Common use of Renewal Option Clause in Contracts

Renewal Option. Tenant shall have the right and option (“Renewal Option”) to renew the Term of this Lease for two (2) successive periods of fourteen (14) years each (each, a “Renewal Term”). Tenant shall give notice to Landlord of Tenant’s exercising of such option (each a “Renewal Notice”) not later than twelve (12) months prior to the then effective Expiration Date, TIME BEING OF THE ESSENCE with respect to giving of the Renewal Notice by Tenant to Landlord; provided, however, that the Renewal Notice shall be validly and effectively given only if, on the date that Tenant shall exercise its Renewal Option (the “Exercise Date”) this Lease shall not have been previously terminated or cancelled and there shall be no uncured Event of Default. If Tenant shall validly exercise its Renewal Option in accordance with the provisions of this Section 2.02, this Lease shall be deemed to be extended pursuant to the Renewal Notice, subject to the provisions of this Lease. Notwithstanding anything to the contrary contained in this Section 2.02, if on the commencement of a Renewal Term there shall be an uncured Event of Default, then Landlord, in Landlord’s sole and absolute discretion, may elect, by written notice to

Renewal Option. Tenant shall have the right and option (the “Renewal Option”) to renew extend the Term of this the Lease for two the entire Premises then being leased to Tenant. The Renewal Option shall be for a term of one (21) successive periods of fourteen year (14) years each (each, a the “Renewal Term”). The Renewal Term shall commence on the day after the Expiration Date. The Renewal Option shall be void if a breach of this Lease by Tenant shall give exists, either at the time of exercise of the Renewal Option or the time of commencement of the Renewal Term. The Renewal Option must be exercised, if at all, by written notice from Tenant to Landlord of Tenant’s exercising of such option given not less than nine (each a “Renewal Notice”) not later than twelve (129) months prior to the then effective Expiration Dateexpiration of the Term. The Renewal Term shall be upon the same terms and conditions as the original Term, TIME BEING OF THE ESSENCE with respect except that (a) the Base Rent shall be equal to giving the Prevailing Market Rent as of the commencement of the Renewal Notice by Term, as determined pursuant to Exhibit E, (b) Tenant shall not be entitled to Landlord; provided, however, that any tenant improvement allowance during the Renewal Notice shall be validly Term; and effectively given only if(c) from and after the exercise of the Renewal Option, on the date that Tenant shall exercise its Renewal Option (the i) all references to “Exercise Expiration Date”) this Lease shall not have been previously terminated or cancelled and there shall be no uncured Event of Default. If Tenant shall validly exercise its Renewal Option in accordance with the provisions of this Section 2.02, this Lease ” shall be deemed to be extended pursuant refer to the last day of the Renewal NoticeTerm, subject and (ii) all references to “Term” shall be deemed to include the provisions of Renewal Term. The Renewal Option is personal to Tenant and shall be inapplicable and null and void if Tenant assigns its interest under this Lease. Notwithstanding anything to the contrary contained in this Section 2.02, if on the commencement of except for a Renewal Term there shall be an uncured Event of Default, then Landlord, in Landlord’s sole and absolute discretion, may elect, by written notice toPermitted Transfer.

Renewal Option. Tenant shall have the right and option (“Renewal Option”) to renew the Lease Term of this Lease for two (2) successive periods renewal terms of fourteen five (145) years each (each, each a “Renewal Term”). Tenant shall give notice to Landlord , commencing on the day after the expiration of Tenant’s exercising of such option the initial Term or first Renewal Term, as applicable (each a “Renewal NoticeTerm Commencement Date”) not later than twelve and ending on the day immediately preceding the fifth (125th) months prior to anniversary of the then effective Expiration applicable Renewal Term Commencement Date, TIME BEING OF THE ESSENCE with respect unless the applicable Renewal Term shall sooner terminate pursuant to giving any of the Renewal Notice by terms of this Lease. Tenant may exercise its renewal rights hereunder for all or a portion of the Premises then leased to LandlordTenant; provided, however, if Tenant elects to renew the Lease Term with respect to only a portion of the Premises then leased to Tenant (i) the portion of the Premises subject to renewal must be not less than two full floors of the Project, (ii) the configuration of any portion of the Premises that the Renewal Notice will not be subject to such renewal shall be validly subject to Landlord’s reasonable approval; and effectively given only if, on the date that (iii) Tenant shall exercise its Renewal Option (reimburse Landlord for one-half of any re-demising costs necessary to separate the “Exercise Date”) this Lease shall not have been previously terminated or cancelled and there shall be no uncured Event portion of Default. If Tenant shall validly exercise its Renewal Option in accordance with the provisions of this Section 2.02, this Lease shall be deemed to be extended pursuant to the Renewal Notice, Premises subject to Tenant’s renewal from the provisions portion of this Lease. Notwithstanding anything the Premises not subject to the contrary contained in this Section 2.02, if on the commencement of a Renewal Term there shall be an uncured Event of Default, then Landlord, in Landlord’s sole and absolute discretion, may elect, by written notice torenewal.

Renewal Option. Provided no Event of Default exists either on the date Tenant gives Landlord the renewal notice required below or at the end of the Term of this Lease, Tenant, but not any assignee or subtenant of Tenant, shall have the right and option (“Renewal Option”) to renew the Term of this Lease for two one (21) successive periods additional term of fourteen sixty (1460) years each months, upon the same terms and conditions contained in this Lease except: (each, a “Renewal Term”i) the renewal term will contain no further renewal options unless expressly granted by Landlord in writing; and (ii) the Base Rent for the Leased Premises shall be equal to the Base Rent for the last month of the Term times 1.15 (i.e. 115%). If Tenant shall give desires to renew this Lease, Tenant will notify Landlord by written notice of its intention to Landlord of Tenant’s exercising of such option renew not less than six (each a “Renewal Notice”) not later than twelve (126) months prior to the then effective Expiration Date, TIME BEING OF THE ESSENCE with respect to giving expiration date of the Renewal Notice by Tenant Term, time being of the essence. Once given, Tenant's notice to Landlord; provided, however, that the Renewal Notice renew shall be validly and effectively given only if, on the date that Tenant shall exercise its Renewal Option (the “Exercise Date”) this Lease shall not have been previously terminated or cancelled and there shall be no uncured Event of Defaultirrevocable. If Tenant fails to timely give said notice, Tenant shall validly be deemed to have waived Tenant's option to renew. Upon the valid exercise its Renewal Option by Tenant of such option to renew, at the request of either party hereto and within thirty (30) days after such request, Tenant and Landlord shall enter into a written supplement to this Lease incorporating the terms, conditions and provisions applicable to the renewal Term determined in accordance with the provisions of this Section 2.02, this Lease shall be deemed to be extended pursuant to the Renewal Notice, subject to the provisions of this Lease. Notwithstanding anything to the contrary contained in this Section 2.02, if on the commencement of a Renewal Term there shall be an uncured Event of Default, then Landlord, in Landlord’s sole and absolute discretion, may elect, by written notice to16.02.

Renewal Option. Subject to the provisions of this Section 48, Tenant shall have the right and option (the “Renewal Option”) to renew extend the Term of this Lease for two (2) successive periods additional terms of fourteen five (145) years each (each, a “Renewal Term”). The first Renewal Term shall commence, if at all, at 12:00 A.M. on the day immediately following the original Termination Date, and shall expire at 11:59 P.M. on the fifth (5th) anniversary of the original Termination Date or on such earlier date upon which this Lease may be terminated as provided elsewhere in this Lease. The second Renewal Term shall commence, if at all, at 12:00 A.M. on the day immediately following the termination date of the first Renewal Term, and shall expire at 11:59 P.M. on the fifth anniversary of the termination date of the first Renewal Term, or on such earlier date upon which this Lease may be terminated as provided elsewhere in this Lease. Each Renewal Option may be exercised only by Tenant shall give giving Landlord written notice to Landlord of Tenant’s exercising of such option (each a the “Renewal Notice”) of Tenant’s intention to renew this Lease pursuant to this Section 48 not later than twelve (12) months prior to the then effective Expiration applicable Termination Date. Such Renewal Notice shall be deemed properly given only if on the date that Tenant shall exercise the Renewal Option (the “Exercise Date”): (i) this Lease is in full force and effect, TIME BEING OF THE ESSENCE (ii) a default on Tenant’s part has not occurred and is not continuing, and (iii) Tenant shall be in actual and physical occupancy of the entire Premises for its own use. Time is of the essence with respect to the giving of the Renewal Notice by Tenant to Landlord; provided, however, that the Renewal Notice shall be validly and effectively given only if, on the date that Tenant shall exercise its Renewal Option (the “Exercise Date”) this Lease shall not have been previously terminated or cancelled and there shall be no uncured Event of Default. If Tenant shall validly exercise its Renewal Option in accordance with the provisions of this Section 2.02, this Lease shall be deemed to be extended pursuant to the Renewal Notice, subject to the provisions of this Lease. Notwithstanding anything to the contrary contained in this Section 2.02, if on the commencement of a Renewal Term there shall be an uncured Event of Default, then Landlord, in Landlord’s sole and absolute discretion, may elect, by written notice to.

Renewal Option. Subject to the terms and conditions set forth -------------- below in this Section 25, this Lease may be extended at Tenant's option (the ---------- "Renewal Option") for five (5) years. Such period is called the "Renewal Term". The Renewal Term shall be upon the same terms, covenants and conditions contained in this Lease (excluding the Work Letter and this Section 25), except ---------- for the amount of Base Rent payable during the Renewal Term, which shall be determined in accordance with Section 25.2 below. Any reference in this Lease to ------------ the "Term" shall be deemed to include the Renewal Term and apply thereto, unless it is expressly provided otherwise. Tenant shall have no extension or renewal option other than the right and option (“Renewal Option”) to renew the Term . Any termination of this Lease for two (2) successive periods or of fourteen (14) years each (each, a “Renewal Term”)Tenant's right of possession shall terminate all of Tenant's rights under this Section 25. Tenant shall give exercise the Renewal Option by delivering written ---------- notice thereof to Landlord of Tenant’s exercising of such option not less than nine (each a “Renewal Notice”) not later than twelve (129) months prior to the then effective Expiration Date, TIME BEING OF THE ESSENCE with respect to giving first day of the Renewal Notice by Tenant to Landlord; provided, however, that the Renewal Notice shall be validly and effectively given only if, on the date that Tenant shall exercise its Renewal Option (the “Exercise Date”) this Lease shall not have been previously terminated or cancelled and there shall be no uncured Event of DefaultTerm. If Tenant shall validly exercise its Renewal Option fails to deliver any such notice within the time period set forth in accordance with the provisions of this Section 2.02immediately preceding sentence, this Lease Tenant shall be deemed to be extended pursuant have irrevocably waived its right to exercise the Renewal NoticeOption. If Tenant delivers written notice exercising the Renewal Option, subject to the provisions of this Lease. Notwithstanding anything to the contrary contained in this Section 2.02, if on the commencement of a Renewal Term there such notice shall be an uncured Event of Default, then Landlord, in Landlord’s sole and absolute discretion, may elect, by written notice toirrevocable.

Renewal Option. Provided that this Lease shall be in full force and effect without an uncured monetary default on the part of Tenant hereunder, on the Expiration Date, Tenant shall have the right and option (hereinafter referred to as the “Renewal Option”) to renew the Term of this Lease for two a renewal term (2) successive periods of fourteen (14) years each (each, a hereinafter referred to as the “Renewal Term”)) of ten (10) years, to commence on the day next succeeding the Expiration Date and to expire on the day which shall be the tenth (10th) anniversary of the Expiration Date. Tenant shall give exercise the Renewal Option by sending written notice thereof (hereinafter referred to Landlord of Tenant’s exercising of such option (each as a “Renewal Notice”) not later than to Landlord by certified mail, return receipt requested, on or before the day which shall be twelve (12) months prior to next preceding the then effective Expiration Date, TIME BEING OF THE ESSENCE with respect to giving of the Renewal Notice by Tenant to Landlord; provided, however, that the Renewal Notice shall be validly and effectively given only if, on the date that Tenant shall exercise its Renewal Option (the “Exercise Date”) this Lease shall not have been previously terminated or cancelled and there shall be no uncured Event of Default. If Tenant shall validly exercise its send a Renewal Option Notice within the time and in accordance with the provisions of this Section 2.02manner hereinbefore provided, this Lease shall be deemed to be extended pursuant to renewed for the Renewal NoticeTerm upon the terms, subject covenants and conditions hereinafter contained. If Tenant shall fail to send a Renewal Notice within the provisions of time and in the manner hereinbefore provided, the Renewal Option shall cease and terminate, and Tenant shall have no further options to renew this Lease. Notwithstanding anything to the contrary contained in this Section 2.02, if on the commencement of a Renewal Term there shall be an uncured Event of Default, then Landlord, in Landlord’s sole and absolute discretion, may elect, by written notice to.

Renewal Option. (a) Landlord hereby grants to Tenant shall have the right and option (“Renewal Option”) conditional one-time right, exercisable at Tenant's option, to renew the Term term of this Lease for two one (21) successive periods term of fourteen an additional five (145) years each (each, a “the "Renewal Term”"). If exercised, and if the conditions applicable thereto have been satisfied, the Renewal Term shall commence immediately following the end of the Lease Term (i.e. October 1, 2007). The right of renewal herein granted to Tenant shall give notice to Landlord of Tenant’s exercising of such option (each a “Renewal Notice”) not later than twelve (12) months prior to the then effective Expiration Datebe subject to, TIME BEING OF THE ESSENCE with respect to giving of the Renewal Notice by Tenant to Landlord; provided, however, that the Renewal Notice and shall be validly exercised in accordance with the following terms and effectively given only if, on the date that conditions: (i) Tenant shall exercise its Renewal Option right of renewal by giving Landlord written notice thereof (the “Exercise Date”"Renewal Notice") this Lease shall not have been previously terminated or cancelled earlier than December 1, 2006 and there shall be no uncured Event later than February 28, 2007. (ii) At the time the option Is exercised and at the commencement of Default. If Tenant shall validly exercise its the Renewal Option in accordance with Term, the provisions of this Section 2.02, this Lease shall be deemed to in full force and effect, and Tenant shall not be extended pursuant in default thereunder. (iii) In the event the Renewal Notice is not given timely, Xxxxxx's right of renewal with respect to the Renewal NoticeTerm shall lapse and be of no further force or effect. (b) During any Renewal Term, subject all the terms, conditions, covenants and agreements set forth in the Lease, as amended, shall continue to apply and be binding upon Landlord and Tenant, except that the provisions of this Lease. Notwithstanding anything to Base Rent payable during the contrary contained in this Section 2.02, if on the commencement of a Renewal Term there shall be an uncured Event of Default, then Landlord, in Landlord’s sole and absolute discretion, may elect, by written notice toequal to Market Rent as defined below.

Renewal Option. If Tenant shall have is not then in default under this Lease or any of the right and option (“Renewal Option”) to renew provisions hereof, Tenant may extend the Term term of this Lease for two (2) additional successive periods of fourteen one (141) years each (year each, a “Renewal Term”)by notifying Landlord in writing of its intention to do so at least ninety (90) days prior to the expiration of the then current term. Each such renewal term shall be under the same terms and conditions as are herein set forth except that the annual rental for each succeeding renewal term shall be adjusted as follows: RENTAL RATE FOR THE RENEWAL TERM SHALL BE THE THEN CURRENT RATE ESCALATED BY THREE PERCENT (3%) THROUGHOUT THE RENEWAL TERM. Notwithstanding the foregoing, Landlord shall have the right to terminate Tenant's right to renew as herein set forth provided that Landlord gives Tenant shall give written notice of its intention not to renew Tenant either prior to Tenant's written notice to Landlord of its intention to renew or within five (5) business days following Tenant’s exercising 's written notice to Landlord of such option (each a “Renewal Notice”) not later than twelve (12) months prior its intention to the renew. If Landlord provides its timely notice to Tenant as herein set forth, then effective Expiration Date, TIME BEING OF THE ESSENCE with respect Tenant's rights to giving of the Renewal Notice by Tenant to Landlord; provided, however, that the Renewal Notice renew shall be validly terminated and effectively given only if, on the date that Tenant shall exercise its Renewal Option (the “Exercise Date”) this Lease shall not have been previously terminated or cancelled and there Landlord shall be no uncured Event of Default. If Tenant shall validly exercise its Renewal Option in accordance with free to lease the provisions of this Section 2.02, this Lease shall be deemed Premises to be extended pursuant to the Renewal Notice, subject to the provisions of this Lease. Notwithstanding anything to the contrary contained in this Section 2.02, if on the commencement of a Renewal Term there shall be an uncured Event of Default, then Landlord, in Landlord’s sole and absolute discretion, may elect, by written notice tothird parties.

Renewal Option. (a) Provided that Tenant is not in default under the Lease beyond the expiration of applicable notice and cure periods on the date Tenant delivers Tenant's Renewal Notice (as hereinafter defined) or at any time thereafter through the commencement date of the Renewal Term (as hereinafter defined), Tenant shall have the right and an option (“the "Renewal Option”") to renew the Term of this Lease for two one (21) successive periods of fourteen consecutive five (145) years each year term (each, a “the " Renewal Term”). Tenant shall give ") at the rent and upon the other terms set forth below by delivering notice to Landlord of ("Tenant’s exercising of such option (each a “'s Renewal Notice”") not exercising the Renewal Option no later than twelve one (121) months year prior to the then effective Expiration Termination Date, TIME BEING OF THE ESSENCE . Time shall be of the essence with respect to giving Tenant's exercise of the Renewal Notice by Tenant to Landlord; provided, however, that Option and delivery of Tenant's Renewal Notice. In the Renewal Notice shall be validly and effectively given only if, on the date event that Tenant shall exercise its fail to deliver Tenant's Renewal Option (the “Exercise Date”) this Lease shall not have been previously terminated or cancelled and there shall be no uncured Event of Default. If Tenant shall validly exercise its Renewal Option Notice in accordance with the provisions of this Section 2.02hereof, this Lease Tenant shall be deemed to be extended pursuant have forever waived its right to exercise the Renewal Option. Tenant shall have no further right to renew or extend the term of the Lease. Promptly after delivery of the Tenant's Renewal Notice, subject Landlord and Tenant shall execute and deliver an instrument reasonably satisfactory to both parties stating that Tenant has or has not exercised the provisions of this Lease. Notwithstanding anything to the contrary contained in this Section 2.02, if on the commencement of a Renewal Term there shall be an uncured Event of Default, then Landlord, in Landlord’s sole and absolute discretion, may elect, by written notice toOption.

Renewal Option. Tenant shall have two (2) successive options (the right and option (“Renewal Option”) to renew extend the Term of this the Lease for two the entire Premises then being leased to Tenant for a period of three (2) successive periods of fourteen (143) years each (each, a the “Renewal Term”). Each Renewal Term shall commence on the day after the Expiration Date. Each Renewal Option shall be void if an uncured default by Tenant shall give exists, either at the time of exercise of the Renewal Option or the time of commencement of the Renewal Term, with respect to which Tenant has received notice and has had the opportunity to cure pursuant to this Agreement. Each Renewal Option must be exercised, if at all, by written notice from Tenant to Landlord of Tenant’s exercising of such option (each a “Renewal Notice”) given not later more than twelve (12) months and not less than nine (9) months prior to the then effective Expiration Dateexpiration of the current Term. Each Renewal Term shall be upon the same terms and conditions as the original Term, TIME BEING OF THE ESSENCE except that (a) the Base Rent payable pursuant to Section 4.1 with respect to giving the Renewal Term shall be equal to the Prevailing Market Rent as of the commencement of the Renewal Notice by Term, as determined pursuant to Exhibit C; (b) Tenant shall not be entitled to Landlord; provided, however, that any tenant improvement allowance during the Renewal Notice shall be validly Term; and effectively given only if(c) from and after the exercise of the Renewal Option, on the date that Tenant shall exercise its Renewal Option (the i) all references to “Exercise Expiration Date”) this Lease shall not have been previously terminated or cancelled and there shall be no uncured Event of Default. If Tenant shall validly exercise its Renewal Option in accordance with the provisions of this Section 2.02, this Lease ” shall be deemed to be extended pursuant refer to the last day of each Renewal NoticeTerm, subject and (ii) all references to “Term” shall be deemed to include the provisions of Renewal Term. The Renewal Option is personal to Tenant and shall be inapplicable and null and void if Tenant sublets or assigns its interest under this Lease. Notwithstanding anything , other than to the contrary contained in this Section 2.02, if on the commencement of a Renewal Term there shall be an uncured Event of Default, then Landlord, in Landlord’s sole and absolute discretion, may elect, by written notice toPermitted Transferee (defined below)

Renewal Option. Subject to the terms and conditions of this Section 3.2, Landlord agrees that as long as this Lease is then in full force and effect at the expiration of the Initial Term, no Significant Event of Default exists at either the date of delivery of the Tenant’s Renewal Notice or the commencement of the Renewal Term, each of the tenants under the Other Leases is entitled to and does concurrently exercise the renewal option under each of the Other Leases, and Tenant has not exercised the Purchase Option hereunder, and none of the tenants under any of the Other Leases has exercised the purchase option contained in any of the Other Leases, then Tenant shall have the right and one (1) option (the “Renewal Option”) to renew the Term of this Lease for two period of ten (2) successive periods of fourteen (1410) years each (each, a the “Renewal Term”). As used herein, "Significant Event of Default" means (i) an Event of Default for failure to pay any Monetary Obligations and (ii) any other Event of Default where Landlord has elected to terminate this Lease or to terminate Tenant's right of possession. Tenant shall give exercise the Renewal Option by delivering written notice to Landlord of (“Tenant’s exercising of such option (each a “Renewal Notice”) not of such election to Landlord. Tenant’s Renewal Notice must be provided no later than twelve the ninetieth (1290th) months day prior to the then effective Expiration Date, TIME BEING OF THE ESSENCE with respect to giving fifth (5th) anniversary of the Effective Date. The Renewal Notice by Tenant to Landlord; provided, however, that the Renewal Notice shall be validly and effectively given only if, on the date that Tenant shall exercise its Renewal Option (the “Exercise Date”) this Lease shall not have been previously terminated or cancelled and there shall be no uncured Event Term of Default. If Tenant shall validly exercise its Renewal Option in accordance with the provisions of this Section 2.02, this Lease shall be deemed to be extended pursuant to upon the Renewal Notice, subject to the provisions same terms and conditions of this Lease. Notwithstanding anything to the contrary contained in this Section 2.02Lease as it may have been amended, if on the commencement of a Renewal Term there shall be an uncured Event of Default, then Landlord, in Landlord’s sole and absolute discretion, may elect, by written notice toexcept that:

Renewal Option. a. Tenant shall have the right and option (“Renewal Option”) to renew the Term of this Lease for two one (21) successive periods additional term of fourteen five (145) years each (eachyears, a “Renewal Term”). Tenant shall give notice to Landlord of Tenant’s exercising of such option (each a “Renewal Notice”) not later than twelve (12) months prior to the then effective Expiration Date, TIME BEING OF THE ESSENCE with respect to giving commencing upon expiration of the Renewal Notice by Tenant to Landlord; provided, however, that the Renewal Notice shall initial Term. Such renewal option must be validly and effectively given only if, on the date that Tenant shall exercise its Renewal Option (the “Exercise Date”) this Lease shall not have been previously terminated or cancelled and there shall be no uncured Event of Default. If Tenant shall validly exercise its Renewal Option in accordance with the provisions of this Section 2.02, this Lease shall be deemed to be extended pursuant to the Renewal Notice, subject to the provisions of this Lease. Notwithstanding anything to the contrary contained in this Section 2.02exercised, if on the commencement of a Renewal Term there shall be an uncured Event of Default, then Landlord, in Landlord’s sole and absolute discretion, may electat all, by written notice togiven by Tenant to Landlord not later than [...***...] prior to expiration of the initial Term. Notwithstanding the foregoing, this renewal option shall be null and void and Tenant shall have no right to renew this Lease if on the date Tenant exercises such renewal option or on the date immediately preceding the commencement date of the renewal period (i) the original Tenant named under this Lease in the Basic Lease Information is not in occupancy of at least [...***...] of the entire Premises then demised hereunder or such Tenant does not intend to continue to occupy at least [...***...] of the entire Premises then demised hereunder (but intends to assign this Lease or sublet the Premises in whole or in part such that such occupancy requirement will not be met), or (ii) Tenant is in default of any of its obligations under this Lease. For purposes of this Lease, the term "occupancy" means physical occupancy for the conduct of Tenant's business, and, without limitation, Tenant shall not be deemed in occupancy of any space it has subleased or otherwise vacated.