Premises during the Renewal Term. Upon agreement Tenant shall provide Landlord with a Binding Renewal Notice and Landlord and Tenant shall enter into the Renewal Amendment in accordance with the terms and conditions thereof. F. 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 Renewal Notice; and 2. Executed by Tenant and returned to Landlord in accordance with paragraph A.5 above. G. For purposes hereof, "Prevailing Market Rate" shall mean the arms length fair market annual rental rate per rentable square foot for renewal leases and amendments entered into on or about the date on which the Prevailing Market Rate is being determined hereunder for space comparable to the Premises, in the Building and office buildings comparable to the Building in the Midtown Atlanta market. The determination of Prevailing Market Rate shall take into account any material economic differences between the terms of this Lease and any comparable lease, such as rent abatements, construction costs and other concessions and the Lease shall expire at manner, if any, in which the expiration landlord under any such lease is reimbursed for operating expenses and taxes. The determination of its original term. Any termination of the Lease Prevailing Market Rate shall also terminate take into consideration any reasonably anticipated changes in the Renewal OptionPrevailing 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 1 contract

Sources: Lease Agreement (First Capital Institutional Real Estate LTD 1)

Renewal Option. Landlord hereby grants to Provided no Event of Default exists and Tenant is occupying the option ("Renewal Option") to renew and extend the term of this Lease, provided that entire Premises at the time of such election, Tenant may renew the Renewal Option is exercisedLease for one (1) additional period of five (5) years, this Lease shall be in full force and effect and Tenant shall by delivering written notice of the exercise thereof to Landlord not be in default beyond any applicable cure period hereunder. The renewal term earlier than twelve ("Renewal Term") shall be sixty (6012) months commencing upon nor later than nine (9) months before the expiration of the original term of the LeaseLease Term. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to the expiration of the original term of the Lease. Any renewal and extension of the Base Rent payable for each month during such extended Lease for the Renewal Term shall be the greater of (a) the prevailing rental rate (the "Prevailing Rental Rate"), at 95% the commencement of such extended Lease Term, for renewals of space in the Building of equivalent quality, size, utility and location, with all improvements, alterations and betterments to the Premises made by or on behalf of Tenant following the Effective Date (including all components of the Work as defined in the Work Letter), the length of the extended Lease Term, the “AS IS” nature of the renewal, and the credit standing of Tenant to be taken into account, and (b) the then current market terms and conditionsBase Rent rate. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before Within thirty (30) days after the delivery receipt of Tenant's notice to renew, Landlord shall deliver to Tenant written notice of the renewal Notice Prevailing Rental Rate and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Tenant shall, within ten (10) business days after receipt of Landlord's notice, notify Landlord in writing whether ▇▇▇▇▇▇ accepts or rejects ▇▇▇▇▇▇▇▇'s determination of the Prevailing Rental Rate. If Tenant timely notifies Landlord that ▇▇▇▇▇▇ accepts Landlord's determination of the Prevailing Rental Rate, then, on or before the commencement date of the extended Lease Term, Landlord and Tenant cannot agree in writing shall execute an amendment to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and Lease extending the Lease shall expire at Term on the expiration of its original term. Any termination of same terms provided in the Lease shall also terminate the Renewal Option.Lease, except as follows:

Appears in 1 contract

Sources: Lease (Aspen Aerogels Inc)

Renewal Option. Landlord hereby grants to (a) Provided Tenant is the option ("Renewal Option") to renew and extend the term original-named tenant hereunder, Tenant is neither in an Event of this Lease, provided that Default at the time of exercise nor has Tenant ever committed an Event of Default (irrespective of the Renewal Option fact that Tenant cured such default) of any monetary obligations under the Lease, which amount exceeded at any one time more than three months of Fixed Rent at the initial rental rate, Tenant or an Affiliate is exercised, this fully occupying the Premises and the Lease shall be is in full force and effect and effect, Tenant or an Affiliate shall have the right to renew the Lease for one (1) consecutive term of five (5) years beyond the end of the initial Term (“Renewal Term”). Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term furnish written notice of intent to renew at least twelve ("Renewal Term") shall be sixty (6012) months commencing upon the expiration of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to the expiration of the original term initial Term, failing which such renewal right shall be deemed waived; time being of the Leaseessence. Any renewal The terms and extension conditions of the Lease during the Renewal Term shall remain unchanged except that: (i) the annual Fixed Rent for the Renewal Term shall be at 95% equal to the Fair Market Rent (as defined below) and Landlord shall have no obligation to perform any improvements to the Premises. All factors regarding Additional Rent shall remain unchanged and no Tenant allowance shall be provided in the absence of further written agreement by the parties. Notwithstanding anything to the contrary herein, Tenant shall have no right to renew the Lease other than or beyond the one (1), five (5) year Renewal Term described in this Section. (b) For purposes of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" , “Fair Market Rent” shall mean those terms and conditions prevailing on the Renewal Option Deadline Date fixed rent, for comparable space in space, as established by Landlord or as mutually agreed by Landlord and Tenant after Landlord’s receipt of Tenant’s notice of intent to renew. Landlord shall notify Tenant of the Loop 360 corridor project applicable Fair Market Rent as determined by Landlord within fifteen (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before thirty (3015) days after receipt of Tenant’s notice of intent to renew. In determining the delivery Fair Market Rent, Landlord shall take into account applicable measurement and the loss factors, applicable lengths of lease term, differences in size of the renewal Notice space demised, the location of the Building and comparable buildings, amenities in the Building and comparable buildings, the ages of the Building and comparable buildings, differences in base years or stop amounts for Recognized Expenses and tax escalations and other factors normally taken into account in determining Fair Market Rent. The Fair Market Rent shall reflect the level of improvement to be made by Landlord to the space and the Recognized Expenses under the Lease. If Landlord and Tenant cannot agree on the Fair Market Rent within fifteen days of Tenant’s receipt of Landlord’s determination, the Fair Market Rent shall be established by the following procedure: (i) Tenant and Landlord shall agree on a single MAI certified appraiser who shall have a minimum of ten (10) years’ experience in writing real estate leasing in the market in which the Premises is located; (ii) Landlord and Tenant shall each notify the other (but not the appraiser), of its determination of such Fair Market Rent and the reasons therefor; (iii) during the next seven (7) days both Landlord and Tenant shall prepare a written critique of the other’s determination and shall deliver it to the "current market terms other party; and conditions" (iv) on the tenth (10th) day following delivery of the critiques to be applicable during a Renewal Termeach other, then Landlord’s and Tenant’s determinations and critiques (as originally submitted to the question of what the "then current market terms and conditions" is other party, with no modifications whatsoever) shall be settled by arbitrationsubmitted to the appraiser, who shall decide whether Landlord’s or Tenant’s determination of Fair Market Rent is more correct. Such arbitration The determinations so chosen shall be before one disinterested MIA the Fair Market Rent. The appraiser if one can shall not be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by empowered to choose any number other than the Landlord, one by the ’s or Tenant, and one by the two thus chosen’s. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws fees of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers appraiser shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Optionnon-prevailing party.

Appears in 1 contract

Sources: Lease (Inovio Pharmaceuticals, Inc.)

Renewal Option. The Landlord hereby grants to Tenant the option ("Renewal Option") to renew this -------------- Lease for two (2) additional five (5) year terms under the same terms and extend conditions provided herein except the term of this Lease, provided that annual base rental rate shall be at the time prevailing market rate and except the Renewal Option is exercised, Base Direct Expenses will change to equal the actual Base Direct Expenses for the calendar year immediately preceding the renewal period. Tenant shall give Landlord written notice of its intent to renew this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term less than nine ("Renewal Term") shall be sixty (609) months commencing upon the expiration of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to the expiration of the original term term. In the event that the Tenant is in default of any of the Lease. Any renewal and extension provision of this Lease (beyond any applicable cure period) at the expiration of the original term hereof, then Tenant's right to extend this Lease shall be null and void. The "prevailing market rate" shall be determined as follows. At such time as tenant exercises it option, tenant shall notify Landlord of Tenant's determination of the market rate. Within ten (10) days thereafter, Landlord shall notify Tenant whether Landlord accepts or rejects Tenant's definition of market rates, and if Landlord rejects, landlord shall notify Tenant of Landlord's determination of market rate. If the rates differ by ten percent (10%) or less, the two rates shall be averaged, and such averages shall constitute the base rate for the Renewal Term shall be at 95% of renewal term. If the then current market terms rate differ by more than ten percent (10%), Landlord and conditions. Tenant shall not select a mutually acceptable arbitrator, the cost of which shall evenly be shared by Landlord and Tenant. This arbitrator shall have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms option of choosing either the rate requested by Landlord, or the rate requested by Tenant and conditions" such rate shall mean those terms and conditions prevailing on constitute the Renewal Option Deadline Date base rate for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before thirty (30) days after the delivery of the renewal Notice Landlord term. In the event landlord and Tenant cannot agree upon an arbitrator, Tenant and Landlord shall each select an independent third party, who will select a third party arbitrator to make the final decision. Notwithstanding anything contained in writing this paragraph, the determination of an independent arbitrator anything else contained in this Lease to the "current market terms and conditions" contrary, in no event will the net rental rate (which is the base rental rate minus the per square foot amount of Base Direct Expenses) to Landlord for the renewal period be applicable during a Renewal Term, then less than the question of what net rental rate Landlord is receiving under the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable Lease during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original initial term. Any termination of the Lease shall also terminate the Renewal Option.

Appears in 1 contract

Sources: Office Building Lease (Vialog Corp)

Renewal Option. Landlord hereby grants Lessor and Lessee agree that the Lease shall be -------------- amended in accordance with the following terms and conditions: A. Lessee, provided it is not in default and has not sublet the Premises or assigned the Lease, shall have two options to Tenant extend the option Lease Term (the "Second Renewal Option" and the "Third Renewal Option") to renew ), each for an additional period of five years (the "Second Renewal Term" and extend the term of this Lease, provided that at the time the Renewal Option is exercised, this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ("Third Renewal Term"). If properly exercised in accordance with this Second Amendment, the Second Renewal Term shall commence on the day following the Extended Termination Date (as defined in the First Amendment) and the Third Renewal Term shall be sixty (60) months commencing upon commence on the expiration day following the last day of the original term of Second Renewal Term. If Lessee elects to exercise the Lease. The Second Renewal Option Option, Lessee shall be null and void if Tenant fails to deliver provide Lessor with written notice ("of such election at least six months prior to the Extended Termination Date and if Lessee elects to exercise the Third Renewal Option Deadline Date") Option, Lessee shall provide Lessor with written notice of exercise to Landlord not later than Two Hundred Seventy (270) days such election at least six months prior to the expiration of the original term of Second Renewal Term. B. The Base Monthly Rent rate during the Lease. Any renewal and extension of the Lease for the Second Renewal Term shall be at 95% $13.50 per rentable square foot of the then current Premises. The Base Monthly Rental rate per rentable square foot of the Premises during the Third Renewal Term shall equal the prevailing market terms rate for such space as determined in Lessor's reasonable judgment. C. During the Second Renewal Term and conditions. Tenant the Third Renewal Term Lessee shall not have pay to Lessor as additional rental the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project amount (the "ProjectExcess") by which the sum of Lessee's Proportionate Share of Real Estate Taxes for the applicable calendar year and Operating Expenses for the applicable calendar year exceeds $6.50 per rentable square foot (the "Expense Stop"); provided Lessee shall not be entitled to tenants or prospective tenants a credit if Lessee's Proportionate Share is less than $ 6.50 per rentable square foot. As soon as is practical following the end of comparable creditworthinesseach calendar year during the Second Renewal Term and Third Renewal Term, Lessor shall furnish to Lessee a statement (the "Annual Statement") of Lessor's actual Operating Expenses and the actual Excess for the previous calendar year. If on or before Not later than thirty (30) days after the delivery Lessee's receipt of the renewal Notice Landlord Annual Statement, Lessee will pay to Lessor, as Additional Rent, the Excess stated in the Annual Statement. D. If the Building is not at least ninety-five percent (95%) occupied during any calendar year of the Lease Term or if Lessor is not supplying services to at least ninety-five (95%) of the total Rentable Area of the Building at any time during any calendar year of the Lease Term, actual Operating Expenses for purposes hereof shall be determined as if the Building had been ninety-five percent (95%) occupied and Tenant cannot agree in writing Lessor had been supplying services to ninety-five percent (95%) of the "current market terms Rentable Area of the Building during such year. E. During the Second Renewal Term and conditions" to be applicable during a the Third Renewal Term, then Lessor agrees to provide six (6) covered, reserved parking spaces in the question of what the "then current market terms and conditions" is shall be settled by arbitrationon-site garage. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws Lessee will pay Lessor rent on each of the State of Texas as applied to reserved spaces which, on the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this LeaseAmendment is $25.00 per space per month. In The rent for the event of termination of parking spaces may be increased by Lessor annually by the same amount the rent charged to other tenants in the Building is increased. Lessor will make these parking spaces available to Lessee prior to the Second Renewal Term at the referenced monthly rate upon Lessee's written request. F. If Lessee is entitled to and properly exercises the Second Renewal Option and/or the Third Renewal Option, Lessor shall prepare appropriate instruments (each a "Renewal Amendment") to reflect changes in the Base Monthly Rental, Lease Term, Extended Termination Date and other appropriate terms. Lessee shall execute and return such Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal OptionAmendment(s) within fifteen days after Lessee's receipt thereof from Lessor.

Appears in 1 contract

Sources: Lease Agreement (Summit Bancshares Inc /Tx/)

Renewal Option. Landlord hereby grants to Providing Tenant the option ("Renewal Option") to renew and extend the term of is not in default under this Lease, provided that -------------- Tenant shall have the option to renewal this Lease for two consecutive five (5) year periods. The Base Rent for the option period will be the Fair Rental Value Base Rent (as determined below) in the competitive rental market in which the Building is located at the time the Renewal Option is exercised, this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ("Renewal Term") shall be sixty (60) months commencing upon the expiration of the original term of renewal. In the Lease. The Renewal Option shall be null and void if event Tenant fails to deliver written give notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) of Tenant's exercise of the first renewal option at least 180 days prior to the expiration or termination of the original initial Lease Term, both of these options shall expire and Tenant's option to renew this Lease shall terminate. If Tenant timely exercises the first option and is not in default under this Lease, Tenant may exercise the second option by giving notice to Landlord at least 180 days prior to the expiration or termination of the first renewal term, and the second option shall expire and Tenant's option to renew this Lease shall terminate if it fails to timely exercise the option. Time is of the essence. If either or both of these options are properly exercised, then the term of that renewal period shall be included in the Lease. Any renewal definition of Lease Term and, except for the adjustment of Rent and extension Base Year as provided below, all of the provisions of this Lease shall apply to the renewal term(s). If Tenant properly exercises one or both of the renewal options, then within 20 days thereafter, Landlord shall deliver to Tenant its computation of the fair rental value Base Rent for the Renewal Term Leased Premises for that renewal five- year period and the Base Year or Expense Stop that applies to it, which shall be at 95% determined without any allowance or reduction for brokerage commissions or leasing fees, tenant improvements, free rent or other rental concessions and without regard to the condition of or tenant improvements in the then current market terms and conditionsLeased Premises ("Fair Rental Value Base Rent"). Tenant shall not have notify Landlord within 15 days after it receives Landlord's computation of Fair Rental Value Base Rent if it disagrees with Landlord's proposal for the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on Fair Rental Value Base Rent for the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthinessapplicable five-year period. If on or before thirty (30) days after the delivery of the renewal Notice Tenant gives such a notice and Landlord and Tenant cannot agree in writing to upon the "current market terms and conditions" to be applicable during a Renewal TermFair Rental Value Base Rent within 15 days thereafter, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant shall select a commercial real estate broker who specializes in leasing commercial office space in the market area of the Building and who has leased commercial office space in the Denver metropolitan area for at least the preceding 10 years ("Commercial Broker") to determine the Fair Rental Value Base Rent (as defined above), and if they cannot agree in writing to upon a single Commercial Broker within 10 (a) if the "current market terms and conditions" to be applicable during parties agree on one Commercial Broker or if the Renewal Termtwo Commercial Brokers select a third, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination each party will pay one-half of the Renewal Optionfee, the Renewal Option shall thereafter be null if any, they mutually agree to pay that broker; and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Option.(

Appears in 1 contract

Sources: Office Lease (Commnet Cellular Inc)

Renewal Option. Landlord hereby grants to Provided no Event of Default exists and Tenant is occupying more than 50% of the option ("Renewal Option") to renew and extend the term of this Lease, provided that Premises at the time the Renewal Option is exercised, this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ("Renewal Term") shall be sixty (60) months commencing upon the expiration of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to the expiration of the original term of the Lease. Any renewal and extension of the Lease for the Renewal Term shall be at 95% of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before thirty (30) days after the delivery of the renewal Notice Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Termsuch election, Tenant may terminate the Renewal Option renew this Lease for two additional periods of five (notwithstanding its earlier exercise5) years each, by delivering written notice of such termination the exercise thereof to Landlord not later more than 12 months nor less than 9 months before the expiration of the Term. The Basic Rent payable for each month during the applicable extended Term shall be the prevailing rental rate (the “Prevailing Rental Rate”), at the commencement of such extended Term, for renewals of space in the Complex or in comparable buildings in the vicinity of the Complex of equivalent quality, size, utility and location, with the length of the extended Term and the credit standing of Tenant to be taken into account, provided however, in no event shall the Prevailing Rental Rate be less than the original termination Basic Rent payable during the month immediately preceding the commencement of the applicable extended Term. Within 30 days after receipt of Tenant’s notice to renew, Landlord shall deliver to Tenant written notice of the Prevailing Rental Rate and shall advise Tenant of the required adjustment to Basic Rent, if any, and the other terms and conditions offered. If Tenant disagrees with Landlord’s determination of the Prevailing Rental Rate, then Tenant may, but only within 15 days after receipt of Landlord’s notice, require by written notice to Landlord that the determination of the Prevailing Rental Rate be made by brokers, taking into account the requirements of this Section 26; provided that Tenant’s failure to deliver such notice within such 15-day period shall be deemed to be Tenant’s acceptance of Landlord’s determination of the Prevailing Rental Rate. If Tenant timely delivers such notice, then, within 15 days after such delivery, each party shall select one qualified commercial real estate broker with at least 10 years experience in appraising property and buildings in the city or submarket in which the Premises are located. If Landlord or Tenant fails to select its broker within such 15-day period, then Landlord or Tenant may petition the then presiding judge of the Superior Court of the State of California for Santa C▇▇▇▇ County to appoint such broker, subject to the criteria set forth in this Section 26, or if he or she refuses to act, either party may petition any judge having jurisdiction over Landlord and Tenant to appoint such broker. Each broker shall deliver its written determination of the Prevailing Rental Rate, taking into account the requirements of this Section 26, to the other broker within 20 days after such broker’s retention. In the event the determinations of the two brokers differ and, after good faith efforts over the succeeding 20 day period, they cannot mutually agree, the brokers shall, within 10 days thereafter, appoint a neutral third broker with the qualifications specified above and deliver their respective determinations to such third broker. If the two brokers fail to select the third broker within such 10-day period, then Landlord or Tenant may petition the then presiding judge of the Superior Court of the State of California for Santa C▇▇▇▇ County to appoint such broker subject to the criteria set forth in this Section 26, or if he or she refuses to act, either party may petition any judge having jurisdiction over the Landlord and Tenant to appoint such broker. Within 5 days after its appointment, the third broker shall choose either the determination of Landlord’s broker or Tenant’s broker and such choice of the third broker shall be final and binding on Landlord and Tenant. Each party shall pay the costs of its real estate broker. The parties shall equally share the costs of any third broker. Following the determination of the Prevailing Rental Rate, Landlord and Tenant shall execute an amendment to this Lease extending the Term on the same terms provided in this Lease, except as follows: (a) Basic Rent shall be adjusted to the Prevailing Rental Rate; and (b) Tenant shall have no further renewal option except as expressly provided in this Lease. Tenant’s rights under this Section 26 shall terminate if (i) this Lease or Tenant’s right to possession of the Premises is terminated, (ii) Tenant assigns any of its interest in this Lease or sublets any portion of the Premises, (iii) Tenant fails to timely exercise its option under this Section 26, time being of the essence with respect to Tenant’s exercise thereof, or (iv) Landlord determines, in its sole but reasonable discretion, that Tenant’s financial condition or creditworthiness has materially deteriorated since the date of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Option.

Appears in 1 contract

Sources: Lease Agreement (Ariba Inc)

Renewal Option. Landlord hereby grants A. Tenant shall have the right to Tenant extend the option Lease Term (the "Renewal Option") to renew for one additional period of five (5) years commencing on the day following the Termination Date of the initial Lease Term and extend ending on the term fifth (5th) anniversary of this Lease, provided that at the time Termination Date (the Renewal Option is exercised, this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ("Renewal Term") shall be sixty (60) months commencing upon the expiration ), if: 1. Landlord receives notice of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice exercise ("Initial Renewal Option Deadline DateNotice") of exercise to Landlord not later less than Two Hundred Seventy nine (2709) days full calendar months prior to the expiration of the original term initial Lease Term and not more than fifteen (15) full calendar months prior to the expiration of the initial Lease Term; and 2. Tenant is not in default under the Lease beyond any applicable cure periods at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Notice; and 3. No part of the Premises is sublet, other than to a Permitted Transferee (as defined in Section XIII.E of the Lease), at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Notice; and 4. Any renewal and extension The Lease has not been assigned, other than to a Permitted Transferee (as defined in Section XIII.E of the Lease Lease), prior to the date that Tenant delivers its Initial Renewal Notice or prior to the date Tenant delivers its Binding Notice. B. The initial Base Rental rate per rentable square foot for the Premises during the Renewal Term shall be at 95% 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 then current market terms Lease and conditions. the Base Year(s) shall be adjusted, if at all, as part of the determination of the Prevailing Market rate. D. Within thirty (30) days after receipt of Tenant's Initial Renewal Notice, Landlord shall advise Tenant shall not have of the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on applicable Base Rental rate for the Premises for the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthinessTerm. If on or before Tenant, within thirty (30) days after the delivery date on which Landlord advises Tenant of the renewal Notice Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during Base Rental rate for the Renewal Term, shall either (i) give Landlord final binding written notice ("Binding Notice") of Tenant's exercise of its option, or (ii) if Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering disagrees with Landlord's determination, provide Landlord with written notice of rejection (the "Rejection Notice"). If Tenant fails to provide Landlord with either a Binding Notice or Rejection Notice within such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Optionfifteen (15) day period, the Tenant's Renewal Option shall thereafter 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 Lease Renewal Amendment upon the terms and conditions set forth herein. If Tenant provides Landlord with a Rejection Notice, Landlord and Tenant shall expire at work together in good faith to agree upon the Prevailing Market 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 fail to agree upon the Prevailing Market rate within thirty (30) days after the date Tenant provides Landlord with the Rejection Notice, Tenant, by written notice to Landlord (the "Arbitration Notice") within five (5) days after the expiration of such thirty (30) day period, shall have the right to have the Prevailing Market rate determined in accordance with the arbitration procedures described in Section E below. If Landlord and Tenant fail to agree upon the Prevailing Market rate within the thirty (30) day period described and Tenant fails to exercise its original term. Any termination right to arbitrate, Tenant's Renewal Option shall be deemed to be null and void and of the Lease shall also terminate the Renewal Optionno further force and effect.

Appears in 1 contract

Sources: Standard Form Office Lease (Viewlocity Inc)

Renewal Option. If Landlord hereby grants to Tenant the option ("Renewal Option") to renew and extend the term of this Lease, provided that at the time the Renewal Option is exercised, this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ("Renewal Term") shall be sixty (60) months commencing upon the expiration of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails are unable to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior reach agreement as to the expiration of the original term of the Lease. Any renewal and extension of the Lease for the Renewal Term shall be at 95% of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before Market Rate within thirty (30) days after Landlord's receipt of Tenant's notice of exercise of Tenant's Renewal Option, then either party may demand an appraisal by giving written notice to the delivery other party, which demand must state the name, address and qualifications of an appraiser selected by the party demanding an appraisal (the "Notifying Party"). The Market Rate shall then be determined as follows: (a) Within ten (10) business days following the Notifying Party's appraisal demand, the other party (the "Non-Notifying Party") shall either approve the appraiser selected by the Notifying Party or select a second properly qualified appraiser by giving written notice of the renewal Notice Landlord name, address and Tenant cannot agree in writing qualifications of such other appraiser to the "current market terms and conditions" Notifying Party. If the Non-Notifying Party fails to be applicable during a Renewal Termselect an appraiser within such ten (10) business day period, then the question of what the "then current market terms and conditions" is Notifying Party's appraiser shall be settled deemed selected by arbitration. Such arbitration both parties and no other appraiser shall be before one disinterested MIA selected. If two appraisers are selected, such two appraisers shall select a third qualified appraiser if one can within ten (10) business days following selection of the second appraiser. If the two appraisers fail to select a third qualified appraiser, then the third appraiser shall be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named appointed by the Landlordthen presiding judge of the Superior Court of Santa Clar▇ ▇▇▇nty upon application by either party. (b) If only one appraiser is selected, one by then that appraiser shall notify the Tenantparties in simple letter form of its determination of the Market Rate within fifteen (15) business days following his/her selection, which appraisal shall be conclusive and one by binding on the two thus chosenparties as the Market Rate. The MIA appraiser or If multiple appraisers are selected, the appraisers shall meet not later than fifteen (15) business days following the selection of the last appraiser. At such meeting, the appraisers shall attempt to determine the controversy in accordance with the arbitration rules and laws Market Rate as of the State termination date of Texas as applied to the facts found Lease by him, her agreement of at least two (2) of the appraisers. If two (2) or them. The cost more of the appraisers agree on the Market Rate at the initial meeting, such agreement shall be paid 50% determinative and binding upon the parties and the agreeing appraisers shall, in simple letter form executed by Tenant the agreeing appraisers, forthwith notify both Lessor and 50% Lessee of the amount set by Landlordsuch agreement. If multiple appraisers are selected and two (2) appraisers are unable to agree on the Market Rate, then all appraisers shall submit to Lessor and Lessee an independent appraisal of the Market Rate within twenty (20) business days following appointment of the final appraiser. The parties shall then determine the Market Rate by averaging the appraisals, provided that any high or before thirty low appraisal, differing from the middle appraisal by more than ten percent (3010%) days after of the Renewal Option Deadline Datemiddle appraisal, if Landlord shall be disregarded. (c) All appraisers shall be members of the American Institute of Real Estate Appraisers and Tenant cannot agree shall have at least five (5) years experience appraising properties comparable to, and in writing to the "current market terms vicinity of, the Premises. If only one appraiser is selected, then each party shall pay one-half (1/2) of the fees of that appraiser. If three appraisers are selected, each party shall bear the fees of the appraiser that it selected and conditions" to one-half (1/2) of the fees of the third appraiser. (d) Notwithstanding the foregoing, in no event shall the Market Rate be applicable less than eighty-five percent (85%) of the Base Rent for the last year of the Term and the Market Rate shall be increased three percent (3%) per year during the Renewal Option Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Option.

Appears in 1 contract

Sources: NNN Lease (Skystream Networks Inc)

Renewal Option. Landlord hereby grants to If Tenant is not then in Default beyond applicable notice and cure periods, and Tenant is occupying no less than seventy-five percent (75%) of the option ("Renewal Option") to renew and extend the term of this Lease, provided that New Space at the time the Renewal Option is exercisedof such election, Tenant may renew this Lease shall be in full force and effect and Tenant shall with respect to the entire New Space only for one (1) additional period of five (5) years (“Extension Term”), by delivering written notice of the exercise thereof to Landlord not be in default beyond any applicable cure period hereunder. The renewal term earlier than fifteen ("Renewal Term") shall be sixty (6015) months commencing upon nor later than twelve (12) months before the expiration of the original term of the LeaseNew Term. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to the expiration of the original term of the Lease. Any renewal and extension of the Lease Base Rent payable for the Renewal each month during such Extension Term shall be the prevailing rental rate including all relevant business points in comparable transactions, including without limitation, base rent, base rent increases, operating expenses, operating expense protections (including new Base Year), tenant improvement allowances or the approximate value on a rentable per square feet basis for Landlord’s build-out, rent abatement and any other market monetary concessions (the “Prevailing Rental Rate”), at 95% the commencement of such Extension Term. Upon the commencement of the then current market terms and conditionsExtension Term, the Base Year shall be adjusted to be the calendar year in which the first day of the Extension Term occurs. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before Within thirty (30) days after the receipt of Tenant’s delivery of the notice to renew within the time periods provided above, Landlord shall deliver to Tenant written notice of the Prevailing Rental Rate and shall advise Tenant of the required adjustment to Base Rent, if any (the “Rent Adjustment Notice”). The Prevailing Rental Rate shall take into account completed lease renewal transactions (including, without limitation, base rent, base rent increases, operating expenses, base year, tenant improvement allowances, rent abatement and other monetary concessions) in comparable second-generation spaces in comparable buildings in Westlake Village in the 12-month period prior to Tenant’s notice exercising the option set forth herein. Tenant shall, within fifteen (15) business days after receipt of Landlord’s notice, notify Landlord in writing whether Tenant accepts or rejects Landlord’s determination of the Prevailing Rental Rate. If Tenant fails to respond to Landlord’s Rent Adjustment Notice in such 15-business day period, time being of the essence, then Tenant’s rights under this Exhibit shall terminate and Tenant shall have no right to extend or renew this Lease. If Tenant responds to Landlord’s Rent Adjustment Notice within such 15-business day period but rejects Landlord’s determination of the Prevailing Rental Rate in the Rent Adjustment Notice, then Landlord and Tenant cannot shall attempt to agree in writing to on the "current market terms and conditions" to be applicable Prevailing Rental Rate during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before Extension Term within thirty (30) days after of Tenant’s rejection of the Renewal Option Deadline Date, if Rent Adjustment Notice. If Landlord and Tenant canare not able to so agree in writing within such thirty (30) day period, then Landlord and Tenant each, at its sole cost and by giving written notice to the "current market terms other party, shall appoint a competent and conditions" impartial commercial real estate broker (hereinafter “broker”) with at least ten (10) years’ full-time commercial real estate brokerage experience in the geographical area of the New Space to be applicable give its determination of the Prevailing Rental Rate for the New Space during the Renewal Extension Term, . If either Landlord or Tenant may terminate does not appoint a broker within ten (10) business days after the Renewal Option (notwithstanding its earlier exercise) by delivering other party has given written notice of the name of its broker, the single broker appointed shall be the sole broker and shall conclusively determine the Prevailing Rental Rate during the Extension Term. If two (2) brokers are appointed by Landlord and Tenant as stated in this paragraph, they shall meet promptly and attempt to set the Prevailing Rental Rate. If the two (2) brokers are unable to agree within ten (10) business days after the second broker has been appointed, then the two (2) brokers shall attempt to select a third broker, meeting the qualifications stated in this paragraph within ten (10) business days after the last day the two (2) brokers are given to set the Prevailing Rental Rate. In addition, each of the two (2) brokers shall submit to the other prior to the end of such termination second (2nd) ten (10) business day period their respective good faith estimate of the Prevailing Rental Rate. If the two (2) brokers are unable to agree on the third broker, either Landlord or Tenant by giving ten (10) business days’ written notice to the other party, can apply to the Presiding Judge of the Superior Court of the county in which the New Space is located for the selection of a third broker who meets the qualifications stated in this paragraph. If either of the first two (2) brokers fails to submit their respective opinion of the Prevailing Rental Rate within the time frames set forth below, then the single Prevailing Rental Rate submitted shall automatically be the Prevailing Rental Rate for the Extension Term and shall be binding upon Landlord and Tenant. Landlord and Tenant each shall bear one-half (½) of the cost of appointing the third broker and of paying the third broker’s fee. The third broker, however selected, shall be a person who has not later previously acted in any capacity for either Landlord or Tenant. Within fifteen (15) business days after the selection of the third broker, the third broker shall select one of the two Prevailing Rental Rates for the Premises, which may be one or the other of the Prevailing Rental Rates submitted by the first two (2) brokers, or a different rate not greater than the original termination higher nor lower than the lesser of the Prevailing Rental Rates submitted by the first two (2) brokers. The determination of the Prevailing Rental Rate by the third broker shall be conclusive and binding upon Landlord and Tenant. Upon agreement or determination of the Prevailing Rental Rate as set forth herein, on or before the commencement date of this Lease. In the event of termination of the Renewal OptionExtension Term, the Renewal Option Landlord and Tenant shall thereafter be null and void and of no further force and effect, and execute an amendment to the Lease shall expire at extending the expiration of its original term. Any termination of Term on the Lease shall also terminate same terms provided in the Renewal Option.Lease, except as follows:

Appears in 1 contract

Sources: Office Lease Agreement (Arcutis Biotherapeutics, Inc.)

Renewal Option. Landlord hereby grants Tenant shall have the right to Tenant the option ("Renewal Option") to renew and extend the term of this LeaseLease for the respective Extension Term (hereafter defined) upon and subject to the following terms and conditions: so long as there has not occurred an Event of Default, provided that at the time the Renewal Option is exercised, Tenant may extend this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term for two (2) extension terms (each, an "Renewal Extension Term") shall be sixty of five (605) years each by Tenant giving written notice thereof (an "Extension Notice") to Landlord, by no later than nine (9) months commencing upon the expiration of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to the expiration of the original term of initial Term, or Extension Term, as the Leasecase may be. Any renewal and extension of the Lease for the Renewal Term shall be at 95% of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before Within thirty (30) days after the delivery Extension Notice, Landlord shall advise Tenant in writing of Landlord's determination of the renewal Fair Market Value Rate (such notice being referred to herein as a "Fair Market Value Notice"). Upon receipt of a Fair Market Value Notice from Landlord, Landlord and Tenant cannot shall endeavor to agree in writing to upon the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before Fair Market Value Rate within thirty (30) days (the "Rate Determination Period") after the Renewal Option Deadline Date, if Tenant's receipt of such Fair Market Value Notice. If Landlord and Tenant canfail to agree upon the Fair Market Value Rate by the expiration of the Rate Determination Period, Tenant shall have the option to (i) rescind Tenant's Extension Notice, in which event the Lease shall not agree be extended beyond the current Initial Term or Extended Term, as the case may be, and Tenant shall have no further renewal rights hereunder, or (ii) accept the Fair Market Value Rate provided by Landlord in writing to the Fair Market Value Notice. Tenant's election must be made within thirty (30) days following expiration of the Rate Determination Period (the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this LeaseElection Deadline"). In the event of termination of the Renewal OptionTenant fails to make such election in writing prior to Election Deadline, the Renewal Option Tenant shall thereafter be null and void and of no further force and effect, and deemed to have elected to renew the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Optionpursuant to (ii) above.

Appears in 1 contract

Sources: Build to Suit Lease Agreement (Englobal Corp)

Renewal Option. Landlord hereby grants A. Tenant shall have the right to Tenant extend the option Lease Term (the "Renewal Option") to renew and extend for one additional period of three (3) years (the term of this Lease, provided that at the time the Renewal Option is exercised, this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ("Renewal Term") shall be sixty (60) months ), commencing upon on the expiration day following the Expiration Date of the original term initial Lease Term, provided that each of the Lease. The following occurs: (i) Landlord receives notice of exercise of the Renewal Option shall be null and void if Tenant fails to deliver written notice ("Initial Renewal Option Deadline DateNotice") of exercise to Landlord not later less than Two Hundred Seventy nine (2709) days full calendar months and not more than twelve (12) full calendar months prior to the expiration of the original term initial Lease Term; and (ii) Tenant is not in default under the Lease beyond any applicable cure periods at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Renewal Notice; and (iii) Not more than twenty-five (25%) of the Lease. Any renewal and extension of Premises is sublet (other than pursuant to a Permitted Transfer) at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Renewal Notice; and (iv) The Lease has not been assigned by Tenant (other than pursuant to a Permitted Transfer) prior to the date that Tenant delivers its Initial Renewal Notice or prior to the date Tenant delivers its Binding Renewal Notice. B. The initial Base Rent 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 Rent for the Premises during the Renewal Term in accordance with Exhibit C to the Lease; provided that the cap on Controllable Basic Costs may be at 95% adjusted or deleted in connection with the determination of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before Prevailing Market rate. D. Within thirty (30) days after the delivery receipt of Tenant's Initial Renewal Notice, Landlord shall advise Tenant of the renewal Notice Landlord and Tenant cannot agree in writing to applicable Base Rent rate for the "current market terms and conditions" to be applicable during a Premises for the Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by within fifteen (15) Business Days after the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws date on which Landlord advises Tenant of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during Base Rent rate for the Renewal Term, shall either (i) give Landlord final binding written notice ("Binding Renewal Notice") of Tenant's exercise of its option, or (ii) if Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering disagrees with Landlord's determination, provide Landlord with written notice of rejection (the "Rejection Notice"). If Tenant fails to provide Landlord with either a Binding Notice or Rejection Notice within such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Optionfifteen (15) Business Day period, the Tenant's Renewal Option shall thereafter be null and void and of no further force or effect. If Tenant provides Landlord with a Binding Renewal Notice, Landlord and Tenant shall enter into the Renewal Amendment (hereinafter defined) upon the terms and conditions set forth herein. If Tenant provides Landlord with a Rejection Notice, Landlord and Tenant shall work together in good faith to agree upon the Prevailing Market rate for the Premises during the Renewal Term. Upon agreement Tenant shall provide Landlord with Binding Renewal 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 rate for the Premises within thirty (30) days after the date on which Tenant provides Landlord with a Rejection Notice, Tenant's Renewal Option shall be null and void and of no force or effect. E. If Tenant is entitled to and properly exercises its Renewal Option, Landlord and Tenant shall execute an amendment (the "Renewal Amendment") to reflect changes in the Base Rent, Lease Term, Expiration Date and other appropriate terms; provided that an otherwise valid exercise of the Renewal Option shall be fully effective whether or not the Renewal Amendment is executed. F. For purpose hereof, "Prevailing Market" rate shall mean the arm's length fair market annual rental rate per square foot under renewal leases and amendments entered into on or about the date on which the Prevailing Market rate is being determined hereunder for space comparable to the Premises in the Building and in buildings comparable to the Building with similar improvements (i.e., laboratories, percentage of office space) located within the RTP/I40 submarket of the Raleigh-Durham region. The determination of Prevailing Market rate 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 Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Optiontime such Prevailing Market rate will become effective under this Lease.

Appears in 1 contract

Sources: Industrial Building Lease (Chimerix Inc)

Renewal Option. Landlord hereby grants to Tenant shall have the option ("Renewal Option") to renew and extend the term of option, provided that Tenant is not in default under this Lease, provided the Property Management Agreement has not been terminated and provided further that Tenant is operating in and in possession of the Premises; upon notification to Landlord in writing at the time the Renewal Option is exercised, this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term least six ("Renewal Term") shall be sixty (606) months commencing upon the expiration of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to the expiration of the original term Term, to extend the Term of this Lease for one (1) additional period of One Hundred Twenty (120) months (each an “Extension Term”), with an annual Base Rent Rate at Market Rental Rate, as defined herein. Notwithstanding the foregoing, in no event shall the prevailing market rate for the first year of such Extension Term be lower than the annual Base Rental Rate in effect at the Expiration Date of the Lease. Any renewal and extension Term, or at the end of the Lease first Extension Term as the case may be, plus a 2.5% increase in the annual Base Rental Rate for each subsequent year thereafter for the Renewal Term shall be at 95% duration of the then current market terms Extension Term. Landlord shall, within the thirty (30) days following receipt of Tenant’s notice of extension, advise Tenant in writing of Landlord’s initial good faith determination of the Market Rental Rate and conditions. Tenant shall not have within the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project next fifteen (15) days (the "Project"“Response Period”) to tenants following receipt of Landlord’s initial good faith determination, notify Landlord in writing of ▇▇▇▇▇▇’s acceptance or prospective tenants rejection of comparable creditworthiness▇▇▇▇▇▇▇▇’s initial determination of the Market Rental Rate. If on or before the last day of the Response Period Tenant: (x) notifies Landlord of Tenant’s acceptance of Landlord’s initial determination of the Market Rental Rate; or (y) does not notify Landlord in writing of Tenant’s acceptance or rejection of Landlord’s initial determination of the Market Rental Rate (in which event Tenant shall be deemed to have accepted Landlord’s good faith initial determination of the Market Rental Rate), this Lease shall be extended as provided herein and Landlord and Tenant shall enter into an amendment to this Lease to reflect the extension of the term and changes in Base Rent, within thirty (30) days after the delivery last day of the renewal Notice Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by LandlordResponse Period. If on or before thirty (30) days after the Renewal Option Deadline Datelast day of the Response Period, if Tenant notifies Landlord in writing of ▇▇▇▇▇▇’s rejection of Landlord’s initial determination of the Market Rental Rate, then Landlord and Tenant canshall during the next forty-five (45) days negotiate in good faith to resolve their disagreement. If the disagreement has not agree in writing been resolved to the "current market terms mutual satisfaction of Landlord and conditions" Tenant within such forty-five (45) day period, then Tenant shall be entitled to have the Base Rent for the renewal term to be applicable during determined in accordance with the Renewal Term, following: Tenant may terminate initiate an appraisal by brokers to determine the Renewal Option (notwithstanding its earlier exercise) Market Rental Rate by delivering giving written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at before the expiration of the forty-five (45) day good faith negotiation period. The brokers must be commercial real estate brokers with at least ten years’ experience in leasing property and buildings in the city or submarket in which the Premises are located. Within ten (10) thereafter, each party shall appoint its original termown appraiser and give written notice thereof to the other party. Any termination If either party does not appoint its appraiser within such ten (10) day period, then the appraiser selected by the other party shall determine the Market Rental Rate of the Lease Premises, and such appraisal shall also terminate be binding upon the Renewal Option.parties. If both appraisers are timely appointed, then the two appraisers shall confer and attempt to agree on the Market Rental Rate. If the two appraisers are unable to agree, but the higher appraisal is no more than ten percent (10%) higher than the lower appraisal, then the Market Rental Rate shall be the average of the two appraisals. If the higher appraisal is more than ten percent Docusign Envelope ID: 9F281A1E-9C97-4CC4-A55B-69F178D46B5A

Appears in 1 contract

Sources: Office Lease (TWFG, Inc.)

Renewal Option. Landlord hereby grants to If Tenant is not then in default of its obligations under this Lease and Tenant is occupying the option ("Renewal Option") to renew and extend the term of this Lease, provided that entire Premises at the time the Renewal Option is exercisedof such election, Tenant may renew this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term for two ("Renewal Term"2) shall be sixty additional periods of five (605) months commencing upon the expiration years each, by delivering written notice of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise thereof to Landlord not later than Two Hundred Seventy one hundred twenty (270120) days prior to before the expiration of the original term. The monthly rent installment payable for each month during such extended term of the Lease. Any renewal and extension of the Lease for the Renewal Term shall be the lesser of (i) the prevailing rental rate (the “Prevailing Rental Rate”), at 95% the commencement of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date such extended term, for comparable renewals of space in the Loop 360 corridor project Building, of equivalent quality, size, utility and location, with the length of the extended term and the credit standing of Tenant to be taken into account, or (ii) (A) for the "Project"first renewal period, $15.46 per square foot; or (b) to tenants or prospective tenants for the second renewal period, the price per square foot in effect during the final year of comparable creditworthinessthe first renewal period plus 2% (in each case, the “Carryover Rental Rate”). If on or before Within thirty (30) days after the delivery receipt of Tenant’s notice to renew, Landlord shall deliver to Tenant written notice of the renewal Notice Prevailing Rental Rate and shall advise Tenant of the required adjustment to the monthly rent installment, if any, and the other terms and conditions offered. Tenant shall, within ten (10) days after receipt of Landlord’s notice, notify Landlord in writing whether Tenant accepts or rejects Landlord’s determination of the Prevailing Rental Rate. If Tenant timely notifies Landlord that Tenant accepts Landlord’s determination of the Prevailing Rental Rate, then, on or before the commencement date of the extended term, Landlord and Tenant cannot agree shall execute an amendment to this Lease extending the Term on the same terms provided in writing to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Option.except as follows:

Appears in 1 contract

Sources: Lease Agreement (Inuvo, Inc.)

Renewal Option. Landlord hereby grants A. Tenant shall have the right to Tenant the option ("Renewal Option") to renew and extend the term Lease Term as to all space then leased for one (1) additional period of this Lease, provided that at five (5) years (the time the Renewal Option is exercised, this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ("Renewal Term") shall be sixty (60) months commencing upon the expiration ), if: 1. Landlord receives notice of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice exercise ("Non-Binding Renewal Option Deadline DateNotice") of exercise to Landlord not later less than Two Hundred Seventy twelve (27012) days full calendar months prior to the expiration of the original term Extended Lease Term and Binding Renewal Notice (hereinafter defined) not less than ten (10) full calendar months prior to the expiration of the Extended Lease Term; and 2. Tenant is not in default under the Lease at the time that Tenant delivers its Non-Binding Renewal Notice and Binding Renewal Notice; and 3. No part of the Premises is sublet to any party other than Railcar, Ltd. at the time that Tenant delivers its Non-Binding Renewal Notice and Binding Renewal Notice; and 4. The Lease has not been assigned to any party other than Railcar, Ltd. pursuant to an assignment requiring Landlord's consent under the Lease on the date that Tenant delivers its Non-Binding Renewal Notice and on the date Tenant delivers its Binding Renewal Notice; 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 Rate (hereinafter defined) per rentable square foot. C. Tenant shall pay Additional Base Rental (i.e. Basic Costs) for the Premises during the Renewal Term in accordance with Exhibit B-2 of the Lease. Any renewal and extension , as amended by paragraph V above. D. Tenant shall be entitled to no less than two (2) unassigned parking spaces per 1,000 useable square feet of office space leased during the Renewal Term at the then current market rate for said spaces. E. Within thirty (30) days after receipt of Tenant's Non-Binding Renewal Notice, Landlord shall advise Tenant of the Lease applicable Base Rental rate for the Premises for the Renewal Term. If Tenant desires to lease the Premises for the Renewal Term at such rate, Tenant shall be at 95% give Landlord final binding written notice ("Binding Renewal Notice") no later than ten (10) months prior to the expiration of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project Extended Term (the "ProjectNotification Deadline") to tenants or prospective tenants of comparable creditworthiness). If on or before Tenant disagrees with Landlord's determination of the applicable Base Rental rate, Tenant, within thirty (30) days after the delivery date on which Landlord advises Tenant of the renewal Notice such rate, shall provide Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during with a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination rejection (the "Rejection Notice"). If Tenant fails to provide Landlord not later than with either a Binding Renewal Notice or a Rejection Notice by the original termination date of this Lease. In the event of termination of the Renewal OptionNotification Deadline, the Tenant's Renewal Option shall thereafter be null and void and of no further force and effect. If Tenant provides Landlord with a Binding Renewal Notice, Landlord and Tenant shall enter into the Renewal Amendment upon the terms and conditions set forth therein. If Tenant provides Landlord with a Rejection Notice, Landlord and Tenant shall work together in good faith to agree upon the Prevailing Market Rate for the Premises during the Renewal Term. Upon agreement Tenant shall provide Landlord with a Binding Renewal Notice and Landlord and Tenant shall enter into the Renewal Amendment in accordance with the terms and conditions thereof. F. 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 Renewal Notice; and 2. Executed by Tenant and returned to Landlord in accordance with paragraph A.5 above. G. For purposes hereof, "Prevailing Market Rate" shall mean the arms length fair market annual rental rate per rentable square foot for renewal leases and amendments entered into on or about the date on which the Prevailing Market Rate is being determined hereunder for space comparable to the Premises, in the Building and office buildings comparable to the Building in the Midtown Atlanta market. The determination of Prevailing Market Rate shall take into account any material economic differences between the terms of this Lease and any comparable lease, such as rent abatements, construction costs and other concessions and the Lease shall expire at manner, if any, in which the expiration landlord under any such lease is reimbursed for operating expenses and taxes. The determination of its original term. Any termination of the Lease Prevailing Market Rate shall also terminate take into consideration any reasonably anticipated changes in the Renewal OptionPrevailing 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 1 contract

Sources: Lease Agreement (First Capital Institutional Real Estate LTD 1)

Renewal Option. Landlord hereby grants Provided no Event of Default exists, Lessee may renew this Lease with respect to Tenant all or a portion of the option ("Renewal Option") to renew and extend the term of this LeasePremises, provided that at the time the Renewal Option is exercised, this Lease same shall be in for a minimum of two full force and effect and Tenant shall floors, for one additional period of five (5) years by delivering written notice of the exercise thereof to Lessor not be in default beyond any applicable cure period hereunder. The renewal term earlier than twenty-four ("Renewal Term") shall be sixty (6024) months commencing upon nor later than eighteen (18) months before the expiration of the original term of the LeaseTerm. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to the expiration of the original term of the Lease. Any renewal and extension of the Lease Basic Rent payable for the Renewal each month during such extended Term shall be the prevailing market rental rate (the “Prevailing Market Rental Rate”) at 95% the commencement of such extended Term for renewals of space in comparable buildings in the Frisco submarket of equivalent quality, size, utility and location, with the length of the then current extended Term and market terms and conditionsconcessions for similarly situated renewal tenants to be taken into account. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before Within thirty (30) days after the delivery receipt of Lessee’s notice to renew, Lessor shall deliver to Lessee written notice of the renewal Notice Landlord Prevailing Market Rental Rate and Tenant cannot agree shall advise Lessee of the required adjustment to Basic Rent and, if any, and the other terms and conditions offered. Lessee shall, within ten days after receipt of Lessor’s notice, notify Lessor in writing to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser whether Lessee accepts or appraisers shall determine the controversy in accordance with the arbitration rules and laws rejects Lessor’s determination of the State of Texas as applied to the facts found by him, her or themPrevailing Market Rental Rate. The cost If Lessee timely notifies Lessor that Lessee accepts Lessor’s determination of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If Prevailing Market Rental Rate, then, on or before thirty the commencement date of the extended Term, Lessor and Lessee shall execute an amendment to this Lease extending the Term on the same terms provided in this Lease, except as follows: (30a) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing Basic Rent shall be adjusted to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option Prevailing Market Rental Rate; (notwithstanding its earlier exerciseb) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option, the Renewal Option Lessee shall thereafter be null and void and of have no further force and effect, and the Lease shall expire at renewal option unless expressly granted by Lessor in writing; (c) All provisions relating to the expiration of its original term. Any termination the Term of the Lease shall also mean the term as extended; (d) Lessor shall lease to Lessee the Premises in their then-current condition, and Lessor shall not provide to Lessee any allowances (e.g., moving allowance, construction allowance, and the like) or other Lessee inducements; and (e) Lessee shall pay for the parking spaces which it is entitled to use at the rates from time to time charged to patrons of the Parking Garage during the extended Term. Lessee’s rights under this Section 7 shall terminate if (1) this Lease or Lessee’s right to possession of the Renewal OptionPremises is terminated, or (2) Lessee fails to timely exercise its option under this Exhibit, time being of the essence with respect to Lessee’s exercise thereof.

Appears in 1 contract

Sources: Lease Agreement (Comstock Resources Inc)

Renewal Option. Landlord hereby grants A. Subject to the terms herein, Tenant shall have the option right to extend the Term ("the “Renewal Option") to renew for one additional period of 5 years commencing on the day following the Termination Date of the initial Term and extend ending on the term 5th anniversary of this Lease, provided the Termination Date (the “Renewal Term”). It is agreed that at the time the Tenant may exercise a Renewal Option is exercised, this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunderonly if: 1. The renewal term ("Renewal Term") shall be sixty (60) months commencing upon the expiration of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written Landlord receives notice ("Renewal Option Deadline Date") of exercise to Landlord (“Renewal Notice”) not later less than Two Hundred Seventy (270) days 9 full calendar months prior to the expiration of the original term initial Term and not more than 12 full calendar months prior to the expiration of the initial Term; and 2. Tenant is not in Monetary Default under the Lease beyond any applicable notice and cure periods at the time that Tenant delivers its Renewal Notice or at the time Tenant delivers its Binding Notice (hereinafter defined); and 3. more than 30% of the Rentable Square Footage of the Premises is sublet at the time that Tenant delivers its Renewal Notice or at the time Tenant delivers its Binding Notice, other than to an Affiliate of Tenant under Section 11 of the Lease; and 4. Any renewal and extension of The Lease has not been assigned (other than to its Affiliate) prior to the Lease date that Tenant delivers its Renewal Notice or prior to the date Tenant delivers its Binding Notice. B. The Rent rate per rentable square foot for the Premises during the Renewal Term (the “Renewal Rent”) shall be at 95% equal the “Prevailing Market” (hereinafter defined) rate per rentable square foot for the Premises. C. Subject to the Prevailing Market determination (which shall include a determination of the then current market terms and conditions. any new “base year” or “expense stop”), Tenant shall not have pay Additional Rent (i.e. Expenses and Taxes) for the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on Premises during the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before thirty (30) days after the delivery of the renewal Notice Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy Term in accordance with the arbitration rules Section 4 and laws Exhibit B of the State Lease, and the manner and method in which Tenant reimburses Landlord for Tenant’s share of Texas as applied to Taxes and Expenses and the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline DateBase Year, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be any, applicable during the Renewal Term, Tenant may terminate shall be some of the factors considered in determining the Prevailing Market rate for the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal OptionTerm.

Appears in 1 contract

Sources: Office Lease Agreement (Boingo Wireless Inc)

Renewal Option. Landlord hereby grants to If: (i) Tenant the option ("Renewal Option") to renew is not in default past applicable notice and extend the term of this Lease, provided that cure periods at the time of exercising the Renewal Option is exercisedrenewal option and at the commencement of the renewal term; and (ii) the original Tenant has not assigned the Lease or sublet the Premises; at the time of such election and at the commencement of the renewal term, then Tenant may renew this Lease shall be in full force and effect and Tenant shall for two (2) additional consecutive periods of five (5) years each, by delivering written notice of the exercise thereof (the “Renewal Notice”) to Landlord not be in default beyond any applicable cure period hereunder. The renewal term earlier than twelve ("Renewal Term") shall be sixty (6012) months commencing upon nor later than nine (9) months before the expiration of the original term then-current term. The Minimum Monthly Rent payable for each month during such extended Lease Term shall be the prevailing rental rate at the commencement of such extended Lease Term for renewals of space in the Building of equivalent quality, size, utility and location, with the length of the Leaseextended Lease Term and the credit standing of Tenant to be taken into account (the “Prevailing Rental Rate”). The Within thirty (30) days after receipt of Tenant’s Renewal Option Notice, Landlord shall be null and void if deliver to Tenant fails to deliver written notice of the Prevailing Rental Rate and shall advise Tenant of the required adjustment to Minimum Monthly Rent, if any, and the other terms and conditions offered. Tenant shall, within ten ("Renewal Option Deadline Date"10) days after receipt of exercise Landlord’s notice, notify Landlord in writing whether Tenant accepts or rejects Landlord’s determination of the Prevailing Rental Rate. If Tenant and Landlord are unable to Landlord agree on a mutually acceptable Prevailing Rental Rate not later than Two Hundred Seventy sixty (27060) days prior to the expiration of the original term of the Lease. Any renewal and extension of the Lease for the Renewal Term shall be at 95% of the then-current term, then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before thirty (30) days after the delivery of the renewal Notice Landlord and Tenant cannot agree shall each appoint a qualified broker doing business in writing to the "area, in turn those two independent brokers shall appoint a third broker and the Prevailing Rental Rate for the Premises as of the expiration of the then-current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is term shall be settled the rate in the middle of the rates as determined by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before the three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosenbrokers. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree shall equally share in the expense of this appraisal. Tenant shall, within five (5) Business Days of such determination of the Prevailing Rental Rate, notify Landlord in writing whether Tenant elects to renew the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination Tenant timely elects to renew the Lease, on or before the commencement date of the Renewal Optionapplicable extended Lease Term, the Renewal Option Landlord and Tenant shall thereafter be null and void and of no further force and effect, and execute an amendment to this Lease extending the Lease shall expire at Term on the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Option.same terms provided in this Lease, except as follows:

Appears in 1 contract

Sources: Office Lease Agreement (Inovio Pharmaceuticals, Inc.)

Renewal Option. Landlord hereby grants to If Tenant has not committed an uncured Event of Default at any time during the option ("Renewal Option") to renew Term, and extend Tenant is occupying the term of this Lease, provided that entire Premises at the time the Renewal Option is exercisedof such election, Tenant may renew this Lease shall be in full force and effect and Tenant shall for one (1) additional period of five (5) years, by delivering written notice of the exercise thereof to Landlord not be in default beyond any applicable cure period hereunder. The renewal term earlier than twelve ("Renewal Term") shall be sixty (6012) months commencing upon nor later than nine (9) months before the expiration of the original term of the LeaseTerm. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to the expiration of the original term of the Lease. Any renewal and extension of the Lease Base Rent payable for the Renewal each month during such extended Term shall be the prevailing rental rate (the “Prevailing Rental Rate”), at 95% the commencement of such extended Term, for renewals of readily available and occupiable space for comparable market spec buildings with a five to ten percent standard office finish (not including any build-to-suit buildings) in the North I-25 industrial submarket, of equivalent quality, size, utility and location, with the length of the then current market terms extended Term (or the prior extended term, as applicable) and conditionsthe credit standing of Tenant to be taken into account, but not the value of any specialized improvements unique to Tenant’s operations nor the value of any Tenant improvements paid for by Tenant. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before Within thirty (30) days after the delivery receipt of Tenant’s notice to renew, Landlord shall deliver to Tenant written notice of the renewal Notice Prevailing Rental Rate and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Tenant shall, within ten (10) days after receipt of Landlord’s notice, notify Landlord in writing whether Tenant accepts or rejects Landlord’s determination of the Prevailing Rental Rate. If Tenant timely notifies Landlord that Tenant accepts Landlord’s determination of the Prevailing Rental Rate, then, on or before the commencement date of the extended Term, Landlord and Tenant cannot agree shall execute an amendment to this Lease extending the Term on the same terms provided in writing to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Option.except as follows:

Appears in 1 contract

Sources: Industrial Lease Agreement (Solid Power, Inc.)

Renewal Option. 1. If, and only if, on the Expiration Date and the date Tenant notifies Landlord hereby grants to Tenant the option ("Renewal Option") of its intention to renew and extend the term of this Lease (as provided below), (i) Tenant is not in default under this Lease, provided that (ii) Tenant then occupies and the Premises then consist of at least all the time the Renewal Option is exercised, original Premises and (iii) this Lease shall be is in full force and effect effect, then Tenant, but not any assignee or subtenant of Tenant, shall have and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal may exercise an option to renew this Lease for one (1) additional term of five ("5) years (“Renewal Term") shall be sixty (60) months commencing upon the expiration of same terms and conditions contained in this Lease with the original term of exceptions that the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to the expiration of the original term of the Lease. Any renewal and extension of the Lease rental for the Renewal Term shall be at 95% of the “Renewal Rental Rate”. The Renewal Rental Rate is hereby defined to mean the then current prevailing rents (including, without limitation, those similar to the Basic Annual Rent and Additional Rent) payable by renewal tenants having a credit standing substantially similar to that of Tenant, for properties of equivalent quality, size, utility and location as the Premises, including any additions thereto, located within the area described below and leased for a renewal term approximately equal to the Renewal Term. The Renewal Rental Rate will take into consideration all prevailing tenant inducements and Landlord concessions then being offered in the market terms and conditionsplace in determining the Renewal Rental Rate. 2. If Tenant shall not have the right desires to assign its renewal rights to a subtenant under renew this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space , Tenant must notify Landlord in the Loop 360 corridor project (the "Project") writing of its intention to tenants or prospective tenants of comparable creditworthiness. If renew on or before the date which is at least twelve (12) months prior to the Expiration Date. Landlord shall, within the next sixty (60) days, notify Tenant in writing of Landlord’s determination of the Renewal Rental Rate and Tenant shall, within the next twenty (20) days following receipt of Landlord’s determination of the Renewal Rental Rate, notify Landlord in writing of Tenant’s acceptance or rejection of Landlord’s determination of the Renewal Rental Rate. If Tenant timely notifies Landlord of Tenant’s acceptance of Landlord’s determination of the Renewal Rental Rate, this Lease shall be extended as provided herein and Landlord and Tenant shall enter into an amendment to this Lease to reflect the extension of the term and changes in Rent or other mutually ageed upon terms in accordance with this Rider. If (x) Tenant timely notifies Landlord in writing of Tenant’s rejection of Landlord’s determination of the Renewal Rental Rate or (y) Tenant does not notify Landlord in writing of Tenant’s acceptance or rejection of Landlord’s determination of the Renewal Rental Rate within such twenty (20) day period, this Lease shall end on the Expiration Date and Landlord shall have no further obligations or liability hereunder. 3. The area with respect to which the Renewal Rental Rate will be determined is Far North Dallas, Texas. 4. If Landlord and Tenant do not agree upon the Renewal Rental Rate, the Renewal Rental Rate will be determined in accordance with this Section 4. Tenant will give Landlord written notice requiring a determination in accordance with this Section 4 and will identify an appraiser selected by Tenant. Landlord shall give notice to the Tenant within fifteen (15) days after receipt of Tenant’s notice identifying an appraiser selected by Landlord. The two appraisers shall, within fifteen (15) days after the selection of the second, agree to a third appraiser. If the two appraisers are unable to agree upon a third appraiser, either Landlord or Tenant may petition the applicable district court having jurisdiction over the Premises for the appointment of the third appraiser. The three appraisers shall each, within thirty (30) days after the delivery appointment of the renewal Notice third appraiser, simultaneously deliver to Landlord and Tenant cannot agree their expert opinions of the Renewal Rental Rate in writing to question. The Renewal Rental Rate shall be the "current market terms average of the three appraisals unless one appraisal is more than ten percent (10%) greater or lesser than the average of the other two appraisals, in which case that appraisal shall be disregarded, and conditions" to the average of the remaining appraisals shall be applicable during a the Renewal TermRental Rate. If, however, all three appraisals are more than ten percent (10%) different from each other, then the question average of what the "then current market terms and conditions" is all three appraisals shall be settled by arbitrationthe Renewal Rental Rate. Such arbitration Each of Landlord and Tenant shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three have the right within fifteen (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (3015) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing appointment of the third appraiser to submit written materials to the "current appraisers and the other party not in excess of fifteen (15) pages in length and may submit a reply of not more than five (5) pages within five (5) days after receipt of the other party’s submission. There shall be no hearings or other contact between the appraisers and the parties hereto. Each party shall pay the cost of the appraiser selected by it and one half of the cost of the third appraiser. All appraisers shall be disinterested and shall have the designation, MAI, SRA or equivalent and shall have not less than five years experience appraising lease rents in the business market terms and conditions" to be applicable during wherein the Renewal Term[****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, Tenant may terminate MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED. Project is located. The appraisers may, but need not, present formal written appraisals supporting their opinion but shall in any event certify that the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date report was conducted in accordance with professional standards. The decision of this Leaseappraisal process shall be binding upon the parties and shall not be subject to appeal to a court or other body except based upon fraud. In the event of termination of the Renewal Option[****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, the Renewal Option shall thereafter be null and void and of no further force and effectMARKED BY BRACKETS, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal OptionHAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

Appears in 1 contract

Sources: Sublease Agreement (Elevate Credit, Inc.)

Renewal Option. Landlord hereby grants to Tenant If the lease is not in default at the time each option ("Renewal Option") to renew and extend the term of this Lease, provided that is exercised or at the time the Renewal Option renewal term is exercisedto commence, this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The have the option to renew this lease for two successive terms of five years each, as follows: A. Each of the renewal term ("Renewal Term") terms shall be sixty (60) months commencing upon commence on the day following expiration of the original term of the Lease. preceding term. B. The Renewal Option shall option may be null and void if Tenant fails to deliver exercised by written notice ("Renewal Option Deadline Date") of exercise to Landlord given not later less than Two Hundred Seventy (270) 180 days prior to the expiration 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. C. The terms and conditions of the lease for each renewal term shall be identical with the original term except for rent and except that Tenant will no longer have any option to renew this lease that has been exercised. Rent for a renewal term shall be the fair market rental value of the LeasePremises. Any renewal As used herein, the "fair market rental rate" shall be the monthly rent (triple net) then being obtained for five year fixed rate leases of comparable terms for premises on property within the same geographical area, of similar types and extension identity, quality and location as the Premises. D. If the parties do not agree on the rent within 30 days after notice of election to renew, the rent shall be determined by a qualified, independent real property appraiser familiar with commercial rental values in the area and not affiliated in any way with Landlord or Tenant. The appraiser shall be chosen by Tenant from a list of not fewer than five such individuals submitted by Landlord. If Tenant does not make the choice within five days after submission of the Lease for list, Landlord may do so. If Landlord does not submit such a list within 10 days after written request from Tenant ▇▇.▇▇ so, Tenant may name as an appraiser any individual with such qualifications. Within 30 days after appointment, the Renewal Term appraiser shall return a decision; which shall be at 95% of the then current market terms final and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before thirty (30) days after the delivery of the renewal Notice Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or thembinding upon both parties. The cost of the appraisers appraisal shall be paid 50% borne equally by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Optionboth parties.

Appears in 1 contract

Sources: Lease Addendum (Advance Power Technology Inc)

Renewal Option. Landlord hereby grants to Tenant the option ("Renewal Option") to renew and may extend the term of this Lease, provided that at the time the Renewal Option is exercised, this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ("Renewal Term") shall be sixty (60) months commencing upon the expiration of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice this Lease for two ("Renewal Option Deadline Date"2) consecutive additional terms of exercise ten (10) Lease Years each by giving to Landlord not later than Two Hundred Seventy notice of each such election at least one hundred eighty (270180) days prior to the expiration of the original term or then renewal term hereof, as applicable; provided, however, that Tenant shall not have such right to extend if it shall then be in default under the terms of this Lease (at the time of election) or if this Lease shall have earlier expired or terminated, and that there shall only be two (2) such renewal terms. The Minimum Annual Rent payable during each renewal term shall be a sum equal to the fair rental value (the "Fair Rental Value") of the Lease. Any Leased Premises on the date which is one hundred eighty (180) days prior to the commencement date of said renewal term (such Fair Rental Value being determined by agreement between Landlord and extension Tenant), but in no event shall such minimum Annual Rent be less than the Minimum Annual Rent payable by Tenant for the last Lease Year of the Lease prior term or more than one hundred twenty-five percent (125%) of the Minimum Annual Rent payable by Tenant for the Renewal Term shall be last Lease Year of the prior term. If, at 95% least five (5) months prior to the expiration of the then current market terms term of this Lease, Landlord and conditions. Tenant are unable to agree upon said Fair Rental Value for the next renewal term, either party may serve a written notice on the other party nominating and appointing an appraiser who shall have at least five years experience in real estate in the Rockville, Maryland area and in the case of the third appraiser shall not have acted in any manner for either Landlord or Tenant within four years of the right to assign its renewal rights to a subtenant under this Leaseappointment, and within fifteen (15) days thereafter the other party shall appoint an appraiser. "Then current market terms Upon the appointment of the two appraisers as hereinabove provided, said appraisers shall forthwith, and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project within fifteen (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before thirty (3015) days after the delivery appointment of the renewal Notice Landlord second appraiser, and Tenant cannot agree before exchanging views to the question at issue, appoint in writing a third appraiser and give written notice of such appointment to each of the parties. In the event the two appraisers shall fail to appoint or agree upon third appraiser within said fifteen (15) day period, a third appraiser shall be selected by the parties themselves if they so agree upon such third appraiser within a further period of ten (10) days. If any appraiser shall not be appointed or agreed upon within the time herein provided, then either party may apply to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws appropriate Court of the State of Texas as applied Maryland having jurisdiction for appointment of such appraiser. Said appraisers shall be sworn faithfully and fairly to determine the Fair Rental value. The three appraisers shall afford to the facts found by himparties a hearing and the right to submit evidence, her or themwith the privilege of cross-examination, on the question at issue and shall, with all possible speed, make their determination in writing and shall give notice to the parties of such determination. The cost concurring determination of any two of said three appraisers shall be binding upon the parties, or, in case no two of the three appraisers shall render a concurring determination, then the determination of the third appraiser appointed shall be binding upon the parties. The fees and expenses of the appraisers shall be paid 50% divided equally between the parties. If Tenant shall have exercised an option to extend the term of this Lease within the time period herein provided, this Lease shall be deemed extended upon all of the then executory terms, covenants and conditions contained herein except that the Minimum Annual Rent payable during such extended term shall be as set forth above in this paragraph. Time shall be of the essence as to any notice which may be given by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of under this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Optionparagraph.

Appears in 1 contract

Sources: Lease (Calypte Biomedical Corp)

Renewal Option. 1. If, and only if, on the Expiration Date and the date Tenant notifies Landlord hereby grants to Tenant the option ("Renewal Option") of its intention to renew and extend the term of this Lease (as provided below), (i) Tenant is not in default under this Lease, provided that (ii) Tenant then occupies and the Premises consisting of at least all the time the Renewal Option is exercisedoriginal Premises, and (iii) this Lease shall be is in full force and effect effect, then Tenant, but not any assignee or subtenant of Tenant, shall have and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal may exercise an option to renew this Lease for one (1) additional term of five (5) years (the "Renewal Term") upon the same terms and conditions contained in this Lease with the exceptions that (x) this Lease shall not be further available for renewal, and (y) the rental for the Renewal Term shall be sixty the "Renewal Rental Rate", but in no event will the Base Monthly Rent be less than the Base Monthly Rent for the last twelve (6012) calendar months commencing upon the expiration of the original initial term of the Lease. The Renewal Option shall be null Rental Rate is hereby defined to mean the then prevailing market rent (including, without limitation, those similar to the Base Monthly Rent and void if Additional Rent) for the Building as determined by Landlord. 2. If Tenant fails desires to deliver written notice renew this lease, Tenant must notify Landlord in writing of its intention to renew on or before the date which is at least six ("Renewal Option Deadline Date"6) of exercise to Landlord not later months but no more than Two Hundred Seventy nine (2709) days months prior to the expiration Expiration Date. Landlord shall, within the next forty five (45) days, notify Tenant in writing of Landlord's determination of the original term Renewal Rental Rate and Tenant shall, within the next twenty (20) days following receipt of Landlord's determination of the LeaseRenewal Rental Rate, notify Landlord in writing of Tenant's acceptance or rejection of Landlord's determination of the Renewal Rental Rate. Any renewal If Tenant timely notifies Landlord of Tenant's acceptance of Landlord's determination of the Renewal Rental Rate, this Lease shall be extended as provided herein and Landlord and Tenant shall enter into an amendment to this Lease to reflect the extension of the Lease for the Renewal Term shall be at 95% of the then current market terms term and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space changes in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before thirty (30) days after the delivery of the renewal Notice Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy Rent in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlordthis Rider. If on or before thirty (30x) days after the Renewal Option Deadline Date, if Tenant timely notifies Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date Tenant's rejection of this Lease. In the event of termination Landlord's determination of the Renewal Option, Rental Rate or (y) Tenant does not notify Landlord in writing of Tenant's acceptance or rejection of Landlord's determination of the Renewal Option Rental Rate within such twenty (20) day period, this Lease shall thereafter be null end on the Expiration Date and void and of Landlord shall have no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Optionobligation or liability hereunder.

Appears in 1 contract

Sources: Commercial Lease Agreement (Tm Century Inc)

Renewal Option. Landlord hereby grants A. Tenant shall have the right to Tenant the option ("Renewal Option") to renew and extend the term Lease Term for one additional period of this Lease, provided that at three (3) years commencing on the time day following the Renewal Option is exercised, this Termination Date of the initial Lease shall be in full force Term and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ending on the last day of the thirty-sixth (36th) month anniversary of the Termination Date (the "Renewal Term") shall be sixty (60) months commencing upon the expiration ), if: 1. Landlord receives notice of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice exercise ("Initial Renewal Option Deadline DateNotice") of exercise to Landlord not later less than Two Hundred Seventy nine (2709) days full calendar months prior to the expiration of the original term initial Lease Term and not more than twelve (12) full calendar months prior to the expiration of the Leaseinitial Lease Term; and 2. Any renewal and extension Tenant is not in default under the Lease beyond any applicable cure periods at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Renewal Notice; and 3. No part of the Premises is sublet at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Renewal Notice; 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 Renewal Notice; 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 be at 95% 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 Exhibit B-2 of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before . D. Within thirty (30) days after the delivery receipt of Tenant's Initial Renewal Notice, Landlord shall advise Tenant of the renewal Notice Landlord and Tenant cannot agree in writing to applicable Base Rental rate for the "current market terms and conditions" to be applicable during a Premises for the Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty within fifteen (3015) days after the Renewal Option Deadline Date, if date on which Landlord and advises Tenant cannot agree in writing to of the "current market terms and conditions" to be applicable during Base Rental rate for the Renewal Term, shall either (i) give Landlord final binding written notice ("Binding Notice") of Tenant's exercise of its option, or (ii) if Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering disagrees with Landlord's determination, provide Landlord with written notice of rejection (the "Rejection Notice"). If Tenant fails to provide Landlord with either a Binding Notice or Rejection Notice within such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Optionfifteen (15) day period, the Tenant's Renewal Option shall thereafter 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 Amendment upon the terms and conditions set forth herein. If Tenant provides Landlord with a Rejection Notice, Landlord and Tenant shall work 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's Renewal Option shall be null and void and of no force and effect. 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 expire at the expiration of its original termbe: 1. Any termination sent to Tenant within a reasonable time after receipt of the Lease shall also terminate the Renewal OptionNotice; and 2. executed by Tenant and returned to Landlord in accordance with paragraph A.5. above.

Appears in 1 contract

Sources: Office Lease (Tenera Inc)

Renewal Option. Landlord hereby grants to Tenant the ▇. ▇▇▇▇▇▇ shall have an option (hereinafter referred to as the "Renewal Option") to renew and extend the term original Term for all of this Lease, provided that at the time the Renewal Option is exercised, premises then covered by this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure as of the expiration date of the original Term, for an additional period hereunder. The renewal term of five (5) years (hereinafter referred to as the "Renewal Term") shall be sixty (60) months commencing on August 1, 1994 upon the following terms and conditions: (1) Tenant gives Landlord written notice of its exercise of the Renewal Option on or before February 1, 1994; (2) Tenant is not in default under this Lease either on the date Tenant delivers the notice required under (1) above or on the expiration date of the original term Term; and (3) All of the Lease. The Renewal Option terms and provisions of this Lease (except this Section 29) shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior applicable to the expiration of the original term of the Lease. Any renewal and extension of the Lease Renewal Term, except that Monthly Base Rental for the Renewal Term shall be at 95% equal to the Fair Market Rental Value of the then current market terms and conditionspremises as reasonably determined by Landlord. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on All Rent for the Renewal Option Deadline Date Term shall be subject to immediate adjustment pursuant to Section 4 for comparable space each Calendar Year thereafter, utilizing, in lieu of the Loop 360 corridor project Tax Base and Expense Base for purposes of Subparagraph 4B, a Revised Tax Base (hereinafter referred to as the "ProjectRevised Tax Stop") and a Revised Expense Base (hereinafter referred to as the "Revised Expense Stop") to tenants or prospective tenants of comparable creditworthinessbe determined by Landlord. If Tenant disagrees with ▇▇▇▇▇▇▇▇'s determination of the Monthly Base Rent to be payable under this Lease for the Renewal Term and notifies Landlord in writing on or before February 28, 1994 (said date is hereinafter referred to as the "Rental Agreement Date"), then the Fair Rental Value of the premises shall be determined by appraisal as hereinafter set forth, provided, however, that the Monthly Base Rental for the Renewal Term shall in no event be less than the escalated annual Monthly Base Rental plus rent adjustments payable by Tenant under this Lease for the last year of the original Term. Within fifteen (15) days after the Rental Agreement Date, Landlord and Tenant shall institute an appraisal procedure to determine the Fair Rental Value of the premises by jointly nominating and appointing one appraiser who shall forthwith make a determination of the Fair Rental Value of the premises. If Landlord and ▇▇▇▇▇▇ fail to jointly agree on the nomination and appointment of one appraiser within said 15-day period, each party shall then each nominate and appoint one appraiser within thirty (30) days after the delivery Rental Agreement Date and give notice of such appointment to the other party. Upon the appointment of the renewal Notice Landlord and Tenant cannot agree in writing two appraisers as aforesaid, the two appraisers so appointed shall forthwith jointly make a determination of the Fair Rental Value of the premises. If either party fails to appoint an appraiser within said 30-day period, the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named appointed by the Landlord, one by other party shall forthwith make the Tenant, and one by determination of the Fair Rental Value of the premises. If the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws are unable to agree upon a determination of the State of Texas as applied to the facts found by him, her or them. The cost Fair Rental Value of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before premises within thirty (30) days after the Renewal Option Deadline Dateappointment of the second appraiser, if Landlord the two appraisers shall jointly nominate and Tenant cannot agree in writing to appoint a third appraiser within fifteen (15) days after the "current market terms expiration of said 30-day period and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering give written notice of such termination appointment to Landlord not later than the original termination date of this Leaseboth parties. In the event the two appraisers fail to appoint such third appraiser within said 15-day period, either party may thereafter apply to the United States District Court for the Northern District of termination Illinois for the appointment of such third appraiser. The third appraiser shall forthwith make a determination of the Fair Rental Value of the premises. In the event the three appraisers are unable to agree upon a determination of the Fair Rental Value of the premises within thirty (30) days after the appointment of the third appraiser, then the Fair Rental Value of the premises shall be an amount equal to the average of the three values contained in the respective written appraisals submitted by the appraisers. The appraisers shall make their determination in writing and give notice thereof to both parties. The Fair Rental Value of the premises shall be the rent (including rental escalations and rent concessions) which the premises would generate for the period of the Renewal OptionTerm in a competitive and open market lease transaction under all conditions requisite to a fair lease and assuming that (i) the landlord and the tenant are each acting voluntarily, prudently and knowledgeably, (ii) the landlord and the tenant are each typically motivated and are acting without malice, (iii) the landlord and the tenant are each well informed or well advised and each acting in what it considers its own best interest, and (iv) a reasonable time is allowed for exposure in the open market. Each appraiser shall afford both parties a hearing and the right to submit evidence, with the privilege of cross-examination in connection with its determination of the Fair Rental Value of the premises. In the event any appraiser appointed as aforesaid shall die or become unable or unwilling to act before completion of the appraisal, such appraiser's successor shall be appointed in the same manner as provided above. Any appraiser appointed hereunder shall (x) be independent of both parties (and of all persons and entities with interest in either party); (y) have not less than five (5) years' experience in the appraisal of real property; and (z) hold the professional designation M.A.I., or if the M.A.I. ceases to exist, a comparable designation from an equivalent professional appraiser organization. All appraisal fees and expenses shall be borne equally by the parties. ▇. ▇▇▇▇▇▇ agrees to accept the premises to be covered by this Lease during the Renewal Term in an "as is" physical condition and Tenant shall not be entitled to receive any allowance, credit or payment from Landlord for the improvement thereof. C. In the event Tenant exercises the Renewal Option herein set forth, Landlord and Tenant shall thereafter mutually execute and deliver an amendment to this Lease reflecting the renewal of the Term on the terms herein provided, which amendment shall be null executed and void and delivered within fifteen (15) days after the determination of no further force and effect, and the Lease Monthly Base Rent to be applicable to the Renewal Term as hereinabove provided. D. The Renewal Option herein granted shall expire at automatically terminate upon the earliest to occur of (i) the expiration or termination of this Lease, (ii) the termination of Tenant's right to possession of the premises, (iii) the assignment (or subletting with respect to any portion so sublet) by Tenant of its original term. Any termination interest in this Lease except as set forth and permitted in Section 16 hereof, or (iv) the failure of the Lease shall also terminate Tenant to timely or properly exercise the Renewal Option.

Appears in 1 contract

Sources: Office Lease (Medialink Worldwide Inc)

Renewal Option. Landlord hereby grants to Provided Tenant the option ("Renewal Option") to renew and extend the term of this Lease, provided that at the time the Renewal Option is exercised, this Lease shall be in full force and effect and Tenant shall not be then in default hereunder beyond any applicable notice and cure period hereunder. The renewal term provided herein, Tenant shall have the option to renew ("the “Renewal Option”) the initial Term of this Lease for one (1) further successive period of five (5) years (hereinafter called “Renewal Term"”), by notifying Landlord in writing of its intention to do so (the “Option Notice”) shall be sixty at least twelve (6012) months commencing upon prior to the expiration of the original term initial Term of this Lease. The Annual Rent for the LeaseRenewal Term shall be adjusted to the then fair market rent for the Premises. The Renewal Option shall be null and void if Tenant fails to deliver written notice for either fifty percent ("Renewal Option Deadline Date"50%) or one hundred (100%) of exercise the Leased Premises, however any portion of the Leased Premises not renewed shall be returned to Landlord not later than Two Hundred Seventy in full floor increments. Within fifteen (27015) days prior to the expiration after Landlord’s receipt of the original term Option Notice, Landlord shall advise Tenant in writing of Landlord’s determination of fair market rent for the Lease. Any renewal and extension of the Lease Premises for the Renewal Term shall be at 95% (hereinafter called “Rent Determination Notice”). In the event Tenant does not agree with Landlord’s determination of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before thirty (30) days after the delivery of the renewal Notice Landlord and Tenant cannot agree in writing to the "current market terms and conditions" rent to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, then Tenant shall notify Landlord of Tenant’s objection within fifteen (15) days of Tenant’s receipt of Landlord’s Rent Determination Notice. Tenant and Landlord shall negotiate in good faith for a period of ten (10) days thereafter to address and resolve Tenant’s objections to Landlord’s determination. If Tenant and Landlord are not able to agree on the fair market rent within such ten (10) day period, Tenant may terminate elect, upon written notice to Landlord, to rescind Tenant’s Option Notice and not renew the Term of this Lease, in which event the Term of this Lease shall expire at the conclusion of the initial Term. If Tenant does not respond to the Rent Determination Notice in writing within such fifteen (15) day period, then Tenant shall be deemed to have rejected the terms of the Rent Determination Notice, and the Renewal Term shall not apply. If the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord is not later than the original termination date of exercised in accordance with this Lease. In the event of termination of the Renewal OptionSection 46, the Renewal Option shall thereafter be automatically become null and void void. The Renewal Option may be exercised only by the undersigned Tenant for its continued use and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination occupancy of the Lease shall also terminate Premises and only if it is in possession of the Premises and operating a permitted use when it exercises the Renewal Option. The Renewal Option shall not be assignable even though Landlord may have approved an assignment of this Lease. However, if Tenant assigns this Lease, with Landlord’s consent, to any entity into which or with which Tenant merges or consolidates and/or to any parent, subsidiary, or affiliated entity, the assignee may exercise the Renewal Option. If Tenant shall default under this Lease beyond any applicable notice and cure period, the Renewal Option shall automatically be extinguished and become null and void. If the Term of this Lease is extended or renewed in a manner other than as set forth in this Section 46, the Renewal Option, if unexercised at the time of such extension or renewal, shall automatically be extinguished and shall become null and void.

Appears in 1 contract

Sources: Full Service Office Building Lease Agreement (Instructure Inc)

Renewal Option. Landlord hereby grants (a) Tenant shall have the right to Tenant extend the option Lease Term with respect to the entire Premises only ("the “Renewal Option") to renew and extend for one (1) additional period of three (3) years commencing on the term day following the Expiration Date of this Leasethe initial Lease Term (the “Renewal Term”), provided that at each of the time following occurs: (i) Landlord receives notice of exercise of the Renewal Option is exercised, this Lease shall be in (“Initial Renewal Notice”) not less than six (6) full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ("Renewal Term") shall be sixty (60) calendar months commencing upon the expiration of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to the expiration of the original term initial Lease Term and not more than nine (9) full calendar months prior to the expiration of the Lease. Any renewal and extension initial Lease Term; and (ii) Tenant is not in default under the Lease beyond any applicable cure periods at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Renewal Notice (hereinafter defined); and (iii) No part of the Premises is sublet at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Renewal Notice; and (iv) 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 Renewal Notice. (b) The Base Rent rate per rentable square foot for the Premises during Renewal Term shall equal the Prevailing Market (hereinafter defined) rate per rentable square foot for the Premises. (c) Tenant shall pay Additional Rent (i.e. Basic Costs and Taxes) for the Premises during the Renewal Term shall be at 95% in accordance with the terms of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project . (the "Project"d) to tenants or prospective tenants of comparable creditworthiness. If on or before Within thirty (30) days after the delivery receipt of Tenant’s Initial Renewal Notice, Landlord shall advise Tenant of Landlord’s determination of the renewal Notice Landlord and Tenant cannot agree in writing to applicable Base Rent rate for the "current market terms and conditions" to be applicable during a Premises for the Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty within fifteen (3015) days after the Renewal Option Deadline Date, if date on which Landlord and advises Tenant cannot agree in writing to of the "current market terms and conditions" to be applicable during Base Rent rate for the Renewal Term, shall either (i) give Landlord final binding written notice (“Binding Renewal Notice”) of Tenant’s exercise of its option, or (ii) if Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering disagrees with Landlord’s determination, provide Landlord with written notice of rejection (the “Rejection Notice”). If Tenant fails to provide Landlord with either a Binding Renewal Notice or Rejection Notice within such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Optionfifteen (15) day period, the Tenant’s Renewal Option shall thereafter be null and void and of no further force and effect. If Tenant provides Landlord with a Binding Renewal Notice, Landlord and Tenant shall enter into the Lease Renewal Amendment (hereinafter defined) upon the terms and conditions set forth herein. If Tenant provides Landlord with a Rejection Notice, Landlord and Tenant shall expire at work together to agree upon the Prevailing Market rate for the Premises during the Renewal Term. Upon agreement Tenant shall provide Landlord with Binding Renewal 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 rate for the Premises within thirty (30) days after the date Tenant provides Landlord with the Rejection Notice, Tenant, by written notice to Landlord (the “Arbitration Notice”) within ten (10) days after the expiration of such thirty (30) day period, shall have the right to have the Prevailing Market rate determined in accordance with the arbitration procedures described in paragraph (e) below. If Landlord and Tenant are unable to agree upon the Prevailing Market rate for the Premises within the thirty (30) day period described and Tenant fails to timely exercise its original termright to arbitrate, Tenant’s ‘s Renewal Option shall be deemed to be null and void and of no further force or effect. (e) If Tenant provides Landlord with an Arbitration Notice, Landlord and Tenant, within ten (10) days after the date of the Arbitration Notice, shall each simultaneously submit to the other its good faith estimate of the Prevailing Market rate for the Premises during the Renewal Term (collectively referred to as the “Estimates”) and shall each select a broker (hereinafter, an “appraiser”) to determine which of the two Estimates most closely reflects the Prevailing Market rate for the Premises during the Renewal Term. Each appraiser so selected shall (i) be a licensed commercial real estate broker and (ii) have not less than 10 years’ experience in the field of commercial brokerage in connection with office buildings comparable to the Building in the Austin, Texas area. Upon selection, Landlord’s and Tenant’s appraisers shall work together in good faith to agree upon which of the two Estimates most closely reflects the Prevailing Market rate for the Premises. The Estimate chosen by such appraisers shall be binding on both Landlord and Tenant as the Base Rent rate for the Premises during the Renewal Term. If either Landlord or Tenant fails to appoint an appraiser within the ten (10) day period referred to above, the appraiser appointed by the other party shall be the sole appraiser for the purposes hereof. If the two appraisers cannot agree upon which of the two Estimates most closely reflects the Prevailing Market within thirty (30) days after their appointment, then, within ten (10) days after the expiration of such thirty (30) day period, the two appraisers shall select a third appraiser meeting the aforementioned criteria. Once the third appraiser (i.e. 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 make his determination of which of the two Estimates most closely reflects the Prevailing Market rate and such Estimate shall be binding on both Landlord and Tenant as the Base Rent rate for the Premises during the Renewal Term. The parties shall share equally in the costs of the arbitrator. Any termination fees of any appraiser, counsel or experts engaged directly by Landlord or Tenant shall be borne by the party retaining such appraiser, counsel or expert. (f) If the Prevailing Market rate has not been determined by the commencement date of the Renewal Term, Tenant shall pay Base Rent upon the terms and conditions in effect during the last month of the initial Lease Term for the Premises until such time as the Prevailing Market rate has been determined. Upon such determination, the Base Rent for the Premises shall be retroactively adjusted to the commencement of the Renewal Term. If such adjustment results in an underpayment of Base Rent by Tenant, Tenant shall pay Landlord the amount of such underpayment within thirty (30) days after the determination thereof. If such adjustment results in an overpayment of Base Rent by Tenant, Landlord shall credit such overpayment against the next installment of Base Rent due under this Lease and, to the extent necessary, any subsequent installments, until the entire amount of such overpayment has been credited against Base Rent. (g) If Tenant is entitled to and properly exercises its Renewal Option, Landlord and Tenant shall execute an amendment (the “Renewal Amendment”) to reflect changes in the Base Rent, Lease Term, Expiration Date and other appropriate terms; provided that an otherwise valid exercise of the Renewal Option shall be fully effective whether or not the Renewal Amendment is executed. (h) For purpose hereof, “Prevailing Market” rate 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 rate is being determined hereunder for space comparable to the Premises in the Building and office buildings comparable to the Building in the Southwest Austin submarket in which the Building is included. The determination of Prevailing Market rate 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 rate 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. (i) The renewal rights of Tenant hereunder shall not be severable from the Lease, nor may such rights be assigned or otherwise conveyed in connection with any permitted assignment of the Lease. Landlord’s consent to any assignment of the Lease shall also terminate the Renewal Optionnot be construed as allowing an assignment of such rights to any assignee.

Appears in 1 contract

Sources: Office Lease Agreement (Lpath, Inc)

Renewal Option. Landlord hereby grants Subject to Tenant the option expansion rights of Arthur Andersen LLP ▇▇▇/▇▇ ▇▇▇ ▇▇▇▇essor in interest under a Lease for a major portion of the Building ("Renewal OptionOther Tenant") to renew and extend expand into the term of this Lease, provided that at the time the Renewal Option is exercised, this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ("Renewal Term") shall be sixty (60) months commencing upon the Premises after expiration of the original term Tenn, Tenant shall have the option to renew the Term of the LeaseLease for two additional five (5) year period in accordance with the following provisions. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not Not later than Two Hundred Seventy nine (2709) days months prior to the expiration of the original term Term, Landlord will notify Tenant whether Other Tenant has elected to exercise its option to expand into the Premises. If Other Tenant exercises such Option, this Paragraph 30 will terminate and be of no further force or effect. If Landlord notifies Tenant that Other Tenant did not exercise its option to expand into the Lease. Any renewal and extension Premises, such notice shall include Landlord's determination of the Lease then Prevailing Market Rental (as defined below) for the Renewal Term shall Premises for a five (5) year renewal term, but in no event will that be at 95% of less than the then current market terms and conditionsrental for the original Lease Term. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before In such event, within thirty (30) days after receipt of Landlord's notice, Tenant may give notice of its election to renew the delivery Term of the Lease and whether it accepts Landlord's determination of Prevailing Market Rental. If Tenant does not timely give such notice, Tenant's current option to renew (and the second option, if applicable) shall terminate. If the parties agree on Prevailing Market Rental for the extended term, they shall immediately execute an amendment to the Lease stating the Prevailing Market Rental and the amount of the fixed rent for such renewal Notice term in question. If the parties are unable to agree on the Prevailing Market Rental for the renewal term within the thirty (30) day period, the Prevailing Market Rental shall be determined pursuant to arbitration as follows. In such event, within ten (10) days thereafter, each party shall select as its arbitrator a qualified commercial real estate broker with at least ten (10) years experience in appraising property and buildings in the city or submarket in which the Premises are located. The two (2) arbitrators shall give their opinion of prevailing rental rates within twenty (20) days after their retention. In the event the opinions of the two (2) arbitrators differ and, after good faith efforts over the succeeding 20-day period, they cannot mutually agree, the arbitrators shall immediately and jointly appoint a third arbitrator with the qualifications specified above. This third arbitrator shall immediately (within five (5) days) choose either the determination of Landlord's. arbitrator or Tenant's arbitrator and such choice of this third arbitrator shall be final and binding on Landlord and Tenant. If either party fails to timely appoint its arbitrator, the opinion of prevailing rental rates of the arbitrator for the other party shall be utilized. Each party shall pay its own costs for its arbitrator. Following the determination of the Prevailing Market Rental by the arbitrators, the parties shall equally share the costs of any third arbitrator. Upon determination of the Prevailing Market Rental, the parties shall immediately execute an amendment as set forth above. The "Prevailing Market Rental" shall be the prevailing annual rental rate per rentable square foot for the Premises then being charged to new tenants in the Building and comparable buildings for improved space comparable to the Premises (or adjusting the rental rate as appropriate for differences therein), which is agreed by Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled or determined by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws provisions of the State balance of Texas as applied to this paragraph, taking into consideration use, location and floor level within the facts found by himapplicable building, her or them. The cost the location, quality, age and reputation of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on building, the definition of rentable area or before thirty (30) days after net rentable area, as the Renewal Option Deadline Datecase may be, if Landlord and Tenant cannot agree with respect to which such rental rates are computed, rent concessions or other allowances, abatements, lease assumptions or take-overs, differences in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination provisions of the Renewal Optionapplicable leases such as passthroughs of operating expenses and taxes, moving expenses, tenant improvements, parking rights, the Renewal Option shall thereafter be null and void and term of no further force and effectthe lease (or renewal) under consideration, and the Lease shall expire at extent of services provided thereunder, applicable distinctions between "gross" leases and "net" leases, base year or expense stop figures for escalation purposes, other tenant concessions and benefits such as new carpeting, paint and wall coverings for the expiration of its original term. Any termination of the Lease shall also terminate the Renewal OptionPremises, and any other relevant term or condition in making such evaluation.

Appears in 1 contract

Sources: Lease Agreement (Calibrus, Inc.)

Renewal Option. Landlord hereby grants to Tenant the an option (the "Renewal Option") to renew and extend the term of this Lease, provided that Lease for one (1) additional period of five (5) years (the "Renewal Term") under the terms set forth below. Tenant shall not be entitled to exercise the Option unless each of the following conditions shall be fully satisfied at the time of its exercise: (i) the Renewal Option is exercised, this Lease shall be in full force and effect effect; (ii) the Tenant originally named in this Lease, or its permitted assignees, shall be in possession of the entire Premises; and (iii) Tenant shall not then be in default under any of the material terms, provisions, covenants or conditions of the Lease beyond any applicable notice and cure period hereunderperiods. The renewal term In order to exercise the Option, Tenant must first give written request to Landlord, not less than twelve ("Renewal Term") shall be sixty (6012) months commencing upon the expiration of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to the expiration Expiration Date of the original term Initial Lease Term for delivery of the LeaseLandlord's determination of Market Rent, as defined below. Any renewal and extension of the Lease Base Rent for the each Renewal Term shall be at 95% of equal to the then current market terms and conditionsMarket Rent, as determined in accordance with this section ("Market Rent"). Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before Within thirty (30) days after the delivery following its receipt of Tenant's request, Landlord shall advise Tenant of Market Rent for each year of the renewal Notice Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during a respective Renewal Term, then the question . Market Rent (including escalations for successive years of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term) shall be determined by Landlord in its reasonable judgment. Landlord's determination of the Market Rent shall be based, as Landlord reasonably deems appropriate, upon then current and projected rents for space in the Building, adjusted for any special conditions applicable to such space and leases, for location, length of term, amount of space and other factors Landlord deems relevant in computing rents for space in the Building, including adjustments for anticipated inflation. Tenant may terminate exercise its option by notifying Landlord; within 30 days from the Renewal date on which Tenant was first advised by Landlord of its determination of Market Rent, that Tenant has elected to exercise the Option (notwithstanding its earlier exercise) at the Market Rent determined by delivering written notice of such termination to Landlord not later than or proceed as provided below. If Tenant exercises the original termination date of this Lease. In the event of termination of the Renewal OptionOption as provided, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination Expiration Date of the Lease shall also terminate be extended for the length of the Renewal Option.Term and Base Rent shall be adjusted to

Appears in 1 contract

Sources: Standard Lease (Cybear Inc)

Renewal Option. Landlord hereby grants to (a) So long as Tenant is not in default at the option ("Renewal Option") to renew and extend expiration of the term of this Lease, provided that at the time the Renewal Option is exercised, this Lease Tenant shall be granted one (1) renewal option for a three (3) year period. If Tenant elects to exercise this option, Tenant shall give Landlord one-hundred eighty (180) days written notice, with the base rental increasing to fair market rental rates then in full force and effect and Tenant effect. The base rent shall not be less than in default beyond effect at the end of the initial term of this Lease. (b) The term “fair market rental rate” as used in the Lease shall mean the annual amount per square foot, projected during the option term, that a willing, institutional, non-equity renewal tenant (excluding sublease and assignment transactions) would pay, and a willing, institutional landlord of a comparable quality office building located in the Salt Lake City, Utah area, and in particular the University of Utah Research Park, would accept, in an arm’s length transaction (what Landlord is accepting in then current transactions for the Building may be used for purposes of projecting rent for the option term), for space of comparable size, quality and floor height as the Premises, taking into account the age, quality and layout of the existing improvements in the Premises, and taking into account items that professional real estate brokers or professional real estate appraisers customarily consider, including, but not limited to, rental rates, space availability, tenant size, tenant improvement allowances, parking charges and any applicable cure period hereunderother lease considerations, if any, then being charged or granted by Landlord or the lessors of such similar office buildings. The renewal term fair market rental rate will be an effective rate, not specifically including, but accounting for, the appropriate economic considerations described above. ("Renewal Term"c) In the event where a determination of fair market rental rate is required under the Lease, Landlord shall be sixty (60) months commencing upon the expiration provide written notice of Landlord’s determination of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord fair market rental rate not later than Two Hundred Seventy (270) days prior to the expiration of the original term of the Lease. Any renewal and extension of the Lease for the Renewal Term shall be at 95% of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before thirty (30) days after the delivery last day upon which Tenant may timely exercise the right giving rise to the necessity for such fair market rental rate determination. Tenant shall have ten (10) business days (“Tenant’s Review Period”) after receipt of Landlord’s notice of the renewal Notice fair market rental rate within which to accept such fair market rental rate or to reasonably object thereto in writing. Failure of Tenant to so object to the fair market rental rate submitted by Landlord in writing within Tenant’s Review Period shall conclusively be deemed Tenant’s approval and acceptance thereof. If within Tenant’s Review Period Tenant reasonably objects to or is deemed to have disapproved the fair market rental rate submitted by Landlord, Landlord and Tenant cannot will meet together with their respective legal counsel to present and discuss their individual determinations of the fair market rental rate for the Premises under the parameters set forth in Paragraph (b) above and shall diligently and in good faith attempt to negotiate a rental rate on the basis of such individual determinations. Such meeting shall occur no later than ten (10) business days after the expiration of Tenant’s Review Period. The parties shall each provide the other with such supporting information and documentation as they deem appropriate. At such meeting if Landlord and Tenant are unable to agree in writing upon the fair market rental rate, they shall each submit to the "current other their respective best and final offer as to the fair market terms rental rate. If Landlord and conditions" Tenant fail to reach agreement on such fair market rental rate within five (5) business days following such a meeting (“Outside Agreement Date”), Tenant’s renewal option will be applicable during a Renewal Termdeemed null and void unless Tenant demands appraisal, then the question of what the "then current market terms and conditions" is in which event each party’s determination shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy submitted to appraisal in accordance with the arbitration rules provisions of Section (d) below. (1) Landlord and laws Tenant shall each appoint one (1) independent appraiser who shall by profession be an M.A.I. certified real estate appraiser who shall have been active over the five (5) year period ending on the date of such appointment in the State leasing of Texas as applied to commercial (including office) properties in the facts found by himSalt Lake City, her or themUtah area. The cost determination of the appraisers shall be paid 50% limited solely to the issue of whether Landlord’s or Tenant’s last proposed (as of the Outside Agreement Date) best and final fair market rental rate for the Premises is the closest to the actual fair market rental rate for the Premises as determined by Tenant the appraisers, taking into account the requirements specified in Section 1 above. Each such appraiser shall be appointed within fifteen (15) days after the Outside Agreement Date. (2) The two (2) appraisers so appointed shall within fifteen (15) days of the date of the appointment of the last appointed appraiser agree upon and 50% by Landlord. If on or before appoint a third appraiser who shall be qualified under the same criteria set forth hereinabove for qualification of the initial two (2) appraisers. (3) The three (3) appraisers shall within thirty (30) days after of the Renewal Option Deadline Dateappointment of the third appraiser reach a decision as to whether the parties shall use Landlord’s or Tenant’s submitted best and final fair market rental rate, if and shall notify Landlord and Tenant cannot agree in writing thereof. During such thirty (30) day period, Landlord and Tenant may submit to the "current market terms appraisers such information and conditions" documentation to be applicable during the Renewal Term, support their respective positions as they shall deem reasonably relevant and Landlord and Tenant may terminate each appear before the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination appraisers jointly to Landlord not later than question and respond to questions from the original termination date of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Optionappraisers.

Appears in 1 contract

Sources: Industrial Building Lease (Amedica Corp)

Renewal Option. Landlord hereby grants to Tenant the will have one (1) option ("Renewal Option") to renew and extend the this Lease Agreement for a term of this Lease, provided that at the time the Renewal Option is five (5) years. Such renewal option must be exercised, if at all, by Tenant's delivery of written notice of exercise to Landlord at least 365 days prior to the scheduled commencement date of the renewal term. Tenant's right to so renew this Lease shall Agreement will be conditioned upon the Lease Agreement being in full force and effect and effect, without any default on the part of Tenant shall not be in default extending beyond any applicable cure period, both at the time of Tenant's exercise of such option and at the time of the scheduled commencement of each such renewal term. Such renewal term will be upon all of the same terms and conditions set forth in this Lease Agreement with respect to the initial Lease Term, except that: (a) Unless Landlord and Tenant otherwise agree, Landlord will not be obligated to pay any concessions or allowances in connection with such renewal term; and (b) the annual Base Rent payable during each year of each such renewal term will be equal to the market rental rate being charged to renewal tenants for comparable space for a comparable term in comparable buildings in the north suburban Chicago office market. Landlord will provide Tenant with its determination of such market rental rates within 15 days after Tenant's written request for the same. If Landlord and Tenant are unable to agree upon market rental rates within 30 days after Tenant's receipt of Landlord's determination thereof, then, in such event, unless Tenant by the end of such 30 day period hereunderwithdraws the exercise of its renewal option, the market rental rates will be determined by three licensed real estate appraisers, one of whom will be selected by Landlord, one of whom will be selected by Tenant and one of whom will be selected by the two appraisers previously so selected by Tenant and Landlord. If the two appraisers so selected fail to select a third appraiser, the third appraiser will be selected by mutual agreement of Landlord and Tenant. All of the appraisers will be licensed real estate appraisers practicing in the north suburban Chicago office market, will specialize in commercial office leasing, will have not less than five years experience and will be recognized as ethical and reputable within their industry. The renewal term ("Renewal Term") shall be sixty (60) months commencing upon parties will designate the respective appraisers within ten business days after the expiration of the original term 30 day period described above. The third appraiser will be selected within 15 days after both of the Leasefirst two appraisers have been selected. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to the expiration of the original term of the Lease. Any renewal and extension of the Lease for the Renewal Term shall be at 95% of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before thirty (30) Within 15 days after the delivery third appraiser has been selected, all of the renewal Notice appraisers will meet to agree upon the market rental rates. If the appraisers fail to agree, then the market rental rates will be those amounts which at least two of the three appraisers agree upon and, in the event that at least two of the three appraisers cannot so agree, then the market rental rate will be that amount which is neither the greatest nor the least of the three values determined by the three appraisers. The determination of the market rental rates by the appraisers will be binding on Landlord and Tenant. Upon the determination of the market rental rates, Landlord and Tenant cannot agree in writing will execute an amendment to the "current market terms Lease, reflecting the new rent for the applicable renewal term. Landlord and conditions" to be applicable during a Renewal Term, then Tenant will each pay for the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws cost of the State of Texas as applied to the facts found appraisers selected by him, her or themit and its own attorney fees. The cost of the appraisers shall third appraiser will be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if divided equally between Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Option.Tenant; and

Appears in 1 contract

Sources: Lease Agreement (Mercator Software Inc)

Renewal Option. Landlord hereby grants to Tenant shall have the option to renew this Lease as to the Expansion Space for one ("1) Renewal Option"Term commencing December 1, 2005, and expiring March 31, 2010, which is the expiration date of the Lease Term for the original Premises. Such Renewal Term shall be subject to the provisions of the Lease and at the then current market rental rate for renewal leases in Class A office buildings in the Westshore Business District of Tampa, Florida, as such rental rate is reasonably determined by agreement of Landlord and Tenant or determined by the three-appraiser method described below if Landlord and Tenant cannot agree. Tenant shall exercise such Renewal Option by written notice to Landlord given no later than December 1, 2004. If Landlord and Tenant, acting in good faith, have not, within thirty (30) days after such exercise, executed a renewal amendment to the Lease which amendment states, inter alia, the rental rate applicable to the Expansion Space during the Renewal Term, then Landlord and Tenant shall each select a MAT appraiser who, in turn, shall select a third MAT appraiser. The three (3) appraisers shall determine by majority action the market rental rate for renewal leases in Class A office buildings in the Westshore Business District of Tampa, Florida. The determination of the three appraisers shall be binding on Landlord and Tenant and shall establish the rental rate for the Expansion Space during such Renewal Term. The above notwithstanding, the rental rate for the Expansion Space during the Renewal Term shall be no less than the average rental rate for the Expansion Space for the two (2) years of the Expansion Space Term immediately preceding the Renewal Term. Landlord and Tenant shall each bear the cost of the appraiser they selected and shall share equally the cost of the third appraiser. Tenant may exercise its option to renew and extend the term Tenant’s exercise of this Leasethat option shall be effective only if, provided that at the time of Tenant’s exercise and on the commencement date of any Renewal Option Term, the Lease is exercised, this Lease shall be in full force and effect and Tenant shall is not be in default under the Lease beyond any applicable cure period; provided that Tenant must, in any event, cure any then existing default within its applicable cure period hereunder. The renewal term ("Renewal Term") shall or such exercise shall, at Landlord’s option, be sixty (60) months commencing upon the expiration of the original term of the Lease. The Renewal Option shall be deemed ineffective and null and void if Tenant fails to deliver written notice ("in its entirety. Upon exercise of the Renewal Option Deadline Date") and determination of exercise to Landlord not later than Two Hundred Seventy (270) days prior the rental rate, the Lease as to the expiration of the original term of the Lease. Any renewal and extension of the Lease Expansion Space shall be extended for the Renewal Term shall be at 95% of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before thirty (30) days after the delivery of the renewal Notice Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Option.

Appears in 1 contract

Sources: Lease Agreement (Outback Steakhouse Inc)

Renewal Option. Landlord hereby grants to Tenant Provided the option ("Renewal Option") to renew and extend the term of this Lease, provided that at the time the Renewal Option Lease is exercised, this Lease shall be in full force and effect and Tenant shall is not be in default beyond any applicable cure period hereunder. The renewal term ("Renewal Term") shall be sixty (60) months commencing upon the expiration under any of the original term other terms and conditions of the Lease. The , at the time of either notification of renewal or commencement of the Renewal Option Term (as that term is hereinafter defined), then Tenant shall be null have a one (1) time option to renew the Lease for a term of 60 months (the “Renewal Term”), on the same terms and void if conditions set forth in the Lease, except as modified by the terms, covenants and conditions as set forth below: a. If Tenant fails elects to deliver exercise said option, then Tenant shall provide Landlord with written notice ("Renewal Option Deadline Date") of exercise to Landlord not no later than Two Hundred Seventy the date which is six (2706) days months prior to the expiration of the original term initial Term of this Lease, time being of the essence. If Tenant fails to timely provide such notice, Tenant shall have no right or additional right to extend or renew the initial Term of this Lease. Any renewal and extension of The notice shall be given in the manner provided in the Lease for the Renewal Term giving of notices to Landlord. b. Within sixty (60) days of Landlord’s receiving Tenant’s written notice of Tenant’s intention to renew this Lease, Landlord shall be at 95% notify Tenant of Landlord’s determination of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project “Fair Rental Value” (the "Project"as defined below) to tenants or prospective tenants of comparable creditworthiness. If on or before thirty (30) days after the delivery of the renewal Notice Landlord and Tenant cannot agree in writing to the "current market terms and conditions" rental rate to be applicable during a the Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the If Tenant disagrees with Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws ’s determination of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" Fair Rental Value rate to be applicable during the Renewal Term, Tenant may terminate it shall so notify Landlord and the parties agree to negotiate in good faith to arrive upon the Fair Rental Value rate to be applicable during the Renewal Option Term. If the parties cannot agree within thirty (notwithstanding 30) days of Landlord’s initial notification of its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination determination of the Renewal OptionFair Rental Value rate, the Renewal Option then Tenant’s right to renew shall thereafter be null lapse and void this entire Article shall become null, void, and of no further force and effect. c. For purposes of this Article 36, “Fair Rental Value” means the annual Base Rent, as determined by Landlord, that a tenant would pay to a landlord under a net lease containing other terms and conditions substantially as set forth herein with respect to comparable premises in a comparable building in the general geographic area as the Building is located where both the landlord and tenant are willing and able to enter into such a lease transaction but neither would be under any compulsion to do so, and taking into account all relevant facts and circumstances concerning the Lease shall expire at Building, the expiration of its original term. Any termination of parties and the Lease shall also terminate the Renewal Optionrelevant market.

Appears in 1 contract

Sources: Commercial Lease (Restore Medical, Inc.)

Renewal Option. 1. If, and only if, on the Expiration Date and the date Tenant notifies Landlord hereby grants to Tenant the option ("Renewal Option") of its intention to renew and extend the term of this Lease (as provided below), (i) Tenant is not in default under this Lease, provided that (ii) Tenant then occupies and the Premises then consist of at least all the time the Renewal Option is exercised, original Premises and (iii) this Lease shall be is in full force and effect effect, then Tenant, but not any assignee or subtenant of Tenant, shall have and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal may exercise an option to renew this Lease for one (1) additional term of five ("5) years (“Renewal Term") shall be sixty (60) months commencing upon the expiration of same terms and conditions contained in this Lease with the original term of exceptions that the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to the expiration of the original term of the Lease. Any renewal and extension of the Lease rental for the Renewal Term shall be at 95% of the “Renewal Rental Rate”. The Renewal Rental Rate is hereby defined to mean the then current prevailing rents (including, without limitation, those similar to the Basic Annual Rent and Additional Rent) payable by renewal tenants having a credit standing substantially similar to that of Tenant, for properties of equivalent quality, size, utility and location as the Premises, including any additions thereto, located within the area described below and leased for a renewal term approximately equal to the Renewal Term. The Renewal Rental Rate will take into consideration all prevailing tenant inducements and Landlord concessions then being offered in the market terms and conditionsplace in determining the Renewal Rental Rate. 2. If Tenant shall not have the right desires to assign its renewal rights to a subtenant under renew this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space , Tenant must notify Landlord in the Loop 360 corridor project (the "Project") writing of its intention to tenants or prospective tenants of comparable creditworthiness. If renew on or before the date which is at least twelve (12) months prior to the Expiration Date. Landlord shall, within the next sixty (60) days, notify Tenant in writing of Landlord’s determination of the Renewal Rental Rate and Tenant shall, within the next twenty (20) days following receipt of Landlord’s determination of the Renewal Rental Rate, notify Landlord in writing of Tenant’s acceptance or rejection of Landlord’s determination of the Renewal Rental Rate. If Tenant timely notifies Landlord of Tenant’s acceptance of Landlord’s determination of the Renewal Rental Rate, this Lease shall be extended as provided herein and Landlord and Tenant shall enter into an amendment to this Lease to reflect the extension of the term and changes in Rent or other mutually agreed upon terms in accordance with this Rider. If (x) Tenant timely notifies Landlord in writing of Tenant’s rejection of Landlord’s determination of the Renewal Rental Rate or (y) Tenant does not notify Landlord in writing of Tenant’s acceptance or rejection of Landlord’s determination of the Renewal Rental Rate within such twenty (20) day period, this Lease shall end on the Expiration Date and Landlord shall have no further obligations or liability hereunder. 3. The area with respect to which the Renewal Rental Rate will be determined is Far North Dallas, Texas. 4. If Landlord and Tenant do not agree upon the Renewal Rental Rate, the Renewal Rental Rate will be determined in accordance with this Section 4. Tenant will give Landlord written notice requiring a determination in accordance with this Section 4 and will identify an appraiser selected by Tenant. Landlord shall give notice to the Tenant within fifteen (15) days after receipt of Tenant’s notice identifying an appraiser selected by Landlord. The two appraisers shall, within fifteen (15) days after the selection of the second, agree to a third appraiser. If the two appraisers are unable to agree upon a third appraiser, either Landlord or Tenant may petition the applicable district court having jurisdiction over the Premises for the appointment of the third appraiser. The three appraisers shall each, within thirty (30) days after the delivery appointment of the renewal Notice third appraiser, simultaneously deliver to Landlord and Tenant cannot agree their expert opinions of the Renewal Rental Rate in writing to question. The Renewal Rental Rate shall be the "current market terms average of the three appraisals unless one appraisal is more than ten percent (10%) greater or lesser than the average of the other two appraisals, in which case that appraisal shall be disregarded, and conditions" to the average of the remaining appraisals shall be applicable during a the Renewal TermRental Rate. If, however, all three appraisals are more than ten percent (10%) different from each other, then the question average of what the "then current market terms and conditions" is all three appraisals shall be settled by arbitrationthe Renewal Rental Rate. Such arbitration Each of Landlord and Tenant shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three have the right within fifteen (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (3015) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing appointment of the third appraiser to submit written materials to the "current appraisers and the other party not in excess of fifteen (15) pages in length and may submit a reply of not more than five (5) pages within five (5) days after receipt of the other party’s submission. There shall be no hearings or other contact between the appraisers and the parties hereto. Each party shall pay the cost of the appraiser selected by it and one half of the cost of the third appraiser. All appraisers shall be disinterested and shall have the designation, MAI, SRA or equivalent and shall have not less than five years experience appraising lease rents in the business market terms and conditions" to be applicable during wherein the Renewal Term[****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, Tenant may terminate MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED. Project is located. The appraisers may, but need not, present formal written appraisals supporting their opinion but shall in any event certify that the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date report was conducted in accordance with professional standards. The decision of this Leaseappraisal process shall be binding upon the parties and shall not be subject to appeal to a court or other body except based upon fraud. In the event of termination of the Renewal Option[****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, the Renewal Option shall thereafter be null and void and of no further force and effectMARKED BY BRACKETS, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal OptionHAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.

Appears in 1 contract

Sources: Sublease Agreement (Elevate Credit, Inc.)

Renewal Option. Landlord hereby grants to Tenant the shall have one (1) option ("Renewal Option") to renew and extend the term Term of this LeaseLease at the then fair market value for an additional three (3) year period (the “Extension Term”). For purposes of rent during the Extension Term, provided that “fair market value rent” shall mean the rental rate per square foot for industrial space comparable to the Premises in building type and age in the Milpitas area of Santa ▇▇▇▇▇ County, California for leases being entered into at or about the time the Renewal Option determination is exercisedbeing made and adjusted to reflect the change if any, in market rates being experienced indicating the rates at or about this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ("Renewal Term") shall be sixty (60) months commencing upon the expiration time of the original term commencement of the Lease. The Renewal Option shall be null renewal term, taking into account and void if Tenant fails to deliver written notice being adjusted for tenant concessions, brokerage commissions, tenant improvement allowances, existing improvements in the Premises ("Renewal Option Deadline Date") of exercise to where Landlord not later than Two Hundred Seventy (270) days prior to the expiration of the original term of the Lease. Any renewal and extension of the Lease for the Renewal Term shall be at 95% of the then current market terms and conditions. Tenant shall does not have the right to assign have Tenant remove) as compared to the market comparables, the method of allocating and who pays for operating expenses and taxes, and the term of the lease being compared in relation to the renewal term. Fair market value rent shall not include rent attributable to improvements performed or installed by Tenant at its renewal rights expense. In no event shall the fair market value rent be less than the Base Rent for the Premises at the end of the Term. Tenant shall exercise such option in writing to Landlord no later than nine (9) months prior to end of initial Term (the “Extension Notice”). 3.3.1 Within 30 days after receiving the Extension Notice, Landlord shall give Tenant either (i) written notice (“Landlord’s Binding Notice”) accepting Tenant’s estimate of the fair market value rent for the Extension Term stated in the Extension Notice, or (ii) written notice (“Landlord’s Rejection Notice”) rejecting such estimate and stating Landlord’s estimate of the fair market value rent for the Extension Term. If Landlord gives Tenant a subtenant under this LeaseLandlord’s Rejection Notice, Tenant, within 15 days thereafter, shall give Landlord either (i) written notice (“Tenant’s Binding Notice”) accepting Landlord’s estimate of the fair market value rent for the Extension Term stated in such Landlord’s Rejection Notice, or (ii) written notice (“Tenant’s Rejection Notice”) rejecting such estimate. "Then current If Tenant gives Landlord a Tenant’s Rejection Notice, Landlord and Tenant shall work together in good faith to agree in writing upon the fair market terms and conditions" value rent for the Extension Term. If, within 30 days after delivery of a Tenant’s Rejection Notice, the parties fail to agree in writing upon the fair market value rent, the provisions of Section 3.3.2 below shall mean those terms and conditions prevailing apply. 3.3.2 Within ten (10) days of the Parties determining by giving written notice from either party to the other that they cannot agree on the Renewal Option Deadline Date fair market value rent, each shall specify in writing to the other the name and address of a person to act as the appraiser on its behalf. Each such person shall be an MAI certified commercial appraiser or a real estate broker with at least five (5) years of experience with the prevailing market rents for comparable space the area in which the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthinessPremises are located. If on or before either party fails to timely appoint an appraiser, the determination of the timely appointed appraiser shall be final and binding. The two appraisers shall have thirty (30) days after from the delivery day of their respective appointments (the renewal Notice “Determination Period”) to make their respective determinations and agree on the fair market value rent. If the two appraisers selected by Landlord and Tenant cannot agree in writing reach agreement on the fair market value rent, such appraisers shall within five (5) business days jointly appoint an impartial third appraiser with qualifications similar to those of the "current first two appraisers, and the fair market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is value rent shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named established by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or three appraisers shall determine the controversy in accordance with the arbitration rules and laws following procedures: The appraiser selected by each party shall state in writing his determination of the State of Texas as applied fair market value rent, which determination will provide for periodic adjustments to the facts found by him, her or themBase Rent if such appraiser believes that such adjustments are appropriate. The cost of the first two appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty arrange for the simultaneous delivery of their determinations to the third appraiser no later than ten (3010) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination expiration of the Renewal Option, Determination Period. The role of the Renewal Option third appraiser shall thereafter be null and void and to select which of no further force and effectthe two proposed determinations most closely approximates the third appraiser’s determination of the fair market value rent, and shall have no more than ten (10) days in which to select the Lease final determination. The determination chosen by the third appraiser shall expire at constitute the expiration decision of the appraisers and be final and binding on the parties. Each party shall pay the cost of its original term. Any termination own appraiser and shall share equally the cost of the Lease shall also terminate the Renewal Optionthird appraiser.

Appears in 1 contract

Sources: Industrial Lease Agreement (CF Finance Acquisition Corp II)

Renewal Option. Landlord hereby grants A. Tenant shall have the right to Tenant extend the option Term (the "Renewal Option") to renew for the entire Premises only for one additional period of 5 years commencing on the day following the Termination Date of the initial Term and extend ending on the term 5th anniversary of this Lease, provided that at the time Termination Date (the Renewal Option is exercised, this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ("Renewal Term") shall be sixty (60) months commencing upon the expiration ), if: 1. Landlord receives notice of exercise of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Initial Renewal Option Deadline DateNotice") of exercise to Landlord not later less than Two Hundred Seventy (270) days 18 full calendar months prior to the expiration of the original term initial Term and not more than 24 full calendar months prior to the expiration of the Leaseinitial Term; and 2. Any renewal and extension Tenant is not in default under the Lease beyond any applicable cure periods at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Notice (as hereinafter defined); and 3. No part of the Premises is sublet (other than pursuant to a Permitted Transfer) at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Notice; and 4. The Lease has not been assigned (other than pursuant to a Permitted Transfer) prior to the date that Tenant delivers its Initial Renewal Notice or prior to the date Tenant delivers its Binding Notice. B. The initial Base Rent rate per rentable square foot for the Premises during the Renewal Term shall be at 95% equal the Prevailing Market (hereinafter defined) rate per rentable square foot for the Premises. C. Tenant shall pay Additional Rent (i.e. Expenses and Taxes) for the Premises during the Renewal Term in accordance with Article IV of the then current market terms and conditions. Lease. D. Within 30 days after receipt of Tenant's Initial Renewal Notice, Landlord shall advise Tenant shall not have of the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on applicable Base Rent rate for the Premises for the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthinessTerm. If on or before thirty (30) Tenant, within 15 days after the delivery date on which Landlord advises Tenant of the renewal Notice Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during Base Rent rate for the Renewal Term, shall either (i) give Landlord final binding written notice ("Binding Notice") of Tenant's exercise of its option, or (ii) if Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering disagrees with Landlord's determination, provide Landlord with written notice of rejection (the "Rejection Notice"). If Tenant fails to provide Landlord with either a Binding Notice or Rejection Notice within such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option15 day period, the Tenant's Renewal Option shall thereafter 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 Lease Renewal Amendment upon the terms and conditions set forth herein. If Tenant provides Landlord with a Rejection Notice, Landlord and Tenant shall expire at work together in good faith to agree upon the Prevailing Market Base Rent 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 Rent rate for the Premises within 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 3 days of the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Option.the

Appears in 1 contract

Sources: Office Lease Agreement (Intrabiotics Pharmaceuticals Inc /De)

Renewal Option. Landlord hereby grants A. Tenant shall have the right to Tenant the option ("Renewal Option") to renew and extend the term Lease Term for one additional period of this Lease, provided that at five (5) years commencing on the time day following the Renewal Option is exercised, this Termination Date of the initial Lease shall be in full force Term and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ending on the last day of the 60th month anniversary of the Termination Date (the "Renewal Term") shall be sixty (60) months commencing upon the expiration ), if: 1. Landlord receives notice of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice exercise ("Renewal Option Deadline DateNotice") of exercise to Landlord not later than Two Hundred Seventy less then twelve (27012) days full calendar months prior to the expiration of the original term initial Lease Term and not more than fifteen (15) full calendar months prior to the expiration of the Leaseinitial Lease Term; and 2. Any renewal and extension Tenant is not in default under the Lease beyond any applicable cure periods at the time that Tenant delivers its Renewal Notice or at the time Tenant delivers its Binding Renewal Notice; and 3. No part of the Premises is sublet at the time that Tenant delivers its Renewal Notice or at the time Tenant delivers its Binding Renewal Notice; and 4. The Lease has not been assigned prior to the date that Tenant delivers its Renewal Notice or prior to the date Tenant delivers its Binding Renewal Notice; and 5. Tenant desires to lease less than the entire Premises, the portion Tenant leases must be at least 25,000 rentable square feet, the exact location of such portion shall be determined by Landlord, and Tenant shall, at its sole cost and expense, pay for all costs of demising the reduced Premises including, without limitation, the cost of constructing a corridor and balancing the HVAC system. 6. Tenant executes and returns the Renewal Term shall be at 95% of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project Amendment (the "Project"hereinafter defined) to tenants or prospective tenants of comparable creditworthiness. If on or before within thirty (30) days after its submission to Tenant. B. The initial Base Rental rate per rentable square foot for the delivery of Premises during the renewal Notice Landlord and Renewal Term shall equal the Prevailing Market (hereinafter defined) rate per rentable square foot for the Premises. C. Tenant cannot agree in writing to shall pay Additional Base Rental (i.e. Basic Costs) for the "current market terms and conditions" to be applicable Premises during a the Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy Term in accordance with the arbitration rules and laws Article IV of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before Lease. D. Within thirty (30) days after receipt of Tenant's Renewal Notice, Landlord shall advise Tenant of the applicable Base Rental rate for the Premises for the Renewal Option Deadline DateTerm. Tenant, if within fifteen (15) days after the date on which Landlord and advises Tenant cannot agree in writing to of the "current market terms and conditions" to be applicable during Base Rental rate for the Renewal Term, shall either (i) give Landlord final binding written notice ("Binding Notice") of Tenant's exercise of its option, or (ii) if Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering disagrees with Landlord's determination, provide Landlord with written notice of rejection (the "Rejection Notice"). If Tenant fails to provide Landlord with either a Binding Notice or Rejection Notice within such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Optionfifteen (15) day period, the Tenant's Renewal Option shall thereafter 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 Amendment upon the terms and conditions set forth herein. If Tenant provides Landlord with a Rejection Notice, Landlord and Tenant shall work 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's Renewal Option shall be null and void and of no force and effect. 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 Renewal Notice; and 2. executed by Tenant and returned to Landlord in accordance with paragraph A.5. above. F. For purposes 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 and office buildings comparable to the Building in Indianapolis, Indiana. 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 Lease shall expire at manner, if any, in which the expiration landlord under any such lease is reimbursed for operating expenses and taxes. The determination of its original term. Any termination of the Lease Prevailing Market shall also terminate take into consideration any reasonably anticipated changes in the Renewal OptionPrevailing 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 1 contract

Sources: Office Lease (First Capital Insured Real Estate Limited Partnership)

Renewal Option. Landlord hereby grants to If Tenant has not committed an Event of Default at any time during the option ("Renewal Option") to renew New Space Term, and extend Tenant is occupying the term of this Lease, provided that entire Premises at the time of such election, Tenant may renew the Renewal Option is exercisedLease for one (1) additional period of five (5) years, this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ("Renewal Term") shall be sixty (60) months commencing upon the expiration by delivering written notice of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise thereof to Landlord not later than Two Hundred Seventy twelve (27012) days prior to months before the expiration of the original term of the LeaseNew Space Term. Any renewal and extension of the Lease The Minimum Rent payable for the Renewal each month during such extended Term shall be the prevailing rental rate (the “Prevailing Rental Rate”), at 95% the commencement of such extended Term, for renewals of space in comparable buildings in the central Scottsdale market, of equivalent quality, size, utility and location, with the length of the then current market terms extended Term and conditionsthe credit standing of Tenant to be taken into account. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before Within thirty (30) days after receipt of Tenant’s notice to renew, Landlord shall deliver to Tenant written notice of Landlord’s determination of the delivery Prevailing Rental Rate and shall advise Tenant of the required adjustment to Minimum Rent, if any, and the other terms and conditions offered. Tenant shall, within ten (10) days after receipt of Landlord’s notice, notify Landlord in writing whether Tenant accepts or rejects Landlord’s determination of the Prevailing Rental Rate. If Tenant timely notifies Landlord that Tenant rejects Landlord’s determination of the Prevailing Rental Rate, then the Prevailing Rental Rate as of commencement of the renewal Notice Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is Term shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas determined as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before follows: within thirty (30) days after receipt of Landlord’s notice specifying Landlord’s determination of the Renewal Option Deadline DatePrevailing Rental Rate, Tenant, at its sole cost, shall obtain and deliver in writing to Landlord a determination of the Prevailing Rental Rate for the Premises for a term equal to the renewal Term from a broker (“Tenant’s Broker”) licensed in the State of Arizona and with not less than ten (10) years’ experience in leasing space in comparable buildings in the central Scottsdale market. If Landlord accepts such determination, the Minimum Rent for the renewal Term shall be adjusted to an amount based upon the Prevailing Rental Rate determined by Tenant’s Broker. If Landlord does not accept such determination within fifteen (15) days after receipt of the determination by Tenant’s Broker, Landlord shall designate a broker (“Landlord’s Broker”) licensed in the State of Arizona and with not less than ten (10) years’ experience in leasing space in comparable buildings in the central Scottsdale market. If Landlord’s Broker and Tenant’s Broker cannot together agree on the Prevailing Rental Rate, Landlord’s Broker and Tenant’s Broker shall name a third broker, similarly qualified, within five (5) days after the appointment of Landlord’s Broker. Each of said three (3) brokers shall determine the Prevailing Rental Rate for the Premises as of the commencement of the renewal Term for a five (5) year term within fifteen (15) days after the appointment of the third broker. The Minimum Rent payable by Tenant effective as of the commencement of the renewal Term shall be adjusted to an amount equal to the arithmetic average of such three determinations; provided, however, that if any such broker’s determination deviates more than ten percent (10%) from the median of such determinations, the Minimum Rent payable shall be an amount equal to the average of the two closest determinations. Landlord shall pay the costs and fees of Landlord’s Broker in connection with any determination hereunder, and Tenant shall pay the costs and fees of Tenant’s Broker in connection with such determination. The costs and fees of any third broker shall be paid one half ( 1⁄2) by Landlord and one half ( 1⁄2) by Tenant. Upon the determination of the Minimum Rent for the renewal Term as aforesaid, or if Tenant timely notifies Landlord that Tenant accepts Landlord’s determination of the Prevailing Rental Rate, then, on or before the commencement date of the renewal Term, Landlord and Tenant cannot agree in writing shall execute ▇▇▇▇▇▇ CENTER II/TPI COMPOSITES, INC. an amendment to the "current market Lease extending the Term on the same terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and provided in the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Option.(as amended by this Amendment), except as follows:

Appears in 1 contract

Sources: Office Lease Agreement (Tpi Composites, Inc)

Renewal Option. Landlord hereby grants to Tenant the option ("Renewal Option"a) to renew and extend the term of this Lease, provided that at the time the Renewal Option is exercised, this Lease Subtenant shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ("Renewal Term") shall be sixty (60) months commencing upon the expiration of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to the expiration of the original term of the Lease. Any renewal and extension of the Lease for the Renewal Term shall be at 95% of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project"“Initial Term Extension Option”) to tenants or prospective tenants of comparable creditworthiness. If on or before thirty (30) days after extend the delivery of Term hereof through the renewal Notice Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) Initial Term Expiration Date by delivering written notice to Sublandlord of such termination election on or prior to the 60th day preceding the Termination Date. If Subtenant timely exercises the Initial Term Extension Option, Subtenant’s leasing of the Subleased Premises during the period (the “Initial Term Extension Period”) commencing on the day following the Termination Date and continuing through the Initial Term Expiration Date shall be upon the same terms and conditions as are set forth herein, except that Subtenant shall pay Net Rent during the Initial Term Extension Period in the amounts set forth on Exhibit “E” attached hereto. (b) Subtenant, at any time on or prior to the 30th day preceding the last day on which Sublandlord may exercise a Renewal Option pursuant to Article 35 of the Master Lease, and provided Subtenant shall have exercised the Initial Term Extension Option pursuant to Paragraph 2.2(a) above, may elect to cause Sublandlord to exercise the applicable Renewal Option with respect to the Subleased Premises, whereupon Sublandlord shall so exercise such Renewal Option. The Sublease Term thereafter shall be extended for the length of the First Renewal Term or the Second Renewal Term, as applicable, and Subtenant shall pay Net Rent for the applicable Renewal Term in the amount determined by Master Landlord not later than and Sublandlord pursuant to Article 35 of the original termination date of this Master Lease. In Subtenant shall be entitled to participate with Sublandlord in the event of termination negotiation and determination of the Renewal Option, Fair Market Rental Value for the Renewal Option Premises, but the final negotiation and determination of such Fair Market Rental Value shall thereafter be null made by Master Landlord and void and of no further force and effect, and Sublandlord pursuant to the Lease shall expire at the expiration of its original term. Any termination provisions of the Lease Master Lease. If and to the extent Master Landlord, pursuant to the Master Landlord Recognition Agreement, shall also terminate have committed to enter into a direct lease with Subtenant upon and subject to the terms and conditions of the Master Lease, as modified by this Sublease, for the Renewal OptionTerm(s), Sublandlord and Subtenant shall cooperate to effect a direct lease between Master Landlord and Subtenant for the Subleased Premises only upon the terms and conditions of the Master Lease as modified hereby.

Appears in 1 contract

Sources: Sublease (Hyatt Hotels Corp)

Renewal Option. Landlord hereby grants to (A) Tenant the shall have one (1), six (6) year renewal option (the "Renewal Option") to renew and extend the term of this Lease, provided that at the time the Renewal Option is exercised, this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The Term for a renewal term ("Renewal Term") ). The Renewal Term shall be sixty (60) months commencing upon commence on the expiration day after the Expiration Date of the original term Lease Term and shall expire on the sixth anniversary of the LeaseExpiration Date. The Renewal Option shall be null and void if exercisable by Tenant fails to deliver by written notice to Landlord ("Renewal Option Deadline DateNotice") of exercise to Landlord given not later than Two Hundred Seventy the date that is twenty-one (27021) days months prior to the expiration then Expiration Date. Notwithstanding the foregoing provisions of the original term of the Lease. Any renewal and extension of the Lease for the Renewal Term shall be at 95% of the then current market terms and conditions. this paragraph 37(A), Tenant shall not have the right to assign its renewal rights to a subtenant exercise the Renewal Option if Tenant is in default under this Lease. "Then current market terms and conditions" lease at the time such Renewal Option if Tenant is in default under this lease at the time such Renewal Notice is given or at any time thereafter until the commencement of such Renewal Term. (B) The Renewal Term shall mean those be upon the same covenants, terms and conditions prevailing as in this Lease for the original Lease Term, except that the Base Annual Rent on a per rentable square foot basis during the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project Term shall be an amount (the "ProjectRenewal Term Base Annual Rent") equal to tenants or prospective tenants the market rental value of the demised premises as reasonably determined by Landlord after considering the rental rates charged for comparable creditworthinessoffice space located in similar class A office buildings within the City of Boulder. If on or before Landlord shall notify Tenant in writing ("Notice of Rental Amount") of its determination of the Renewal Term Annual Rent at least nineteen (19) months prior to the first day of the Renewal Term. Tenant shall have the right to withdraw its Renewal Notice at any time within thirty (30) days after Tenant's receipt of the Notice of Rental Amount upon delivery of the renewal Notice Landlord and Tenant cannot agree in writing written notice to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before Tenant fails to withdraw its Renewal Notice within said thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Termday period, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination shall be deemed to Landlord not later than the original termination date of this Lease. In the event of termination have accepted Landlord's determination of the Renewal Option, Term Base Annual Rent and the Renewal Option Notice shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Optionirrevocable.

Appears in 1 contract

Sources: Office Lease (Hagler Bailly Inc)

Renewal Option. Landlord hereby grants to Tenant the option ("Renewal Option"a) to renew and extend the term of this Lease, provided that at the time the Renewal Option is exercised, Provided this Lease shall be is then in full force and effect without any existing uncured default of Tenant hereunder of which Tenant has received notice in accordance with this Lease, Landlord hereby grants unto Tenant the right and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ("Renewal Term") shall be sixty (60) months commencing upon the expiration of the original term of the Lease. The Renewal Option shall be null option to extend and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to the expiration of the original term of the Lease. Any renewal and extension of renew the Lease Term for the Renewal Term shall be at 95% one (1) period of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before thirty (30) days after the delivery of the renewal Notice Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before either three (3) disinterested MIA appraisersor five (5) years, one named by at Tenant's election, with such renewal term to commence on the Landlordday following the expiration date of the initial Lease Term. In order to exercise such renewal option, one by Tenant shall notify Landlord in writing no later than March 31, 2002, of Tenant's desire to so extend and renew the TenantLease Term, and one by the two thus chosenperiod of time for which Tenant desires to renew the Lease Term. The MIA appraiser or appraisers shall determine If Tenant exercises its option to renew this Lease for five (5) years, the controversy in accordance with Base Rental Rate for the arbitration rules and laws first year of the State five (5) year period shall be at Nineteen and No/100 Dollars ($19.00) per annum per square foot of Texas as applied Rentable Floor Area within the Demised Premises. If Tenant exercises its opinion to renew this Lease for three (3) years, the facts found by him, her or them. The cost Base Rental Rate for the first year of the appraisers three (3) year period shall be paid 50% by Tenant at Twenty and 50% by LandlordNo/100 Dollars ($20.00) per annum per square foot of Rentable Floor Area within the Demised Premises. If Tenant does not exercise such renewal option on or before thirty March 31, 2002, the renewal option shall be deemed terminated. (30b) days after During such renewal term, all of the Renewal Option Deadline Dateterms, if Landlord conditions and provisions of this Lease shall remain in effect; provided, however, there shall be no allowances granted during any such renewal period. (c) If Tenant cannot agree exercises its option to renew this Lease as provided herein, the Base Rental Rate for the second and each succeeding year of the renewal term shall increase to an amount equal to one hundred three percent (103%) of the Base Rental Rate in writing to effect for the "current market terms and conditions" to be applicable preceding year of such renewal term. Such increase shall take place on January 1 of each such year during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original renewal term. Any termination of the Lease shall also terminate the Renewal Option.

Appears in 1 contract

Sources: Lease Agreement (Manhattan Associates Inc)

Renewal Option. Landlord hereby grants to Tenant the option ("Renewal Option") to renew and extend the term If an Event of this Lease, provided that Default does not exist at the time of exercise or at the commencement of the Renewal Option is exercisedTerm (as hereinafter defined), this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure is occupying the entire Premises at the time of such election, Tenant may renew the Lease as amended by this Amendment for one (1) additional period hereunder. The renewal term of Three ("3) years (the “Renewal Term") shall be sixty ”), by delivering written notice of the exercise thereof to Landlord not earlier than twelve (6012) months commencing upon nor later than six (6) months before the expiration of the original term Extension Term. The Minimum Monthly Rent payable for each month during such Renewal Term shall be the prevailing rental rate (the “Prevailing Rental Rate”), at the commencement of such Renewal Term, for renewals of space in the Northwest Denver submarket for Class A Buildings, if applicable, of equivalent quality, size, utility and location, with the length of the Leaseextended Term, concessions and the credit standing of Tenant to be taken into account. The Within thirty (30) days after receipt of Tenant’s notice to renew, Landlord shall deliver to Tenant written notice of the Prevailing Rental Rate and any refurbishment allowance and shall advise Tenant of the required adjustment to Minimum Monthly Rent, if any, and the other terms and conditions offered. Tenant shall, within ten (10) days after receipt of Landlord’s notice, notify Landlord in writing whether Tenant accepts or rejects Landlord’s determination of the Prevailing Rental Rate. If Tenant timely notifies Landlord that Tenant accepts Landlord’s determination of the Prevailing Rental Rate, then, on or before the commencement date of the Renewal Option Term, Landlord and Tenant shall execute an amendment to the Lease as amended by this Amendment for the Renewal Term on the same terms provided in the Lease as amended by this Amendment, except as follows: (a) Minimum Monthly Rent shall be null and void if adjusted to the Prevailing Rental Rate; (b) Tenant shall have no further renewal option unless expressly granted by Landlord in writing. If Tenant rejects Landlord’s determination of the Prevailing Rental Rate, then the Prevailing Market Rate shall be determined as set forth below. If Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to timely notify Landlord not later than Two Hundred Seventy (270) days prior to the expiration in writing that Tenant accepts or rejects Landlord’s determination of the original term Prevailing Rental Rate, time being of the Leaseessence with respect thereto, Tenant’s rights under this Section 7 shall terminate and Tenant shall have no right to renew the Lease as amended by this Amendment. Any renewal Tenant’s rights under this Section 7 shall terminate if (1) the Lease as amended by this Amendment or Tenant’s right to possession of the Premises is terminated, (2) Tenant assigns any of its interest in the Lease as amended by this Amendment or sublets any portion of the Premises except in connection with a Permitted Transfer, (3) Tenant fails to timely exercise its option under this Section 7, time being of the essence with respect to Tenant’s exercise thereof, or (4) Landlord determines, in its sole but reasonable discretion, that Tenant’s financial condition or creditworthiness has materially deteriorated since the date of this Amendment. All terms and extension conditions of the Lease for as amended by this Amendment shall be applicable during the Renewal Term except that the amount of Minimum Monthly Rent charged during the Renewal Term shall be at 95% of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthinessPrevailing Market Rent. If on or before within thirty (30) days after the following delivery of the renewal Notice Tenant’s notice, Landlord and Tenant canhave not agree in writing to mutually agreed on the "current market terms and conditions" to be applicable during a Prevailing Market Rent for the Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate elect (A) not to renew the Renewal Option (notwithstanding its earlier exercise) Lease as amended by delivering this Amendment by providing written notice of such termination the same to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal OptionLandlord, the Renewal Option or (B) Tenant may notify Landlord, that Tenant will be hiring a Disinterested Broker (as hereinafter defined), in which case Tenant shall thereafter be null and void and of no further force and effect, and obligated to renew the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Option.as amended by this

Appears in 1 contract

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

Renewal Option. Landlord hereby grants to If Tenant has not committed an Event of Default at any time during the option ("Renewal Option") to renew Term, and extend Tenant is occupying the term of this Lease, provided that entire Premises at the time the Renewal Option is exercisedof such election, Tenant may renew this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure for one (1) additional period hereunder. The renewal term of five ("Renewal Term"5) shall be sixty (60) months commencing upon the expiration years, by delivering written notice of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise thereof to Landlord not later than Two Hundred Seventy nine (2709) days prior to months before the expiration of the original term of the LeaseTerm. Any renewal and extension of the Lease The Base Rent payable for the Renewal each month during such extended Term shall be at 95% the prevailing market rental rate for comparable Class A buildings in the immediate marketplace, including current and future phases of the then current market terms and conditions. Tenant shall not have rest of the right to assign its renewal rights to Complex of which the Building is a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project part (the "Project") “Prevailing Rental Rate”), at the commencement of such extended Term, of equivalent quality, size, utility and location, with the length of the extended Term and the credit standing of Tenant to tenants or prospective tenants of comparable creditworthinessbe taken into account. If on or before Within thirty (30) days after the delivery receipt of Tenant’s notice to renew, Landlord shall deliver to Tenant written notice of the renewal Notice Prevailing Rental Rate and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Tenant shall, within ten (10) days after receipt of Landlord’s notice, notify Landlord in writing whether Tenant accepts or rejects Landlord’s determination of the Prevailing Rental Rate. If Tenant timely notifies Landlord that Tenant accepts Landlord’s determination of the Prevailing Rental Rate, then, on or before the commencement date of the extended Term, Landlord and Tenant cannot agree shall execute an amendment to this Lease extending the Term on the same terms provided in writing to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Option.except as follows:

Appears in 1 contract

Sources: Office Lease Agreement (Triangle Capital CORP)

Renewal Option. Landlord hereby grants to Tenant Provided no Event of Default exists, or any state of facts, which, with notice or the option ("Renewal Option") to renew and extend the term passage of time, or both, would constitute an Event of Default under this Lease, provided that either at the time such option is exercised or at the time the Renewal Option is exercisedPeriod commences, Landlord grants Tenant the option (the “Renewal Option”) to extend this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ("Renewal Term") shall be sixty (60) months commencing upon the expiration with respect to all of the original term Premises for one (1) additional consecutive period of five (5) years (the Lease“Renewal Period”). The Renewal Option shall be null and void if exercised by Tenant fails to deliver delivering written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy at least twelve (27012) days months prior to the expiration Expiration Date of the original term of the Leaseinitial Term. Any renewal and extension of the Lease The Rent for the Renewal Term Period (the “Renewal Rental Rate”) shall be at 95% the fair market rental rate, which shall be the rental rate then being charged by landlords (including Landlord) in the market area in which the Premises is located on new leases or on renewed leases to tenants of a similar credit quality to Tenant for space of similar quality and size as the Premises, taking into account all relevant factors, including without limitation, location, age, extent and quality of the then current market terms Premises, length of term, amenities of the Premises, location, definition of net rentable area, and, if any, abatement provisions reflecting free rent, improvement allowances, brokerage commissions and conditionsany other concessions which would be granted by Landlord or a comparable landlord. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before Within thirty (30) days after the delivery of the renewal Notice Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination ’s exercise of the Renewal Option, Landlord shall notify Tenant in writing of the proposed Renewal Rental Rate as determined by the above formula. Tenant shall have ten (10) days from the receipt of Landlord’s notice (the “Outside Agreement Date”) to either accept or dispute Landlord’s determination of the Renewal Option Rental Rate or cancel the exercise of the Renewal Option. In the event that Tenant disputes Landlord’s determination, Tenant shall thereafter so notify Landlord and each party shall make a separate determination of the Renewal Rental Rate which shall be null submitted to each other and void to arbitration in accordance with the following procedure: (i) Landlord and Tenant shall each circulate its determination of no further force the Renewal Rental Rate and, within ten (10) business days of the Outside Agreement Date, appoint one arbitrator who shall, by profession, be a current real estate broker or appraiser of comparable properties in the 495 West submarket and effectwho has been active in such field over the last five (5) years (a “Qualified Arbitrator”). The determination of the arbitrators shall be limited solely to the issue of whether Landlord’s or Tenant’s submitted Renewal Rental Rate is the closest to the actual Renewal Rental Rate as determined by the arbitrators. (ii) The two Qualified Arbitrators so appointed shall within five (5) business days of the date of the appointment of the last appointed Qualified Arbitrator agree upon and appoint a third Qualified Arbitrator. (iii) The three Qualified Arbitrators shall within fifteen (15) days of the appointment of the third Qualified Arbitrator reach a decision as to whether the parties shall use Landlord’s or Tenant’s submitted Renewal Rental Rate, and shall notify Landlord and Tenant thereof. The decision of a majority of the three Qualified Arbitrators shall be binding upon Landlord and Tenant. (iv) If either Landlord or Tenant fails to appoint a Qualified Arbitrator within ten (10) business days after the Outside Agreement Date, the Qualified Arbitrator appointed by one of them shall reach a decision, notify Landlord and Tenant thereof, and such Qualified Arbitrator’s decision shall be binding upon Landlord and Tenant. (v) If the two Qualified Arbitrators fail to agree upon and appoint a third Qualified Arbitrator, or both parties fail to appoint a Qualified Arbitrator, then the appointment of the third Qualified Arbitrator or any Qualified Arbitrator shall be dismissed and the matter to be decided shall be forthwith submitted to arbitration under the provisions of the American Arbitration Association, but subject to the instructions set forth in this Section 8.12. Landlord and Tenant shall execute an amendment to this Lease within fifteen (15) days after the determination of the Renewal Rental Rate, which amendment shall expire at set forth the expiration extended Term and the Renewal Rental Rate. Except for the change in the Rent, the Renewal Period shall be subject to all of its the terms and conditions of this Lease. Neither any option granted to Tenant in this Lease or in any collateral instrument to renew or extend the Term, nor the exercise of any such option by Tenant, shall prevent Landlord from exercising any option or right granted or reserved to Landlord in this Lease or in any collateral instrument or that Landlord may otherwise have, to terminate this Lease or any renewal or extension of the Term either during the original Term or during the renewed or extended term. Any renewal or extension right granted to Tenant shall be personal to Tenant and may not be exercised by any assignee, subtenant or legal representative of Tenant to which Landlord’s consent was required with respect to the assignment, subletting or transfer thereto. Any termination of the this Lease shall also serve to terminate any such renewal or extension of the Renewal OptionTerm, whether or not Tenant shall have exercised any option to renew or extend the Term. No option granted to Tenant to renew or extend the Term shall be deemed to give Tenant any further option to renew or extend.

Appears in 1 contract

Sources: Lease (Netezza Corp)

Renewal Option. Landlord hereby grants to (a) Provided that no Event of Default has occurred, and Tenant is occupying the option ("Renewal Option") to renew and extend the term of this Lease, provided that entire Premises at the time of such election, Tenant may renew the Renewal Option is exercised, this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure Term for one (1) additional period hereunder. The renewal term of five ("5) years (the “Renewal Term") shall be sixty (60) months commencing upon the expiration ”), by delivering written notice of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise thereof to Landlord not later than Two Hundred Seventy twelve (27012) days prior to months before the expiration of the original term Lease Term (as such Lease Term is extended pursuant to Section 1 of the Leasethis Amendment). Any renewal and extension of the Lease The monthly Base Rent payable for each month during the Renewal Term shall be the Fair Market Value (hereinafter defined), as determined by Landlord at 95% the commencement of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before thirty (30) days after the delivery of the renewal Notice Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate provided, however, in no event shall the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later Fair Market Value be less than the original termination date of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire Base Rent rate at the expiration of its original termthe Lease Term. Any termination As used herein, the term “Fair Market Value” shall: (1) mean the prevailing market rate at the commencement of the Lease shall also terminate Renewal Term for leases in the RTP / I-40 corridor submarket of Raleigh/Durham, North Carolina of equivalent quality, size, utility and for similarly constructed buildings, (2) take into consideration the finish out and improvements within the Premises, and (3) take the length of the Renewal OptionTerm and the credit standing of Tenant into account. Within 30 days after receipt of Tenant’s written notice to renew, Landlord shall deliver to Tenant written notice of the Fair Market Value and shall advise Tenant of the required adjustment to monthly Base Rent, if any, and the other terms and conditions offered, if any. Tenant shall, within ten (10) business days after receipt of Landlord’s notice, notify Landlord in writing whether Tenant accepts or rejects Landlord’s determination of the Fair Market Value and the other terms offered, if any. If Tenant timely notifies Landlord that Tenant accepts Landlord’s determination of the Fair Market Value and the other terms offered, if any, in the time set forth herein (time being of the essence), then, on or before the commencement date of the Renewal Term, Landlord and Tenant shall execute an amendment to this Lease extending the Lease Term on the same terms provided in this Lease, except as follows: (i) monthly Base Rent shall be adjusted to the Fair Market Value; (ii) Tenant shall have no further renewal option unless expressly granted by Landlord in writing pursuant to a subsequent written agreement between Landlord and Tenant; (iii) any other terms and conditions agreed upon by Landlord and Tenant shall be included in such amendment; and (iv) Landlord shall lease to Tenant the Premises in their then-current condition, and, unless otherwise expressly agreed to between Landlord and Tenant in a written amendment to the Lease, Landlord shall not provide to Tenant any allowances (e.g., moving allowance, construction allowance, and the like) or other tenant inducements.

Appears in 1 contract

Sources: Industrial Building Lease (Chimerix Inc)

Renewal Option. If at the end of the Lease Term on December 31, 2004, and so long as Tenant is not then in default of any of the terms, conditions or covenants of the Lease, Tenant (but not including any assignee or subtenant of Tenant) may (a) No further renewal options will be available unless granted by Landlord hereby grants in writing, which Landlord has no obligations to Tenant grant; and (b) Rental Escalation and Basic Rental for the option Renewal Term (the "Renewal Option") to renew and extend the term of this Lease, provided that at the time the Renewal Option is exercised, this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ("Renewal TermBasic Rental") shall be sixty (60) months commencing upon based on the expiration then prevailing rental rates for properties of equivalent quality, size, utility and location, with the original term length of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to the expiration of the original term of the Lease. Any renewal and extension of the Lease for the Renewal Term shall and credit standing of Tenant to be at 95% of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthinesstaken into account. If on or before thirty (30) days after Tenant desires to extend the delivery of the renewal Notice Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy Lease Term in accordance with the arbitration rules and laws Renewal Term pursuant to this paragraph, Tenant will notify Landlord of its intention to renew no later than July 1, 2004 (the "Tenant's Renewal Notice"). The Tenant's Renewal Notice shall also set forth Tenant's determination of the State Renewal Basic Rental. Landlord shall, within fifteen (15) days following receipt of Texas Tenant's Renewal Notice, notify Tenant in writing of Landlord's acceptance or rejection of the Renewal Basic Rental as applied proposed by Tenant. If Landlord and Tenant are unable to agree on the facts found by himappropriate Renewal Basic Rental, her or themLandlord and Tenant will agree on an appraiser who will determine for them the Renewal Basic Rental. The cost of the appraisers such appraiser shall be paid 50% shared equally by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal OptionTenant.

Appears in 1 contract

Sources: Lease Extension Agreement (Dc/DWC Acquisition Corp)

Renewal Option. Landlord hereby grants A. Tenant shall have the right to Tenant the option ("Renewal Option") to renew and extend the term Lease Term for one additional period of this Lease, provided that at five (5) years (the time the Renewal Option is exercised, this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ("Renewal Term") shall be sixty (60) months commencing upon the expiration ), if: 1. Landlord receives notice of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice exercise ("Initial Renewal Option Deadline DateNotice") of exercise to Landlord not later more than Two Hundred Seventy twelve (27012) days full calendar months prior to the expiration of the original term initial Lease Term and Binding Notice (hereinafter defined) not less than nine (9) full calendar months prior to the expiration of the Leaseinitial Lease Term; and 2. Any renewal Tenant is not in material or monetary default under the Lease at the time that Tenant delivers its Initial Renewal Notice and extension Binding Renewal Notice; and 3. No more than thirty three percent (33%) of rentable square feet of the Rentable Area of the Premises in the aggregate is sublet other than pursuant to a Corporate Transfer at the time that Tenant delivers its Initial Renewal Notice and Binding Renewal Notice; and 4. The Lease has not been assigned other than pursuant to a Corporate Transfer on the date that Tenant delivers its Initial Renewal Notice and on the date Tenant delivers its Binding Renewal Notice; 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 be equal the Prevailing Market (hereinafter defined) rate per rentable square foot. The Base Rental rate per square foot shall increase at 95% such times and in such amount assumed by Landlord in its determination of the then current market terms and conditionsPrevailing Market. Tenant shall not have the be entitled to exercise its right to assign extend the Lease Term for all or less than all the Premises as follows, and Tenant shall notify Landlord in the Initial Renewal Notice which configuration Tenant has elected: 1. Tenant shall be entitled to exercise its right to extend as to the full second (2nd) floor of the Building, or as to not less than 9,000 rentable square feet, provided such 9,000 square feet shall be contiguous and demised in a manner acceptable to Landlord, in Landlord's reasonable judgment, to provide a common corridor for use of the second (2nd) floor as a multi-tenant floor. In the event Tenant elects to exercise its option to extend, for less than the full second (2nd) floor, Tenant shall, at Tenant's sole cost and expense (including, but not limited to materials and labor), perform the construction required, if any, to separately demise the Premises and to re-establish the common corridor for use of the second (2nd) floor as a multi-tenant floor. 2. Tenant shall be entitled to exercise its right to extend as to all the Rentable Area of the Premises, subject to the extension rights, renewal rights, expansion rights and rights of first offer and rights of first refusal of any tenant of the Building, with respect to a subtenant under this Lease. "Then current market terms and conditions" the Premises. C. Tenant shall mean those terms and conditions prevailing on pay Additional Base Rental (i.e. Basic Costs) for the Premises during the Renewal Option Deadline Date for comparable space Term in accordance with Exhibit B-2 of the Loop 360 corridor project Lease, using a 2002 Base Year. D. Within, thirty (30) days after receipt of Tenant's Initial Renewal Notice, Landlord shall give Tenant a notice (the "ProjectRenewal Rent Notice") to tenants advising Tenant of the Renewal Rent for the Premises or prospective tenants portion thereof for the Renewal Term. The Renewal Rent shall be conclusive and binding on Tenant as the Prevailing Market rate of comparable creditworthiness. If on the Premises or before portion thereof for purposes of calculation of the Base Rental during such renewal Term unless Tenant, within thirty (30) days after the delivery giving of the renewal Notice Renewal Rent Notice, notifies Landlord and Tenant cannot agree in writing to that it disputes the "current market terms and conditions" to be applicable during a Renewal TermRent, then specifying the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlordreasons therefor. If on or before such dispute is not resolved within thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during giving of the Renewal TermRent Notice, Tenant may terminate shall have the option to withdraw its Initial Renewal Option (notwithstanding its earlier exercise) Notice by delivering giving Landlord written notice of such termination withdrawal within five (5) days after the expiration of such thirty (30) day period. If Tenant elects to Landlord not later than withdraw its Initial Renewal Notice, Tenant's right to extend the original termination date of this Lease. In the event of termination term of the Renewal Option, the Renewal Option Lease shall thereafter be null and void and of no further force and effect. If Landlord and Tenant cannot agree upon the Prevailing Market within the thirty (30) day period described above, and, in addition, Tenant does not elect to withdraw its Initial Renewal Notice, Landlord and Tenant shall each simultaneously submit to the other, in a sealed envelope, its good faith estimate of the Prevailing Market rate. If the higher of such estimates is not more than one hundred five percent (105%) of the lower of such estimates, then the prevailing Market rate shall be the average of the two estimates. If the determination of the Prevailing Market rate is not resolved by the exchange of estimates, then either Landlord or Tenant may, by written notice to the other on or before ten (10) days after the exchange, require that the disagreement be resolved by arbitration. Tenant's requirement that the disagreement be resolved by arbitration shall be deemed to be its Binding Renewal Notice. If Landlord elects to resolve the dispute by arbitration, such election shall be deemed to be Tenant's Binding Renewal Notice. If neither party requires arbitration within such ten (10) day period, Tenant's right to extend the Lease shall expire be null and void and of no further force and effect. If Landlord or Tenant elects to submit the determination of the Prevailing Market rate to arbitration by notice to the other, within seven (7) days after such notice, the parties shall select as an arbitrator a mutually acceptable licensed real estate broker with experience in commercial real estate activities, including at least ten (10) years experience in leasing high-rise office space in the expiration Orange/Anaheim, California area. If the parties cannot agree on a arbitrator, then within a second period of its original termseven (7) days, each shall select and 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 Prevailing Market rate. If one party shall fail to make such 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 estimates of the Prevailing Market rate submitted by the Landlord and Tenant, which must be the one that is closer to the Prevailing Market 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 advise would materially assist him, he may retain one or more qualified persons to provide such expert advice. The party whose estimate is not chosen by the arbitrator shall pay the costs of the arbitrator and of any experts retained b the arbitrator. Any termination 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, Rentable Area of the Premises, if applicable, and other appropriate terms. The Renewal Amendment shall be: 1. sent to Tenant within a reasonable time after receipt of the Renewal Notice; and 2. executed by Tenant and returned to Landlord in accordance with paragraph A.5. above. F. For purposes hereof, "Prevailing Market" shall mean the arms length fair market annual rental rate per rentable square foot and other terms and conditions 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 and office buildings comparable to the Building in the Orange/Anaheim California area. 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 terminate take into consideration any reasonably anticipated changes in the Renewal OptionPrevailing 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 1 contract

Sources: Standard Form Office Lease (Long Beach Holdings Corp)

Renewal Option. Landlord hereby grants to Tenant the option ("Renewal Option"a) to renew and extend the term of this Lease, provided that at the time the Renewal Option is exercised, this Lease Subtenant shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ("Renewal Term") shall be sixty (60) months commencing upon the expiration of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to the expiration of the original term of the Lease. Any renewal and extension of the Lease for the Renewal Term shall be at 95% of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project"“Initial Term Extension Option“) to tenants or prospective tenants of comparable creditworthiness. If on or before thirty (30) days after extend the delivery of Term hereof through the renewal Notice Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) Initial Term Expiration Date by delivering written notice to Sublandlord of such termination election on or prior to the 60th day preceding the Termination Date. If Subtenant timely exercises the Initial Term Extension Option, Subtenant’s leasing of the Subleased Premises during the period (the “Initial Term Extension Period”) commencing on the day following the Termination Date and continuing through the Initial Term Expiration Date shall be upon the same terms and conditions as are set forth herein, except that Subtenant shall pay Net Rent during the Initial Term Extension Period in the amounts set forth on Exhibit “E” attached hereto. (b) Subtenant, at any time on or prior to the 30th day preceding the last day on which Sublandlord may exercise a Renewal Option pursuant to Article 35 of the Master Lease, and provided Subtenant shall have exercised the Initial Term Extension Option pursuant to Paragraph 2.2(a) above, may elect to cause Sublandlord to exercise the applicable Renewal Option with respect to the Subleased Premises, whereupon Sublandlord shall so exercise such Renewal Option. The Sublease Term thereafter shall be extended for the length of the First Renewal Term or the Second Renewal Term, as applicable, and Subtenant shall pay Net Rent for the applicable Renewal Term in the amount determined by Master Landlord not later than and Sublandlord pursuant to Article 35 of the original termination date of this Master Lease. In Subtenant shall be entitled to participate with Sublandlord in the event of termination negotiation and determination of the Renewal Option, Fair Market Rental Value for the Renewal Option Premises, but the final negotiation and determination of such Fair Market Rental Value shall thereafter be null made by Master Landlord and void and of no further force and effect, and Sublandlord pursuant to the Lease shall expire at the expiration of its original term. Any termination provisions of the Lease Master Lease. If and to the extent Master Landlord, pursuant to the Master Landlord Recognition Agreement, shall also terminate have committed to enter into a direct lease with Subtenant upon and subject to the terms and conditions of the Master Lease, as modified by this Sublease, for the Renewal OptionTerm(s), Sublandlord and Subtenant shall cooperate to effect a direct lease between Master Landlord and Subtenant for the Subleased Premises only upon the terms and conditions of the Master Lease as modified hereby.

Appears in 1 contract

Sources: Sublease (Hyatt Hotels Corp)

Renewal Option. Landlord hereby grants to Provided Tenant is not in default under this Lease and that no event or condition exists which with notice and the expiration of any grace period would constitute an event of default under this Lease at the time an option ("Renewal Option") to renew may be exercised and extend the term of this Lease, provided that at the time the Renewal Option is exercised(as defined below) commences, Landlord grants to Tenant one option (the “Renewal Option”) to extend this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ("Renewal Term") shall be sixty (60) months commencing upon the expiration with respect to all of the original term Premises for an additional period of five (5) years (the Lease“Renewal Period”). The Renewal Option shall may be null and void if exercised by Tenant fails to deliver delivering written notice ("the “Renewal Option Deadline Date"Notice”) of exercise to Landlord not later than Two Hundred Seventy at least six (2706) days months prior to the expiration of the original term of then current Lease Term. In the Lease. Any renewal and extension event that Tenant fails timely to give such notice to Landlord, this Lease shall automatically terminate at the end of the Lease Term, and Tenant shall have no further option to extend the Lease Term. Time is of the essence in the exercise of the Renewal Option[s]. The rate of base Rent (the “Renewal Rental Rate”) for the Renewal Term Period shall be at 95% of equal to the then current market terms and conditionsrental rate at the Property charged by Landlord, taking into account all relevant factors. Not later than thirty (30) days following Landlord’s receipt of the Renewal Notice, Landlord shall provide Tenant with Landlord’s good faith estimate (“Landlord’s FMV Notice”) of such Renewal Rental Rate. Tenant shall not have the right thirty (30) days from its receipt of Landlord’s FMV Notice to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on notify Landlord whether Tenant accepts or rejects Landlord’s determination of the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthinessRental Rate. If on or before Tenant is unwilling to accept Landlord’s determination of the Renewal Rental Rate as set forth in Landlord’s FMV Notice, and if the parties are unable to reach agreement thereon within thirty (30) days after the delivery of Tenant’s notice to Landlord rejecting such rental determination, then the renewal Notice Renewal Option shall lapse, the Lease shall automatically terminate at the end of the Term and Tenant shall have no further option to extend the term of this Lease. Landlord and Tenant cannot agree in writing shall execute an amendment to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before this Lease within thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination determination of the Renewal OptionRental Rate, which amendment shall set forth the extended Lease Term and the Renewal Rental Rate. Except for the change in the rate of Rent, the Renewal Option Period shall thereafter be null subject to all of the terms and void and conditions of no further force and effect, this Lease and the Lease Premises shall expire be delivered in their then “as is” condition at the expiration time the Renewal Period commences. Neither any option granted to Tenant in this Lease or in any collateral instrument to renew or extend the Lease Term, nor the exercise of its any such option by Tenant, shall prevent Landlord from exercising any option or right granted or reserved to Landlord in this Lease or in any collateral instrument or that Landlord may otherwise have, to terminate this Lease or any renewal or extension of the Lease Term either during the original Lease Term or during the renewed or extended term. Any renewal or extension right granted to Tenant shall be personal to Tenant and may not be exercised by any assignee, subtenant or legal representative of Tenant. Any termination of this Lease shall serve to terminate any such renewal or extension of the Lease Term, whether or not Tenant shall also terminate have exercised any option to renew or extend the Renewal OptionLease Term. No option granted to Tenant to renew or extend the Lease Term shall be deemed to give Tenant any further option to renew or extend.

Appears in 1 contract

Sources: Industrial Real Estate Lease (Spinal Elements Holdings, Inc.)

Renewal Option. Landlord hereby grants to If Tenant has not committed an Event of Default more than twice during the option Term ("Renewal Option") to renew as such Term may have previously been extended), and extend Tenant is occupying the term of this Lease, provided that entire Premises at the time of such election, Tenant may renew the Renewal Option is exercisedLease for two (2) additional periods of three (3) years (each, this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ("a “Renewal Term"”), by delivering written notice of the exercise thereof (the “Renewal Notice”) shall be sixty to Landlord not earlier than nine (609) months commencing upon nor later than six (6) months before the expiration of the original term of Extension Term, or the Leasefirst Renewal Term, as the case may be. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to the expiration of the original term of the Lease. Any renewal and extension of the Lease Base Rent payable for the each month during each Renewal Term shall be the prevailing rental rate (the “Prevailing Rental Rate”), at 95% the commencement of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the subject Renewal Option Deadline Date Term, for comparable renewals of space in the Loop 360 corridor project (Project of equivalent quality, size, utility and location, with the "Project") length of the Renewal Term, the credit standing of Tenant and the condition of the improvements to tenants or prospective tenants of comparable creditworthinessthe Premises to be taken into account. If on or before Within thirty (30) days after receipt of Tenant’s Renewal Notice for the delivery subject Renewal Term, Landlord shall deliver to Tenant written notice of the renewal Prevailing Rental Rate for the subject Renewal Term and shall advise Tenant of the required adjustment to Rent, if any, and the other terms and conditions offered. Tenant shall, within ten (10) days after receipt of Landlord’s notice, notify Landlord in writing whether Tenant accepts or rejects Landlord’s determination of the Prevailing Rental Rate, and if Tenant rejects Landlord’s determination, Tenant shall indicate whether Tenant desires to determine the Prevailing Rental Rate in accordance with Paragraph B below. If Tenant timely delivers the Renewal Notice to Landlord, and Tenant timely notifies Landlord that Tenant accepts Landlord’s determination of the Prevailing Rental Rate, then, on or before the commencement date of the subject Renewal Term, Landlord and Tenant cannot agree in writing shall execute an amendment to the "current market Lease extending the Term on the same terms and conditions" to be applicable during a Renewal Termprovided in the Lease, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas except as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Option.follows:

Appears in 1 contract

Sources: Lease (Qualstar Corp)

Renewal Option. Subject to the provisions hereinafter set forth, Landlord hereby grants to Tenant the an option ("Renewal Option") to renew and extend the term Term of this Lease on the same terms, conditions and provisions as contained in this Lease, except as otherwise provided that herein, for one period of five (5) years (the “Renewal Period”) after the expiration of the initial Term, which Renewal Period shall commence on the day after the expiration date for the initial ten (10) year term (the “Renewal Period Commencement Date”) and end on the day before the fifth (5) anniversary thereof. (a) Said option shall be exercisable by written notice from Tenant to Landlord of Tenant’s election to exercise said option given not earlier than the date which is twenty-four (24) months prior to the Renewal Period Commencement Date, nor later than twelve (12) months prior to such date, time being of the essence. If Tenant’s option is not so exercised, said option shall thereupon expire. (b) Tenant may only exercise said option, and an exercise thereof shall only be effective, if at the time of Tenant’s exercise of said option and on the Renewal Option is exercised, Period Commencement Date this Lease shall be is in full force and effect and Tenant shall is not be in default beyond any applicable cure period hereunder. The renewal term ("Renewal Term") shall be sixty (60) months commencing upon the expiration of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to the expiration of the original term of the Lease. Any renewal and extension of the Lease for the Renewal Term shall be at 95% of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant Default under this Lease. "Then current market terms and conditions" No sublessee shall mean those terms and conditions prevailing on be entitled to exercise the renewal option under this Section 9.04. (c) Rent per Rentable Square Foot of the Leased Premises payable during the Renewal Option Deadline Date for comparable Period with respect to all space included in the Loop 360 corridor project Leased Premises as of the Renewal Period Commencement Date shall be equal to the Market Rental Rate for the Building, taking into account other pecuniary concessions such as rent abatement and tenant improvement allowances. Landlord shall give Tenant written notice of the proposed Market Rental Rate within thirty (30) days following written request by Tenant made not earlier than fourteen (14) months prior to the "Project"Renewal Period Commencement Date. (d) to tenants or prospective tenants of comparable creditworthiness. If on or before Tenant has validly exercised said option, within thirty (30) days after the delivery of the renewal Notice request by either party hereto Landlord and Tenant cannot agree in writing shall enter into a written amendment to this Lease confirming the terms, conditions and provisions applicable to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy Period as determined in accordance herewith, with the arbitration rules and laws of the State of Texas as applied such revisions to the facts found by him, her or them. The cost rental provisions of the appraisers shall this Lease as may be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing necessary to conform such provisions to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal OptionMarket Rental Rate.

Appears in 1 contract

Sources: Sublease Agreement (Cumberland Pharmaceuticals Inc)

Renewal Option. Section 24.1 Subject to the provisions hereinafter set forth, Landlord hereby grants to Tenant the an option ("Renewal Option") to renew and extend the term Term of this Lease on the same terms, conditions and provisions contained in this Lease, except for the rental rate as provided that herein, for a period of five (5) years (the “Renewal Period”). The Renewal Period shall commence on the day after the Expiration Date (the “Renewal Period Commencement Date”) and end on the day before the fifth (5th) anniversary of the Expiration Date. Tenant shall not be entitled to an abatement of Rent during the Renewal Period. Notwithstanding anything contained herein to the contrary, Tenant shall not receive the abatement of Rent described in Section 4.1 during the Renewal Period and Tenant shall not be entitled to any free parking spaces (but shall be charged at Landlord’s then current rates for such spaces). Section 24.2 If Tenant wishes to exercise its option to renew as set forth herein, Tenant shall send written notice to Landlord requesting Landlord’s determination of the rental rate for the Renewal Period which notice shall be delivered to Landlord no later than fourteen (14) months prior to the Renewal Period Commencement Date, time being of the essence. At least thirteen (13) months prior to the Renewal Period Commencement Date, Landlord shall advise Tenant in writing (“Landlord’s Response”) of Landlord’s determination of the rental rate for the Renewal Period (as determined pursuant to Section 23.4 below). At least twelve (12) months prior to the Renewal Period Commencement Date, Tenant shall send written notice to Landlord (“Tenant’s Renewal Notice”) either (i) exercising Tenant’s renewal option; or (ii) disputing Landlord’s determination of the Market Rental Rate. If Tenant disputes Landlord’s determination of the Market Rental Rate Tenant shall set forth the amount which Tenant believes to be the Market Rental Rate in Tenant’s Renewal Notice delivered to Landlord, and the provisions of Section 24.8 below shall govern. If Tenant elects to exercise its option to renew, then said exercise shall be irrevocable. If Tenant fails to respond to Landlord’s Response as set forth herein, said option shall thereupon expire and be of no further force or effect. Section 24.3 Tenant may only exercise its option, and an exercise thereof shall only be effective, if at the time of Tenant’s exercise of the option and on the Renewal Option is exercisedPeriod Commencement Date, this Lease shall be is in full force and effect and the entire Premises are occupied by the original Tenant named herein or a Permitted Transferee and said Tenant has not assigned or sublet any portion of the Premises to any other entity (other than to a Permitted Transferee). Tenant’s rights to exercise its right to renew granted pursuant to this Article 24 are also subject to the condition that no Event of Default exists under any of the terms, covenants or conditions of this Lease at the time that Tenant delivers its written notice to Landlord of the exercise of any such right, (provided the foregoing shall not be in default beyond affect or limit Landlord’s rights to enforce any defaults of Tenant pursuant to Article 12 hereof). Notwithstanding the foregoing, if the existence of any Event of Default shall, pursuant to the foregoing, make the exercise of such right ineffective, such exercise shall nevertheless become effective as of the originally scheduled date if such Event of Default is cured within the earlier of (i) any applicable cure or grace period hereunder. The renewal term specified in Article 12 hereof or ("Renewal Term"ii) shall be sixty (60) months commencing upon the expiration of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to the expiration of the original term of the Lease. Any renewal and extension of the Lease for the Renewal Term shall be at 95% of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before thirty (30) days after the delivery of notice of such Event of Default by Landlord to Tenant. Section 24.4 Base Rent for the renewal Notice Landlord and Tenant cannot agree Premises payable during the Renewal Period with respect to all space included in writing the Premises as of the Renewal Period Commencement Date shall be equal to the "current market terms and conditions" Market Rental Rate. Section 24.5 If Tenant has validly exercised its option to be applicable during a Renewal Termrenew, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before within thirty (30) days after Tenant gives Landlord notice of the Renewal Option Deadline Dateexercise of the option, if Landlord and Tenant cannot agree in writing shall enter into a written amendment to this Lease revising all of the rental provisions of this Lease as may be necessary to conform such provisions to the "current market terms and conditions" determination of the rental rate set forth herein. Section 24.6 Tenant shall accept possession of the Premises on the Renewal Period Commencement Date in “as-is” condition. Section 24.7 Tenant shall not have any option to be applicable extend the Term of this Lease beyond the expiration of the Renewal Period. Section 24.8 If Tenant notifies Landlord that Landlord’s determination of the Market Rental Rate is not acceptable to Tenant as set forth in Section 24.2 herein, then during the Renewal Termthirty (30) day period after Tenant’s notice to Landlord of such objection (the “Negotiation Period”), Landlord and Tenant shall attempt to agree on the Market Rental Rate. If Landlord and Tenant are unable to agree on the Market Rental Rate within the Negotiation Period, Tenant, within five (5) Business Days after the expiration of the Negotiation Period, shall (i) accept Landlord’s determination of Market Rental Rate; (ii) submit the determination to binding arbitration as provided herein; or (iii) irrevocably withdraw its exercise of the renewal option. If Tenant fails to notify Landlord of Tenant’s election under the preceding sentence within five (5) Business Days after the expiration of the Negotiation Period, Tenant may terminate shall be deemed to have accepted Landlord’s determination of the Market Rental Rate. If Tenant elects to submit the determination of the Market Rental Rate to arbitration then Tenant shall be deemed to have irrevocably exercised its option to extend and Landlord and Tenant shall each select an arbitrator within fifteen (15) days after such election by Tenant. If either Landlord or Tenant fail to timely appoint an arbitrator, the arbitrator selected shall select the second (2nd) arbitrator, who shall be impartial, within fifteen (15) days after such party’s failure to appoint. Each arbitrator must be a qualified member of the American Institute of Real Estate Appraisers and have at least ten (10) years experience in the suburban Chicago area in the leasing and valuation of comparable buildings. The two arbitrators shall, within twenty (20) days of their appointment, select from the determination of the Market Rental Rate submitted by Landlord in Landlord’s Response and the determination of the Market Rental Rate submitted by Tenant in Tenant’s Renewal Option Notice the one that is closer to the Market Rental Rate as determined by the arbitrators, and said selection shall thereafter be deemed the Market Rental Rate. If the two arbitrators so appointed fail to agree as to which of the determinations submitted by Landlord and Tenant is the closest to the actual Market Rental Rate, the two arbitrators shall appoint a third arbitrator within twenty (notwithstanding its earlier exercise20) by delivering written notice days after the failure of such termination the initial arbitrators to Landlord agree on a Market Rental Rate, to decide upon which of the two determinations submitted is the closest to the actual Market Rental Rate. The arbitrators shall not later be permitted to choose any results other than the original termination date determination presented by either Landlord or Tenant. The fees and expenses of this LeaseLandlord’s arbitrator shall be borne by Landlord and the fees and expenses of Tenant’s arbitrator shall be borne by Tenant. If a third arbitrator is required then Landlord and Tenant shall split the costs and expenses of the third arbitrator. The arbitrators’ determination shall be final and binding on the parties. In the event of termination of that the Market Rental Rate has not been determined by the arbitrators by the Renewal OptionPeriod Commencement Date, Tenant shall pay the Market Rental Rate as determined by Landlord until such time as the arbitrators are able to agree on the Market Rental Rate. Upon such determination, the Renewal Option rental for the Premises shall thereafter be null and void and retroactively adjusted. If such adjustment results in an underpayment of no further force and effectBase Rent by Tenant, and Tenant shall pay Landlord the amount of such underpayment within ten (10) days after the determination thereof. If such adjustment results in an overpayment of Base Rent by Tenant, Landlord shall credit such overpayment against the next installment of Base Rent due under the Lease shall expire at and, to the expiration extent necessary, any subsequent installments until the entire amount of its original term. Any termination of the Lease shall also terminate the Renewal Optionsuch overpayment has been credited against Base Rent.

Appears in 1 contract

Sources: Lease Agreement (Deerfield Capital Corp.)

Renewal Option. Landlord hereby grants to (a) Provided Tenant is not in default hereunder beyond the option ("Renewal Option") to renew giving of notice and extend the term expiration of applicable grace periods expressly provided for in this Lease, provided that at the time the Renewal Option is exercised, Lease and this Lease shall be in full force and effect, Tenant shall have the right to renew the term of the Lease for an additional five (5) year term (the “Renewal Option”) provided that Tenant shall have given written notice (the “Renewal Notice”) to Landlord in accordance with Article 26, which Renewal Notice shall have been received by Landlord not less than nine (9) months prior to the Expiration Date. Time shall be of the essence as to the giving of the Renewal Notice. If Tenant shall fail to exercise its Renewal Option by delivering the Renewal Notice, in strict conformance with the terms of this Article, this provision shall be deemed deleted from this Lease and of no further force and effect and Tenant shall not have no option to renew or extend the term of this Lease. (b) If Tenant shall exercise the Renewal Option in accordance with the provisions of this Article, this Lease shall be in default beyond any applicable cure period hereunder. The renewed for such renewal term upon all the terms, covenants, and conditions contained in the Lease, except that ("Renewal Term"i) the Base Rent shall be sixty the fair annual market rental value (60the “Fair Market Value”) months commencing upon the expiration of the original term Premises on the last day of the Term of this Lease. The Renewal Option , determined as provided in accordance with subparagraphs (c) and (d) of this Article, but in no event less than the Base Rent in effect on the date preceding the first day of the first or second renewal term, as the case may be, and (ii) the Expiration Date shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to the expiration of the original term of the Lease. Any renewal and extension of the Lease for the Renewal Term shall be at 95% of the then current market terms and conditionsdeemed extended accordingly. Tenant shall not have no further right or option to renew this Lease or the right to assign term hereof. (c) If Tenant has fully complied with subparagraph (a) of this Article, Landlord shall furnish Tenant with its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on initial determination of the Fair Market Value, within forty-five (45) days of Landlord’s receipt of the Renewal Option Deadline Date for comparable space in Notice from Tenant. (d) If Tenant shall dispute the Loop 360 corridor project (the "Project") to tenants or prospective tenants Fair Market Value proposed by Landlord, Tenant shall give notice of comparable creditworthiness. If on or before such dispute within thirty (30) days after receipt of Landlord’s proposal, and any such dispute, if not resolved between the delivery of the renewal Notice Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during a Renewal Termparties within fifteen (15) days thereafter, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws regulations then obtaining of the State of Texas as applied to the facts found by him, her American Arbitration Association or themits successor. The cost of the appraisers such arbitration shall be paid 50% borne equally by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing Tenant, and, until finally determined, the Base Rent subsequent to the "current market terms and conditions" expiration of the term of this Lease, shall be equal to be applicable during the Renewal Term, Tenant may terminate greater of the Renewal Option (notwithstanding its earlier exercise) Fair Market Value proposed by delivering written notice Landlord or the Base Rent in effect on the last day of such termination to Landlord not later than the original termination date initial term of this Lease. In The determination rendered in accordance with the event provisions of termination this subparagraph (d) shall be final and binding in fixing the Fair Market Value. If, as a result of such determination, there shall have been an overpayment in the Renewal OptionBase Rent, Landlord shall credit the Renewal Option amount thereof against subsequent payments of Base Rent. If, as a result of such determination, there shall thereafter be null and void and of no further force and effecthave been a deficiency, and Tenant shall pay the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Optionamount thereof to Landlord within ten (10) days after such determination.

Appears in 1 contract

Sources: Lease (Replidyne Inc)

Renewal Option. Landlord hereby grants to Provided no Event of Default exists and Tenant is occupying the option ("Renewal Option") to renew and extend the term of this Lease, provided that entire Premises at the time the Renewal Option is exercisedof such election, Tenant may renew this Lease for one additional period of five (5) years, by delivering written notice of the exercise thereof to Landlord not earlier than twelve (12) months nor later than nine (9) months before the expiration of the Term. The Basic Rent payable for each month during such extended Term shall be the greater of (the “Extended Term Rental Rate”) (i) the prevailing rental rate at the commencement of such extended Term, for renewals of space in full force the Building of equivalent quality, size, utility and location, with the length of the extended Term and the credit standing of Tenant to be taken into account, and (ii) the Basic Rent in effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ("Renewal Term") shall be sixty (60) months commencing upon at the expiration of the original term Term. Within 30 days after receipt of Tenant’s notice to renew, Landlord shall deliver to Tenant written notice of the Lease. The Renewal Option Extended Term Rental Rate and shall be null and void if advise Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to the expiration of the original term of required adjustment to Basic Rent, if any, and the Lease. Any renewal and extension of the Lease for the Renewal Term shall be at 95% of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those other terms and conditions prevailing on offered. Tenant shall, within ten days after receipt of Landlord’s notice, notify Landlord in writing whether Tenant accepts or rejects Landlord’s determination of the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthinessExtended Term Rental Rate. If Tenant timely notifies Landlord that Tenant accepts Landlord’s determination of the Extended Term Rental Rate, then, on or before thirty (30) days after the delivery commencement date of the renewal Notice extended Term, Landlord and Tenant cannot agree shall execute an amendment to this Lease extending the Term on the same terms provided in writing to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Option.except as follows:

Appears in 1 contract

Sources: Lease Agreement (Omtool LTD)

Renewal Option. Landlord hereby grants Subject to Tenant the provisions set forth below, the Lease Term may be renewed, at the option of Tenant, for two ("2) additional periods of 60 months each (each individually referred to as a “Renewal Option") Term”, and collectively referred to renew as the “Renewal Terms”). Each Renewal Term will be upon the same terms, covenants and extend conditions contained in this Lease, excluding the term provisions of Section 38 of this Lease and excluding the Work Letter Agreement, and except for the amount of Base Rent payable during each Renewal Term. Any reference in this Lease to the “Lease Term” will be deemed to include the Renewal Term and apply thereto, unless it is expressly provided otherwise. Tenant will be deemed to have accepted the Premises in “as-is” condition as of the commencement of each Renewal Term, it being understood that Landlord will have no obligation to renovate or remodel the Premises or any portion of the Building as a result of Tenant’s renewal of this Lease, provided that . Tenant will have no renewal option beyond the second aforesaid 60-month period. A. The initial Base Rent during each Renewal Term for the Premises will be at the time the Renewal Option is exercised, this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ("Renewal Term") shall be sixty (60) months commencing upon the expiration of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior a rate equal to the expiration then prevailing market rate for renewals as reasonably determined by Landlord for tenants with creditworthiness similar to that of the original term of the Lease. Any renewal and extension of the Lease for the Renewal Term shall be at 95% of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date Tenant, for comparable space in the Loop 360 corridor project (the "Project") Building, and for a term equal or comparable to tenants or prospective tenants of comparable creditworthinesssuch Renewal Term. If The Base Rent will increase by fixed amounts on or before thirty (30) days after the delivery each anniversary of the renewal Notice Landlord and Tenant cannot agree in writing to commencement of such Renewal Term based on prevailing market Base Rent increases applicable at the "current market terms and conditions" to be applicable during a commencement of such Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% reasonably determined by Landlord. If on Tenant’s obligation to pay Tenant’s Pro Rata Share of Basic Costs in excess of Basic Costs for the Base Year will continue during each Renewal Term. The Base Year for the Renewal Term will be adjusted to be the calendar year in which the Renewal Term commences. B. Such option to renew will be exercised by Tenant by delivering an initial nonbinding notice to Landlord no later than 12 months prior to the Expiration Date of the initial Lease Term or the first Renewal Term, as the case may be, and not earlier than 60 days before thirty (30) such date, in which Tenant expresses its intention to exercise such option to renew. Within 30 days after receiving Tenant’s initial nonbinding notice, Landlord will notify Tenant (“Landlord’s Notice”) of Landlord’s calculation of (i) the initial prevailing market rate of Base Rent for the Premises as defined above, which calculation will reflect the market rate that would be payable per annum for a term commencing on the first day of such Renewal Option Deadline DateTerm, and (ii) the prevailing market rate of increase in Base Rent, if any, applicable for such Renewal Term. If Tenant fails to give its initial nonbinding notice of intent to exercise its option to renew when due as provided in this Section 37, time being of the essence, Tenant will irrevocably be deemed to have waived such option, and any further option, to renew. Such calculation by Landlord will be final and will not be recalculated at the actual commencement of such Renewal Term (if any). C. Within 15 days after Landlord delivers Landlord’s Notice, Tenant will deliver to Landlord a final binding notice in which Tenant (i) elects to renew this Lease and accepts the terms stated in Landlord’s Notice, or (ii) declines to renew the Lease Term, or the first Renewal Term, as the case may be, in which case Tenant’s rights under this Section 37 will be null and void; If Tenant fails to notify Landlord within the 15-day period described above (after having given its initial nonbinding notice within the required time), time being of the essence, then Tenant will conclusively be deemed to have elected not to renew this Lease on the terms set forth in Landlord’s Notice and in this Section 37. After Tenant delivers its binding notice exercising its option to renew, Landlord will deliver to Tenant an amendment to this Lease reflecting the terms of the renewal, and Tenant will execute such amendment and deliver it to Landlord within 30 days after receipt. If Tenant fails to execute and deliver to Landlord the requisite amendment to this Lease within 30 days after Landlord’s delivery of such amendment to Tenant, such failure (i) will, if Landlord so elects in Landlord’s sole and Tenant cannot agree absolute discretion, render Tenant’s exercise of such option, and any further option, to renew null and void; and (ii) will, if Landlord’s so elects in writing Landlord’s sole and absolute discretion, constitute an Event of Default. D. Tenant’s right to exercise its option to renew this Lease pursuant to this Section 37 is subject to the "current market terms following conditions: (i) that on the date that Tenant delivers notice of its election to exercise its option to renew, and conditions" at the commencement of such Renewal Term, no Event of Default exists, and no condition exists which, with the giving of notice or the passage of time, or both, would constitute an Event of Default; and (ii) that Tenant has not assigned this Lease or sublet the Premises or any portion thereof, at any time during the period commencing with the date that Tenant delivers its notice to be applicable during Landlord of Tenant’s exercise of such option to renew and ending on the commencement date of the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of or at any time prior to such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Optionperiod, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Optionif such assignment or sublease extends into such period.

Appears in 1 contract

Sources: Office Lease (Alfacell Corp)

Renewal Option. Landlord hereby grants to Tenant the option Provided that: ("Renewal Option"1) to renew and extend the term no Event of Default exists under this Lease; and (2) the original Tenant that executed this Lease or a Tenant Affiliate successor by Transfer continues to be in full operational possession of the entire Premises, provided that at both requirements being met as of the time date of exercise of the Renewal Option is exercisedor as of the Renewal Term Commencement Date (both as defined below), then Tenant shall have two (2) options to renew this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure (individually, a “Renewal Option”) for the entire Premises for a period hereunder. The renewal term of five ("5) years each (individually, a “Renewal Term") shall be sixty (60) months ”), commencing upon on the first day following the expiration of the original term initial Lease Term, and the end of the Leasefirst Renewal Term, but only if such first Renewal Term is properly exercised (in the event that the first Renewal Term is not properly exercised, Tenant shall not have any right to the second Renewal Term) (individually, a “Renewal Term Commencement Date”). The Renewal Option shall be null and void if is exercisable only by Tenant fails to deliver giving written notice thereof ("“Renewal Notice”) to Landlord of its exercise of the Renewal Option Deadline Date"at least nine (9) of exercise to Landlord not later than Two Hundred Seventy (270) days months prior to the expiration of the original term of initial Lease Term, or first Renewal Term, as applicable. (a) The Base Monthly Rent payable hereunder for the Lease. Any renewal and extension of the Lease for Premises during the Renewal Term shall be at 95% adjusted to the Fair Market Rental Rate (as defined below) as of the then current market terms and conditions. Renewal Term Commencement Date; provided, however, in no event may the monthly Fair Market Rental Rate be less than the Base Monthly Rent payable for the Premises for the last Lease month of the prior lease term (the 132nd month for the initial Lease term, or the 192 month of the first Renewal Term, respectively). (1) Landlord shall give Tenant shall not have written notice of Landlord’s determination of the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on Fair Market Rental Rate for the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project Term, including an annual rent escalator (the "Project"“Landlord’s Statement”) to tenants or prospective tenants of comparable creditworthiness. If on or before within thirty (30) days after the delivery Landlord’s receipt of the renewal Notice Renewal Notice. Within fifteen (15) days after Tenant’s receipt of Landlord’s Statement (“Tenants Review Period”), Tenant shall give Landlord and written notice of its election to either (a) accept the Fair Market Rental Rate set forth in Landlord’s Statement or (b) reject Landlord’s Statement. If Tenant cannot agree rejects Landlord’s Statement, Tenant’s rejection notice above shall include an election to either: (i) cancel its exercise of the Renewal Option; or (ii) require that the Fair Market Rental Rate be determined by arbitration; provided, however, that prior to submitting the matter to arbitration as herein provided, the parties shall first attempt in writing good faith to resolve their differences in the "current market terms and conditions" determination of the Fair Market Rental Rate for a period ten (10) Business Days following Landlord’s receipt of Tenant’s notice of its rejection of Landlord’s Statement. If Tenant fails to give Landlord notice of its acceptance or rejection of Landlord’s Statement by the expiration of Tenant’s Review Period, then such failure shall be deemed to be applicable during a Tenant’s rejection of the Fair Market Rental Rate set forth in Landlord’s Statement and cancelation of the Renewal Option. (2) If Tenant gives Landlord notice that it elects arbitration, and the parties have failed to resolve their differences within the required ten (10) Business Days thereafter, then, in order to determine the Fair Market Rental Rate for the Renewal Term, Landlord and Tenant, within fifteen (15) days after Landlord’s receipt of Tenant’s written notice of election to arbitrate, shall each simultaneously submit to the other in writing its good faith estimate of the Fair Market Rental Rate (“Good Faith Estimates”). If the higher of the Good Faith Estimates is not more than one hundred and five percent (105%) of the lower of the Good Faith Estimates, the Fair Market Rental Rate in question shall be deemed to be the average of the submitted rates. If otherwise, then the question of what the "then current market terms and conditions" is rate shall be settled set by arbitration. Such arbitration shall to be before one disinterested MIA appraiser if one can be agreed uponheld in Phoenix, otherwise before three (3) disinterested MIA appraisersArizona, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws Real Estate Valuation Arbitration Rules of the State of Texas as applied to American Arbitration Association, except that the facts found by him, her or them. The cost of the appraisers arbitration shall be paid 50% conducted by Tenant and 50% by Landlorda single arbitrator selected as follows. If on or before thirty Within five (305) days Business Days after the Renewal Option Deadline Date, if simultaneous submittal by Landlord and Tenant canof their respective Good Faith Estimates, each shall designate a recognized and independent real estate expert or broker who shall have at least ten years recent experience in the valuation of rental properties similar to and in the vicinity of the Building and Project, which expert or broker shall not agree in writing be an affiliate of Tenant or Landlord. The two individuals so designated shall, within ten (10) Business Days after the last of them is designated, appoint a third independent expert or broker possessing the aforesaid qualifications to be the single arbitrator. The third arbitrator so selected shall, alone, pick one of the two Good Faith Estimates, being the Good Faith Estimate which is closer to the "current market Fair Market Rental Rate as determined by the arbitrator using the definition set forth herein, and such arbitrator shall be limited to the determination of the Fair Market Rental Rate and shall have no right to modify the terms and conditions" or conditions of this Lease or to select any rate other than one of the two Good Faith Estimates submitted. The parties agree to be applicable during bound by the decision of the arbitrator, which shall be final and non-appcalable, and shall share equally the costs of arbitration, and judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. (b) During the Renewal Term, Tenant may terminate shall pay Operating Expenses in accordance with the provisions of Article 6. (c) The Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination is personal to Landlord Footprint, LLC and may not later than the original termination date of this Lease. In the event of termination of the Renewal Optionbe assigned, the Renewal Option shall thereafter be null and void and of no further force and effecttransferred or conveyed to any party, and the Lease shall expire at the expiration of its original term. Any termination except in connection with a permitted assignment of the Lease shall also terminate pursuant to Article 17; provided, however, that if Tenant executes a Transfer that is approved by Landlord and Tenant remains liable for all obligations hereunder throughout the Renewal Term, then Tenant (but not such assignee or subtenant) may exercise the Renewal Option.

Appears in 1 contract

Sources: Lease Agreement (Gores Holdings VIII Inc.)

Renewal Option. Landlord hereby grants to Tenant the option ("Renewal Option") to renew and extend the term Provided that no Event of this Lease, provided that at the time the Renewal Option is exercised, this Lease shall be in full force and effect and Tenant shall not be in default Default exists beyond any applicable notice and cure period, then Tenant is hereby granted the option to renew the Lease Term for all, but not part of, the Leased Premises for one (1) successive period hereunder. The renewal term of five ("5) years (the “Renewal Term") shall be sixty (60) months commencing upon ”), such Renewal Term to commence at the expiration of the original term of the Leaseextended Lease Term. The Renewal Option Tenant shall be null and void if Tenant fails exercise each option to deliver renew by delivering written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy at least nine (2709) days months prior to the expiration of the original term extended Lease Term. Any such renewal of this Lease shall be upon the same terms and conditions of the Lease. Any renewal and extension of , except the Lease for Minimum Annual Rent during the Renewal Term shall be at 95% the Fair Market Rent as of the then current market terms commencement of the Renewal Term for the Leased Premises. Failure by Tenant to provide written notice to Landlord of its intent to renew by the period stated above shall nullify Tenant’s renewal rights. Within thirty (30) days after receiving notice from Tenant of its intention to renew, Landlord will provide Tenant with the Fair Market Rent for the Renewal Term and conditions. Tenant shall then have thirty (30) days from receipt of Landlord’s determination of Fair Market Rent to notify Landlord, in writing, that either (a) Tenant accepts Landlord’s determination of Fair Market Rent, in which case Tenant shall be obligated to renew the Lease at the Fair Market Rent rate determined by Landlord, (b) Tenant does not have accept Landlord’s determination of the right to assign Fair Market Rent and withdraws the exercise of its renewal option, in which case Tenant’s renewal rights and obligations hereunder shall be forever terminated, or (c) Tenant does not accept Landlord’s determination of the Fair Market Rent, but that Tenant still desires to a subtenant under this Leaseexercise its renewal option, in which case, Landlord and Tenant shall attempt to resolve their differences within thirty (30) days after Landlord’s receipt of Tenant’s notice. "Then current market terms and conditions" shall mean those terms and conditions prevailing If the parties are unable to agree on the Renewal Option Deadline Date for comparable space Fair Market Rent within the thirty (30) day period, then, within ten (10) days after the expiration of that period, each party, at its cost and by giving notice to the other party, shall appoint a qualified real estate appraiser or broker with at least ten years full time commercial appraisal experience in the Loop 360 corridor project (Cincinnati, Ohio area to appraise and set the "Project") Fair Market Rent for the Leased Premises. The two appraisers or brokers appointed by the parties as stated in this paragraph shall meet promptly and attempt to tenants or prospective tenants of comparable creditworthinessestablish the Fair Market Rent for the Leased Premises. If on or before they are unable to agree within thirty (30) days after the delivery second appraiser or broker has been appointed, they shall attempt to select a third appraiser or broker meeting the qualifications stated in this paragraph within ten (10) days after the last day the two appraiser or brokers are given to set the Fair Market Rent. Each of the renewal Notice Landlord parties shall bear one-half (1/2) of the cost of appointing the third appraiser or broker and Tenant cannot agree in writing to of paying the "current market terms and conditions" to be applicable during a Renewal Termthird appraiser or broker’s fee. The third appraiser or broker, then the question of what the "then current market terms and conditions" is however selected, shall be settled by arbitrationa person who has not previously acted in any capacity for either party. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before Within thirty (30) days after the Renewal Option Deadline Dateselection of the third appraiser or broker, a majority of the appraisers or brokers shall set the Fair Market Rent for the Leased Premises. If a majority of the appraisers or brokers are unable to set the Fair Market Rent within the stipulated period of time, the three appraisals shall be added together and their total divided by three; the resulting quotient shall be the Fair Market Rent for the Leased Premises. For purposes of determining Fair Market Rent, the parties agree that “Fair Market Rent” shall be reasonably determined by Landlord, or the brokers or appraisers, if Landlord applicable, in accordance with this Section, based on comparable renewing tenants, including leasing concessions, then being offered for comparable office buildings, both in size and in quality, in the submarket for the Building. The Leased Premises will be provided in its then-existing condition (on an “as-is” basis) at the time the Renewal Term commences and Tenant canshall not agree in writing be entitled to any construction, build out or other allowances with respect to the "current market terms and conditions" to be applicable Leased Premises during the Renewal Term, Tenant Term except as may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination be included as part of the Renewal Optiondetermination of Fair Market Rent. All other terms, the Renewal Option shall thereafter be null and void and of no further force and effectcovenants, and the Lease shall expire at the expiration of its original term. Any termination provisions of the Lease shall also terminate continue in full force and effect and be applicable to the Renewal OptionTerm.

Appears in 1 contract

Sources: Office Lease (Aerpio Pharmaceuticals, Inc.)

Renewal Option. Landlord hereby grants to Tenant the option ("Renewal Option") to renew and extend the term Provided that no Event of this Lease, provided that at the time the Renewal Option is exercised, this Lease shall be in full force and effect and Tenant shall not be in default Default exists beyond any applicable notice and cure period, then Tenant is hereby granted the option to renew the Term of this Lease for the Premises for one (1) successive period hereunder. The renewal term of five ("5) years (“Renewal Term") shall be sixty (60) months commencing upon ”), the first such Renewal Term to commence at the expiration of the original term of the Leaseinitial Term. The Renewal Option Tenant shall be null and void if Tenant fails exercise each option to deliver renew by delivering written notice ("Renewal Option Deadline Date") of exercise to Landlord not later at least nine (9) months, but no earlier than Two Hundred Seventy eighteen (27018) days months, prior to the expiration of the original term initial Term or current Renewal Term. Any such renewal of this Lease shall be upon the same terms and conditions of this Lease, except the annual Basic Rent during each such Renewal Term shall be the fair market rent as of the Lease. Any renewal and extension commencement of the Lease Renewal Term for the Premises. Failure by Tenant to provide notices to Landlord of its intent to renew by the period stated in this Section shall nullify Tenant’s renewal rights. Within thirty (30) days after receiving notice from Tenant of its intention to renew, Landlord will provide Tenant with Landlord’s determination of fair market rent for the Renewal Term and Tenant shall then have thirty (30) days from receipt of Landlord’s determination of fair market rent to notify Landlord, in writing, that either (a) Tenant accepts Landlord’s determination of fair market rent, in which case Tenant shall be obligated to renew the Lease at 95% the fair market rent rate determined by Landlord, (b) Tenant does not accept Landlord’s determination of the then current fair market terms rent and conditions. withdraws the exercise of its renewal option, in which case Tenant’s renewal rights and obligations hereunder shall be forever terminated, or (c) Tenant does not accept Landlord’s determination of the fair market rent, but that Tenant still desires to exercise its renewal option, in which case, Landlord and Tenant shall attempt to resolve their differences within thirty (30) days after Landlord’s receipt of ▇▇▇▇▇▇’s notice. In the event Landlord and Tenant do not have resolve their differences regarding the right fair market rent within such thirty (30) day period, Landlord and Tenant shall each appoint an expert and said experts shall determine the fair market rent. The date upon which the second of said experts is appointed is herein referred to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on as the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness“Arbitration Commencement Date”. If said experts cannot mutually agree upon the fair market rent within ten (10) days after the Arbitration Commencement Date, then within twenty (20) days after the Arbitration Commencement Date, the experts shall jointly appoint a third expert who shall determine the fair market rent on or before the date which is thirty (30) days after the delivery of Arbitration Commencement Date. If the renewal Notice Landlord two experts selected by ▇▇▇▇▇▇▇▇ and Tenant ▇▇▇▇▇▇ cannot agree in writing to the "current market terms and conditions" to be applicable during on a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three third expert within twenty (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (3020) days after the Renewal Option Deadline Arbitration Commencement Date, if then the third expert shall be appointed by the American Arbitration Association or its successor (the branch office of which is located in or closest to the Premises), upon request of either Landlord or Tenant, or both, as the case may be. Within ten (10) days after such appointment, said expert shall determine the fair market rent. The determination of the third expert shall be final; provided, however, that the third expert shall be required to assign a value to fair market rent which shall be one of the two determinations of fair market rent made by one of the two experts selected by Landlord and ▇▇▇▇▇▇. In determining fair market rent, the experts shall consider all relevant factors. Each party shall pay for its own costs and expenses in connection with its selection and use of its initial expert. The parties shall share equally in the costs and expenses incurred in connection with the selection and use of the third expert. Each expert appointed pursuant to this paragraph shall be a licensed real estate broker or M.A.I. appraiser with no less than ten (10) years of commercial real estate experience with office buildings in the relevant market. For purposes of determining fair market rent, the parties agree that “fair market rent” initially shall be reasonably determined by Landlord, based on comparable renewing tenants, including leasing concessions, buildout obligations and/or tenant allowances then being offered for comparable Class A buildings, both in size and in quality, in the submarket for the Building. The Premises will be provided in its then-existing condition (on an “as-is where-is” basis) at the time the Renewal Term commences and Tenant canshall not agree in writing be entitled to any construction, build out or other allowances with respect to the "current Premises during the Renewal Term except as may be included as part of the determination of fair market terms rent. All other terms, covenants, and conditions" to be applicable provisions of this Lease shall continue in full force and effect during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Option.

Appears in 1 contract

Sources: Office Lease Agreement

Renewal Option. Landlord hereby grants to Provided Tenant is not in Default when Tenant delivers such notice, Tenant may renew this Lease for two (2) additional periods of three (3) years each on the option ("Renewal Option") to renew and extend the term of same terms provided in this Lease, provided except that at the time the Renewal Option is exercised, this Lease Base Rent payable for each month shall be in full force the market rate for space of equivalent size, quality and effect and utility taking into account the credit standing of Tenant; Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ("Renewal Term") shall be sixty (60) months commencing upon the expiration of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord indicating whether or not Tenant elects to preserve its option to extend the Lease Term no later than Two Hundred Seventy one hundred twenty (270120) days prior to the expiration of the original term of the LeaseLease Term, including any extension thereof (“Election Date”). Any renewal and extension of the Lease for the Renewal Term shall be at 95% of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before Within thirty (30) days after the delivery of Election Date, Landlord shall provide Tenant with a proposed Base Rent Renewal Rate. The proposed Base Rent Renewal Rate shall be determined by Landlord in its reasonable discretion, taking into account the renewal Notice factors described hereinabove. If Tenant shall object to Landlord’s proposed Base Rent Renewal Rate, Landlord and Tenant cannot agree shall negotiate in writing good faith to the "current market terms and conditions" to be applicable during determine a mutually acceptable Base Rent Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by LandlordRate. If Landlord and Tenant reach mutual agreement on or before thirty the day 90 days prior to the expiration of the Lease Term (30the “Renewal Target Date”), such rate shall be the Base Rent Renewal Rate, and Landlord and Tenant shall enter into an agreement confirming Tenant’s exercise of this Renewal Option at such Base Rent Renewal Rate. If Landlord and Tenant fail to reach mutual agreement on or before the Renewal Target Date, Tenant may notify Landlord in writing within ten (10) days after the Renewal Target Date that Tenant invokes the arbitration procedure set forth below to determine the Base Rent Renewal Rate. Notwithstanding anything contained herein to the contrary: (a) if Tenant fails to deliver written notice indicating whether or not it elects to preserve its Renewal Option Deadline prior to the Election Date, Tenant shall be deemed to have elected not to extend the Lease Term and the renewal option set forth herein shall automatically terminate, and (b) Tenant’s rights hereunder shall terminate if (i) this Lease expires or is canceled, or because of an event of Default, this Lease or Tenant’s right to possession of the Premises is terminated, or (ii) Tenant fails to timely exercise its renewal option hereunder, time being of the essence with respect to Tenant’s exercise thereof. Upon delivery and receipt of such notice that Tenant rejects Landlord’s proposed Base Rent Renewal Rate, the parties will attempt within seven (7) days thereafter to mutually appoint an appraiser who will select (in the manner set forth below) the Base Rent Renewal Rate (the “Deciding Appraiser”). The Deciding Appraiser must have at least five (5) years of full-time commercial appraisal experience with projects comparable to the Property and be a member of a reputable national appraisal association. The Deciding Appraiser may not have any material financial or business interest in common with either of the parties. If Landlord and Tenant canare not able to agree upon a Deciding Appraiser within such seven (7) day period, each party will within fifteen (15) days thereafter separately select an appraiser meeting the criteria set forth above, which two appraisers will, within seven days of their selection, mutually appoint a third appraiser meeting the criteria set forth above (and who also does not have any material financial or business interest in writing common with either of the two selecting appraisers) to be the Deciding Appraiser. Within twenty (20) days after the appointment (by either method) of the Deciding Appraiser, Landlord and Tenant will submit to the "current market terms Deciding Appraiser their respective determinations of Base Rent Renewal Rate and conditions" any related information. Within twenty-one (21) days after such appointment of the Deciding Appraiser, the Deciding Appraiser will review each party’s submittal (and such other information as the Deciding Appraiser deems necessary) and will select, in total and without modification, the submittal presented by either Landlord or Tenant as the Base Rent Renewal Rate. Subject to be the previous sentence, if the Deciding Appraiser timely receives one party’s submittal, but not both, the Deciding Appraiser must designate the submitted proposal as the Base Rent Renewal Rate for the applicable during extension of the Lease Term. Any determination of the Base Rent Renewal Term, Tenant may terminate Rate made by the Renewal Option (notwithstanding its earlier exercise) by delivering written notice Deciding Appraiser in violation of such termination to Landlord not later than the original termination date provisions of this Lease. In Rider 2 shall be beyond the event scope of termination authority of the Renewal Option, the Renewal Option Deciding Appraiser and shall thereafter be null and void void. If the determination of Base Rent Renewal Rate is made by a Deciding Appraiser, Landlord and Tenant will each pay, directly to the Deciding Appraiser, one-half (1/2) of no further force all fees, costs and effect, and the Lease shall expire at the expiration of its original term. Any termination expenses of the Lease shall also terminate Deciding Appraiser. Landlord and Tenant will each separately pay all costs, fees and expenses of their respective additional appraiser (if any) used to determine the Renewal Option.Deciding Appraiser. LANDLORD: Rainier Asset Management Company, LLC, as agent for the Tenant-in-Common Owners Date: TENANT: NEI, Inc. Date:

Appears in 1 contract

Sources: Industrial Real Estate Lease (Network Engines Inc)

Renewal Option. Landlord hereby grants to Tenant the option ("Renewal Option") to renew and extend the term of this Lease, provided ​ Provided that at the time the Renewal Option is exercised, this Lease shall be in full force and effect and Tenant shall not be in no default exists beyond any applicable notice and cure period, then Tenant is hereby granted the option to renew the Term of this Lease for all, but not part of, the Premises for one period hereunderof 60 full calendar months (the “Renewal Term”). The renewal term Renewal Term ("Renewal Term") if timely and properly exercised by Tenant shall be sixty (60) months commencing upon commence at the expiration of the original term of the Leaseinitial Lease Term. The Renewal Option Tenant shall be null and void if Tenant fails exercise each option to deliver renew by delivering written notice ("Renewal Option Deadline Date") of exercise to Landlord not later at least 270 days, but no earlier than Two Hundred Seventy (270) 365 days prior to the expiration of the original term Lease Term (time being of the Leaseessence). Any such renewal of this Lease shall be upon the same terms and extension conditions of this Lease, except the Lease for annual Base Rent during the Renewal Term shall be at 95% the Fair Market Rent as of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on commencement of the Renewal Option Deadline Date Term for comparable space the Premises. Failure by Tenant to provide notices ​ to Landlord of its intent to renew by the period stated in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthinessthis Section shall nullify Tenant’s renewal rights. If on or before Within thirty (30) days after receiving notice from Tenant of its intention to renew, Landlord will provide Tenant with Landlord’s determination of Fair Market Rent for the delivery Renewal Term and Tenant shall then have thirty (30) days from receipt of Landlord’s determination of Fair Market Rent to notify Landlord, in writing, that either (a) Tenant accepts Landlord’s determination of Fair Market Rent, in which case Tenant shall be obligated to renew the Lease at the Fair Market Rent rate determined by Landlord, (b) Tenant does not accept Landlord’s determination of the Fair Market Rent and withdraws the exercise of its renewal Notice option, in which case Tenant’s renewal rights and obligations hereunder shall be forever terminated, or (c) Tenant does not accept Landlord’s determination of the Fair Market Rent, but that Tenant still desires to exercise its renewal option, in which case, Landlord and Tenant cannot agree in writing shall attempt to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before resolve their differences within thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice ▇▇▇▇▇▇▇▇’s receipt of such termination to Landlord not later than the original termination date of this Lease▇▇▇▇▇▇’s notice. In the event Landlord and Tenant do not resolve their differences regarding the Fair Market Rent within such thirty (30) day period, ▇▇▇▇▇▇’s renewal rights and obligations hereunder shall be forever terminated. For purposes of termination determining Fair Market Rent, the parties agree that “Fair Market Rent” shall be reasonably determined by Landlord, based on comparable renewing tenants, including leasing concessions then being offered for comparable Class A buildings, both in size and in quality, in the submarket for the Building, but in no event shall such Fair Market Rent be less than the Base Rent for the prior lease period under this Lease. The Premises will be provided in its then-existing condition (on an “as-is” basis) at the time the Renewal Term commences and Tenant shall not be entitled to any construction, build out or other allowances with respect to the Premises during the Renewal Term except as may be included as part of the Renewal Optiondetermination of Fair Market Rent. All other terms, covenants, and provisions of this Lease shall continue in full force and effect and be applicable to the Renewal Option shall thereafter Term. The rights granted to Tenant under this article are personal to the original named Tenant in this Lease and may not be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original termassigned or exercised by anyone other than Tenant. Any termination of the Lease shall also terminate the Renewal Option.

Appears in 1 contract

Sources: Lease (Assure Holdings Corp.)

Renewal Option. Landlord hereby grants to If Tenant has not committed an Event of Default at any time during the option ("Renewal Option") to renew Term, and extend Tenant is occupying the term of this Lease, provided that entire Premises at the time the Renewal Option is exercisedof such election, Tenant may renew this Lease shall be in full force and effect and Tenant shall with respect to the entire Premises only for one (1) additional period of three (3) years (“Extension Term”), by delivering written notice of the exercise thereof to Landlord not be in default beyond any applicable cure period hereunder. The renewal term earlier than fifteen ("Renewal Term") shall be sixty (6015) months commencing upon nor later than six (6) months before the expiration of the original term of the LeaseTerm. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to the expiration of the original term of the Lease. Any renewal and extension of the Lease Base Rent payable for the Renewal each month during such extended Term shall be at 95% of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project rental rate (the "Project") to tenants or prospective tenants “Prevailing Rental Rate”), at the commencement of comparable creditworthinesssuch extended Term. If on or before Within thirty (30) days after the delivery receipt of Tenant’s notice to renew, Landlord shall deliver to Tenant written notice of the renewal Prevailing Rental Rate and shall advise Tenant of the required adjustment to Base Rent, if any (the “Rent Adjustment Notice”). Tenant shall, within ten (10) business days after receipt of Landlord’s notice, notify Landlord in writing whether Tenant accepts or rejects Landlord’s determination of the Prevailing Rental Rate. If Tenant fails to respond to Landlord’s Rent Adjustment Notice in such 10-business day period, time being of the essence, then Tenant’s rights under this Exhibit shall terminate and Tenant shall have no right to extend or renew this Lease. If Landlord and Tenant cannot are unable to agree in writing on the Prevailing Rental Rate during the Extension Term within ten (10) days of receipt by Tenant of the Rent Adjustment Notice, then Landlord and Tenant each, at its sole cost and by giving written notice to the "current market terms other party, shall appoint a competent and conditions" to be applicable during a Renewal Term, then impartial commercial real estate broker (hereinafter “broker”) with at least ten (10) years’ full-time commercial real estate brokerage experience in the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws geographical area of the State of Texas as applied Premises to the facts found by him, her or them. The cost give its determination of the appraisers shall be paid 50% by Tenant and 50% by LandlordPrevailing Rental Rate for the Premises during the Extension Term. If on either Landlord or before thirty Tenant does not appoint a broker within ten (3010) days after the Renewal Option Deadline Dateother party has given written notice of the name of its broker, if the single broker appointed shall be the sole broker and shall conclusively determine the Prevailing Rental Rate during the Extension Term. If two (2) brokers are appointed by Landlord and Tenant cannot as stated in this paragraph, they shall meet promptly and attempt to set the Prevailing Rental Rate. If the two (2) brokers are unable to agree within ten (10) days after the second broker has been appointed, then the two (2) brokers shall attempt to select a third broker, meeting the qualifications stated in writing this paragraph within ten (10) business days after the last day the two (2) brokers are given to set the Prevailing Rental Rate. In addition, each of the two (2) brokers shall submit to the "current market terms other prior to the end of such second (2nd) ten (10) day period their respective good faith estimate of the Prevailing Rental Rate. If the two (2) brokers are unable to agree on the third broker, either Landlord or Tenant by giving ten (10) days’ written notice to the other party, can apply to the Presiding Judge of the Superior Court of the county in which the Premises is located for the selection of a third broker who meets the qualifications stated in this paragraph. If either of the first two (2) brokers fails to submit their respective opinion of the Prevailing Rental Rate within the time frames set forth below, then the single Prevailing Rental Rate submitted shall automatically be the initial monthly Base Rent for the Extension Term and conditions" to shall be applicable during binding upon Landlord and Tenant. Landlord and Tenant each shall bear one-half (½) of the Renewal cost of appointing the third broker and of paying the third broker’s fee. The third broker, however selected, shall be a person who has not previously acted in any capacity for either Landlord or Tenant. Within fifteen (15) days after the selection of the third broker, the third broker shall select one of the two Prevailing Rental Rates for the Premises, which may be one or the other of the Prevailing Rental Rates submitted by the first two (2) brokers, or a different OFFICE LEASE AGREEMENT ▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ Arcutis, Inc. H-1 rate not greater than the higher nor lower than the lesser of the Prevailing Rental Rates submitted by the first two (2) brokers. The determination of the Prevailing Rental Rate by the third broker shall be conclusive and binding upon Landlord and Tenant. Upon agreement or determination of the Prevailing Rental Rate as set forth herein, on or before the commencement date of the Extension Term, Landlord and Tenant may terminate shall execute an amendment to this Lease extending the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than Term on the original termination date of same terms provided in this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Option.except as follows:

Appears in 1 contract

Sources: Office Lease Agreement (Arcutis Biotherapeutics, Inc.)

Renewal Option. Landlord hereby grants to If Tenant has not committed an Event of Default at any time during the option ("Renewal Option") to renew Term, and extend Tenant is occupying the term of this Lease, provided that entire Premises at the time the Renewal Option is exercisedof such election, Tenant may renew this Lease shall be in full force and effect and Tenant shall for one (1) additional period of five (5) years, by delivering written notice of the exercise thereof to Landlord not be in default beyond any applicable cure period hereunder. The renewal term earlier than twelve ("Renewal Term") shall be sixty (6012) months commencing upon nor later than eight (8) months before the expiration of the original term of the LeaseTerm. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to the expiration of the original term of the Lease. Any renewal and extension of the Lease Base Rent payable for the Renewal each month during such extended Term shall be the prevailing market rental rate (the “Prevailing Rental Rate”), at 95% the commencement of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date such extended Term, for comparable renewals of space in the Loop 360 corridor project (Building or Project, if applicable, of equivalent quality, size, utility and location, and also taking into consideration all elements affecting the "Project") lease transaction including, but not limited to, typical Tenant improvement advances, typical rent abatements, or other normal and customary tenant concessions and tenant improvement credits, with the length of the extended Term and the credit standing of Tenant to tenants or prospective tenants of comparable creditworthinessbe taken into account. If on or before Within thirty (30) days after the delivery receipt of Tenant’s notice to renew, Landlord shall deliver to Tenant written notice of the renewal Notice Prevailing Rental Rate and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Tenant shall, within ten (10) days after receipt of Landlord’s notice, notify Landlord in writing whether Tenant accepts or rejects Landlord’s determination of the Prevailing Rental Rate. If Tenant timely notifies Landlord that Tenant accepts Landlord’s determination of the Prevailing Rental Rate, then, on or before the commencement date of the extended Term, Landlord and Tenant cannot agree shall execute an amendment to this Lease extending the Term on the same terms provided in writing to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Option.except as follows:

Appears in 1 contract

Sources: Office Lease Agreement (Optio Software Inc)

Renewal Option. Landlord hereby grants to Tenant shall have the option ("Renewal Option") right to renew and extend this Lease with respect to the term Leased Premises then subject to this Lease for the Renewal Term(s) upon and subject to the following terms and conditions: 1. Tenant may renew the Term of this Lease, provided that at Lease for one (1) additional five (5) year period (the time the Renewal Option is exercised, this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunderTerm”). The renewal term ("Renewal Term") Term shall be sixty (60) months commencing commence immediately upon the expiration of the original term of the Lease. The Renewal Option shall be null and void Term if Tenant fails to deliver shall give written notice ("Renewal Option Deadline Date") of exercise to Landlord not of its exercise of its renewal option no later than Two Hundred Seventy one hundred and eighty days (270180) days prior to the expiration of the original term Term. If Tenant does not timely exercise its Renewal Option, then Tenant shall have no further right to extend the Term. 2. The exercise by Tenant of the Leaserenewal option granted hereinabove must be made, if at all, by written notice executed by Tenant and delivered to Landlord on or before the date set forth hereinabove. Any Once Tenant shall exercise the renewal and extension of the Lease for the Renewal Term shall be at 95% of the then current market terms and conditionsoption, Tenant may not thereafter revoke such exercise. Tenant shall not have the right to assign its exercise the renewal rights to option at a subtenant time Tenant is in default (after the giving of written notice and the expiration of the applicable cure period) under this Lease. "Then current market terms Tenant’s failure to timely exercise the renewal option shall conclusively be deemed to be an election against exercising its renewal option. 3. Tenant will accept the Leased Premises in its then “as-is” condition at the commencement of the Renewal Term and conditions" Landlord shall have no obligation to make any further improvements or alterations to the Leased Premises. 4. The annual Base Rent for the Renewal Term shall be at ninety-five percent (95%) of the Fair Market Rental (hereafter defined). 5. As used in this Amendment, “Fair Market Rental” shall mean those terms and conditions prevailing on the Renewal Option Deadline Date base or minimum rental rate per square foot of rentable area per year for a nonrenewal arms’ length lease of comparable space premises in a comparable project in the Loop 360 corridor project Longmont/Boulder, Colorado market (the "“Comparison Market”), after giving consideration to all factors that would be considered relevant by a commercial real estate broker, including without limitation (i) the size, location within the building and configuration of the premises, (ii) the amenities of the project in which the building containing the leased premises is located, (iii) the improvements of the premises and the class / quality of the Project", (iv) rental abatement, moving allowances and other monetary inducements being offered to tenants in the Comparison Market, (v) tenant improvement allowances and other construction obligations to be performed or prospective tenants of comparable creditworthinessotherwise funded by landlord. If on or before thirty (30) days after the delivery of the renewal Notice Landlord and Tenant canshall negotiate in good faith to determine the Fair Market Rental after Landlord receives notice of Tenant’s exercise of its right to extend the term pursuant to this Paragraph E. In the event that Landlord and Tenant have not agree in writing to determined the "current market terms and conditions" to be applicable during a Fair Market Rent by the commencement date of the Renewal Term, then Tenant shall pay the question of what Base Rent payable under this Lease for the "then current market terms and conditions" is shall be settled by arbitrationRenewal Term until such time as the base rent for the Renewal Term has been determined. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three No later than fifteen (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (3015) days after such determination, either Tenant shall pay to Landlord, or Landlord shall refund to Tenant, as may be applicable, the difference between the base rent paid by Tenant for the Renewal Option Deadline Date, if Landlord Term and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during actual rent for the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of determined in accordance with this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Optionparagraph.

Appears in 1 contract

Sources: Lease (Emulex Corp /De/)

Renewal Option. Landlord hereby grants A. Tenant shall have the right to Tenant the option ("Renewal Option") to renew and extend the term of this LeaseLease (the “Renewal Option”) for one additional period of five (5) years commencing on the day following the Expiration Date of the initial term of this Lease (the “Renewal Term”), provided that at each of the time following occurs: 1. Landlord receives notice of exercise of the Renewal Option is exercised, this Lease shall be in (“Initial Renewal Notice”) not more than twelve (12) and not less than nine (9) full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ("Renewal Term") shall be sixty (60) calendar months commencing upon the expiration of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to the expiration of the original initial term of this Lease; and 2. No event of default exists at the Leasetime that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Renewal Notice (hereinafter defined); and 3. Any renewal and extension Tenant occupies all of the Leased Premises initially demised under this Lease and any space added to the Leased Premises at the time Tenant delivers its Initial Renewal Notice and at the time Tenant delivers its Binding Renewal Notice; 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 Renewal Notice. B. The initial Base Rent rate per rentable square foot for the Leased Premises during the Renewal Term shall be at 95% equal the Prevailing Market (hereinafter defined) rate per rentable square foot for the Leased Premises. C. Tenant shall pay additional Rent (i.e. Real Estate Taxes, Common Area Maintenance Costs and Building Insurance Costs) for the Leased Premises during the Renewal Term in accordance with Paragraphs 5, 6, 7 and 8 of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before . D. Within thirty (30) days after the delivery receipt of Tenant’s Initial Renewal Notice, Landlord shall advise Tenant of the renewal Notice Landlord and Tenant cannot agree in writing to applicable Base Rent rate for the "current market terms and conditions" to be applicable during a Leased Premises for the Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty within ten (3010) days after the Renewal Option Deadline Date, if date on which Landlord and advises Tenant cannot agree in writing to of the "current market terms and conditions" to be applicable during Base Rent rate for the Renewal Term, shall either (i) give Landlord final binding written notice (“Binding Notice”) of Tenant’s Exercise of its option, or (ii) if Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering disagrees with Landlord’s determination, provide Landlord with written notice of rejection (the “Rejection Notice”). If Tenant fails to provide Landlord with either a Binding Notice or Rejection Notice within such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Optionten (10) day period, the Tenant’s Renewal Option shall thereafter 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 Amendment (hereinafter defined) upon the terms and conditions set forth herein. If Tenant provides Landlord with a Rejection Notice, Landlord and Tenant shall work together in good faith to agree upon the Prevailing Market rate for the Leased 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 rate for the Leased Premises within forty-five (45) days after the date on which Tenant provides Landlord with a Rejection Notice, Tenant’s Renewal Option shall be null and void and of no force and effect. 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 Rent, Lease term, Expiration Date and other appropriate terms. An otherwise valid exercise of the Renewal Option shall, at Landlord’s Option, be fully effective whether or not the Renewal Amendment is executed. The renewal rights of Tenant hereunder shall not be severable from the Lease and are personal to the Tenant originally named in the Lease. F. For purpose hereof, “Prevailing Market” rate 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 Leased Premises in the Building and in office/warehouse buildings comparable to the Building in the vicinity of the Building. 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 rate from the time such Prevailing Market rate is being determined and the time such Prevailing Market rate will become effective under this Lease. DESCRIPTION OF A TRACT OF LAND CONTAINING 12.8654 ACRES (560,418 SQUARE FEET) SITUATED IN THE J.R. CURL, SURVEY, A-1163, ▇▇▇▇▇▇ COUNTY, TEXAS. Being a tract of land containing 12.8654 acres (560,418 square feet), more or less, situated in the J.R. Curl Survey. A-1163 in ▇▇▇▇▇▇ County, Texas, and being all of Restricted Reserve “A” of Claymoore Commercial Business Park, Section Two, a subdivision plat recorded in Volume 379, Page 53 of the Lease shall expire Map Records of ▇▇▇▇▇▇ County, Texas as conveyed unto TPC-Claymoore Two, Ltd. by deed recorded in County Clerk’s File No. S044692, Film Code No. ▇▇▇-▇▇-▇▇▇▇ of the Official Public Records of Real Property of ▇▇▇▇▇▇ County, Texas. Said 12.8654-acre tract being more particularly described by metes and bounds as follows: BEGINNING at a 5/8-inch iron rod found for the northeast corner of a cutback located at the expiration of its original term. Any termination intersection of the Lease shall also terminate east right-of-way line of Brittmoore Road (90 feet wide) and the Renewal Option.south right-of-way line of Clay Road (100 feet wide) for the most northerly northwest corner of said tract herein described and the most northerly northwest corner of said Restricted Reserve “A”; THENCE South 89° 56’ 55” East with the north line of said Restricted Reserve “A” and the south right-of-way line of said Clay Road, a distance of 785.05 feet to a point for the most northerly northeast corner of said Restricted Reserve “A” and the most northerly northeast corner of said tract herein described from which a found 5/8-inch iron rod bears North, 0.1 feet and East. 0.1 feet; THENCE South 44° 37’ 48” East, a distance of 21.09 feet to a set 5/8-inch iron rod with cap located in the west right-of-way line of Claymoore Park Drive (width varies) for the most easterly northeast corner of said tract herein described and for the most easterly northeast corner of said Restricted Reserve “A”; THENCE in a southeasterly direction with the east line of said Restricted Reserve “A” and the west right-of-way line of said Claymoore Park Drive the following courses and distances: South 00° 41’ 20” West, a distance of 215.13 feet to a set 5/8-iron rod with cap for the beginning of a curve to the left; In a southeasterly direction with said curve to the left whose central angle is 07° 31’ 41” and whose radius is 580.10 feet (chord bears South 03° 04’ 31” East, a distance of 76.16 feet) for a curve length of 76.22 feet to a set 5/8-inch iron rod with cap for the point of reverse curvature: Continuing in a southeasterly direction with said curve to the right whose central angle is 07° 31’ 41” and whose radius is 580.10 feet (chord bears South 03° 04’ 31” East, a distance of 76.16 feet) for a curve length of 76.22 feet to set 5/8-inch iron rod with cap for the point of tangency; South 00° 41’ 20” West, a distance of 292.00 feet to a point for the most easterly southeast corner of said, tract herein described and for the most easterly southeast corner of said Restricted Reserve “A” from which a found 5/8-inch iron rod bears South, 0.2 feet and East, 0.5 feet; THENCE south 45° 41’ 20” West, a distance of 21.21 feet to a found 5/8-inch iron rod located in the north right-of-way line of Braymoore Road (60 feet wide) for the most southerly southeast corner of said tract herein described and for the most southeast corner of said Restricted Reserve “A”; THENCE North 89° 18’ 40” West with the north right-of-way line of said Braymoore Road and the south line of said Restricted Reserve “A”, a distance of 384.50 feet to a set 5/8-inch iron rod with cap for a corner of said Restricted Reserve “A” and the southeast corner of Restricted Reserve “K” of Claymoore Business Park, a subdivision plat recorded in Volume 331, Page 89 of the Map Records of ▇▇▇▇▇▇ County, Texas; THENCE North 00° 41’ 20” East with the east line of said Restricted Reserve “K”, a distance of 30.00 feet to a set 5/8-inch iron rod with cap for a corner of said Restricted Reserve “A” and the northeast corner of said Restricted Reserve “K”; THENCE North 89° 18’ 40” West with the north line of said Restricted Reserve “K”, a distance of 30.00 feet set 5/8-inch iron rod with cap for a corner of said Restricted Reserve “A” and the northwest corner of said Restricted Reserve “K”; THENCE South 00° 41’ 20” West with the west line of said Restricted Reserve “K”, a distance of 30.00 feet to a set 5/8-inch iron rod with cap located in the north right-of-way line of said Braymoore Road for a corner of said Restricted Reserve “A” and the southwest corner of said Restricted Reserve K’’; THENCE North 89° 18’ 40 West with the south line of said Restricted Reserve “A” and the north right-of -way line of said Braymoore Road, a distance of 380.50 feet to a 5/8-inch iron rod found for the most southerly southwest corner of said tract herein described and for the southerly southwest corner of said Restricted Reserve “A”, THENCE North 44° 18’ 40” West, a distance of 21.21 feet to a 5/8-inch iron rod found in the east right-of-way line of said Brittmoore Road for the most westerly southwest corner of said tract herein described and for the most westerly southwest corner of said Restricted Reserve “A”; THENCE North 00° 41’ 20’ East with the east right-of-way line of said Brittmoore Road and the west line of said Restricted Reserve “A”, a distance of 650.06 feet to a 5/8-inch iron rod found for the most westerly northwest corner of said tract herein described and for the most westerly northwest corner of said Restricted Reserve “A”;

Appears in 1 contract

Sources: Lease Agreement (Sulphco Inc)

Renewal Option. Landlord (a) So long as an Event of Default is not in existence and subject to the provisions of this Section 5.26, Tenant is hereby grants granted a one (1) time option to Tenant the option renew ("Renewal Option") the Initial Term as to renew and extend all (but not part) of the term Leased Premises for a period of this Lease, provided that at five (5) years (the time the Renewal Option is exercised, this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ("Renewal Term") shall be sixty (60) months commencing upon ), such Renewal Term to commence at the expiration of the original term Initial Term. Tenant must furnish Landlord with written notice of its to exercise the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice twelve ("Renewal Option Deadline Date"12) of exercise to Landlord not later than Two Hundred Seventy (270) days months prior to the expiration of the original term Initial Term (the "Renewal Intent Notice"). If Tenant timely delivers the Renewal Intent Notice to Landlord, Landlord shall, no later than fifteen (15) days after Landlord's receipt thereof, deliver to Tenant written notice (the "Rate Notice") of the LeaseMarket Base Rental Rate (defined below) and the Basic Parking Charge for the Parking Permits (each as defined in Exhibit C) (if applicable pursuant to Section 5.26 (b) (iii) below). Any renewal and extension If Tenant objects to Landlord's determination of the Market Base Rental Rate and the Basic Parking Charge, Landlord and Tenant shall work diligently to attempt to resolve their differences as to the Market Base Rental Rate within forty-five (45) days after Tenant's receipt of the Rate Notice (the "Renewal Election Period"). If Landlord and Tenant agree in writing as to the Market Base Rental Rate and the Basic Parking Charge prior to the expiration of the Renewal Election Period, the Market Base Rental Rate so agreed to by Landlord and Tenant shall be applicable if Tenant, in its sole discretion, elects to exercise the Renewal Option prior to the expiration of the Renewal Election Period. If Tenant timely furnishes the Renewal Intent Notice to Landlord and Tenant, in its sole discretion, exercises the Renewal Option prior to the expiration of the Renewal Election Period and prior to Landlord and Tenant agreeing in writing as to the Market Base Rental Rate for the Renewal Term, Tenant's exercise of the Renewal Option shall constitute Tenant's irrevocable election to exercise the Renewal Option and irrevocable agreement to Landlord's determination of the Market Base Rental Rate as contained in the Rate Notice. Tenant must notify Landlord in writing (the "Election Notice") prior to the expiration of the Renewal Election Period if Tenant elects to exercise the Renewal Option. If Tenant timely delivers the Renewal Intent Notice and the Election Notice to Landlord, but at any time prior to the commencement of the Renewal Term an Event of Default occurs Landlord, at its sole option during the continuance of such Event of Default, may terminate Tenant's election to exercise the Renewal Option and the Renewal Option shall expire and thereafter not be exercisable by Tenant. If Tenant fails to timely exercise the Renewal Option by failing to timely deliver the Renewal Intent Notice or the Election Notice as provided above, the Renewal Option shall automatically terminate, and Tenant shall have waived forever its right to renew and extend the Initial Term. (b) The renewal of this Lease pursuant to the exercise of the Renewal Option shall be upon the same terms and conditions of this Lease, except: (i) The Base Rental Rate for the Leased Premises during the Renewal Term shall be at 95% the sum of (A) the Base Rental Rate for the Leased Premises in effect for the year immediately preceding the commencement of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before thirty (30) days after the delivery of the renewal Notice Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by less the Tenant, and one by 's Proportionate Share of the two thus chosen. The MIA appraiser or appraisers shall determine the controversy Base Year's Basic Costs (on a per square foot of Net Rentable Area basis) determined in accordance with the arbitration rules and laws provisions of Section 2.4 (a); plus (B) the increase in the Market Base Rental Rate over the rate in (A); plus, (C) the Expense Stop (defined below) for the Renewal Period (as determined by clause (ii) below); (ii) For purposes of determining the Additional Rental payable by Tenant after the expiration of the State calendar year in which the Renewal Term occurs, Section 2.4 (a) of Texas as applied to the facts found by him, her or them. The cost of the appraisers this Lease shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing amended to the "current market terms and conditions" to be applicable recognize that during the Renewal TermTerm Tenant shall pay as Additional Rental Tenant's Proportionate Share of all Basic Costs in excess of the Expense Stop (defined below). As used in this clause (ii), Tenant may terminate "Expense Stop" shall mean Landlord's good faith determination in accordance with generally accepted accounting principles of the Basic Costs (on a per square foot of Net Rentable basis) for the calendar year in which the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal OptionTerm commences.

Appears in 1 contract

Sources: Lease Agreement (Icarus International Inc)

Renewal Option. Landlord hereby grants A. Tenant shall have the right to Tenant extend the option Lease Term (the "Renewal Option") to renew for one additional period of five (5) years commencing on the day following the Termination Date of the initial Lease Term and extend ending on the term fifth (5th) anniversary of this Lease, provided that at the time Termination Date (the Renewal Option is exercised, this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ("Renewal Term") shall be sixty (60) months commencing upon the expiration ), if: 1. Landlord receives notice of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice exercise ("Initial Renewal Option Deadline DateNotice") of exercise to Landlord not later than Two Hundred Seventy less then twelve (27012) days full calendar months prior to the expiration of the original initial Lease Term and not more than fifteen (15) full calendar months prior to the expiration of the initial Lease Term; and 2. Tenant is not in default under the Lease beyond any applicable cure periods at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Notice; and 3. No more than fifty percent (50%) of the Premises is sublet (except in connection with a Permitted Transfer) for a term that extends beyond the date of Tenant's Initial Renewal Notice; and 4. The Lease has not been assigned (except in connection with a Permitted Transfer) prior to the date that Tenant delivers its Initial Renewal Notice or prior to the date Tenant delivers its Binding Notice. 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 the terms and conditions of the Lease. Any renewal and extension In addition, if such is standard in the market at the time, the Base Year shall be adjusted to a current Base Year. Such new Base Year, however, shall be given appropriate consideration in the determination of the Lease for the Renewal Term shall be at 95% of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before Prevailing Market rate. D. Within thirty (30) days after the delivery receipt of Tenant's Initial Renewal Notice, Landlord shall advise Tenant of the renewal Notice Landlord and Tenant cannot agree in writing to applicable Base Rental rate for the "current market terms and conditions" to be applicable during a Premises for the Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty within fifteen (3015) days after the Renewal Option Deadline Date, if date on which Landlord and advises Tenant cannot agree in writing to of the "current market terms and conditions" to be applicable during Base Rental rate for the Renewal Term, shall either (i) give Landlord final binding written notice ("Binding Notice") of Tenant's exercise of its 49 52 option, or (ii) if Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering disagrees with Landlord's determination, provide Landlord with written notice of rejection (the "Rejection Notice"). If Tenant fails to provide Landlord with either a Binding Notice or Rejection Notice within such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Optionfifteen (15) day period, the Tenant's Renewal Option shall thereafter 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 Amendment upon the terms and conditions set forth herein. If Tenant provides Landlord with a Rejection Notice, Landlord and Tenant shall work 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's Renewal Option shall be null and void and of no force and effect. 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 expire at the expiration of its original termbe: 1. Any termination sent to Tenant within a reasonable time after receipt of the Lease shall also terminate Binding Notice; and 2. revised by Landlord to the Renewal Option.extent necessary to address any requested revisions by Tenant that are reasonably necessary to accurately reflect the terms and conditions hereof; and

Appears in 1 contract

Sources: Office Lease (Trenwick Group Inc)

Renewal Option. Landlord hereby grants to If Tenant has not committed an Event of Default at any time during the option Term, and Tenant ("Renewal Option"or a Permitted Transferee) to renew and extend is occupying the term of this Lease, provided that entire Premises at the time the Renewal Option is exercisedof such election, Tenant may renew this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure for one (1) additional period hereunder. The renewal term of five ("5) years (the “Renewal Term"”), by delivering written notice (the “Renewal Notice”) shall be sixty of the exercise thereof to Landlord not earlier than twelve (6012) months commencing upon nor later than nine (9) months before the expiration of the original term of the Leaseinitial Term. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to the expiration of the original term of the Lease. Any renewal and extension of the Lease Base Rent payable for each month during the Renewal Term shall be at 95% the Fair Market Rent (as defined below) as of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on commencement date of the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthinessTerm. If on or before Within thirty (30) days after receipt of Tenant’s Renewal Notice, Landlord shall deliver to Tenant written notice of Landlord’s Fair Market Rent proposal for the delivery Renewal Term (“Landlord’s Fair Market Rent Proposal”) and shall advise Tenant of the renewal required adjustment to Base Rent, if any, and the other terms and conditions offered. Within ten (10) days after receipt of Landlord’s Fair Market Rent Proposal, Tenant shall notify Landlord in writing whether Tenant accepts or rejects Landlord’s Fair Market Rent Proposal. If Tenant rejects Landlord’s Fair Market Rent Proposal, then Tenant’s written notice shall include Tenant’s determination of the Fair Market Rent. If Tenant does not deliver Tenant’s written determination of Fair Market Rent to Landlord within ten (10) days after receipt of Landlord’s Fair Market Rent Proposal, then Landlord shall provide Tenant with a second notice (the “Second Notice”) that contains the following statement in bold and capital letters: “THIS IS A SECOND REQUEST FOR TENANT’S DETERMINATION OF FAIR MARKET RENT PURSUANT TO EXHIBIT G ATTACHED TO THE LEASE. IF TENANT FAILS TO RESPOND WITHIN FIVE (5) BUSINESS DAYS AFTER RECEIPT OF THIS NOTICE, THEN TENANT SHALL BE DEEMED TO HAVE ACCEPTED LANDLORD’S DETERMINATION OF FAIR MARKET RENT.” If Tenant fails to respond to such Second Notice within five (5) Business Days after receipt by Tenant, then Tenant will be deemed to have accepted Landlord’s Fair Market Rent Proposal. If Tenant and Landlord disagree on the Fair Market Rent, then Landlord and Tenant canshall attempt in good faith to agree upon the Fair Market Rent. If by that date which is five (5) months prior to the commencement of the Renewal Term (the “Trigger Date”), Landlord and Tenant have not agree agreed in writing as to the "current market terms and conditions" to be applicable during a Renewal TermFair Market Rent, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers parties shall determine the controversy Fair Market Rent in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree procedure set forth in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal OptionParagraph C below.

Appears in 1 contract

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

Renewal Option. Landlord hereby grants to Tenant will have the option ("Renewal Option") to renew and extend the term this Lease for two consecutive renewal terms of this Lease, provided that at the time the Renewal Option is five years each. Each such renewal option must be exercised, this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ("Renewal Term") shall be sixty (60) months commencing upon the expiration if at all, by Tenant's delivery of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later more than Two Hundred Seventy (270) days 18, nor less than 12, months prior to the scheduled expiration of the original term Lease Term. Tenant's right to renew this Lease will be conditioned upon the Lease being in full force and effect, without any uncured default on the part of Tenant, both at the time of Tenant's exercise of such option and at the time of the Leasescheduled commencement of such renewal term. Any Each such renewal and extension term will be upon all of the same terms and conditions set forth in this Lease with respect to the initial Lease Term, except that the Base Rent for the Renewal Term shall each such renewal term will be at 95% of the then current fair market terms and conditions. Tenant shall not have rent, as of the right to assign its date of Tenant's exercise of each such renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date term, for comparable space in comparable light industrial/warehouse buildings in the Loop 360 corridor project (the "Project") to tenants or prospective tenants DuPage County Illinois market. Landlord will furnish Tenant with Landlord's determination of comparable creditworthinesssuch fair market rent within 30 days after Tenant's exercise of its renewal option. If on or before thirty (30) days after the delivery of the renewal Notice Landlord and Tenant candoes not agree in writing to the "current with Landlord's determination of such fair market terms rent and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree otherwise reach agreement upon such fair market rent within 45 days after Tenant's receipt of Landlord's written determination of such fair market rent, then, in either such event, Tenant may give notice to Landlord prior to expiration of such latter 45-day period revoking Tenant's exercise of such renewal option. If Tenant does not send a revocation notice to Landlord within such 45 day period, then, except as otherwise expressly provided herein, the fair market rent will in all events be determined in accordance with the appraisal procedure hereinafter set forth in this Paragraph 1. If the aforementioned 45 day period expires without Tenant sending a revocation notice to Landlord, then, within seven days after the expiration of such 45 day period, Landlord and Tenant shall each promptly select an appraiser and notify the other of the appraiser so selected. The two appraisers shall determine the fair market rental within ten days after their selection and shall report in writing to the "current Landlord and Tenant the fair market terms rental. If the two appraisers cannot agree on the fair market rental within such ten day period, a third appraiser shall be selected within the following ten days by the Illinois chapter of the American Institute of Real Estate Appraisers (or any successor organization thereto). All three appraisers shall then determine the fair market rental within ten days after the selection of a third appraiser and conditions" shall report in writing to Landlord and Tenant the fair market rental. In case of a disagreement among the three appraisers on the fair market rental, the average of the two appraisals closest in amount shall control; provided, however, that the fair market rental of the third appraiser shall not be applicable greater than the higher of the other two appraisals, nor be less than the lower of such two appraisals. All appraisers shall be members in good standing of the American Institute of Real Estate Appraisers and shall have previous experience in making appraisals of leasehold interests in commercial warehouse buildings in the greater Chicago, Illinois area. Landlord and Tenant shall each pay the charges of its own appraiser and one half of the charges of any third appraiser selected in the aforesaid manner. Notwithstanding the foregoing, (i) in no event shall the annual Base Rent per square foot during each year of any renewal term be lower than the annual Base Rent per square foot payable by Tenant during the Renewal last year of the immediately preceding term of the Lease (be it the initial lease term or the first renewal term); and (ii) if for any reason the foregoing procedures fail to establish, through no fault of Landlord, the amount of the fair market rental applicable to the subject renewal term at least 210 days prior to the scheduled expiration of the Lease Term, Tenant may terminate the Renewal Option (notwithstanding then, at Landlord's option, Tenant's exercise of its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option, the Renewal Option renewal option shall thereafter be null and void deemed ineffective and of no further force and effect. With respect solely to the first such renewal term, Landlord will also provide Tenant with an allowance of up to $75,000 to make cosmetic improvements to the Leased Premises (excluding, however, for this purpose, the acquisition of any furniture or equipment), such allowance to be paid by Landlord to Tenant upon Tenant's completion of such improvements and Tenant's presentation to Landlord of reasonably detailed invoices supporting the Lease shall expire costs incurred by Tenant in connection with the making of such improvements (in an amount up to but not exceeding $75,000). Tenant's exercise of its renewal option will apply to all space which it is leasing at the expiration time of its original term. Any termination of such exercise (including, the Lease shall also terminate the Renewal Option.Expansion Space

Appears in 1 contract

Sources: Lease Agreement (Blyth Industries Inc)

Renewal Option. Landlord Any and all renewal options presently set forth in the Lease, including, without limitation, the renewal option set forth in Paragraph 1 of Exhibit F to the Lease, are hereby grants to deleted in their entireties. In lieu thereof, Tenant the shall have, at its option ("each such option being referred to herein as a Renewal Option") ), the right to renew and extend the Lease for two consecutive terms of five (5) years each (each such renewal term of this Lease, provided that at the time the being referred to herein as a Renewal Option is exercised, this Lease shall be in full force and effect and Tenant shall not be in default beyond any applicable cure period hereunderTerm). The renewal term ("first Renewal Term") Term shall be sixty (60) months commencing commence immediately upon the expiration of the original term Extended Term and the second Renewal Term shall commence immediately upon the expiration of the Lease. The first Renewal Option shall be null and void if Tenant fails to deliver Term by Tenant's giving written notice ("Renewal Option Deadline Date") of exercise thereof to Landlord not no earlier than fifteen (15) months, and no later than Two Hundred Seventy twelve (27012) days months, prior to the expiration of the original term of then existing Extended Term or Renewal Term, as the Leasecase may be. Any renewal and extension of the Lease for the Once Tenant shall exercise any Renewal Term shall be at 95% of the then current market terms and conditionsOption, Tenant may not thereafter revoke such exercise, except as expressly set forth below. Tenant shall not have the right to assign its renewal rights exercise any Renewal Option at a time that an Event of Default (or an event which with notice and/or lapse of time could become an Event of Default) under the Lease has occurred and is continuing. Tenant's failure to timely exercise a subtenant under this Renewal Option for any reason whatsoever shall conclusively be deemed a waiver of such Renewal Option and any future Renewal Option. At Landlord's option, Landlord may adjust the annual Basic Rent for any Renewal Term to an annual rate equal to the Fair Market Value Rate (as hereinafter defined) as of the commencement of such Renewal Term. As used in the Lease. "Then current market terms and conditions" , Fair Market Value Rate shall mean those the fair market value rental rate per square foot of rentable area per year in effect at the commencement of the applicable Renewal Term for comparable tenants taking comparable space in comparable conditions under comparable terms in comparable multi-tenant office buildings in northwest Austin, Texas (hereinafter called Comparable Buildings), taking into account location, structured parking, amenities within walking distance, signage, access, visibility, and any rental concessions and/or tenant improvements (or allowance therefor) which are being provided to Tenant. It is also agreed and understood that the Fair Market Value Rate shall include: (a) rent; and (b) rental operating expenses, property tax, and utility and expense adjustments that are being included as part of the terms and conditions prevailing on of office tenant leases for comparable tenants in Comparable Buildings as of the time of determination of the Fair Market Value Rate. The Fair Market Value Rate, for purposes of this Amendment, shall be calculated in the same manner as the Market Rate (as used in the Lease) was calculated in Exhibit F-1 of the Lease. Tenant shall take the Premises as is for any Renewal Term and Landlord shall have no obligation to make any improvements or alterations to the Premises. Except as set forth in this Paragraph, the leasing of the Premises for any Renewal Term shall be upon the same terms and conditions as the leasing of the Premises for the Extended Term and shall be upon and subject to all of the provisions of the Lease. Any Renewal Option Deadline Date for comparable space granted to Tenant under this Paragraph shall be personal to Tenant and shall not be transferred, encumbered, or assigned by Tenant (except pursuant to a Permitted Transfer, as defined in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before thirty (30) days after the delivery Section 9.8 of the renewal Notice Lease, or pursuant to an assignment which has been consented to by Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws under Article 9 of the State Lease) or in any manner transferred to, or exercised by, any subtenant of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal OptionTenant.

Appears in 1 contract

Sources: Lease (Convio, Inc.)

Renewal Option. Landlord hereby grants A. Tenant shall have the right to Tenant extend the option Term ("the “Renewal Option") to renew for the entire Premises only for one additional period of 5 years commencing on the day following the Termination Date of the initial Term and extend ending on the term 5th anniversary of this Leasethe Termination Date (the “Renewal Term”), provided that at the time if: 1. Landlord receives notice of exercise of the Renewal Option is exercised, this Lease shall be in (“Initial Renewal Notice”) not less than 18 full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ("Renewal Term") shall be sixty (60) calendar months commencing upon the expiration of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to the expiration of the original term initial Term and not more than 24 full calendar months prior to the expiration of the Leaseinitial Term; and 2. Any renewal and extension Tenant is not in default under the Lease beyond any applicable cure periods at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Notice (as hereinafter defined); and 3. No part of the Premises is sublet (other than pursuant to a Permitted Transfer) at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Notice; and 4. The Lease has not been assigned (other than pursuant to a Permitted Transfer) prior to the date that Tenant delivers its Initial Renewal Notice or prior to the date Tenant delivers its Binding Notice. B. The initial Base Rent rate per rentable square foot for the Premises during the Renewal Term shall be at 95% equal the Prevailing Market (hereinafter defined) rate per rentable square foot for the Premises. C. Tenant shall pay Additional Rent (i.e. Expenses and Taxes) for the Premises during the Renewal Term in accordance with Article IV of the then current market terms and conditions. Lease. D. Within 30 days after receipt of Tenant’s Initial Renewal Notice, Landlord shall advise Tenant shall not have of the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on applicable Base Rent rate for the Premises for the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthinessTerm. If on or before thirty (30) Tenant, within 15 days after the delivery date on which Landlord advises Tenant of the renewal Notice Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during Base Rent rate for the Renewal Term, shall either (i) give Landlord final binding written notice (“Binding Notice”) of Tenant’s exercise of its option, or (ii) if Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering disagrees with Landlord’s determination, provide Landlord with written notice of rejection (the “Rejection Notice”). If Tenant fails to provide Landlord with either a Binding Notice or Rejection Notice within such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option15 day period, the Tenant’s Renewal Option shall thereafter 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 Amendment upon the terms and conditions set forth herein. If Tenant provides Landlord with a Rejection Notice, Landlord and Tenant shall work together in good faith to agree upon the Prevailing Market Base Rent 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 Rent rate for the Premises within 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 3 days of the expiration of the 30 day period set forth above, Tenant’s right to extend the Lease shall expire be null and void and of no further force and effect. If Tenant provides Landlord with an Arbitration Notice, Landlord and Tenant, within 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 rate (collectively referred to as the “Estimates”). If the higher of such Estimates is not more than 105% of the lower of such Estimates, then Prevailing Market rate shall be the average of the two Estimates. If the Prevailing Market rate is not resolved by the exchange of Estimates, Landlord and Tenant, within 7 days after the exchange of Estimates, shall each select an appraiser to determine which of the two Estimates most closely reflects the Prevailing Market rate for the Premises during the Renewal Term. Each appraiser so selected shall be certified as an MAI appraiser or as an ASA appraiser and shall have had at least 5 years experience within the previous 10 years as a real estate appraiser working in the Mountain View, California area, with working knowledge of current rental rates and practices. For purposes of this Lease, an “MAI” appraiser means an individual who holds an MAI designation conferred by, and is an independent member of, the American Institute of Real Estate Appraisers (or its successor organization, or in the event there is no successor organization, the organization and designation most similar), and an “ASA” appraiser means an individual who holds the Senior Member designation conferred by, and is an independent member of, the American Society of Appraisers (or its successor organization, or, in the event there is no successor organization, the organization and designation most similar). Upon selection, Landlord’s and Tenant’s appraisers shall work together in good faith to agree upon which of the two Estimates most closely reflects the Prevailing Market rate for the Premises during the Renewal Term. The Estimate chosen by such appraisers shall be binding on both Landlord and Tenant as the Base Rent rate for the Premises during the Renewal Term. If either Landlord or Tenant fails to appoint an appraiser within the seven day period referred to above, the appraiser appointed by the other party shall be the sole appraiser for the purposes hereof. If the two appraisers cannot agree upon which of the two Estimates most closely reflects the Prevailing Market within the 20 days after their appointment, then, within 10 days after the expiration of its original termsuch 20 day period, the 2 appraisers shall select a third appraiser meeting the aforementioned criteria. Once the third appraiser has been selected as provided for above, then, as soon thereafter as practicable but in any case within 14 days, the third appraiser shall make his determination of which of the two Estimates most closely reflects the Prevailing Market rate and such Estimate shall be binding on both Landlord and Tenant as the Base Rent rate for the Premises during the Renewal Term. If the third appraiser believes that expert advice would materially assist him, he may retain one or more qualified persons, to provide such expert advice. The parties shall share equally in the costs of the third appraiser and of any experts retained by the third appraiser. Any termination fees of any appraiser, counsel or experts engaged directly by Landlord or Tenant, however, shall be borne by the party retaining such appraiser, counsel or expert. In the event that the Prevailing Market rate has not been determined by the commencement date of the Renewal Term, Tenant shall pay Base Rent upon the terms and conditions in effect for initial Term until such time as the Prevailing Market rate has been determined. Upon such determination, the Base Rent for the Premises during the Renewal Term shall be retroactively adjusted to the commencement of the Renewal Term. If such adjustment results in an underpayment of Base Rent by Tenant, Tenant shall pay Landlord the amount of such underpayment within 30 days after the determination thereof. If such adjustment results in an overpayment of Base Rent by Tenant, Landlord shall credit such overpayment against the next installment of Base Rent due under the Lease and, to the extent necessary, any subsequent installments until the entire amount of such overpayment has been credited against Base Rent. 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 Rent, 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 within 15 days after receipt of such Renewal Amendment by Tenant. 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 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 Project. 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 terminate take into consideration any reasonably anticipated changes in the Renewal OptionPrevailing 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 1 contract

Sources: Office Lease Agreement (Perlegen Sciences Inc)

Renewal Option. Tenant, upon giving Landlord hereby grants not less than one -------------- hundred eighty (180) days prior written notice in each instance, shall have the right to renew the Term with respect to all space in the Building then under lease to Tenant for two (2) additional three (3) year periods at a rental equal to the option Fair Market Value Rental Rate ("Renewal Option"as defined below) for comparable office buildings in the vicinity of the Building. At such time as Tenant notifies Landlord of Tenant's desire to renew and extend the term of this Lease, provided that at Landlord shall within fifteen (15) days thereafter notify Tenant of Landlord's interpretation of the time Fair Market Value Rental Rate. Tenant may accept the Renewal Option is exercisedrate as quoted, this Lease shall be in full force and effect and Tenant shall or elect to enter into negotiations with Landlord for a period not be in default beyond any applicable cure period hereunder. The renewal term ("Renewal Term") shall be to exceed sixty (60) months commencing upon days, during which both parties will negotiate on a diligent, good faith basis to arrive at an agreement concerning the expiration Fair Market Value Rental Rate. Should an agreement not be reached by both parties during said sixty (60) day period, then the Fair Market Value Rental Rate shall be determined as provided in this section. Within ten (10) days following the end of such sixty (60) day period, each party shall appoint an independent appraiser having the designation of MAI and is knowledgeable with respect to valuation of rental rates in the geographic area of the original term of the LeaseBuilding. The Renewal Option Each appraiser shall be null and void if Tenant fails asked to give such appraiser's professional opinion as to the Fair Market Value Rental Rate for the Premises. Each appraiser shall be asked to deliver written notice ("Renewal Option Deadline Date") of exercise such appraiser's opinion simultaneously to Landlord not later than Two Hundred Seventy and Tenant within fifteen (270) days prior to the expiration of the original term of the Lease. Any renewal and extension of the Lease for the Renewal Term shall be at 95% of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthiness. If on or before thirty (3015) days after the delivery appointment of the renewal Notice Landlord and Tenant cannot agree in writing such appraiser. If a party fails to the "current market terms and conditions" to be applicable during a Renewal Termappoint an appraiser, then the question of what the "then current market terms and conditions" is Fair Market Value Rental Rate shall be settled determined by arbitrationthe single appraiser appointed. Such arbitration If the opinions of the Fair Market Value Rental Rate differ by no more than ten (10) percent of the lower of such Rates, then the average of the Fair Market Value Rental Rates contained in such opinions shall be before one disinterested MIA appraiser if one can be agreed uponthe Fair Market Value Rental Rate for the relevant renewal term. Otherwise, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen(2) appraisers shall appoint a third appraiser to give such third appraiser's professional opinion as to the Fair Market Value Rental Rate which shall be no lower than the lower of the two (2) prior opinions and no higher than the higher of the two (2) prior opinions. The MIA determination of such third appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State Fair Market Value Rental Rate shall govern; provided, however, that in no event shall the Fair Market Value Rental Rate be less than the Annual Base Rent for the prior term of Texas this Lease (the initial term or any renewal term, as applied to the facts found by him, her or themcase may be). The cost of the appraisers appraiser appointed by Landlord shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after The cost of the Renewal Option Deadline Dateappraiser appointed by Tenant shall be paid by Tenant. The cost of the third appraiser, if any, shall be shared equally by Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant. Tenant may terminate exercise the Renewal Option (notwithstanding its earlier exercise) by delivering written notice of such termination to Landlord not later than second renewal option only if Tenant has exercised the original termination date of this Lease. In the event of termination of the Renewal Option, the Renewal Option shall thereafter be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Optionfirst renewal option.

Appears in 1 contract

Sources: Office Lease (Stereotaxis, Inc.)

Renewal Option. Landlord hereby grants A. Tenant shall have the right to Tenant extend the option Term ("the “Renewal Option") with respect to renew the entire Premises only, for one additional period of 5 years commencing on the day following the Termination Date of the initial Term and extend ending on the term 5th anniversary of this Leasethe Termination Date (the “Renewal Term”), provided that at the time if: 1. Landlord receives notice of exercise of the Renewal Option is exercised, this Lease shall be in (“Initial Renewal Notice”) not less than 9 full force and effect and Tenant shall not be in default beyond any applicable cure period hereunder. The renewal term ("Renewal Term") shall be sixty (60) calendar months commencing upon the expiration of the original term of the Lease. The Renewal Option shall be null and void if Tenant fails to deliver written notice ("Renewal Option Deadline Date") of exercise to Landlord not later than Two Hundred Seventy (270) days prior to the expiration of the original term initial Term and not more than 12 full calendar months prior to the expiration of the Leaseinitial Term; and 2. Any renewal and extension Tenant is not in default under the Lease beyond any applicable cure periods at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Notice; and 3. No part of the Premises is sublet at the time that Tenant delivers its Initial Renewal Notice or at the time Tenant delivers its Binding Notice; and 4. The Lease has not been assigned (other than pursuant to a Permitted Transfer) prior to the date that Tenant delivers its Initial Renewal Notice or prior to the date Tenant delivers its Binding Notice; and 5. Tenant executes and returns the Renewal Amendment (hereinafter defined) within 15 days after its submission to Tenant. B. The initial Base Rent rate per rentable square foot for the Premises during the Renewal Term shall be at 95% equal the Prevailing Market (hereinafter defined) rate per rentable square foot for the Premises. C. Tenant shall pay Additional Rent (i.e. Expenses and Taxes) for the Premises during the Renewal Term in accordance with Article IV of the then current market terms and conditions. Lease. D. Within 30 days after receipt of Tenant’s Initial Renewal Notice, Landlord shall advise Tenant shall not have of the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on applicable Base Rent rate for the Premises for the Renewal Option Deadline Date for comparable space in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthinessTerm. If on or before thirty (30) Tenant, within 15 days after the delivery date on which Landlord advises Tenant of the renewal Notice Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during Base Rent rate for the Renewal Term, shall either (i) give Landlord final binding written notice (“Binding Notice”) of Tenant’s exercise of its option, or (ii) if Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering disagrees with Landlord’s determination, provide Landlord with written notice of rejection (the “Rejection Notice”). If Tenant fails to provide Landlord with either a Binding Notice or Rejection Notice within such termination to Landlord not later than the original termination date of this Lease. In the event of termination of the Renewal Option15 day period, the Tenant’s Renewal Option shall thereafter 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 Amendment upon the terms and conditions set forth herein. If Tenant provides Landlord with a Rejection Notice, Landlord and Tenant shall work together in good faith to agree upon the Prevailing Market Base Rent 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 Rent rate for the Premises within 30 days after the date on which Tenant provides Landlord with a Rejection Notice, Tenant’s Renewal Option shall be null and void and of no force and effect. 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 Rent, 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 and office buildings comparable to the Building in San Francisco, California. 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 Lease shall expire at manner, if any, in which the expiration Landlord under any such lease is reimbursed for operating expenses and taxes. The determination of its original term. Any termination of the Lease Prevailing Market shall also terminate take into consideration any reasonably anticipated changes in the Renewal OptionPrevailing 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 1 contract

Sources: Office Lease Agreement (Brightmail Inc)

Renewal Option. Landlord hereby grants to Tenant the option ("Renewal Option") to renew and extend the term of this Lease, provided Provided that at the time the Renewal Option is exercised, this Lease shall be in full force and effect and Tenant shall not be in no default exists beyond any applicable notice and cure period, then Tenant is hereby granted the option to renew the Term of this Lease for all, but not part of, the Premises for one period hereunderof 60 full calendar months (the “Renewal Term”). The renewal term Renewal Term ("Renewal Term") if timely and properly exercised by Tenant shall be sixty (60) months commencing upon commence at the expiration of the original term of the Leaseinitial Lease Term. The Renewal Option Tenant shall be null and void if Tenant fails exercise each option to deliver renew by delivering written notice ("Renewal Option Deadline Date") of exercise to Landlord not later at least 270 days, but no earlier than Two Hundred Seventy (270) 365 days prior to the expiration of the original term Lease Term (time being of the Leaseessence). Any such renewal of this Lease shall be upon the same terms and extension conditions of this Lease, except the Lease for annual Base Rent during the Renewal Term shall be at 95% the Fair Market Rent as of the then current market terms and conditions. Tenant shall not have the right to assign its renewal rights to a subtenant under this Lease. "Then current market terms and conditions" shall mean those terms and conditions prevailing on commencement of the Renewal Option Deadline Date Term for comparable space the Premises. Failure by Tenant to provide notices to Landlord of its intent to renew by the period stated in the Loop 360 corridor project (the "Project") to tenants or prospective tenants of comparable creditworthinessthis Section shall nullify Tenant’s renewal rights. If on or before Within thirty (30) days after receiving notice from Tenant of its intention to renew, Landlord will provide Tenant with Landlord’s determination of Fair Market Rent for the delivery Renewal Term and Tenant shall then have thirty (30) days from receipt of Landlord’s determination of Fair Market Rent to notify Landlord, in writing, that either (a) Tenant accepts Landlord’s determination of Fair Market Rent, in which case Tenant shall be obligated to renew the Lease at the Fair Market Rent rate determined by Landlord, (b) Tenant does not accept Landlord’s determination of the Fair Market Rent and withdraws the exercise of its renewal Notice option, in which case Tenant’s renewal rights and obligations hereunder shall be forever terminated, or (c) Tenant does not accept Landlord’s determination of the Fair Market Rent, but that Tenant still desires to exercise its renewal option, in which case, Landlord and Tenant cannot agree in writing shall attempt to the "current market terms and conditions" to be applicable during a Renewal Term, then the question of what the "then current market terms and conditions" is shall be settled by arbitration. Such arbitration shall be before one disinterested MIA appraiser if one can be agreed upon, otherwise before three (3) disinterested MIA appraisers, one named by the Landlord, one by the Tenant, and one by the two thus chosen. The MIA appraiser or appraisers shall determine the controversy in accordance with the arbitration rules and laws of the State of Texas as applied to the facts found by him, her or them. The cost of the appraisers shall be paid 50% by Tenant and 50% by Landlord. If on or before resolve their differences within thirty (30) days after the Renewal Option Deadline Date, if Landlord and Tenant cannot agree in writing to the "current market terms and conditions" to be applicable during the Renewal Term, Tenant may terminate the Renewal Option (notwithstanding its earlier exercise) by delivering written notice L▇▇▇▇▇▇▇’s receipt of such termination to Landlord not later than the original termination date of this LeaseT▇▇▇▇▇’s notice. In the event Landlord and Tenant do not resolve their differences regarding the Fair Market Rent within such thirty (30) day period, T▇▇▇▇▇’s renewal rights and obligations hereunder shall be forever terminated. For purposes of termination determining Fair Market Rent, the parties agree that “Fair Market Rent” shall be reasonably determined by Landlord, based on comparable renewing tenants, including leasing concessions then being offered for comparable Class A buildings, both in size and in quality, in the submarket for the Building, but in no event shall such Fair Market Rent be less than the Base Rent for the prior lease period under this Lease. The Premises will be provided in its then-existing condition (on an “as-is” basis) at the time the Renewal Term commences and Tenant shall not be entitled to any construction, build out or other allowances with respect to the Premises during the Renewal Term except as may be included as part of the Renewal Optiondetermination of Fair Market Rent. All other terms, covenants, and provisions of this Lease shall continue in full force and effect and be applicable to the Renewal Option shall thereafter Term. The rights granted to Tenant under this article are personal to the original named Tenant in this Lease and may not be null and void and of no further force and effect, and the Lease shall expire at the expiration of its original term. Any termination of the Lease shall also terminate the Renewal Optionassigned or exercised by anyone other than Tenant.

Appears in 1 contract

Sources: Lease (Wellgistics Health, Inc.)