Renewal Right. (a) Provided that (A) on the date Tenant exercises the First Renewal Option and at the commencement of the First Renewal Term (i) this Lease has not been terminated, (ii) Tenant occupies at least 1 full floor of the Building and (iii) Tenant is an Intercept Tenant or an assignee of Tenant’s interest in this Lease in accordance with the terms hereof, and (B) on the date Tenant exercises the First Renewal Option Tenant is not in monetary or material non-monetary default under this Lease beyond applicable notice and cure periods, Tenant shall have the option (the “First Renewal Option”) to extend the initial Term of this Lease, at Tenant’s sole discretion as indicated by Tenant in the First Renewal Notice, for either an additional (x) 10 year period (the “Ten Year Renewal Term”) or (y) 5 year period (the “First Five Year Renewal Term”), to commence at the expiration of the initial Term.
(b) The First Renewal Option shall be exercised with respect to a Renewal Premises only and shall be exercisable by Tenant giving notice to Landlord (the “Renewal Notice”) at least 16 months before the last day of the initial Term. Tenant shall specify in the First Renewal Notice whether Tenant elects the Ten Year Renewal Term or the First Five Year Renewal Term (failing which Tenant shall have been deemed to have elected the Ten Year Renewal Term). Time is of the essence with respect to the giving of the First Renewal Notice.
(c) Provided that (A) Tenant exercised the First Renewal Option for the First Five Year Renewal Term, (B) on the date Tenant exercises the Second Renewal Option and at the commencement of the Second Renewal Term (i) this Lease has not been terminated, (ii) Tenant occupies at least 1 full floor of the Building and (iii) Tenant is an Intercept Tenant or an assignee of Tenant’s interest in this Lease in accordance with the terms hereof, and (C) on the date Tenant exercises the Second Renewal Option Tenant is not in monetary or material non-monetary default under this Lease beyond applicable notice and cure periods, Tenant shall have the option (the “Second Renewal Option”; the First Renewal Option and Second Renewal Option are each a “Renewal Option”) to extend the term of this Lease for an additional 5 year period (the “Second Renewal Term”; the First Five Year Renewal Term, the Second Renewal Term and the Ten Year Renewal Term are each a “Renewal Term”), to commence at the expiration of the First Five Year Renewal Term. For the avoidance of doubt, if Tena...
Renewal Right. (a) Provided that on the date Tenant exercises the Renewal Option and at the commencement of the Renewal Term (i) this Lease shall not have been terminated and (ii) Tenant shall not be in default under this Lease beyond any applicable grace or cure periods, Tenant shall have the option (the "Renewal Option") to extend the term of this Lease for an additional five (5) year period (the "Renewal Term"), to commence at the expiration of the initial Term.
(b) The Renewal Option shall be exercised with respect to the entire Premises only and shall be exercisable by Tenant giving notice to Landlord (the "Renewal Notice") at least 18 months before the last day of the initial Term. Time is of the essence with respect to the giving of the Renewal Notice.
Renewal Right. Tenant shall have the option to renew the term of this Lease for one (1) renewal period (hereafter the “Renewal Term”), having a term of one (1) to five (5) years commencing immediately following the expiration of the initial Lease Term, said Renewal Term to be upon all of the terms, conditions, covenants and provisions of this Lease. The failure of Tenant to exercise the option for the Renewal Term in the manner and within the time herein provided shall terminate the rights of Tenant with respect to such Renewal Term. Tenant’s right to exercise the option to renew the Lease Term will be subject to the following conditions:
(i) Tenant shall deliver to Landlord a written notice exercising the option to renew the Lease Term at least one hundred eighty (180) days before the last day of the initial Lease Term; and
(ii) Tenant shall not be in material default under any provision of this Lease, after receipt of notice and expiration of any applicable cure period, at the date Tenant delivers to Landlord a notice of Tenant’s election to renew the Lease Term. Effective the first (1st) day of the Renewal Term, the Monthly Base Rent for the Premises shall be at the then fair market rental for the Premises (reflecting the then prevailing rent structure, inducements and concessions for comparable commercial lease renewals) as agreed upon by the parties within thirty (30) days after Tenant exercises the option to renew, and, if they cannot agree within such timeframe, to be established by an evaluation of the Premises performed by a commercial real estate broker mutually agreed upon by the parties, or if they cannot agree on one (1) broker, then by a board of three (3) qualified commercial real estate brokers, one (1) selected by each of the parties and the third (3rd) broker (who shall not have provided services to or received compensation from either party during the prior two years) to be selected by the two (2) brokers chosen by the parties. If a board of brokers is utilized, the broker whose determination of fair market rent is neither the highest nor the lowest shall be binding. Each party shall pay one-half (1/2) of the fees for such brokers in connection with the foregoing fair market rent determination. The final determination of the fair market rental for the Renewal Term shall be made, in all events, no later than ninety (90) days after Tenant exercises the option to renew.
Renewal Right. Landlord hereby grants to Tenant the right, exercisable at Tenant’s option, to renew the term of this Lease for one (1) successive term of five (5) years. If exercised, and if the conditions applicable thereto have been satisfied, the renewal term of this Lease (the “Renewal Term”) shall commence immediately following the end of the initial Lease Term provided in Section 1.8 of this Lease. The right of renewal herein granted to Tenant is personal to Tenant (and may not be exercised by any assignee of Tenant) and shall be subject to, and shall be exercised in accordance with, the following terms and conditions:
(a) Tenant shall exercise its right of renewal with respect to the Renewal Term by giving Landlord irrevocable written notice (the “Renewal Notice”) thereof not later than eighteen (18) months prior to the expiration of the term of this Lease.
(b) All terms and conditions of this Lease, including without limitation, all provisions governing the payment of Additional Rent, shall remain in full force and effect during the Renewal Term, except that the Monthly Base Rent shall equal the greater of (i) the Monthly
Renewal Right. (a) Provided that on the date Tenant exercises the Renewal Option and at the commencement of the Renewal Term (i) this Lease shall not have been terminated, (ii) no Event of Default is continuing and (iii) Tenant shall occupy at least 85% of the Renewal Premises, Tenant shall have the option (the “Renewal Option”) to extend the term of this Lease for an additional 5 year period (the “Renewal Term”), to commence at the expiration of the initial Term.
(b) The Renewal Option shall be exercised with respect to either (i) the entire Premises or (ii) a contiguous block of full floors which includes at least 2 full floors starting with, at Tenant’s option, either the lowest floor or the highest floor of the largest contiguous block of full floors then constituting the Premises (the space as to which Tenant exercises a Renewal Option is called the “Renewal Premises”) and shall be exercisable by Tenant giving notice to Landlord (the “Renewal Notice”) at least 15 months before the last day of the initial Term. Tenant shall specify in the Renewal Notice the space to be included in the Renewal Premises (failing which the Renewal Premises shall be deemed to be the entire then Premises). Time is of the essence with respect to the giving of the Renewal Notice.
Renewal Right. The Tenant has the right to renew the lease for one year, and the increment of the rent shall not exceed 15% or at the market rate, which shall be negotiated separately. * delete where inapplicable
Renewal Right. (a) As used herein:
Renewal Right. (a) Provided that on the date Tenant exercises the Renewal Option and at the commencement of the Renewal Term (i) this Lease shall not have been terminated, (ii) Tenant shall not be in monetary default beyond any applicable notice and grace period under this Lease and (iii) Tenant named herein (i.e., ACTV, Inc.), an Affiliate or a permitted assignee of Tenant shall occupy the entire Premises, Tenant shall have the option (the "Renewal Option") to extend the term of this Lease for an additional five (5) year period (the "Renewal Term"), to commence at the expiration of the initial Term.
(b) The Renewal Option shall be exercised with respect to the entire Premises only and shall be exercisable by Tenant giving notice to Landlord (the "Renewal Notice") at least 18 months before the last day of the initial Term. Time is of the essence with respect to the giving of the Renewal Notice.
Renewal Right. Subject to the provisions of this Section 3.4, Tenant shall have one (1) option to extend the Term (the “Renewal Option”) for all of the Premises for a period of five (5) years (the “Renewal Term”), which option shall be exercisable by notice delivered by Tenant to Landlord as provided below. Upon the proper exercise of the Renewal Option, the initial Term shall be extended by the Renewal Term, subject to every term and condition of this Lease, except that the applicable “Renewal Rent,” as that term is defined in Paragraph (c) below, shall be determined as set forth in this Section 3.4.
Renewal Right. Tenant shall have the one time right to renew the Term of the Lease through and including December 31, 2018 (the period of time between December 31, 2013 and December 31, 2018 being referred to herein as the “Renewal Term”) by giving Landlord prior written notice not earlier than December 31, 2012, and not later than March 31, 2013, that Tenant has exercised such renewal right, subject to the following conditions:
(a) There shall not be an Event of Default under any of the terms or provisions of the Lease at the time such notice is given or at the time of the commencement of the Renewal Term.
(b) Tenant shall occupy the Premises during the Renewal Term under the same terms and conditions as specified in the Lease, except Tenant shall lease the Premises in their then “as-is” condition, with Tenant being entitled to no additional tenant improvement allowance or other right to require that improvements be made to the Premises, and the Base Monthly Rental for any Renewal Term shall be the then Market Rate (as defined below), but not less than the Base Monthly Rental for the premises in effect immediately prior to the commencement of such Renewal Term.
(c) As used herein, the term “Market Rate” shall be initially determined by Landlord as the amount of base annual rent per square foot, including escalations of such base annual rent, then being charged in comparable first-class office buildings located in Birmingham, Alabama (the “Comparable Buildings”) for space comparable to the Premises and taking into consideration all other relevant factors establishing similarity or dissimilarity between the comparable lease and the leasing of the Premises to Tenant for the Renewal Term, including without limitation, escalations (including type, base year and stop), length of renewal term, size and location of the Premises, building standard work letter and/or tenant improvement allowances, quality and quantity of any existing tenant improvements, quality and creditworthiness of Tenant, amenities offered, location of building, the cost and provision of parking spaces, and other generally applicable terms and conditions of tenancy. In determining Market Rate, Landlord shall be entitled to accord the greatest weight to recent transactions in the Building. The reference to the foregoing factors is illustrative only and the presence or absence of such factors shall be taken into account in determining Market Rate.
(d) Within thirty (30) days after Landlord receives the notice ...
