Common use of Renewal Right Clause in Contracts

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 Tenant elected or is deemed to have elected the Ten Year Renewal Option for the First Renewal Option, then Tenant shall not have the right to the Second Renewal Option. (d) The Second Renewal Option shall be exercised with respect to a Renewal Premises only and shall be exercisable by Tenant giving notice to Landlord (the “Second Renewal Notice”) at least 16 months before the last day of the First Five Year Renewal Term. Time is of the essence with respect to the giving of the Second Renewal Notice. (e) Each Renewal Option shall be exercised with respect to space selected by Tenant and designated in the applicable Renewal Notice (the space as to which Tenant exercises (or is deemed to have exercised) the Renewal Option pursuant to this Section 9.01 is called the “Renewal Premises”); provided, that Tenant shall only have the right to designate as the Renewal Premises either: (i) the entire Premises demised by this Lease as of the date on which Tenant gives the applicable Renewal Notice; or (ii) a portion of the Premises demised by this Lease as of the date on which Tenant gives the applicable Renewal Notice consisting of 1 or more contiguous full floors of the then Premises starting, at Tenant’s option, with either the highest or lowest office floor of the largest contiguous block of floors in the Building then leased by Tenant. If Tenant fails in any Renewal Notice to designate the Renewal Premises, then the Renewal Premises shall be deemed to be the entire Premises demised by this Lease as of the date on which Tenant gives such Renewal Notice.

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 shall not have been terminated, (ii) Tenant occupies at least 1 full floor no Event of the Building Default shall have occurred and be continuing under this Lease and (iii) Tenant is an Intercept Tenant or an assignee of Tenant’s interest in this Lease in accordance with shall occupy 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 periodsentire Premises, Tenant shall have the option (the “First Renewal Option”) to extend the initial Term term of this Lease, at Tenant’s sole discretion as indicated by Tenant in the First Renewal Notice, Lease 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 the entire Premises or any Renewal Premises only and Portion (the space as to which Tenant exercises the Renewal Option is called the “Renewal Premises”). The Renewal Option shall be exercisable by Tenant giving notice to Landlord (the “Renewal Notice”) at least 16 on or before the date that is 18 months before the last day of the initial Term; provided, that if Tenant timely gave a Rent Request Notice, then the Renewal Notice may be given until the date that is 30 days after the giving of the Rent Notice (whether earlier or later than the date that is 18 months before the last day of the initial Term). Tenant shall specify in the First Renewal Notice whether Tenant elects the Ten Year space to be included in the Renewal Term or the First Five Year Renewal Term Premises (failing which Tenant the Renewal Premises shall have been be deemed to have elected be the Ten Year Renewal Termentire then Premises). 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 Tenant elected or is deemed to have elected the Ten Year Renewal Option for the First Renewal Option, then Tenant Portion” shall not have the right to the Second Renewal Option. (d) The Second Renewal Option shall be exercised with respect to a Renewal Premises only and shall be exercisable by Tenant giving notice to Landlord (the “Second Renewal Notice”) at least 16 months before the last day of the First Five Year Renewal Term. Time is of the essence with respect to the giving of the Second Renewal Notice. (e) Each Renewal Option shall be exercised with respect to space selected by Tenant and designated in the applicable Renewal Notice (the space as to which Tenant exercises (or is deemed to have exercised) the Renewal Option pursuant to this Section 9.01 is called the “Renewal Premises”); provided, that Tenant shall only have the right to designate as the Renewal Premises either: (i) the entire Premises demised by this Lease as of the date on which Tenant gives the applicable Renewal Notice; or (ii) mean a portion of the Premises demised which (i) are or will be occupied by this Lease Tenant and its Affiliates as of the date commencement of the Renewal Term (excluding sublet space, other than sublet space as to which the term expires on or before the Expiration Date and which Tenant gives and its Affiliates intend to occupy upon the applicable commencement of the Renewal Notice consisting Term), (ii) except in the case of 1 the Subconcourse Space or any partial floor which then constitutes part of the Premises, consists of full floors and (iii) if Tenant is then leasing 3 or more contiguous full floors of the then Premises starting, at Tenant’s option, with either the highest (in whole or lowest office floor of the largest contiguous block of floors in the Building then leased by Tenant. If Tenant fails in any Renewal Notice to designate the Renewal Premisespart), then the Renewal Premises shall be deemed to floors that Tenant renews (of those floors) must be the entire Premises demised topmost or bottommost of such floors, and floors contiguous thereto (by this Lease way of example only, if the Premsies consists of floors 10, 11, 49, 50 and 51, and Tenant wishes to renew (A) as to only one of the date on which upper floors, Tenant gives must renew as to 49 or 51 or (B) as to two of the upper floors, Tenant must renew as to 49 and 50, or 50 and 51; and in each such Renewal Notice.case Tenant could also renew as to either or both of 10 and 11)..

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 5 full floor floors of the Building and (iii) Landlord has not delivered to Tenant is an Intercept Tenant or an assignee of Tenant’s interest in a notice electing to terminate this Lease in accordance with the terms hereof, and (B) on the date Tenant exercises the First Renewal Option Tenant is not Section 6.05 which remains in monetary or material non-monetary default under this Lease beyond applicable notice and cure periodseffect, 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 Noticeelection, for either an additional (xA) 10 year period (the “First Ten Year Renewal Term”) or (yB) 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 “First Renewal Notice”) at least 16 24 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 (Ax) Tenant exercised the First Renewal Option for the First Five Year Renewal Term, Term and (By) on the date Tenant exercises the Second Five Year Renewal Option and at the commencement of the Second Renewal Term (i) this Lease has not been terminated, (ii) Tenant occupies at least 1 5 full floor floors of the Building and (iii) Landlord has not delivered to Tenant is an Intercept Tenant or an assignee of Tenant’s interest in a notice electing to terminate this Lease in accordance with the terms hereof, and (C) on the date Tenant exercises the Second Renewal Option Tenant is not Section 6.05 which remains in monetary or material non-monetary default under this Lease beyond applicable notice and cure periodseffect, Tenant shall have the option (the “Second Renewal Option”; the First Renewal Option and Second Renewal Option are each a “Five Year 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 Tenant elected or is deemed to have elected the First Ten Year Renewal Option for the First Renewal Option, then Tenant shall not have the right to the Second Five Year Renewal Option. (d) The Second Five Year Renewal Option shall be exercised with respect to a the designated Renewal Premises only and shall be exercisable by Tenant giving notice to Landlord (the “Second Five Year Renewal Notice”) at least 16 24 months before the last day of the First Five Year Renewal Term. Time is of the essence with respect to the giving of the Second First Renewal Notice. (e) Provided that (x) Tenant exercised either (A) the First Renewal Option for the First Five Year Renewal Term and the Second Five Year Renewal Option or (B) the First Renewal Option for the First Ten Year Renewal Term and (y) on the date Tenant exercises the Second Ten Year Renewal Option (i) this Lease has not been terminated, (ii) Tenant occupies at least 5 full floors of the Building and (iii) Landlord has not delivered to Tenant a notice electing to terminate this Lease in accordance with Section 6.05 which remains in effect, Tenant shall have the option (the “Second Ten Year Renewal Option”; the First Renewal Option, the Second Five Year Renewal Option and the Second Ten Year Renewal Option are each a “Renewal Option”) to extend the term of this Lease for an additional 10 year period (the “Second Ten Year Renewal Term”; the First Five Year Renewal Term, the Second Five Year Renewal Term and the Second Ten Year Renewal Term are each a “Renewal Term”), to commence at the expiration of the Second Five Year Renewal Term or the First Ten Year Renewal Term, as applicable. (f) The Second Ten Year Renewal Option shall be exercised with respect to the designated Renewal Premises only and shall be exercisable by Tenant giving notice to Landlord (the “Second Ten Year Renewal Notice”; the First Renewal Notice, the Second Five Year Renewal Notice and the Second Ten Year Renewal Notice are each a “Renewal Notice”) at least 24 months before the last day of the Second Five Year Renewal Term or the First Ten Year Renewal Term, as applicable. Time is of the essence with respect to the giving of the Second Ten Year Renewal Notice. (g) Each Renewal Option shall be exercised with respect to space selected by Tenant and designated in the applicable Renewal Notice (the space as to which Tenant exercises (or is deemed to have exercised) the Renewal Option pursuant to this Section 9.01 is called the “Renewal Premises”); provided, that Tenant shall only have the right to designate as the Renewal Premises either: (i) the entire Premises demised by this Lease as of the date on which Tenant gives the applicable Renewal Notice; or (ii) a portion of the Premises demised by this Lease as of the date on which Tenant gives the applicable Renewal Notice consisting of 1 or more contiguous full floors of the then Premises starting, at Tenant’s option, with either the highest or lowest office floor of the largest contiguous block of floors in the Building then leased by Tenant. If Tenant fails in any Renewal Notice to designate the Renewal Premises, then the Renewal Premises shall be deemed to be the entire Premises demised by this Lease as of the date on which Tenant gives such Renewal Notice.is

Renewal Right. (a) Provided that (A) on the date Tenant exercises the First Renewal Option (as hereinafter defined) and at the commencement of the First Renewal Term (as hereinafter defined): (i) this Lease has shall not have been terminated, ; (ii) Tenant occupies at least 1 full floor an Event 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 Default shall not in monetary or material non-monetary default have occurred under this Lease beyond applicable any notice or grace period; 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 five (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 doubton September 1, if Tenant elected or is deemed to have elected the Ten Year Renewal Option for the First Renewal Option, then Tenant shall not have the right to the Second Renewal Option2023. (db) The Second Renewal Option shall be exercised with respect to a Renewal all of the Demised Premises only and shall be exercisable by Tenant giving written notice to Landlord (the “Second Renewal Notice”) at least 16 six (6) months before the last day of the First Five Year Renewal Term. Time is shall be of the essence with respect as to the Tenant’s giving of the Second 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. (ea) Each The Renewal Option Term shall be exercised with respect to space selected by Tenant upon all of the terms and designated conditions set forth in the applicable Renewal Notice (the space as to which Tenant exercises (or is deemed to have exercised) the Renewal Option pursuant to this Section 9.01 is called the “Renewal Premises”); provided, that Tenant shall only have the right to designate as the Renewal Premises eitherLease. except that: (i) Tenant shall accept the entire Demised Premises demised by this Lease in their “as is” condition at the commencement of the date on which Tenant gives Renewal Term, and Landlord shall not be required to perform any work at the applicable 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 Notice; orTerm; (ii) a portion 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 Premises demised by this Lease as of the date on which Tenant gives the applicable Renewal Notice consisting of 1 or more contiguous full floors of the then Premises starting, at Tenant’s option, with either the highest or lowest office floor of the largest contiguous block of floors in the Building then leased by Tenant. If Tenant fails in any Renewal Notice to designate the Renewal Premises, then the Renewal Premises shall be deemed to be the entire Premises demised by this Lease as of the date on which Tenant gives such Renewal NoticeTerm.

Renewal Right. (a) Provided that (A) on the date Tenant exercises the First its Renewal Option and at the commencement of the First Renewal Term (i) this Lease has shall not have 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 shall not be in monetary or material non-monetary default under this Lease beyond any applicable notice and cure periodsperiod under this Lease and (iii) Tenant (including any permitted Desk Space User and Affiliates of Tenant) shall occupy seventy-five (75%) percent or more of the Premises, Tenant shall have one (1) option to extend the option Term (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 five (x5) 10 year period (commencing on the “Ten Year Renewal Term”) or (y) 5 year period (the “First Five Year Renewal Term”), to commence at day after the expiration of the initial Term and ending on the fifth (5th) anniversary of the expiration of the initial Term (the “Renewal Term”). (b) The First Renewal Option shall be exercised with respect to, at Tenant’s option, either (i) the entire Premises or (ii) the greater of (x) two (2) full contiguous floors included in the Premises or (y) seventy-five (75%) percent of the RSF included in the then Premises consisting of full contiguous floors of the Premises (including, in the case of clause (i) or (ii), any of the Offer Space that may have become part of the Premises pursuant to a Article 11 hereof or any other space that may have become part of the Premises during the Term) (the space as to which Tenant exercises the Renewal Premises only and Option is called the “Renewal Premises”). The Renewal Option shall be exercisable by Tenant giving notice to Landlord (the “Renewal Notice”) at least 16 no later than fourteen (14) months before prior to 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)Expiration Date. Time is of the essence with respect to the giving of the First Renewal Notice. (c) Provided that (A) . The failure of Tenant exercised to deliver a Renewal Notice in the First Renewal Option for the First Five Year Renewal Term, (B) on the date Tenant exercises the Second Renewal Option time and at the commencement manner required shall be deemed an irrevocable waiver 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, Option. 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 Tenant elected or is deemed to have elected the Ten Year Renewal Option for the First Renewal Option, then Tenant shall not have the right to the Second Renewal Option. (d) The Second Renewal Option shall be exercised with respect to a Renewal Premises only and shall be exercisable by Tenant giving notice to Landlord (the “Second Renewal Notice”) at least 16 months before the last day of the First Five Year Renewal Term. Time is of the essence with respect to the giving of the Second Renewal Notice. (e) Each Renewal Option shall be exercised with respect to space selected by Tenant and designated specify in the applicable Renewal Notice (the space as to which Tenant exercises (or is deemed to have exercised) the Renewal Option pursuant to this Section 9.01 is called the “Renewal Premises”); provided, that Tenant shall only have the right to designate as the Renewal Premises either: (i) the entire Premises demised by this Lease as of the date on which Tenant gives the applicable Renewal Notice; or (ii) a portion of the Premises demised by this Lease as of the date on which Tenant gives the applicable Renewal Notice consisting of 1 or more contiguous full floors of the then Premises starting, at Tenant’s option, with either the highest or lowest office floor of the largest contiguous block of floors be included in the Building then leased by Tenant. If Tenant fails in any Renewal Notice to designate the Renewal Premises, then failing which the Renewal Premises shall be deemed to be the entire Premises demised by this Lease as of the date on which Tenant gives such Renewal Noticethen Premises.

Renewal Right. (a) Provided that (A) on the date Tenant exercises the First Renewal Option Lease is in full force 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 effect 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 default beyond any applicable cure period under any of the other terms and conditions of the Lease at the time of either notification of renewal or material non-monetary default under commencement of the Renewal Term, then Tenant shall have one option to renew this Lease beyond applicable Lease, for a term of five years, WITH RESPECT TO XXXXX 000, XXX XXXXX 000 ONLY, commencing on the Suite 500 Extended Term Expiration Date, and on the same terms and conditions set forth in the Lease, except as modified by the terms, convenants and conditions as set forth below: a. If Tenant elects to exercise said option, then Tenant shall provide Landlord with written notice and cure periodsno earlier than the second anniversary of the Rent Commencement Date, but no later than a date which is 270 days prior to the Suite 500 Extended Term Expiration Date, time being of the essence. If Tenant fails to provide such notice, Tenant shall have the option (the “First Renewal Option”) no right or additional right to extend or renew the initial Term of this the Lease, at Tenant’s sole discretion as indicated by Tenant . The notice shall be given 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 manner provided 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 Lease for the giving of the First Renewal Noticenotices to Landlord. (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 b. The Base Rent and Monthly Installment of Base Rent in effect at the commencement Suite 500 Extended Term Expiration Date shall be increased to reflect the net Annual Base Rent rate Landlord is then receiving for new leases of similar space within the Second Renewal Term (i) Building. c. the option set forth in this Article is not transferable; the parties hereto acknowledge and agree that the option to renew as set forth in this Section shall be "personal" to the Tenant executing this Lease has not been terminated, (ii) Tenant occupies at least 1 full floor of the Building and (iii) Tenant is an Intercept Tenant that in no event will any assignee or an assignee of Tenant’s interest sublessee have any rights to exercise any rights set forth in this Lease in accordance with the terms hereofSection. NOTWITHSTANDING ANYTHING CONTAINED IN THE LEASE TO THE CONTRARY, and THE "RENEWAL OPTION" (CAS DEFINED IN PARAGRAPH 7 OF THE FIRST AMENDMENT) 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 Tenant elected or is deemed to have elected the Ten Year Renewal Option for the First Renewal Option, then Tenant shall not have the right to the Second Renewal OptionSHALL NOT BE APPLICABLE TO SUITE 500. (d) The Second Renewal Option shall be exercised with respect to a Renewal Premises only and shall be exercisable by Tenant giving notice to Landlord (the “Second Renewal Notice”) at least 16 months before the last day of the First Five Year Renewal Term. Time is of the essence with respect to the giving of the Second Renewal Notice. (e) Each Renewal Option shall be exercised with respect to space selected by Tenant and designated in the applicable Renewal Notice (the space as to which Tenant exercises (or is deemed to have exercised) the Renewal Option pursuant to this Section 9.01 is called the “Renewal Premises”); provided, that Tenant shall only have the right to designate as the Renewal Premises either: (i) the entire Premises demised by this Lease as of the date on which Tenant gives the applicable Renewal Notice; or (ii) a portion of the Premises demised by this Lease as of the date on which Tenant gives the applicable Renewal Notice consisting of 1 or more contiguous full floors of the then Premises starting, at Tenant’s option, with either the highest or lowest office floor of the largest contiguous block of floors in the Building then leased by Tenant. If Tenant fails in any Renewal Notice to designate the Renewal Premises, then the Renewal Premises shall be deemed to be the entire Premises demised by this Lease as of the date on which Tenant gives such Renewal Notice.