Renewal Right Sample Clauses

Renewal Right. (a) Provided that on the date Tenant exercises the Renewal Option (as hereinafter defined) and at the commencement of the Renewal Term (as hereinafter defined): (i) this Lease shall not have been terminated; (ii) an Event of Default shall not have occurred under this Lease beyond any notice or grace period; and 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 on September 1, 2023. (b) The Renewal Option shall be exercised with respect to all of the Demised Premises only and shall be exercisable by Tenant giving written notice to Landlord (the “Renewal Notice”) at least six (6) months before the last day of the Term. Time shall be of the essence as to Tenant’s giving of the Renewal Notice. If Tenant fails to timely exercise the Renewal Option, Tenant shall have no option to renew this Lease beyond the expiration of the Term. (a) The Renewal Term shall be upon all of the terms and conditions set forth in this Lease. except that: (i) Tenant shall accept the Demised Premises in their “as is” condition at the commencement of the Renewal Term, and Landlord shall not be required to perform any work at the Demised Premises, or render any services to make the Demised Premises ready for Tenant’s use and occupancy or provide any abatement of Fixed Rent or Additional Rent, in each case with respect to the Renewal Term; (ii) Fixed Rent shall be in the amount as set forth in Section 9.3; and (iii) Tenant shall have no option to renew this Lease beyond the expiration of the Renewal Term.

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. Provided that no Event of Default has occurred and is continuing at the time such Notice is given, and no Noticed Default or Event of Default is continuing at the time the corresponding Renewal Term is to take effect, Tenant shall have the right and option, in its sole discretion (each such right and option, a “Renewal Option”) to extend and renew this Lease upon all the same terms and conditions (except as this Lease otherwise expressly states), as follows (each such extended term, a “Renewal Term”): (i) the Initial Term may be extended for an additional term of five (5) years (the “First Extended Term”); and (ii) the First Extended Term may be extended for an additional term of five (5) years. Tenant shall exercise each Renewal Option, if at all, by giving written Notice to Landlord of such exercise not less than three (3) months, nor more than twelve (12) months, before the expiration of the then current Term. After the last Renewal Term, Tenant shall have no further right to renew or extend the Term. If Tenant fails to validly and timely exercise any Renewal Option, then all subsequent Renewal Options shall terminate.

Renewal Right. 154 ARTICLE 13 ARBITRATION.................................................. 160

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 right to extend the Term of the Lease as provided in Exhibit I.

Renewal Right. So long as no default by Lessee under this Lease exists and subject to the terms of this Section 10, Lessee shall have the right to renew this

Renewal Right. Tenant may renew this Lease Agreement by giving a written notice to Landlord at least six (6) months prior to the expiry of the lease term. Tenant shall have the right of priority in the said renewal under equivalent conditions. The rate of rent during the renewed lease term may be adjusted as per the fair market price at that time.